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Treasury forecasts 
only small rise in 
economic activity 


t ^a iro • pose $3 its ievel of economic activity is still picking up very slowly. The latest 

. v iijghcst since Febmaiy 1975, Treasury forecasts indicate only a modest improvement during 1978 on 

pr “ ei B trends ? ,ess a fnrther stimnlus is ^ i n th « Bnd * et - 


y field four hours of pressuieou the lor&gn ex-1 omce show 

account Jn surplus and the need 
to ensure control over the growth 

th President Kyprianou change markets. • The tJ.S. cur- remained flat during the second 
ns to: discuss relations rency touched new lows;against half of last year in spile of the 
the two coffntries.after the D-mark and Swiss-Franc, substantial tax culs introduced 
night’s battle at Larnaea. and the central banteof both j" . ,he spring and autumn 
■ in which IS Egyptian countries intervened- The *L 3ets ‘ 

dos were filled and-16 dollai's tea tie-weighted index, as _ The preliminary estimate of 

total output (based on output data, 1970—100, of money supply. 

seasonally adjusted) 

The preliminary estimate of 

- : J . qrtriited ;iy. of 

^ ^ » 0.2 ^Tco™!?m pricJTsea- 

S SSId white Stal STRUNG was belped- by the unally adjusted will. 1970=100). 
■ iTdeaSd fr^riie nm- doUart weakness, and gamed 94 This compares with 110 in the 
Ler flew bade to Cairo P 0 * 11 ^ to 513545, itsiijifiex un- July/September period and 110.1 
bodies of the dead com- changed" at 65-B. ‘ r;'! i" J he ‘ tJ,ree mnnths at 

todies of the dead com- changed" at 653. V'C i" J he f tJ,ree mnnths at ae 
as well as With those • GOLD MINES Index res- end of 1976 - 
n the debacle/ ‘ -*• ponded to the da» in'the bullion Last year as a whole, total out- 

announced last night price and put on W. to 1603. R ut measured by Gross Domestic 
s withdrawing its diplo- - , ■- ■ • -, Product was iess than 1 per cent, 

sion in Cyprus and ask- liao. ■ — - ■ ■ higher in real terms compared 

rus to puH out Its with 1976, and was still lower 

; i-n Cairo”. But' the !l". . I'. '"I::'.-' . Oian , in *? 73 - 

. broadcast on Egyptian ~ Tll »s dismal position appears 

lot say that diplomatic II-'- ; • "a- J* 1 ho changing only slowly The 

would be broken-off. 160 ft... , T / Confederation of British Industry- 

Pace 2: Editorial Com- ftl -AT trends inquiry published yester- 

is withdrawing its diplo- 
ssion in Cyprus and ask- 
trus to puH out its 
s in Cairo”. But' the 
L broadcast on Egyptian 
not say. that diplomatic 
\ would be broken- ofF. 

Page 2; Editorial Com¬ 
te. 16 .- " 

or livestock/ 

eminent will pay. the 
sing helicopters to drop 
i stranded livestock : in 
id areas of the- West 

A 67-year-old man was 
ad in. a snowdrift pear 
■ Norton. Avon. Report 
ne Regis, Page 4 

1976 1st 1083 

2nd 1083 

3rd 108.5 

4th 110.1 

1977 1st 110.4 

2nd 1092 

3rd no.o 

4th 1102* 

* Preliminary estimate- 
Source: Central Statistical Office. 

The-latest Treasury projections 
are believed to indicate that n 
stimulus of much more than 
£1 5bn. to El bn. in the April 11 
Budget, would push the current 
account into deficit during 1979. 

Such a siinuiius might also 
create problems for monetary 
control given that the target 
increase Tor 1978-79. probably on 
a six-month rolling basis, is' un¬ 
likely to be significantly different 
from the present 9 to 13 per cent, 
range. ' 

Mr. Denis Healey, the Chan¬ 
cellor. is understood to have 
outlined thi* prospect during the 
Cabinet discussion on economic 
strategy on Sunday. 

However, final decisions will 
be left until mui.-h nearer Budget 
day to allow Him? Tor considera¬ 
tion of another month’s set of 
economic sialisliu*. 

The figures for Gross Domestic 





By David Buchan 

BRUSSELS. Feb. 20. 
economies of EEC countries are 
essential to meet growth targets 
for the current year, the Com¬ 
munity’s Finance Ministers 
acknowledged in Brussels to-day. 

They accepted that the average 
growth target of 4-4.5 per cent., 
set last October, would not be 
fulfilled without reflationary 
measures by individual govern¬ 

Mr Denis Healey, the Chan¬ 
cellor of the Exchequer, also 
apparently conceded. *n deference 
to West German sensitivities, that 
the so-called locomotive theory of j 
economic recovery should be 

This approach, under which the 
strongest economies, with sub¬ 
stantial balance of payments 
surpluses should lead the way in 
reflation, received a setback last 

Mr. Michael Blumenlhal. the 
U.S. Treasury Secretary, who has 
often urged the surplus countries 
to do more, would say after bis 
visit to Bonn only that the West 
German Government would be 
reviewing the progress of its 

Japan’s Eidai 
housing group 
goes bankrupt 





sep opt m 


• ■ « ■ • iigtui i a t vi v«* uij u iucjUL 

day suggested that companies The volume or exports has also Product published yesterday are 
generally were not expecting the been declining since Iasi summer, based on cmpui data, principally 
growth rate of production 'o The result is that the growth in the index of industrial nroduc- 
accelerate. though In some areas total output on present policies tinn. This is usually considered 
—notably electronic goods. Furm- is expected to be significantly the most reliable measure of 
ture and resins and plastics— less than tbe 31 per cent rise short-term movements, 
activity seems likely to pick up. between the second halves of - But it is otilv one of three 
The pattern and extent of ’-he 19# # and 197S projected last measures of GDP and the 
rise in output reflects the fact October. quarterly movement based nn 

that, while personal consumption The main consiraints on a output data mav differ signifi- 
is now clearly recovering, much stimulus designed to boost the canity hum the income and 
of the increase has bn?n growth rate back to this level are expenditure estimates published 
accounted for by higher Imports, the desire to keep the current later. . 


ice Spending EQUITIES gcneraliAiiD(ed to 

ice White Paper, -winch maintain, last Tveek’s rapfea and T 1 M 1 j 

-Liberals back. Stem on 
m&m power sharing plat# : 

tt llTXep . fpr-a pnUie bolidayl. r BY richard evans, lobby editor 

h?rd Reidhi/huMirto * - '■ ™st for . 

nons^Sv 5ter tto January of £3fl3m. ^ere well MR. DAVID STEEL the Liberal tion of 8s many Liberal MPs as Mr. Steel’s strategy has been 
Jatinnal PaUv derided akeafl the Notimber and leader, has achieved a major possible in order to increase the to seek to hold the balance or 
-f it definite earlier December flgures. rbul repur- tactical success by gaining wide Party’s hold on the balance of power after tbe next ejection. 

HitriJ' t hP Rill foMe <*»“s were up oathe total for party support for an election power in the next Parliament possibly as a step Inwards enter- 

•Ftection Back Toad tte P»« twe rapnths of 1977 at strategy of being prepared to “To this end we are, willing. ing a formal coalition. He does 

■ £I9.14ih. Back Page • share power with either the with appropriate safeguards, in not believe it is, reasonable to 

ient home “ V-- ™rv nri ^ Labour or Conservative Parties, principle, to share power with suppose the Liberals can capture 

•eric Home.. . . FIFOT. wre^stered price t^s will now dictate party either party m the nest Parlia- power in their own right ib the 

al in which Dr..Milton rings fmiawfialy ope r ated in tne j n the run*up to what menL” the document adds. foreseeable future, 

rmer Ugandan. jPresi- su V^ n 8-;ih“ 1 ^ tr y bav ^ Liberals .• believe will be an r , Mr j D h n p arC j oe the oaVtv’s 

suing Judith,. Lady *5® Reg ^ ster °J October election. The plan will Endorsement economic spokesman spelled out 

author of a biography. RestnctJv^ Practices by flw invoWe ^ orderIy withdrawal ^ fie 'ihinkin-^^underlvine the^^o?an 

ident Amin, : was Office^of: Fair Trading Other from ^ pac t in July— . Two conditions will J e a sSe«h''at H Kh Wvcombe 

MrJJnstica. Mel- re^strationg -'are Ukely to tae with' the connivance of Mr. be sought from whichever oF the ^ f a n , E M He ar-i/ed that toTote 

enson sent the. . jury; made V* the next few months. Callaghan—so that the Liberals major parties needs Liberal sup- Shouf or Cmmmttve Sis to 

use the courtroom was-B»ck.Page . ... can^egain their political inde- Port *o form a Government- to tte fXreS 

:. 'W-r i i pendence and campaign with an electoral reform involving a 

Cfpp] dpIaVC “ even handed ” approach to the system of proportional repre- P a . rt >, ™ 

r-«a«A onHc ^ l VW ilClayb - or ^ w sentation in tbe next Parliament l? te Ljberal w £ s to voTe .[o p on- 

CaS© enas . .. ^.. .. The 5trate __ long advocated and the endorsement of any tinue power-sharing with its 

-<iajnara, formerly Mr. 5 WOrrY by Mr ^Steel against 8 fierce Party agreement by either the Parlia- obvious successes. 

Whari. Deputy Leader Of ’ - , , , opposition, was endorsed on mentarv Labour Party or tbe 

M PartyVahd Mr.|%pirHf|lr|fkT*c Sunday at a joint meeting in 1922 Committee of Tory MPs. ;- 

/ vgriculture Minister, wnAUWlUHa - London of Liberal MPs and party A Paper, presented at Sunday’s .... 

.•cepted ■ undisclosed * STEEL STOCKHOLDERS are officers, the general election com- meeting by Mr. Michael Steed, a £ “• INPW >nrk 

Mr. Per Haekkerup. the | 
Danish Finance Minister- who! 
chaired to-day's meeting, said 
that, on present trends, growth 
in the Community would be 
around 3.3 per cent. 

Other Ministers said this per¬ 
formance would probably lead to 
an increase in the level of un¬ 
employed. at present 6 5m. 

The EEC Commission has 
been asked to produce co-ordi¬ 
nated refiatinnary options for 
Finance Ministers to discuss 
next month 

The Ministers touched briefly 
on the continuing fall of the 
U.S dollar hut saw little cure; 
for the decline while the U.S. 
continued to run so large a trade 
deficit. | 

The evidence from to-day's j 
meeting was that there was a 
reluctance by any one member 
State to move before the rest, 
though West German Minister 
apparently hinted his couniry 
m ight review its econnm ic 
strategy later this year. 

Ministers hope that co-ordi¬ 
nated action inighi overcome 
this psychological barrier Joint 
measures by the Heads-of 
Government summit in earlv 
April could also provide a -joint 
EEC position. 

This would provide a basis 
for discussions with rhe L’-S and 
-Japan when the interim com¬ 
mittee of ihe IMF meets on April 
27-28 under the chairmanship of 
Mr. Healey. 

A brief discussion took place : 
on the Commission’s proposed . 
steps for co-ordinating policies 
this year towards the lnna-term 
Continued on Back Page 


JAPAN’S second biggest post-war 
bankruptcy was announced 
to-day. Eidai, whose shares were 
once a blue-chip stock listed on 
three foreign stock exchanges, 
filed papers in an Osaka court 
declaring YtS5bn: (£400m > out¬ 
standing consolidated liabilities. 

The plywood and. prefabricated 
housing company’s ■ bankruptcy 
petition marks ah end to nearly 
three years of efforts by its main 
bankers to restore profitability. 

11s debts are just short of the 
Y200bn. in liabilities declared in 
April. 1973. liy Kohjin. tbe textile 
and pulp producer, until now 
Japan’s biggest post-war bank¬ 
ruptcy case. 

Like Kohjin, Eidai will prob¬ 
ably not in the end go under. 
Instead, ii is likely to wiD court 
protection from its creditors with 
suitable bank guarantees under 
Japan’s Corporate Rehabilitation 

Few of the smaller companies 
that go bankrupt in Japan have 
the strength to obtain court pro¬ 
tection for efforts to reconstruct 
a debt-ridden company, but Eidai 
will pTobably prove too big to be 
allowed to collapse entirely. 

The Daiua Bank, which served 
as maio banker to Eidai and is 
known to have well over Y30bn. 
in outstanding loans to tbe com¬ 
pany, bas pledged to purebase 
at face value the outstanding 
paper on Eidai’s capital issues 
during the early 1970s. 

Included in the pledge is 
Eidai’s 1974 convertible Euro¬ 
bond issue managed by Nikko 
Securities and Warburgs for 

TOKYO, Feb. 20. 

SlOm. Daiwa said to-day tbat the 
bank wouJd redeem the uncon¬ 
verted portion of the issues, 
estimated at S3.92m. 

Eidai's failure bad been ex¬ 
pected on the Tokyo stock 

marker in recent weeks. By 

last Friday, its stock had 

dwindled to YI00 a share in 
Tokyo compared with over Y 1.000 
in 1973. Oh Friday it closed at 
Y5I—the la.-it quotation before 
authorities suspended tradinc 
this morning 

Even when Eidai obtains rourt 
proioetjun—and this is expecicd 
within 10 days—the toll on its 
clients and investors will be 

high. It has orders from hun¬ 
dreds of families for real estate 
and prefab houses, and any plan 
to reconstruct the company might 
cause long delays io final deli¬ 

The parent company has pared 
its workforce from 3.000 Jo 2.6fW 
in the past year, but the 1.2no 
employees at consolidated sub¬ 
sidiaries now face uncertain job 

Ultimately, any bad debts will 
be borne by Eidai’s bankers. 
Apnri from Daiwa. those include 
the Bank of Tokyo and Mit¬ 
subishi Trust, one banking arm 
of the Miisiihishi irudinc group 
with which Eidai has dose links. 

Daiwa was quick to reassure 
other banks to-day that it has 
more than YlOOhn. in its reserves 
fund tn cover had debts, but it 
failed to announce rhe full 
extent of its lending to Eidai 
and its associated companies. 

News Analysis, Page 35 

Tea should be cut by 3p, 
says Price Commission 


TEA SHOULD be cut l>y at least 
Sp a quarter, the Price Commis¬ 
sion said yesieryfy The grocery 
trade also lirg&u tea companies 
to make reductions immediately. 

Supermarkets, smile ol which 
have reduced Torn ai d buying 
over Ibe (ast few weeks in anti¬ 
cipation of .another round of 
price curs, were confident that 
manufacturers would agree to 
make reductions within the next 
few days 

Tbe commission concluded that 
the big tea companies—Brooke 
Bond rixo. Lyons Tetley. Tvphoo 
Tea and the Co-opera live Whole¬ 
sale Society—generally did well 
out of last year’s explosion in 
world tea prices and that they 
had not passed on the subsequent 
fall in the world price with the 
same alacrity with which they 
reflected tbe increase in shop 

In its view, the shopper should 
not be paying more than 22p a 

quarter and even less in super¬ 
markets. This compares with an 
average price of about 27p .? 
quarter and nearer 24p in super¬ 
markets. which sell the.bulk of 
tea in this c'-unfry. 

The Prices Department, which 
saw repre»en i a lives of the 
hlenders yesterday apparently is 

noi stipulating the precise size of 
cur required — only that Ihe 
a»erase selling price should come 
down to between 21 p and 22p 
a quarter. At a meeting in the 
afternoon, retailers undertook 
to pass on any company cuts in 

The report r«’ the most critical 
to emerge from the Price Com¬ 
mission since il was set up last 
summer. Ironically, the Govern¬ 
ment could not use the Dew 
weapons in its arm pur y to en¬ 
force the commission’s recom¬ 
mendations since The nricmal 
Continued on Back Page 
Typhon factory closure. Page 6 


une v a. former Gaoour i>,p- ffnrnnean steel Hj ar jcet Bua uu,rw, ' u,,c ' r 

SL ' . - ’ J3-Jl of ae1avs bv BSC iri cmuwU at meetings on Friday election of neither major party 

; - of steel Saturday. . gaining an overall majority. 

5 'tV>: types o a policy document, drawn,up Therefore it wonld probably 

r*yr.- -1 \ m C/mth Wales f0r toe meetings, states that the need Liberal backing to form a 

*» i. t. -COW the e.e„ Covenant 

&»*** ^ rael -in* 5 Te ^man^Venrof BSC’s 
j. . •. Ebbw Vale plant, following a 

^Vaiioitoti-Ae-Naze and dispute' which has halted product 
-'j^se3t;t6ere' clearing, tion for four days. Pag* 8 


Sun | Sl~9tsC-£4£0 ! St.aSM-9540 
1 (TKiuih . O.OljJ.cni'tvinp.Oailt.^.OSpm 
J tn-n!li» 1 ('.OS.0.03 .Its. P.t7 0.t2,ii>. 
lZm-nlbn : 0.5&-CI.46'1'i. t.00-0.80 rfis. 

Bank holiday closure yesterday. ■ 

Choose your bank 
by the company 
it keeps. 

'Sfevea^tni IHon.-pet^re, 
luntry’s, ; pop u Jatj on, arc 
'.Jip 'have' i' decent daily 
Prime'hDnister Rana- 
ffil^nadasa; ' 

Mr to receive a £600,000 
mm ■ the EEC for an anti- 
^ "npaggn. • : 

^ registering 6^ on 
v'r scale, bit Northern 
- (firing 16 people. 

y * didates are. to fight 
ith's . by-election' in 
•t ty a -'marginal seat, 
> ainations closed yes- 

S Ireland representation 
aster will go np from 
^iwlf a report from the 
■^conference .on elec- 
h frm is implemented., 

■ fee adults and three 

w !?gan a hunger strike 

Jtisb Embassy to urge 
/an Government to re- 
4 W workers dismissed 
..era! strike last July. .' 

former managing director of 
Ley]and Cars, la to j'oin GKN, 
one of _ Britain’s largest motor 
component groups. Page 61 

Edmund Dell, bait flow to Warsaw, 
for talks with Polish Ministers, 
who are concerned by what they' 
consider a large,tirade -imbalance 
between the two countries. They 
are expected to. try to persuade. 
Britain to buy moire Polish goods.- 

• aeg-telefunken. west; 

Germany's, second largest, elecr,' 
tricals group reports Improved 
earnings for .1977 on turnover 6_ 
per "cent tip at DM14.3bn^ ■ ; 

• SAINT - GOBAIN - Pont - a - 
Mousson, France’s leading private 
company, reports group sales 10 
per cent, ahead at FrsRIBbn. and. 
net! profits-"26 per cent up at 
Frs599in- Page 34 

• MARCHWIEL Holdings re¬ 
ports pre-tax. profits up from 
£10.73m. to a record £I3.39m. on 
-turijQvef of £16S.66m. (fl82^5m) 
.fOr’the year -to October 31. Page 
30-and Lrir. . . . 

Pemex to raise $800m. loan 


T®E MEXICAN state od com¬ 
pany. Pemex, is raising $800m. 
through a group of 15 inter- 
national banks. 

: Panes has succeeded in 
obtaining markedly better terms 
than the Mexican. Government’s 
$L2bn. loan in the international 
financial market last .autumn- 
-/It .is paying a spread over the 
isfterbank rate of 11 per cent- 
for 1 10 years compaired with 13 
per cent for seven years a few 
months ago. 

Such terms confirm that fears 
there-might have been earlier 
last year about the level of 
Mexico's indebtedness have dis¬ 

The 10-year maturity is of par¬ 
ticular interest- Banks which 
i were arranging a large loan to 
Venezuela, a better quality bor¬ 

rower, last month, encountered 
much resistance among smaller 
banks they were trying to 
include, because of tbe length of 
the maturity.- 

One reason for the banks’ 
keenness is probably because 
they have a lot of paper matur¬ 
ing on Mexico and do not wish 
to reduce the amount of Mexican 
paper they are carrying. 

At the end of 1976. Mexican 
entities had borrowed S17.S8bn. 
from major international hanks: 
of this figure, S728bn. matured 
last year and a further $1.9bn. 
will mature this year. 

Another feature of the loan 
is that no bank has so far been 
appointed lead manager: there 
are 15 members in...the manage¬ 
ment group. Pemex is conduct¬ 
ing the operation. 

The Mexicans operated in 
similar fashion last autumn. The 
ministry of finance took charge 

of the operation. 

One advantage of such a move 
is that tbe borrower is able to 
bring a long string of major 
international banks into the 
management group, thus avoid¬ 
ing the jealousies which often 
shut out individual banks 
because a competitor happens 
to be included. 

Some banks,- however, which 
are keen to retain the same 
amount of Mexican paper in their 
portfolio have not tried to get 
involved in the loan. 

The feel they can earn higher 
returns nn a number of smaller 
operations where they can obtain 
higher fees. 

Details, Page 34 



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ic 1982 ...£9S* + i 
pc 1990...£110^ + S 

Pub. 193 +: 5 

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317 *• •11 • 
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British Home Stores 181 - a 
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Empire Stores .- 148 — 4 

Free mans 244 — 6 

Grattan Warehouses 120 — 4 

ICL 238 - 4 

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European news .3 & 3 

American-news . 4 

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Home news—general 6, 8, & 9 

-- .—labour . 8 

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Spain and-tbe EEC. 3 

Pakistan’s military rule ... * 

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Arts page . 15 Foreign Exchanges . 33 

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U.K. Companies .>...... 30-32 Farming, raw materials ... 36 

Mining .i..'....... 32 UJL stock market.. 40 


Society To-day: The Think The GRN-Sachs case . 31 

Tank . 29 FT SURVEYS 

The UJS. coal strike. 4 Computer industry . 17-28 

Film and video. 14 Thamesdown . ,37-38 

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V Van dal Tlmes TOesdat 

LARNACA: The raid tlvat went wrong 

A complete collapse of understanding’ 


ANGER, indignation and 
istonlBbtnent at the action of 
(be Cypriot authorities were 
•xpressed by Egyptian officials 
inH newspapers to-day following 
be tragic shoot-out at Larnaca 
rirportiast night "The Cypriots 
nirned what bad been a humani¬ 
tarian rescue operation into a 
. nolent tragedy,*' said one senior 
.foreign Ministry official to-day. 
fie Egyptian commando group 
iad gone to Cyprus with the full 
cnowiedge of the President of 
Cyprus, Mr. Spyros Kyprianou, 
t was claimed and “ we took 
.t for granted that the 
-ypriets would co-operate fully 
«Jven that we did inform them." 
tdded the official. The main 
Mints to have emerged so far 
"in" the Egyptian version of events 

ri -The C-130 transport aircraft 
-ended at Larnaca airport at 
approximately 6 pan. carrying 
.-‘60 or more adequately but not 
leavily armed commandos" who 
'iad been specially trained for 
•arrying out such operations. 

■i The President of Cyprus bad 
jerscnallv been informed that 
.the plane was on its way to 
.liarnaca, no objections had been 
■aised and the C-130 was duly 
given permission to land. Precise 
letails however about the num- 
XT of men on board and their 
■Mtact intentions do not appear 
<o have been fully spelled out. 
R For the next two hours the 
commandos remained in the air¬ 
craft on the ground at Larnaca 
vhile a detailed study and 
-issessment was carried out of 
he Cyprus Airways plane In 
-vhich the two gunmen were 
-lolding the 11 hostages and the 
tree-man crew. 

Two Palestinians, believed to be the killers of Mr. El Sebal, 
the Egyptian newspaper editor, arc led away. The gunmen 
are first and third from left 

• The Egyptians then launched 
th^ir attack on the aircraft at 
about S p.m. As they opened 
fire rhev were “ astonished " to 
come under return fire from 
Cypriot national guardsmen. Offi¬ 
cials here emphasised that it 
would have been - **total suicide" 
to storm the plane if it had been 
known that the more beaviiy 
armed Cypriots would resist. 

Clearly there was a complete 
collapse of understanding 
between the Egyptian and 
Cypriot authorities, the reasons 
for which are now slowly- becom¬ 
ing clear. After the initial anger 
and dismay at the murder of Mr. 
Youssef Sibai. the editor-in-chief 

of Cairo's A1 Ahram newspaper, 
at the Hilton Hotel in Nicosia on 
Saturday morning, suspicions 
began to grow that the Cyprus 
government was not doing all 
that it might to capture the two 
killers. This impression was 
fuelled by television coverage of 
the events in Nicosia with police 
apparently standing by uncon¬ 
cerned as the two gunmen were 
allowed to remove their host¬ 
ages from the hotel and take 
them by bus to the airport. 
These pictures caused a deep 
impression in Cairo as did the 
subsequent decision to provide 
an aircraft for the men to leave 
the island. 

CAIRO. Feb. 30. 

Tt was then recalled that the Cypriot authorities were said to 
security at the Hilton hotel had be in regular contact, 
been rather less than adequate Egyptian auger has also been 
given the potentially vulnerable intensified because they failed 
position of prominent Egyptians to capture the two terrorists 
who had accompanied President from whom they urgently want 
Anwar Sadat to Jerusalem and information about the possible 
were generally associated with- extent of further planned attacks, 
his peace initiative. After the The Government here will press 
murder of Mr. Sibai, who was for extradition but are privately 
clearly singled out as the only extremely doubtful now whether 
victim of the attack, some of the they will be successful 
hostages appear “rather relaxed" . The Egyptian press was mean- 
to television viewers here. whi]e v^ent jii its attacks and 

Given this background, the condemnations. While still sug- 

Egyptian authorities became gesting that the-commasdo opera- 
even more anxious when the aii^ tfon bad been successful and that 
craft arrived back in Cyprus it was Egyptian troops who 
late on Sunday afternoon to successfully stormed the air- 
accompanying reports that the craft and freed the hostages the 
Syrian regime bad given per- newspapers launched vigorous 
mission for it to land at editorials accusing the Cypriots, 
Damascus because of "humani- the Palestinians and the Syrians. 
Uriun considerations." Since To some papers the whole affair 
Egypt has broken off diplomatic was engineered by the Syrians 
relations with Syria there was a j n collusion with extremist Pales- 
fcar that President Hafez al- tinians and a passive Cyprus 
Assad might state that the two Government.. Only after the 
killers were being handed to the Esyptian commandos bad taken 
Palestinian Liberation Orcanisa- n ff* f or Larnaca did it become 
tion for punlsbraent and then known that a secret deal had 
nothing more would be heard. been reached between the 

Egyptian officials said to-day Ba’atbist 
that the decision by the com- and the C>prus 
mandos to move in bad been hand oyer the ten-onststoi the 
taken because no progress ! o- PLO. We accuse 
ward freeing the hostages was We calJ on all countries in the 
being made in the negotiations world to enndemn terrorism and 
between the two terrorists and not to allow the CjPriots get 
the Cyprus government, it was away with it. said Al Akhbar. 
feared that an agreement had Mr. Sadat to-day conferred 
been reached to allow the air- with Vice-President Hosny Mu- 
craft to take off again. barak at Ismailia having already 

It was stated here that »i was despatched the Minister of State 
thought a rescue operation at the Foreign Ministry. Dr. 
mi°ht be bevond the capabilities Boutros Ghaly to Nicosia to ar- 
Df the Cypriots and that they range for the release of the sur- 
would welcome Egyptian viving Egytian troops, and to 
assistance. During the tiro hours seek the extradition of the two 
before the attack Egyptian and terrorists. _ 


:;-=y ;V f -;: 

. ____ . . , . . 

An Egyptian air force Bereules destroyed by Cypriot national guard..gunfire Ua^ 

airport-. .’;>v 

Egyptian troops not prepared 
for object&ns by Cypriots, 


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The problem 

To further strengthen the management information system and real time 
network which links the bank’s branches and computer centre. To give 
greater flexibility and speed to all customer transactions and to provide a 
clear, up-to-date picture of the bank’s balance sheet 

The customer 

Banca Commerciale Italiana: with a network of 300 bank offices in Italy 
and branches in all the financial centres of the world. One of the largest 
European credit institutions. 

The solution 

Utilizing the Olivetti TC800 terminal s 3 -stem to extend and modernize 
the bank’s information system, thus speeding and intensifying the two- 
way data flow between branches and the computer centre. 

The choice 

A special version of the Olivetti TC-800 system was chosen for its greater 
flexibility and adaptability- to all types of large data processing and trans¬ 
mission networks, and for its proven reliability and ease of use. 

Companies everywhere are choosing Olivetti systems 
Here are the latest wo rid-wide totals: 330,000 accounting machines'; 
140,000 data processing systems and personal mini-computers; 65,000 
terminal s and data collection units; 150,000 teleprinters and telecom¬ 
munications units. 


THE BLOODY fiasco at Larnaca. ioSlutliBg an Egyptian C1S0 mernbe^ of 
Airport which eventually led to transporter supplied to Cairo by 

the decimation of Egypt’s ccack^ the United States. 611 

anti-terrorist commando unit wis The chronology of events lead* release of 

not the result of lack of fcom-ing to the airport battle between &£r&xeTfiLxast&-i$t 

municatjon between Cypriot apd'Egyptian and Cypriot troops promise 
Egyptian officials. ./ Shears to have been as follows: - - Mr. John^ 

The view here is seeriis > -SATURDAY—-10.45 ajn. Yusef n ^j S 
to have been caused because. Siballsshoi dead at point 7 biaak'^ au “?f t %^ s 5JJJJ^'J®!^^ 

in° S Cairo book shop ^ 

iSldim Palestinian 

g??Sf^G^ernmeS?tV-pe b iut1b : <$**> 

TTnvntian - Entphbe-srvi». rpsu-iH, a Kuwaiti namea zaliei am anp warned them, .that an -attetep 
once the aSival of ronmtanddM- 8 " Irai: i^ Samib eS 'JPSp' would abnost-certaifay-r^^i 

UP more^thnn SO Tros- th e dealj« 0 f.thahMlaga.t*sS 
■hie raid left 15 Egyptian co» i^fies into the coffep shop, to- Uves baibeeij guarantepaLmhl 
mandoes dead. 16 Suwd. 5&5 ludln S- n ^ m ? ers of de J e !V,S Government’s, n^otiaf^ms: ^ 
7 Cypriots injured, i□eludingfrom the Sovlet-spbnsored Afro- the gunmen. •.. • ••-v.y-. 1 '. 

6 soldier? and one crvltiahi 1 ; Asian People’s Sotidarity Orgam- The :Eg^pt!tei SkSitatS'attach 

and badly damaged thr ee? plAS'^op (AAPSOl who were w&t- who ■ P^«ten^ Kypi^a^ 

. . — - --ing in the hotel. A third man, sequentiy asked Gair& fo r$c»Jj 

TTKader Samir using'a Jordanian tjjed fo' drive ia his caY-ld-IS 
. i passport, had chetked out of the DCS; but fvias .rpreventwtilt 

hotel and left Cyprus before the drove" Instead also. It isjriahiKi 
• kUling. against.the wi^iesofthe-C^ru 

- 13.90: All nbn-AAPSO dele- authorities :td' the f 0=13^1^ 

' V gates, all women, and all non- mandp pmjje. . - 

.Arabs were released, from the A cnicmT part of- TOej.Cyprk 

• ’ coffee shop by “the two gunmen; version Is that' the t '-AiUtar 
14.00: Mr. Chrlstodoulos Ven- attacbd and .the amhawadii 
- Jamln, Minister of Interior, and JJJ* 

: Cyprus Socialist Party leader 
..; Vasaos Lyssarides accompanied 

a guard. .wodld .flpen tn&teM 
oa a buffi /;t0 Wl 1 ” pointed out that they would it 
_ . . - v __ violating Cypriot >•' .s&verafgBl 

20.00: Three hoatages- were re- the Egyptians'.were/rerofi 
leased from a Cyprus Airways ^ed .that Cyprus secarhy'.fbiri 
DC8 (provided py the ■G QV ® r U' had : the .men and .fire ’power. ^ 
merit with a volonteer-nnsw) in-, mount an attack on.-tee. bests? 
eluding Aziz Saerif, an elderly plaine, should the. Governthej 

Iraqi, and tyo' member* of so-wish.. 1 ' ^.'7 - 

Lebanon's Progressive Front At this ‘point.'a chartered' Lc 
, 20.30: The! Copras. Airways Jet of Jordan’s Arab .Win? 
DC8 took off with 12 hostages, Airlines, -containingViAiaitrica 
two gunmen, and four crew.- on journalists, landed and.taxied: 
a 21 -houc/ journey to the'Red a halt nearby.- . 

Seapoq/ of .Djibouti and baric, . The ', attache - readied 
during, which time successive Egyptian'plane, .whose"lanflirai 
Arab countries (Libya. South der. promptly.sent a jeap.dott 
Yetrien. Iraq, and Algeria! re- the ramp: v^Tcb" ;sped .towati 
fusfd them landing permission, the DCS. firing .directly at i 
The.DCS te- -yMt. trtt ere, 

Eayptian hOEtase, Kemal Bah 

SSJ&SH-ssjrtw s 

was ^mtag the Egyptian Minis; min' to^ce^ fire>’ &e; S 
ter of lafomatiott. the- - commando • leader .lbdfi 

Cyprus officials approached the Egyptians were on- board,_"hi 
Egyptian plane preparing: to the commander,, taking- covi 
rereive the Minister whom : tbey under the' plane. looked af hff 
bad . .been. told by Cairo would astonished and uncompreben 
help them in negotiations, it was ing. - V*i 

only at thii - moment that Cyprus • The fierce battle that epsu* 
officials datm . they:realised that lasted 50 rtirnutes. during Whii 
Egypt had - ; been planning to time the . DC8 was 1 hit-by dire 
storm the hostage -plane, regard- fire, the- LeatT Jet .was- hiM 
less of President Kyprianou’s cross-fire, .and' the \CVXTsM 
wishes. - badly damaged;iby .shells : fni 

Ai about , the same time, Mr. a - Ferret armbiiV^d 'car:,H)f:-\41 
Lyssarides spoke . with thue.Gypript forces. . Egyptian!ep; 
Palestinian gunmdn from the mandos .fought their way .out.' 
ground "."below the- DCS and the CI5KL to take -rePnge ^ 
successfully '' negotiated-;' the another plane. whic5-iCTs';al 
release of the hostages The hiL; , 1 - VL'it V'- 5 !*. 

terms-were kept secret, bixt it basr Meanwhile. -. journajw^s-- fra 
been subsequently learned ftoa'-'.tim far side of ; the afrpe 
a reliable sourco that two Cypriot reported small arrtis firc.amo' 
pcssp'orts were, being prepared’ men they believed to ’be 
to give to the; gunmen, -who delegates. Uniderttifletf ipen 
would later have flnwni to Athens biillfllng' were toting 
and not ae.tbe Egyptians believe, machine Runs, accorqhjfi'^p pj 
Damascus. .. ■ ’ witness “ <m . that Pdj-'tir 

Four Egyptians,. laduritug the-- ati*P cr k. It ,’»is.. not^kngwo^iyh 
Ambasrador io Cypres . the ^?S£ raen u ^ ere ^n^fi 
military attachd and two senior . when all was_wnar.r the: 
officers- ; who had Sown to 

Nicosia after Sibai’s murder 0 n • nl ® r «ed unscathqit *.. s -■. ; j- /v 
Saturday, held heated talks with . Editorial comment, Bage-1ft 


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liic tbiW ixidst. in _ 

'• A «•„_ *at ^p reoDeenp*tipp- of;. fee;- 

at the 

_ _ i _ __ _ _ || . _ T _ |f , ' -- +|j0 

W Nati 6aij• A^enTM&jjjpyt' 

I*' 1 j ‘ Meirwfe^^he :frammua ists 
doubtedly^fee and Socialists celebrated' the 
v. a snort head :oemca .officla} opening of fee political 

* ,SH? ’ prosp ? ctfi f ® r ’ - tb e 8hobGttjf season by exchanging 
]»” “? s J. n i? b ? : Jnat ? 11 ** salvoes' over a local election at 
ui?'Aroitf Park one. day Ghennevieres - in -the' Val de 

* wnp first Tfiitnrf — -**——. . 

fee first round 0 f .voting Marne. 

tefr . which. -;CouM ,^ve. r; Here the CommtftfEt/came in 
the gran djsl sun j. ' .v _■ ►•:T-.- 


;>>er, . climate aad^'Cardlfl 
if ark apart, the election 
ecome* •' ..fee • .-consuming 
^ at least of .the media. Tbe 1 
* ■* V-' candidates’, lists over: 
'k-end was marked by a 
. ute rush pf hopefuls 
tows that since 1973 ’the 
in. . candidates has 
nately kept pace with 
-. ;• the money,' >....- 

he 474 seats in’France 
.here are 4^50 candidates 




from the main parties ffont at fee.first. round/ but the 
sn's rights, the mtion of Gaullist romped home, at the 
ien-for commOD sense, «“»“* and.the Communist Party 
ogists r and a handful of 00 secret of the fad 

.. For Paris alone, there blames "the-result on the 

; 457 hopefuls for 31 con- <te*frJ°n-of the Socialists to the 
.es. *■ enemy. ■- • . 

rst target for them all is- u Tbe Socialist Par^j 'which has 
Sy for the second round I 11 ? singular distitrctjan of 
ing a minimum of 12-5 bei °* “ nd er simultaneous attack 
. of the. eligible 'vote in *om the parties of the-Right for 
. stltuency, which trans- bein £ collectivist• and: from the 
o a good 16 or 17 per Comrimnfsts - for being- fellow- 
the actual votes cast / travelling j capitalists,’ has 
• surviving the -elimina-.shrugged off the latestohslaught. 
: the-right to go .through M. Francois Mitterrand coc¬ 
oa! round which is won dimes' to hammer, .home the 
light majority. necessity for the parties of-the 

cky few will win 50 per Left to allow a frfe$ rim in the 
.. the- votes cast in their sceond round to whichever of 

PARIS, Feb. 20- 

their candidates does best in the 
first. The Communists still press 
for an inter-round deal as a con¬ 
dition. " Tor - .- such- '.mutual 

On the side of the majority, 
a sort of grumbling peace has 
broken out, though it is reported 
that President Glscard d’Estaing 
is irritated at the refusal of 
M. Raymond Barre. the Prime 
Minister,- : j. to. place himself 
unequivocally at the head of the 

centrist,'faction .'in opposkioa to 
(he Gaullists. 

In Paris, the main Socialist 
poster- is -showing M. Mitterrand 
declaring “victory through^ the 
ballot box/* Near the Madeleine 
it has got. Juxtaposed with a 
poster advertising Emanuelle 2 
with the. words “if you think 
you've seen it all you have only 
seen half," a comment the 
majority would no doubt apply 
to the common programme. 

The Republicans call them¬ 
selves the party of the right 
choice, above a poster showing 
a misty landscape of Gelds nr 
rooftops illuminated by a tri¬ 
colour rainbow no doubt repre¬ 
senting the light cast by 
Chairman, discard’s thoughts. 

The Gaullists are made of more 
fighting spirit; their giant meet¬ 
ing was advertised by one of 
the sculptures on the Arc de 
Triomphe showing an embattled 
goddess racing off to war wltb 
sword and chariot 

All this paper is costly, but for 
those who win 5 per cent, of the 
votes cast the cost of paper and 
printing and propaganda will be 
reimbursed by the State. 

nions seek common ground 

-AVID WHITfi: , 

dMUNIST leaders of the 
-i largest; French trade 
td the Communist'Party 
ve set out on a campaign 
sh common-ground with 
nd largest union, the 
eanlng CFDT,. in the 
. f any sign of rapproche- 
ween the parties of the 

{forts of M. Georges 
ve CGT leader-and a 
of the Communist 
entral Committee, to 
t atmosphere of friend- 
the CFDT-was: backed 
weekend by M. Georges- 
tbe Communist 

Secretary-General:- - •' 

M. Marchais focused on a recent 
CFDT policy document on - the 
nationalisation programme'to be 
pursued in the'event-Of a^Ieft- 
wing victory in nest, . month’s 
parliamentary: .elections.-- The 
CFDT nationalisation -^proposals 
Involved about 5QQ-companies 
which the Communist leader said 
was closer to Ms partes pro¬ 
gramme- {about 700 > -than -the 
Socialists’ (abort 2 
Since late' last y 
munist Party: has 
to the CFDT*s line 
participation . in: 
which has been'a 

the Com- 
d mearer 
.1 more 


. PARIS, Feb. 20. 

forceful than that of the CGT. 
However, the CFDT has shown 
little sign of reciprocating. M. 
Edmond Maire, the CFDT leader, 
has somewhat undermined M. 
Seguy’s picture of “a very im¬ 
portant rapprochement" by 
violently criticising the CGT 
chief for wearing his Communist 
Party hat at the same time as 
his union hat and telling mem¬ 
bers how to vole. 

The CGT has lost ground to 
more moderate groups in recent 
company union elections in Paris. 
Observers believe that this may 
reflect rank-and-fllc dissent with 
M. Seguy’s party line. 



EATION - of a new 
-lesigued to deal speci- 
b Spain’s entry into the 
Market - coincided 
tto the visit here last 
4r. Lorenzo Natali; the 
e-president whose job 
rvise the Community's 
;nt. . • " ' 

ie new minister, Sr. 
Calvo Sotelo,' in the 
of office was able to 
* himself thoroughly 
broad Hnes of Cora- 
:inking at the outset 

• 3r. Calvo Sotelo is the 
Imit that the* Spanish 
nt's approach, to nego- 
it-h the EEC is in its 

ow the GovemmenL’l 
em has been to cdn ; 
Community of its poll- 
ntials as a. democratic 
d to-ensure tha.tdeino- : 
itutions in Spain, are. 
ted.- Now- that. this 
well advanced Prime 
Adolfo Suarez - has 
what could be. con- 
i second /phase-^-estab- 
<;'institutional - frame- 
. which . to begin 
is. . ; • .. . 

the change is • sym- 
the building in .vriiich 
ministry., hasbeen 
1 is a., grand mansion 
>ock moorish style in 
1900s that latterly was 
decreasing frequency, 
’ 1 occasions- tiie 
—the - ali-embracing 
union structure. Sr. 
.lo has his office amid 
^npire . furniture . and 
. d- outside a much 
>' jarden.. 

i, ititutfonal Tramework 

* government 4s now set- 
U lake several months 

Sr‘. Calvo Sotelo, 3 
Minister in the first 
nted government, has 
-nent two secretaries— 
•e-'is still waiting to be ; 

-coming ^months - he 
■ build up a small 
ecretariat .drawn from 
sting, ministeries. This 
; as his first task- In 
rat-terms he sees-the 
» levels—that of .nego- 
h the community and 


of co-ordinating this negotiating better coordination of the various 
position with the varfoas interest ministries. Sr. Calvo Sotelo will 
groups^ and ' polpcaJ parties report direct to the Prime 
Inside Spain. - £7 Minister. 

, To this end,/he expects bis At this stage the Inter-Minis- 
. staff to be divided, so that they terial Coordinating Committee, 
can. hap die Hit}* specific interests announced at the time of the new 
of the trade? unions, manage- appointment, appears more of a 
men!,., chambers of commerce formal device to keep the various 
and..the pofitlcal parties. ministries happy. It is regarded 

• An jmportent element in the as too cumbrous to be a dynamic 
new job he also feds will be to body. 

seek'to-get - across to the Spanish i n choosing Sr. Calvo Sotelo, 
public-,the significance of the g r Suarez has selected a man 
- choice’ to’- enter the EEC—some- w ith substantial political weight 
thing .which- -at the moment tu his own right. A nephew of 
neither-the ruling UCD party nor Calvo Solelo the rightist politi 

cian assassinated in Madrid in 

A -SECOND;, round of tl.K.- 
Spanish .talks over Gibraltar, 

with . the participation of 

Gibraltar .. leaders, is due. to. 
take place In early March, our 
Gibraltar, correspondent writes. 
The Gibraltar Chief Minister, 
Sir Josbua Hassan and the 
leader of the Opposition, Mr. 

1936, the new Minister has exten¬ 
sive ' experience of private 
business as well as government- 

Last April he resigned as 
Minister of Pu bl ic Works to 
organise the loose grouping of 
right and centre-right parties to 
form the UCD that woo the elec¬ 
tions. His skill in bringing 

Maurice Xib&ras, will be together various disparate group- 

taking' part. It is likely they 
will first hold a meeting with 
the British Foreign Secretary, 
Dr.- Davids Owen, as has. pre¬ 
viously been the practice. 

ings is said to have played an 
important pari, in the election 
victory of St. Suarez. 

Subsequently he had headed 
.the group of UCD deputies in 
parliament. Though his past 
. . . -experience of the commerce 

any ;of the '-opposition paraes Mi n ^^-y has given, him an under- 
?have sought to do. • standing of the intricacies of 

Untif now Spanish entry into .trade negotiation, Sotelo sees his 
the Comm unity has-been viewed- appointment as primarily a poli- 
rather simplisocly as part of uie- tjcaj tnove, not a technical one- 
ticket, that, went with a restora-. ■ Sr. Calvo Sotelo expects to see 
tion of democracy. Jittle real movement until the 

Domestic coordination of a Community has finished prepara 
negotiating'position is likely to "tioh of the “Avis" on Spanish 
prove a highly delicate task, hntry. Sr. Natali said here thal 
Before the appointment there Was this could take up to another 
considerable infighting as tb'how ; $! ea r to complete. Since both 
Sr. Suarez should approach the'.-Portogal and Greece applied to 
EEC issue -- join-the Community earlier, the 

. . , . ■ Community secretariat is already 

The. foreign Mimstrj’ argued more- advanced in dealing with 
that since, this represented the fij es ^ applications. Sr. Natali is 
most . important Initiative for tradera&iod to have told the 
Spain in- the near future, ^it Spanish' authorities. /Portugal's 
should- be controlled from -the “Avis," for instance, should be 
Foreign Ministry who . already .ready by April. :■ 
had experience of dealing with....Both the Spanish authorities 
-Brussels. * The. Ministry Of and:Co mm unity officials admit in 
Finance, as the Economic over-- private that they still have a 
lord, argued-that since.the main-good- deal to learn about each 
technical derisions were e.cono-jjther, i n good measure because 
micMt should have an important. until now views have been 
degree of cpnlrol.. exchanged on an ad hoc basis 

In the end, Sr. Suarez and the The Community for its part 
King, have preferred a solution hopes to open an office in Madrid 
"which hopefully will enable a within the next two months. 

ill backs Canaries independence 

t own correspondent 


. . ri -. 

' DIPLOMATIC efforts 
nisb Government.' tlie 
■n' of African Unity’s 
..lentil ember Libera tion 
■ 1 has decided to press 
’"etermined support for 
aries -independence 

nmittee. meeting in 
mtounced over the 
that it-bad recoin. 
i the OAU foreign 
that financial and 
«sistance, be givea to 

■i. pubnUud daily -ejee pt 5 aa- 
ns o s. subssripn* iair. n?JiU .per uama.' 
nut paid u'Kn titk, N.X. 

Since 1968, the Li her at son 
Committee has been pressing for 
the. ,OAU to support MPAIAC. 
However^ this'is the-first time 
’that the word “material’’ sup¬ 
port has. , been included in a 
resolution. -. The committee cozft 
sists. of.' 'Algeria. ...Guinea 
(Conakry*, Libya, Nigeria and 
Senegal. • ' 

Almost -a- month ago, the 
Ring/* rather, Don / Juan, was 
sent -on fa-.private mission .to 
Tripoli ' to discuss wKb the 
Libyan authorities the question, 
of their' support for MPAIAC,. 
•hoping that the Libyan leader¬ 
ship could, be persuadedT d play 
down Sto issue, of. the: Canaries. 

. .. MADRID. Feb. 20. 

At the same time, the. Socialist 
Party leader, Sr. Felipe Gon- 
aalez, visited Algiers to try to 
talk the Algerian Government 
into curbing its support, for the 
MPAIAC; io particular halting 
radio broadcasts beamed to the 
-Canaries from Algeria in the 
name of MPAIAC. 

This action by the OAU Is 
bousd to complicate Spain s rela¬ 
tions with Algeria and Libya— 
and indirectly the whole issue 
of the former Spanish Sahara 
and. the Polisario independence 
movement—even though For the 
moment it will have little direct 
Impact on furthering Canaries 

talks near 

By Adrian Dicks ' 

BONN, Feb. 20. 

West German engineering and 
melaJ fabricating industries 
were reported to-day lo in* close 
fo deadlock in five of the main 
bargaining regions into which 
the country .is divided. 

But as the psychological pres¬ 
sure on bath the employers 
and the uukou. 1G-Melull, built 
.UP further, there were still 
hopes that Ihe two sides could 
reaeb agreement without the 
widespread strike action which 
Uie union leaders have been 
under some Internal pressure 
to take. 

Tbe employers, who have 
been offering between 3 and 
3.5 per cent, are reported to 
feel that -some of the ground 
has been cut from under ibeir 
feet by the wage deal reached 
last week in the steel industry, 
which was formally ratiiied by 
the IG-Metaii Steel Bargaining 
Council to-day. 

This deal gives workers 
approximately 4 per cent. The 
union may now argue that if 
the hard-pressed steel com¬ 
panies tan afford an increase 
in wages of that order, the 
engineering Industry ought io 
be able to pm at least a “five 
before the decimal point.” 

At least as important us the 
final pay deal Tor the IG-Metall 
bargainers, however, is the 
union’s attempt to include in 
litis year’s contract provisions 
for job protection and for the 
maintenance of present wage 

Meanwhile an uneasy lull 
continued to-day in Lhc print¬ 
ing sector. IG-Druck, ihe 
printers' union, had given 100- 
odd newspaper, magazine and 
general printing houses until 
to-morrow to reply to its offer 
or house negotiations pending 
the resumption of national 
talks on wages and on the in¬ 
troduction of- new technology. 

Late to-day, the Employers' 
Federations marie clear that 
they had successfully insisted 
that their members turn down 
the offer. 

Honecker complains about 
Comecon industrial policy 


EAST GERMANY’S leader, Herr 
Erich Honecker, has issued a 
rare public complaint over 
Comecon s policy of industrial 
specialisation. which has 
narrowed the range of products 
made In East Germany. 

The Communist Party chief 
and head of State seldom wavers 
from tbe Russian line on any 
issue. It bas taken a matter of 
vital' economic importance' to 
bring bis criticism into the open. 

“Nobody has tbe right to halt 
production of GDR (East Ger¬ 
man) goods." Herr Honecker 
has told East German Communist 
Party officials, “until the pro¬ 
ducts we bave to import have 
not been tried and tested in our 
country, and as long as commer¬ 
cial import agreement and 
planned deliveries bave not 
been guaranteed.’’ 

He noted that " proposals were 
made and carried out which 
caused gaps m supplies to the 

population, as well as a loss of 
lucrative export goods." 

. East German economics offi¬ 
cials have warned the leadership 
of the dangers inherent in 
reducing tbe range of manufac¬ 
tured goods. But under the 
Comecon programme of special¬ 
isation and. co-operation. East 
Germany has stopped the produc¬ 
tion of many goods which are 
now made in less-advanced 
Comecon countries or not being, 
made at all. 

In I960, East Germany pro¬ 
duced 36 per cent, of the 
machinery traded within Come- 
coo while the figure is now 
closer to 20 per cent. This has 
become crucial as East Germany 
can only reduce its growing trade 
deficit with the Soviet Union By 
exporting bigher value Industrial 
goods to the Soviets. 

Herr Erich Honecker 

‘Ugly German’ image goes! Irish union -no’ 

to wages plan 


BONN. Feb. 20. 

WEST GERMANS were to-day results might be a little biased, 
treated to the unaccustomed and However, the entire operation 
gratifying revelation that most was carried out by independent 
Foreigners do not reaily see them opinion research institutes in 
as “ ugly Germans,” after aLl. eight countries, who questioned 
On the contrary, their Western 10.300 people about the Germans 

neighbours and the Untted States 
appear to have an almost embar¬ 
rassingly high opinion of them, 
believe the Federal Republic has 

last October. 

Tbe date is significant. That 
was the month when news from 
West Germany was dominated by 
a good record in protecting terrorism — the kidnapping and 
human rights—and even support murder of the emplovers’ leader. 
German reunification in prin- Dr. Hanns Martin Schleyer. the 
cipto- suicide of members of the 

All this, emerging from an Baader-Meinhof gana. and the 
opinion pull whose results were hijacking of a Lufthansa jet. 
made public to-day. may seem a However, in their replies a 
little too much to take at one majority in all eight countries 
time. It amounts, as one news- expressed a positive view' of 
paper indicated, to a trans- human rights protection in West 
formation as great as that of the Germany, 
proverbial Frog into a prince. Asked' what reservations could 

By Our Own Correspondent 
DUBLIN. Feb 20. 

THE EXECUTIVE of Ireland’s 
biggest union, [he Irish Trans¬ 
port and Geoeral ’ Workers’ 
Union (ITGWU), has recom¬ 
mended that its members reject 
the recently signed national 
wage agreemem on which tbe 
Government bas pinned much of 
its hopes of curbing inflation 
and reducing unemployment. 

The union's objection is noi to 
the pay increase of S per cent, 
which the deal allows but to the 
restrictions on strike action in¬ 
cluded in it. 

The ITGWU feel these go too 
far in curbing a union's own 
right to decide on its tactics. The 
executive is also believed to be 
unhappy about the length of the 
agreement — 15 months instead 
of the usual 12 — and to 

Move to 
make bla 



could even be some be expressed about the Federal!.. . . _ _ _ 

suspicion that because the poll Republic, an average of 30 peri the minimum figure of £3.50 a 

was commissioned by the Federal cent, of all those questioned! week, which it feels is inadeuate 

Government's press office, its suggested the Nazi past I for lower-paid workers. 


Switzerland yesterday, proposed 
that -the European Security. Con¬ 
ference in Belgrade should end 
without a substantial v fina7 
laration, Reuter reports, from 'Bel¬ 
grade. Speaking at-a plenfijfy 
session of the 35-nation gatneffini:, 
the chief Swiss delegate; *J*t, 
Edouard Brunner, said that dip¬ 
lomats should be-realistic-in This 
final stage. It., was. unrealistic Jo 
-seek a substantia) final document 
or declaration' thorenwas 
no prospect of its being accepted 
by the Soviet bloc, he said, offis 
statement reflected the privately- 
expressed views ofmany western 
and neutral delegations. ’ - 1, ' 
The Soviet chief delegate.'Mr. 
Ytrii Vorontsov.' : yesterdfiy 
reiterated that- Moscow wmrid 
not accept proposals - by t?che 
western, neutral, and non-aligned 
countries which.went, deeply -into 
sensitive questions. -These include 
humanitarian issues.-east-west-ex- 
exchanges of information, and-a 
thorough evaluation of progre&s 
since the 1973 Helsinki accofeTs* 
Men while in Vienna, a BrrttSh 
Foreign Office -Minister, Mr. Frank 
Judd said yesterday that Britain 
wants the conference to. end. wtth 
a meaningful statement on humsti 
rights, "We would be very nan- 
happy to see luonmngJess wording 
which deavlued - the. concept pf 
security," he said. . _ 

Conference on brink, page’Iff 


Senior Polish officials here hWn 
ad milled that censorship resfrfc- 
tionh may be excessive, and hive 
promised that criticism-of present 
censorship policies will v'ifie 
answered. Christopher P-obmski 
I writes from Warsaw. The state- 
I ment by the Culture Vice* 
| Minister. Mr. .lanusz Wilhelmi, 
came in response to a recent 
protest against censorship sent to 
1 the Polish Premier. Mr. Piotr 
Jaroszewicz. by the Polish PEN 
club o( writers, and was made last 
week at a meeting of the heads 
of unions of artists and writers; 
Mr. Wilhelmi told the meeting of 
a proposal to set up under the 
auspices of the Culture Ministry 
a committee made up of writers 
and politicians which would act ns 
a kind of appeal tribunal for 
censorship grievances. 

Polish censorship’ 


In recognition of the growing importance of 
Spain in world trade and investment Midland Bank 
now has a Group Representative Office in Madrid. 

This office will provide a vital point of contact 
for businessmen throughout Spain who are seeking 
to develop their international business. It will also 
offer assistance to customers outside Spain by 
drawing on the world-wide experience of Midland 
Bank Group. 

Contact John Burgess, our Group 
Representative in Spain, at 45 Serrano, 
Madrid 1. Tel: 276 80 78. Telex 42405. 
Or in London talk to Geoffrey Micklem, 
Senior Executive, European Area, on 
01-606 9944 ext 5201 (Telex 888401) or 
any branch of the Midland Bank. 

y m +■» * -r^«v .■•** 


Mr John Burgess, 
Group Representative in Spain. 


Midland Bank International jW; 

Midi ioA. Bank Linked, International Division, 60 Graceshuieh SU«L London EC3J SBN.Tel; Ui-6063944 


Financial Times IT 

• • ■- • -- -<■ - 


U.K. must 
adjust to 
new role, 
says Judd 

By. David Housego 

BRITAIN would have to leave 
many of her traditional indusr 

Japan signals resumption 
of talks on China treaty 


TOKYO, Feb. 20 . 

JAPAN'S ambassador in Peking Democratic party, an indication year S20bn. tracfe agrpemenf 
has been instructed to prepare that he may al last have hetween China and Japan The 
for an early resumption of achieved a political consensus on trade pact and the treaty in- 
negotiations on a treaty of peace the treaty issue. gelher would seem to provide toe 

and friendship with China. Mr. The Japanese ambassador in basis for a con.*idemWy closer 

, Takeo Fukuda,' the Prime Peking, Mr. Shoji Sato, met Peking-Tokyo relationship than 

tries to the third world and con-! Minister said to-day.; China's Vice-Foreign Minister, has existed up iu now. This has 

centrate on those which had a| -ph,,. £ the first on-the-record Mr. Han Nien-Lung. last Tues- Implications For Japan’s reh- 
high input of skills. Mr. Frank j 0 gj c j a j indication that Japan day to discuss the prospects for tionship with the Sdviei Unton 
Judd, Minister of State ip the: expects to sign the long-pending reopening the treaty negotiations which has remained stalled ever 
Foreign Office, said in Vienna treaty snm ? time in the fairly and apparently found the Chinese the past few years, 
yesterday. near r Ilt urc. Negotiations have and Japanese positions on the Discussions on joint develop 

He declared that such rede- heen suspended since soon after anti-hegemony clause not too far ment ' 0 f Siberian resources have 

ployment across national boun- they began in spring .1875 apart, for fruitful negotiations. V felded only meagre result*- 

daries was necessary, though 1 ostensibly because of disagree- The next steps fn preparing ^j| e negotiations nn a Sinn- 

adjustment by Britain to a new [ ment about the " anti-hegemony " for negotiations will involve j a p an e^e peace treatv ha-e been 
economic role was not easy, clause China u-mts to include, further meetings hetween Mr. trloeked bv the Soviet refusal to 
Heavy import controls or drastic. This would commit both signs- Sato and Vice-Minister Han. ^(,^55 Jaoan's claim to four 
cuts in overseas aid, he believed, j torie.s to oppo=e attempts by after which there is a possibility " j, | s j an rt s off the north mast 

third countries to establish of a visit to Peking by Japan’s Qf Hokkaido 

heremonv in the region (inten- Foreign Minister. Mr. Sunao ' , . . 

ded bv China as a dig at the Sonoda. It is not clear yet In pressing forward with the 

Soviet Union 1 . whether the signing ceremony China agreements Japan na? 

Another, at least equally, will take place in Tokyo or continued to claim that it ,s 

uu , uu «i w, 1 serious obstacle has been oppo- Peking, but it is known that impartial in the Smo-Soviet ais- 

objectives even if there were [sition to the treaty by the pro- Mr. Fukuda would like to visit pute and wishes to no equally 
doubts about the specific raccban- Taiwan lobby within Japan's China either at or after the friendly to both countries. The 
isms proposed. Unless this [ruling Liberal Democratic party, treaty signing. real state nf affairs would <eom 

Mr. Fukuda’s statement to-day The news that treaty talks are to he that a special relationship 

came after a week-end of con- likely to ko ahead «onn follows is developing with China -.••'nile 

su Italians with pro- and anti- a dav or two afler the signing, relations with Russia grow 

Taiwan sectors of the Liberal in Peking last week, of an 5- steadily cooler. 

were very short term answers 
Mr. Judd declared that it 
would become increasing! y 
necessary tor industrialised 
nations to come to terms .with a 
number of the third world's 

change of heart took place, the 
criticism made by. the West of 
such, mechanisms would inevit¬ 
ably be treated as delaying 
tactics, and incur contempt. 

In remarks seemingly aimed 
at 'displacing Britain's image as 
one of the “ hawks" among 
industrialised nations. Mr. Judd 
said that it might have to be 
accepted that a blurring of the 
traditional divisions between 
primary producers and indus¬ 
trialised nations would call for 
change* in international institu¬ 

Kuw ait talks 
on plant 

Bill will abolish 
4 Gandhi distortions’ 


NEW DELHI, Feb. 20. 





Bf Richard Johns 

NEGOTIATIONS BEGAN at the| w™* □emi-ec. cwnwred to 2 per cent, in toe! from schonl in protest again** the 

week-end between the Kuwait, opposition parlies, includin, the previous year. Agricultural P™;: system of segregated education 
Government and some 20 poien-i Congress. duction had made up lost ground h n Somh Africa have now 

THE INDIAN Government plans jected the widespread demand 1 
to “abolish the distortions'" in for total abolition of such Dra-| 
the constitution introduced by conian powers 1 

Mrs. Indira Gandhi. This will be The President pointed to many! 
done through a hill to be passed positive aspects of the Indian , pri 

in the budget session nf parlia- economy Including the 5 per cent, toous A\bs of Soweto lino I- 
meat, which began tCKlay. fol- growth ram achieved in 11W8!IEE«„who wre 
. lowing detailed discussions with bnmoared to 2 per cent, in the 1 r rom so - nnn | in iMinn thi 

By Quentin Patl 

ti&l customers for the output off This was announced to-day h" and food grain production dur-f[-postered to return, it was 
the state-owned SlJlbn. Natural the Indian President. Mr. N. ing the year was expected to he ■ claimed to-day. A majorii;- ol 
Gas Liquids plant, which is Sanajiva Reddy, in his opening more than 1 iSm. tonnes. Inflation i^e township's secondary schools 

scheduled to come on stream in address to both houses of parlia- has been checked and prevailing lhave now reopened is th*> buv- 

the second-lralf of this year. Intent. He said that there was prices are no higher than Jo) C orr which began last Julv has 
A number of potential custo-|“ln particular, a need -,o build March. 1977. Mr. Reddy said. petered out. the Director of 

aners. particularly from Japan.! bulwarks against any possible He announced the government's Education for Soweto. Mr. Jaap 
are said bv Kuwaiti officials toj future bid lo use the ennstitu- decision lu reorient the strategy 1 strydom, raid, 

have expressed keen interest inition lo necate and subvert the nf development by terminating! T ' hc murn n! - the ^- n , l0 | 

purchasing the output. But talks \ basic principles of democracy." the fifth site-year plan a year tn , f children still brings the t.oial nf 

are taking place -amid .-nine 11 n- There have been continuing advance and launching the sixth■ p „ p n s in >«mndarv srpf.ols 

certainty as to exactly how much! doubts as to whether the JaaaiTa plan from April. 197k. in 1 nowhere n«-ar the 27 000 attend- 
propane, butane and natural* government would fulfill pre- accords nee with the government's 1 j n n i asv year. but it is in marked 

gasoline there will he for sale. ; election pledge to remove the policies. r-nnfrasi to the successful b rurr.ti 

Total design capacity uf the{“distortions" to ihe constitution "The primary objectives would • P f t he Government's community 


Chile set 
up talks 
on dispute 

Bjr Robert Undfey 

SANTIAGO. Feb. 20. 


- ' 7.; 

of miners 

■L"rt " n 


fliebt. that U 3 P White says: ».fetiMf jw* 

HE SAT down »b ihe next seat- changed new. The d_a>s ,**«j to 10,-waf«8 CHP 

DANVILLE. W. Virginia. Feb. 20 during our 

o.-.,. t vr.o V . uu. .v. .HE SAT down iB ihe next seat-twanged no’ . » .rr 

THE POSSIBILITY .of aimed as the plane was leaving Charlesmiuwj were. ^ he put it-no Tn-day^s 
conflict between Chile and! ton. West Virginia- It turned out more than do . v . es SLttn 
Argentina over the disptjlci that three years ago he had wages and handing tfaem bacK.lo gioo being offered 
about the Beagle Channel! bought a coalmine, a small one- $e mine-owner at the company a a “bbntxs 
bnundaiy near Cape Horn jniiyl 300-or-so mia.r, sad 37m. of in- «b re >n d IMn* «•.!>•«• the mlM.te » 
have been averted to-day when vestment. . from the company, are vot Ea.for t he c . 0 P .^ c V,§ i(> w«; 

the Chilean President GenJ A graduate of a top university-gone. ■ look instead at the' .itecramj, ^ 

Augusto 6 pinnchet and the! on the east eoast in his early'. To-day’s miners can move to ^Qiaptle thft umona 
Argentina President Gen.I 3 ®*, casually dressed to a crew- another town or another em- welfarc fugds wh tefi 
Jor-e RafapJ Vi dp la met ati neck sweater and cord trousers, .-ployer if he does not like the j are 1940s iMVe.prPVfdeqja^^ 
Puerto Momt iii -ouSeSi • he had studied peasant econo-.; one he has got because coal >n 0 f -the :UMW 
rhile and signed a document 1 mies at college. It came in handy Appalachia is booming Again. ^ medical cars 
SlSil.h"! e S ;^s^.em ^ p^lnow^/ha^he v« working with ^Even io4tf M <*£ Wn.n* 

longed negotiations. 

Since ibe first summit meeting 

Geimrafs^nfontir^ at Men -\ 8* 1 the security guards and sun* over, X000 miners 
i,enerais a monin a e o « men i- The. rtei 0 ^; aroun d DanvtHe-. 

, Appalachian miners, be re- tfauca, major companies are fy-js ^ under the-wriris-Stf'' 

, e ! marked with a smile. ■ opening three or four mines par-rent offer to be .ljandei^wf 

,51 “In a few weeks I’ll have to which will eventually empJW each company 
_ i act the secuntv euards and sub* over l_nftO miners each is the _mi.nniMil 

Buenos Aires Government 
maintained that the arbitration 
court had not interpreted the 
Argentinian case properly, had 
exceeded its brief, had contra¬ 
dicted itself, had committed 
geographical and political 
errors and. in general, bad 
acted unjustly. Since the Men- 
dnra meeting there have been 

three identical units is put at 1 introduced by Mrs. Gandhi. be the removal uf unemployment 
101m. barrels a day of popane,| Mr. Reddy also announced the and substantial underemployment 
55m. b/d of butane and 41m. b/d j government's intention to repeal in the shortest possible time, in- 

of natural gasoline. 

Among the companies negotiat- 

Nortbera Liquid Fuels. Texas 
Eastern. Bridgestone. Idemitsu 
Koran. Kyodo, Maruzen, Mitsu¬ 
bishi. and Marubeni. 

the notorious Maintenance of In- creasing tile availability of basic 

__ __ tcmal Security Act {MiSAj goods and service^ to the people 

ing are reported to be GukTrshelL! under which thousands were de- in the lowest income groups in 
Continental. Philips Petroleum, j tained without trial by Mrs. the same period, a significant re- 

Gandhi. But be indicated that duciion in disparities of income 
some kind of preventive deteh- and wealth and steady progress 

tion is to be provided for; which towards technical self-reliance." I homeland®, or have gone to louk 
means the government lias re- th u President said 'for work io Johannesfcul^ 

council elections which look 
place at the week-end. and in 
which only 492 voters turned out. 

Police In the township also 
report a much lower level or 
disturbance? from idle children, 
as many are now either back in 
school, or hare been sent to 
boarding schools In their tribal 


Army politics and Mr. Bhutto 
remain the keys to the future 


FOR THOSE who lived through to lower production costs. Both Is partly because of the fra¬ 
the rioting last year that turned measures hit hardest at ihe quency with which he has 
many of Pakistan's major cities peasants and urban workers who retracted past decisions, making 
into ugly battlefields, there is are the backbone of Mr. Bhutto's the joke that CM LA stands for 
now at least the comforting re- support . “Contrary to my last annouce- 

lief of returning to the familiar More important than these im- ment" common coin among bis 
landmarks of daily routine. mediate political and economic headquarters staff in Rawalpindi. 

Schools and universities have difficulties is the humiliating Gem.-ral iiia has scant respect 
reopened, families at week-ends 5ense oT national .allure—sur- For senior politicians of the 
picnic in the public sardens rh 3 t facln S in a streak of populist Peoples Parly and the PNA. 
the arnir'used for so long as a belligerence towards India—that raying thal he finds them 
bivouac* Fnr troops and tank*. for fourth lime rince wide- "largely ignorant and ill- 
shopkeeper< no longer live in P p ndence the country has drifted informed." Th * 1 politicians do 
fear of demonstrator* hurlinc fmn military rule because ->f nn not have much faith in him. Wali f« zoing io remain a cnniinuin 
stones through their windows, inability lo resolve a political Khan, ihe Palhan leader and the nighlmcrc. The weariness tits* 
factories are back at work— deadlock. As on such occasions in only figure of stature beside Mr. has set in after the agitation last 
though jobs are Fewer because *he past there is a turning bark Bhutto, i* giving tacit support year moans that there is little 

employers bare laid off surplus *° Islam as the nne common to the military, hui mainlv in danger for the moment of a mass 

labour. factor uniting a nation that other- the hope that tb-? ,r will destroy movement blowing up an his 

But beyond this immediate wise seems unsure of its identity. Mr. Bhutto, for whom he has a favour. But with the ever 
sense of stability is the fore- This time, however, regrets deep personal antipathy, once Present spectre of rising prices 
boding that the country is in for that Pakistan has not fallowed a , a . , rijcicii*. jn. s. tne clock 

another protracted period of the Islamic preeppts on which it • , ' lr Marshal Aszhar Khan, neks to nis aniantage. 
military rule, masking an even was- founded have been a*-cnni- , 7 I 2 :' 1 effnriive leader of the Against this background o 
deeper crisis thsin before the panied by a frenetic determina- a:,f f nn " r running his own Potential violence, the sensibi 

army took over in July. The tion to put them mm practice by P^riy. sees the army standing economic measure? urn me 
most visible reminder of -the making them the basis of the between him and the premier- arnl - v bas taren ?crm like dra"- 
failure to resolve its continuing law. enforcing prohibition and sh ’P- Mufti Mabinud. the presi- ' n ? m tno sann. »nxe# have been 
divisions is the cordon of armed drawing closer t« Saudi Arabia ^ ent of th«* PNA. is quietly help- raised and expenditure is neini, 
guards around *he Lahore High and the other Islamir «tates. * n ^ 10 discredit ihe military slowed down on some of the 
Court where ifr. Bhutto, the de- The backlash, worrying to leadership by implying that mammoth Jo* priority prnj.cts. 
posed Prime Minister, is on trial some, has swept awav the General Zis is ready far some - SU . C V ft ’u V, n 

far murder—a charge that secularism that Mr. Bhutto trfad with India. initiated bj Mr. Bhutfa. -Bit 

makes him liable to hanging. quietlv to press In tho now *»■*> in the Mill nvo r»f ihe there i< H'tie room mr 

ticu. Zla ul-Haq 

likely victor of any new electoral ^ ^.j pe ou5 di^rare of ihe lhp Presem one. General Zia's relief frum the donor members 
contest. The army cannot risk Sl , rr(0fjdlir Q f po.onp Pakl*fani hope js fast under the weight of nf , 1be A ‘ d fa Pakistan con- 

his return to power because they troops to India after the fall of charge? being levelled against s° rt, uni. General zm hopes tha* 

fear retaliation- against those Dacca in j 97 r. him o-,-«*r corruption and the mis- ris, * | S exports wm reduce the 

who overthrew him. • tt is aniong tb^ armv officers "** of power. Mr. Bhutto's trade deficit which is expected io 

Thus any re-run or the March. (hai (hpj . e are fhe fp . A ; sicrJS pf popularity will vanish into thin climb a further IS per cent, this 

1-077. general election—fhc one ronfidpnce about the areseut a,r ' e * T t0 S1 - 5bn - 

way of deciding whether Mr. u u General Zia-ul-Haq. Mr. Bhutto has nbsti- He points lo the country-5 

Bhuttos Peoples Party or some • ,£sidea over *he rc"lme as n:,,, 'v ZTV*n in suz- The rich agricultural rtsources—to 

grouping -of the rival Pakistan Chie / MartIa 'i taw Administrator P nv fJ. iraphnt in the swav that "hich could be a-td-d increasing 
Nar»-nal Alliance should rim the , - , _ soldier's honest he still holds over the Punjab S a< an £ production and the 

country—is far the moment tin- f : om CfI(lrl ,mentions * n<i Sin H makes the army and * 0 *" *n three fo five years: 

thinkable The only politics that itj fl He lirhove* Thai h,< r»°l' , ' r al opponents ail the from new fartili.-u- olams and 

matter? i* *he manoeuvring ™ ^ha" removed ihe " din" mftr " determined in put him Ui»\ Ml d«“'n!opm?i.l of the 

within the army 1 m ifni,,Hin" \ir hydroelectric and irrigation 

In this uneasy situation the U n \ his fire er cil- Rp nrnvmc Mr. Bhutto from Potential of the Tarhela dam. 

business community is holding ,4“" ' ^ d ' a 7nt nf the nppns - r” ,h,| c life however h n m th* But ihough «he cn-sortium is 
back from investment Seller ■ «na a im i th npposi ; . )mP nddin5 th c cm.mry of likely fa agree m rescheduling, 

rice and cotton crops this year >on tot . worthy men will arise BhuUo)<m 3 moro than thp members as rlrvcrgeni as the 

with some pick up in mamifac- Jj. f*™ pet p Q ,IS d nL Sm w »frk renioval ** General Pernn laid »->.$. and the Dutch have been 
niring production after the chaos Z 0 , 1 ''! * s low the -host or Perenism To fasfily voicing ihcir criticism of 

in industry last year mean lhat «* b JW* * mEiiriij. m o.hcr nnn i on s in Pakistan he has been the promise held „ui by succes- 
the economy is likely to register nations and t. ce..ami\ unlikely rhP on * ]cader «, nfC jqdepend- rive regimes of P:,kiMan> polen- 
what appears on paper as .an 10 *n Pakistan. enC(? u -h r> i,;,* ralk^rl dlrectlv to tial. and the failure io realise it. 

impressive growth rate of fi per Though om> uim echoes or - thpm an(i e s n ouscti the cause Under General Zia's scenario 
cent, for fiscal 1977/7S. 'he disputes within the army are nf *hr poor. His charisma has election? will bp held as soon as 

In practice the country teeters heard ouisia.. U aocs seem that been increased by thp ineptitude the trials of farmer politicians 
on the edge of insolvency with a powerful group of officers lee I . A . |th which the" armv handled suspected of misusing their office 
the current account deficit ex- 'ms view is naive and that the h j S ar r«*ct Pnd t he doggedness have been completed. Success 

peefed ro widen a further fi per military would no far better -.'irh which they are now pursu* would mean a break with the 

rent, to Sl.lhn. and the budget fully running tin* show them- . n:; him through ihe court*. record since independence of 
deficit rising a* well—largely selves rainer man I nisi mg in F.i***n law rer%- Lp**r»re puiiiUv. tmernmenls only being changed 
bpcaus* Mr. Bhutto ’•uldlv over- poimciao? -Ahn nave let them 3 ]|v hostile io Mr Bhutto have through political deals or coup 
spent while looking fa his down before -malier vmiip a rave rimiht* abou? ihe fairness tl'einis usually ».•rlIllin^ in Hip 
creditor? io keep his government a-'uue Inal the army .should puii nf hi« present trial far murder, wake of popular agitation. 

■ Anal. . * ,a £k bair.irk'. _ Bn>n-se or the blow lo ;qe annv\ If the army is unable -o affect 

The armv. reading m nvjl Sn far ».iener«] /.ia has run- prestige if hr v;a* jci-|iiiiw>d— j pea>vful tr:in>mon fa civilijn 
?enire advice, ha^ begun pruri- iinuerl these rivalries—including even though ihe trial originated ruie because Mr. Bhutto's 
mg back expenditure and raising fwrvmal jeuluu.-y al hr.; n-vn ^ a private p:i«i*— the pressures mystique r-r.iaiiis ii-n powerful. 

new taxes. But there is a lurli position with remarkable .-*i; 1 11 nn ihe ,-mirt ar-' inevitabix ^rpal then i> 'a ill In- diffii-uh io hold 

to the unpopularity it ran ri-rk and recently 'uereerfad m re- On Ihe olh<*r hand it i« bard-In ha«-k the h^rrl iireri in the will- 

Alreadv there ip gruinnling it phuffiinc. nis <^nmr e.ornmandprs "nneaive tha? th«» srtny wnuM tary who believe thev can 

the increase in irrigfiMer duos _ Hi* created jiahslire •< r a j.-* *J! th® r’«L-e r»f h^rtping him e^hiev#* rhi* f'tran up ;n the four 

■ ione needed measure and at hi* public perfarmanro* he nf:en if rhar i*-as ihe verdict. remaminz provmrus that eluded 

the UyU* *«.of factory worker* comes a buffoon, Ttal* But what to do -#lth Mr. Bhutto them In Bangladesh. 

benefits guaranteed.'Tin 
hie on -.'i< this guarantee, ti^ coal goa^. 

rnn. cere m country where But Howard Gnwd 
been closed by United Mirifr- |r ft jjafathe r . father and soa riuft to company^wra^te^ 

workers’ union (UMW) pickets; followed each other into . the. and.welfare fund s, W ;Pgtytggj. 

But now the two-month coal mines, it runs slowly. Legend tions jot 'M*®.. 
strike was threatening the buri-'^mj trad I tiorr account for much negotiations wmcp ■triuaievbe 
ness’s survti'ai. He had to get the of the miners’ stubbornness and fears, he between 

coal moving again quickly and if] eE end has created an illu- the Goal A a soda a on iHjt.Mtiwcb 

as in thc wildcat UMW strikes of. --- _ j _the! miners and me fiOoivJdual 

July and August of last year.) Wnrtw coal companies- The;cantow^jt$ 

the only way to do it was to b$. THE. UNITED Mine Workenr gay&.is designed-to tawfiSfe W 
ready to meet violence with •-orfon announced 5«jenjw of the union. . r ^ 

- - ! violence. To. call in what uhiori.. that It had reached a tentative There are other 'Wements^ 

troop and fleet manoeuvres.. men stU1 ca!! •‘company goons”' W«e agreement wlttthe the COB traet,of cmirsfcwSieB.^ 

especially by Argentina, which i , 0 lry aQd ^ eep the non-union-' Wi snbsidiapv^Pittsbnigli and miners - dislike and 

Claimed unconvincingly that mines working. •' Midway Coal (P a .nd M). THs But ^ unionised 'wtwiy^l 

they were routine. Beecher White is a miner. He : nmed hopes of ■ hreaWirougb fte FndtlBtr y does have. 

The document signed by Presi- j has been a miner all his life and'- jw- the • and nn 0 Q|ciaI -strike: «n$ absentfeelsjft 

dents Pinochet and videla j because I was from England -1»o.V^ strike, our New *drk eofres- ]a the couatr?irtlbbls^ 

to-day at Puerto Montt calls l0 ld me his wife drinks tea. Pef- jpondent writes.- . 0 ne*ftfth hf worMQBlifaft'H&ltiif 

for negotiations in three stages, j ha p S in Danville. West Virginia;-.: P and M Is not a member of ® Jr* n on-uixfwi -mliwK-KM 
in the first stage of 4o days.! you have to be a little bit ecC 8 ft-- ' : the Bitinnlnoos Coai Operators more productive.'- ■T3wy 1 do--pai 
it IS foreseen rhai both Govern-1 trie to drink tea. - - Association, wtach represents hizbe/waees and-war-i^iura 

ments will name memoers to; \v e were'sirring with a dozen most of the major coal com- fringe 

a committee which will propose: 0 r so of bis colleagues in a dusty panics In dispute wyth c0& . eomnmilea : aiiimi«ei 

measures to promote condi-: an d drab little office which to ' union. But U Is hoped that the. 
tions for harmony in the; ihe United Mineworkers of easier contract terms agreed by JJJJJSnental and 
Beagle Channel area. ! America. Sub-District 2. District P and HI and the union could - CjBtwental ana ate« 

In the second stage, it is calcu-MT headquarters. Danville fs:.:provid P » pal tern for a settle- rieht. too wSte! 

lated that another Chilean ] about 40 miles from Charleston*.^ meal throughout the^industry... «gn 

Argentine committee will pro-}set deep in the hills, just a few Efforts are .underway .t®; !?£, 1 \iivS 

pose guidelines to delineate houses and a railroad with convene the 39-man bargaining U«W ■ i^er-. ..^OTOta.-, 
maritime space in the area. I Chessie railway system's JOO-or- council of the UMW. If the 

and v.ilj suggest ideas for iso empty coal cars waiting council agrees to the P and M The utiiou sro^jsi 

Chilean-Arc^ntine co-operation patiently for the strike to end. settlement, then the companies : from.the autocrat? 
in exploitinc the natural: There are no non-union mines in the association could hope Lewis, thei-'pushy ; 
resources in tbe area, and also i in Boone county, the group to'bave a similar offer accepted,, hero^is^q _^aoou<vyK 
in Antarctica. (agreed, and there was no mis- and that would remove what to. created Ute JJmw % to- 

It is provided that in the third I taking the pride or the menace seen as.the biggest obstacle*© cratlc processes .whlm.roUOWM 
?ta>c. the negotiators will make! in their ro#res. There are no a setliement. A new .contract the aBsasainauon In iawi-Pt J.Qtl 
proposals to trp two Govern- onn-union coal trucks eithe.r not ior al! UMW pits, would still Yabtonshf as .he was. trFmgftt 
luems *n rhai ihev mav deter-! non-union rail way men ready to have lo he ratified by the wrest.. the p residency o.E \tjji 
mine wav* of instrumenting ‘ take a chance and move them 160,000 UMW mcrthe^V-UMW from Lewis’s SucceSjw 

1 while the strike is on. = - Although hardline c0»F com- Tony Boyle. Boyle went 

Beecher has an immutable panics will hp ^luctautto offer for. bis, part in 
mistrust of West Virginia’s, .similar terms to those of P although ho is appeaHpgvJ^ 
governor, although he would and > 1 , they /will come, under ewndetion.' 
surely walk past him in the intense poHIltal wessura from • perhaps a month agtvtite nwt 
street without a flicker of re cgg» the Carl eo Administration. wau ] d have voted for tbe tkrti 
nition. On April 20, 1914,. l.JKW which Is faoflng its most difficult tract now on. the table* , 8 q 
miles and an epoch away. j?ear domestic /crisis since taking to-day, Mfllarg’^ttK 
a small town called Luffl^, office In frying to bring ab<JBt baraamiog council see 
Colorado, local militiamen opened.; an end to the coai strike. " dispute-an opportunity 

fire on a tented village ; -&f- £ - " ' . » ■ him out arid make -way TQf.S^ 

miners' Families at the Coloraglo a iivth which to-day-a high- ]eadershtp;. - The problem^ 

! h« di M'to ways /nd mbbllityS4 St 
bloody, day ion., paiue,. tney « m^rh ih&.miiu>r« enme frem? . 

as th^ 

them! remembered LudTow although he sufrmachtodwn and tto violence WMcn.uwir at nlgt 


USSR will go 
on launching 

By David Bell 



in the future if they begin to 

Mr Yevgeni Federav a Sorlelj interest and the 

scientist who visited Wasaine- pmat-erandson Ja 

was e mM *1 ven U born W a^Wooal' WMm 

1 rnL u-as a l D Rnckefe ter ntent and men to sustain across- parts of Indiana unde 
! fa Srest and the oil ba roirt of the past. . . armed guard to try to ease tb 

' great-grandson Jay Rockefeller This then is the^oot oT fee fac ? 

•f- ti:.., vimtni.v miners^ defiance. But nobody kev Industrial^regions. 

asaing- • great-grandson Jay Rockefeller . , 

ton last week lo attend a con- j 5 West Virginia’s governor. miners* defiance. . But nppody . .. , , . 

I went to West Virginia to try sfroujd underestimate the con-, tor tftefr dhy lo day^mre* 

to find B ^ how after Komontti ‘wg Either, a deal 

on strike without wages or union between the BUumfnous -Coal mentis: f o°j T " fog - 
strike funds, the miners were Operators Assoeiabon and the which provider adequate, sasffa 
surviving and how much longer 180-000 UMW mineto jvbo dig ance, thqir.own voluntary Bwa 
thev could last out. These same half Americas coal, which Is what funds ensur^that^ as AUl-'M 
miners had only just finished a the fight is about Aml in Appa- of . Sub-DUtrict Z puts itjW 
10-week strike in July and lachiatio contract means no worit working nr retired;. oduws hw 
August last year. So for-four of The majority of miners, here, gone without heat to the no 
the past 10 months, they had not Indeed.- the majority of ratoers: few' weeks, FedteraV tax WOB? 
worked. In the UMW. are young: /nen of belween Sl^Q 0 and fl2/XKf 

formally, a good miner w(U In their 30s and 40s. As Beecher man are coming Utttiugft to e^ 

Mm, cicnnn o ranr at » jnH hie frlpnik t) 0 rpp- th#v - tnt thp ‘UnanrlaQ-ctrain*' -J* 

ference on climate, made this 
clear in an interview published 
in fo-day’s Washington Post 
He said that rwo new types o! 
atomic-powered satellites are 
currently under development 
bv Soviet scientists. 

The first would transmit Soviet 
radio and television pro¬ 
grammes from one side of the 
Soviet Union io tne other while 
the second would carry special 
radar lo track storms. Both 
would have atomic power 

plants which. Mr. Federov said. I _ _ 

are The only fea«Jble way of! in wage slips. There is much fathers-”.- |fde fik- : bpud' 

providing the large amounts of criticism of the UMW miners As they Took at the contract, Daniel W. Rhodes. asslitac 
elei*iri«* power needed. 1 these days particularly those in they see the 37 per cent wage vice-president .of vibe Ba.qk,^ 

While Mr. Federoi' appeared j isolated districts like Appalachia, and benefit increase in It as a Danville _ which ..has.. $80m.r_4 
ihus to reject President Car-1 They are. you will be told. Hiring trick, an attempt to sugar the assets., says half the 6 ank~lo*j} 

ter* rail last “ * ’ ' ' .. .... * ' “ *" "* 

oossibio total 
a tom if-powered 

minlna was all there was in West destroy the union, one ■' of the only working:peopfeip^pwr 
Virginia. America’s most famous and In- so 'to-day’s strikers , JKra/,ti 

As the mine-owner remarked famous labour unions. Beecher morrow’s cutitomersv-.- 

st month for a: in another age n*hen ft was rfif. pi/I sad persuade the men to vote are overdue: Birf- whlT’/htj 
1 prohibition of j ficult to move out of one of these far the whole contract Including close, there >40in 
ed satellites, he narrow valleys to a job her a use the hits which many fear will asset toT” Minera are^rjwaU 

conceded that the recent inci¬ 
dent iovoivinc Cosmos -954. 
which fell to earth un¬ 
expectedly on January 24. did 
have ,l lessons " that could be 

Mo the future, he said, such 
satellites could be equipped 
cither with explosive devices 
that could be detonated in case 
of trouble or with back-up 
engines that could he used to 
thrust them inm higher orbits 
where they would stay For 
hundreds of years. 

Meanwhile, he went on. the 
Soviet Union fully accepted its 
obligation under international, 
law fn pay for whateveri climactic round of its debate on 
damage may have been done [the Panama CauaL 
to Canada by the Cosmos {Carter Administration 
“ crash." Both the United 
Stales and the Soviet Union 
had nuclear-powered ships and 
operated aircraft which car¬ 
ried nuclear weapons. On 
several occasions U.S. aircraft 
had dropped nuclear weapons 
by accident, but there had been 
relatively little fuss about It 

Bahamas move 
on investment 

By Nicfci Kelly 

NASSAU. Feb. 2 d. 
THE BAHAMIAN Prime Minis- 

Senate to hold secret seissie^H 
on Canal over drugs ease ff 11- 


THE U.S. SENATE this rooming details of the indictment, not of relations between tite' VL&f • aft 
began, what should be the the evidence behind it .' Panama-over- the -ienstibHr taw 

wwfi e t£!I „! n # Joterylow wlto the of.: naEcotica : emaggltogrr.hav 

Wtuie the Atlanta (Georgia); Constitution Improved greatly 
tha * news P a P^ r to^iay. the . ; Pana-toe wake 

52 * .v 0 ** 11 ” 1[s ^ ^f D b ,V? e uO niaman .leader said .that he was brother oh the inform 1 

that the new treaties will be prepared to , put hla brother ,io tion gathered.!'. 

th!rSl d mator^v i!f C *hi ar ipn^2" i afl ‘LiS found guflty of working UndOr^fe-izti^Palxato 

thirds majority in the Senate, drug trafficking, and that he had Gen: . TorttioS^ 

thS re imXSi apP 5™ on --— m ‘- e?ged for pT00fn fr6m ffs.W:«dfeaSS&tt 

Scheduled bv the Renat! far regarding the changes Panama fpr :j^r^nco:V;l 

t!?r!!rr!w by ^ Senate l or against Molses. .who at the: time,'.Fanaman fan'' 
to-morrow _ was; ambassador to. Argentina. . 1 But sincfr^e^^^^Soth 

This session, convened at the Nonetheless. 6 e criticised the tiorifc>oFa'ne^«MSL, 
request of Senator Robert Dole, secret Senate session.'aaytoe that' ceediflgr abace.'wth^ 
the Kansas Republican and lead- it was “ humllfkting * r . to him to baye buked ^T^ 
ing opponent of the treaties, is personally,. and that -it wa 4 their differences; 
to concentrate on a I tegations that wrong-far the Senate to mix^poli- a major proSanfr 
General Omar Torrijos. the tics and drugs. -cocalndJp^SiS 

Panamanian leader, and members Administration officials here trans^t%5St5h'tl ' 
of his fanuly are. or have been, privately concede that;, although from-S^th to Noj 
engaged in international nar- the documents to-%be presented 
cones smuggling. to-morrow are esaobti^Bv. iiteon- 

Senator Dole is not gding <;o elusive. Ebey are.circumstantlaUy 


icr. Mr. Lynden Pindiing. has [far as to say that Gen. *Torrijos damaging.toiheTorrijos family. Goldmfei 
announced a major reorgan isa- j | s currently Involved lo criminal During the tost couple of years, bays; Abitipf ’ afi^dr^^Ke. ^ 

tion of cabinet and rivil service activity, nor has he slated that ’• 1 ■■ 7 ' : '•». V-V ■ r.y'-' 

responsibl/rties Lu “eliminate 
ihe frustrating bottle-necks"’ 
which have previously impeded 
foreign and Bahamian Inves¬ 

A five-member cabinet sub¬ 
committee. beaded by the 
Prime Mnister, has been 
formed to evaluate all. major 
economic proposals and pro¬ 
perty developments, and to 
review regularly Government 

he has acquired new documentary ... . . 

SSS 5 »""' p ° lou 10 » home 'isornntMrrs 1 

by the Federal Bureau of In- ”5 

vestigation (FBI) and the Drug Tk-T' _ . ' • 

North 6ea pipe wo^k:: 

Jry to support bis basic point 1 . •* ■ *•••■'■ 

that even the sugpestion of com- MK-SHAND. - the British. johw G 

private projects. 

““W •»* 1*5:2 



"* T 

5 * 


•. ;:■ -._- •.v?£ .'.= T ?<v•*'. ?J\ .-....\jj 


OR- 'bni: of ,S2rii.:jfot 
. Ontario Hydrt’Avlaisest 

generating-, Ration isin' 
’ between: Ontario - Hydra 
.. Parsons, tSieU.K. -com- 
: made the. rotors. 

," -to Nisten berg, the fcec- 
. * ntario ; Hydro'fi_ thermal 
. - g division, lias said 
’■ six generating-units at 
any’s Nanfeotee station 
shut-down-for ojp to six, 
' -at- intervals over the 
' -years.' ^ < V ‘.': •' V- • -. • 

_• erhaULwill involve! -to- 
ineta] hedges ' running 
length of the rotors to 
‘■It fretting ^ the' result 
'. rubbing on steel -i- of 
•- -shafL - . 

In-July 1974; Ontario Hydro 
blamed the failure -’of* an end 
ring on one-of tbe rotors -for- a 
fire that,; forced a .shutdown at 
the plant and' coef /■ 

Ontario Hydro 'said ffie. repair 
bill fOr the intorsK.estimated at 
about r$2m_,: should, ba'paid . for 
by Paraons. v, 

!’' iffr.- John lOtehe^ Parsons’s 
esgre eerib g director- said yester¬ 
day- the' 1 repairs askeft'.'ftr were 
“in the- nature of RojTsjtoyce 
repairs.” Parsons did nbt'nhink 
they were; necessary and the con¬ 
tract for supplying the-rotors did 
not cover them. Any cost would 
have to be borne by‘Ontario 

The faults in the xtrtors were 

the result of pressures unfore¬ 
seen - by any -manufacturer in 
Oie.. electrical generating In¬ 
dustry. Repairs bad been carried 
out on .site and' Parsons had 
made clear that it thought all 
maintenance work could be so 
carried out However, Ontario 
Hydro had lihsisted on the work 
being done off site, which meant 
transporting' the rotors back to 
the U.K.- 

Mr- Mitchell said the 1974 fire 
had resulted from an end ring 
failure, brought about in turn 
by the effect of hydrogen* on 
high-strength steel.' There was 
stil) some argument about lia¬ 
bility but '.Ontario Hydro had 
agreed that ft should bear most 
of the cost. 

itish marketing attacked 

= •* 


1ER of UJC exporters. 
■ r ated equipment need 
ipe their’ marketing 
. according to'.a report 
-in of management cbn- 

asultantshave criticised 
. imber of companies for 
w to react to overseas 
opportunities. .. They 
.'of some 160-companies 
. n to supply sales 
m for potential orders 
- “multi-billion dollar” 

total, took over six. weeks to 
respond. Many of . the . com¬ 
panies required “persistent 
goading ** to submit information. 

P-A- International the manage¬ 
ment .consultants saidthey were 
preparing a listr-. of!, suitable 
suppliers of goods and-..equip¬ 
ment for a major. International 
oil company. The oil'group was 
planning an expansion r pro¬ 
gramme that ! could .run .into 
billions of dollars. ' 

The consultants accepted that 
suppliers might have. been 

stralia signs for big 
il exports to Japan 

. n 

i ”* • • 


' • '--4: - ' - - * *'- -■■ 


SOUGH its 92.65 per 
id subsidiary Buchanan 
' Collieries (BBC), has 
to sell 200,000 tonnes 
ng coal a/year to a 
utility. Electric Power 

' \ negotiated a letter of 
supply, the coal on an 
n ” contract basis' (ope 
xed termination date) 
ilch the 'parties may 
increase the contract 
. o 300.000 a year. . 
mpanies are playing 
\y close to their chests 
:esare concerned, but 
■n range for steaming’ 
20 to $A30 a'tonne. - 
«al will come from 
’s Lemington - colliery 
'irkworth area of New 
es, which has reserves 
.tonnes of soft coking 
: ng coal.' MihTng capa-' 
aplngtpn has recently 
^ased from >m. to 23m. 
year, enabling -the 

■; STONED, Feb,.20. 

company to lift shipment* from 
the present level'of tm.; tonnes 
a. year, most of which goes to 
Japan. ■ ■ ■ ;■ 

The new contract 'wnldbr calls, 
for deliveries to begin, in .1682, 
follows the signing last.Vweek 
of another agreement to supply 
Warkworth coaf to Electric 
Power Development initially at 
300,000 tonnes a year, frqnr. the 
H. C- Sleigh consortium's, mine 
in the area. 

H. C. Sleigh and Its'partOers 
are to.-supply ..5m.!Sh»ri«s 
steaming coal to rheilgJapanese 
ntility. over 10 years from ,1681, 

• C5R said; to-day that-The con¬ 
tract would integrate tBtf coal- 
field's mining and marketing of 
coking arid , steaming coat-feat the 
longterm.: ,-.■••• 

' The Buchanan Lemingto 

frig complex;'rji. 3,500> h 

; (8,65a-aece) area in the 
worth' region; of the — 
Valley; was the first big develop¬ 
ment of the Warkworth ,<*f alfield, 

_ . • . . i .I v ' ■ .ji 



\lrica supplies Israel 


frica. and Israel bave 
use South African 
. : d as an Important 
.raergy for the Had era 
. ion north of Tel Aviv, 
, -sriosed here to-day;- 
. :- Africa 1 will . supply 
' ' : . '0.000 and 800,000 tons 

year, -possibly rising 
. ; s. It will be shipped 
' . ■ the .power station.. 1. 
liveries will be made 
aen the station starts 
and supplies will be 
. their maximum level 
;ben full capacity of 
will be reached. The 
‘ ion is then expected 
e 33m. tons of -coal- 

, Tew,' managing drrec- 
* be Transvaal Coal 
ssociation. who nego- 
: .deal, said to-day the 
.... ••' depended on a tech- 
_aisaL.of !the ,coal by 
i electricity - supply 

— v'rica had a surplus of 
"S-Sm.) on its balance 


- -. JOHANNESBURG, Feb! 20. 

of "trade . with Jhe rest of the- 
world in Janu^y, excluding its 
imports- of-jail and military 
equipment arid exports of gold, 
according to' preliminary figures 
released here.'The surplus com¬ 
pares with a deficit' of R62.1m: 
(£38ihxL$'-in the same month last 
year. ;«? 

.. However, there was a deficit 
on. European trade, with ixoportarj 
from; Europe increasing from 
R2S7.8m. to R2903m. over the 
year,' while exports to Europe 
increased' from R2103m. to 

- In contrast there was a sur¬ 
plus in South Africa's favour 
on trade ; with. North America. 



Philippines $l^ra. loan 

Moryan Grenfell had arranged 
a $13m. buyer credit guaranteed 
by the Export Credits Guarantee 
Department to finance building a 
ISO^ton-a-day extension to the 
coconut- oil milling complex of 
Mindanao Coco-Oil Mills, in. the 

$ watch 
rts up 

* q WICKS:..; 

ZURICH, Febl 2fi. 
(PORTS of. watches 
ients rose in value by 
. it in 1877 to Sw Jrs. 
ording to figures from 
-ration HorlogSre in 
xport 'volume rose by 
nL to soriie. '6531m. 

le increase was due 
a 47.3 per. cent rise, 

■ 38931m, in foreign 
. fctrical and electronic 
The corresponding 
exports of Anchor 
d movements was S3 
•i Sw-FrsXOiibiJ.'.while 
of pin-lever model 
l by 2.7. per ceiiL to 
5m. • . . — • 

Jordan to offer 
phone project 


• AMMAN. Feb. 20.’ 

improve telephone lines in 
Jordan’s capital, Amman, will 
be put up for international 
tender next month in the first 
stage of an eight-year plan to 
extend the country's telecom¬ 
munications'facilities at a. total 
cost of more than $200m. 

The. contract -to be. offered 
next month, for laying new 
underground . telephone cables 
throughout the . Am man region, 
is the first step of a comprehen¬ 
sive national * telecommunica¬ 
tions plan to be implemented 
.between now and. 1985. 

The plan - was overseen by 
Telecon^ult, an American con¬ 

lak opens in Dubai 


to open a Middle. East 
^ i centre in, Dubai, tbg 
_»•/* it has- had a base in 
_ ^ ? S , ,.;>ince, pulling.. out. of. 

k V'* 4 i’ ia May reports from 

. j * f ^ ^ ^ 

.« Bas been granted 
, . a 1 ■ status ‘ by tbe Ruler^ 

«* ; which is' one of the 
' * ] »'■ 3 ns'why Kodak chose 

* .-ice the.Beirut < centre 

• . 975, a casualty‘of the 
-. pments to tbe Middle 

. had to come, from 

w York headquarters, 
u .X square foot waro 
. '. store 1^00. separate., 
ms and will be fuUy. 
*d» using .an_ .JBI( 
ee. As well as camera 


DUBAI, Feb. 20. 

and photographic equipment, the 
products available'there include: 
mlcrofilms, chemicaIs and medical 
and scientific equipment. 

Although the warehouse' 
now Almost complete the opesKfJ 
ins Is likely to be delayed due 
;to lack of power because the. 
cables . have yet to be laid, . ?» 
Kodak spokesman said. 

Saudi concrete order 

Vifestpik International 1ms won 
a n.8m. • contract . in .'. Saudla 
Arabia: for pil©d foundations to 
the new. Holiday Inn in Jeddah:}, 
Work is to start in April- it iq 
the. company’s first contract in 
Erie country. 

inhibited by the fact that the oil 
company wished to remain 
anonyymous and that it was 
unusual for such a company to 
request capability information 
through a third party. 

However, the report concludes 
that “the cause of the sluggish 
response was not so much the 
common in-built resistance to 
form filling, but more disturb¬ 
ingly for British export pros¬ 
pects. an ineptitude on the part 
of many companies to effectively 
sell themselves.” 

agreed for 
HK power 

By Lynton McLain. Industrial Staff 

THE £100M. power station export 
contract for Hong Kong, 
announced last month, will be 
signed by the end of March. This 
was announced yesterday by the 
Hong Kong Trade Development 
Council after agreement among 
17 British. U.S. and Hong Kong 
banks for a $350m. to S400m. 
export credit for the Kowloon 
Electricity Supply Company 
which will be raised on tbe Euro¬ 

The loan, managed by J. Henry 
Schroder Wagg is the largest 
foreign currency facility ever 
backed by .the Export Credits 
Guarantee Department. It in¬ 
volves repayments at i fixed rate 
of interest of 7.75 per cent, over 
eight and a half years ( 

A letter of intent for the'supply 
of £100m. worth of equipment 
from Britain's General Electric 
Company was signed last month 
by Eastern Energy. This owns 
60 per. cent of Kowloon Elec¬ 
tricity, with China Light bolding 
the balance. The equipment oo 
order includes two 350 MW 
turbine generators, dual-fired 
bailers and all mechanical and 
ancillary enuipmenL 

The value of Hong Kong 
imports rose 12 per cent, last 
year compared with 1976. reflect¬ 
ing a steady rise in the local 
standard of living, the Trade 
Development Council here says. 
Imports from Britain alone were 
up 20 per cent. 

Dell in Poland for talks 


MR. EDMUND DELL, Secretary 
uf State for Trade, arrived here 
to-day for a three-day visit that 
will include talks with Mr. Jerzy 
Olszewski, Polish Minister of 
Foreign Trade, and Mr. Henryk 
Kisiel, Finance Minister. 

The talks will cover progress 
on big projects on which British 
companies are engaged, such as 
the Ursus tractor factory de¬ 
velopment by Massey Ferguson 
Perkins and the Wloclawek PVC 
plant by Petrocarboa. also-trade 
prospects for the future. 

The Polish side will raise 
wider access to the British 
market against a background of 
a mutual trade turnover of 
£374m. in 1977 and a Polish trade 
deficit of £26m. in that period, 
according to British figures. 

That means a cut in the Polish 
trade deficit of £llm. over 1976. 

According to Polish official 
figures, the trade turnover is 
£633m. and the 1977 deficit 
£2S7m- These figures, however, 
have as their base goods bought 
in Britain rather than British- 
made goods, which are the basis 
for British figures. 

Recent British restrictions on 
steel imports will be mentioned 
by the Poles. They will 
emphasise that Poland's steel im¬ 
ports from the U.K. exceed her 
steel exports. 

Other disputed goods are elec¬ 
tric motors, shoes, shirts, beef 
and textiles. The Poles will also 
be pressing for a system of 
quantity quotas rather than 
value quotas if restrictions are 
to be imposed. 

Foreign trade officials estimate 
that discriminatory customs dues 
on Polish products are costing 

WARSAW, Feb. 20. 

Poland S 600 m. a year in export 

Although Western import 
curbs bave been prominent in 
the Press here recently, Polish 
oificlals feel that Britain is a 
good trade partner and that 
trade will develop. 

Other subjects that will be 
mentioned will be co-operation 
in producing steel-making equip¬ 
ment, with a view to exports in 

third markets, and delays ' in 
British supplies to the Wlocla¬ 
wek PVC project. ... 

No big decisions are-expected 
as a result of the talks and the 
Poles are not expected to bring 
up the matter of further credits. 

Mr. Albert Tbornbrough, presi¬ 
dent of Massey Ferguson Perkins, 
also arrived here to-day for a 
week-long visit for talks on pro¬ 
gress at the Ursus project 

Singapore cargo handlers 


THE PORT • of Singapore 
Authority (PSA) together with 
six international airlines has set 
up a joint venture cargo handling 
services company. 

Known as Changi International 
Airport Services (CIAS) the 
company will Initially invest 
about SS40tn. in new facilities at 
Singapore's new Changi inter¬ 
national airport. 

The facilities include a SS12m. 
cargo terminal, cargo and air¬ 
craft handling equipment and 
a self-contained maintenance base 
to service its own equipment, 
vehicles and planL The. new 
Changi airport is expected: to 
commence operation in 1980. 

PSA bolds 74 per cent, of the 
equity of the new company while 
tbe remaining 26 per cent, are 
spread out among the six airlines 
—KLM Royal Dutch Airlines, 
Lufthansa, PT Garuda Indone¬ 
sian Airways, China Airlines, 
Sabena. and Trans Mediterranean 

SINGAFURE, Feb. 20. 

The chairman of (HAS, Mr. 
Chung Kek Choo, who is also the 
PSA director for management 
and general services, said that 
the authority's participation in 
the venture is a logical step in 
the development of inter-modular 
transportation of freight which 
be said is likely to develop 
rapidly in the foreseeable future. 

Present ideas along this tine 
indicate that goods in the future 
may lend themselves to being 
transported in containers by air 
to major centres like Singapore 
and transhipped by sea through¬ 
out the region, be said.'. . 

CIAS will compete - directly 
with another ' Governirient- 
owned air cargo and aircraft 
handling enterprise, Singapore 
Airport Terminal Services 
(SATS). A wholly-owned sub¬ 
sidiary of Singapore Airlines. 
SATS currently handles the bulk 
of air cargo and aircraft servic¬ 
ing at the Republic's existing 
Paya Lebar international air¬ 
port. 1 

Canadians * 
to relax - s 
steel duties r; 

By Victor Maekie - 

OTTAWA, Feb.' 

AN ISSUE which had the' 
Canadian Cabinet split fox 
weeks has finally been resolved 
by the Government's announce-^;? 
mem of a “ limited apdem 
temporary ” remission of anti-—"- 
dumping duties on imports q'f-^ 
wide Ranged steel. -jtis 

Tbe Government said over tfae-.i 
week-end that a limited -audn? 
temporary remission of provi-;-; 
slooal . anti-dumping duties qpi 
imports of wide flanged -steeL-_ 
shapes from Britain, Japahcl‘ J 
France, South Africa aqah. 
Luxembourg would be permitted ^ 
until June 29.- The -remlssidp^H 
of the duties Imposed last Sep^r-. 
tember 29 will apply for nipe^ 
months. - Jlf . 

The Government action'-r 
follows strong representations-.v 
from provincial governments? “ 
an Members of Parliament over;.: 
tbe adverse effects the duties<-> 
would have on the fabricators-'-' 
and builders using such pro^- 
ducts. The provinces—especi-^ 
ally British Columbia • an&<' 
Alberta—said the steel fabricaf-"' 
ing industry in some areas was^ 
Facing difficulty - because of 
slowdown in the construction 
industry. '. 

- - ■ -* - -• 4- ■ 

S. Korean order '^1 

Sydney Steel, the Crown-owned 
Nova-Scotia steelmaker, has wrim^ 
an order from South Korea.'s^r 
Fohang Iron and Steel for 66,000 v 
tons of basic steel. The Korean*^ 
company has taken an option on.-'- 
a further 22,000 tons and full 
value of the contract. Including 
freight, would be about SC14xqra 





V .|-| — 

» IW. - 

■s.'i -.*■/ 
- nr.-'-- 

• If, * | _V~ 

I '■?, vTi: J '*, 1 - ' 1 H i ' -VT 

..-•f V. 

. Its a fact that a lot of people 

suffer too big a drop in income when" 

■ theyretire 

Thats why we need the new 
!; pension scheme that starts in April 
this yean 

{vt; . It will mean that in future millions 

bf employees will be able to retire on 
half pay. 

Isn’t that something worth 
paying for? 

The 20 best years. 

The new scheme will give you two 

The basic retirement pension 
continues,but on top you wffl get a 
second pension based on your 20 best 

■ eamingyears under the new scheme. 

The second pension will come 
either from the state or from your 
employer and will start being paid . 

. next year. 

Both pensions will be fully 
' protected against inflation, and will still 
: be available to you no matter how many 
, times you change jobs. 

^ Better deal for women. 

Women will still get their pension 
at 60 and (unless they have already 
opted to pay reduced rate contributions) 

■ they will get the same benefits as men, 
and pay the same contributions. 

V ;r- A woman can leaveher job to 

: bringup a family without losing her 
•li^itto a basic pension. 


What you will pay. 

This table summarises the new 
contributions you’ll pay from 6 April 
(the present rates, where different, 
are in brackets). 

The new rates are listed fully in 
leaflet NL208 obtainable from main 
Post Offices and Social Security 

Gass 1 contributions 



Standard rate 

6.5% (5.75%) 

10% (8.75%) 

Contracted-out rates: 

□ on first £17.50 a week 

□ on earnings between 
£1730 and £120 a week . 

63% (5.75%) 

4% (5.75%) 

10% (8.75%) 

53% (8.75%) 

Reduced-rate for gome 
mam'ed women and widows 


As above 
(standard or 
contracted out) 

Men over 65 and women 
over 60 

NIL (some: 5.75%) 

10% (8.75%) 

Lower and upper earnings limits £1730 and £120 a 
yveek (£15 and £105). 

Employers' contributions do not take account of tbe 

N J. Surcharge. 

Gass 2 contributions: self-employed £130 a week (£235/£2.66) 
Small earnings exception from liability £950 a year (£875) 

Gass 3 voluntary contributions £L8Q a week (£2.45) 

Gass 4 contributions: self-employed 

5% (8%) on profits or gains between 
£2,000 and £64250 a year (£1,750and £5,500) 

Working after pension age. 

People who carry on working 
after pension age will no longer be 
liable for contributions after 6 April, 
although their employers will 

If you’re self-employed. 

You will not contribute to the : 
new additional pension and will not 
receive it But your rights to the 
basic pension remain and you will 
pay lower contributions than you 
did before. 

To fuid out more. 

For full details of the new 
pension scheme fill in this coupon, 
or ask your local Social Security 
office for a copy of leaflet NP.34. 

The leaflet also covers other changes, 
some of which affect people with 
more than one job. 



71 WU 






., ., s .. 

• *fit 

Tt* r 



VS - * - 


Please send me leaflet NR34 j- 1 

(write lie number of copies you need 
in the box) I-1 

Full address. 

If you already draw a pension. 

The scheme doesn’t affect 
people aJreadyretired. 

However; your existing state 
pension will continue to be folly pro¬ 
tected against inflation. 

Issued by the Department of Health & Social Security 

« Cut coupon oat and post to: 

I . DHSS Leaflets Units. P.O. Bax 21, 

j Stanmore, Middlesex HA71AY 


^ np/b/ft/i 



financial valines _ Tuesday :2^3$¥8 


British Leyland plan Whitehall split on 

- Typhoo closure 

on success 



British leyland plans to 

give greater priority to the 
development of its successful 
products, such as its four-wheel 
drive vehicles and its Rover and 
Jaguar saloon car ranges, in tbe 
new five-year plan, being con¬ 
sidered the National Enter¬ 
prise Board. 

The plan also calls for a re- 

E basing of investment in the 
eyiand Vehicles ftruck and 
bns) division to give it more 

immediate support than in the 
original programme worked out 
three years ago. 

It is expected that the National 
Enterprise Board will be in a 
position to pass the plan to tbe 
Department of Industry, the 
final arbiter on tbe supply of 
funds to the motor group- by 
the end of the month. 

The main point of tbe new 
approach to investment, 
developed since Mr. Michael 

Edwardes will still 
run car division 

chairman of British Leyland, 
will continue to run the group's 
cars division for tbe time being. 

His decision, announced yester¬ 
day, illustrates the difficulties 
Leyland is facing in attracting 
new high-calibre management. 

Mr. Edwardes has stressed 
repeatedly that he does not 
want to get immersed in the 
day-to-day activities of the indivi¬ 
dual product groups. 

But so far he has failed to 
find anyone to take the central 
job as executive vice-chairman 
with responsibility for BL Cars, 
despite approaches to senior 
figures in tbe industry, such as 
Mr. Bob Lutz, president of Ford 
of Europe, and Mr. Bob Price, 
chairman of Vanxhall. 

In a statement yesterday. BL 
Cars said that Mr. Edwardes 

would continue for the time 
being as chairman of the cars 

The other members of the 
Board will be: Mr. Colin Daniel, 
director of finance and systems; 
Mr. John HirscH director, cars 
marketing staffs: Mr. Spen King, 
director, engineering; Mr. Ray 
Horrocks, managing director, 
Austin - Morris; Mr. Charles 
Maple, director, quality; Mr. B:N 
McLean, director, employee rela¬ 
tions: Mr. Pratt Thompson, man¬ 
aging director. Jaguar Rover 

A managing director for the 
newly-created BL Components 
has to be announced. Mr. Pat 
Lowry, corporate director or per¬ 
sonnel and administration, and 
Mr. Gerry Wright, corporate 
director of finance, will serve on 
the Board as non-executive direc¬ 

Edwardes became chairman of 
the group three months ago. Is 
that tbe company is putting 
greater emphasis on its known 
areas of strength. 

This attitude will mean 
attempting to speed up the ex¬ 
pansion project for the Land- 
Rover and Range Rover vehicles, 
and putting new emphasis into 
achieving better output of the 
Rover saloon range. 

The Rover, for example, has 
been a great marketing success 
—but more than nine months 
after the launch of the new 
2600 cc and 2300 cc engine ver¬ 
sions of the car, almost none of 
tbe smaller-engined varieties has 
been made. 

On the truck and bus side. 
Leyland analysts are uncomfort¬ 
ably aware that sales have been 
slipping markedly In the U.K., 
while its vehicles are becoming 
increasingly outdated in over 
seas markets. 

Sir Leslie Murphy, chairman 
of the National Enterprise Board. 
Levland's main shareholder, has 
made clear that he accepts the 
need for a considerable tranche 
of new funds for the company 
this year. 

He said recently that the pro¬ 
vision this year must h e in the 
form of equity, and Leyland is 
expected to ask for about I4O0m. 
to be provided in this form out 
of a total of £850m. for the five- 
year-period. This could go up to 
£Ibn. if the company's perform¬ 
ance is good enough to encourage 
further investment 

Sir Leslie has made it clear 
that until the new management 
has pmved itself it would be un¬ 
wise to provide more than a 
year's finance. 

THE decision announced yester¬ 
day by Cadbury-Schweppes to 
close its Typhoo tea packing 
factory, in Birmingham, with the 
loss of 550 jobs, has exposed a 
clash of interest between Govern 
ment departments. 

The Department of Industry 
is believed to have approved the 
transfer of work to-the company's 
plant at Moreton, near Birken 
head, a specially-assisted area 
where unemployment is high. 

Other Ministers have expressed 
concern at the impact of closure 
of the Bordesley Street plan on 
Birmingham, which is anxious to 

bring employment to its declin¬ 
ing inner city area. 

The Department of the 
Environment announced last 
night that Mr. Reg Freeson, 
Minister for Housing and Con¬ 
struction, would meet Sir Adrian 
Cadbury, the company chairman, 
on Thursday to explore the 
future use of the factory and 
alternative employment pro¬ 
spects for the workers. 

Mr. Freeson is chairman of tne 
Birmingham Partnership Com¬ 
mittee, responsible for generating 
new employment under the 
Government's policy for re¬ 
generating inner city areas. 

Shop stewards reacted angrily 
last night to the company's an 
nouncement. “We intend to 
fight the decision,” said Mr. Tom 
Burke. the Transport and 
General Workers Union senior 

A mass meeting will be held 
to-morrow to consider appro¬ 
priate action, he said. 

Cadbury-Schweppes is to con¬ 

centrate tea . packing at Its other 
Typhoo factory at Moreton, on 
the WirraL The North-west plant 
has suffered from the downturn 
in the economy and-is in an area 
Of. high unemployment. 

The company, which wants 
to instaj modern, high-speed 
machinery, points out that such 
investment must be concentrated 
in one place- The Birmingham 
factory was built in the 19th 
century — the Moreton plant 
was established In 1950. i 

Cadbury-Schweppes will benefit 
from moving to a Government- 
assisted area where it can occupy 
empty buildings and collect 
£220,000 in State aid towards the 
£lm. cost of six new packing 
machines and ancillary equip¬ 
ment. The freehold Birmingham 
factory can be put on the 
market J j 

The company denied yesterday 
that regional assistance was the 
reason For the move. “ Special ■ 
redundancy payments ” would he 
offered to the Birmingham work¬ 
force. plus the opportunity of 
alternative employment either in 
the Midlands or at Moreton. 

The closedown of the Birming¬ 
ham operation would be phased 
over a 12 -month period and 
employees with three years' ser¬ 
vice earning £60 a week could 
expect to collect about £480. 

Mr. Burke said the redundancy 
terms were “ very poor for a 
company of Cadbury-Schweppes" 
size and profitability.” The com¬ 
pany was unable last night to 
say how many additional job* 
wnuld be created at the Moreton 

reports from the 

Beer is 
die only 

Mr. Denis Howell (right) with Mr. John Alderson,. 
chief constable of Devon and Cornwall, on a visit to the 
snow-hit West. 

State aid to save 
stranded animals 

Sales of used vehicles rise 28% 

TURNOVER IN the U.K. motor 
trades rose by 17 per cent, in 
the fourth quarter of last year 
compared with the same period 
in 1976. 

Tbe largest component in the 

rise was used vehicle sales, which 
went up by 2S per cent 
New vehicle sales rose by 22 
per cent., and other sales and 
receipts, including petrol, oil and 
tyres, rose by 12 per cent 
Last year as a whole, turnover 

Illness forces Fraud 
Squad chief to quit 


COMMANDER Thomas Edwards, 
head of London's Metropolitan 
and City Police Fraud Squad for 
the past two years, is retiring 
early on health grounds. 

Commander Edwards, aged 49, 
has presided over a wide range 
of inquiries, including complex 
ones in the international finan¬ 
cial field. He had a series of 
major operations four years ago. 
He is now on three months 
leave before retiring on pension 
in May. 

The bolder of the Queen's 
Police Medal and eight 

commendations. Commander 
Edwards is a forceful and 
independent-minded personality. 
He has served in the Flying 
Squad and spent a number of 
years in the Fraud Squad in the 
1960s, when one of his most 
notable cases was the investiga¬ 
tion into tbe Rolls Razor affair. 
From 1972 he served for some 
three years in ihe A.10 depart¬ 
ment set up to investigate com¬ 
plaints against police officers. 

Scotland Yard said yesterday 
that no successor would be 
appointed until Commander 
Edwards had retired. 

Deadline for investment 
grant applications 


THE LAST government Order 
specifying dales by which appli¬ 
cations for investment grants 
must be made came into opera¬ 
tion yesterday. 

The crams were established in 
1966 io give industry over the 
whole country grants of 20 per 
cent, for new capital expenditure. 
In the developing regions it was 
40 per cent., but th escheme has 
been phased out gradually since 
October 1970, in favour of other 
formi of aid. including regional 
development grams. 

Under the investment and 
Buildings Grants Act 1971. com¬ 

panies could claim the grants 
only for capital expenditure 
incurred in contracts made 
before October 27, 1970. 

Previous termination orders 
have extended tbe deadline for 
applications for investment 
grants and last night the Depart¬ 
ment of Industry said the final 
termination date specified in the 
latest order should be sufficiently 
for ahead to cover all outstanding 
expenditure. But if expenditure 
is incurred after March 31, 1987, 
as a result of a contract made 
before October 27, 1970, further 
extension orders will be made. 


Expenditure incurred 

April 1-September 30, 1977 
October 1, 1977- March 37. 7976 
April T-September 30. T978 
October ], 1978-March 31. 7979 
April 1. 1979-March 31.1983 

Date before which application 
must be made . 

January 7,1979 
April 7, 1979 
July 1, 1979 
October 1, 1979 

Before the last day of a six months* 
period beginning with the day on 
which the expenditure is incurred. 

£4m. nursery school aid 

LOCAL authorities in England 
have been given their allocations 
from the £4m. available for 
nursery education building in 

The Department or Education 
and Science has given priority 
to authorities wishing to spend 
more in areas of social and educa¬ 

tional disadvantage and to pro¬ 
jects for handicapped children. 

Bids for allocations in other 
areas have been met to the 
extent of 67 per cent of tbe 
amounts required. The alloca¬ 
tions are not grants but are limits 
within which buildtng projects 
may start in 1978-79. 

in the motor trades was 22 per 
cent, higher. 

Rises in sales of new and used 
vehicles rose by 26 and 24 per 
cent, respectively, while other 

sales and receipts went up by 
18 per cent. 



By Terry Dodsworth 

Mr. Derek WhIUaker, the for¬ 
mer managing director of 
Leyland Cars, is to join GKN, 
one of Britain's largest motor 
component groups. In a newly- 
created post of general 
manager for product develop¬ 

Mr. Whiltaker, 48, was one 
of the main casualties of the 
reorganisation by Mr. Michael 
Edwardes, chairman uf British 
Leyland, who aims to develop 
a more decentralised structure 
In Leyland Cars. 

Mr. Edwardes's plan meant 
unscrambling raucb or the 
work Mr. Whittaker had done 
over the past three years, and 
he was not offered the central 
co-ordinating job of executive 
vice-president In charge of the 
cars division. 

He resigned at ihe end of 
last month, and will start bis 
new job on April U). 

Mr. Whittaker's move to 
GKN follows the recently- 
announced reorganisation of 
the company designed lo 
strengthen the links belween 
the central staff organisation 
and the manufacturing sub¬ 

Indirect tax 
‘could rescue 
engineering’ , 

By Kenneth Gooding, 

Industrial Correspondent 

skilled labour problems would 
be eased If the Government 
simplified the tax system, tbe 
Engineering Industries Associa¬ 
tion claims in its Budget repre¬ 

“The engineering industry in 
the U.K. is slowly being denuded 
of it skilled craftsmen and un¬ 
doubtedly this is largely due to 
the lack of significant differen¬ 
tials in ‘pick-up’ pay," says the 

It claims the trend could be 
reversed if the impact of direct 
taxation was mitigated and 
differentials widened. A move 
from direct to indirect tax would 
solve the problem as well as 
meeting growing demands for a 
simplified tax system 

Esso spends £3.5m 
at Fawley plant 


ESSO CHEMICAL Is to expand 
its higher olefins plant at 
Fawley, near Southampton, at 
a cost of about £3.5m. 

The move, which will increase 
production capacity at the site by 
a third, could lead to Esso build¬ 
ing its first alcohol plant in 
Europe in the early 1080s. 

The Fawley expansion, due to 
be completed in mid-1979. will 
substantially increase production 
of heptenes. octenes and 

Hoptene capacity, which will 
be increased by 50 per cent., is 
currently set at 50,000 tonnes a 
year. Tbe higher olefins are used 
as plastics and oil industry addi¬ 
tives and as detergent raw 

After conversion to the inter¬ 
mediate alcohol stage, much of 
the additional octene and nonene 

production will be routed to a 
new pbthaJate plasticiser plant, 
which is being built by Essochera; 
Benelux in Rotterdam. The j 
plasticisers will be for use inj 
the production of flexible PVC 
I polyvinyl chlorite». 

Esso has no plants in Europe 
for the conversion of higher 
olefins to the intermediate 
alcohol stage, with this part of 
the manufacturing chain being 
contracted to other chemical 

However, Esso Chemical said 
yesterday that preliminary 
design work was being under¬ 
taken for an alcohol project 
with tentative plans for a unit 
to be built in’the early ISSOs. 
No Board approval has yet been 
sought for the project 

The major contract for the 
Fawley expansion has been 
awarded to Matthew Hall. 

Economist predicts rise 
in GDP will be modest 


A GLOOMY assessment of the 
impact of North Sea oil on the 
U.K. economy has been made by 
Dr. Paul Ncild, chief economist 
of stockbrokers Piullips and 

He estimates '.hat gross 
domestic product will rise by at 
best 3.25 per cent, a vear in 1978 
1981. This would require 
Government fiscal policies that 
would eliminate ail .‘he potential 
current account surplus and 
require a rolling-over of overseas 
debt due for repayment in the 

If the Government followed 
more cautious policies, the 
growth in output would hardly 
exceed 2 5 per cent a year, tbe 
average rate over the past 10 

In his paper, whicb attempts 
to estimate the effect of different 
policy options open to thp 
Government in dealing with 
North Sea oil revenues, Dr. Neild 
states that the high marginal 
propensity to import is the major 
factor affecting expansion pros¬ 

“ We estimate that the 
marginal propensity to import is 
now about 40 per cent, and rising. 
When combined with the loss of 
competiliveness due to a higher 
real exchange rate again:-l a 5 
per cent per annum inflation 
differential, this massive leakage 
into imports produces only a 
small increment to GDP growth 
in return for a relatively large 
erosion of the potential current 
account surplus." 

Assuming that the historic 
inflation differential exists but 
that the exchange rate falls by 

only 2.5 per cent, because of the 
North Sea resources, passive 
fiscal policies would produce the 
historic growth rate of 2.5 per 
cent, a year over the three years. 
The current account surplus 
would be £2.5bn. a year. 

Reflation providing enough 
current account surplus to repay 
overseas debt would bring growth 
up to 2.75 per cent a year and 
the surplus down to £1.75bn. 

Dr. Neild points out: “ It can 
he seen that an increment to 
GDP growth of only 0.25 per 
cent, per annum is associated 
with a cut in the current account 
surplus of £Q.75bn. per annum." 

A fiscal policy erasing all the 
surplus and implying a roll-over 
or overseas debt repayments 
would produce growth of 3.25 per 
cent. This would be barely 
sufficient to reduce the registered 
unemployed from the present 
1.5m. to lm. by 1981. 

Extending the time horizon to 
1985. Dr. Neifd produces an even 
less optimistic picture. Over the 
1978-85 period as a whole annual 
growth would average only 2.75 
per cent, under the fiscal policies 
that would erase all the surplus. 

If the exchange rale were held 
stable instead of declining hv 

2.5 per cent, a year, growth 
wnuld fall to 1.75 per cent, with 
the current account in bare 

If the pound declined in line 
with differential inflation, refla¬ 
tion to exhaust the whole current 
account surplus could give a 

3.5 per cent, a year GDP growth 
rale over the Period. 1 per cent, 
higher than the U.K. has been 
used to. 


quickly yesterday to honour its 
pledge of full support to snow¬ 
bound areas in the West Country 
by offering to pay part of the cost 
of feeding stranded livestock. 

Mr. John Silkin. Minister of 
Agriculture, said the Government 
would pay an appropriate part'of 
the cost, meaning it would foot 
the bill for helicopters, while 
fanners paid the fodder. 

Mr. Denis Howell. the 
Environmeot Minister who wili- 
deal with the problems, called 
on counties hardest hit in the 
worst blizzards seen in the West 
Country for 30 years to appoint 
emergency officers. 

.Many rail services in the 
Southern and Western region 
were resumed, but road travellers 
faced new hazards from fog.and 
freezing rain: , 

Farmers in desperate straits 
trying! to feed animals on snow¬ 
bound Exmoor and Dartmoor 1 had 
claimed yesterday'-that relief by 
helfcoptere . held up 

because WeW! who was 

going- td pay the ISOO^tf-hoUr fee. 

Livestock losses had btr$n con¬ 
siderable. the National Farmers' 
Union said. At least 75, farms 
in Devon and Somerset needed' 
feedsiuff immediately. \- 

Milfc collections have also been 
severely disrupted, especially in. 
Devon and Somerset, with 
almost no collections since Die 

The Milk Marketing Board 
said yesterday that' thousands of 
gallons would be lost, because 
lorries could not reach the 
farms. Shortage of storage space 
will force farmers to tip the 
milk away. 

People at risk would be top 
of the list for help: Mr. Howell 
said yesterday in his fact-finding 
trip to the South West.. Govern¬ 
ment resources would concen¬ 
trate next on helping ihe old and 
the sick, and (hen people 
isolated by the blizzards 

Getting food. fuel, electricity 
and water to people w’ould he a 

priority About 100.000 people; 
mainly in Devon, are how with¬ 
out electricity, and possibly the 
same number without, water, al-. 
though some resumption of 
water supplies took , place yester¬ 

The Department of Environ¬ 
ment has set up a 24-hour emer¬ 
gency ' telephone advice service 
in Bristol to supplement the 
existing emergency centre In 

• Rail services improved yester¬ 
day. as British .Rail's Southern 
Region reopened the Bourne¬ 
mouth to Weymouth line, along 
with the SalisburyAVest of 
England service. 

Despite /freezing points at 
Cardiff, most trains were running 
in Souttr Wales; and blockages 
between/ Westbury and Taunton 
were cfeared. , 


A^Bear full service to the 
Westfof England ran all day, 
with A-delays in .arrivals « 
Paddipgton from the West 
Country - gradually' diminishing 
to less than two hours. 

The RAC,. which had a heli¬ 
copter standing by at Plymouth 
manned, by Marbles to pick up 
stranded motorists, reported 
tittle improvement in roads, with 
Dorset “completely paralysed"; 
Somerset virtually. Impassable; 
roads across Bodmin Moor 
blocked in Cornwall.;; and the 
:M5 shut for most of the day in 
Devon. • _ 

Industry, however, has not 
completely ground to a halt 
English China Clays said - that 
conditions were not too bad at 
the main St Austell works in 
Cornwall, but that production 
had be?q affected in the moor¬ 
land areas. 

Staff at the Westland heli¬ 
copter factory in Yeovil, 
operating at about 20! per cent 
capacity, left work at -4 p.m. to 
avoid problems getting home. 

THE Dorset hoHday resort :<if 
Lyme'- Regis' baa-been-ait off 
by thick snow since Saturday 
and the 3,000 residents are 
becoming worried; 1 about shbrt 
supplies—of cash, Wellington 
boots, paraffin, bread and nytfc - 

Older citizens say. the isolation 
is. the .worst in. living memory, 
Road links were cut In tbe 
blizzards of 1947 and 1963.bat 
tbe town then: st£l had .a rail 

- link ta Axminster. six. miles 
away. • 

A snowplough. was reported to 
have been seen working its way 
in from Axmifrster,. but its 
driver; acting oh strict bureau 
Cratic orders, turned back a) 
the Devon border. ' 
-Queues - wrapped up'! warmly 
against the cold-!. waited 
yesterday for shops to. open ai 
9 sun. Stocks, of .milk and 
bread and. the output of. the 
local baker Were - soon sold 
out- 1 -"-'- -! •V"’. ■'/ : ' 
Paraffin . was rationed, to i 
gallon per family.. 

Waiting lists 

Mrs. Pat Bosence, of the Mali 
Street shoe shop, reported re 
cprd sales of. Wellington boob 
and- soon had Waiting list? fqi 
standard size?" in cas6 we cai 
get a consignment through b; 
train -: and ...tractor ..“fron 
Exeter" .*• : 

Traders were worried by a short 
. age of change..-Of the threi 
•• banks In the town, only thi 
National Westminster hat 

- enough staff for normal biisl 
. ness. ... ... 

The. Midland, with .its key 
holding officials trapped ii 
outlying villages, was; dosei 
•' until further notice. 

Lloyds could not open its casl 
safe and was depending oi 
incoming payraentsr-hdrriedl. 
drummed up by • telephori 
calls—to finance Its counts 
business. . 

Tide menace 

Mr. : - Jack Parish, of'..Lloyd/ 
however, had walked along th* 
seashofe for 2 miles to. ope/ 
the sub-Branch at Charmoutt 
He had to close it agai 
smartly-to avoid being cut oi 

- by the tide on his retur 

journey .r ••••:.. 

The post office had no incomln 
or outgoing mall, and no dall 
newspapers were available. 
Spirits began to^ revive in th 

- early afternoon as drizzl 
-started to deepen" tracto 

tracks In the middle of th 
main roads, forming a pat 

• for cars- . 

Adults dodging snowballs -fror 
children free of school anti 
Thursday at least, set. off fo 
hillside farms in quest of mill 
Since - this was^~ unpasteuriset 
there were doubts about ii 
suitability' for drinking, he 
the general feeling was tb£ would be safe If hoHed fire 
Lyme Regis still has eJectricil 
and water' supplies, unllk 
some near neighbours but 
. is relying' on: continued rat 
' to ease its isolation. 

If the rain keeps up the to* 

. ■ may. surviye its—espec 
ally since there is no y« 

*. of rationing m the local pub 

Leipzig Fair 

12/19 March 1978 




London Transport raises 
recruiting bounty 



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offered to pay its staff £100 each 
for every bus driver and 
mechanic recruit they can intro¬ 
duce to certain districts where 
staff shortages have become most 

The capital’s bus operator is 
more than 17 por cent, short of 
its full staffing complement. This 
shortage, combined with latenes? 
and staff absence through sick¬ 
ness. caused a loss of 9 per ceni 
nf route mileage in November, 
the last full month for which 
figures are available. 

London Transport introduced n 
bonus scheme with a maximum 
payment of £50 over three yearc 
ago. but is now increasing the 
sum payable for selected vacan¬ 
cies and the jobs and areas to 
which it can apply. Staff respon¬ 
sible for brincing in a recruit 
collect £20 after their protege 

has completed one month's work 
and the balance at the end of a 

London Transport says It 
needs an additional 2.300 bus 
drivers and. 1.200 conductors. 
Drivers receive a basic wage for 
a 40-hour week of £57.07 and 
conductors, £55.88, although the 
company puts the average 
weekly earnings at £77.87 and 
£76.73 respectively. 


L4Bdlnx CkmjJi publisher geeks nunu- 
ncrlplB nf all trees- ftcilnn. non-damn, 
ooeira. scholarly and re 11 id era works, 
eic. New authors welcomed. Send 
for free booklet. PN-1. Vantaw Pregg. 
Sift W. 34 SL New York IMXn 

February 14,1978. 

ft is not necessary to call Paris for reservations 
at your Paris hotel, P L i [11 1 Saint-Jacques. 

Cost-free, immediate resenralioiis can naw'be made forQwr45'B£ 

French West In^c& Frtmch,Guy - 

Egypt, Greece, Iran; Itdyandl^wa* 

0 > mil London : sig gy?* .> ; 

EW BJJH1 MANCHESTER, ;Bmstlife«ailagfea i}W^ 



don t want you 
to looksilly in a few years time. 

A remarkable thing often happens when you first install a 
computerThe extra efficiency it brings can help your company to grow 
even faster than you anticipated. 

But growth itself can bring problems. 

: The computer system you choose today might well be unable to 
cope tomorrow. 

Which, considering the investment you’re making, is a ridiculous 
state of affairs. 

That’s why at NCR, each computer system in our 8000 Series is 
compatible with all the others in the range. Allowing you to migrate to 
any level of computer technology 

As you grow there’s no need to invest in new software each time. 
An enormous saving, made even better by the fact that we offer one of 
the most comprehensive ranges of economical, ready-made software 

But then, as a company we know quite a bit about growth. 

We grew to be the largest worldwide suppliers of retail terminals 
and electronic banking equipment. And we've grown to be the third 
largest suppliers of EDP equipment 

The nextfew years we’re expecting to 
iookeven bettec 



Financial Times Tuesday Febriiaiy-2ri§;78l 

will not be 


FRANCE'S NEW £I0ra. N500 
hovercraft, the biggest in the 
world, has run into mechanical 
problems and will not be ready 
for cross-Channel services nest 
month as planned. 

The bovecraft Ingenieur Jean 
Bertie is at the moment sitting 
on shore at Boulogne instead cf 
being put through sea trials off 
Dover, where it is due to join 
the railway-owned Seaspeed fleet 

on the Dover-Boulogne/Calais 

Although British Rail Seaspeed 
officials hope the N500 will be 
ready for service at the end of 
April, in time for the summer 
holiday rush, they are dis¬ 
appointed that they have been let 
down again by the French craft. 

The first NoOO should have 
entered service last summer, but 
it was burned out on its pad when 
a welder’s torch set fire to the 
hovercraft's skirt. This left Sea- 
speed with only one standard 250- 
sca SRN4 for the whole summer 
period because its second craft, 
the Princess Anne, was being 

lengthened by the British Hover¬ 
craft Corporation in Cowes. 

Seaspeed. the marketing 
organisation jointly funded by 
British Rail and Sncicte 
Natlonaie des Chemins de Fer. 
has started advising passengers 
that their bookings on the N500 
have been transferred to the 
SRN4 or to conventional Sealink 

It also has been forced to cut 
back on advei Using campaigns 
at a time when cross-Channel 
operators are vying for what is 
expected to be record traffic this 

Mr. John Lereaux, managing 
director of Seaspeed. confirmed 
that the. mam came of the rb lay 
was trouble with the N5C0's 
skirt, but he said the manufac¬ 
turers had now solved an earlier 
problem vith the hoverciaffs 
prone lie r. 

He said: “ l will not deny that 
we are o'.i feeling a hit sorry 
for ourselves here and that the 
French are having to cope with 
a dent to their amour propre." 

The N500 is a project of 

national significance In France 
and its manufacturer—the Societe 
d'Eludes and de Ddvs lop percent 
de s Aerogllsseurs Marines, Ter- 
reslres et Amphibies (SEDAM)— 
has been anxious to prove the 
vessel’s capabilities following last 
year s disaster and a steady flow 
of criticism from within the 
industry about the craft's 
handling characteristics. 

The French Government has 
contributed half the development 
and production costs of the two 

According to Mr. Lefeaux, the 
lengthening of Seaspeed’s second 
craft is proceeding smoothly, 
although slightly behind 
schedule. But this craft, with a 
capacity similar to that of the 
N500—more than 400 passengers 
and 60 cars—is not due to enter 
service until July- 

Seaspeed had been counting on 
the N500 and the stretched craft 
together to increase passenger 
levels from last year’s loss- 
making 500.000 to more than 
1.25m. in 1978. 

West air Airline denies plan 

J?P^ pei5S *° drop Concorde 

REGULAR Air Westward flights 
from the West Country to 
France. Scotland and the Nether¬ 
lands will begin on May 1—a 
month earlier than expected. 

Mr. Peter Cadbury, chairman, 
announced yesterday that the 
airline subsidiary of Westward 
Television will start daily ser¬ 
vices rrom Exeicr to Paris and 
Glasgow and twice daily flights to 
Amsterdam with 12-sea ter Cessna 
Titan aircraft. The first of three 
Titans has already been 

“These aircraft will give more 
flexibility during the initial 
period when we are learning 
which routes are most in 
demand." said Mr. Cadbury, who 
revealed that the company had 
abandoned plans to huy toe 1S- 
seater Embraer Bandeirante 
turbo-prop aircraft. 

“ The decision follows Frus¬ 
trated. efforts on our part to 
mourn schedules using the Ban¬ 
deirante for the 197S summer 
season. We just ran out of time." 

Air' Westward was to have 
been the first British airline to 
onerate with the Brazilian-built 
aircraft. But Mr. Cadbury points 
out: "The Titan has proven 
passenger appeal and is ideal for 
exploring the market. We will 
monitor developments in order 
to switch to bigger aircraft as 
soon as they are justified. But 
for the moment, we will concen¬ 
trate on pioneering a new air¬ 
line ratherihan a new aircraft.” 

Final details of Air Westward 
schedules and fares are now 
being worked out and will be 
announced next month. An 
. application to link Exeter and 
Cat wick with regular hour-long 
flights is due to be heard by the 
Civil Aviation Authority in the 
next few weeks. 


BRITISH AIRWAYS denied yes¬ 
terday that it was thinking of 
dropping its Concorde opera¬ 
tions, even though they are still 
losing money. 

Suggestions to that effect were 
made following unconfirmed 
reports from Paris that Air 
France was increasingly con¬ 
cerned about losses, and might 
suspend Concorde operations, 
with its four aircraft 

British Airways, which has 
five Concordes in service —cost¬ 
ing more than £150m. including 
equipment such as a flight 
simulator—made it clear that it 
was fully committed to Concorde, 
and hoped to break even soon on 
some of its routes, such as that 
to New York. 

Air France also categorically 
denied reports that it had any 
intention of slopping its Con¬ 
corde flights, which at present 
operate from Roissy Charles 
de Gaulle Airport to New York. 
Y/ashington. Rio de Janeiro and 

Mr. Cyril McGhee, the air¬ 
line's London spokesman, said 
Air France had received no 
instructions from the French 
Government relating to future 
Concorde operations. 

British Airways’ overall plan 
is io expand Concorde operations 
whenever and wherever it can. 
To this end. 4t is still hopeful 
that it can resume the joint 
operation with Singapore Air¬ 
lines to Singapore via Bahrain 
within a few weeks, when the 
differences with Malaysia over 
Concorde over-flying rights have 
been settled. 

While British Airways accepts 
that it will take time for the 
Concorde operation to generate 
profits, it still believes that the 

supersonic airliner is an asset 
to its fleet. 

This Is also the British Govern¬ 
ment’s view. With it* share of 
the five remaining Concordes 
still in production to be disposed 
of, it sees the possibility of joint 
operations or leasing deals with 
other airlines as the best way of 
getting those spare aircraft into 

For the finacial year ended 
March 31 last year. British Air¬ 
ways incurred an operating loss 
of £S.5m. on Concorde, but this 
was on a limited number of 
routes — to Washington and 
Bahrain—giving a utilisation or 
only one hour per aircraft per 
day. Since then, the aircraft has 
begun flights also to New York, 
and briefly also to Singapore. 

Robert Maulhncr writes from 
Paris: The French Government 
does not intend to oblige the 
State-owned airline. Air France, 
to stop operating its loss-making 
Concordes in the foreseeable 
future. French officials said. 

The officials were commenting 
on Press reports suggesting that 
such a move was in the offing. 

It is pointed out in Paris that 
a decision to scrap Concorde 
would have to be taken at the 
highest level, and would require 
the approval of the President of 
the Republic himself. After all 
the publicity that was given in 
France to the legal proceedings 
to obtain landing rights in New 
York, and the diplomatic repre¬ 
sentations made by President 
Giscard d’Estaing, it is con¬ 
sidered inconceivable that the 
Government is planning to 
abandon Concorde at this stage. 
What will happen in the longer 
run is another matter. 

New plan 
to fight 

0 m 




STUNG BY a new bout of Press 
criticism of " chart rigging ” 
by record companies, the 
British. Phonographic Industry, 
the record trade's official 
watchdog, is to hold an urgent 
meeting this week to Investi¬ 
gate the charges. 

Every few years attempts to 
rig the record charts come to 
light and this case looks serious 
enough for the BP1 to consider 
calling io the police. 

The attraction to record com¬ 
panies in getting an entry Into 
the “Top Fifty” is that the 
BBC then tends to give the 
record air time. A self per¬ 
petuating cycle gets under¬ 
way—afr play leading to more 
sales which leads to more air 

Although the importance of 
the char.«i Is recognised by the 
BPI, and British Market 
Research Bureau, a reputable 
research firm, which has been 
undertaking the task since 
1969. it is still possible for 
records to buy their way Into 
the charts. 

For the. research firm only 
covers a panel of 300 out of 
rhp 5,000 record dealers in the 
U.K.. and two of the main 
distributors of records, W. H. 
Smith and Boots, reTuse to let 
the researches know their 
sales breakdown. 

Since It Is possible to make 
the lower reaches of the charts 
by selling Just a few hundred 
records during a slack time of 
lhe year, knowledge of which 
shops are providing informa¬ 
tion is very useful to record 

But lhere is a check—the 
research bureau phones 50 
shops which are not giving 
sales figures Just to make sure 
that the rerords in the charts 
conform with-their experience 
of current sales. 

Siikin and ex-MMster accept 
damages in libel settlement 

am. EDWARD SHORT, a former 
Cabinet Minister, and his wife 
Jennie — now Lord and Lady 
Glenamara — and Mr. John 
Siikin, Agriculture Minister, yes¬ 
terday accepted undisclosed dam¬ 
ages m settlement of their High 
Court libel actions against Mr. 
Edward Milne, an ex-Labour 

Mr. Justice Metford Stevenson 
was told that Mr. Milne, in his 
book No Shining Armour, had 
made false allegations linking 
the three with former architect 
John Poulson. 

All had sued Mr. Milne — 
former MP for Blylh, Northum¬ 
berland — his publishers, John 
Calder, and distributors, Calder 
and Boyars. 

Mr. Patrick Milmo. rounsei for 
Lord and Lady Glenamara. said 
that before his grant of peerage 
Lord Glenamara was MP for 
Newcastle Central and Deputy- 

Leader of the Labour Party. 

Id his book. Mr. Milne 
described his campaign against 
corrupt practices in public life, 
particularly among prominent 
Labour MPs. Central to the 
theme were the connections of 
various people with John 

The libel action arose from a 
passage which reported a state¬ 
ment made to Mr. Milne by 
another MP to the effect that 
Mrs. Short fas she was the a) had 
at one time worked for Mr. 

Read in context this statement 
carried the clear implication 
that this was a suspicious and 
possibly corrupt association with 
Mr. Poulson involving both Mrs. 
Short and her husband, said 
counsel. In fact Mrs. Short had 
never worked for Mr. Poulson. 

Mr. Siikin, in his case against 
the same defendants, had 

accepted “relatively modest" 
damages, said Mr. Milmo. 

Mr. Milne’s book suggested 
that Mr. Siikin and others raised 
money which was used to pay off 
creditors of Mr. Poulson in the 
hope of preventing public.revela¬ 
tions at bankruptcy proceedings. 

The defendants apologised to 
Lord and Lady Glenamara Tor 
their distress and embarrass¬ 
ment. They also withdrew 
" unreservedly any implication 
that Mr. Siikin was associated 
with Mr. Poulson.” 

Announcing settlement of a 
third iihei action—over a news¬ 
paper interview with publisher 
John Calder—counsel said Mr. 
Siikin would receive ** appro¬ 
priate" damages and Lord 
Glenamara “ a considerable sum " 
in damages. 

The action was against Mr. 
Calder, the Daily Telegraph and 
journalist Mr. Barry O'Brien. 

Lords reserve 
judgment in 
Tariing case 

THE HOUSE of Lords yesterday 
reserved judgment in the case of 
Mr. Richard Tariing. former 
chairman of Haw Par Brothers 
International, who faces extradi¬ 
tion to Singapore to stand trial 
for alleged offences relating to 
Haw Par and other companies. 

The five Law Lords who had 
heard 16 days of legal argument 
said they would give their 
decision later on the number of 
charges which Mr. Tariing. 42, 
will have to meet. 

In their appeal, the Singapore 
Government wanted the Lords to 
reinstate five charges against Mr. 
Tariing—relating to the affairs of 
Spydar Securities Ltd. and Mel¬ 
bourne Unit Trust—which were 
thrown out by the Queen’s Bench 
Divisional Court last October. 
Five other charges already stand 
against him. 

In a cross-appeal, Mr. Tariing 
challenge the Divisional Court's 
ruling that there was a case for 
him to answer on an llth charge 
concerning a 1974 offer by Haw 
Par to acquire lh? remaining 
issued stock units of Motor and 
General Investment Holdings Ltd. 

Stockbroker questioned 
about bond dealings 

A STOCKBROKER was cross- 
examined by the prosecuting 
counsel yesterday about £500.000 
worth of dealings in local autho¬ 
rity bonds at a resumed bearing 
at Guildhall Court. 

Mr. Lewis Altman, of Birch- 
inpfton, Kent, with his stock¬ 
broker partner Mr Robert 
Carnes, of Kensington, and their 
firm L. Allman and Co-, deny 
conspiring to contravene 
exchange control regulations 
between 1974-75. 

The alleged infringement was 
in connection with currency 
transactions said to total more 
than £6m. with which Mr. Judah 
Binstock, a solicitor and busi¬ 
nessman, were concerned. 

Mr. Michael Worsley, for the 
Crown, suggested that answers 
given by Mr. Altman last week 
on the way local authority bonds 
were bought and sold made 
“ commercial nonsense.” 

He recalled some of the bonds 
were alleged to have been in¬ 
volved in transactions with two 
-Lichtenstein - based companies, 
with which Mr. Binstock was 

Mr. Altman denied that his 
answers had been inaccurate, but 
agreed that the proceeds of some 
of the bonds had been limited to 

The hearing is expected to lasl 
at least another fortnight 

for offshore 

By Ray Dafter, 

Energy Correspondent 
COMPANIES supplying goods 
and services to the North Sea 
oil and gas industries are in a 
good position to win a major 
slice of the world offshore busi¬ 
ness, now valued at about £4bn. 
a year, according to Sir Jack 
Ramp ton. Permanent Under¬ 
secretary of State for the 
Department of Energy. 

Sir Jack said yesterday that 
the North Sea already accounted 
for a quarter of the worldwide 
offshore business. 

" If we can competively take 
more than 60 per cent, of our 
home market, which is what we 
are now doing, then there is a 
very good reason why the U.K. 
offshore industry should expand 
in a comprehensive way into 
offshore markets overseas." 

In the early 1980s the world 
offshore market could be worth 
about £6bn.. he said in London 
before leaving for the Far East. 
During his visit Sir Jack will be 
attending the second Offshore 
South East Asia Conference and 
Exhibition in Singanore. 

A consortium of 40 companies 
will be spending SAlSSm. a year 
in search of gas and oil in the 
northwest shelf of Western 
Australia. Mr. Leslie Hyland, 
president of Australia's Con¬ 
federation of Industry, said in 
Singapore. He said this would 
rise' to §A28Sm. annually by the 
ISSOs. _ 




By James McDonald 
SENIOR company executives in 
Britain show considerable sup¬ 
port for profit-sharing. 

A survey carried out earlier 
this month by Market and 
Opinion Research Internatianal 
says that about three-quarters of 
those interviewed were in 

The inquiry followed publics 
tion earlier this month of the 
Government's consultative docu-. 
rnent on profit-sharing, issued by. 
the Inland Revenue. 

The survey was conducted 
among J00 companies ; chosen 
randomly from the “ Korn pass 
list and from a samole oF 79 
respondents from The Times list 
of top companies. 

Those in favour mentioned 
greater incentive to employees 
as reasons for their support 
There was also widespread sup¬ 
port for the idea that the 
Government should provide tax 
incentives to approved profit- 
sharing schemes. 

.Senior Corporate Executices’ 
Attitudes Towards Profit Sharing 
in Industry, Market and Opinion 
Research International. 29, Queen 
Anne’s Gale. London, 5.WJ.. S20. 

Rockware counts cost of imports 


ROCKWARE. the glass container 
manufacturer, yesterday esti¬ 
mated that the increased import 
of glass containers last year cost 
the group £6m. in cash reserves. 

Mr. David Bailey, Rockware's 
managing director, glass, told 
group employees that container 
imports during 1977 reached 
about £3Qm. U.K. container sales 

were over 10 per cent, down in 
ihe second half of the year and 
his group’s own stock increased 
by over 100m. pieces. 

"Much of this imported glass 
should have been manufactured 
by and sold by Rockware; instead 
the glass we made stayed in our 
warehouses,” he said in an edi¬ 
torial in a new group newspaper. 

“Disruptions have meant lost 
sales, low profit and thus losl 
cash. As a result Rockware used 
up £5m. of its cash reserves. 
Many of these lost sales could 
lost for good." 

Competition from overseas was 
a real threat. The company had 
to meet that threat by operating 
more efficiently. 

Mr. Jones and Mr. Callaghan, with their 

wives Evelyn and. Audrey, 
at the Festival Hall. 

enjoying Hike Yarwood’s impressions 

Labour’s farewell 
to Jack Jones 


THE LABOUR movement in 
Britain yesterday said goodbye 
to Mr. Jack Jones after his nine 
years’ leadership of the country’s 
biggest union, the Transpsrt and 
General Workers. 

At a celebration in the Festival 
Hall, London, to mark Mr. 
Jones’s retirement next month, 
the Prime Minister spoke of the 
vision which led Jack Jones to 
forge the social contract between 
the unions cd the Labour Party, 
then in Opposition. 

Mr. Callaghan said the partner¬ 
ship had carried Labour to cl?c- 
toral victory in 1974 and sus¬ 
tained it “ almost miraculously " 
through four years of minority 
government He said it was an 
achievement unique in our Par¬ 
liamentary history. 

On behalf of the rest of the 
TUC, Mr. Len Murray, general 
secretary, pinpointed Mr. Jones’ 
best-known contribution to trade 
unionism, the devolvement of 
power to the shop floor and its 
extension into company decision¬ 
making. “The key to progress 
lies at the place of work—and 
a democratic place of work at 
that." he said. 

Messages from trade union 
leaders in many other countries 
testified to Mr. Jones' role in 
international affairs. Nearly 
1.000 people, most of them rank 
and file representatives of the 
union, gave Mr. Jones a standing 

ovation. The event was planned 
—with brass band, light 
orchestra and cabaret—also to 
welcome Mr. Moss Evans, Mr. 
Jones's 'successor, and to cele¬ 
brate the union's climb to the 
2m. membership mark last 
autumn. Bnt the. day really 
belonged to Mr. Jones—and his 
wife Evelyn. 

There was, it must be admit¬ 
ted. a tussle for the limelight 
earlier when Mr. Callaghan 
entered the hall just as Mike 
Yarwood was finishing one of 
the best speeches Mr. Callaghan 
has made. The Prime Minister 
we were told, had been anxious 
not to miss himself, and saw 
most of it from the wings- 

In bis own speech. Mr. Jones 
returned to fundamentals 
‘'Organise." he said. "That’s 
still a magic word, because with 
organisation - you can move 

“ It. has been a wonderful 
experience for me to serve within 
this great army of labour, and 
now I am about to retire to the 
ranks. But I will still be in the 
army of labour, even if it’s the 
Dad’s Army section." 

His final message was cast 
wider. If only for the sake of 
the children, he said, there mdst 
be international labour soli¬ 
darity- With or without the 
growth of tbs multinational 
company, that solidarity wa? 
socially positive. . - - ' 

GMWU defines policy 
to fight unemployment 


* ** ***'". .’ 

THE GENERAL and Municipal 
Workers’ Union to-day calls for 
expansion of the Government’s 
work training programmes, re¬ 
direction of the Industrial 
Strategy, and greater medium- 
term spending on public services 
than is envisaged in the Public 
Expenditure While Paper. 

In its document. Unemploy¬ 
ment, the Economy and the 
North Sea Oil Revenue, the 
union sets but what it believes 
to be the only workable 
co-ordinated policy against un¬ 

It would involve immediate and 
substantial reflation directed 
largely at industry and public 
spending, and\use of North Sea 
revenue to boost industrial 
investment and employment and 
to improve public sen 9 ices. 

Use of North Sea money for 
tax cuts and foreign loan repay¬ 
ments should remain low 
priorities, lhe union adds. 

The GMWU calls for a man¬ 
power policy In increase the pro¬ 
portion of the workforce in 
training, for reduced overtime 
and shorter working hours, and 

for improved holiday and retire¬ 
ment arrangements. 

The report says resources must 
be directed to “reviving" manu 
factoring and that there & there¬ 
fore. no question of abandoning 
the Industrial Strategy. 

It adds that the Strategy needs 
to be redirected downwards to 
company level. Inducements 
such as tax concessions have 
failed, so the report suggests 
that the original concept .of 
planning agreements. Involving 
the Government, management 
and unions, and coverine plan¬ 
ning. investment and growtif, 
should be revived for major com¬ 

This alone will have limited 
effect in creating Jobs because 
nf technological changes, so a 
full manpower policy is needed. 

The union says measures 
should include automatic exten¬ 
sions of the Temoorary Employ 
men? Subsidy in the case of mas? 
redundancies, a Job Expansion 
Premium and more resources 
for the National . Enterprise 
Board and the. Scottish and 
Welsh Development Agencies. 

Union branch demands 
British Steel inquiry;K : | 


A'-DEMAND for a public inquiry 
into the management of the 
British Steel Corporation’s Ebbw 
Vale plant has come from the 
local official of the'Amalgamated 
Union of. Engineering' Workers, 
Mr- Albert John. 

The South Wales district of 
the AUEW has backed the four- 
day "dirty jobs " strike by'750 
maintenance engineers which; has 
baited production, and has called 
on the union's executive to make 
the strike offidaL 

Mr. John claims that the 
management has.-’ deliberately 
provoked the strike by asking a, 
number of carry out. 
maintenance on a piece . of 
machinery, when ft was known 
that it was not their job to do 
so. When they refused to- do the 
work, they were told they would, 
not be paid. 

Production at Ebbw Vale has 
been hatted, since last: Wednes¬ 

day. The. _ 

H>,o0o tonnes a’ -weeki ^fid U 
responsible-for one tint'd of toe 
UiK. tinplate’ production: A nem 
electrolytic tinning line, 'Which 
will .produce chrome steel' - jjnd 
double reduced tin, is:/being 
introduced at a cpst 
Alan Pike, Labour Corrcspoe 
den ('.writ es: Union leaders repre 
seating 27,500-..-steel.iotfastFj 
craftsmen'a^ain failed to rfeari 
agreement I oii • pay - aft fufthei 
talks with BSC officials:yesfertfay 
British Steel has. told ffianua 
workers'and crgftsih«gK that- 
prepared to offer .pay!/Increase 
of 9{ per ^cenL to .j .return foi 
anipn red-operation Ja -• eepiifamj 
measures..' it was sttss&ed-to thi 
craftsmen, at .yesterdays' talk! 
that - iC they,-were, oot-ipreparei 
to discuss these conditions- -tot 
Corporation , wou!d'revert "-.toMt 
original pay .offer of 5 per cent 


role at Autogem 

THE TRANSPORT and General 
Workers’ * Union - 'yesterday 
suffered another setback in its 

artemnts tn eel bargaining rights 
for. 26 workers !in a Leeds car 

part rtistributot-s. \. • 

Autcgera. tU.K.) of Mbrfey,- 
Leeds, applied successfully to a. 
High Court judge for an order 
stopping! .lhe,-TGWU taking the 
cease to the.Central Arbitration 

The - - Advisory,-'■' CbmnTtetioi 
and - Arbitration ■Service; (ACAS 

has recommended that the tnrioi 
representing 28 packerasseir 
biers be'recognised' by the -con 
pahyi ' . V* ,"-'V 

Mr. Justice Cpmyii:. al?a pr 
vale court hearing, banned toe 
a' move pending trial of . Auti 
gem’s' claim for a dpdaratio 
that the ACAS recaminemtatioi 
is invalid... ..' : , i\': 



PRODUCTION at Ford’s EllOra. 
Halewood -cat plant on Mersey-, 
side, started, yesterday after, a' 
six-week -long stride by ,. 3.000 
pressroom .workers .Ten thousand : 
men laid' off at .Halewood and 
Ford'-s Southampton' p.lanr wfere 
recalled.' ’ . * - \ ' * • 
Halewood .management' was so 
well- prepared for -the return - to 
work that an hour’s'overtime 
was. possible Tat- the end; of the 
day shift- • •. -- 

Some Escorts left ojj the pr 
duction line during the Atrii 
were^leaving the ' line: witbi 
minutes trf work starting- ■ = 
Shop stewards- at British Le: 

lands car-plant at Spehe^Merse; 

side, which ts now r tij, the _17t 
wetek oF a strike by 1,800 ; bouTl 
paid workers, spent a.- day i 
talks-with: plant management 0 
the Introduction of new lit 
speeds. *’ ’ . ' '' . 

Radio operatbrs work to ride 


North Sea oih ' installations_ 
started a work to rule yesterday. ’ 
It fs disrupt vital com¬ 
munications between about a, 
dozen oil rigs. ' 

Tlie oil companies affected.' 
said tbe initial impact was slight 

although . there ' ire feats tb 
prolonged" action' .cbxrid : affe 
production. •_ 

The companies indiiSe She 
operating in thfc, Brent' fie 
where oil is already -Ofi streai 
and BNOC; whose Thistle' pli 
form is .expected to start.-p: 
duction’soon; - . . - -i: 

Tether case continued * i^uctonjtly 

THE Financial Times has “ re¬ 
luctantly decided ” nor to seek a 
High Court order taking the re¬ 
instatement claim '*f Mr. C- 
Gordon Tether, former column¬ 
ist. out oF the jurisdiction nf 
the three-man industrial tribunal 
which has been considering tbe 
case for 24 days. 

The tribunal was sitting In 
Condon yesterday for the first 
time sincp the public admission 
last Tuesday by Mr. William 
Wells QC chairman, that he had 
once nodded off momentarily 
during the hearing—the longest 
in tribunal history. Mr. Wells's 
statement came after protests 
from Mr. Thomas Morison, 
counsel for the Financial Times, 
that the chairman had failed, or 
appeared to fail, to give proper 
attention to the case. 

Mr. Wells ruled that the tri¬ 
bunal should go ahead, saying 
it would be unfair to stop the 
hearing just because, on some 
days, he had shown signs of 
fatigue. He told Mr Morison 
that he had not missed any evi¬ 
dence. He had been woken 
straight away by another tribunal 

Right reserved 

Mr. Morison said he wanted to 
make the position of the 
Financial Times clear after -the 
tribunal’s derision last week. 
First. ** the matter referred to ” 
in the tribunal's statement made 
the proceedings defective. If any 
decision in the Financial Times's 
favour would be susceptible to 
challenge because of that defect, 
it would be pointless m continue 
with the present proceedings. 

And. because of the position 
taken'by Mr. Tether—and his 
requests that the proceeding 
continue—it was plain that Mr. 
Tether could not as a matter of 
law now rely on this defect. 

Secondly, it was open to doubt 
that a new tribunal, if it took 

over Mr. Tether’s claim afresh, 
would take a shorter time than 
seemed likely to be spent by the 
present tribunal on completing 
the hearing. * ■ 

Mr. Morison added: “ Accord¬ 
ingly, although with some re¬ 
luctance. my clients have in¬ 
structed their lawyers to continue 
with the present hearing, and not 
to apply to the High Court for 
the requisite prerogative' order 
to compel this tribunal’s proceed¬ 
ings to terminate.” 

But be had been instructed to 
make it clear that the Financial 
Time« reserved its right, tn 
respect of the matters raised 
last week .should the tribunal's 
final decision, on Mr. Tether’s 
claim go to appeal. 

Mr. Tether. 64, of Worplesdon, 
who wrote the Lombard column 
in the Financial Times for *21 
years, claims, he was unfairly 
dismissed 16 months ago. His 
sacking was the culmination of 
a dispute about the right of Mr. 
Fredy Fisher, editor, to control 
his daily column. 

Later, the tribunal ordered 
Mr. Tether to produce—for the 
inspection of the Financial Times 
—correspondence between him¬ 
self and Mr. Hargreaves Parkin¬ 
son. a former editor, and cor¬ 
respondence about his dispute 
with Mr. Fisher with Mr. Janies 
Callaghan. Ministers, Sir Harold 
Wilson — when he was Prime 
Minister—MPs, and other public- 
figures. - . . . ' ' r " 

Mr. Tether protested that these 
ieitcrs were written by Ministers 
In confidence. He was not at- all 
sure they would be happy that 
they be produced. Was the inspec¬ 
tion, he asked, solely concerned 
with what he wrote to Ministers 
or what tbe Ministers WTOte to 
him? • 

Mr. Wells, a former Labptzr 
MP. replied that he had the 
greatest regard for the Prime 
Minister. "But I am not here 
concerned about his happiness 

in this particular matter. I'm Mr. MoTitotr, however, ha'dj^a 
afraid it is a two-way stretch" tbar the'^TinancSlVTlines..w 
Mr: Tether .'recalled '•• that, prepared run this risk,- ,’sa 
eatlier ’in lhe. hearing. Mr. Mr; Tetfieri ' 

Morisotf bad argued that . it : - .A re-fcearlng of the ca^e- woC 
would be'a good idea for the have' extremely serious cbm 
tribunal to consider making an quejices for hlml 'lL would, fa 
order that Mr. Fisher’s directive 'ahythin^ iipV to . another ye 
confining him to certain subjects' before heijitf a' t&ahcc of answ* 
constituted a . contractual change Ing atiegations made about t 
m- his employment, and. that quality "of htSivritiiig. ■ 
once a ruling was made on this • Jitwould .alto mean -that be fo 
p oint the case would be 'much. h!s Te-instatement .cbuld be ct 
shorter/ ' \ . j " sider^d Tui'. would have pato 

But Mr. Tether contended^^hat xetfremirit Vagel He,: fOund, 
any'rolrag pf that; kind before ^.^ ^ bolieve -that -the Finr 

intended to rely wholly on the 

proposition ■ that the editor had : . • - a ='- ,r: - - 

an absolute contractual right to'-ftprtftriaf ofraia-'' 5 '-" : j 
introduce the directive,- ^ .- 

proper time to say this was when ."-T hLr. Tether saldltogcaseairea 
it opened its case. • . ..f,:- - _hacTr devouted:rb I l e, “®b d a 

The respondents were not years'-of hm was_tarn, 

content to do that. ByJntroduc-.’huB ^away-from his work ;&s 
ing serious allegad.oips^haulrite iooarhalist, makingrit difficult f 
quality". qf his •' -; work. -'• .the. -him to . plan. tor ' the- future a' 

"*• ... -. under -conslderat 

— t fin? 

Morison's attempt tqpersuadOthetiopsahcn^dfnsprbfes^oijal-cO 

tribunal to make a judgment’on Defence Wr-ptospert. ^ 8 etti 
the editor’s. contracture! i|gSt other work was ;adver» 
would severely clrcurascrlbe^bls affected. .. 
case- Mr. Morison was endeavour- '• Ur; Wellfe ^replied'that -1 
ing t^erwte a situation, where . Te t&er appeared to -be *rgul 
he IMr. Tether j would 'never that 'ir'tbe^ttthuSal were, 
.have an opportunity to show that determine the contractu 
the attack on his coropetence.was 'fesu* asainrt f fater-tbs*': wn 
totally unjustified. ._ir be the-end of ease.. : 

stase. the almost inevitable eon; 

to go to the employment,appeals 
tribunal,, as seemed . certain, it 

would . bo a considerable, time. - H -was aimther tesuevwh 

before the case were completed, baa decided Kr one , « 

And it would take even longer If or 1 anbtMri ^ v 

8 j jeii 

gCi L gj».vB 111 ■ II 

and .associated -isdos- 

ferevealed-iirthe Govern- 

.*79.-is; *»fcW»»inL, eqqxyaom-. 
‘eai wras' ttt the itwget ,<£ 

n l tfibn. at last year's* survey 

nf-ir i «■ "•• - . ' 

1 *\\\ - . represents about 41 per cent/ 

h Jk ^. iie estimated Gross. Domestic 
^ ‘jict - at market - prices for 

‘ -M Ct; ! pg ’White - -Paper makes It 

1 *-i;f that the cuts. are. part of • 
• originally announced some 
' ago, and which are only now 
l implemented. They are 
- ned not to- reduce the U JC’s'■ 
.-line commitments to Nato. 
z planned rise of 3 per. cent, 
ifence 'spending in response 
ato's call, for increased re^ 
.:es for defence will come in'. 
30, with a. further 3- per.: 
rise in 1980-81. 


.'5 provision for 1980-81. how^ 
is subject to review in the 
Public Expenditure Survey- 
lie 1981-82 figure “for-the: 
being? will be a repeat of 
for 19S0-81. 

o decisions have been taken, 
it will be necessary iiefove 
lug conclusions- to: take 
□t of developments in arms 
, )1 and defence as well- as 
;-economy,** it says.-, 
i. White Paper says that the 
nment is well aware of -the 
to retain strong armed 
: in light of the Soviet 
. up of conventional and 
3r strengths. • I. 

n > w . while continuing to sup^ 
’ L [: l V * noves for detente aad, dis- 
'■ nent, there is no intention 
lucing U.K. forces on the 
*i - i jtfji,- Jem. 

i \ vit*. West does not -know the.; 

- amount of Soviet 'otilitary 
ng. but the White Paper 
ie assessments suggest H Is 
11 to 13 per cent of the 
-Gross National Product .- 
While Paper rays that the- 
- - w Pact countries o»tnujn- 
fATO forces in Centra! 
a by 1.2 to-i soidiers, by. 
2 main battle - tanks, by- 
1 in artillery and by 2.4 
xed-wing tactical aircraft: 

£ ,; TOTAL 



• uiirre 








ilMii , 



1 - 2*5 

1 - 2*4 

41rtcttKSnfl Frtneh forces in fta Federal RepobHc of Germany 

Nato equipment./fa , being Im¬ 
proved constantly. Ir’’’*:-.. 

- In spite of the cuts in the 
equipment programme; expendi¬ 
ture on equipment win amount 
to about £2,770m., it^wys.. . 

-In - comparison <at ;’1he same 
price levell-tfie expenditure Fore¬ 
cast for 1977-78 was -£2.S23bn. 
Total procurement foe: 0978-79 is 
estimated at £3.060hp,^ including 
associated personnel and other 

• Spending on production will be 
£2,384m* or about 71 : -per cenL, 
with : research and development 
taking- 29 per cent, at 3S7Am. . 

’ About ^31 per cenV-’frill "go on 

rESEARCM - V.. -i 

■ «ndD£VEi.orttorrw- , 

XC76 mHUbii'niSKf’ 

• MM^rfCD l ij j& ri Af'' 

-■ •*. hmfamM l>l>Al - . 


the Chieftain main battle tank 
into the 1980s Is going ahead. 
These include making the engine 
more reliable. 

The White Paper reveals that 
following the collapse of negotia¬ 
tions with West Germany on a 
joint new main battle tank to 
replace Chieftain, national studies 
are uuder way to find the best 
method of meeting U.K, require¬ 
ments for a new tank in the late 

For the RAF. tibe White Paper 
says that the first deliveries of 
the Tornado in its strike variant 
are expected next year. The air 
defence variant, the F-2, is in 
full development. 

Apart from confirming the 
order for 30 U .S. Chinook 
medium-lift helicopters for the 
RAF, -the White Paper reveals 
no other new aircraft equipment 
procurement plans. 

he Eastern Atlaatjc.the 
a Pact countries out-, 

»* •f* j the . Nato-alliance by 13. ■ j -j- jfiTiMwwe: The Skyflash medium-range 

- c J ‘ t h b J ? t 4 \n V ffflfaSS" ‘ I BMBSSiBm missile is entering full pro- 

• \ A 9s!ebS duction, the White Paper says, 

i^ctical aircraft the balaace.^ \. The requirement for tuture 

vjn.ul- ; \ ’ / '**** "*' 7 short-range missiles is being met 

tne first time, the .White . \. / ■: / by'the procurement of A1M-9L 

includes in itsasMSOTents _. V r / missiles, most of which are 

nparatxve s _^ngth*. the .. . ></ .. . • likely,to be built by a European 

forees in Western.-G«r^ - -• consortium of which the U.K. 

aa ? 1? . • wioiHienrti will be a member. 

c, despite the. - fact that j .. . •: cana* mpion mt) _J project definition has begun 

.,^° rces are not part of . _ ^ • of the British Aerospace P3T 

LTO command structure ships, aWp^qffipraeirt and asso- an ti-ship sea-skimming missile. 

a France is a member caated weapons; 26 per cent on Agreement in principle has been 
tanee). Army equipment and vehicles; 34 reached with the UB. for the 

French figures were in- per eenL oa* aircraft, engines and co-operative development of an 
because the Cabinet felt weapons;/and 9 per cent on advanced airfield attack system. 
?ave a better overall view general^tipport . .Thd White Paper says that 

total forces available to. Of 1t»;£2.184bn. over £J.900bn. defence sales overseas continue 
st. • •; will .be spent -with. British-iin- to’ make a valuable contribution 

White Paper warn* that dnstry and the Royal Ordnance to the U.K’s balance of pay- 
mparatrve.figareiB do not Factories, providing about ments. and that during the 
,-ntly give a fair .view , of 200900 fulltime job opportuai-ccwbLing year, they are expected 
rail position, since they ties, with overseas sales generat-to amount to at least £900ra. 
..take into account “states mg about 70,000 more jobs. The White Paper also stresses 

iness," which has always:' .. The 'White.Paper does not out* the U-JL's continued commit- 
gher in the .Warsaw Pact line the precise areas wherethement to interaational 
-.■• NATO, and the intro-:equipment sector’s share of the collaboration as a means of 
! of new equipment. ■ £26lm. cut wiB fall, but it is : reduclng costs and improving 

eet the .rituation,: NATO generally believed that the aipi mhitaiy. effectiveness in NATO. 

." » set in band-studies in is to stretch production or to : But there are problems, 
ity areas for a hrag-texm diday orders, rather than cancel “Operational requirements and 
programme, lo improve' ventures. - . - . time , scales both need, to be 

or the 19S0s. •• The White Paper says that the agreed; the industrial arrange- 

- isolidated report "on all Navy’s tenth nuclear-powered ments need to be satisfactory for 
ivelopments is to-be con- fleet honter-killer submarine.will each participating country; 
by the NATO summit enter service shortly, and two balance of trade considerations 
in'the spring. more are under -construction. ; arise from reciprocal sales add 

• Defence Ministers have r. HMS Trafalgar, the first of a purchases must be taken into 
eed'on-.-a.programmeiof new -claa* of nuclear-powered’account; and the need iir the 
■m measures* 7 to be ..fleet 7 submarines, was placed last long-term to maintain adequate 

1 ( ,shted by the.'end of this year, and an order for a second research and development 
t-. anii-anuour defence, war is planned this year. _ j capabilities has to be borne in 

Lt nuuutions and. Teadbrssa . The third Type 42 guided mind.** 
iforcement. missile destroyer, HMS New*T;. 

** t.K. cnhtribiitififls to that castle, will enter, service .soon.--"'/"%•;*| Airmc 
- elude retain nig Land re-Three more ^lrips are due jq v A^l MlLihlllS 
g te Nato -Jie No.. 41 enter service in the coming year; — . ^ 

jdo, Royal Marines; four more ships are on order," ‘'■"? rou f“ -P 56 Eur °pean Pro- 
I the fleet, carrier :Bul- and further orders are planned*^L,uJL n 10 
full operation; raising Seven Type 21 frigates are hr “®^P, .achieve greater collabora- 
iber of Milan anti-tank service and the last of the class weapons production and 

for t»e front line; Tin is expected to enter sennee procurement, talks will • be 

in the manpower shortly.: Two Type 22 frigates. JgL «oon with the US. , aod 

the Army, allowing for are fitting out. two more are Canada to see how the im* 

• Nation of another infantry under construction, and a fifth S'. tr 5S,'“f JS.-EEJ: 

‘'of meSra^air^ ° * °^*ShR- ffiTaS 

• dies--for the' RAF; and - Referring to-Army equipmeri^^^- would buy more from 
bved rate of Utilisation the White Paper says that work ^»«op0 

» aircraft oh the improvements to maintain - ■ The White Paper makes no 

/hit,. Paper *»ys «*.**»* « H^cJXSSS'lr'Zt 

_ ■ levels of forces pay, and the 

" .. ■ ■ "V ■ ■ ■ ’ heed fDr substantial increases. 

RESENT BALANCE of FORCES I ’.Forces' Pay is studying the! 
... in the EASTERN ATLANTIC “ d its reporl h expecled 

' . ■NATO-_ : " Recnutraent has 1 generally 

Countries- .. been satisfactory, hut it high- 
■ ’ . * ;; Warsaw Pact* . .Warsaw Pset : . lights a shortage of officers of 

NATO Countries Countries . Countries adequate calibre in some of the 

" . . , .. ' specialist areas, Including 

lit- lit- .lit-r-j - .-.engineers, doctors, dentists and 

•i^nsr . in many of the general .duties 

!FACE ,j. . vi .. vi - ., L± 4 _■* m <9 .■■=■- . brandies of the RAF. and in 

■NIPS ■•sDttbr - - 'some.areas of the Navy. 

■ - . .On. .civilian manpower, provi- 

V sidh'? ia made for 269.500 

_ • - ’ Ministry . of Defence civilians 

-7— 1 - ""T ” , 7 ,- • . . . . on April 1 excluding those 

Employed in Royal Ordnance 
. . ■ Factories. During 1964-74, 

• X . . X ' - X -. - -A' : civilian strengths were cut by 

JBNES 114,000. By April next year 

. l .. l ' - • the number, is expected to show 

. . fiHP* a -further reduction, pf. 40,000 

• .on- 1974 strengths... 

- . , During. 1978-79, numbers are fall by 5,500; this 

“—:-7 —r " • '., • is‘the. final stage in the aebieve- 

v v ’ w- v v ' -v \ mfenr the reduced civilian 

WING ‘ >x" >yr.>lr ; manpower targets set as part 

*tCAL . .. ’ ■ 1-1-0 , ■ of the 1974 Defence Review and 

raft - ' the, subsequent ■. expenditure 

‘ . ■■ reviews. . ’. .'. 

... _ :’• -j--'. -f^JStdtenumt m* the Defence 

: nMDcttan«f Etwraw aSf 


\ /■*** 


aw mptoo rm> 


NATO Countries 1 

Warsaw Pact' 


Countries- .. 
Warsaw Pact 



t HeJudtaqtfwVmnBh ABsbOp>»w 

Information for Slemc 



Domestic business' 
International business 

Domestic business 
International business 




1/10/77 Comparably adjusted 
to change* 

Inr^icms oT£ 

31/12/76 31/12/77 exel.KWU incl.KWU 

Tm. mm&vm 

' 729 800 +6% - 1% 

2 ss 922 972 -6% - 2% 

712 746 ' +4% 1 -35% 

iss 647 j 807 +5% -29% 

Comparably adjusted 
... change* 

30/9/77 31/72/77 excl. KWU ) incl. KWU 

Because of the inclusion of Kraftwerk Union and Trans- 
formatoren Union into the consolidated financial statements 
effective January 1,1977, quarterly figures cannot be 
directly compared with those of the preceding year. Business 
development is therefore shown in comparably adjusted rates 
of change, excluding Kraftwerk Union. 

New optical-fibre cables 

Optical-fibre cables have a number of advantages in tele¬ 
communications and data transmission applications: 
insensitive to magnetic field disturbance, they combine supe- 
'rior transmission characteristics with the smallest possible 
diameter. A single such fibre is a mere tenth of a millimetre 
thick. Shown is the magnification of a cable from our product 
fine. In November 1977 we.formed a joint company in the 
U. S. with the American firm' Corning Glass Works, which is 
the world's leading producer of optical fibres. The new 
company will manufacture and market optical-fibre cables. 

Orders received during the first quarter of the current 1977/78 
financial year attained only a low approximation of last year's 
comparable levels. Sales for the period October 1 to 
December 31,1977, excluding Kraftwerk Union, were only 
5% higher than last year in comparably adjusted terms; with 
the inclusion of Kraftwerk Union figures, comparable sales 
actually show a decline. 

During the first quarter, orders received amounted to 
£1,772 million as against £ 1,651 million for the previous 
year, a comparably adjusted drop of 1%. Of this total, inter- : f 
national orders accounted for £ 972 million {last year, 

£ 922 million), and German domestic orders for £ 800 million 
(last year, £ 729 million). Comparably adjusted (excluding 
Kraftwerk Union) this represents an increase of 5% in 
domestic orders, and a 6% drop in orders from abroad. 

Worldwide sales reached £1,553 million in the first quarter as 
compared with £1,359 million a year ago. At £ 746 million 
(last year, £ 712-million), German domestic business 
increased 4% at the comparably adjusted rate, excluding 
Kraftwerk Union. International business, with sales of 
£ 807 million (last year, £ 647 million) saw a comparably 
adjusted rise, excluding Kraftwerk Union, of 5%. During the 
first quarter of 1977/78, unlike the comparable period of the 
preceding year, Kraftwerk Union did not invoice its customers 
for any major contracts; the inclusion of its figures in 
total sales would therefore result in an arithmetical decline . 
of 32%. 

Order backlog increased 5%, excluding Kraftwerk Union, 
and 1% including that company. More than half of the order 
backlog is accounted for by Kraftwerk Union. 

In thousands 

Domestic operations 
International operations 

30/9/77 1 31/12/77 Change 

221 218 - 1% 
! 98 98 0% 

At quarter's end the number of employees was 316,000, 

1% fewer than at the beginning of the quarter. However, the' 
1% decline in Germany is partly seasonal. 





In millions of £ 



At £ 704 million, employment cost exceeded the preceding 
year's level by a comparable 3%. 

in % of sales 

2.3% | 

During the first three months of 1977/78, capital expenditures 
and investments totalled £ 56 million as opposed to 
£ 49 million last year. This represents a 5% reduction in 
comparable terms. Capital outlays for the entire financial year 
are scheduled to exceed last year's volume. 

Net income after taxes increased in absolute terms; at the 
same time, the net profit margin dropped from 2.5% to 2.3%. 

* Rates of changes have been comparably adjusted due to the consolidation 
of Kraftwerk Union and Transformatoren Union effective January 1,1977. 

AH amounts translated at Frankfurt middle rate on December 30,1977; 


■ A detailed account of the Company's preceding financial ■ 
J year is contained in our 1976/77 Annual Report -1 

| To receive a copy of the English version, scheduled to f 
| appear In March 1978, write to: Siemens AG, i 

j ZVW104, Postfach 103, D-8000 Munich 1, Germany. ^ 

In Great Britain: Siemens Ltd. 


Tinandal- Tiinfes Tuesday.. 


to stay 


N. Ireland 
report will 
more MPs 

Rossi outli 
on help to 


> -r.f ;j ; *cs: 


A TORY Government hopes to “If be saves £300, 
introduce grants of between receive £150. There 

A “KEEP CALM" appeal went Ireland ny sratements made by He ruled out the reiniroduc- 
out to Northern Ireland from Dr. David 0-'*a, Foreign Sccrv- tion of capital punishment for 
both sides or the Commons tary. in which he described terrunsi offences when Mr. 
vesterdav when 3iPs condemned guerillas uncrating in Rhodesia James KiffWner (unionist. Down 
the Provisiunat TRA for the as “ freedom fighters.” There -*C.i questioned the value cf 
horrific nature or the County was <a‘very strong opinion in Cox eminent assurances that 
Down restaurant bombing, which ibe province that Mr. Mason there would be no amnesty and 
killed 12 people and injured a needed to declare “a Jfcrht to ar«ued: “ A dead martyr lb much 
further 23. a finish" with no let-up in the to be preferred to dead 

Mr. Roy Mqson, Ulster Secre- war against these “ fiendish innocent people.” „ 

tary, promised that there would murderers." Mr. Mason recalled that the 

be "no relaxation io the intensive Welcoming Mr. Paisley's appeal abolition of the death penally 
efforts being made to track down f or restraint. Mr. Mason said that had resulted from a free vole 
those responsible for “this the purpose of arresting the “<u- in the Commons. Ii would be 
terrible crime.'' called godfathers" and some unlikely to deter the callous 

He ruled out the re-introduc- senior people in the Provisional fanatics responsible for the 

tion of capital punishment for Sinn Fein had boon tn try to 
terrorist offences. repeated get leads unr! information as 
assurances that there ia no quickly as possible to root out 
question of the Government those responsible for the restsu- 
agreeing to an amnesty for con- rant bum hi ire. "There will be 
victed terrorists, and warned not lot.up. as far a* I am ron- 
that a "violent reaction” would cemod.” the Secretary of Stale 
be playing into the hands of the declared. 

Provisionals. When Mr. Philip Goodhart it"... 

“ l realise the deep emotions Beckenham > ursed that presjmr'* 
which have been 3 roused, but ch „„lri h.- main mined so that 

By Richard Evans, Lobby Editor 

carnage in the restaurant. 

Imprisonment and the know¬ 
ledge that they were criminals 
with no prospect of an amnesty 
was, iie believed, a greater deter¬ 
rent (ban the death penally 
which would give the terrorists 
the ■' glamour of martyrdom.” 
Mr. James Mulyneaux < UU 

Antrim Si said there was a 
widely held view in the security 




After Airey fiseave, shadow deno; tn jet convictions, Mr. . .... . . . . 

UlsterSecretary. had rondenuied Mason insisted thai evidence v ;' ?re nopouucal restraints on 

the bombing from the Opposi- must be obtained before a charge 
tion front bench, the Rev. Izn WJ; - niadc. 

Paisley (Dent. Unionist. Antrim 
Nj said the outrage had IcTE 
Northern Ireland ” numb.” He 
called on the Protestant com¬ 
munity to restrain themselves 
md not retaliate in any way 
*■ because that is exactly what 
the I FLA and these diabolical 
murderers want" 

Mr Paiilar ivnr»upH prmci'rn 

It va> essential that the policy 
of treating terrorists as criminals 
should be -fusiained in relaiion 
to the -o-callcd godfathers, as 
well as others Involved, be added. 

Mr. Nears described the res- 

the security forces. But members 
of Uie RUC and the Army must 
act within the law. "They are 
nor above jt or beyond it.” 

He emphasised that there was 
no question of ** no go" areas 
for the Army in Northern Ire¬ 
land. The Ulster Defence Regi- 

laurant bcral.iD* a S a 'nio,l »* ■ h . i,<l - ln 

cowardly crime and perhaps " >he 9^ ^ut, ne conceded, not 

worst of its kind in many years ,n oiners - . 

An attempt by Mr. Kilfedder to 
emergency debate on 
situation was 
the Speaker, Mr. 

into custody were being puTat convicted terrorists. Gcor& Thomas, 

risk by a whitewash operation Mr. Meson stressed that thrive 9 Mr. Mason told Mrs that it 
which would result in those charged with terrori.-t offences was still not possible to j?ay what 
arrested being released in a few were processed through the had caused the crash of the Army 
days' time. courts of law and sentenced as hellcontcr In which the command- 

He also complained that con- criminals. “There will be no ing officer of the 2nd Battalion 
corn hid been caused in Northern amnesty." Royal Green jackets died. 

INCREASED representation at 
Westminster for Northern 
Ireland, to be recommended 

to-day in a report from the 

Speakers conference on elec¬ 
toral law. will sire Mini¬ 
sters the opportunity to retain 

some political support f rom 
the United Ulster Unionists 
for the remainder of the 
Parliamentary session. 

Mr. Callaghan, who 
make a statement on 
recommendations to 
Commons, will promise only 
lo consider the report. 

But it would be highly un¬ 
usual for a Government lo 
reject Jt$ findings, which are 
believed to be that thr num¬ 
ber of Northern Ireland MPs 
at Westminster should vise 
from 12 to 17. 

Although no firm pledge can 
be given because of the uncer¬ 
tainly of the Government's 
legislative programme, Mini¬ 
sters hope to introduce a Sill 
implementing- the recommen¬ 
dations later In the session. 
This hope should be saffiei- 
e.nlly attractive to Ulster MPs 
lo ensure that Ihey do not opt 
for an early general election. 

There is no prospect of the 
recommendations taking effect 
before the next election, how¬ 
ever, as there will have to be 
a Boundary Commission 
inquiry once the BII] is passed 
to draft boundaries for the 17 
new constituencies. 

Northern Ireland has been 
seriously under-represented at 
Westminster since the sn«pen- 
sion of Stormont by the Heath 
administration In 1972. Pre¬ 
viously. the low representation 
had been justified because of 
the shared administrative 
work-load with Stormont. 

. he will “There, must' be an. adequate. 
will 6e supply of mortgage _money, toe 

£1-000 and £1.500 lo'help first- nothing for-him to repay. It vis .coal of mortgages must-be main- 1 
time home-buyers. Mr. Hugh" also our dearest feopcjhtfwe wfU tamed , at a- reasonable leyeL . 

Rossi. Conservative housin' 
spokesman, told the Commons 

^He^as speaking on the £1.500 

Second Reading of the Govern- "Real and substantial help the necessary deposit. ." 

ment Bill which 

first-time home-buyers, wuu a ■“““ *“ *• "** jmjthwms . "’’■’ZZll F T* up. 

bonus of up to £110 for those Stye . ^ -person .under thei^sebem?. n ^ joslstenceviiauii 

who have for two years. L, 5 I^ e way of would mean an '£f 00n *v°™- and tough law-at 

Opening the debate 1 , Mr. Peter supplying housing for ^n 1 " ^ public expenditure^- ‘ ^J^ as^eleeUoii theinei 

Shore, Environment Secretary, must make sure they realise ffieir wSU think agauL h& declared, ^ Rees, w j, 0 Bpeafctegji) 
made it clear that the -Covera- dreams It can he done and u He maintained that, unlike ihe Oxford" ;UnlvCTSity : r £atwS 
rnent has no intention of allow- will he done. Opposition, the Government be- Chl jj s t a ked out .what'ia^Dwh 

ing an explosion In house prices. Answering heved there must be acontirrued tf) hethe. Govern men fs »>os2toa 

His department was now watch- ahn:it where the mcme ^ould provision for both.inaior srouiw jn tbe ; coming' months70s -lhe& 

ins th’e situation very carefully, come from. Mr. RoiSi^ feaidthat —owner, occupiers- and' those tn mirr-bumes-that Uabon^-^tanrM 

be said. 

The Bill came in f°r consider* V'SZTSZ Tories are ..fomenttng: 

able cnucism from Mr. Rossi, 
who argued that bouse prices 

come from. Mr. Rossi said that 'occupiers- and-thosfe in■ ISSirtSS 

the aboliuon of the Community, houses, ■ But.-Jie K 

, Land Act. with the development -There is a strong trendj. and arc fomenDbe: 

i t land tax would be a first step one which we welcome. Towards: _j tgngnnj’ - ■* ■*.» 

» ,0 V?. rd ?. p .rovW , n_„..0ie*nwth of owner ocaip*^ ' its. 

ing that the Tories would the ,£' free . 1 ° an ' ? 55 s To the house purchaser. The “Bv moving-towanls the affifedfei 

ice a heller scheme of would have risen and total sum of about £700, made and- ' policLs- oE. the^ MatS^ 

ivn jf they were returned g ,lt J ould haxe ,eFt tbe ginger-.^ op - 0 f t he loan tiie bonus. Front, she Is makiiig : re^(ectate 

1I ? c hrt nn t ^ a L 1 -'; , CT Ztm time buyers, would benefit'ana. on law andordeh p^culafh 
»“,W protabfy “on -»W. *$LZ5P-J*£i 

be taking advantage.'..of tary saldT'tiifi Xovies.'werH^behit 


their ov.. .- .—. -—- - 

lo power at the next general M i»,nt i«? -was “not to be sneered-a i.. racial "hatred: smt ebcoiuSe^ 

election. ” 0U !L P J„ l ? n ^5 ' About 40 per cent, of all first- gSats fo pDbUfc^brfer^fn 

Mr. Rossi welcomed the Bill cent - s *np time buyers- would benefit'and - - ... - 

“as far as it goes.” But he f rea *ij2 use * now belng buHt ^ . 

suspected the Goveromenrs Jw . - . ae ihr 

motives in what could be an _. f ~ ‘ Government srbeme. ’ irresponsible •' And' dang^ebaTl 

election year. However, be said. off takln^steSi The t0l3, cost »n the first fuM exaggerate the^problemsSSoJ 

it represented the bt^t tottering JO'^oSse-prlwe^ol? year of operation would be about 0 fSTng praetifeKsolntkms; "Al 
step in the Labour Party s coo- «? tacklino the at 197. prices but should mis does is enMur^S ait 

vers,on to the benefits of borne ^ and plaonina faU substanUally after five years d r v lsionr' . - . V 

ow-Qersmp. delays ng as the institutions began ^paying Meanwhile, 4hp 

ih? e B^n^uZ-d Sa ihe nrixmmm one Instance recently, he tbe first GpverumCDl loans. ^i p d.osed i^. around. Vtr» 

bonus to bevaned and ihe enS «.d. a builder in the North of • Under a scheme To promote Thatcher... uoder fire rWtt.tK* 

nf otv-meSt al‘ered bv England found that bouses he home ownership .announced from the Govern merit.-but fn« 

Ministerial direction This was had planned to erect bad risen yesterday by tbe Greater London. to her right ?] 

ail Sat a Ton Government by £2.000 each, due to planalog Council purchasers wopW be well as Mr.-Hexih.TO theparty*: 
would need in or^cr to introduce delays. As a result, be bad to encouraged to find tbetrown libCTal wtng. . ’^r- c 

an i?prov°d scheme ol its own abandon the project. ruo-down property before con- Sir Keith Joseph. a b6y. fiew 

based Sn the BilL Mr. Shore: in his opening suiting the council about «: in Cous^rva \hve .JPolt^jnaWhj 

"As soon as we sre in office, speech, save a clear indication deferred mortgage,- " rrites inraPri US 

wc shall introduce a scheme that Govern mem housing policy. JOichael Cassell. -'Hj 1 SonSi'tS' 

whereby the first-time buyer will has now switched strongly to- The proposals fellow the■ 
receive a tax-free bonus of £l wards the owner-occupier. He GLCs homesceading^ scheme. 

for every £2 saved.” Mr. Rossi said there would always be a launched last Juiy. iinder Whlctu pePPj* iSSSSSijSKlfiB 


locaV authority-* 68101 immlgrafiop.ltLaav^jiees 

_or—_ , _ a tnfatakc. . . -X - 

stock was offered in a a 'mistake. 

Hew Imu* 

Tina advertl3?>n?nt appears a: a matter ot record only 


Algiers, Algeria 

DM 100000000 

7V4% Bearer Bonds of 1978/1983 

- Slock Index No. 462099 - 

Offering price:100% 












A. E AMES b CO. 














































DJLLON. read overseas CORPORATJON 







■' "JKSblK."' 



















21VI >13 






















I -fl'H 


sociere generale 















problems had to be tackicd. 

need for a substantial well- dilapidated 
managed rented sector, but the. housing sto<- 
desire for home ownership was lottery. The level of demand JJr .. -TeMy 
strong and growing. If thLs trend plan is designed lo ielp. wort 
were to continue, four connected plan is designed tn hlep rdore J? 

■**«* to****™ 

V When jwe find the :leadefi T .ir 
our: party being Snipsai Bt^-frth 
the so-Cilied-Left and Rfght ’fQ 
advocating immigration policifi 
which are tod strong‘^fid iftSi 
\vea k respectively, ‘there•„ wonli 
appear^ ‘4o be grounds' for - con 
eluding' that «be has strut* th< 
right .balance,^ he said. i - 
Disagreement over poilt^.-wg- 

Contract rules apply 
to foreign companies 


normaL in a healthy party: Rit 
said Mr. Taylor: '" this ^is a -fa; 

FOREIGN” OWNED companies, counte^-inflattun conditions to cry from the activities pf sonv 
with headquarters outside the cover/the eventuaUty that the Arithte our party who appear 
U.K. and companies owned bv, company dr its sub-cdptrkctocs engagfe.In repeated sniping.. A 
foreign nationals and operalma will m?ve employees-to wdKHn the If an -erinr- Which the .part- 
from other EEC countries wlllii? Govertmient’a pay policy applies/ should iavoids-because-Othersris 
required lo sign the new counter* \ ^ t^hforcement - o£ -the -condi- thpwrljr gatnrrrs jure- -.on 
inflation contractural conditions tions wtll' be in the hands-of tbe-SoCtalist opppnents: ’ 
introduced by the Government. Government who will be in » Sir Keith toW an Ilford b\ 
This was made clear by Wr. position to terminate the contract election meeting: that imtniftri 
Joel Barnett. Chief Secretary to or to cease .making^ further pay-.'**® 1 ? ■proweras.^irerB^ot bo.ipdo 
the Treasury, in written replies ments -under, for' example, a concerned with colour as wifi 
in the Commons yesterday. variation-of price, clause, if a nttmbers. and culture. Iriere i 
Mr. Barnett slated: "Such a company fails to comply willi the ? llIT1 fhP nuinber oj,peopl' 
company will usually be required pay policy as regards any such from^anterent culturesi that thi 

to sign a contract with the new employees.” 

country cap. digest.. ,3V@' ighori 
this at our-', peril/ eVeiyond'i 
peril” ... . .. 


SNP will be judged 
on success 

urge new 
use for Welsh 
Assembly HQ,: 



solely on success •. ■■■ 

Commons' yesterdar tb -think- o 
BY RAY PERMAN, SCOTTISH CORRESPONDENT • alternative -' arrangements - f6 

SC* JIONTHS ago. I sat over a constituency, and admits MMy 

beer with an executive member that Its organisation in the area.—^ed Wets?-^emblv^ - 
of the Scottish National Party is practically non-existent ” 

while be bemoaned the fact that Labour's agent wUl be Mr- e^befcfSST vSl. 
Scotland bad been cheated by Jimmy Allison, the national 

fate of its statistical share of by- organiser Tor Scotland, who sSrtS 

elections since tbe last general his hands full at ihe^momentpre-t 
election. Tbe party was in the paring for the annual Sco 
doldrums, he complained. It was conference of tbe party to be 

becoming stale and desperately held in inid-Bfarch-Tlie campaigir £2 _StW: 

needed a good campaign to get will not begin until 

back into fighting condition. Mr. AlJison rememterr‘ : &th Ei&Se 

The contest he wanted to see regret th e Scottish by-election:m ^ d 
was for a Labour held seat in November. 1973. .when-, the SNP Steffi 
the industrial west of Scotland, took an apparently soUif-Labour ™^7^7?? acrap * ein ^ m 

in a constituency where SNP seat at Gla^ow <5oyan.' ."Too^. w-. Hid mi 

sirong and many people there were’ making ^ aS^rt‘?peWift4,^ 

oreunisution was 

Labour's w ea k 3nd where the tbe arrogant, assumption that we^ Mr - ninehf Anderson fLab 
majority was vulnerable but still just couldn-M^ We are noi iKS 

big. enough to make . the going!***e:tfialihistike^ain. 

to Tr 

Nationalists have to stretch 

U the executive man had ... _ _ __ 

possessed a crystal ball lie could not astounded.” 

j^^ 'that' the . Labour Party 

if we hold the reat, I .would be Z 

exceedingly-happy. Jf we lose uvl^ buJW 

t 1 a^nu'nrtprf ,.' l " a P pointed * but " Glvcrr the relative" success o 

r«^W> % ph* «« 

October X974 General 
tion: W. Small (Lab 
K.Bovey ISNP) 12.111, J. Cor? 
bed (C.) 5,004, H. Klbby <L.> 
1.915. Lab. majority 7,620. . 

Diner ‘ • 

band, ihe retention of the seat, T”.£?wnrri£- .tA up. 
by however smaiV a margin. 

by however smaiv a margin, ♦•• jL"** II . 

»Quld be counted a lremendoos — l 

victory. .. -T . :i -i-- * 

Tho «XP hu hcfnmA ^ - "- - •*. . 


following UIV uv ia tif ipj’ olneft' • 
month of the Laiioyr MP, Mr. 

William Small. N‘o official date raamt 
has been given 
men!, but the 

expected to be held on April 13,__ . , - , . 

two days after the Budget: np > Nl general'election and the. panv report* is-'-rmc 

The Nationalists are impatient p Ul ^ e '« f ,V he MichaeK 1 ^Itrttcher.-.-i 

for tbe campaign to staru The farj-J^Tcatfei-fel'd ^ . 

health of tbe party depends |heir.c.edibfluy on. si m rrihg/ihtv yesterday.• >-.*,/.5r3 
oeavily oo constant movement Vk ' h, “*'•*? a ' H^clafincM a Jarae laeastfefef 

Jn periods of political inactivity.. ‘O^njoner of tht StritMle. /o^ suflnoh../drLJK&»flr®o'‘ * '■* 

such as the last nine months in f^ e dozen LabouC-hetd sea'ls Green Paper *ThM'. 
bcoilanu. membership slumps Jf 1 weit-coniral - Scotiand where ^>pany 

and enthusiasm wanes. But the v ,e s * >,p nnlsneu ^coiid last "ow, that‘^Rh'6ugb 
past few years have shown that u “ e v '■ ■ expressed comiemAbmztJiMj^ 

no tn pick up remarkably when , Between the.” February --'and-pbmtSi' l l ; had' eiveh 
battle is in prospect OcLober genera] electiodsjn 197A io'.lhe work-in & p?dstefe’od'Si. 

Bus loads of SNP workers candidate moved Xro , °'fjJii^d accoiifltS'&s^^ 

from outside the .constituency ^trti to .second 

cino rrirK I a P.dfc. cadd£n incr&asinc Ihp ■sha^avnf ■ • .’irJ- 1 - S-ie- 

calc that .support for lh^ party now, thevSNP, ofed^^a ^dnosakiL' 

is around 36 per cent. ' cent ,s«Ja g from. Labour. - If 'it.loe -Ieeisiation -‘i£=iinl^« 

The biggest problem—not &n succeeds, it will have 

unusual one for the SNP—is to ability, to break the_ _ _ 

prevent the campaign: peaking too Socialist hold on- : Uje'"ihdustrial':i 
early. Despite extremely un- areas. 

pleasant weather, there ia ro The - Tories have bo, > real ^ 

culminate m a general. election, candidate cao./ Wm _baqK: Vates ^ 




Cream has 

I - * Bomrehier ,ias l>eejj 
^TtoaAetingr director- of 
<E CREA«C He replaces: 

ifc I. Moss^_'rtce-chairniajRi" 
,taken ■_ up, a senior' pos>_ 
v ;ta UnOevet. .Based 1 ~in 
V Mr„ Bourchier was- 
SMtcketang- manager: of 
. til ; 2975,whpn he "was 

- ^ marketing Erector-of; 
mi .-'&e - Belgian - lee-, 
npany. ; < • • - .■ = -. 


'■ 'bp. Balfour, chairman of 
nd Newcastle. Breweries, 

, eleeted chairman of the' 
whohaq.. been: deputy 
of the Council, succeeds 

- esmnhvCoyernor of the.- 
Scotland. - 

# - ■ ‘It. •' "• * • "*!•”•. rzf 

ili fias , created .' three 
- dirisions. The xonunh- 
services division is 
. • Mr. Maurice Henrhey 
r of -operations; Direc- 
.•bnjcal services is Mr. 
/ilsoh and' overseas de¬ 
director is Hr. Albert 

i Morton has joined the 
• as works director and 
M. Perry has become 
and sales director. Mr. 
am has been appointed 
:faief accountant. Mr. 
is formerly -with.O. H. 
iders and Engineers as 
perations manager. Mr,, 
ted Triangle Alloys in 
echnical manager. -"Mr 
earlier.'appointment was 
ly accountant to Stud- 

* : • .-•' v ; •" 

hael Kerin, managing. 
- the insulation division.-' 
made a main Board 

rr E. Moody has been 
esident of the IN ST I- 
ACTUARIES-in succes- 
r. C. Michael . O'Brien, 
n of .office will expire 

.qulshed tbis position but con-'i chairman' --aha . an 
executive : director.- ';' Hay-to-day 
•executive--- '• respoasffitiity'.- - for 
ntonihg -;the ^company mis taken 
over; ^by Hr.. David Barker, a 
director - since the 'Company’s 
inception^ -who - new assumes the 
; position"of managing' director; 

; ’ *• • r '" ■ 

ASSURANCE; Mr.: J. S^Breonan, 
-chief. accountant toyerseasj is to 
be -Tan. assistant V general •* manager 
(overseas).And Ttfr.RL, FvEtoskhns, 
manager . --(overseas'"' accounts) 
.becomes v chief accountant. (over- 
sens)'from'May L . * 

• --. •; ;\v/7 

Sfc Colin ."Percy.,h' .ho-' Tgnger 
-chairman and managhig' 'direct or 
df 'F.T.s: (GREAT BRITAIN*, the 
North Wales Film Transport Com¬ 
pany and F.TX (Freight For¬ 
warders).. - V T ‘ . 

Mr. Alan MalnT has been 
appointed * a .- .dlrecior •. of 
BROKERS. - : '• • 

. - 

•'Mr; R. G. - Hill has" been 
appointed director, BICC ESTER- 
NATIONAL, responsible for manu¬ 
facturing -and engineering ser¬ 
vices. 4ih- Hall, . who has -been 

••• oD;'. > 


Brien, president of the 
□Kers' Association and 
governor of the Bank 
d. retires as a director 
the annual meeting on 

■ Sir Robert Shone; - who 
• Rank. Board in 1968 

rotation and -has de- 
to seek re-efeettion. 

* ir •' . 

Ule Black of Wlllum 
s has been appointed 
Jve . ' director of 
>. Dr. J. A. Kearney be- 
inical director and Mr. 
er sales director of 
homson Tapes. 

* -" 

n H. Malkin, company 

■ of the Sterling Group, 
>hn T. Mills' have been 

directors of UNITED 
a)so appointed manag-- 
»r of the thermoplastics 
3 f Sterling Moulding 
Mr. X £- FnsseiL’ a 
f United Sterling"*Cor-- 
ias been .made-manage: 
r of the .thermosetting 
if Sterling Moulding 

m, JL G. Hall 

ey. C Brealey has been 
chief mining engineer 


chief, m ining engineer 
Wimpey from PD-NGB 
5, where he was deputy 
director and previously 
nd chief engineer. 

*- . 

ew appointments have 

* to the Board of R. K. 
AND CO., the execu- 
responslble for south- 

trading ' companies 
incis Parker. They are 
el King, director and 
tnager of Lignacite Pro- 
Harold Feist, general 
f the extensive Francis 

• Aggregate operation, 
lolm Randon - who has 
-he southern area from 
where he was. senior 
f the Group's develpp- 

. >any. ' 

•k ' -. 

Lane has become man- 
:Ctor of SDS COMPO- 

d Wright has been ap- 
'lanaging director of: 
jHT, succeeding Mr. 
•ay who has become 
ainc director of Silent- 


l. J.--Stephen has been 
Deputy Under Secre- 
ate t'Amty). He will be 
as Deputy Under Sedre- 
ite (Navy) by Hr". A. A. 

ANTS: Mr. Robert. 

s become director of 
and Sir. Brian ■ Levett 
r the North of England. 1 

»lr. Derek B.„ Barker, 
director, has relia- 

’assbdated with the- company’s 
operations since 1971,'is.-also a 
director of BICC Research : and 
Engineering. . - .... . 

ic ' 

Mri Paul C Borrongh haj'-been 
appointed contracts director, and 
Mr. Trevor L. Young has become 
marketing director. , t .- . 

• • Mv-??-. ■ 

Mr. 'Geoffrey TOchardsjf director 
and general manager 7to£. the 
Cheshire.; Building. Sociew^ has 
been elected to represent- the 
North Western. AssociatiSh . of 
Building Societies on the CVbucil 
of' the : BUILDING SOdEPffiS 

. .''.Mr; D- K Gtineran has rerfraed 
:as. director and . consultant 5 of 

■ . - f 

. Mr. PWKp 6; Smith has been 
‘appointed a director--<jf COMF1N 
COMPANY..• ;f 

★ j* 1 ' 

Mr. Ernest W. Stybway has been 
appointed manarfng director of 
(LEISURE BONDS;. He succeeds 
Mr. Patrick Rhliy, who remains 
on the Board to develop new 
areas of expansion. Mr. SJdaway 
has been -Management consultant 
in the West Midlands .for the past 
four years. 

• , r ' ★ 

.. Hr._Alvin X Gustafson, senior 
grouif vie«-pr esiden t-intern a t i ona J, 
has been transferred from RAY¬ 
corporate headquarters in Houston 
to the London offices and will 
continue to supervise its activi¬ 
ties in Europe, Africa and Western 


- Mr- . R. L. Howard has been 
appointed . assistant controller, - 
:MOBIL EUROPE INC.; replacing 
JRf. O. Ri Gruber, who has become 
controBer, Mobil Saudi Arabia Inc. 
Mr.* Howard was previously 
manager, accounting and finance,. 
Mobil Oil Company. Mr. R. D. 
Spurting, currently senior finan¬ 
cial. analyst. Mobil Europe lnc. v 
will..from March I, be appointed 
-’to - the new post of controller, 
Moba Oil Company, reporting to 
Mr. J.- K. L. -Moore, finance 
director. * 

. 3^je National.Econonfic Devetop- 
inent Office has announced -the 
-appointment of Mr: Ronald Hal¬ 
stead as chairman of the KNIT¬ 
Halstead Is managing director-'-of 
the Beedham.Group and chairman 
of Beetiham Products. 


67^ avBnue Franklin Roosevelt Paris 
T& ' 359.61.49 - Tdtex *. 640340 BIAPA. 
Capital 100 millions F.F. 

. Tptai pf the balance 

1JJ75 : i, 080,000,000 F 

1976 :3, 209, 000,000 F ' 

1977 :3, 564,000,000 F 



The Arab World 
is our business 

Stephen Parkvn Limited 

Merger and Acquisition Specialists 

are working with public companies seeking successful 
businesses making at least £ 100,000 profit before tax 
in the following fields: 

Electrical and mechanical product 
manufacture and distribution 

. . Builders’ merchants, services and 

Food processing 
. Non-food retail chains 
Leasing, and hiring services 
Replies will be treated in strict confidence and will 

not be disclosed without permission. 

4 Chandos Street, Cavendish Square, 
London W1M OBH. 

Manufacturers of Floor Coverings 

The Trading Assets of BARRY STAINES LTD. 

On Receivership) ARE OFFERED FOR SALE 
TURNOVER—£5,000,000 approx. 


Product range includes linoleum, cork products, nybond end 
other stitchbonded contract carpets, vinyls and ocher smooth 
floor coverings. Good industrial relations with labour force of 
400 approx; Wei) established marketing and sales organisations 
currently supplemented by warehouse facilities in the Midlands 
and London. 

Enquiries In the first instance to: 

Telephone; Newburgh 421. Telex; 76196 


FOR SALE £450,000 

Groundwork/Formwork sub-contractor to foundation level for local 
authorities housing estates, but sub-contracting for large public 
companies. Established 15 years, this company enjoys an excellent 
reputation in this particular Reid. Reason for sale: operations now 
too extensive for working founder-proprietor who is. however.' pre¬ 
pared to stay on as long as necessary to arrange a smooth take¬ 
over. Present workforce 70. Average annual profits exceed £70,000. 
Turnover to 31.12.77 £646.000. Profits £155-000. Cash at Bank 
£92.000. Debtors £67,000. Current liabilities £69,000. P & L account, 
credit balance £227,000. 

A decision man be taken before the end of the financial year, cither, to 
■•H the company or buy additional plant to minlmiie ax liability. Only 
principals need apply to company'a Accountant!. - 
Write Box G.1460. Financial Tfmei. 10. Cannon Street. EC4P 4BY. 




Jordan & Sons Ltd dimW' 
Jordan House 
47.Brunswick Place ^ 
LbnddnNI 6EE 

.TefiOl-253 3030 Telex: 261010 



Cash business with substantial net profits. Ideal for 
person who wishes 'to settle in the Channel Islands. 
Write Box G.1470, Financial Times, 10, Cannon 
Street, EC4P 4BY. 

Small metal pressings firm 

wanted by American buyer. Must have tool and die equipment toolmaker to stay with firm. Press capacity required 
-_ to 60 -Tons. Prefer location North of greater London area. 

'Send full description of business including 'equipment. State asking 
price and terms in reply. Write Box F.60S, Financial Times, 
10, Cannon Street, EC4P 4BY. 

cwvpleu with Glucron ib'-boic. Being 
' offered complete for 14,000.000 pts. 
or any other currency. Genuine en- 
' quirits, please, only from persons 
propered so visit and inspect property. 
Teli MOSS 2410 


Well fitted. Good leases. 

All retail counter trade. 
Turnover: Approx. £280.000 
fnet of VATJ 

Very suitable for multij)les. 
Principals only. 



Huttons Buildings 
146 West St., Sheffield SI 4ES 
Telephone: Sheffield 28481 


Contact Bo* G.147J. 

. financial Tfmei ' 

10 Cannon Street. London BC4F 4BV 

• Old established privately owned 
berin e tr Group h> London Wall 
-- w«*h to fl.vei.ny then mia/etu. . 
Existing management could participate 
bi-etwity and profit thiring..Profitable 
•atuUshed bualnejiei in non-libour- 
incemfve areas fought. Cub invest¬ 
ment of u» to £500.000- visualised. * 
All replies will be treated in the 
strictest confidence. Please write-to: 

. Box G.T057. Financial Times, • 

• 10 Cannon Street. EC4P'4BY. 


Phone or write 

R.B.M. the cash refit er fpeclnirits 
41 TAe Cut SEi 
01-633 9174 or 42B 2224 

Property Co. 


iit Northern England for sale as 
P going concern. Principals only 

£ 2 . 000.000 immediately available fnr 
investment in property company. Prin* 
cJpsU only. Please write with, full 
details - to advertiser’s accountant,: 


52/S4. Hbh Hoi born House. 

London WC 1 V 4RL. Ref. SL. 


to Box G.1475. Financial Times, 
10. .Cannon Street, EC4P 4BY. 



•it ■ *e- s t ru c t uring it* international 
ope region* and is dhpotjnf of two 
franthbotf - 1 {irate* in Franc*. Full 
co-operation of car important obtained. 
Prfnefpof* of major froups only of ply 
to.Box G.14Z4. Financial Time*, IB. 

-. Caiman S&eet. EC4P 4BY. 


■ .--fWiere prltrdnf h cheaper) 
Offset"-Iitho and letterpreai, technical 
and InuraerioA annual apecialiiu, 
leiflbta, brochures. booMea. sratlon- 
•ryr Cprntx -wdCMtri. Guaranteed 
delivery; }■ R.- Refd Printers. 10* 
Gfwtow fld., Bbmcyri. Glujow 

Conference cable 12ft. x 4ft., teak 
top. demountable. £125. Drawing 
stands by Bieffe with boards, new. 
£00. Mahogany desks, curved eap fine, 
£135. 10 office chairs, grey metfuette. 
like new, £18. Filing cabinets from 
£22. Thousands of items, lira avail, 
able. 01-837 9fifi3. Commercial, 329. 
Grays Inn Road. Kings X. W.C.1. 



Apt 20-35 yrs.. attractive personable, 
initiative for launching of novel, excit¬ 
ing and - unique sorial/marriiga agency 
with minimum investment of £S.P' 
against shareholdings plus In", dally 
.nominal wages. Good education ana 
and todai background ruendal. Office 
skills desirable. Only personal applica¬ 
tions considered. Box G-1466. Finan¬ 
cial Time*. 10, Cannon Sr.; EC4P 4BY. ■ 

ALTON, .Hampshire 

Rcverefumry shop-A vffaCd'inveHOWflC 

let on a 1 99-year head lease tram 1988 - 
producing £12,760 p.a., Underietdflg* 
include: International Stores, Radiant 
Wa)lp4p*n. Alton Guene and D. of 
E. Price £140.000 Freehold. Fall 

' fatten House, 4 Bnsmridt Phurn, 
Southmpttti. Teli (8743) 35331 

[ fnTN 



i - 1 = 1 

Cash flow problems?then cash this! 

Need Cash Now? You've got it right there on your 
books! Confidential Invoice Discounting Ltd gives you 
75% cash a ejainst invoices—money you can put to work 
today. Our invoice discounting system is entirely 
confidential. Your clients remain totally'unaware of its 
existence. For the full facts post this voucher now or ' 
phone us direct 

Conffcfenti'af Invoice Discounting Ltd. 

Circus House, New England Road, Brighton. Sussex BN14GX 
Telephone: Brighton (0273j 66700. Telex: 87382. 

A'so Birmingham. Cardiff, Leeds, London. Manchester. 

A subsidiary ol interna bo,lal Factors Limited. 


in whole or part, an existing company already engaged in the 
manufacture of their own product. 

W* would wish to retain existing mangement. labour force and 

We-%re an established private company, engaged in the manu¬ 
facture and distribution of sports equipment, desirous of expand¬ 
ing our range of products. 

We have an excellent sales force throughout the United Kingdom 
and the United Stares of America, with agency agreements in 34 
oiher countries. 

Please reply with full details, to the Company Auditors, 

Messrs. A mm. Berlyn, Gardner & Co, 

Mortimer House, 

37/4] Mortimer Street, 


Telephone No. 01-636 5511 (4 lines) 


nomputer Pnrrat: Limned olT.'r exclusive area franchises for drs revolutionary 
Computer Pfirlrau SyKcm rfv cum-niU nprrahna a' leading V.Vsi find and 
European IL a.irtm>-nial S:or*.-s The complete System with display un,i Is 
available >o cmipames a: a substantial (Ls>mun'. A minimum invesimonr is 
HT.CN). Spae? ream red is 9 «o. moires <100 so. fj.i. The S.-strm .nrolves the 
ilso of a computer 10 prvpjrc nor.raits from life or from photographs on to 
! paper. T sh:ra sivcai jhlru and a. run ranic or produeis. The Company -i-ut 
-provide sales iraimns. new product.-guaranteed- srcrtce. and maiiseauee. 
Imporiant locations an- available in the provinces. 

For further information and an appointment to discus-- an exclusive franchise 
please contavi: Reference M.A.R. 

Cafe RoyaL 68 Resent Street. Londan, W.l. 

Telephone: B1-4M 9688. 


Small quoted public company in the leisure 
sector (capitalisation £650,000) seeks to pur- 

a view to developing a broadly based leisure 
grotf|). Please irespond ‘ in confidence to The 
ChgSfhian, Box G.1469;‘ Financial Times, 10, 
Cannon Street, EC4P 4BY. 


Company, part of a major group, specialising in manufacture 
of a wide range of SCAFFOLD FITTINGS, seeks eno.uirics 
from established agents with a view to establishing sales 
outlets in all overseas countries. 

Contact: The Managing Director, Scaffolding Supplies Limited. 
4. Albone Way. Biggleswade, Beds. Tel: Biggleswade 31276S. 




600-acre private retreat contain¬ 
ing 200-acre fresh water lake. 
Lodge, cabins and pastures sur¬ 
rounded by tall pine trees. Air* 
strip, telephone and power. 
North Idaho. U.S.A. 1.5 million 
U.S. dollars. Contact: 


999 Main Street, 

Boise, Idaho, 

U5Jk. 83702. 

Full Service is our Business 

• Law and Taxation. 

• Mailbox, telephone and 
telex services. 

• Translations and secre¬ 
tarial services. 

• Formation, domiciliation, 
and administration of 
Swiss and foreign com¬ 

Full confidence and .discretion 

Business Advisory Service 
3 rue Pleme-Fado, 12HH Geneva 

T.ri 34 IB 4tt. T-rier- 27H2 



Wr »»•-interested in buying a *i*Ull. 
or medium sized tom pan/ producing 
tradit-onil bu-lding mueriili. 

Vile ire no* a Urge tom piny — we 
intend to keep the butiness in open, 
tion and make our living from _ it. 
The company wiH not be cumed into 
an inunudoail conglomerate. 
Please send brief details to the address 
below We will Conner you quickly 
and in absolute confidence. 

Write Bo* C.147t, Financial Times, 
10. Cannon Street. EC4P 4BY. 

Privire company has tOiu*' available 
tor purchase or controlling interest >n 
London-based Furniture Company Icon- 
tract tubular itesl) engaged in the 
manufacture or retail side. Could suit 
direexo-s who do not wine to tell 
100% but want CO partially cspitaljse 
and still retain an interest. All replies 
in stnet confidence. 

Write to Bor G.t4g?, Financial Times, 
10, Cannon Street. E C4P 4BY. 

To lei or subcontract. Approx. 8.000 
lq. ft. Ideal distribution centre for 
Southern Counties. Good office accom¬ 
modation. Parking and loading fici- 
liries. Approx. 7 miles Southampton. 
Write io confidence to Mon. Director, 
Box G.I465, Financial Times, 10, 
Cannon Street, EC4P 4BY. 


Beautiful, fertile productive farmland 
in SE USA. Excellent investment op¬ 
portunity. High appreciation. no 
capital gain* tax. Local farm manage¬ 
ment available. Long term financing 
available at low interest rate*. 

S800-S 1.000 par acre. 

Write Box G.M74. Financial Times. 
fO. Cannon Street. EC4P 4BY. 



30. Gty Road. E.C1. 

01-823 5434/5/7341. 9934 



Substantial resource* available In terms 
a! Iioour. plant and factory space to 
undertake volume preiswork of high 
quality. Capital also available for new 
product development. 

Write Bo* C.1380, financial Times,' 
10. Cannon Street. EC4P 4 BY. 


looses app. £28.000 

losses app. £12,700 

lasses app. £12.300 
Enquiries to: Write Box G.1463. 
Financial Timet, 10. Cannon Street. 

EC4P 4BY. 


An excellent investment opportunity 
occurs to take over the build in;/mar- 
keting of a fully developed quality 
production Cruising Yacht of long term 
appeal In immediate production. 

Principals only, write Box G.I477. 
Financial Times. fO. Cannon Street, 
EC4P «Y. 


Dealing in Securities with agreed end¬ 
ing fosses of about £250,000. Still 
trading and willing to sell with or 
without present holdings, mainly gilt*. 


9, Ebncroft Avenue, NW11 0RS 
T«f: 01-458 5314 


Expertly, speedily, throughout the 
world. Compare our prices. 

ENGLAND . £69 

ISLE OF MAN . £98.44 

GUERNSEY . £250 

LIBERIA ..._ UJ4S70 


Tel: Douglb* (0624) 23718 
!, Athol Street, Douglas. l.o.M. 
Telex: 4235S4 

IfRIVAT? BANK offer* Cwrortf Import 
■ Finance. Send SAE lor brecllure. P.O. 

Boa Io- MaldMoot, Kent- 
Tan lasses for sale, principal* only. 
Appiv tn Box G. 1480. Financial Times. 
10 , Cannon Street. SCxp uby. 

FOR SALE. um; - Interest In eld «t ; 

sales and marketing .companr- Write! 

■ay. G.1473. Financial Timet. 10. 
Cannon -Street JC* P4»Y. - 

£20. ODD-£50.000. NO FEES. Palmer. 
Banks Associates: *02 8691. 

Ct A WEEK lor EC 2 address or phene 
message*. Combined rates -a leie* under 
£S ■ week. 'PresBoe offices near Stock 
Evchanae- Mnums: Minder* Inter¬ 
net forte >. 01-678 0898. Trior. 8811725. 
additional capital. IS 000-450.000. Fuht 
- aocurp, proven reeutta. 01-9S4 8142. 


Permanent and long term capital 
for the succes sful priv ate company 

Also a nvide range 
of banking services, incJuding:- • 
Selective finance for property development 
Co mm ercial and industrial loans 
Bill discounting 
Acceptance credits 

For further information 
please telephone 01-606 6474 or write 
to Barrington House, Gresham Street, 

Gre&luxn Trust Lt^Baninff onHoi^^Crosham Street, London EC2V THE 

Birmingham Office Edmund House, NcwhaU Street, Birmingham, B3 SEW 
-Teh 021-2461277 

Trade & Technical 
Publishing Expansion Programme 

Titles Urgently Required 

A major fntemationaf Publishing House based in the 
USA and with subsidiary companies throughout the 
world, wishes to expand their UK based publishing activities. 

Al specialist non consumer journals and magazines 
will be considered including monthly, quartedy or annual 
publications. Meetings and negotiations will take place 
during March at suitable venues throughout Europe. 

Contact Waiter Boyd - • 

70 Park-Street, Apt- 7061 Brookline, Mass 02145USA 
Tel: 617 965 5800 Telex: 922529 


One of Australia's largest manufacturing 
companies is seeking;,to establish itself in United 
Kingdom or on-The.Continent and is seeking a 
suitable " acquisition as a manufacturer or 
merchandiser of products particularly of an 
industrial nature. 

Particulars of possible acquisitions or joint 
ventures are invited in the strictest confidence to: 


C/o Mr. R. Hards 
Bull Holmes Bartlett Ltd. 

45 Albemarle Street, London W1X 3FE 



Write Box G.1461, Financial Time*, 
10. Cannon Street, EC4P 4BY. 


FxctO'/ rycandiciofiMi md juarxnuod 
by IBM. Buy, ixvc up to 40 p e. 
Leite 3 y*an tram £3 70 w*rHy 
Rrnt from £29 per month. 

Phone: 01-641 2365 


in Suirey far ule Turnover £100.008 
rapidly increasing. 

Write Box C.1467. Financial Time*. 
fO. Cannon St.-ert. EC4P 4BY. 


Opportunity to acquire eitablnhed 
wholdsaJe jewellers, by ihara tramfer. 
Owner* wish K> retire. Good itptkf, 
good account*. Central office and 
nock room I, reasonable rent. Scope 
for expansion. Principals only. 
Write Box G.1472. Financial Timet. 
10, Cannon Street, EC4P 4BY. 

Trading- Company -with exclusive axle 


to extend tale* in new countrie*. 
Please contact or write to:— 

5. rue Toepffer. 
CH.I206 Geneva/Switzerland 

Shipping Agent*. Clearing and For¬ 
warding agent*. Marketing and Manu¬ 
facturer* P.aprwenmW**. wlihe* to 
taka up ihipping and ' marketing 
agencies In Nigeria. For interaited 
Shipping lines, com panic* and manu¬ 
facturer* from Comm on wealth of 
Nations. European countries. USA. 
Japan, etc. For. details pieate write: 
Bax G.147B, FInanek,! Timer. 10. 

Cannon Street. EC4P 4BY. 


Private company with attractive, watt- 
pi iced Freehold property. Good petrol 
forecourt, showroom, work, area, 
paint shop, used car display. Owner*, 
with flexible attitude, wtU consider 

Writ* Box G. 1464. Financial Timas, 
10. Cannon Street. EC4P 4BY. 


Investor wishes to acquire whole 
or part equity of established 

Reply in confidence to: 

Box G.M25. Financial Time*. 
?0, Cannon Street. EC4P 4BY. 


being formed by experienced manage¬ 
ment with share capital of £20.000. 
Specialising In leasing/block discount¬ 
ing. Investment required with equity 
participation available. 

Write Box G.1448. Flnendol Times. 
10. Cannon Street, £E4P 4BY. 


Manufacture* Point-of-Srie display* 
and glFewarct. Annual sales in three 
to four million dollar range. Available 
for acquisition. Present management 
willing to remain. 

Write Box F.604. Financial Timm, 
10, Cannon Street. EC4P 4BY. 

•' Print Factory Proprietor* 
Hiving. problems with your printing 
factory/ Consult t» for advice on any 
type/size problem. Alto, large/emall 
printing factories planned, machine* 
purchased/installed, accounting systems 
devised—in Fact a complete package 
from inception of idea to completed’ 
factory. Contact: M-R LTD.. Rectory 
Farm. Top St-. Elston. Newark, Nora. 

(043485 217» 

with Accountancy/Sales background to 
invest approx. £30.000 to trice itake 
in small specialise. *Jr~crkxI distri¬ 
butor based in Herts. Would con¬ 
sider eventual outright purchase. 

Owner white* vt semi-cetirc- - 
•Write Box G.M76, Financlof Timet, 
10. Cannon Street. EC4P 4BY. 


100.000 C /5 whisky. £5 C/ 5 - ex 
bond. I 70>000 C /5 monthly JWB 
cue. 100.000 C /5 figrr, 100.000 C /5 
nan-ekoHoTic beer. 100.000 C/S tuna 


A Old Band St,, W.l. 

01-629 >507 

- fljiarioai Times 



Operations combined 
on one machine 

# feedstuffs 

Compact plant turns 
waste into protein 

HEAT-SEA LINO is unsuitable 
Tor many typi.** of fuud and con¬ 
fectionery products and tv solve 
this problem. Kilters and Simon- 
VK have been working on coid- 
seal applications for food pack¬ 
aging for some time. 

-’.-They have now succeeded in 
Combining flexographic colour 
printing and cold-seal adhesive 
costing on the same machine and 
etairo this is unique in fuod and 
confectionery packaging. 

By printing on the face of a 
cellulose film or polj propylcni- 
v.-eb- followed by application Of 
.•the cold adhesive pattern in 
register on ihc reverse side nf 
. the reel. Holers has succeeded in 
speeding up the wrapping rale 
'•for one product line by mure 
• than 70 per cent. 

This technique if aoplicd on a 
•pri mins/coming machine line 
able to prim up to four colours 
rtexographicalty where the coal- 
.m? is applied to very close inter- 
‘anec. It is equipment specially 
developed by Simon by linking 
tt« Ccntraflcv 434 four-colour 
'■press with a purpose-built in¬ 

line gravure coaling unit and 

This gravure applicator unit 
has pneumatic' control of im¬ 
pression and doctor-blade pres¬ 
sures. and slow rotation of the 
applicator cylinder. 

The equipment also incor¬ 
porate-. register control of the 
adhesive coating and a Simon- 
VK tension indicator system to 
allow v.eb tension to be adjusted 
during the coating process. 

One of the more difficult prob¬ 
lems to -ufve was that resulting 
from the fad that cellulose film 
shrinks during processing, while 
polypropylene expands so that 
keep inn the adhesive in register 
with both types of material 
demand* considerable ingenuity. 

This w.»s achieved to both 
partner*' satisfaction: trials were 
completed in two days and in¬ 
stallation of 'he equipment at 
Holers showed no problems. 

More on the equipment from 
Simon-VK at Arrowebrook Road. 
Up ton. Wirrsf. Merseyside L49 
OXB. 051 677 9451. 

THREE YEARS' work have 
enabled a Scottish engineering 
minpany to build a compact plant 
for shore or shipboard installa¬ 
tion to produce high protein 
animal feedstuff from fish waste, 
where Cristina equipment can 
cost more than three times as 

The unit has just completed 
exhaustive tests at the Ministry 
of Agriculture and Fisheries 
Huuiber Laboratories at Hull and 
the first two production models 
are to be put into uperction in 
the Shetiands and at Milford 
Haven in March. 

Anderson Engineering f Keith i. 
which carried out development 
and manufacture, has hitherto 
built large processing units for 
shipboard installation. 

Tr decided to develop the new 
type of machinery and put over 
1200.000 into ihe work, based 
on a market research survey car¬ 
ried out in conjunction with 
Torry Research. Tropica! Pro¬ 
ducts Institute and the While 
Fish Authority. 

The new design of plant allows 

it to he set up on a vessel when 
required and not- while H 
under const ruction, as with the 
larger units. This will fit the 
needs nf the smaller, nttddle- 
dtetunce trawlers from which 
offal and non-commercial species 
are dumped. Bui it. can also be 
applied in specialised areas such 
as' prawn fishing where the un¬ 
wanted catch can frequently be 
far more than that of the 
desired species. 

The plant will automatically 
handle all .processes from cook¬ 
ing and drying to grinding and 
packing and will handle up In 
six tons of raw material in 24 
hours. Gross weight is 5f- tons. 

Similar equipment is under 
development to process poultry 
offal and considerable interest in 
hath tvpe* is likely to he amused 
because of the continuously ris¬ 
ing costs of feedstuffs in many 

Further detail* frnm Anderson 
Fnein^er-n'r. 2 St .True*"* 
t!^rk"t. London SW1Y 4SB. 01- 
S39 4721. 


Pollution measured 


Produces a better sheave 

-INSTEAD OK using thn tradi- 
•rional method of casting to make 
■wirt: rope shea’ es. ih»’ .lohnMune 
.Block (lorp of Tuisa. uHahoma. 
.U2?.. uses heat and pressure to 
rhrge a groove in the edges of 
discs flame cut from pi ale. 

' Hull.* are welded into a hole 
'nit jn the centra of the plates, 
untl bearings are to customer's 
choice. li is claimed that this 
method of manufacture produces 
a Minerior sheave, which is cum- 
paiiiivcJy priced compared with 

"Users are provided with an un¬ 

limited rh*iice r»f iheave 
diameters, hubs and hub eun- 
flguraiiuns. since the process- U 
much more flexible than casting. 

Standard groove angle is 30 
deg., with depth \\ limes ihe 
rope diameter. Sheaves made 
by the process are in ihe 14 10 
54 inch diameter range. 

Marketing in the U.K. is by 
Tonne* Fore-'. Savbrldceworth 
Road. LiHle Hallisbury. Bishop's 
Stanford. Herts. t0279 7221211. 
This company fays it is nefiotiai- 
inc the establishment of a forged 
sheave plant to Ibis counlr:-. 

developed in the U.S. for measur¬ 
ing airborne pollution—one For 
diesel smoke, the other for 
analysing airborne particle sire. 

The in-line full-flow smoke 
meter i« st3ted to be accurate 
down to J per cent, opacity, with 
onlv 0.3 per cent, zero drift over 
four hours. It meets both ISO 
and SAE requirements for smoke 

Opacity Pi 0.1 per cent. and 
dcn*itj tu 0.01 per cent.. i.« 
shown on a digital display, and 
response time is sufficiently fast 
to enable readings to he taken for 
each cylinder for diagnostic and 
design work. 

Using quarts cry Mai micro- 
balances. m 3 cascade. the 

pariii-io analyser covers the range 
0.05 to 25 microns in particle 
sire, and 100 to 05.000 micro- 
grams/cu. metre for concentra¬ 
tion measurement. 

It uses established impaction 
theory to discriminate between 
The various particle size* m an 
airhornn sample drawn ir.ln the 
analyser by a self-contained 
pump, and is claimed to l*e thn 
first instrument to make real 
■time primary mass measurement 

Marketing in ihi* country i* by 
Telonic Berkeley U.K.. 2 '"astie 
Hill Terrace, .Maidenheid. Berks.. 
SLfl 4.7R F062S 2S057*. a sub¬ 
sidiary of the instrument* 
maker. Berkeley Controls Inc.. 


Re-use of waste water 


Keeps a check on itself 

PATENTS have been applied for 
ion a method of total recovery of 
liked water from dyeing and 
flushing processes in the textile 

-.. Et*. Wan son of BrusscK vhich 
Has devoted several years' work 
Co the problems involved, says 
its method relies on the di*tilla- 
'tf»n under pressure nf the u*ed 
witier. with a high degree of heat 
recovery. Because of ihi*. invest¬ 
ment in installing such plant and 

its operating costs could easily 
be recovered from savings on 
disposal ccwts which are particu¬ 
larly acme in this industry. 

The company has a pilot plant 
running and will shortly he ready 
t« demonstrate its ope ration to 
potential user*. 

Furiher details of the method 
from Wanson. which operates 
from Avenue dc la Woiuwe 30. 
1130 Brussel*. Belgium. 

PUT ON the market by Wandc.l 
*nd Goltcmiann and made lo 
CCITT specifications by TTI Inc. 
or California is a test set 
designed fur the commissionine 
and maintenance of audio 
Channels, mainly in telecom¬ 
munication* circuit*. 

The Instrument ha* it* own 
processor and menum which, in 
addition to controlling measure¬ 
ment and tran*mit functions is 
al“o able to test itself, all the 
results appearing in plain Eng¬ 
lish on an alphanumeric display. 
The entire self-diagnostic routine 
takes about 12 second? and sub¬ 
stantially reduces fault-finding 

time in the event of equipment 

Signal source is a lov di*tor- 
tlon oscillator coverinu 50 H-' :n 
20 kH?. continuously tuned over 
twq hands or used In .< push¬ 
button mode at pre-set fre¬ 

Level, noise and fn-qnenev 
reading* arc shown at the -ante 
time on digital display.*., all ranee 
aiiju*tmcni.s being full- juio- 
maiic. Level is auto ranging 
from -50 to 4-10.5 dBm. noi.-e 
frnm -90to -10 dBm. 

Version* arc availably for 
cither battery or mains opera¬ 
tion. th* 1 former weiahine only 
14 lbs. More on 01-992 6791 





S. C. WAREURG j. CO. LTD., as Oeoocttsr* annannee .’Ml » dividend 
cl v-n 5.75 per Com non Snar* pi Yen 50 mi been pais :o sbar«hoi«or» on 
«nc bopi-s ol tne abo.c Company as ji JIM October. 1977 m rtta«l o! the 
months period enoes on that date. As a -ssulr the D-sMiUrv Sham 
L are entitlSd to t dmoenc o- Yen 75 whith converted at the Etching, Rate 
. .rulina on 7th Frbruar,. 1973 at Yen M2.J3 =. U.S.11—produces U.S. } 0.309406 
’■ orr ue-esrte.' t Scare. 

A*ler adding che Iraq:ionjl amount Orouqn: forward |rom me last dividend 
i in accordance with paraar«pn 12 ol the Bearer Depositary Receipt, coupons 

• will be said ar me ipilswinj rates per Depositarv Share:— 

Under UecucCian ol IS", jaoar-sc Withholding Ta» - U.S.SO 26 
; , Under deduction o! 20" o Japanese Wlmnoldins Ta* »- U.S.S0.2* 

• a amount el US.‘0.0032l£» Ptr Depositary Share is w.tnheld 

• 'and ml 07 a-.den to the "e.t di/iScne »hen paid. 

- Holders ol Bearer Deocsltar* R-cmoti may present for oavmcnt Coupon 

No. 22 winch becomes payable on 21 it February. 1978 to S. G. Warburg A 
. iCo. Ltd . Coupon Department 5t. Aioans House Goldsmith Street London 
„ ECSP ZDL. or at the oeit« oi an* of me undermentioned Sun-Depositaries 
IsuBjet: to deduction of Jaaanese Y/itnholding Tas and Income Ta* mf anv> 
a', the approo-late rates Details of tax deductions may b* obtained from the 
'.. Depositary or 5ub-Depositary. 



The Sana of Tov»o Ltd.. 

Thr Ban'- ol TeLvo. Ltd.. 

Thy BanV ol Toltvc Ltd . 

Thr Ban'- of Tot v 3 Trust Ce-ra-w 

Afaemene Eaei- Nedarlanrt fl V 
Faneue Generate du Luaermourg. S 

ttruSj C is. Beiqmm 
□ussetdorl. German/ 
Paris. F-ance 
N*iv Vert. U.S.A 
Airisterdani, Netherlands 


as Depositary 

50 Gresham Stre»!. 
London EC2P ZEE 


.Th* 6sa.-d of Dirc:w-« o- rto-ie-sdo 
.jn . Lid has amountrit tin; ifu -. 
ha dyra. who •vi'l r- -»i'is:r-o in 
rnaoin o. -he Compjrv a: .*.00 7 r.» 
O” Feor-ii-r J9. I**?? -ill b- cni.iivd 
to -eeti/h a l£» e ;rotu dTtrihufiOn 
of n-w ilu-.'i. 

Conirquci:.' «jf 

nsetd 4' a o? tb- CDha !p- 

ihis Pu-poi-.. 

in Japan :Sy lSa-yj j-» t-ad-d •*• 
non is as ‘-s.m Fegraur 2*. i®~*. 


'Fca.-ua•/ u. i«"3 

*M5T€PD DEPg-SlTap.r 



Th» iindfn J.-Ifn iimauPl-s tNj: 11 
I'o.m lit >d»r.-h IK.jr.lispsiitiy 

N. v., Spuistraat l'2. a mate-dam. 12 of th« CDRi J. L»ot 

O. id Con Pony Lt-1 eJ:h rrnr. IS 
ordinary jJij <il 'f. will be p-y- 
iO>r j*nh Dllt I 2c i *e mwit/ 
J./idsnd Y s»- endm- Ji J..'g 2.0SJP. 
ptr share. T S r i-jd-t K..2&8-D8S 
1.17 3 £- nop fJon.rendi.iu el ih- 
U-irctd KiBEdom ca.* only claim thn 
;i« credit when r*it -flfvant ta* treat/ 
meets rhii la'inrv. 


Iddi Ftbrut-r 



TendPrs ar^ invited for thy urgent supply and delivery p.i.f. 
from any E.E.C. port or 7.200 tonnes v.heatfltmr bagged in 
new or good quality second-hand jute b«gs. Each bag shall 
be marked “A Gift of Food Aid from the United Kingdom" 
The whenlnour is destined as U.K. national food aid to Sri 
Lanka and is to be loaded in one ship during March. 197S. 
The port of delivery will be Colombo. 

The allowance for the supply and transportation costs of the 
Hour will he determined on examination of the tpnders. 
Delivery terms embodied in a Notice of Invitation to Tender 
together wjth Tendering Form* may be obtained from: Branch 
E (Cerealsi. Internal Market Division. Intervention Board 
for Agricultural Produce. 2 West Mall. Reading (Telephone: 
Reading 583626 >. 

Tenders must be «upplicri by 12 n^r on Tuesday, 2$th 
February. 197S. to:— 

Hanilyn Hnij<i\ Highgatc Hill 
London N19 3PB 


Keeps the 
in line 

ADAPTATION of simple elec¬ 
tronic techniques normally used 
to trace underground sen-ices, 
has sowed a difficult ruining 
problem — saving considerable 
lime and money. 

The problem was highlighted 
by Tara Mines, the largest zinc 
producers in Europe, during 
operations in Eire. 

Tara has heen using a raise- 
borer to drill 1*2 feet diameter 
ventilation raises up to 450 feet 
deep. A 12-incb diameter pilot 
hole is drilled, which then has 
to be accurately located under¬ 
ground before breaking into ir 
with a horizontal drift and start¬ 
ling to connect up the 12-feet 
diameter reaming hit. 

The difficulty has been locat¬ 
ing with the necessary precision, 
the 12-inch hole ahead of a 
drift face section about 12 freet 
high by IS feet wide and as the 
surface drilling rig costs some 
£2.000 per day on location, lime 
is vital in minimising operating 
costs, and in speeding up the 
reamer bit connection. 

A steel ball is connected to an 
insulated cable and dropped 
down the hole like a plumb-bob. 
The end of the cable on the sur¬ 
face is coupled to an electro- 
location signal generator to im¬ 
part a distinctive signal which 
radiates from the ball and is 
readily located by an Instrument 
in the mining drift, the whole 
operation being like a pipe loca¬ 
tion job turned on its side. 

More details from Eleclrnloca- 
tion. 129. South Liberty Lane, 
Bristol BS3 2SZ. 0272 634 3S3. 





BELIEVED TO be the world's 
fastest pre.v for the production 
of book signatures, a single- 
colour 12S pp web offset press 
and folder worth £lm. is shortly 
to be exported to the U.S. 

It will be installed at Offset 
Paperback Manufacturers in 
Dallas. Penn., and will give the 
company a totol piant capacity 
of 200m. books/year. 

Working Three .shifts, the new 
unit will produce about 50m. 
256-page Iwote/ycar. running at 
speeds up to 30.000 impressions/ 
hour (12S pages per impression 1. 

Special features include a wide 
web of 60 inches and the latest 
Smith's non-contaminating dam¬ 
pening system. The doub'e 
parallel jaw folder has been' 
arranged to deliver two up, two 
on 32pp format. 

The press hw been built in 
the U.K. by Strachan Henshaw 
Soee dwell. Bristol BSS TSZ 
(0272 5552S1L' a Dickinson 

Robinson Group company. 


operator, machine or plastic, 
variations can be achieved, it is 
rlaimed. with a closed-loop 
process cnntrol system for injec- 
lion moulding machines 
developed by Gontrol Process. 
Inc. - ' , . 

it is designed to control the. 
injection energy used to fill the 
mould cavities. It monitors and 
controls cavity pressure to 
reduce cycle lime, to lower 
reject rates, and keep downtime 
to a minimum. The controller 
operates the booster pump for 
the minimum time required to 
fill and pack the cavities— 
measurement of fill time for. 

exact control, '-atid .58t*tap*v-'i&. 
afforded by the; digital flU -time 
readout; . - : - ■ 

Constant peak 'cavity, pressure 
•is maintained while fill 
-measured, and the Ainit switches 
-from booster. :to' hold pressure'a£. 
a predetermined eavjty pressure 
regardless of' plastic,;viscosity, 
changes. An alarm' ia actuated 
jf peak pressure during injection 
'.fills outside preset high andJnw 
' levels. The high ; aUrru .cpn be ■ 
used automatically. to stop.injec¬ 
tion pressure. , ; : . 1 

•Marketing Uii -the 

'Cole Equipment,.. 7 Airfield .Wap,- 
Christchurch, Hants, .BH23.3TB 
(02015 6711). r 



Better use of lamps 

AS IN many areas or technology; 
in industrial and commercial 
lighticn the achievement of the- 
“last word" in efficiency :s un¬ 
likely to take place overnight. .. 

PhiRps. however, has taken .a 
notable step in introducing a 
lighting package called Wide* 
spread which pushes the frontier 
a little further forward. 

Widespread is a luminaire—a 
light fitting in more common 
parlance—which uses the Colour 
S4 fluorescent tube introduced 
about three years ago in a'.care¬ 
fully designed refiertor and-^of 
particular interest—a diffuser, 
more properly in this case called 
a refractor, which has prisms 
moulded in the surface facing 
the tube. Seen in section, as the 
prisms become more remote from .' 
the axis of the tube their angles- 
change so that the rays arc benv 
in specific directions. 

Combined effect of the reflector 
and retractor is to produce a 
.pniar diagram in the vortical 
plane which has two lobes on' 
each side peaking at about 35 deg. 
from the vertical. 

Thus, the light projected down¬ 
wards is only about 60 per cent; 
of that at 35 deg-, roughly com¬ 
pensating For square law distance 
effects and giving reasonably 
even surface illumination that 
cuts off fairly sharply at about 
60 deg. 

The shape of the diagram also 
cuts glare of two kinds: that 
which is experienced by- a 
seated worker remote from the. 
tube, the latter shining straight' 
into hts eyes, and that exper- 
ienced immediately under the 

-fitting .from light "■bounced'.' off 
pa per'surfaces. • . 1.7. ' 

Main achievement by. Philips Js 
the production in ,lts. <lermaa 
plant of the .plastic pniraatje- 
plate: structures of this sort are 
'commonly produced In small sizes 
.'by injection moulding, but .the 
company has perfected, a process 
that produces,large sheets b.v a 
conttnnous extrusion and calen¬ 
dering arrangement That gives a 
good shape and surface to the 

Main outcome for the installer 
is that ilium [nation uniformity 
can be kept well within normal 
requirements with.', increased 
lateral spacing between fittings,. 
-Both capital cost and energy cpr^ 
sumption are reduced 1 and a Enure 
■spacious impression Ts' given, par¬ 
ticularly in large stores. 
.'Philips has already under¬ 
taken a number of special ^pro¬ 
jects with Widespread, including 
eight Marks and Spencer stores 
refurbished recently. . Lighting 
levels of 600. lux were consistently 
produced, but the watts consumed 
per square foot of Qqqr illumin¬ 
ated have- be ear educed from 3.0 
■to 1.7. ' 

According to; Philips, if this 
kind of installation were to be 
'.used wherever applicable. ;in 
commerce and _ industry,7 a 
national energy reduction of £im. 
would result . ' " ' .7’V. 


f orhighpdwer heavy, dnty'apph. 
catieEtstare lai^tefre^tm the 
market^ by BSeiu^cL - 
- Helical and-Tievet/Miical gear 

parallel and ' rigfaf : as^evshafl 
gear units nominal gear ratios 
trotkirtt taT29,7&; uShjg:'^ngle 
drtu ble. aiid. trlpl e .^eductjpn'^eai 

trains V ‘ 7:- " 

Tarallel ■’ shaTt’ tinlfe ■ foj 

drives: up* tb _5,700 ]kW;;.pg. 0 (x 
bpi, while^^sfsaf; 
versions are avatiable- for'dewijr 
up. tO; .1,300 kW (i.TSO hprf- 
depending on ratio .--7._.r.. 
• Gear ca sings are oi casr;irw 
f steel, if reqbiredV wSthiafesni 
feet-for-universal rnq^irtingrTbi 
single helical gearsfarepjsfecfeieH 
cut case-bardeoed .j^ijd. proBle 
ground,' -7,---7 7l. : 

Details 'Trim Kerj^d^ -Crefl: 
Gear :.WorkSi ' BTa^Ifdrd^; 
665251).,- • •••: . 7 . ■ •“• 

BRUSH HEADS.:^ti The r -;iaJtes 
Gimex - . floor pollsheir.- rotate , a 
800-Tpm.^ ;Powered.?by a. if, bj 
mains • electric . motpr^i • tb 
machine 1 . has . ;a‘. ‘ irevirslbl 
planetary . action* Threehrusl 
cJeanibg b ead," a c d wi fl covfi^ 1 u 
to -fiOOj^uare mettesftitix&f 
Each' pad.,surface operates a 
a-load'of over M grirb/squar 
centimetre. - -Seven sjgt&af c 
abrasive'pad a re ; supplied ttTsui 
the type of;floot_ and 'ffev^ . t 
dirt. ' '"■■ ' * .'i'' 5 ' ; •••V V •' 

-details. : from -. .Chpex, Cra 
Avenue, r Ormngton^ -7-^ Kec 
(Orpington 26731)--.v. ' 

static and 

transportable units •• • 
from 3KVA to750KVEL 
Baseload, standby 
or no brake systems. .• 
Sale or rental. ■ . 7. 

Manufactured ' ~ % 


TEC.WST-781 TO* : 

TELEX 668850 





T6 i? E. jOr. j. a. Ihe «l h?; tCm. 

jc;f i:z. igst 3a -no the 

S;-« ? L-ci:r«i:c Sroc: *ill ft- 

sion-. 1 ---.N -.3 lQi.n l?7s 

<tc:h c.*'-'.- i-.ijs.-c sj. :bs o 
o:- i-s ;e- *i. D •- 

a«ftc oai-iti* c" :r.c iiv Mocft i37fi 
6^ Orcer c; Ifti Eojra 

.' A. LUIHWAITE E4Ci4!«r. 
■r.r..:. HauSC 
JS Ir.n.i* Stree: 

>nOuth I 

107 3 1 

, |Q P. k»i,lh«. 


i Depositary RsCLjptj ldb . • I 


No;.i« nTrr.b' ;iien lo L*3R nu;aciv 

h.*.- s fte T-f, tati-, -o nin;h f.flv scunie 
*-•; res :r<- .ec-n: ciA.ui'Lacicr- 
■.W.C mace b- Q p CarocruLo.-.. iha- 6n i 
abri-nee ft CokPin He 1 Art I 
"• *h-r ;ii Mirth ■ 97i a: .A. -Jic 1 

7’ll:7 ;( iftr DeaoilUr. Ktc-nwar;. Benign.! 
L 10 F«ncnuicn s;rrc.. Lonoor ' 

3DR jr a; -iJi me oi.ilc c ifti 
Aonn: Biraue G«r.crale d- Lu'emsouiq 
S A: 1 A R..C Aidr.-Oirt LUterftAOUra 

Lauaa''i in*- oc c. .senied au-iit ncm-Ai 

hi.Jinr^-, hg;r, pn jtny *'ri-aev -Sdlur^A.T 

i-C-Ounr.e’ ronr-A-i -e-teliled. artd ft-uST hf 

■ -A ijr thro? bus ness d^-4 la- 

EDR holder; ar» .ftlormco i-.j: 

">! s. 't'-blib G-neiai Mrecmg ol Shire- 
hp^aerj Ol O P Ccroorii.on be held 

■ ■ *0 » m Tak.a !.m«. on Mondiv 27;n 
7*%ruir« TR7d *; she Held O'ftcc ol :<if : 

."■v-ipini 'fi-h Plaor Conii?rerrr Raam> 

* 15 Sbibuvj "-Chemc ShiQuv,.Kr Tc^a , 
J*o*n »U Jriftiit: the loI.QWinq aus>- 

T-~ : ("72.B7 Of rf-.fSO.aafl.MO 
M*r>* by 


Thr \-8ip million cr the Europrin 
“ j.i.c'ib thit Uia 

jnnjji insTilmeni of bends iftiounclns 
a» f.‘-.)5.OC0-00D hij been puccnue4 
fo.- rrdnrr.pnan on Ap-il |. 1778. 





requires a 


;n lake charge uf accounting mr Croup U.K. i.*per:«'ion& anfl 
eventually to take charge for Europe and Middle En*(. 
Successful candidate uill have rvpenenci* in insurance 
industry and will have already demonstrated management 

Salary commensurate with experience and nrr,\p r i i-piult*. 
Interviews to be held week commencing February 27. 
Application* to Box A.«269. Financial Times. 

10. Cannon Street. EC4P 4BV. 


Over 400 sets in stock 

Buy wisely from the nunufacniren 
with full jfter-Mle* icrviw. 

01-985 7581^0019 
Tcfex 897784 



, Tr*ine^»;<iirs mj Suonof 57.ft 'u ► 

P.onq TCI.. GrthriP SlCrt#,-;. 01-4^4 I TOT 

• 4i >-i Fi-:>|.e« T r* <-^r^ 

Eu-io- US*. Ala Hang 

1 ig moa ni fudi;ars 

2 To approve !ft« fcAihiice sheet busi. 

M* feoar; jtjtcmer.j ol nccftiP ana 

PBPtoarialior ®l reUInsd eirrmgi Igr 

Ihe htthl vest enm sgm November. 


Cdd-el of Mi* Ouimesj report ana the 
nnar.ciil siatemenU. nhltft n. .■* been pre- 
parea on a non-cantolmatgi baa'5 are 
a*, el Is ble ter inseection durmo normal 
hutireo hours on an* wcekdJT <Saiuroayt 
»>tfl. bank ftgiidan e«ceoied> ai ihe 
of the Depositary and *he Asenl 
referred io aBoie It is caocctea lha> 
the 'annul report ana COntPliealcd hnan- 
•;iaf k!il*ri»nf* will Be a^atlaMo in EnqhSft 
»; 'iricft dhices in Mr, 1978. 

JDR nol-er* wishing w rote a: the 
m^tmo sHOMd tnstruet Iho DeponlUrv 
III ^venting hr The clqic Ol nnviKU In 
Lmgan on 23rd Febnrir, 1978. as tn 
how* they wish to vow IrstruCMertS 
must be jK?mp*rlcd either at EDRs 
e.-OfOn-mg ;ne heievani number ni 
Deposited Shares in rcsoect of whlcn :r.n, 
« |ft so e*rrc«e meir rinhu or 
• a ccrMficaie frem the nr 

•,Am ang*bee oanV aooro- ed bv {he D-oosi. 
\**,I Vtaurg iluu The relevant CDRs lave 

b-fi 1-W.t« -« tn A - d „„ ^ . |rt 

I" :> hle^i-r; e.-.c>>'..e: vn-,! 3 i-« r .«» -o-..-- 

ri ^- f Jl ! ‘ r fcu! ' b,t t&Pl fti * h»-n 



». 1*79. 

Power Supply Problems ? 

250 KVA to 1.5 KVA. 

Saif contained mva. Min.Aium !us» 
and inttillisien problems. 

For details phone Pett- A-rwogd on 
Chan8]ertfard iO*2iS) 46311 
or corttdct your local Selwaod Deso: 
Wifiierpr R. Sein ooJ Limited. 
Depots ifirautheu: j he UJ(. 

GENERATORS Z-30C0 KVA new and u5 , 0 
< avjil.-ijls. Kean co.-npeit-j'* 

WXatfSsiF Ua ' ,07 ««» 30331 

GEUNIhK &ALE OF Secong Hard Fork 
U« Tiocfcs. , Slack muri be rlduwo 
No sens.Bie diier win be ruiuaes. Trade 
and Ecoori en-j U .r.-s wclrome LarSe 
’"T'lMCS B.rmfpq- 
| Salllex 8 ftarp 83* : 0& ’ H T*P- R o5l- 

! ■’ 0S!-3» 1705. -I&l: 

£Le~r.c Generator 
25 J 10 . A Sr!S, Genera-Ar, T, c . 

BRF ?RQ N?"tr t;-^ Q^ri Pf»r^w 
Abirew A ian Lie Le*» vjll,* 5% 
gg!P--— Nnttinptum. 7ei . 

NottlRVMM J72J71, 


Comni"rcial and Industrial Property 
R?&idenuai Property 

Buninefc & Investment Opportunities. 

Corporation Loans. Production Capacity. 

Businesses For Sale/Wanied' 

Eaucatinn. Motors. CuntracLs & Tenders. 

Personal. Gardening 
Hotels and Travel 
Book Publishers. 

Premium positions aiaiiable 
{.Minimum size 40 column cms.i 
fUO per single column cm. extra 
For furiher detaiic irriie tu: 

Classified Advertisement Manager, 
Financial Times. 10. Cannon Street. EC4P 4BY 










2 .on 






4 25 




1PHEX 73—The interr.5‘ion?.i F^euinatics and Hydraulics '•' 

E> hibiiion incorporating Compressors and Fo*.vef Transmission' 
Eauipnwnr. •' 

IPHEX 78—1:1 iuo! c r.e da/ Managernent and Senior Technical 
Personnel r an compare and assess the latest developments in 
potve-r transnusi, ;n and confrol eouipment technology. 

IPHEX 78 g«-. %<:! coverage to ihe related Pneumatics. 
Hydraui.cs C-Oirp-e$«.crsand the Mechanical PowerTrans- 
nvsiicn indus!nes.C?n* oni»inify.)EA.ELECTREX is being held 
m adiacen; hai.s •j:-. the same dates. 

1PHEX 78 in i-pc^ by the Association of. Hydraulic 
Equipment Maniiiacturers the British Compressed Air Society 
and Ihe British Gear Manufacturers' Association, and is organised 
by Industrials Trade Fairs Ltd. 

I PH EX 78 - 13 th to 17 th MARCH 1978 . 

Ooer daiiy:09.30 hrs-18.00 hrs 

National Exhibition Centre Birmingham 

‘ >, a?-* i " • ■" 

: •-•.■■•?•. mus ;;f ;> ... 

Sr.^r^JcV:?' 7 

The Financial Time^uiYey on 
Worifd Musing scheduled for ' 
.: pnbHcatlpn today wiil now , 

: •;." appear on v: •; 

HBROAffif m 1978 

; The-Financial Timf» r^refe 
any inconvenience 
to its readers ■ 



The content and publication dates of Surveys 1 in .the 
Financial Times ' 'are subject 'ttf'7change' at" the, 
' discretion of aq Editor.- . 


Ihe Offshore Technology 

professionals —- over €5 r 000_in 1977 io Houstonls AstfcuifomBjn " 
complex each May.. v,; • l .; /. ’:: 

With over 300 papers. the 0 l 6 7 ^te(^i(^^rogta/iT’ 6 ffe 

for everyone. ■ •- • 

v* Exhibits at OTC 78 feature new.products an^ servkJesrTif-owr lSOO 

^ participating companies. - : .■ ■; ■ v.\? <■: )■ ,;. 

V n ; . .ft Ji- 

- •••’ '■ac 

Make - plansito-atteiid JAay 8-11,1978. 

0TG /7#ln HoiistmV^ 

q . |. ;? M m.K:r Fflr adtfitfcasf MormaBofl corrfacf ^Czfiore jediaoii^^oeferenre, Vo Orw- 

\ /A -J] t/N seaa BcblbitlM SerriCBs Ud., it MaflcberierSpiareiijMnJflB WlK SAB, - * 

if j Entfwid • T^epIraiK (0T)48618St • 1eiex:;2«gl yi-ii.- „ v - * ‘ : - 

! X u. { X OTC SPONSOR BOOBIES: • Tte AmwfeafMtifi8,hftteyiwafcat atal 

; r 7 •, ^ —Socwty of.mog atgraecrs^^MElL ^tyqffarofsem ' 

Petrolem 6edlo0i$b • The Anwrican ItaHtqfo ^Xtsenifcaf ' BKaeers # TM , 

—*■ Petroleum Division #1be tfartde T riA nri ow ■ Tfa>3 n c if tp tw 3gM ri rtfaT 





Why Wilkinson is set on 
an American partnership 

V. . •• , . •-jr V,. 



Christopher Uwnton, chief executive of Wilkinron Mat**. 

vINSON SWORD came to 
16 years ago fcy applying 
ileal imagination^ to -j the 
blade, ait initiative that 
d . Gillette back on its 
. British Match was a long-, 
fished force in the world 
1 business. In 1973 they 
3d because Wilkinson 
;d an overseas sales force 
British Match heeded 
m products to sell. 

. the deal between Wilkin- 
. Match and . Allegheny 

’ un is proposed , with 
Lj ir of these products im- 
Jitely in mind. It marks a 
„> offensive by. Wilkinson 
market for garden tools 
;.:n the U.S., where the True 
er subsidiary of Allegheny 
3 per cent, of the market, 
m Britain where Wilkin- 
importance to the garden 
business is less than its 
nown brand name makes 
3m. The deal therefore 
es a significant change of 
isis in Wilkinson Match’s 

:r the merger in 1973, 
opher Lewinton. Wilkin- 
chief executive, evolved a 
stage plan for the de- 
nent of the group. The 
base was to merge the top 
- ,'ements, to apply common 
ial controls to all parts of 
“^mpany, and to dispose of 

peripheral interests. The 
second stage was to 1 re-organise 
the company into divisions deal¬ 
ing with regions of the world 
rather than with, products. 

The third phase was to be an 
undefined " major step." 
very fact .that this was envis¬ 
aged was a tacit admission that 
the merger had not sufficed. 

necessary . 

Right from the start the top 
management suspected that an 
acquisition " in the U.S. would 
prove necessary, .but it was not 
until 1976,. when the immediate 
problems of the merger had 
-been tackled., that-this -loomed 
in priority. “Then? 1 .says Lew¬ 
inton “ it came through loud 
and clear thtit ' Continental 
Europe and North America had 
not benefited from the merger. 
There was.a hole krtnir matrix 
in the U.S., and we were a one- 
product company (razor w-d^s) 
in Europe, outside the U-K.” 

Phase Two went ahead. 
Marketing of Wilkiiisdn’s con¬ 
sumer products^-Mades, writing 
instruments, tools, matches 
arid lighters—was consolidated 
around the world. Sales of the 
company's other business, fire- 

At the end of this week, shareholders 
In Wilkinson Match, the dominant British 
manufacturer of razor blades and matches, 
will be shown details of a deal that will 
leave a large part of its equity in U.S. 
hands. Allegheny Ludlum, an American 
special steels company, is to sell True 
Temper, its garden tool subsidiary, to 
Wilkinson on terms that will raise 
Allegheny’s stake in the British company 
to 44.4 per cent. 

It was only recently that Allegheny bought 
29 per cent, of Wilkinson from Swedish 
Match. The rapid succession of the 
announcements of the two deals—awkwardly 
handled because of a leak in Stockholm- 
left British shareholders suspicious that 

Wilkinson was being taken over on the 
cheap- Despite a revision of terms which 
deprived Allegheny of the prospect of voting 
control, the suspicions remain, and it is not 
certain that shareholders will approve the 
True Temper deal. 

Whether Wilkinson shareholders are 
getting a good deal can be answered only 
when the terms are known. But there are 
■ other questions too. What motivated this link 
with Allegheny, a company virtually 
unknown in Europe ? What will Wilkinson's 
customers and employees get out of it. quite 
apart from its independent shareholders ? 
The Wilkinson chairman, Denys Randolph, 
and chief executive, Christopher Lewinton. 
have told the Financial Times bow and why 
the deal came about 

[75V- ■ ■ ' p. ** -* 1 *—^ 

Robert J. Buckley, president and chief executive officer of Allegheny 
Ludlum Industries. 



An enretrehr oiJSandina ajfer-lian of r*e and 
ceded I n Ycstment Category per ax3 Orieraa earner:-, 
including !he ordered (rqurdalrw x# a- mapr port¬ 
folio of piwciou > old Caucasian & Person carpels 
bought a time vrtvsn works c-Mhe, proven pplenliai 
v.«rp slil] otxaaionaDy availaW*-. CdnskJenno the 
condwcTi Orienialoirpcu.4ha;a*ia<rin pftnridesone 
of those rare occasioqs v.Hien d is po^sibla to acquire 
•he rrraonificeriLfvoes oPcarets which fttatotKaliy 
twve*nown rhe gresaesfinveslment rsrurf.-' 
Included is a semi-antique ail silk Kashah carpet 
measuring 3-45 x 2-43, one of the most tpjabte 
carpets ever offered tor sale on the apenlarkal, 
htexcepUrmafly goad condition. r : 

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Established 18B4.1ntemaBonal AueOoneereof tare DrienOfrug^ 
Ttte Arcade, South Kensington Station. London SW72N A. 
Tef;01-S89 4242. Cables: BJpbosco. London SW7, 

protection and pyrotechnic 
devices, were developed separ¬ 
ately. But by the end of 1976 
Randolph and Lewinton were 
starting to look For possible 
acquisitions in West Germany 
and in the U.S. 

Nothing really caught their 
eye in Germany, and though 
they found what they were 
looking for in the U.S.—they 
hint at a company in the 
toiletries business—it was too 
much for Wilkinson to swallow. 

In any case, geography was 
not the only thing on their 
minds. Mr. Lewinton explains: 
“ We are committed to matches. 
We have shown what can be 
done with them. In the devel¬ 
oped world it’s a fiat business, 
in the developing world rfs a 
growing business. So that's fine 
—but it isn't a bigfa growth 
situation. In the blade business 
we are facing major U.S. com¬ 
petition and with the advent of 
disposable razors we are going 
to have. a period of two or 
three years with pressure on 

It was into this thanking that 
the idea of a get-together with 
Allegheny was seeded. Mr. 
Robert Buckley, the president of 
Allegheny, visited Britain in 
February, May and July last 
year. He argued for some sort 
of co-operation between his gar¬ 
den tool subsidiary, True Tem¬ 
per. and Wilkinson, for which 
True Temper's Irish operation 
already made shovel, spade and 
fork blades. In May, according 
to Mr. Lewinton, Buckley sug¬ 
gested that Wilkinson buy True 
Temper. Wilkinson demurred. 

What Denys Randolph calls 
thev'“ ; trigger -point ” came in 
October-November, when Swe¬ 
dish’-Match decided that' it 
wanted to sell various assets, 
including its 33 per cent, stake 
in Wilkinson Match. Robert 
Buckley successfully sounded 
out Swedish Match and then 


AL1 METALS GROUP (special steels): Allegheny Ludlum Steel: 
Ajax Forging and Casting; Good Steel Service; Special Metals 
Corp.: Dcvco, AJjuet 

of titanium and manufacturers of industrial rings, railway 
wheels and axles). 

AL( CONSUMER PRODUCTS GROUP (gardening equipment): 
True Temper Corp.; Jacobsen Manufacturing; Standard-Thorn son 

products): Carmet Company; BarvtU Corporation; EPM Corpora¬ 
tion; Che me iron 

WILKINSON SWORD: razors, razor blades, scissors and garden 

BRYANT AND MAY: matches. 

GRAVLNER: safety and protection equipment for aviation, 
vehicle, marine and industrial markets. 

J. JOHN MASTERS: matches and the Feodor range of dispos¬ 
able lighters and 

SCKIPTO PENS: writing Instruments. 

suggested to Lewinton that if 
Allegheny was going to buy the 
Swedish stake, Wilkinson should 
buy his garden tool subsidiary. 
Lewinton agreed to look into it 

The company, which then 
negotiated a deal which pro¬ 
visionally gave it voting control 
of Wilkinson, has annual sales 
of $lbn. They are in the three 
main areas; special steels and 
metals, consumer products (gar¬ 
den tools, sporting goods, large 
lawn mowers) and industrial 
gases and fire protection equip¬ 

True Temper, the subsidiary 
that Wilkinson will buy if share¬ 
holders agree, sells $75m. of 
garden tools. $25m. of golf-club 
shafts (in which it is market 
leader) and metal-frame tennis 
rackets, and ,§25m. of railway 
track anchors, a lucrative side¬ 

Mr. Lewinton calls True 
Temper “ the Cinderella in the 
Allegheny stable because 
Allegheny does not understand 
the consumer business.” Mr. 

Randolph adds that this week's 
offer document will show that 
the “True Temper figures do 
not sparkle. They have come off 
the top." True Temper has a 
well-established name and mar¬ 
ket position but there is “ plenty 
there to put right" 

of the deal 

The two men see the follow¬ 
ing attractions in the deal for 

• It will give Wilkinson sub¬ 
stantial turnover in the U.S. 

• Wilkinson will commit it¬ 
self Jn a big way to the garden 

■tool market. True Temper will 
sell Wilkinson products as an 
up-market brand in tbe U.S. 
Wilkinson will broaden its pro¬ 
duct range in Britain. This, 
says Lewinton. will provide 
Wilkinson in the UJS. with a 
third consumer products leg—a 
growing one — alongside 
matches and blades. 

• Wilkinson will benefit from 
the large U.S. stake because this 
will open the government/ 
military/aviation market to 
Wilkinson's Graviner fire-pro¬ 
tection equipment. This market 
is difficult for a foreigner to 

• Allegheny already sells 
special metal products into this 
same market It has therefore 
established contact with the 
right purchasing agents. 

• The deal will broaden 
Wilkinson's options in the U.S, 
razor blade market, where the 
company's share remains at 
around 7 per cent. Its current 
distribution agreement with 
Colgate-Palmolive expires in 

• Allegheny has undertaken to 
Invest In ways that will help 
Wilkinson sell its products in 
the U.S. One way will be for 
Allegheny to buy U.S. com¬ 
panies making complementary 
products. They will sell 
Wilkinson products in the U.S. 
and Wilkinson will handle their 
overseas sales. 

• Wilkinson will more easily 
attract talented American man¬ 

Turning to. the question of 

■Wilkinson's status under the 
wing of Allegheny Mr. Lewinton 
explains: M We will not be part 
of a consumer division of 
Allegheny. We will be a public 
company called Wilkinson 
Match which will provide the 
nucleus of Allegheny’s con¬ 
sumer interests. The president 
of True Temper will report 
directly to me. My office will 
remain in London, though I 
shall often be in New York. The 
accounting policies will he 
Wilkinson, the management 
style will be Wilkinson.” 

Both men tend to play down 
the significance of the large 
minority holding- Allegheny lyill 
bave in their company after the 
deal goes through. They explain 
that Wilkinson has had long 
experience of large sharehold¬ 
ings. Mr. Lewinton argues that 
even if one has a controlling 
shareholding in a subsidiary it 
is impossible to impose policies 
on its Board in the face of 
united opposition. He categoric¬ 
ally dismisses the notion that 
there could be argument over 
the allocation of profit between 
Allegheny and Wilkinson. 

Insisted on 
a majority 

Questions however remain. If 
Wilkinson is to preserve its 
independence why did Robert 
Buckley insist at the start that 
the deal should leave Allegheny 
with 51 per cent of Wilkinson ? 
Mr. Lewinton speaks for him: 
“He always felt that Wilkin¬ 
son should remain a quoted 
company—to give it more 
presence and more flexibility. 
He insisted at the start on a 
majority holding. But True 
Temper’s figures did not justify 
it and he then saw that even 
with, a .smaller, holding the 

underlying idea remained 

Nevertheless it is not difficult 
to envisage bow conflicts of in¬ 
terest could arise. Wilkinson 
will be depending on its major 
U.S. shareholder to buy com¬ 
panies to sell Wilkinson pro¬ 
ducts in ihe U.S. There could 
be a divergence of views over 
the right path to take. More 
importantly. Allegheny’s finan¬ 
cial priorities might lean 
Towards the special metals 
business or some other, leaving 
less cash for the consumer end. 

The Wi-lkjnsori '"chief execu¬ 
tive concedes that such prqtv 
Jems are “part of the rc&l 
world.” He takes courage from 
the fact that before Allegheny 
approached Wilkinson, its 
management had said that they 
were going to emphasise rife 
consumer business and to make 
35 per cent, of Allegheny’s 
profit from outside the U.S. 
This, as he sees it, is what 
Wilkinson has been engaged Ao 

Both men are confident that 
Allegheny is committed to this 
course. They appear undeterred 
by the unsatisfactory precedents 
for unconsummated mergers— 
by the unhappy Dun-lop-PireUl 
link up, or, snore topically, by 
the current argument betwera 
BOC International and Airco. g 

Denys Randolph' says. wiSi 
the voice of one rather weariftl 
by tbe criticism that bas greeted 
this deal: “ Partnership depends 
on the partners. Partnerships 
work when both partners are 
getting something out of it 
What do you do? Do you not 
have partnerships? Must you 
own everything 100 per cent? 
We honestly believe, and this. \o 
some extent is pioneering, that 
this sort of thing is going to 
happen more and more in the 
future." “ 


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Republic National Bank of New Yozk 

\ Consolidated Statement of Condition 

December 31,1977 


Cash and demand accounts... $ 95,775,359 

Interest bearing deposits with banks. 288,618,168 

Precious metals. 70.817.841 

Investment securities. -498.935,857 

Federal funds sold and securities purchased under agreement to resell .. 165.000.000 

Loans, net of unearned income. 1,255.150,131 

Allowance for possible loan losses. (21.505,167) 

Loans (net) . 1,233.644,964 

Customers' liability under acceptances. 87.990,900 

Bank premises and equipment . 15.865.025 

Accrued interest receivable . 44,681.461 

Other assets ^. 71 oip .14*? 



Federal funds purchased and secunties sold under 

agreement to repurchase . 

Other liabilities for borrowed money. 

Acceptances outstanding. 

Accrued interest payable. 

Other liabilities. 


Common stock.: — 


Surplus representing convertible notes obligation 

assumed by parent corporation. 

Undivided profits.«. 

Total stockholders’ equity.-. 

Letters of credit outstanding 

S 95,775,359 




100 . 000.000 






$ 101,625,469 

As of December 31,1977, the total investments in precious metals and the precious metal content of gold and silver coins were 
substantially hedged by forward sales. The toial unhedged position al that date was ag.s million. 



Year ended December 31 

Net income. 

Net income applicable to common stock 
Per share of common stock: 

Net Income — primary. 

— fully diluted........... 

Dividends declared'. 







$5 96 






"On January 17,1978. the Board of Directors of Republic New York Corporation declared a quarterly dividend to Stock¬ 
holders of record March 15.1978 to be paid on April 1,1978 of $-38 per share vs. $.25 per share paid on April 1,1977. 

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;: ;a ^rV - • S-t* 4 '*i£T-*^ 

Financial Times Tnes^y 


THE OTHER day the South 
Yorkshire metropolitan county 
council, the planning and trans¬ 
port authority for the area 
around Sheffield and Doncaster, 
unveiled to the world its new 
structure plan. Not normally a 
matter, you mi^ht think, to 
arouse widespread outside inter¬ 
est. True, the council got into 
a lot of hot water over to policy 

of holding bus fares unchanged 
as far ahead as 19S6—an aim 
which had an honoured place in 
2 n earlier draft hut which is 
now related to a oolicy assump¬ 
tion. What catches the eye +his 
time, however, is an assumption 
the council has nvtde for the pur¬ 
pose <>f projcctLUS its capital 

It has loyally accented the flov- 
ermnent's own public oY T * > ndi- 
ture clan? no to th° end of the 
decade. Put from then cn the 
eoiinril Think* the pressure will 
he nfF and it will he in order for 
lr»cil snendinc to resume its 
earlier uow.ard trend. The fimiro 
it has a^imcii is an overall 
■ipf*re*«;e nvprn'rintr 5 p n r cent, a 
ye’r in real *orn'«. th« pos? ! - 
hility ic halF-arl-nnwledcert nf 
♦hij: heln? an ambitious figure, 
mhe mnnc’1 i* however errr'haMc 

that 5 ner r^nt. a vear udH 
h'-rrtti- pnn"^h in pecommodp^o 
all it? acpiration?. Tl pl^arlc 
h-uoves it is being not unreason¬ 

he la local councils’ own interest 
For a rate of spending faster 
than GNP would have to be 
financed either by much higher 
rate calls (which would raise the 
spectre of another rates revolt) 
or bigger government grants 
(which would mean either more 
Whitehall controls dt more ser¬ 
vices being transferred to agen¬ 
cies of central government). 

A change in attitude as funda¬ 
mental as this is unlikely to 
come about naturally. The com¬ 
bination of Ministerial exhorta¬ 
tion and Whitehall muscle which 
has recently brought the growth 
in local spending to a halt can¬ 
not be rolled upon pemianenUy. 
What Is Jacking ds some auto¬ 
matic mechanism by .moans of 
which changing external circum¬ 
stances can be hrouaht quickly 
home to local councils 


It is not hard to see why in 
rhe past local authority spend¬ 
ing should have grown more 
rapidly than the economy yene- 
rafly. As affluence has rioen. sn 
proportionately more has tended 
to he spent on services rather 
than goods, and proportionately 
more nf th” growing expenditure 
upon services has tended tn be 
spent on the V«nd of communal 
services provided by local 
authorities. This ha e been evi¬ 
dent in other industrialised 
nations as well as here, and it 
ha« been going on for a very 
long time. 

Between the l^TOs and World 
War I. for example, local govern¬ 
ment spending in Britain is 
reckoned to Mvc risen from 
about 2 per cent, to 6 per cent, 
of r.NP: between the wars it rose 
avnln from 5 ppr cent, to 10 per 
cent.; and sine** the late !P-lOs 
it has ri'en from R-9 per cent, to 
almost IS p n r cent. 

It is nhvious that this trend 
cannot go on for ever. Sooner or 
later local councils (and the 
national politicians and pressure 
croups urging higher outlays on 
this or that) will have tn 
moderate their aspirations to 
something more In line with the 
long-term growth rate of the eco¬ 
nomy. Indeed, in one important 
respect, such an alignment would 

If by this or some other 
means the growth in local spend¬ 
ing is in future held to about 
that of ihe economy, public and 
poliitccal pressure for more ser¬ 
vices and better standards will 
not <rf course abate. But this 
could be all tn Ihe good. In the 
first place, it could encourage 
local councils to review their 
long-term priorities. It may even 
lead them to re-think their roles 
in other words, to consider the 
balance between public and 
private provision in the light of 
changing perceptions of social 

For example, could not expen¬ 
diture on some traditional activi¬ 
ties bo reduced or cut out alto¬ 
gether in ord?r to free resources 
for newer and more compelling 
needs? Should services which 
have always boon provided free 
or at well below cost always be 
so provided? Could not greater 
use be made of ihe price mecha¬ 
nism to test the demand for 
services which are commanding 
a diminishing priority? In short, 
should not local services become 
an ever changing kaleidoscope 
of activities, with older diminish¬ 
ing activities gradually giving 
room to newer ones? 

The problem of squeezing 
quarts out of pint pots would 
at the same time provide a much 
stronger incentive for -improving 
efficiency 3rd value for money. 
Once local councils realised that 
their share of GNP would never 
be more than, ray, a fifth or a 
sixth they would be much more 
anxious to ensure that that slice 
was being spent as wisely as 
possible. Indeed, when as much 
as that is being spent upon the 
provision of unmarketed ser¬ 
vices. which is almost the case 
now. is not this something would J 
all dearly want to encourage? 



Videocassette dealers 

PREDICTIONS of a volatile 
1978, made in this column a 
few weeks ago, are already 
showing signs of coming to life. 
Last Thursday, the newly 
formed Association of Video 
Dealers In UJv spent most of 
the day preparing the stockades 
for the videocassette battle 
which looms ahead in the next 
few months. Opening shots will 
be fired next Monday when JVC 
hold the London Press launch of 
their three-hour videocassette 
machine, the VHS. This is ex¬ 
pected to become available in 
the shops in April, but an even 
earlier date could be announced 
next week. 

Last Thursday, the video 
trade also heard that Sony has 
pulled its own marketing 
schedule ahead to an earlier 
date—with June now planned 
instead of September for their 
own Betamax recorder. Price 
will be about £750 including 
VAT, and blank two bour 
videocassettes will sell for only 

Rat race 

The video dealers, far from 
rubbing their hands with glee, 
are beginning to carry furrowed 
brows. They look like becoming 
reluctant contestants in a rat 
race, with price slashing leaving 
a trail of blood behind as is 
happening now in the U.S. Even 
Sony have mixed feelings, re¬ 
gretting that their own launch 
has been hurried by events and 
expressing concern that the 
video dealers are not ready to 
cope with the servicing back-up 
this new product requires. For 
the customers, the hi-fi boom 
with discounted prices could 
happen all over again. 

With such activity in the 
approaching air of spring, it is 
becoming a busy time for the 
audio-visual Press. Last Friday, 
in anticipation of events, plans 
for a major European confer¬ 
ence on the new electronic 
media were announced with Mr. 
Buckminster Fuller as one of 
the star speakers. Called Enrn- 
Cnmm 78. the event—which 
tak-'s n'ace in Copenhagen from 
May 3t) to June 1—will cover 
everything from the current 
video-cassette battle to the 
electronic newspaper and the 
paperless office. 

In this electrified atmosphere, 
the last two weeks were not the 
most auspicious time for the 

British Sponsored Film Festival 
tn hold its marathon of London 
selection screenings. This year 
the Festival moves to Birming¬ 
ham, from May 9-12, but the 
pre-selection screenings have 
been staged as a public event 
this time, with some 160 films 
unspooling themselves to a fre¬ 
quently small and very som- 
Tiambulant audience. 

It was more than the most 
dedicated critic could bear 
for every day of a 
night, but most of my col¬ 
leagues share my view that 
the experience has con¬ 
firmed a downward trend in 
quality. Delegates could take 
their pick from safety films, sell¬ 
ing films, videotapes on educa¬ 
tional themes, even—curiously 
—a film starring Bing Crosby 
in an interview about attitudes 
to marriage. 

Of the scattered bunch that I 
saw. only one caused me to stir 
with interest and even excite¬ 
ment: The World of Netlon, 
sponsored of course by Netlon. 
With a title and subject like 
that, whn would expect anything 
but a dull film? In fact it. 
excels in all departments, using 
outstanding camerawork, music 
and editing to unfold informa¬ 
tion about this plastic netting 
that will come as a complete 
surprise to many viewers. It is 
used for underground pipe-lay¬ 
ing (tn protect the pipe surface 
from stones), harvesting fruit' 
and fish, protecting nursery 
trees, even on coastlines to pre¬ 
vent soil erosion. It is a splen¬ 
did testimony tn the inescapable 
truth that dull films are not 
necessary given dull subjects. 


In contrast, what an exciting 
subject British Airways have in 
the Concorde. Some of this 
comes through in Transatlantic 
Supersonic, a sales film to pro¬ 
mote the British Airways’ routes 
t but nut nf date already by send¬ 
ing passengers to New York via 
Washington). I found a similar 
Air Franco film, screened in 
Berlin last year, much more 
impressive—though it managed 
to stir in me snme old fashioned 
feeling of chauvinism about 

What Is wrong with most of 
current sponsored films is their 
predictability. Few are down¬ 
right bad, but even fewer, are 

really good. They all plod along 
the same path and leave one 
convinced that sponsor, pro¬ 
ducer, director and writer are 
all rather bored with their jobs. 

Thus the Health and Safety 
Executive’s training film Don't 
Tell the Lads commendably 
tries to be a cut above average 
by taking the style of a TV 
documentary in following the 
case of high lead levels found 
in the blood of some factory 
employees. But the story 
dull in its concept, and 
screened on the medium from 
which it takes its style, it would 
be quickly switched oft 

Likewise The Hole of the 
Landscape Company, sponsored 
by Blakesdbwn Landscapes. 
Here is a potentially fascinating 
subject exploring the part 
played by landscape consultants 
in various development 
schemes. Just like' current TV 
programmes about gardening, 
is a cameraman's dream, and 
just like the TV programmes 
tbe chance is wasted- 

Sheet anchor 

As usual, faith is restored by- 
British Petroleum who alone 
seem to be providing the sheet 
anchor in this period of de¬ 
pression for the sponsored film. 
Last week. BP added to the busy 
diary by previewing The Flame 
Moines East, a film that tells 
the story of a liquefied gas plant 
that has been built on the small 
island of Das, off Abu Dhabi 
It is an international project to 
provide Japan with natural gas. 
And like so many BP films, this 
production is a masterpiece of 
its kind, perhaps most of all be¬ 
cause of its exhilarating photo¬ 

In spite of the gleam of hope 
provided by the few. the 
medium begins to look increas¬ 
ingly like an anachronism. May¬ 
be we all are becoming satiated 
with moving pictures, and the 
approaching revolution in elec¬ 
tronic media is going to take 
over' by transmitting just the 
barest of information succinctly 
and without the embellishment 
of art- It is the syndrome of 
the stressful society: too busy’ 
to have time to stand and stare. 
As with food, we are now in 
the era of instant, accelerated 
dry-freeze communication—and 
ho more than one minim of 
sweat to reconstitute the mes¬ 

t Indicates programme in 
black and white 

6.40-7.55 a-m. Open University. 
9.10 For School, Colleges. 12.45 
p.m. News. 1.00 Pebble Mill. 1.45 
Ragtime. 2.00 You and Me. 2.14 
For Schools. Colleges. 3.20 Pobol 
Y Cwm. 0.53 Regional News for 
England I except London). 3.55 
Play School (as BBC-2 11.00 a.m.). 

4.20 Wally Gator. 4.25 Jackanory. 
4.4.0 Playhouse. 5.05 -John Craven's 
Newsrnund. 5.15 Star Turn. 

5.40 News. 

5.55 Nationwide (London and 
South-East only). 

6.20 Nationwide. 

6.50 Young Musician of the 

7-20 The Rockford Files. 

8.10 The Good Old Days. 

9.00 News. 


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1 To endorse, if I cannot, may 
be important (11) 

7 & 28 Vehicle with weight or 
vehicle taking on package (8) 

9 Loop for duck with its beak 
outside (5) 

10 Joining up, yet I must leave 
soldiering i9) 

11 Little Devonian resort but it’s 
unimportant (5-4; 

12 Doctor I have to follow on 
road to house (5) 

13 Graceful Oriental member 
with a book (7) 

15 Fastener that- is always at 
hand (4) 

18 Dog died taking treated milk 


20 Dog right for a miner (7) 

23 Correct them briefly before 
the finish (5) 

21 Collecting the right one in 
the gang (9) 

26 One who ponders over spirit 
in a hill (9) 

27 Vital part of bouillon I once 
concocted? (5) 

25 See 7 across 

29 Product of negative growth 
( 11 ) 


1 Ominous female relative takes 
in what's left (SI 

2 Gazed with malicious joy 
about bachelor being round 


3 Thought learner to be ex¬ 
cellent (5) 

4 Examine insect with soft 
centre (7) 

5 Distort one rail and create a 
flap (7) 

6 Walk to place of work, but on 
it one sets nowhere (9) 

7 Credit is twice apparent in 
turning-point (6) 

8 River-bird to remember with 
a sense of loss itt) 

14 Solo call making a rabbit hop 

16 Belittle motor car on motor¬ 
way going south-east (S) 

17 Fish that could be a little 
monster (S) 

19 Excavate it with a learner of 
figures (7) 

SO One who provides food for 
feline before start of race i7) 

21 Animal with paws around 
vicar (6) 

22 The vicar's address (6) 

25 Orientals embrace Pole and 
eat away (5) 

NO. 3,598 







fbaaffi ja Ai 
5l7l >-|Zl£BllO U 



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0^ B E 

Ll*|Tl£fl Jf 

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9.25 Play For To-day. 

11.00 To-nighL 

11.40 The Engineers. 

12.05 a.m. Weather / Regional 

AH' Regions as BBC-1 except at 
the following times:— 

Wales—2.32-2.37 p.m. For 
Schools. T&blau (7) Tabl sailh. 
5.55-6.20 Wales To-day. 6.50 
Heddiw. 7.15 Pnbol Y Cwm (senod I 
penned 21. 7.45-8.10 Ask The 
Family. 12.05 a.m. News and 
Weather for Wales. 

Scotland—5.55-620 p.m. Report¬ 
ing Scotland. 12.05 a.m. News and 
Weather for Scotland. 

Northern Ireland—.5.53-3.35 p.m. 
Northern Ireland News. 5.55-620 
Scene Around Six. 12.05 a.m. News 
and Weather for Northern Ireland. 

England—5.55-620 p.m. Look 
East (Norwich): Look North 
(Leeds. Manchester. Newcastle!; 
Midlands To-day iBirmingham;; 
Points West (Bristol i: South 
To-day (Southampton i: Spotlight 
South-West (Plymouth;. 

BBC 2 

7.05 -7.30 a.m. Open University. 

11.00 Piny School. 

2.15 p.m. Other People’s 

2.30 Having a Baby. 

tS.OO Propaganda With Facts. 

3.20 The Living City. 

4.55 Open University. 

7.00 News on 2 Headlines. 

7.03 On The Rocks. 

7.30 Newsday. 

8.10 International Pro-Celebrity 

9.00 Spike Milligan in “Q7.*' 

9.30 The Man Alive Report. 

10.20 In The Lookinz Glass. 

10.50 Late News on 2. The Old Grey Whistle Test 

11.40 -Tl.45 Music at Ntght by 


9.30 a.m. Schools Programmes. 
11.54 Felix the Cat. 12.00 Paper- 

play. 12.10 p.m. Stepping Stones. 
12.30 Kitchen Garden. 1.00 News 
Plus FT index. 1J20 Help! 1.30 
Crown Court. 2.00 After Noon. 
2.25 Sam. 3.20 The Rolf Harris 
Show, r.,50 Couples 4.20 Get It 
Together. 4.45 Magpie. 5.10 

5.45 New s. 

6.00 Thames at 8, 

6.40 Crossroads. 

7.05 Dave Allen. 

735 Charlie’s Angels. 

8.30 Armchair Thriller. 

9.00 Wilde Alliance. 

10.00 News. 

10.30 A Change In Mind. 

1 MO Quincy. 

12.25 a.m. Close: Neville Jason 
reads a psalm. 

All IB.\ Regions in London 
except at the following times:— 


J"* Arwlia Veen. Z.M House- 

E,<<7lr,c Thealre Show. 
Firm, fc.00 About AuxIijl 



U.S5 e.m. Belly Poop I JO p . m . ATV 
Newsle-ik. 3.20 QuIcS on the Draw. 5.15 
5'™*^?“ and ?h,rlcr - *30 ATV Today. 
7.oa Emmordalc Farm. 7.30 Dave Alien. 
8.00 Robin's .Vest. U-30 ClbUsvIHe. 


tUD p.m. Border News, jjjjo House- 
party. 3JZ9 Friends of Man. 5-15 Indoor 
Lea cue. fcjjQ Looks round Tuesday. 7.00 
EmnierdaJe Farm. 7J0 Dare Alien. 8-00 
Robin's Vest. 1U0 Baretia. TUL2S a.m. 
Border News Summary. 


1-18 p.m. Channel Lunchtime News and 
What's On Where. 3.20 Wish You Were 
Here. 5.15 The Flinraiones. 6.00 Report 
at Six. 7.05 Treasure Hum. 10.28 
Channel Laic News. 11.H Dan aokusi. 
12-25 a.m. Cemmemaires ct Previsions 


9.23 ajti. Firsi Thins. 1.20 p.m. 
Grampian Neurs Headlines. 3.20 Women 
Only. JAS Cartoon Time. 5.15 Wings 
Things. fiUXJ Grampian Today. 6.10 Oux 
of Town. 1130 Reflections. li-Vt Police 


120 p.m. This ts Your Rishi. 330 Mr. 
and Mrs. 5.10 This Is Your Right. 545 

Crossroads, too Granada Reports. 630 
Emmcntaie Farm. UJ3 Play the Game. 
12JJ0 Wait TUI Your Father Gets Home. 


133 p.m. R-'-pon West Headlines. 145 
Report Wales H'adllncs. 2.00 Ifouseparty. 
235 Sam. 3JO The Electric Theatre 
Show. 545 Sinbad Junior. 540 Cross¬ 
roads. 6.00 ReP'trt West. 648 Report 
Wales. 645 Emmcnjale Farm. 1130 
Police Woman. 

HTV Cymru.'Wales—AS HTV General 
Service except; 1.20-1.25 p.m. Penau-dau 
Nvwyddlon r Dydd. 4.20 Mlrl Mawr. 
4304.45 Seren wib. 6.00-643 Y Dydd. 
1033-1145 Bj-.eyd. 145 World In Action. 
11.45-1230 a.m. Celebrity Squares. 

HTV West —as HTV General Service 
except; 140-130 p.m. Report West Head¬ 
lines. 643-645 Report West. 


US p.m. News and Road Report. 330 
Mr. and Mrs. 5.15 Plpet and Friends. 
5.23 Crossroads. 630 Scotland Today. 
fc.30 What's Ynur Problem? 730 Enuner- 
dale Farm. 730 Dave Allen. 830 Robin's 
Nest. XL30 Laic CalL 1LC5 Rush. 


130 p.m. Southern News. 2.00 House- 
party. 333 Survival. 545 -Belly Hoop. 
5.20 Crossroads. 630 Day by Dar Includ¬ 
ing Souihspori. 730 Emmerdalc Farm. 
730 Dave Allen. B.DO Rnbin's Nest. 1130 
Southern News Extra. 1130 The Practice. 


930 a.m. The Good Word fallowed by 
North Es?t News Headlines. 130 North 
East News and Lnofuround. 330 The 
Udd Couple. 545 Nobndy's House. 630 
Northern Life. 730 Emmerdale Farm. 
730 Dave Alien. 830 Robin's Nest. 1130 
The Collaborators. 1230 a-m. Epilogue. 


130 p.m. LunchUmc. 330 Mr. and Mrs. 
4,18 Ulster News Headlines. 545 Friends 
of Man. 630 Ulster Television News. 
635 Crossroads. 630 Reports. 738 
Emmerdale Farm. 730 Dave Allen. 8.00 
Rohm's Nest. 1130 ProOslebrlty Snooker, 
fallowed by Bedtime. 


1237 p.m. Gus Honeybun's Birthdays. 
130 Westward News Headlines. 330 Wish 
You Were Here. 545 Tho FUntstanes. 
6.00 Westward Diary. 735 Treasure Hunt. 
1038 Westward Late News. 1130 Dan 
August. 12.25 a.m. Faith for Lire. 


130 p.m. Calendar News. 330 Hoose- 
parry. 545 Indoor League. 630 Calendar 
fEmlcy Moor and BeUnont edlilonsi. 
733 Emmerdale Farm. 730 Dave Allen. 
S.M Rnbin's Nest. 1130 Celeb my Concert; 
Paul williams. 


(5) Stereophonic broadcast 
630 a.m. As Radio 3 7.02 Noel 

Edmonds. 930 Simon Bates. IL 1 .-I Paul 
Burnett Including 1 ? 30 pun. Newsbeat. 
ZOO Tony Blackburn. 431 Dave tw 
Travia mdudlnx 5.30 Ncwsbyat. 7.00 
Folk m fSi 1 joins Radio Si. 932 as VHF 
1032 John Peel 1 S 1 . 1230-1235 »Jn. As 

Radio 2. 

VHF Rndlos 1 mad 2; 630 a.m. With 
Radio 2, Including L55 p.m. Good Listen- 
inn. 932 Among Your Souvenirs 1 S 1 . 
2032 W/dx Radio L 2230-2235 a.m. With 
Radio 2. 

RADIO 2 1.500m and VHF 

6.00 a-m. News Summary. 6.02 Ray 
Moore IS 1 wilh The Early Show, includ¬ 
ing 6.1j Pause Tor Thought. 7.32 David 
Allan (Si including SJ7 Racing Bulletin 
and B.45 Pause for Thought. 1032 Jimmy 
Young fSi. 12.15 p.m. Waggoners' Walk. 
12.30 Pole Murray's Open Honsv tSl in- 
eluding 1.(3 SpOITJ Desk. 230 David 
Hamilton tSi Including 2.45 and 5.43 
Siwri? Desk. 430 Waggoners' Walk. 
4.45 Sports Desk. 4.47 John Dunn fS> 
itrclndlng 5.45 Spdrts Desk. 6.4S Snorts 
Desk. 7.52 Folk re <S>. 730 On The 

Third Beat (S'. 832 Hubert Crcfig at 
The London Theatre, part .13 932 Boxing 
Special. 945 Sport'! Desk. 10.02 $<at 
the Record. UJO Tony Britton says Be 
My Cue*!. 1132 Brian Matthew with 
The Imc Show. 1330-12.05 a.m. ?;?ws. 

RADIO 3 4M«n. Stereo ft VHF 

Medium Wptffc Nly 
76-55 it.m. Weather. 730 News. 735 
Overture (Sh B.OO News. 83S Morning 
Concert (Si. 930 Nows. 9.05 This week’s 
Cmooscr: Glazunov <Sr. 935 Plain- 
song and the Rise of European Music rsi. 
10-45 KoecfceTt String Quarrol part 1 iSi. 
1130 in Shin tulKt. UJS Kneckert 
Strum Quartet oart 2 (Si. 1245 pun. 

Midday Concert, part l: Schubert 
Chauason. un News. 135 Tbe Arts 
Worldwide. 120 Midday Concert part 2: 
Ravel. Sibelius. 235 Beethoven from 
Bristol *S.. 3.05 A Lillie Lighl Music IS). 

а. 65 Music of the Irish Harpers ts», 430 
The Vaughan Williams Symphonies <5i. 
5.15 .1a22 Todar iSi. SA5 Homeward 
Bound. 2635 News. tfcJO Homeward 
Bound (continuedi. T630 Lifelines: Work 
and Traioing. 730 Royal Liverpool 
Philharmonic Orchestra, part 1: Svendsco, 
Beethoven iSi. 8.15 Tourism tn the 
Renaissance tiaDt by John Haiti. 8LS 
Royal Liverpool Philharmonic Orchestra 
part 2: Shostakovich tSi. 940 Drama 
Now tS>. 1030 Haydn and Beethoven 
plana recltil (Si. 1140 Dieter Acker: 
chamber music concert i$i. mo News. 
1135-1130 And Tonight's Schubert Song, 

Radio 3 VHF only—630-7.00 a_m. and 

б. 05-730 p.m. Own University. 


4Mm, 330m, 285m and VHP 
645 8 . 111 . News. 647 Farming Today. 
635 Up lo the Hour. 6J2 iYHFi Regional 
News. 7.00 News. 740 Today. 735 Up 
to the Hour icoot'nucdi. 732 tVBFi 
Healonal News. 8.00 News. 840 Today 
Including news headlines. Weather, papers, 
sport. 0.45 Yesterday in Parliament. 930 
N'''.vs. 19.05 Tuesday Hall. £1038 News. 
110.05 Round Europe Quiz. 10.30 Daily 
Service. 21035 Morning story. H1.M 
News, 01.05 Thlrty-Mlnote Theatre. 
0X35 Through African Eyes. 1230 News. 
2232 pjn. You and Yours. 1240 Desen 
Island Discs. £12.5 5 Weather, pcOFraro me 
nows VHF (except London and SEi 
Regional News. 1.80 The world at One. 
130 Tbe Archers. 135 Woman’s Hoar 
<i from 2.00) Including 2.Oft2.0? News. 
£2.0 Listen With Mother. 330 News. 
S.OS The WMdludrrs iSi. 4.00 News. 
4-flS Gardeners' Quesrion Time. 4JS 
Story Time. 5.00 PH Reports. 530 

Serendipity rsi. 1S35 Weather, pro- 
gramme oevrs fVHFi Regional News. 
6.00 News 630 Just A Minute iS>. 730 
Jjvurs. 735 The Archers. 730 Time For 
Verse. 7J0 Royal Liverpool Philharmonic 
Orchestra ias Radio 31 1 S 1 . 933 Kaleido- 
1D J W World 
Tonight 1030 My Sainted Aual starring 
Trevor Bannister. 1LOO A Book at Bed- 
^ U T 15 V'"- Vandal World Tonight. 
1130 Today lo Parliament. 1135 News 

M ,F d 0^ 2^.M lB p". MF, " n,y ,JB 

BBC Radio London 

„ _ 206m and 94-9 VHF 

WM a.m. A* Radio t 630 Rush Hour. 
930 News Estra. 930 London Live. lUB 
In Town. 1235 p.m. Call in. 240 280 
Showcase. 435 Home Run. 640 Look. 
Slop. Listen. 7J0 la Town. 830 .Ml That 
Jazz. 18.03 Late Night Loudon. 1230 
Close: As Radio 2. 

London Broadcasting 

261 m and 97.3 VHF 
5.00 «-m. Morning Music. 630 
nonstop news, travel, sport reviews. 
Information. 10-80 Brian Hayes. 130 p-m. 
LBC Reports including George Gale's 
.1 O'clock Call, e.00 After a—nltb Tan 
Gilchrist. 9.H Nichilino. L00-530 a.m. 
Night Extra with Adrian Scott. 

Capital Radio 

194m and 95.S VHF 

630 a-m. Graham Dene's Breakfast 
Show <Si. MB Michael Aspei rsi. 12.08 
Dave Cash with Cash on Delivery i.S' 
330 pm. Roger Scott with his Three 
O'clock Thrill iSi. 730 London Today 
iS>. 7JO Adrian Love's Open Line fSi. 
930 Nicky Horne's Your Mother Wouldn't 
Like It fSi. 5130 Tony Myall's Late 
Show iSi including 1130 Moment or 
Terror. 230 a.m. Duncan Johnson's 
Night Flight IS). 



for Cheltenham honours 

THOSE OF US who had been 
.feeling that Ireland's challengers 
at Cheltenham next month would 
be hard-pressed to lift mare than 
the odd minor prize may have to 
reconsider. . 

Ia the past few weeks. Fast 
Score, Corrib Chieftain, Ballyrnss. 
Mr. Kildare, Monksfleld and 
Fixmoinent King have ail shown 
that they could -weil.contribute* 
to an above-average haul.; for, 

The three who interest me 
most from this groiip, with an; 
eye on the ante-post lists, are. 
Fast.Score, Corrib Chieftain and 
Monksfleld . ' • 

Both Fast' Score, ’and Cornb'" 
Chieftain, who are respectively 
quoted at 14-1 and 16-1 ■ for the 
Dally Express Triumph Hurdle 
(the four-year-olds' champion-' 
ship), drew .attention to their 
chances on the same afternoon at 
Naas last month. ' ~ . 

Fast Score; a game daughter of 
Forward Pass, • tackled the- 
stronger -company in the, Slaney 
Hurdle. Racing against older' 

rivals for the first time, the four: did his t 
year-old trained by Adrian_ 3fax-.m^e^-a 
well kept on with great deterinfSK ior Ghe 
atioh ’ to " ran "a ; close third .-to rtK4-flni£. 
Leopardstpwn'a - : Sean «..Graham so’-^nan; 
Hurdle -winher. Golden -Cy^iet,-'English 
and .. Mr. Kildare**' , subsequent : 

Naas”victim, Olsin Dnbh- ' rnn thp 
That run, if.- r^rodneed ^orl ; all'^but 



BY OOMlNtC YflGW; l 
nofir- HVB 
- 'of gdih 
: -Satuida: 

; -r ; '/suu i 

March 16 ,. will gtYe Fast Score *• accordln 
fine xbance of beating toe less observe} 
experienced opponents .she will Monkafli 
meet-in'the Daily. Exprete race, plow tt 
" Although he cmne up against- and Mr. 
weaker - opposition ' Fapt be was 

Score when, finishing fourih-.iof s ughti y 
12 in a ctivfaion ^of.‘ the' Barro kt night: 
Hurdle, ' Corrib -Xffiieftain did It. he 
enoligh to suggest : .that- he iw ; fugfher, 
has more-than, .a forlorn hope-ef- 
upsetting; Rodman. ;••' : the;Fesl 
.^elHna In the .earty stages, he .extreme 

scarf and 

THE LOTS were more interest¬ 
ing than the prices a- 
SoThehy’s auction of autograph 
letters and. historical documents, 
which totalled £18,703. For 
example, the - Royal - Fasiliers 
paid £170 for a letter from 
Queen Mary, consort of George 
V, about a scarf which she had 
knitted' during the First World. 
War for a "private in the regi¬ 
ment. Included with the letter, 
is the seven-foot scarf. 

The highest price was the 
£620 from W. Lea for five letters, 
sent from Gambia in 1S39 and. 
1840. Letters of this period are 
rare. Letters from Malta-in 1842 
fetched £480. and three albums 
of autographs and calling cards, 
including A. E. Houseman, T. S. 
Eliot and others, sold for £440. 
More than 2.000 17th century 
letters and items from the Wych 
family of Norfolk were bought 
by Qnaritch for £500. The same 
dealer also acquired for £170 
some contemporary letters on the 
French invasion of Fishguard In 

At Sotheby Parke Bernet in 
New York over the week-end. In 
an antiquities sale which totalled 
£245,000, a marble figure of.'a. 



goddess from tHe' .Greek ^hr 6 n 2 e ' a - GBrm 
age -(around - 2700 BC) -sold for a Moon 
£33.505. . T . . .. : carved^ 

Continental dealers.. were. out .from 
in force yesterday aL Glnistie , s-:":Extssi; 
for a sale of flijie^ ©arlptiire, and ’WelL-'A 
works' of art'‘whit* jto.talleiL^lJSW; f 
£51,152- Belgian dealers, were Jjorsem: 
particularly active.' . ■ .• ■ . -anddfit 

He: Grande paid the top;price -^1! 

ihe atrQ 
■■A Vs’: 

- .' ' : v v-.'. : ^ contalnJ 

of £5,400 for a NdmDgh^m -Y ilh :J ar 
alabaster relief .of" the" Entomb.- plants^ 
ment, showing the body .of Christ s .*f 
being lowered into the grave by A f 
two disciples. .... .tt 1376 * 1 ? 

Charaban, Dirven aird I&poque, stand, 
all also from Belgium, each gave Harrmg 
£850 for a 19th' century Flemish sold 1ft 
ivory tankard; a ITth; century _ Bemr 
English oak relief of an allegory: dearer, 
and a French bronze group of a rose' ov 
Satyr, Nymph ahd Child, signed cover; a 
Clodion, 1780., 

. \G- Van. the :London dealer. Canton 
paid £1.900 for a 1.7th. century shaped,- 
North German polydirome vfro'od.; with a 
figure, of Our Lord, and. jCadri,-'' colouret 

World Value of the P 

The table below gives the latest available 
rates of exchange for the pound against various 
currencies on February 20, 1978. In some 
cases rates are nominal. Market rates are ihef 
average of buying and selling rates except whe^tt 
they are shown to be otherwise.''In same cases 
marker rates have been calculated from those of 
foreign currencies to which they'-ate tied. / 
Exchange In the U.K; and' most ofir the 
countries listed is officially controlled arw the • 
rates shown should not be taken as i being 
applicable to any particular transaction vtfthout ■ 
reference to an authorised" dealer.-'';' 

Abbreviatiolis:'<S) member of the-stemng • 
area other than Scheduled Territories; (k> ■ 

Scheduled TerHtcry^i 
rate; (TJ- tourist rat 
rate; (ri.a.) not availat 
no direct quotation av 
(bg) buying rate*;, i 
exchange certifirates 
dollar parities and -gi 
(Bk) ..bankers’"- rate; - 
commercial'rate; (cn 
financial rate. - 

-Sharp ffuctoatfoti! 
to thMordl^exthmf 

taWe belbw are-uMH 

our the'' dates shewn; <: 

! Valued 

Place and Local Unit; . £ Sterling 

\ \ 

. • . 


Place and iocsi Unit 

• • --1 

£ Sterling 

AfyhaniBtan Afghani 

Alhoiun . Lak 


.Anriorr* .... 


Aanpna <S|... 


j French Franc 
i Spanish peaeta! 
B.Carfbheaa 8 

Australia (SI. 



Bahafnas i*> 

Bnn^liidcsb tS 
Bahrein (Sj... 
Balearic la. ... 

At. Pew Free Ralto 
AnrUallan $ 1 

Portog. EscodoJ 
Ba. Dollar 
Spa. Peseta 















Belgium_B. Franc 

Belize.—— B fi 

Benin...C.F.A. Franc 

Bermuda iS 1 ).. B4a. 8 

Bhutan.ImUan Rupee 

B-^irla......... Bolivian Peso 

Bntacrana (91. Pula 

Brazil.. Croze I re |] 

BrYireln Ie(Sl C.S.S 
Brunei (9l— Brunei 0 
Bulgaria....... Lev 

Bo rm*.......... Kyat 

BurunAI. Burundi Franc 

Camoro'nRp C.F.a. Franc | 4871® 

Canada.Cnnariian S | 2.TS25 

Canary la.Spanioh Peseta j 168.70 











Cape Verde 1. 
Cayman l«.(S) 
Cent. Af.Ru... 

Cafi? V Baoudo 
Cav. 1. S 
C.F.A. Franc 
C.F.A. Fntna 

Ban mm hi Xoan 
C. Peso 
C.F.A. Prano 
C.F^\. Franc 




Comoro e l Vis. 

Conge iB'llei-. 

Costa Rtca..... 

Cuba..Cuban Peso 

Cyprus Cym* JS 

Czei:liosloTak. Koruna 

Denmark_Danish Krone 

Djibouti.- Fr-4 

Dominica (5).. E. CtrlHwB 8 
Domln. Hep_ Dominican Few( 


Kgypt—^— Egyptian £ 

Ethiopia_Ethiopian Birr 

BqVi Gaines Peseta 

Fktolajid la- j. f^ lk ] 4ad rB . £| 

Faro la—.Daolah Krone 

Fiji is-Fiji ( 


Franve.- French Franc 

Fr. Ctj-JnAJ* C.F.A. Fnua 
Ft. Guiana.... Local Franc 
Fr. Pbc. I*.— C.F.P. Prano 

Gabon__CJ.A- Franc 

Gambia (8)_Dalasi . ^ 

a *™SU t 0 *™*' 




407i b 

(Bk) 65.64 
5.2853 . 
(Pi 74.54 
■ (com) 10.80 
I (Ti 10.46 

1 lDM.73 
1(0)0.756 . 
ITT) 1.51 
' 166.70 







. 170.0 




Germany^^ [iJeikU^tanaac.. 

Ghana (if).Cedi'.' "... 

Gihraltar-tK). llibraltaf . 

Gilbert la..Auat- Dollar 

Greeve.Drachma . 

Greenland.... Daolah Kroner 
Grenada (6)... H- Carrlbean 5 
Guartfrtnupe... Local Frano 

Guam.U.S. S 


Gnlnea Rep— . . 


Guyana (S).... Guyanese f 


HrrnrtunujRep Lempira 
Hi*n(tKong(e) HJt.8 
Hanjtazy.-.:— Fortac | 

Iceland ^)... l.'Krona 
India Jnd. Rupee 

Indooeaija^— Rnplah 

Iran.. Rial- 

Iraq.—Iraq Dinar ' 
trial] Rep(k)_ Iriah.£ 

I are <4Israel £. 


Ivoiy Coast... C:F^. Fnuw 
Jamaica fS).. JaraaleaDoliar, 

Japans.— Ysi 

Jordan (P).,_Jnrdan Dinar 

Kampuchea- Klet' 

Kenya (Si.-— Kenya Shilling 
Korea (Nth)... Wnn 
Kurea (SLhj- WwL 
Kuwait (Sd». Kuwait Dinar 

Zaos... s Kip Pot Pol 

Lebanon . Lefeaaeae £ ■ 

LrM'itho__ 9. African Rand 

Liberia......... Liberian 8 

Libya Libyan Dinar 

Llecht'nrtn— Swiss Frans 
lartembonrg. Lux Franc - 

‘UK 4" J 



Malagasy Kp. 
Malaysia, (S).. 
Mairtive la.(9l 
Mali Rp.— 

Mauritius fS). 


Miuoelen __ 1 






HaHru Is— 



New HebrhJes ^ 
N. Zealand(&) 
Nicer Jip...— 

Oman Sultan-.- 
ate of <S)_ 

Port mc’MEtcudM 
MG Franc 
Kwacha ' 
Mai Rupee 
Mali Frano 
Maltese £ 

Local Franc . 
Ouguiya t 
M. Rupee 
Mexican Peso. 
CJ-A. Franc ' 
French Frano . 
Tugrik j 
R. Csrrlhear» 8 

Dirham - 
Mot. Bacodo - 

Anrt. Dollar. 
Nepaleqe Rupee 
AnriJHan Guild 

A rati. Dollar' 
N.Z. Dollar 
CiF.A. Franc 


Nrwg. Krone 
Rial Omani 


171083 • 
10326 . 

- 6JB . 

4.9Baa8 • 
9 77ffi. 
3.95 •" 

teomj 72.86 
nju . 
(A116B. '■ - 
0.67406 ' 
1.00. '. 
‘ 51.51126 
,, 4671b. \ 

. 235068 
•' 4«5Xa 

. 2546.4 
... 1UB-. ■ 
953.7M - 
raaso ; 

1.70005 . 


1(F) 037802 ^ 

92.0b : -. 



- 43076- 

. 856 
0.78Tb ' 

. 9.56 

- 9J* 

■ 5-202O4 ‘ 
-8.58Cwd . 

X71086 - 
.4-28. -• 

Pakistan.— Pkst. -Rupee 
Panama_Balboa .* ... 

RapuaN.G.fS) Kina 

>3i nt 
.-15-7* - 
: 4071# ; : 

10.1b; 7 :_- 

. I364S 





at Teme 


Poland — 

Puerto Ri 

Bean Ion 
He do la 

Bt. Lncta 
San Marl 
San Thm< 
SanAI A f 
Sierr- Le'i 
Soma I lit 
Sth. Afrii 

S.W. ATr 

Span. Phi 
tir. LfrnVi 
Sudan R] 
T anmnla 

Togo Hp. 
Tonga li 

Tuvalu i 










‘ That part of ihe French camnwirtty in Africa fortneiij 
par? of nentii West Africa or French BowuortaJ Africa. 

e CFA franc. The 
CKA PTs.5 to one on 

or. the. 

J Afan anil'lit 
1 General'rates of oli ant 
8 " Based an - mw.j na reo ~ q 
. ** Elite ts-tte Trsnsfcr ma 
tt Rate le tme^ based-orr 2-1 
.« Now one oftcW raw^, 



Thomas Cookfravelleri 

1. i >*.: 

• ^ 7 

. , \T .. ”.i. < . 


- •.. v~ ■. 

• h ’4 " l . 

from Leningrad 

Chaikovsky and Glinka 




aneot of- 
tbin-the pale qf 
" ce is a fascinst- 
' 'lopment, .for. it 
.“ r - portant shift in 

- and sensibility, 
’rue, not so long. 
/- greater part of 
;. ; rjrchitecture ■ and 

dy. held in, con-- 
. .lerejy laughable 
■ !_ temporary ait 
. serious-' pioneer* 
of men like 
and, .later, 

- seined irrelevant 
. ' l, the efforts, of 

, /• • -man and the 
y perverse, and 
, ot actively; a bar ' 
■■ lat has changed: 
Jily is stm with 
. once were, all 
now command 
a aeries 

h ( , uubitions, em- - 
il&PS from photo-.. 
i tjage has /been 
L |*i, to a national; 

^ : ; w that 1 have 
Baking fondness 
“Art. a simple, 

~ nee on my part 
‘ t i separate from 
ated or special- 
.. .t was perhaps 
■». it ever I knew, 

• afternoons by 
* ... .he many parts, 
i . jumble sale, of 
,' Greatest Paint 
Watts,. Millais 
. /ere .so uns elf - 
•l bed with Titian, . 
Velasques. To 
of these paint-' 

‘ /after Art Gal- "• 
d you last see 

Lengogral in winter is a city little ilusion remains; costumes, 
of striking contrasts; between maitif-Wfill designed, betray the 
the glowing Mediterranean che»ness of their materials, 
colours of the Matisses ja the Chous movement is blocked out 
Hermitage and the frozen, snow- ske^bily and a conventional stiff- 
covered River .N’eva outside- ne* of gesture prevails. ' But 
between the brilliant peacock ttfse shortcomings fade into in¬ 
blue of the Catherine Palace at si nuance when compared with 
Pushkin (formerly Tsarkop Seio) t* excellence of the musical 
and the silver-frosted branches the Kirovs chief 

of the trees in the park; between Iory ls lts orchestra, 
the ravishing interior of the The huge chorus, which com- 
Kirov theatre and the blizzardmands an overwhelming weight 
raging on stage as Ivan Susanir of tone when singling full out, 
leads the Polish troops into tb also displays a filigree delicacy 
heart of the forest. As -wit and lightness. The dancers 
Venice and other znuch-paintd bring spirited enthusiasm (if not 
and often-photographed citis. ideal polish) to the party scenes, 
the reality. is infinitely mrc The programme, printed only tn 
beautiful than the image. Russian, reveals a familiar name: 

A week-end visit to the foxier Anna Tomowa-Sintow, the BuP 
Russian capital indSfed Kfr- ££" ^P"° n 
formances at the Kirov of iiree 

works all counted 'vith-enjn- house P shcU- 

§”**v . n ^' r %] * Sests the impulsive girl of the 

early scenes as convincingly a* 
which is set tber . The teepmp ttie woman of the world In the 
Beauty and Glinka- I«w ]ast acli Her latter scene has a 

Sj* saf, ' n (originally A Life for sincerity and directness that 
the Tsar), both of 'hich re- touches the heart, 
ceived their first pei orman ces 

in the city. Chaikov<y did not Russia seems to grow an end- 
write Eugene Oneginas a grand j K f su £ p * y _°* genuine con- 
opera for large tbatres. Jmd frattos; E. s - torofchovskaya. the 
though the Kirov, despite' its Olga, bas a fresh youthful¬ 
wide proscenium ;id generous sounding voice, while E. S. Kray- 
stage. has a very itimate atmo- shkina (Larina) and T. S. 
sphere, the piec inevitably Kuznetsova (the Kurse) are 
needs over-inflati« there. The e * u = 1,y pJeasant-toned if more 

production, by I. Sblepyanov. « J5g?^ A JL2i 

has clocked up parly 400 per- Zastav-ny makes a dignified, 

V. V. Dmitriev* once-attractive he does not achieve much pas- 
sets look shabb* and two-dimen- sion for the final duet. A. A. 
sional in the fit fighting. while Steblyanko sings smoothly as 
erratic foHowryots' destroy what Lensky, 'his plangent, typically 

Festival vlall I 

Slavic timbre' and musical 
phrasing adequate substitutes 
for any original characterisation. 
N. P. Gavrilkin is a noble-voiced 

Prince Gremin. 

Though the conductor. Y. V. 
Gamalei. lends to drag the 
soloists' music and hurry the 
chorus scenes, he maintains 
excellent ensemble while the 
orchestra plays well for him. Tie 
orchestra plays even better for 
V. A. Fedotov, who conducts 
both The Sleeping Beauty and 
Iran Susanin, la a performance 
of the ballet fraught with minor 
accidents—the ballerina's sboe- 
rjbbons came untied at one point 
—his shaping of the Chaikovsky 
score, elegant and deeply satis¬ 
fying. provides the major plea¬ 
sure of the evening. In Glinka's 
opera his unerring sense of 
architecture gives coherence to a 
work that can seem sprawling 
and disjointed. 

The Kirov, like other theatres 
in the USSR, still uses the text 
of Iran. Susanin rewritten by 
Gorodetsky during the Stalinist 
era. As Leningrad is in many 
ways so proud of its connection 
with the Tsars—the eyes of our 
marvellous Intourist guide, 
Natasha, sparkled each time she 
mentioned Peter the Great, which 
was about once every five 
minutes—it seems a shame not to 
return to Rosen's original libretto 
But no, Susanin gives his life 
for the Motherland, not the 
Tsar; Sobinin volunteers for the 
People's Army; Vanya hastens to 
Minin's headquarters instead of 
to the monastery where the Tsar 
is hiding; and the Tsar's, 
triumphal entry into Moscow 

Elizabeth Hall 

becomes a Victory Parade in Red 

However, gratitude for the 
opportunity of bearing the opera 
In an authentic musical form, 
and of seeing it staged on the 
vast scale possible at the Kirov, 
far outweighs any other con¬ 
sideration. Also this production, 
directed by R. I. Tikhomirov and 
designed by F. F. Fedorovsky, is 
a great deal newer than the two 
Chaikovsky stagings, while the 
static theatrical style suits 
Glinka’s historical epic much 
better than the domestic drama 
of Eugene Onegin. The chief 
chorus master, A. G. Murin, an 
honoured artist of the USSR and 
laureate-holder, deserves every 
possible praise for his training of 
the singers, both men and women, 
whose patriotic fervour shines as 
brightly as their musicianship. 

The daoces in the second. 
Polish, act (choreographed by 
A. V. Lopukhov and S. G. 
Koren) arc performed with 
infectious vitality, - especially the 
.Krakowiak and the Mazurka. As 
Susanin, the bass B. T. Shtokolov 
sings with rock-solid tone and a 
nobility of utterance wholly 
approprate to the character. 
E. E. Parfenova—yet another 
fine contralto—makes Vanya a 
believable boy. A. E. 
Rozumenko. in the high tenor 
role of Sobinin, laudably over¬ 
comes the difficulties of the 
music (his aria is cut). A late 
replacement for the soprano 
billed as Antonida sang her 
beautiful cavatina most accept¬ 
ably. The performance was, for 
me, the culmination of three 
days richly packed with unfor¬ 
gettable experiences. 


Walter Klien 

Those ido have recently and phony." In these days of fidelity 
publicly complained oF short to a composer and of a growing 
measure in the length of con- conviction that Berlioz knew 
certs mfbt consider their fires what he was doing, it seems 
fuelled by Sunday night's pro- somewhat impertinent of a con- 
gramro. when Sir Georg Solti ductor to fillet it by presenting 
conduced the London Philhar- the orchestral movements only, 
monir Orchestra. After 26 At one point the process re- 
minor*® of Mozart (the ‘-Prague" suited in sheer ungrammatical 
s yin pony) there was a 24-minute nonsense; Berlioz's first move- 

Ul i 

.'or example, is 
id a particular 

seams such as 
Lalng, the city 
s, Birmingham, • 

nchester, those . . -- -— UUIEU< c UU „u.». 

civic pride Thomas Cooper Gotdi (1854-1931): Holy Motherhood monic Orchestra. After 26 At one point the process re- 

' irivate pbilan- mintr*® of Mozart (the‘-Prague" suited in sheer ungrammatical 

£ t &a”SSt siinilarly far «*mgh removed the show a second time, and remains in Liverpool. hS^irt^S0 M miSitei“ U 5 ESST™* . fim ” 0 ™“ 

s lera Sly imm m t0 acceptably, neatial looking more closely, we begin But the point is well made. ‘ n JSs from Berlioz's Zl slnfts its key in readiness 

irtiamL when “ element in the work, to be to see not merely how affecting nevertheless: the best of these 5 Ja£ coStinc^ f ■ ■ a J .entry which was 
■ tatter acknowledged, understood, and. or amusing but how good these artists were formidable techni- SL*™? S “el? an Slertire “*?“?■ f™ 1 ID ? ead - we got an 

• a while. SSn even but not at/the things, and so much else besides, cians. armed, by the camera SSJ have nre^edid 5ie orchestral continuation in a 

nte and anxious e^ease of everything else. . • really are. There are a few perhaps, and by scientific 2jn TK il wild h!£ Ouite unreia ed key. 

it Art* 'Council’s exhibition monsters, of course, and advance, with an enviable com- former R ^*ould have ^ Berliozs exposed passages. 

’ lincomnScatJd “ Great victorian Paintingsr “Bubbles" occupies a curious mand of such things as anatomy, . e e . _ , ?* e strings occasionally lapsed 

oiaorinit now at I^eds Crty Art Gallety limbo of its own, but there are perspective and pictorial space Neither part of Sir Georg s from united, precise expression. 

■ i^ilithetanrL < uotil March **• which“itTilso real discoveries to make, They were also industrious, r°S ra “? ie w 35 reall y satisfac- The very last, hushed beats of 
^ vHthmBfV 8oes on to Leicester. Bristol and and reputations to rescue. The scholarly, indeed almost archaeo- From 50 experienced a the evening (two detached 

,n irhn S t0 the Royal Academy)-,Clarkson Stanfield Wreck is logical in the scope of their onductor one cannot doubt that notes for cellos) were ragged. 

nner in which draw ns to themselves/ under-rated. Leeds’ own to Uccello and Velasquez. Goth’s although incorporating voices in memorably and with a fine surge 

ed out •^ Frith’s “ Railway Station ” with Scotland for Ever” is to join up to the Florentines. “Great is some moves, is entitled a of feeling. 

~~ its edifying spectacle of aji -after cleaning, and should cause a loaded, perhaps uufortriate symphony—a “dramatic sym- ARTHUR JACOBS 

ste was tomove human life, seven ages worth ofea stir or two. epithet to apply to their 'orku 

uitonr and sub- virtue and vice, cramming itself Other good things include the which expressed the anrition _:___ 

ay from seuti- into one train, Wallis’ “ Deatfi;prchardson. the latter of the two and aspiration of their ge so 

Wriage paintings, an uneqnivo- well, and yet was marketfby its 
J* Waterhouse. The folly literary exercise but spiritual and imaginativelimita- 
est popularity, stag at Bay and “Bubbles; fearfully done; and the Fitz- dons. Linton was no Vronese, 

Mr. Klien's second Mozart/ 
Schubert recital, nn Sunday 
afternoon, was. if anything, hap¬ 
pier than his first (The remain¬ 
ing ones can be heard on the next 
two Thursdays.) The Mozart 
Sonata in G with which he began, 
K. 2S3, may be an unassuming 
piece, but in Klien's hands it 
was wonderfully communicative. 
Conventional sequences divulged 
precise senses, simple rhythms 
were subtly sprung—all without 
a hint of forcing or over-inter¬ 
preting. for the modest scale of 
the Sonata was never stretched. 
His singing line is carried over 
a sturdy pulse, too vital to let 
tbe sentiments of the music pass 
for mere galanterie. 

The open bravura of the 
Sonata in D, K. 284, dazzled 
properly and Kiien engineered 
a fine cumulative momentum for 
its concluding Variations, reserv- 
ing a special inwardness for 
the Adagio cantabile one. 
Between the sonatas we had the 
two jewels among Mozart's odd 
movements for keyboard: the B 

minor Adagio, whose implied 
tragedy does not need all tbc 
weight of grief Klien gave it, and 
the kleine Gigue in G, a sensa¬ 
tional chromatic firework which 
went off with a brilliant report. 

Klien’s Schubert this time was 
the great G major Sonata, and 
it received the performance it 
deserves. The whole edifice was 
built up with such masterly cun¬ 
ning as to seem compact, even 
concise, and every movement 
brought new and original in¬ 
sights. Without betraying Schu¬ 
bert's “Molto moderato," Klien 
gave it the needed thrust by ex¬ 
pounding the first subject very 
broadly, refusing the temptation 
to alter the emotional colour 
midway through, and then mak¬ 
ing the second subject forge pui- 
posefuily forward. The poignant 
ambiguities of the Andante were 
exactly suggested, and the tin- 
tinnabulating Trio of the 
Menuetto was magical. Superb 
playing. this>—remember that 
there is more to come! 


id pounds was Prints were the popularising rfUliam version of “Tbe Last of and Abbey certainly n ValasI 

las, and Alma- medium of .the . age, .and other Bogland”, by Ford Madox Brown, quez; but wtuut they fid was 

them for one characteristic figures are shown and the Hareem water-colour by informed with a confidence and 
e i£_ e wox * S?Vf : Th ® Doctor '' by Lukq. J. F. Lewis, are works that can ambition, backed up byiecbnieal 

■Die. The con- Fildes, and Hope” by Watte, stand in any company. Omis- bravura, that no one no supply 

ENTERTA!\MEM (it 11)1 

CjCt—T hese theatres accept certain credit cards by telephone or at tbe box office. 


3 form all. but The less familiar treats, too. sions are inevitable in a show of to-day. Why no one toiay might coliseum, crmm card* ei 
leaned all tech- carry us along - on the surface this kind, and a few are serious: wish to do so is a quetion to be -mglSh^natwhal ; 
lous content of for Che moment, IAnton’s ‘.‘Ban- no Lord Leighton, Burne-Jones, tackled another time:and mean-1 TorHant & Fri. 7JO To®a: T 

ng of earlier quer for examjde, Gotch’s Albert Moore, no "Hopeless while we would do /ell to put 

es some people Edwardian “Holy Motherhood," Dawn" nor Whistler’s Mother; aside our patronisim prejudices. 04 '?&" lSK_? ,u ^ t , ahraMl 

’_P U | not too and t -Abbey’s, show-ftopping and. the pre-Rapbaelite represen- and look again. Tbi, in its odd awiuwe «ji perion»«i<c«. 
aps it is that “Richard of GloncesteiVand The tation is a shade perfunctory, way, is rather a> important covent garden.- cc. 
tent u - now Lady Anne. But going around The " Yeames interrogation exhibition. (Gjrdcncbjrae credit cans 


t COLISEUM. Credit cards 01-240 B258. DUCHESS. 836 8243. Mon. to mors, 
a Benervations 01-B36 3161. EvSs. 84)0- FrL. Sat. 6.1S and 9.00. 


I- Torriolrt & Frl. 7 JO Tosca; Tomor. & Sat. “ The Nudity Is stunning." Dali Tel. 

. 7.30 puke Bluebeard's Castle/Claran 8 th SENSATIONAL YEAR. 

vesm* du« » york-s. 


»VENT GARDEN.. CC. 240 1066. V » without 
(Gaidencbarge credit cards 836 6903.) ■ ordinanr eniere 


Tonight. Thun.. Frl. fr Mon. 7J» p.m. 

Minmtlm. AmbUMdors 

Mnvenins royal OPERA - - - 

Tumor. & Sat. 730 p.m. Madame Sotted. DUKE OF YORK'S 

Even]nos B.on. Mat. Wed. 3.00. 

Tickets £2-50 Inc. plass of wine. 
'/This >s without doubt the most extra-; 

. ordinanr cmercatrunent In London,'' 
Evening News. . 

Dee to enormous success will transfer to 
Ambassadors Theatre 27th Feb. 

«IKE OF YORK'S 01-836 S122. 


_ / Me from 10 a.m. on day of perl. 

Brecht’s 'Galileo Galilei’ / Ws 

t NuMs, Sni 

i Trauma), i 


to be awaited: other Ilgst German stages from the Cold "War, when subsidised birthday celpration of Bertolt thf 4 thk 

.*m opens his capitalising on Its heritage— houses in West Germany shook Brecht PaJi^sch prepared the them ■ iua 

i Berliner incretfible, but true, Brecht at the mention of the poet’s way with Le Tage der Korn- A 5 S n V, 3 o M mJ5'.SmSl xo® 3 ^ 7 ^'. 

5ertoolt-Brecnt- stands on the 21st place of name (save perhaps also for mime (The Days of the Corrr “london-s be|t night' out. 

tin with a new performed , dramatists ' in the Gustiif Gritadgens at the Ham- muuej and^as three weeks into -me musicaS. musical 

Gameo German Democratic RepubticI burg Schauspielhaus). And when a world T^emlere of Brecht's 

In ’the Bundesrepublik Deutsch- Peter Palitzscb came to Frank- never-perfrfraed. last-written Das ___ _ 

0); E ^ c ^ ard land he’s on the-fourth place, furt to form a Direk tori urn early tcirkUOie. Leban ties Jacob 1 >KjT tooK i o n”di Jos' 7611 .^” 

to Barbara behind Shakespeare. Schiller, in this decade, the Brechtian Geherda (The Real Life of Jacob —— — — ——r~r— 

manages her ^ Shaw, in the present season's maimer of handling classics with Gefteitfajwhen Barbara Schall- ^"sicri 1 f M? n J fh 7 %: 

Plays the lead -schedule. -• interpretative care became a Brecht via Brecht-publisher 74 ur r M oScA-No 0 'TiMS' mlcomb ?c 

ision cameras it is said, with some truth, that tradition in itself under one of Suhrkam- Verlag withdrew per- lionel bakts 

Lp n iv re “ e the best place to see Brecht the master’s most perceptive mission n a sudden change of M1RACULCXJ5 ouvkr*" ,H,, ’ Tto ™ rj " 

these days is at Frankfurt There students. . mind, .he BerUner Ensemble Jgfflg'EcP^ScKHS"-- 

Harry Buchwite dared to play The present Frankfurt schedule should re the scene of the world aSu to ^ 1 ° again ”dmiC wSlnS! 

yrt Brecht throughout the .period of was moulded to fit the 80th premie#. / now booking through 197 a. 

r ALDWYCH. 836 6404. Info. 836 5332. 

Brechts able. / .royal shake s pea r e company 

“hSwSd IS Queen’s University, Belfast". / Ssaa,m , HL™&V 

in 1 QBO ,' n j - . / fc im tnr . " D. T*l. Wth Congreve 1 ! THE 

• a P tt rni , • p TV / WAY or THE WORLD (Wed. maej. 

o^jr.n.the Coronation of Poppea aBre^r^ss 

to be a new .■ r~ in pw Nichoi* privates on 

liner Ehsenft»le, The! Queen’s University Opera bright, piercing timbre sounded a brauofully smooth and nn- ■ mbaka :^7 - - - 

museum dust Society is six years old. . Having exactly right for those scenes bro-'e*/ vocal line. Rosemary ton. 3 . 00 .' 

: Previously performed works by where .the emperor is'petulant McUHen was charming as . „ s4^ B 5^rtf K in N memoir 

wortny Mozart,- Blow, and Rossi, as well or enraged, while in the marvel- Djfsula, much the most pleasant _- wm» nialj. bucoy. 

the past two as Monteverdi, the Society chose lous duets with Poppea, his tone 'cPracter in the opera, and she ** ert «*' ttefertTei'. E - blmn - 

the play was the last-named composer’s master- warmed and softened to blend s°S her music with plenty of limited season, twos feb. 25 . 

earner oaten plece ^ j% e coronation of Poppea, with Gillian Iightbody's softer- ipression- Richard Woods made apollo. 01^37 sees, evba b.oo.I 

‘Sf 01 i*>T the 1978 season, giving five grained voice. Miss Llghtbody 1 sonorous-voiced Seneca, who “**• ’ n, “Sb«ALo ancf 8tw -i 

its de at “ "witn performances in the H arty Room made an attractive Poppea and dominated the first act of the r aj*w « «e Yyar.- e.sundann 
toe lead, naa 4V>« Ttnlwrcirv ThP Mtltion she. inn wilnnroH her sintfinpniece. Brian McMaster, s tenor ni» 122®- 

lv. 65 Amnhr seats lor all peris, on I Limited season from 2 Match (prevs 
Me from 10 a.m. on day of perl. I 28 Feb.. 1 March). John Gielgud In 

28 Feb.. 1 March). John Gieloud In 
Juliant Mitchell's HALF-LIFE. A Natrona] 
Theatre Production. "A dazzle of high 
comedy" U. C. Trewrlm. Instant credit 
card reserutons. Dfnner and lop price 
_ seat 67.00. _ 

FORTUNE. 836 2238. Evg*. B. Thurs. 3. 

Sal. 5.00 and 8.00. 

Muriel Pavhwv as MISS MARPLE In 

Third Great Year, _ 

GARRICK THEATRE. 01-836 4601. 
Evgs. 8 .D. Wed. Mat. 3.0. Sat. S.1S. 8.30. 
In the 


“GO TWICE." S. Morlev. Punch. 

“GO THREE TIMES." C. Barnes. NYT. 


NATIONAL THEATRE. „ 828 2252. ' 

OLIVIER lopen stage): Tort. * Tomor. 


bv Sea n O'Casey. . _ . - . 

LYTTELTON (proscenium stage): Today 
10.30 a.m. A 2 p.m.. Tomoi\ 10J0 a.m. 
KNIGHT. Ton 1 !. 7 . 45 . Tomor 3 1 7A5 
Trans, by John Mortimer. 

COTTESLOE (small a uditor ium): Ton't. S 

PAPER by Arnold Weaker. • _- 

Many ezcellent cheap seats alt 3 »heajr«s \ 
day of pert. Car park. Restaurant 928 
2033. Credit card bkgs. 328 3052. 

OLD VIC. 928 7S1L i 

Spring season to March 25 
In reo^ ANTONY A CLEOPATRA today. 
Wed” Thun. 7.30. SAINT JOAN Frl. 
7.30. Sat. 2.30 & 7JO- HAMLET returns 
March 2. ALL FOR 1 LOVE returiH'March 6 . 
Thurs. Feb- 23 at 5 p.m. BETTINA JO NIC 
lings ODYSSEY IN BLUE. . Sunday March 






INSTANT CONFIRMED CREDIT CARD 01-437 159Z# Opens. Wed. 22 a- 

BOOKINGS ON 01-836 7611. 7.0. Subs. evgs. B.O. Mats, Wed. at 3.0. 


iLBERY. 836 3878. >& Wlt card bkgs. DOHALD =^n J£ u51^ ' ROHS *"* , 

836 1 071 (auat Satl. Mon^Frl. 7A5. roSji*M 

Thurs- mat 4.30. Sats. 4J0 and 8. , ahU*P!« a? cjmon Spay 


LI ONE L BAKTS Pirccieq Dy HAROLD imniek \ 



ABL£ TO SEE IT AGAIN “ Daily Mirror. 

Evgs. 7.20. Mat. Sets 2 J 0 AN IDEAL 
HUSBAND bv Oscar Wilde. "We applaud 
_ an entertaining evening.” D. Tel. 

HAYMARKET. 01-830 9832. EtfBS. B.a 
___ . _ _ Mart. Weds. Z.30. Sara, 4.30 & B4J0. 

ALDWYCH. 836 6404 Info. 836 5332. INGRID BERGMAN 


_I** repertoire DEREK DORIS FRANCES 

Tonight ■ 7 30 Jensen's THE GODFREY HAW CUKA 

ALCHEMIST "masterpiece of rampant In 

fcnavenr." D. Tel. With Cong rove's THE WATERS OF THE MOON 

WAY OF THE world (Wed, mlt). "Ingrid Bergman makes the stage 
Brecht's THE DAYS OF THE COMMUNE radiate—unassailable charisma - D. Mil. 
(Thurs. FrL). RSC also at THE WARE- "Wendy Hiller Is superb," S. Mirror. 

“Ingrid Bergman makes Hie stage 
radiate—unassailable charisma " D. Mil. 

HOUSE tsee under W) and at Piccadilly 
Theatre In Peter Nichols' PRIVATES ON 


01-836 1171. 

as Sarah Bermhardt In MEMOIR ■■ RATTIG 

■ urttfi NIALL BUGGY. S. Tel. 

*• Perfect. A song of triumph." E. News, brilliantly.' 

Student tickets El. _ — 


HER MAJESTY'S. CC. 01-930 6606. 
Evgs. 8 . 00 . Wed. and Sat. 3.00 and 6 . 00 . 



S. Tel. “GLYNfS JOHNS plays 
brilliantly." D. Tel. LAST 2 WEEKS. 

prepared by MalJpiero was used skilfully'to illustrate the cob ArnaJta, did not over-play the - w&kcdlv 1 fun 1 n? - ^ 1 tS—u 

° f -with-instrumental forces consist- stahtly changing emotions of tb nurse's comic utterances or - - - -^- 

oonung ^ad<w ^ of strings and recorders, plus character.. . gestures. Donal McCrisken, the ARTS thEa t3^ stoppard 4‘ bs * 213a ' 

Mmim iu h. chamber organ and harpsichord Ethel Atkinson sang eloquent, conductor and musical director, D,RT L. L L , 1“‘^ 

hk- continuo, placed on either side as Oitavia; her moving pfi secured good ensemble while mJJSSP'S, 'TfmradaY 
Vpnt hark In o f 1116 acting ara ®- T 11 ® **** was dignified farewell to Rcoe allowing the singers sufficient Saturday at 7.00 «nd 9 . 1 s. 
rsinn wrirtpn of necessity severely cut with all nicely understated. As Ottoe, breathing-space. Altogether a asforia theatre, charing x na. 

S UiiTi” the mythological characters re- Geoffrey Blower phrased nto very- enjoyab^ evening SL' 7 53. 

■ :everlv "Hills in moved, while of the comic ser- great musicahty and mamtined ELIZABETH FORBES sat. 6.0 and bas. 

t tbe stature of vants oxrly ArtJalta remained. • riekats eijo-ts.sof credit 

As a result, the drama became ■» 

/ekwmh’s pro- an^ intensely JiumaD conflict AIRIOSt Free SSSSe."^ 

3 Galilei echoes between individuals. Sets, de- __ T 1 ticket, ossa. 

Is some fasdna- rimed by Philip Hammond, were f T r\T I CTQ P* I - infwtiMF. mJSISS :»«- 

at the University. The edition she, too^ coloured her singing piece. Brian UcMaster, a tenor 


HER MAJESTY'S. CC. 01-830 6606. 
Opening March 23. 


M Lpsllg Brieu«e and Antfrorey Newley’a, 
Previews (rom March 16 . 

Mon. TO Thor*. 9 0 . Frl.. Sat. 7.30. 9.30. 


- - _ _- ... Sth ROCKING YEAR 


" Hltarfotu ■ ■ - Me It." Sunday Timet. - 

Mw, K,.?2tar h ^? d 7 l nn a 'f5i JVS** J,ad LONDON PALLADIUM. CC. 4 37 7373. 
Saturday at 7.00 and 9.15. LAST 6 Days! Ends sat. «B. 25. 

• - - - 7 ;:^ ----- Evgs. 7.30. Met!. Wed and SaU. 245. 


01-73* *291. Nearer Tube. Tottenham SALLY ANN HOWES 

CL Rd. Mon.-Thurs. 841 pjn„ Frl. and and ANTHONY VALENTINE In 

Sat. 6.0 and 8.45. HANS ANDERSEN 


Tlflkgts E1-EO-ES.50. Instant Credit FUL MUSICAL. REAL FAMILY ENTER- 
Card Ret- Eat In bar fpllv domed TAJNMENT." E. Newt. 


Tickets C1-50-CS-50. Instant Credit 
Card Re*. Eat In oar TOIFv deemed 

Restaurant -nr Buffet Bar RincMbne and Good seats avaHaale now at Theatre and 
*H«re or .alter Wow bcictkable hi Alien rs (Also at doors, except 5at-J. 
•ovanee._Combined dinner and too price CREDIT CARD BOOKING 01-734 8961. 
Ticket, vo^D. __ 

One Penny for Israel I ■ri'iJSMrr 


em working on limited to curtains, archway6, JL vlULl V IVJi XdJL dwi. 

Tbe set is but and, of course, a throne for Nero. _ evening standard award 

he 1957 Erich Seamus McGrenera. the producer. The theme of the current contribute to the Jewish National ^ 

n the circular encouraged hls cast to move and season at the Almost^™ hi Fund collecting box, which and fh. s.o p.m. peri, bntv, - 

*d by a raised react with a kind of heightened -Rights and Campaif*s" and Marcus takes round the table, e^nwiacg C c. ouase boss mop. m 

as to weary any realism that matched the speech the cause which Laurefe Collin- The argument is no doubt the Tim. b.oo. fh^sm. sus. - a.so7 

isibly the inde- rhythms of Monteverdi's musical son pleads in this pis is toler- kind of talk to be heard around - pulsatimg musical.- ewfl . 

all) demonstrat- style. Tbe performance was sung ance _ We are at a diner in a many a Jewish table to-day. but ™i«L 

■eak out of an in Italian, which, under the clr- decent Jewish houseeld, where Mr. Collinson's characters never Din»«r and to»- price cm EB.isine. 

1. existence^ The eumstances,. I thought a mis- every S fcade of Jewitfiess is on scratch below the most super- r : 

? and brittle,- guided decision, as even more s h OW from the fanatical Zionism ficiai level, and certainly do not Red. ftk* Rrcv. Ta ma m at a.o? 

ith a reflective dramatic power could have been of young Marcus, jusihomefrom have the weight to stand as „ 7 . 0 . « U bS p S!S s /sS! r, i5Si mum 3 a 

LYRIC THEATRE. 01-437 3686. Era. 8.0 
Mao. Thurs. 3.0. Sail. 5.0 and 130. 

by Eduardo de Fiklooo. 

■■ TOTAL TRIUMPH." Ev News. 
HUNDRED YEARS." Sunday times. 

COMEDY. 01-930 2S7B. u av pair 

Red. PrK* Fre*- Tonlaht at 8 . 0 . F f _"i 

. Opens Twnwrpw. F . 

at 7.0. avbs. evus. 84). Mat. Thun. 3 . 0 . 
$Bt S.JO and EjO. 

Marwret COURTENAY. Dermot WALSH 

*AY FAIR. CC 629 3036 

Mon. to Frl. 8.0. SaT. SJO and S.4S. 
1* Steve J. Spears. 

■■ a compassionate funny fiercely noauenr 
pNv." Gdn. "Hiiarioui." E-Sid "WKkedJy 
amusing." E News, "SoriibirwhiB." Obs. 

$ i* f 

d Xri 

allf hours.- -pressive effect, and the intimacy who moush ?-- JT ^"""r — °^; 

Iw&SS*'SSr -; miu^ M/c^s sister, with Richard Kates and Barry' S 

PtW^ha^o^' °SSi? Ohere “has ‘already Tess *- ‘ A/ ' McGanhy as the two young n,en. s. tu^ dav VS& 

lie pi the play, demonstrated the benefits to be While the- nip^/ls senred erSt in^he^nro 1 " HILARIOUSlT fUMNY " N; -a M . nr 

&VA-A5 vmtra 

y ...... ,, ; - . .j lisTfar - hv PTntllnTlTlE a noltticsl 2FE1111l^t that COlUGS tO dOSCrVCS .One. A CHORUS LINE Nert Prod ucl lpn Tom CONTI. Jane ASHER 

;? earth is round, one netter - ny employing a puiiucai argumni mai. *■«***» . . VMUJ . -a rai*. oo¥a««ting, io»oi*. mronawng m whose life is it anyway 

'■einJble prevents counter-tenor,-. Brian- Hunters-a head w&exK*&ni declines to . *• twuwo Hmmr," s. Tim#*. onm Mar.s.?. Prws. trom M*r.i, 


“ A rare. Hvummg, Joy oik. tafamiWna 

Men.-Sat. BIS. M«. Wfd. * Sat. 5.30. 

-A WINNER.” D. M’rrnr 
Stall lKk<rtt E1.25-E3.50. 

b. a. young 

Nsrt Production Tom CONTI, jane ASHER 
Own Mar. 6,7. Prws. from Mar.l, 8.15 

lingo ODYSSEY IN BLUE. Sunday March 
26 at 7 JO THAT MIGHTY HEART with , 

Barabara Jeaord. John Turner. _ j 

PALACE. 01-437 6834. , 

Mon.-Thurs. 8.00. Fri.. Sat. 6.00 & 8.40. 

PHOENIX. " 01-836 8611~. 

Red price prevs. e*g»- at 8-0- Opens 
March 1 at 7.0- Subs. cytg. S.O. Wed. 
Mat. 3.0. Sals. 5.0 and 8 JO. 

The Leslie BrlcuHd Musical 
Directed bv Mill Shapiro. 

PICCADILLY. *37 4506. Credit card bkoi. 
836 1071. Evas 8 Sal. 4.46 and B.15. 
Wed. Mat 3.0. 

Evening Std. Award and 5WET Award 
Royal Shakespeare Comwnv Hi 

bv -Peter Nichole' 


PRINCE OF WALES. CC. 01-93£ B6B1. 
Monday to Friday, at 8 bjti. 

Sat. 5JO and B.45. Mat, Thun. 3 00. 



OF LAUGHS." News 01 the Word. 
BOOKINGS ON 01-930 0846 

QUEEN'S THEATRE. „ 01-734 1166. 

Evgs. 6.0. Sol 5.0. 8.30. Mat. Wed 3.0. 
Variety Chib of GB Award In 
Ptava and Players London critic* award. 

RAYMOND REVUE8AR. CC. 01-734 1593 
At 7 p.m- 9 p.m . 11 p.m. fopen Suns.i 
PAUL RAYMOND presents 

FtHIv Air Conditioned. You mar 
drink ana amolce In the andltorium 

ROUND HOUSE. 267 2564. 

Prev. tomor. at 8. Opens Thurs. at 7. 
Subs. B p.m. nightly. 

WARRINGTON In London premiere Ol 
by David Rahe. 

ROYAL COURT. 730 17*5. Toot 7. Mbs 
evgs. a. Sat. 5 and 8.30 THE BEAR Dv 
Tolslov. See also Theatre Upstairs. 

ROYALTY. cc. . 01-405 8004. 

Mondav-Thvrsdav Even! no 8.00. Friday 
5 SO & 8-*S. Saturday 3.00 and 8.00. 
London crtucs vote 
_ . _ Best Musical of 1977 
Tel bkg*. accepted. Malor credit cards. 


Now previewing Tonight and Tomorrow 
at 8 p.m. Red. Prices £1.00 to £3.00. 
Opening Thurs. at 7.00. Hmo Nightly at 
8.00. Mats. Wed. 2.30 and Sat. 5 . 00 . 


An untrsoal drama bv Norman Krasna. 
Prices £1.00 to £3410. Eves £1.00-C4.00. 
Credit Bookings Accepted. 

SHAW. 01-3*8 1394 

No pert. Tonlaht. Evas. 7.30. Mat 
Thurs. 2 30. 

by J. B. Priestley. 

"Highly Entertaining." D. Tel. 

Low Prices. Easy Parking. 

STRAND. 01-S36 2660. Evenings 8.00. 
Mat. Thur. Sj) 0 . Sau. 5.30 and 8.30. 



ST. MARTIN'S. CC. B3B 1443. E«s. S.OO. 
Mat. Tues. 2.4S. Sat. * Good Frl, sab. 

_ 26th YEAR. _ 

TALK OF THE TOWN. CC. 734 5051. 
84)0. Dining. Dan cing. 9.30 Super Revue 
and at 11 d-m, 


THEATRE UPSTAIRS. 730 23S4. Era. 7.30 
by Lenka Jamurek. 

VAUDEVILLE. 836 9988. Evgs. at 8 . 
Mats. Tues. -.45. Sats. 5 and B. 
Dinah SHERIDAN. Dulde GRAY. 
Eleanor SUMERFlELD. James GROUT 
"Re-enter Agatha with another who. 
dunK . . . Agatha Christie Is stalking 
the West End yet again with another 
of .her fiendishly ingenious murder 
mysteries," Felix Barker. Evg. News. 

WAREHOUSE, Donmar Theatre. 836 6806. 
Royal Shakespeare company. Ton't 8.00. 
Edward Bond's THE BUNDLE (sold out). 


Nightly 7A5. Sals- 2. 5 and 8. Special 
at 3. Children & Senior Ciu. half price 
extent Sats. at 2 * 5. Pay at doors. 
Spacious ca r park. Enquiries 902 tZ34. 

I 0263. Evenings B OO. Mai. Tners. 3.00. 
Saturdays 5 and B. 

Tickets £1.50 to £4-00. 


WHITEHALL. 01-9*0 6692-7765. 

Evgs- 8:30- S«L 6.45 and 9.0. 
Paul Raymond presents the Sensational 
Sex Revue Of the Centura 

Now Live on Stage. Limited Season. 
12-week season prior to World Tour. 

Twice Nightly 8.0 and 10.0. 

OPEN SUNDAYS G.DO and 8-00. 
PAUL RAYMOND presents 


■Takes to unprecedented limits wliat le 
permissible on our stages." Evg. New*. 
Yon mav drink and smoke In the 

WYNDHAM’S- 836 3028. Credit Card, 
bookings B38 1071 (except Sat.1. Mon.. 
Thurs. B Fri. and Sat. 5.15 and 8.30. 
VERY FUNNY." Evening News. 

Mary CMallley's smash-hit Comedy 

YOUNG VTC (near Old Vtd. 928 6363. 
BEING' EARNEST ftrenaltlmate perf-). 

ynUNri VIC STUDIOS. 928 6X63. 

' Dannie Absr's GONE IN JANUARY 
Tonight at B.O. 


ABC 1 8, 2. Shaftesbury Are. 836 8861. 
Sep. Perf!. ALL SEATS BK8LG. 

1: THE CHOIRBOYS (X). Shut Down fUl. 
Wk. and Sun- 1.15. 4.30. 7JO Oast 
2 daral. 

2: ABBA—Tho Movie (U>. Wle. and Sun. 
2.00. 5.4 5. 8.15. 

CLASSIC 1. 2. 3. *. Oxford 5U (Oo». 
Tottenham Court Rd. rTobel. 636 0310- 
1: ABBA THE MOVIE OJV Stereophonic 
Sound. ProflS. UO. 3.50. 6.10. BJO. 
2: THE HIDING PLACE (A). SeP. Pelts. 
2.00 S.OO. 8.00. 

3: THE DUELLISTS (A). rroas. 1.20. 
3.05. 5-40. 8-15. 

4: Lam 3 Pari! YOUNG FRANK! N- 
5TEIN (AA1. 1.45. 5.20. B.50. THE 

SMARTER BROTHER (A). 3J5. 7.10. 

Closed tomorrow only 

CURYON. Curron Street W.l. *99 3737. 
tub-tltlesj " A Soarirllng New French 
Comrdv. Directed with Pnesse by Ywe! 
Robert,*' Sunday Express. Proa*, at 1.50 
(not Sun.). 3.55. 6.10 and 8.30. _ 

GATE TWO CINEMA (Formerly E.M.t. 
■ntcriwtlonan. Russell Snuare Tube. 
Starts ThursHay 23 Feb. World Premier of 

_ JUBILEE (X) _ 


S2S2I. STAR WARS (Ul Sep. rroot. 

< Dly. 2.00. 5.15. B35. Seats bvbie lor 
5.15 A B.35 progs. Wks. A all proqs. 
1st MARCH. _ 

ODEON HAYMARKET. 1930 273812771.1 
Jane Fonda. van«*» Redraw In a Fred 
Zinnemann film JULIA (A). Sen. props. 
Dly. 2-30 5.45 8.45. Feature Dly. 2.45. 
S.OO, 9.00, AH seats bfcbla. 

qdeon LEICESTER SQUARE '930 Mil). 
THE DEEP IA>. Sep proos. every day. 
Sean mav hooked. Doom open at 
1JZ0. 4JO, 7.4S. _ 

ODEON MARBLE ARCH (723 2011 2>. 
AUDREY ROSE (AAi. Sep. prnes. 
Wks. 1.30. 5.30. BJO. 

PRINCE CHARLES. LelC. Sq. 437 8181. 
Final Weeks. Must End Mar. B. SALON 
KITTY (XI. Scp. Pcrlj. Daily tine. Sun-1 
2*5. 6.15. 9.00. «-aie Show rri. and 
5a>. 11.55. Seals Bkble. He'd Bar, 

SCENE 2 Lcic. 59> i Ward our 5t.l 439 4470 
iUl. Sun.-Thur. 1J50. S 35. 9J5. FH. & 
Set. 12.40. 4.45. 8-45. 12-45. THE 
Sun.-Thur. 3-25. 7.30, Fn. Sal. Z.35. 
6r40, 10.40. 

1 A St w 

j* r- / 




Telegrams: Flnantlmo. London PS4. Telex: 886341/2, 883697 
Telephone: 01-248 W9 

Tuesday February 21 1978 


WHEN THE Israeli Defence 
Forces performed their rescue 
act at Entebbe 18 months ago, 
there was widespread admira¬ 
tion for their daring and the 
manner in which their mission 
was accomplished. There was 
similar admiration for the West 
Germans when they succeeded 
in freeing the hostages at 
Sfngadifhu last Autumn. The 
two acts differed in that the 
IsraeJis were operating more or 
-less on their own in territory 
that could certainly not be con¬ 
sidered friendiy, while the Ger¬ 
mans had the co-operation not 
only of third countries, but also 
of the Government on whose 
territory the rescue was carried 
out. There were two common 
factors: one was success, and 
the other was a general feeling 
that in the circumstances the 
Israelis and the Germans were 
right to-do what they did. 


And yet there were also more 
considered reservations. The 
premium on success was high. 
If the Israelis — and still more 
if the Germans — had made a 
mess of it, there would have 
been untold domestic and inter¬ 
national consequences. In the 
German case, for example, it is 
difficult to see how Helmut 
Schmidt could have survived as 
Chancellor if he had presided 
over such an intervention, and 
failed to bring it off. There 
was also the danger of creating 
precedents, and indeed Entebbe 
itself was in a way a precedent 
for Mogadishu. Yet if the 
Israelis and the Germans could 
get away with sueh actions, why 
should not others follow suit? 
There was fhe further danger, 
moreover, that they might do sn 
at times when the case for mili¬ 
tary intervention was consider¬ 
ably less clear-cut. 

Thai is precisely what has 
happened with the Egyptians. 
It is hard to believe that they 
would have acted as they did 
in Cyprus last week-end if the 
precedents had not been set. 
But. unlike the Israelis and the 
Germans, the Egyptians failed 
lo make adequate preparations. 
It is not even dear that their 
forces had a detailed battle plan 
in mind; they may even have 
lacked the right equipment. 
Valike the Germans, they failed 
to secure the co-operation of 

the authorities on the ground, 
though there may have been 
some genuine m-isunderstanding 
here. What is worse, they inter¬ 
vened at a time when it wa; 
unnecessary to do so: uegotia 
tions on the freeing of the 
hostages were already well 
under way. And, worst of all 
they botched it. 

There are two general lessons 
to be drawn. The first is that 
stili greater attention needs to 
be given to the prevention of 
hijacking and anything related 
to it. It is mildly encouraging 
in the present case that no 
Arab country was prepared to 
allow the aircraft to land. But, 
in general, -the rules at airports 
are still too lax: authorities are 
still too often unprepared tn 
deal with what has become a 
relatively frequent occurrence; 
and the practice of refusing 
landing permission to hijackers 
has yet to be turned into a 
proper international convention. 
Such a convention needs to be 
enforced by a readiness among 
international airlines, backed 
by Governments, to withdraw 
services from airports which 
are in any way soft on 

The second general lesson is 
that there needs to be interna¬ 
tional machinery to deal with 
hijacking and the taking of hos¬ 
tages. if prevention has failed. 
The practice of one country tak¬ 
ing the law into its hands and 
seeking to perform its own 
rescue act is dangerous—as the. 
EEyptian example has shown. 
What is needed is an interna¬ 
tional rescue squad, properly- 
trained and properly equipped 
for the business of disarming 
hijackers. That this can be done 
was demonstrated by the Ger¬ 
man experience at Mogadishu. 
The German operation came as 
rinse as it was possible tn come 
to an international operation, 
and it worked. 


It is important, of course, to 
have the co-operation of the 
authorities on the ground, as 
the Germans aid. But it would 
he itself a revealing exercise to 
see which countries would 
refuse to subscribe to such a 
convention. The alternative is 
an invitation to international 
lawlessness which would be 
almost as bad as the crime which 
it seeks to defeat 

Britain’s role 
in NATO 

YESTERDAY’S Defence White 
Paper has already been attacked 
by the Left as a surrender to 
the "warhawks” and by the 
Right for “ duplicity.” But it 
is unlikely to remain a contro¬ 
versial document for very lung. 
There is indeed virtually noth¬ 
ing new or surprising in it. as 
most major decisions had 
already been announced over 
the past few months. This may 
have been necessary, it has been 
suggested, to pre-empt Left-wing 
attacks on the increased defence 
spending that the White Paper 
. sets out in detaiL But whatever 
the reason, the effect ha* been 
to confirm Whitehall predictions 
that the- Paper would not be 
very exciting. 


Two points, however, stand 
nut. The first is the strength 
of the Government’s commit¬ 
ment to NATO and to current 
plans to strengthen the Allian¬ 
ce's forces. The three per cent, 
increase in spending due in 
1979-SO. first revealed in 
January's Public Expenditure 
. White Paper, may not be ennueh 
to enmoensate totaliv for earlier 
cuts. But it is In line with the 
Allied target agreed last year 
in response to President Carter’s 
call For a strenathenine of the 
West's capabilities and has 
already been welcomed in Brus¬ 
sels. In view of the Left's tra¬ 
ditional sensitivity over defence 
-spending, it would probably be 
unreasonable to have expected 
a Labour Government to do 
much more. 

For the years further ahead, 
the Government has limited 
itself to the same commitment 
it made in January. The NATO 
objective is a 3 per cent, spend¬ 
ing increase in real terms in 
each of the five years starting in 
1979. So far, however, the U.K. 
is cautiously only accepting 
another 3 per cent, increase in 
I0SO-S1, leaving the three fol¬ 
lowing years subject to review 
*• in the light of economic cir¬ 
cumstances." This is in accord¬ 
ance with the escape clause 
accepted by the Alliance’s 
Defence Ministers, who agreed 
ihat countries might be allowed 
to miss the target if their 
economies could not stand,the 
Strain. But NATO has made it 

clear that other things being 
equal the U.K.'s North Sea oil 
will almost certainly disqualify 
it from pleading poverty. 

As it is, the White Paper goes 
out of its way to demonstrale to 
other NATO members that 
Britain is already pulling its 
full weight. The Government 
says that the share of the coun¬ 
try's GDP devoted to defence 
spending was down to 4.9 per 
cent, in 1977, from 5:1 per cent, 
the- year before- But if also 
publishes figures to show that 
this still keeps Britain firmly in 
second place after the U.S. 
Another point it stresses is that 
the U.K. last, year spent a 
higher proportion of the defence 
budget on major new equipment 
than any other of II member 
countries investigated in a 
NATO survey. 

That, of course, is not the sort 
of information designed to 
mollify the Labour Party leFt 
wing, and the Government feels 
the need to back it up with a 
well argued case for strengthen¬ 
ing the Alliance. Not only does 
it spell out all the imorovements 
recently made in the Warsaw 
Pact forces, but quite rightly 
points out that the further the 
Alliance falls behind in conven¬ 
tional capability, the further the 
nuclear threshold will be 

It is equally correct to point 
out that there is no sign that 
detente has led to any slacken¬ 
ing in the pace of the Soviet 
Union’s military effort. 


The White Paper's presenta¬ 
tion of the military balance 
raises the second point that 
has caused controversy—the in¬ 
clusion of French forces in West 
Germany and the Atlantic in the 
NATO side of the equation. It 
is, of course, true that these 
forces are nnt officially inte¬ 
grated Into the Alliance’s mili¬ 
tary command. It is equally 
true that it is virtually impos¬ 
sible tn imagine a major East- 
West confrontation in Europe in 
which they would not be fight¬ 
ing alongside the Alliance’s 
farces. It may be unwise to try 
to calm anxieties about NATO's 
real weaknesses by such 
method 1 *, hut j* hardly amounts 
to ■■duplicity.” 

W ESTERN Governments 
reluctantly are coming 
to accept that they will 
not get what they wanted from 
the 35-nation East-West security 
conference in Belgrade. With 
the conference well past its 
scheduled mid-February end, 
and. sustained only by ad hoe 
procedural arrangements, the. 
general view in Belgrade is that 
only a miracle can now save it. 

The West originally came to 
Belgrade with ambitious hopes. 
The aim was. first, to engage 
the East in a genuine dialogue 
un the implementation of the 
L975 Helsinki Agreement, which 
set new principles for the con¬ 
duct of East-West relations, in¬ 
cluding respect for human 
rights. The Western tactic was 
to be firm un Eastern short¬ 
comings on human rights, but 
Dot to single them out for ex¬ 
clusive attention. The other 
major economic, military and 
political aspects of the Agree¬ 
ment were to be fully examined 
as well. At the same lime, the 
West .was more than ready tn 
admit shortcomings on its own 
side, in the hope of stimulating 
a real debate. 

Movement of 

The second main aim was to 
devote the latter part of the 
conference to the drawing up 
of a “substantive” conducting 
document containing a fair 
assessment of how far the 
Helsinki Agreement had been 
respected, in the light of the 
earlier debate. The West wanted 
the document to contain the 
clearest possible reaffirmation 
of the Helsinki commitments, 
particularly on human rights, 
and agreement on a new series 
of mnre specific commitments. 
A key Western objective was the 
free movement of people facili¬ 
tating human contacts, such' as 
East-West marriages and family 
reunification by easing proce¬ 
dures for the granting of visas 
(both entry and exit), passports 
and marriage licences. A 
second aim was to develop the 
so-called " confidence - building 
measures ” decided at Helsinki, 
under which each side agreed to 
be more open about major mili¬ 
tary manoeuvres. 

There was also a'whole range 
of other Western proposals 
covering items such as a busi¬ 
nessman’s access to the end-user 
of the product he was trying lo 
sell, journalists’ working condi¬ 
tions, industrial co-operation 
and the publication of statistics. 
An important political point 
was to he that individuals in 
any country should be free to 
conduct their own monitoring of 
the Helsinki Agreement without 
the sort of Government inter¬ 
ference and harassment that has 
occurred in the Soviet Union 
and Czechoslovakia. The total 
effect, in Western eyes, would be 
to give important new impetus 

Finandal Times 

BY REGINALD DALE, European Editor 

;c for 

U East-West co-operation and 


icb an approach was hound 
toW the Soviet Lin inn on the 
decisive. During the review 
staa of the conference, from 
the feginning of October to just 
beftm Christmas. Mr. Yuri 
VoroiW. the chief Soviet 
deiegaX on several occasions 
threateV ?4 to walk out oE the 
cnrrferene. arguing that the 
West anyparticularly the U.S., 
was interring grossly in his 
country's-Vtenial affairs. 

The Sovbt Union counter¬ 
attacked byWonching a series 
of dU&rraanrnt proposals, such 
as tbe non-flKt-use of nuclear 
weapons, wh\h it knew the 
West could ni accept- 

Other East\ bloc countries 
drew attentiol tn Western 
violations of ighis such as 
those of womh and racial 
minorities, andVthe right tn 
work. But if tbeWen-iempered 
dialogue sought py the West 
never materialise!, western 
delegates at least y aim credit 
for having got awa.'\rith a com¬ 
prehensive and fatly public 
statement of theirV-iews on 
human rights violating before 
an official Eastern au\enr 
tbe first time ever. 

It is noticeable, houeW that 
people like Mr. ArthuV Gold¬ 
berg. the leader of the U.a, dele¬ 
gation. are increasingly Wis¬ 
ing the relative success athe 
first part of the conferee 
even as the second part :sW>j- 
lapsing. Dr. David Owen,Vie 
British Foreign Secretary, us 
taken the same line. Both 
clearly realise that there 
going to be little Ui show fi 
the work on the concluding 
document that has occupied th 
Belgrade negotiators since th 
conference resumed in mid- 1 



The first sign that the final 
month or so was going to be 
rough came on the very day the 
conference re-opened, when the 
Soviet Union tabled a short 
draft concluding document tiiat 
made not one single concession 
to either the Western view¬ 
point or that of the nine neutral 
and non-aligned countries at 
the talks. Since then, Moscow 
has taken a much tougher line 
than it did during the confer¬ 
ence review period. 

Western and neutral negoti¬ 
ators complain that the Russians 
hare made their task virtually 
impossible by insisting that the 
concluding document must 
neither repeat the language of 
the Helsinki Agreement nor go 
beyond it. The Soviet Union and 
its Allies have consistently re¬ 
fused to agree to any text that 
suggests that there have been 
shortcomings in the implementa¬ 
tion of the Helsinki Agree¬ 

The nearest Moscow has 

Of failiure 


Setting out on a pitfall-strewn path: heads of the U^and 
Soviet delegations. >Ir. Arthur Goldberg (left) and Mr. Yuri 
Vorontsov, chat on the opening day of the security talks 
last October. 

come to admitting that every¬ 
thing is not rosy was in a text 
ubmitted at the end of last 
,veek. The final Russian offer, 
,s it was described by 3Ir. 
oroutsov, suggested that the 
rticlpants should note with 
satisfaction that the process of 
nte “has continued sur- 
rattaiing difficulties and 
obsVcles encountered/' That is 
obviWsiy not good enough for 
the west or the neutrals, who 
have \ken a very similar line 
to the VATO countries. 

The Jmilarity of the nentral 
and W«ern positions has, if 
anythindcomplicated the nego¬ 
tiating piteess. The neutral and 
non-aligno countries normally 
would be be ideal go-betweens 
to negotiate a compromise 
between th Wo sides. But their 
own pro posts for a concluding 
document Wn much more 
towards the Vest than the East, 
and are in important parts un¬ 
acceptable ln\he Soviet Union. 

A French aempt to produce 
a onmprnruisetfailed to satisfy 
either side aahe end of last 
week, with ml Western dele¬ 
gates suspvctin that the main 
aim nf the m«v.\ wa-? to present 
President G'scarf d'Estaing in 
a stRterinanlTaAIight. mediat¬ 
ing between EaAanrt West on 
the eve of next nVith's crucial 

general election. It was regar¬ 
ded as ironic in Belgrade'that 
he was actively soliciting Soviet 
support for his initiative, in 
order to strengthen his hand 
against the forces of the French 

The choice now facing the 
West is to accept a concluding 
document so lacking ' in.'sub¬ 
stance as to be unacceptable to 
vociferous sections of public 
opinion, or to abandon alto¬ 
gether the attempt to negotiate 
a •‘substantive" agreement. 
Officially, Western and neutral 
delegates have still not given 
op trying to budge the Soviet 
Union. But nearly all' of them 
now betievd Thar they wTQ haVe 
to go for the second option. 

This would mean publication 
of only a brief communique, 
noting that the meeting had 
taken place, established two or 
three working groups and 
agreed to meet again in Madrid 
in 19SP. 

Each country would then say 
what it thought of the confer¬ 
ence's failure as loudly as pos¬ 
sible at the final public session 
towards the end of this month 
or early next. Until the Swiss 
took the plunge and proposed 
just such a solution yester¬ 
day, neither side wants to con- 

„ - other a propaganda concession It wanted fror 

to West—the holding of a su 
victory by “s negative conference to confirm the 
propose su** a war division of- Europe. 

he- nded out sat time it has no-such impej 
lt -da the contrary m, the 

>e ™ es ^ that is in the 

-some iast-minpts concessions. -r .- 

. That is its sennal way of doing MogcQW has clearly beet 
business at.i^nialiontf ^ ^ ^ 

tdaturas. But even refusing the- West’s i 

it is almost^incomxiy^ole mat witha&t- provoK 

the concessions could, satisfy f re5 h outburst: from Wt 
the West oh ’suefa key issues as p U jjjj C : opinion;.' The ^ 
human rights, human contacts delegation' has.'-; stressed 
.. and ’) confidence - budding liberalisation 'Is ctmti 
measures.”-’ ' . anyway, without The Bee 

.The game that is being specific new. eqgunitmeb 
played by. bodfc . sid es - at the Belgrade. ; 
moment is -tfmt of trying J» Russian; iniports^ 

ensure that the other takes the newspaperefrom January: 
blame when failure is finally cited Jast Vecek/as ^ cs 
admitted. Thus the West .is point . Equally, S^.-^ob 
still saying it is prepared, to has been arguing-that,*# 
keep the meeting going for as to agree- in, Belgrade nee 
long as there is. a prospect of; mean a -setback' for, tixfcba 
, agreement on 4 - concluding process, of; detente .;j . 
..-document,'- while the Soviet 
Union, which started a flurry; 
of activity , ten days ago, is. 
rapidly producing, new versions 
of its JanuaryproposaL 'By last 

Friday, the'-' 'original;-'-’three- . 

page Soviet text had grown :to_ officials- have;- recently^ 
12 pages in a. bid to show that privately _somdmg-tm 
it was"- not .Moscow .that was Western colleagues onrtj# 
refusing; to be co-operative.; consequences..; pt.failure 
That text. too. was ■ rejected by: expressmg^xfae^..Iwpe^ 
Mr. Goldberg, 'leaving ^ 

V T‘ tSO o tr£?, 

make no further proposals. _ ^ 

“Enough is -enough"; be trtUl■ WablfWr 

the Press. “ it is tihe beginsupg ^ .strong public."teactiwi 
of the end. - if they wanted'tod: They, 

Western diplomats are now themselves fed ob&geditc 
admitting that they may have tou^i' cloSfag ipefceke^ i 
j ade some mistakes. It was grade, ' The outcry woj. 

1 rhaps always unrealistic, lhey . cour se f • be erch;. grea 
now realise, to expect the Moscow were to gn Shea 
Eastern countries to engage in new t rialit ?. of.‘d fo gtaeiy 
a frank dialogue on human moment Belgrade Is over 
rights given the current state 7 The West -oIso,i.dqe 
u. East-West relations and at a accept the-comfortable;’ 
time of mounting internal dissi- thesis that detente; wod 
dence in the East.-- The West suffer Although these 
also, they believe; put forward;direct jink between ^ 
far too ' many proposals for and other, issues'ffiyidlfi 
specific action. .-With the East and West,/such as arms: 
deciding to respond by match- tion or the-Middle East 
i-g each Western proposal with are bound'tor be Changes 
one of their own. there were general atmn§phere in- 
almost exactly 100 'such' docu- -Western Governments h 
meats on the table by Christmas work ’if Belgrade fails. - 
—far too many for a negotiation ..But however 1 tile coni 
that was due to, last only one ends, the general, feeling 
more.month. ; Western side IsIhhtit"W 

- : have been worthwhile. ; 

- . The very existence-oi 

. — - T - riew 'procedure. It is : 

I. i*nnnnf ‘ -has had a favnurable ini 

V rCpCd l Jt basiiidoced a slight! 

* Many Western delegates also 1 positive-Soviet approa 
believe Mr. Goldberg, persistedmvrthig Western 
far too long in the autumn with ^ er * 1133110 

bis attacks oh human rights t 16 , uman £ 

violations. It would, have two Britain, for exam? 
better, they believed to have Managed to settle twtv-tr 
made his point, quickly and outstanding cases in the 
then moved oh to other matters"; between Helsinki and B« 

.;. Nevertheless .the outcome 7 . some-achievement t 
uni ike ty.- to have * .been -”ver^' Soviet Union has agreed 
different ifr. Go.Idbei^ tinue the review proc 

held, himself mote.'in^^ cJjeclC.The' Madrid and did not try 
Soviet ..Union was^always deter- Belgrade to re-negotia 
pilned this time’hot to repeat original Helsinki agreem 
its Helsinki mistake of coheed- Set against the West’s« 
ihg too rriuch on human rights, objectives. however. 

• In any case, in the riinriip to achievements'can hardly 
Helsinki; Moscow had a major sldered more than modes 




Canada takes 
a pelting 

When those serious men at the 
Canadian High Commission m 
London arrived yesterday fur 
their work, they found a huge 
billboard outside Canada House 
showing a baby harp seal being 
dubbed to death and pro¬ 
claiming: “Canada's politicians 
without pily tolerate a Stone 
Age economy in Newfoundland. 
The civilised world urges Prime 
Minister Trudeau tu find other 
employment for the 200 or so 
men who are brutalised at the 
harp seal hunt.’’ Hardly the 
advertising jingle of the year, 
but nonetheless a straight¬ 
forward declaration of war hy 
the seals’ self-proclaimed pro¬ 
tectors. the International Fund 
for Animal Welfare. 

Worse was to come later in 
the day when in the Savoy a 
panel of Newfoundland govern¬ 
ment experts found themselves 
heckled by the IKAW's execu¬ 
tive director. Brian Davies. 
Looking like a slimmed-down 
Ustinov, he was not ton im¬ 
pressed hy Newfoundland 
Premier Frank Duff Moore's 
claim that killing the seals pro¬ 
vided full - time employment to 
2.000 people and part-time work 
for 4,000 people. 

To them, seals are a retuurce 
like seaweed, the population is 
growing and could support the 
killing of more than lSO.mio 
cubs per year; in any case, .said 
Moore, the method of killing 
used is “humane." If consists 
of smashing the skulls nf the 
trusting two-week-uld cubs with 
a club appropriately called a 
hakkapik. They arc lfie-n 
skinned, with half the sealers 
income coming from (he pelt 
and the rest from the dippers 
eaten by Newfoundlanders as 
a delicacy—and the fat which is 
even incorporated in chncol.uo, 

The issue ha* become inter¬ 
national politics. At Strashoug 
last month few parliamentarians 
turned up lo the debates nn 
human rights, but there was a 

full house for seals. Here 
Brigitte Bardot's presence per¬ 
haps helped and her interven¬ 
tion with President Giscard 
d'Estain" has since led in 
a ban on pelt-imports being 
imposed in France. Back at 
home Canadian parliamentarians 
have been mumbling about 
cruelty to grapes and geese by 
the French and threatening re¬ 
taliation?. v.hil Trudeau himself 
has written soothingly to 

But now Davies, who works 
with Richard Adams of Water- 
ship Down fame, is trying to get 
Britain tn ban the imports, 
pointing out that the U.S. Con¬ 
gress has not only done so but 
has condemned the killing. He 
is having posters put up for a 
demonstration in Trafalgar 
square on March 2 and was 
breathing fire and thunder 
against Moore for criticising his 
salary of $45,000 per year. 

He would have ferried journa¬ 
lists to the seal areas this year, 
had be not a Canadian sentence 
for disturbing the seals by flying 
a helicopter under 2.000 feet. 
But. proving he is earninq his 
salary, he was off last night to 
Frankfurt. Premier Moore's 
“travelling circus" is due to 
speak there and Davies is all set 
to heckle again. 

Socialist sexcess 

In llic course of a- five-hour 
speech to party functionaries 
lari week. East German Head of 
State Erich Hnnccker asserted 
that national policy was 
strengthening the population's 
feeling of social security: "This 
security hems expressed by 
ihy increased birthrate and by 
the love iff children. Last year 
alrme. 27,000 more children 
uerc horn than were planned by 
the Plan Commission." 

Put out the light 

Earlier this year, it ionked as 
though public investigations by 


“ A hot air stream in the 
form of Mr. Denis Howell 
is approaching the West 
Country . . 

a House uf Commons select 
committee into the life of light 
bulbs were becoming, as one 
mishr say. almost incandescent. 
But any interested users attend¬ 
ing (o-day's session cn hear 
David Meiklejohu. tiie only con¬ 
sumer witness before the com¬ 
mittee, wilt be in for a bitter 
disappointment They may even 
have some quizzical thoughts 
about the openness of the 

Research engineer Meiklejohn 
has put together an 18-page 
presentation of his case, at the 
committee's request; but not a 
word of this will be heard in 

The last time Ateikiejohn 
appeared, he was warned by 
Arthur Palmer. MP. the chair¬ 
man. against uttering in the 
corridor his accusations that 
lamp company witnesses bad 
lied before the committee. 

The accusations were des¬ 
cribed by Palmer—himself an 
electrical engineer 1 —as an 
indictment of the whole of the 

British lamp industry. Now it 
seems tile committee has 
devised a strategy for clipping 
Meiklejohn's wings. Even in the 
committee room, where wit¬ 
nesses are protected by Parlia¬ 
mentary privilege against 
accusations of slander, he may 
not air ail his views. A hearing 
planned for last Wednesday was 
postponed so that Meiklejohn 
could collate his argument. This 
has now been done, and the 
unrepentant Meiklejohn assured 
me on the telephone, before 
setting out from Fife for London 
that evidence given earlier by 
the companies was “wishful 
thinking or just sheer 
ignorance. ■’ 

To shed some light far the 
luch-criticised witnesses —: 
jot ably Thorn, Philips and 
[EC—the committee has wril- 
to each enclosing the latest-i 
|iklejohn evidence. It has 
glen them the chance to reply 
bebre today’s- hearing. ButJ 
neher these replies nor Meikle- 
johfe original criticism will be 
fre* available. A spokesman 
for shorn told me yesterday 
that here was no intention of 
publisfing its answers at any 

So istead of charge and 
countercharge, this afternoon’s 
session' «I1 see the committee 
turning be tables on Meikle¬ 
john,. calhg for him to defend 
bis accusLons in the light of 
the replirtfrom tbe lamp in¬ 
dustry whsi he has not seen, 
OF course.\hen the committee 
finally pubshes its report, it 
may make 4 the evidence pub¬ 
lic. Or it m* not 

Leveling off 

Overheard 1 - id a Birmingham 
factory cancel. "I don't mind 
sticking to tije/n per cent, limit 
—provided IbeVower workers 
get a bigger. 10 V r , :e nt. than 
the miners. 1 ’.. \ 

^ rver 


- The Lothian Region, with Edjnbimgbntics heartyqjres 
"has a formidable roil alt 'af satisfied Indtistr^I.cuscomers:C 
industrial estates "owned by the Lothian Regional Codnrittl 
are now 147 thriving companies with 11,000 empbyees. 

.. Outstanding.arncir^g the rdasons^Toh the success ofaj 
Region's industrial'elates is.the-Quality ofLothiaatebour.' 
playback we receive from employers-feaves us in no doubt 
Lothian labouris-very highly regarded; indeed. ■/'. 

Our access to good road, air, raft aod.seacommuhic 
•’ is rivalled onlyjby our access to commerrial money.^dinbi 
is one of Europe’s foremost fundirigand]investmentoentr* 
for the businessman who carv’twaitWebaye Immed 
available 22 fully-serviced industrial sites.vlDmoderrtfactpi 
'arid 16 of thelaregt warehouses. Alf ready^bexupation- 
. Fiy up and see uf sometime Soort.* t;,‘. . ' 

If you want to know niore : before wju'-rekeof^ cdl i 
Or write to: 

-St I- Shanks,^ Industrial Devef* 
Lothian RegiohDevetopment 
18 St-Gife5 Street, 




Feb rfiaiy:2i' 1978 


- —17 

. . X- 

Tuesday February 21 1978 


•i--r :>T;->».•. 

ENTHE of. jgmSty .to ./A. number of foreign countries 
ogTIs shifting aw^y- from "have acted to.: preeerve .a mea- 
...accordkig to Arthur D, sure of independence!!! general 
ADL). the international purpose computing,, including 
Rent consultancy com- Japan, Britain, Gerftrany and 
' France, in order of'success. But 

g- recent - 'testimony- ^ practically all the internal action 
J. Justice Department (with the exception of France) 
International ■ Business so far has been in medium to 
s (IBM) .anti-trust hear-computers.; And it is‘in 
3L indicated in' a snb^ this sector of the market that 
that, by 1981, about 52 S*owth rates have,"sagged very 
L of the world’s conih faulty whfle minicomputers, and 
Jtallations would be out- now the micro machines, are 
U.S. compared with 47 enjoying a growth that can only 
•, at the start of 1977. described as explosive, 
significant, for govern- It cannot have escaped notice 
eeking to foster their that 1975 marked the peak in 
data processing in-.installations of general purpose 
is the ADL finding.that 'computers in Britain,, ajtd pre¬ 
period it had studied, sumably in a number of other 
nifacturers' share of the industrial countries, and that in 
market would drop .to 1976'more ‘‘mainframes’’ were 
■erit. from 71 per cent, withdrawn than newF.ooes in¬ 
same time, however, stalled, even though they still 
iverall market expan- represent about 66 per cent by 
about 19 per cent value of all installations.- 
would raise the. mono- J This is very largely due to 
ue of the American- the onslaught of- the. minicom- 
d companies' share to puter either in.-the guise of a 
a 1981 from $29bn. at small business machine or a 
. During this time that -powerful intelligent .terminal, as 
»f the European market well as to the strong growth of 
mds of U.S. companies the service bureaux, " • 
row to around $35bru _ f 

bn. • Apfmn 

ittributed the :growing • uvu ■ jty. 

on the TJS. share of Bat with annual growth rates 
titer market to what it in the U.K. and elsewhere of 
tcreasingly nationalistic around 40 per'cent at present 
foreign governments “ in installations of minis,-largely 
oup did not extrapolate bought from tbe .UA, it. seems 
it trend lines But if de *? ADL expects.*ction in 
5 inarket share move- this sect<,r b y Governments to 
1985—whit* is where alt ^ r the projected American 
■. projections, are ainjed ^rket share. .. . • -7 • 

-moment—the foreign Indeed,. this action/ has 
shara enjoyed -by the already been fortbcomii^ from 
puter companies falls the french Government^) such 
58 per cent and to good effect that 45 per ctot of 
per cent by the end the minicomputers usejf: in 
ecade. • ‘ -France are made there * ' 

The arriyal of the minicomputer as a major force in the computer 
industry has coincided with a period when serious inroads have 
been made into the U.S. companies’ domination of the market 

In Britain at the start of 1977 
there were close on 13,000 
imported: minis in use against 
8,600 home-built models. Among 
the .domestic suppliers GEC was 
the' market leader with 1 , 688 , 
followed by' Ferranti with 791, 
Digico with 750 and Computer 
Technology with 445. Three 
U.S. companies are well ahead 
of the U-K/s best — Digital 
Equipment Corp with 4,337 

Of course that is not the end 
of the argument, since in most 
mini-driven systems the value 
of the central processor itself 
now represents only something 
between 5 and 10 per cent of 
total cost The rest is peri¬ 
pherals, communications equip¬ 
ment and so on. 

Britain was in deficit to the 
tune of about £400m. during- 
1977 for imports of peripherals 

machine range, there is no 
reason why U.K. companies 
should not grow just as well. 

Of importance in this sector 
is the reaction of market 
analysts in the U.S. to IBM’s own 
mini, which the company has 
called Series one and prefers to 
describe as a small general pur¬ 
pose conjputer. The general 
opinion is that IBM would not 
capture more than 15 per cent 

in Europe stems from the bitter 
battle which IBM (principally) 
is waging against domestic U.S. 
companies which offered a whole 
range of peripherals to compete 
at lower cost and enhanced 
performance against installed or 
announced equipment—-the so- 
called plug-compatible manufac¬ 

They have had mixed fortunes 
but nevertheless, hold large 

Challenge to the U.S. 

By Ted Schoeters 

installations. Data General 
(2,250) and CAI (1,800). No 
U.S. companies manufacture in 
Britain though Prime is setting 
up a research and development 
centre and there has been some 
desultory talk by a number of 
other groups concerning U.K. 
manufacture. - 
If France has been able in 
about three years of co-ordin¬ 
ated Government efforts to set 
up strong mini-manufacturing 
groups, encourage existing com¬ 
panies like Logabax and Inter- 
technique and capture 45 per 
cent, of the market by number 
with locaUy-built products (the 
aim is 80 per cent by the end 
of 1980) it should be possible 
for the UJC to improve on 27 
per cent, (about 35 per cent, by 

and sub-assemblies. It is certain 
that a large part of the £650m. 
European deficit in data proces¬ 
sing trading with the U.S. came 
from-this particular sector, and 
mostly for special peripherals. 

But Britain has several com¬ 
panies making appropriate dis¬ 
plays and printers, tape readers 
and the like, which can be used 
to build up excellent mini¬ 
systems. What is needed is the 
opportunity to mass-produce, 
and this can only come about 
through agreement at European 

If the French minicomputer 
group SEMS can turn over as 
much in 1977 as CII Honeywell 
Bull, and secure an agreement 
with Cal comp for the latter to 
use SEMS computers world-wide 
in Cal comps well-known plotting 

of the market within five years 
from launch, that is by 1982. 

Apart from Honeywell, the 
other traditional computing 
groups have not entered the 
mini market with equipment 
that can be sold as “ just 
another component/’ It would 
thus seem that if any Govern¬ 
ment decided to give good sup¬ 
port and preferential purchase 
treatment for a domestic mini 
product the reaction' from 
American companies could not 
be so strong as in the case of 
West German support for 
Siemens or British support for 
ICL, particularly as there is far 
less- mini-making activity in 
Europe by U.S.-controIIed groups 
than There is io mainframe. 

A third factor contributing to 
the weakening of the U.S- grip 

shares of the total market in 
specific areas. These companies 
have called on the expertise of 
the big semiconductor compo¬ 
nent makers to produce high- 
grade solid-state memories 
(which are also plug-compatible) 
and have made serious inroads 
into the established market 

Recently two companies, 
Amdahl and Intel, have made 
a bid to displace IBM’s biggest 
machines in the 370 series and. 
because of much shorter produc¬ 
tion runs and a simpler design, 
have been able to bring out new 
products to compete with new 
IBM announcements before even 
the giant could deliver the im¬ 
proved equipment 

Observers initially dismissed 
Amdahl and Intel as a flash in 
the pan or at best, a pinprick. 

But Amdahl in. 1977 pushed up 
sales by 103 per- cent - to over 
$188m. and. more important, 
raised profit to $37m. after tax 
against $ 22 m. it has just shipped 
its 100th machine—which, it 
must be remembered, displaces 
the biggest IBM equipment— 
and will start production in 
Dublin soon. Intel has just 
reported 1977 figures of $402m. 
after $260m. and profit at $31m. 
after $16m. It has sold 100. of 
its Advanced Systems (AS-5 and 
AS-4) computers world-wide and 
installed 55. In Europe. 35 have 
been sold and 12 installed. 

. But Intel late last year un¬ 
veiled the AS/6, which is a 
Hitachi machine that Intel will 
sell world-wide. excluding 
Japan. And this bas been 
designed as a straight replace¬ 
ment for the newly announced 
IBM 3032 and will be available 
next month, or one month ahead 
of the IBM product. 

Meanwhile. other large 
machines are coming out of the 
Hitachi/Fujitsu stables and are 
being offered under the Hitachi 
reliability guarantee. 

Amdahl and Intel are- taking 
advantage of customer resis¬ 
tance to radical change and of 
the cost benefits possible 
through mass production and 
use of advanced large scale cir¬ 
cuits to offer a. product which 
has almost irresistible attrac¬ 
tions for the big IBM user; 
above all it does not affect his 
investment in applications soft¬ 
ware. Amdahl believes IBM 
computer users must have writ¬ 
ten $120bn. worth of programs 
(or twice what the Apollo space 
shots cost) for their own parti¬ 
cular operations since the 360 
was launched in the mid-196Q’s. 

This is why users, are resistant 
to change. Some, such as the 

airlines, have already expressed 
their unwillingness to continue 
to pay the piper without getting 
the tune they want. The 
European banks recently fol¬ 
lowed suit with major com¬ 
plaints about hardware, gener¬ 
ally addressed to their U.S. 


It could happen that gn IBM 
user might go over “entirely to 
an Amdahl machine with, say, 
major peripherals from Mem- 
ores or BASF. The software 
would not know the difference, 
but computer consultants are 
telling potential customers that 
their bank accounts most 
certainly would. It remains to 
be seen how IBM would react 
on the maintenance side. But 
since Amdnhl is already operat¬ 
ing a diagnostic service from 
a specially equipped centre in 
the U.S. that “plugs in” over 
telephone lines to any equip¬ 
ment that looks as if it might 
he giving problems -and deter¬ 
mines, remotely, what action to 
take before an engineer goes 
out. there is little cause for 
concern. At the Same time, the 
new LSI machines have an un¬ 
precedented level of reliability. 

There are thus several major 
factors behind the Arthur D. 
Little projections: Govern¬ 
ments* “ nationalistic ” moves 
on large machines and minis, 
perhaps with micros to come; 
erosion of the larger machine 
market by the mini; the on¬ 
slaught of the plug compatible 
companies on all sectors of the 
IBM market, with perhaps other 
companies such as ICL in line 
for special attention; and last 
but not least, growing consumer 



1 wfz TI K 


I * 

V • 

e problem .. . ... ■ - !v..- 

-progressively, update- a / hanking data .transmission network that spans 
ontinent vaster than all of Europe — four thousandunfles from coast 

nsactions of most of the bank’s more, than 1,700branches, 
e customer . .. ... 

nadian Impend Bank of Commerce is one of the world’s largest banks 
[h assets in excess of 30 billion dollars. In Canada it has the largest 
twork of branches with representation in ail ten provinces and the two 
rthera territories. Several remote communities in the-Arctic are served 
aircraft while a shipboard service is available to communities along the 
Lawrence river: ‘ . ":••••• - . 

e solution : ‘:; ’ • . ■ 

install intelligent banking terminals at most banking locations. The 
Mai order calls for the installation of 1,400 Olivetti TGSQO’s in branches 
. he p r ovinces of Quebec arid British Columbia andin the d^y of Ottawa. 
''s'capitaL- vV 

: e choice _ ..... . .. . . 

e bank had excellent experience with an earlier generation of Olivetti 
niring tft rrrh'nais- To "integrate into the bank’s main on-line network the 
niches in which these earlier units had been installed and to expand 
s network tb many other branches', die TC80G was chosen because of 
intelligence an d nYrf yfapriipg capabilities in-large data processing and 
fiismissioxi iictwdrksi 

Over 80% of 
Australia’s banking 
terminals are 
supplied by Olivetti. 

The problem „ 

To assist; Australia's financial institutions in serving the country’s fast- 
expanding economy, with flexible and reliable terminal systems for on- 
fineha^efling of all banking transactions. 



The biggest savings banks and building societies in Australia, including 
the Commonwealth Banking Corporation. State Bank of Victoria. Savings 
Bank of South Australia, State Wide Building Society, Hindmarsh Build¬ 
ing Society, United Permanent, Joint Services Network, and others. 

The solution 

The new Olivetti TC800 intelligent terminal system. In a country where 
80% of the banking terminals already in use were supplied by Olivetti, 
today’s market eagerly welcomes the TC800, reaffirming the success of 
earlier Olivetti systems. An outstanding example: at the Commonwealth 
Banking Corporation, which uses one-third of the systems installed in 
credit institutions throughout Australia, all the terminals were supplied 
by Olivetti. ’ 

-The choice 

Olivetti TC800 te rminal s are being chosen in preference to those of other 
major manufacturers because they are intelligent enough to function 
outstandingly on their own, yet can be adapted easily to join any network. 
The high reliability of Olivetti after-sales service is another important 
factor in their selection. 

3300 extra Olivetti 
reinforce Banking 
services in Japan. 

The problem 

To achieve real-time automation of counter transactions in savings banks 
and in banking service, departments of agricultural consortia in Japan. 
Also to administer other services provided by the consortia for their 
members, such as insurance coverage, the collection and sale of agricul¬ 
tural produce and the purchase of implements for farming co-operatives. 

The customers 

Eleven of the most important agricultural consortia (Nofcyo)and savings 
banks irr Japan. 

The solution 

Olivetti TC800 intelligent terminal systems, which have raised distributed 
data processing to a new- level of efficiency. Over 500 TC80Q systems 
are already operational with these institutions and orders have been 
placed for an additional 3,500 systems valued at $ 63 million. 

The choice 

The Japanese, who are amongst the world’s most knowledgeable experts: 
on electronics and computer technology, were won over by the out¬ 
standing capabilities and reliability of Olivetti TC800 terminals. Olivetti 
systems were chosen in preference to those of major Japanese and world 
manufacturers; competing in one of the world’s most advanced and, 
sophisticated markets. .. | 

Companies everywhere are choosing Olivetti systems 
Here are the latest world-wide totals: 330,000 accounting machines; 
.140,000 data processing systems and personal mini-computers; 
65,000 terminals and data collection units; 150,000 teleprinters and 
telecommunications units. 

the intelligent choice in distributed processing 


financial Ttmes-Tae 





Four-Phase Systems, at the forefront of 
technology, has studied the problems of modem 
business and produced a family of video 
Orientated computers to give the data processing 
rnanager the maximum flexibility in systems 

VISION is a distributed processing package 
for use with Four-Phase clustered display 
systems. It combines Key-to-Disc, Source Data 
Ent^ On-line Enquiry. Local Data Management, 
Report and Document Generation and Batch 
Communications with an optimum balance of 
local and central processing. 

Foreword is the word processing package 

which the data processing manager can now offer 
his company as a cost effective addition to 
distributed processing. 

Four-Phase base their products on systems 
efficiency: The video onentated computers are 
also cost-effective stand-alone business systems 
that can be programmed in COBOL 

Thus the data processing manager will find on 
one machine a combination of products relevant 
to his needs now and also in the future. 

You owe it to your company to check out how 
Four-Phase technology can benefit you. 

Telephone, write or send your business card 

ii j' 

Brian Uoyd, Four-Phase Systems Limited. 

37 High Street, Marlow, Bucks SL71AU. Telephone 062 84 71921. 

IN RECENT months, Honeywell 
Information Systems and its 
French partner CII-Honeywell- 
Bull have been reviving the talk 
about mergers of computer 
manufacturers in Europe. 

At the same time, Siemens 
in Germany has been having 
active talks with Fujitsu of 
Japan, with whom it has a 
long-standing association. Both 
Siemens and Fujitsu have 
denied rumours emanating frnm 
Tokyo that a formal agreement 
is imminent by which Siemens 
would market Fujitsu's newest 
large computers in Europe. On 
the other hand. there is good 
reason to suppose that the possi¬ 
bilities of a closer tie-up are 
being carefully considered. 

International Computers 
Limited (TCL) in Britain, has. 
oo the other hand, shown no 
public sign that it is interested 
in joining any merger- fever at 
present. It is now in a good 
period of strong growth and 
increasing profitability which 
gives it at least temporary 
relief from the pressure for 
mergers in the industry at 

These pressures arise inevit¬ 
ably from the overwhelming 
dominance of IBM with over 
half of the world’s computer 
market. Us huge expenditure 
research and development 
(about SHm. on all products) 
and its ability to cut prices* if 
it wished to a point which would 
threaten competitors with ex¬ 

CII-Hnn eywel l-B u 11 recc n re¬ 
produced an interesting sei of 
figures based on the premia 
that the minimum research and 
development budget needed for 
each general purpose computer 
manufacture is SlOOm. a year. 

f)n this basis, it estimated the 
profit of a company the size of 
IBM would be about 30 per cent 
on turnover. The profit of a 
company a quarter the size 
would be 15 per cent, of turn¬ 
over, but the profit of a com¬ 
pany one-eighth the size would 
be only 3 per cent of turnover. 
cn-Honeywell-BulL together 
with its U.S. parent, comes into 

the second category, but ICL 
and Siemens's computer divi¬ 
sion come into the third size 
grouping which should, in 
theory, be barely profitable. 


From this the CII-HB men 
argue ICL should consider com¬ 
ing in with the French-American 
grouping or at any rate consider 
some partner for the. struggle 
of the 1980s. ' ICL could justi¬ 
fiably retort that the theoretical 
analysis has not been borne out 
in practice, since its profits have 
been much better than 3 per 
cent., and shew every sign of 
continuing to be healthy. The 
data processing division of 
Siemens, on the other band has 
not been profitable in the past 
few years, though it has shown 
signs of improvement recently. 

One reason that smaller com¬ 
panies have been able to do 
belter than the CII-HB analysis 
suggests is that they have tended 
to specialise either by 
geographical area or by product 
or a combination of both. They 
have not therefore had quite the 
same marketing and service 
overheads, of companies which 
have spread their net* more 
widely. Another reason is that 
the data processing market has 
continued to expand so rapidly 
that there has so far been room 

The 470VJ5 high speed general purpose comput^de^ig^dfor^ large 

.processing being tested Qt Amdahl m California. ■■ ; 

for everybody to grow, - \ ’./■This protectionism was prob- the three major niaiu*giw&j 

In the next decade, however, ably necessary to the ambttipas under the Iga aeg hift 
it is likely that the industry will of each country to build Hip..a and • is 
become increasingly tough for viable computer Industry. On. fughfi* L ? 
companies which have not the other hand it has proved Th4 : FujRsu group. tbfornte.j 
achieved a respectable size in fatal to the idea of a unified relatively^ large homer 
comparison with IBM. Otie gild strong European Industry- (where IBM.ate Jjen-taiOilB 
reason is that the continuing No one European country can 30 per, ce^t- $1.pie. Buttket), 
development of miniature 'ctfitt-' provide a home market large With.strong goFeounenL^naciu^ 
ponents is likely to lead to. a enough to give a company a and^i- rapidly .dereiopiTO-.c^ 
new generation of large com-'secure home base against U.$i ponents industry ■ behind.jifc .i; 
puters being developed in the attack in the world market: .j; None- ’ of• • • these 4-c^uKUtio^i 
19S0s. This development to take . This is • ’ particularly . truck applies .in-.Tfcurope' where 4 <tftf 
advantage of cheap high per- 'because of the strong peneirah “ home Warkrt ”^ 
formance microprocessors and non which the Americans have, components'- industry i£ J wgiH 
very large- semi-conductor already achieved in. Europfc .and: Govemme^ pfil^es-iiutf 
memories, will require a heavy where'they have around 00'per rowiyuationaJistiti- 
expenditure on research and cent of the market - • TN!-. Eiqjopeanr Coanmaifdfri 

development both for the h*rd* Since Europe as a. Whole answer has . bi&tr "to- try 

ware and the software. • - represents only 27. percent. of liberalise the procurement ^oB 

When the new systems start the world’s data . processing cies.'So^ 
to emerge -manufacturers will'market (estimated.'at*-about will • be more difficultit hot up 
once again have to go through r $54bn. worldwide iijlSTS) the possiWe for governmentstb giyi 
the problems of upward coiiK proportion left lor indigenous exclufflve ^cpntracts TP - thet 

patability: that is devising, companies after the Arnericams ,^ Goverifiaeo 

methods by which old software have taken their shMc ls ohly T OTnCracts. w4U hayetobeopenei 
can be run on new machines about II per cent. t>£ the world to-coWet?t!*e tenderr It brows 
without highlv expensive con-market. By comparison U.S.. dpubtfaL. however, wftethfet£(hi 
version into a 'new code. ' expenditures of data processing ■ <awnge. will ^benefit lie -Ebw 
nr,, n it iriav represent 57 per cent .of the-pein cpmputer annpaitfBS. TBM 

hP^roat the barrier^ betwSa’ totaI and Japanese, 9 per cent HdpeyweU and .other D-S- cop 
Afferent machin^Tems S « ,1s.; obvious W- lh«»,^ 
a ore°LT a Europe t 

m a y ? 7 P en V^midab?e P New enforces wpuldje needed tiaaltfyas European.companies 
could Hthen eineree t0 the might of IBM j t i* more .than likely therefor 

ESFSSto ^ n (which has 60 per cent of-the that the. opening up. of contract 

y.- West Q erman market alone) will benefit.-them at least a 

One obvious grouping, which combined v/ith other.JJ-S. com- much as it will promote an 

Uop Kaavi m i 1 #*Va rlie/iTTCCOfl nuPT * • .. -■>* a«.^ 

to speed i 

If you have a small to medium-sized company 
ready to take the next step up the ladder, we can 

The help is called a Datasaab D15 business 
computer. As well as making child’s play of your 
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As a stock control device D15 is unrivalled. 

For as well as working on a real-time basis, we 
have eliminated product coding and so turned 
the order entry process into a magically simple 

it's compact, too, with no special environment 
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to the mini-computer. 

And, because of our policy of helping until 

everything is working well, you’ll find dealing with 
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leave-it attitude of many other computer 

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And since much of the reputation we have built 
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and the data processing divi¬ 
sions of Philips and Siemens. 
The possibility of Freneh. . co¬ 
operation has become much 
less likely since CH withdrew 
from the European Unidata in 
1975-76 and threw In Its lot with 
Rull and Honeywell Information- 
Systems. The collapse of Uni¬ 
data. formed out of CU-Bull. 
Siemens and Philips has, in¬ 
deed, given even the most 
enthusiastic pro-Europeans 
pause for thought. 

In any case Siemens has been 
developing large IBM-like 
machines whose systems differ 
markedly from those of the new 
ICL range. A more natural 
grouping might be for Siemens 
to throw in its lot with Fuiitsu 
which has also developed IBM- 
compatible machines. 


• ;*•; ... yj .. . 


S^s » • • -;-y- . . 

hS*-’ : ^ / ' 

’<■* ' ;V >* 

O Wecse rush me M details on the D15. 

□ Please odr your Representative to call me for on appointment, 
Fill in She coupon below. 




ADDRESS:----- - 


And retom to John Medlc<ch. Dcilawab Lid.. 

1 Gfesham Street, London EC2V 7BU. Telephone: 01-60S W25 

^^Parl of Scandum - ia’s for>:mnsl leuhnicrtl organic,on._ j 

. Siemens has long-standing 
links with Fujitsu and its recent 
talks have probably been on 
the subject of exchanges of 
research information and on 
software development 

If a formal tie-up were 
agreed. ICL would certainly be 
left in an exposed position. It 
might then be forced to look for 
a U.S. partner as CU-Bull did. 
perhaps National Cash 
Registers. Or it could accept 
Honeywell’s apparently standing 
invitation to join the chib. 

Such a regrouping would, how¬ 
ever. leave Europe without any 
independent large general pur- 
pose computer company, since 
Philips is now concentrating on 
small systems. It would be a 
very different result from that 
which the main European 
governments have been, trying 
to achieve through massive 
subsidies and protectionist pro¬ 
curement policies. 

In France. Germany and in 
the U.K., it has been taken as 
axiomatic that a strong inde¬ 
pendent computer company is a 
strategic necessity, strategic m 
an industrial sense, but in the 
long term also from a military 
point of view. Each country 
has poured subsidies into main¬ 
frame companies, which have all 
been through periods of diffi¬ 
culty and loss-making. At the 
same time the governments, as 
one of the major purchasers of 
computers have either tacitly, 
or as in the U.K., explicitly 
followed a policy of purchasing 
from their national company 
The main effect of these pro^ 
curement policies has been anti- 
American. nr more particular^ 
anti-IBM, since it was COn \ 
sidered impossible for fledgling 
companies to thrive unless the 
great American eagle was 
fenced out.' 

; ,«inM3uteroutput. Adds toflaet^^fefencyofsw 
V s , -. ' j computer 

. ... . .. toycajrspecjfiGne§ds. . . /v 

■ B/hiW-ieteUmSOd • jy.: '-///L 

The tot^ service to file ~ V : 

234/248OkJ Street London EC1Vffl5D : - ; • • 

'01-2536842' - ;. ’.'. • V,5.■/.. ■£?.;: 
. and at MbAtheoa.Avedifr. ; ; V .- : ' - 

Elgin hndustriaj Estate Swindon Witta SN2 S>UTi--1 - 1 -:. 
0793894448 ’ 

Market Data for the 

. WriteJor,;•. 

-v. j . ~ - -•. 


X0NIK>N;% : ^ 

for. information- .V beforeypn i - 

:■ v*‘ '‘■'.n., ^ j ■' ' 

» • • lf v - 1 : _ --^v'r-rr. 1 • 

11 ii 

Uta,^ U „. -..•'• v --. •••'••..•. 

* ^^ncial Timesj-Tuesday February 21.1978 



tjjf IS a wry saying .in tile puters_ iiavej beenreorganised. 
Industry tea*. hi ten wish .Gpvernmentih'ejjrj-iflto two 
three manufac- basic grodps. 'jW larger, headed 
^Bo^&eneral jMin&ose coin- by / includes, Hitachi 

;&&■; iBMiyithe. arid SUt^bishk^The flth'er^inaiQ 
.other. ’:, ■ _ group -consists of Te^jba and 

I ofiiea Nippon: 1 E3ectfic. isi^terms ol 
■ ffiife :- Siforjur-hmikets it is^the"-Fujitsu 
gg^-^ is fflbstifiiportajit, 
: Com-*t has-developed the 
^S^Vf.FACOM It series of .^machines 
yare= cmnpatlbie'with ihc 
system and-can plug into 
any IBM installation. This series 
yY°;-' was ^developed m*-conjunction 
fr with th^Amdahl C^popation of 
J',ft; America in which Fujitsu holds 
^ — a 2? per cent. stakhi'The largest 
****** ,* n the Fujitsu ran^-is reckoned 
Wit -to jjavQ about the. same, power 
v&aii- and performance as'jhe latest 

tputer _ 3033 niachihe from IBfit ' * 
sc ^ n ?- ’■ The-Fujitsu''group is ‘toere- 

^ er fore, well poised • Wf/i" major 
-•■■r;W;w.“«is as .at can battle with IBM in conjunct ion 
.IS fluoric-60 per cent y^th • it$ U:S. ally: -Amdahl. 
- . world: market:Delivery- delays - on the 303X 

\ lave;indeed been flailing , ser ies could help; both com- 
P r. but nbt to the extent panies fo obtain orders from 
to precipitate a world large installations which have 
?r war savage enough to iBM machines.-ATthe .same time 
ily three survivors. price cutting cQuld' help to win 
ermbre the Japanese, in customers away frbnr. other 
repeated prognosti cs *, manufacturers into the IBM or 
a major advance, into IBM-compatible camp.' 
have as yet bnly : a ; * On'the other band there has 
- ie foothold in the West hardly been an industry, which 

the Japanese have taken up 
qa|- - without eventually ttalcing a 

. E V l . large slice of world tritjte- Most 

: other hand the market observe^ believe th*r£what has 
paters, unlike that for happened in shipbml.didg, the 
steel, is rapidly expand- automobile-industry.; and con- 
eover the manufacture electronics could easily 

• puters requires' very- *«*«?«? 

ilOOm.. less than 10 per cent, 
of its total production. In the 
next two years. however. 
Fujitsu is expecting to increase 
exports two or three fold, and 
there can be little doubt that 
other companies in its group 
will- follow suit 

It must be remembered also 
that although Japanese exports 
are relatively small, its home 
market is the. second largest in 
the world, almost half the size 
of the U.S. domestic market and 
roughly the same size as the 
whole of the European market. 
On the other hand, about 27 
per cent, of the Japanese mar¬ 
ket .is' held by IBM compared 
with about 38 per cent of the 
home market which falls to the 
Fujitsu group. 

It is clear, therefore, that at 
least some of the impetus be¬ 
hind the development of the 
Japanese computer industry 
was, and remains, the need to 
defend itself against IBM. The 
component research project was 
certainly inspired partly by the 

fear of what IBM could do with 
lm. components on a single 


Whatever the motive origin¬ 
ally, the research thrust and the 
rationalisation of the Japanese 
computer industry which re¬ 
sulted bas put the major manu¬ 
facturers in a strong position ins- 
d-eis Europe, where attempts at 
co-operation between the indi¬ 
genous companies have largely 
failed. The collapse of Unidata, 
an attempt to’ weld French, 
German and Dutch manufactur¬ 
ing capabilities together, has 
left the European computer 
companies fragmented by 
national boundaries. Of the 
large mainframe companies, 
only ICL in the U.K. has a 
securely profitable base. Yet 
ICL has the major disadvantage 
compared with Fujitsu that it 
serves a " captive" home 
market of only about a fifth the 
size of that in Japan. In France 

CU-BulI has elected to throw 
in its lot with the American 
Honeywell and in Germany, 

where IBM has 60 per cent, of 
the market. Siemens is 
rumoured to be considering a 
strengthening of its historic 
links with Fujitsu. 

A two-pronged attack from 
the Japanese, via Amdahl in the 
U.S. and Siemens in Germany, 
therefore appears to be a dis¬ 
tinct possibility. There are 
several reasons, however, for 
thinking that the impact of 
Japanese technology will be felt 
relatively slowly. The first is 
that it must attack IBM with its 
“ plug compatible ” machines 
(machines which can plug into 
a socket vacated by an IBM com¬ 
puter, without modification or 
reprogramming). And IBM is, 
after all. the strongest company. 

The second reason for caution 
is that, whereas Japanese 
machines appear to be highly 
•competitive. Japanese software 
(programming) is several years 
behind that m the U.S. and 

Europe. Software now repre¬ 
sents about half the cost of a 
computer, and the software, 
required for a particular 
application is often of crucial 
importance to a customer choos¬ 
ing between rival tenders. In 
this area of applications soft¬ 
ware, the Japanese are in 
general handicapped by the 
difference between Western and 
0 ri ental busin ess procedu res 
and more particularly by the 
language barrier. 

This deficiency represents a 
possible major opportunity to 
the British and American soft¬ 
ware bouses which specialise In 
writing programs, but do not 
manufacture computers. Indeed, 
the Japanese Ministry of Trade 
and Industry (MITT) has re¬ 
cently made an informal 
approach to the TJ.K. Computer 
Services Association which rep¬ 
resents the software industry. 

From a purely national point 
of view it may be argued that 
British software expertise 
should not be used to help the 
Japanese to compete with the 
British manufacturer, ICL. On 
the other hand it Hill be said 
that a partnership with the 
Japanese would be a way of 
securing an important slice of 
business for the U-K if and 
when the competition intensi¬ 

Max Wilkinson 

An uncertain market 

ergy or raw materials, , ___ . - . ~ ~ 

e both in short supply- f 1 " 1 ®* cert ? m . t0 *e. a , fierce 
jl Computers are^Lso latenLatwual price competition 
■ free P For all these whlch $ ome of the. smaller com- 

itIf: ^at Se »*** *** t0 

• survive. - Furthermore., if a 

nit major Japanese thrust into this 

T SZSE^-ZSZ market does. occur,itis likely to 

' VoSfV the a«£ in *e relaWdy near 

There are several reasons for 

nf ***: tbe firSt ' *» ■-*“ OTeraU 

ae , ne ? g iP er f £l< ? n 1 strategic consideration,': that 
3 circuits. The declared.finding itincreasin gi y 

place lm. elements of b exptnd exports for 

on a single silicon chip it8 e3dsttag industries.- Volun- 
llimetres. square. tary restrictions or the: threat 

’.have also been large o£ tariff barriers are now. loom- 
snt-assisted. projects to j n g against Its exports^ot tele- 
.new line of computers visions, 'motor cars;’ ships and 
competition to IBM steeL ' K A 

.develop a. range -of ■ However, this is rmt^%ppcn- 
.ted software. - ing to a very srghifican^fefent 

: same time the six yet Total Japanese expofeg of 
nanufacturers of com-computers in 1976 were’tprriy 

And if it does, the-result is 

ar examples is the 
^-operative project to 
the next generation of 

future of the computer market 
are notoriously difficult to make, 
partly because of the uncer¬ 
tainty about what will happen 
to computer sales during a 

During difficult economic 
periods. Governments and the 
larger companies obviously have 
less money available for invest¬ 
ment of all types, including that 
in computers. Companies may 
also see less need for the 
improved otirput which compu¬ 
ters can produce. 

On the other hand, a reces¬ 
sion puts a squeeze on costs 
which may provide the motive 
for investing in an automatic 
system which will reduce direct 
labour. Even this general point 
is complicated by the fact that, 
in Europe at least Governments 
and the Targer companies may 
find it politically difficult to shed 
labour during a lime of high 

It may happen, therefore, that 
the pressures which. From -a 

purely economic point of view, 
should lead to the purchase nr 
extension of a computer system, 
may, when viewed from the 
labour relations perspective, 
push in exactly the opposite 

Certainly in the U.K. there 
is evidence of increasing in¬ 
terest by trade unions in the 
effects of computer systems on 
traditional jobs. This was, in¬ 
deed. one of the main themes 
of a recent book by Mr. Clive 
Jenkins, general secretary of 
the Association of Scientific. 
Technical and Managerial 
Staffs (Computers and the 
Unions . Longman. £4.95). 

An example nf these pres¬ 
sures can be seen in telecom¬ 
munications where electro¬ 
mechanical switching is being 
replaced by computers in private 
and public exchanges. The 
large amounts of capital re¬ 
quired must ultimately be pro¬ 
vided from a buoyant business 
climate. But even if the money 
is available, the reductions of 

labour needed in both the manu¬ 
facturing process and in sub¬ 
sequent maintenance of the 
systems is very severe. Labour 
implications are therefore 
likely to be a significant brake 
on the development of this 

The other major uncertainty 
about any predictions for the 
future results from the very 
rapid breakdown of boundaries 
between almost all types of 
equipment in the data process¬ 
ing field. 

First small microcomputers 
(computers on a chip) are 
increasingly usurping the Func¬ 
tions previously reserved by the 
mini-con) puier manufacturers, 
particularly in process control 
and other specialist applications. 
At the same time, the mini 
makers have been retaliating 
with their own small machines 
like.the Digital Equipment Cor¬ 
poration's LSI 11. a mini¬ 
computer the size of a biscuit 
tin. which has the advantage of 
the considerable software back¬ 

up developed for DEC's larger 

At the same time the mini¬ 
computer is thrusting upward 
into the territory of the main 
frame manufacturers. DEC is 
leading the way with the 
announcement at Lhe end of last 
year of its VAX-11 780, a very 
powerful mini which competes 
directly with some of the 
smaller machines of the main¬ 
frame manufacturers. Moreover 
big mini-computers of all types 
are increasingly being inter¬ 
connected into a distributed 
processing network which’ can 
be an alternative to the very 
large central mainframe com¬ 
puter servicing a number of 
remote terminals. 

Terminals, too, are changing 
fast as they become increas¬ 
ingly “ intelligentby the addi¬ 
tion of microprocessors and in 
some cases quite substantial 
memory stores. 

Terminals - are therefore 
beginning to take on simple 
computing tasks, and this trend 

is certain to continue. It is an 
open question whether the 
devolution of computing power 

to minis and to .terminals will 
take business away from the 
mainframe suppliers. IBM, by 
its entry into the mini-computer 
market, is clearly hedging its 
bets. International Computers 
in the U.K has for some time 
been looking at the possibility 
of buying into the mini-com¬ 
puter market though so far 
without any definite move. It 
has, however, acquired the 
European business of Singer 
office systems. . 

It is not obvious, however, 
that the cheapening of computer 
power and its . .extension into 
smaller and smaller pieces of 
equipment will lessen the need 
for large machines. In the first 
place, lower prices are expected 
to bring a rapid growth of com¬ 
puting to new applications. 

Secondly, the increasing num¬ 
bers of intelligent terminals, 
small business systems and pro¬ 
cess controllers will themselves 
| throw up more and more data 
: which are available to be 
analysed by more sophisticated 
machines. Large cenlral 
machines will be heeded to con¬ 
trol the expanding network of 
federal processors and to sort 
out the significant statistics 
from the mass of data that they 
will be sending back to the 
centre. The increase in comput¬ 
ing will therefore itself create 
the need for yet more com¬ 

One certain trend that can be 
discerned through these uncer¬ 
tainties is the change of em¬ 
phasis from hardware to soft¬ 
ware, which is likely to continue 
for at least the next ten years. 

The rapid fair in the price of 
components, which will continue 
with the development of very 
large scale integrated circuits, 
will reduce the added value of 
hardware. As a result most 
manufacturers are increasing 
their emphasis on the provision 
of complete systems in which 
software can be about 50 per 
cent of the total cost 

These are considerations 
governing the outlook for the 
next decade. In the shorter 
term, most manufacturers are 
looking for a steady growth con¬ 
tinuing at about last year’s 
healthy level. 

In 1976, the U.S. consultants 
Arthur D. Little estimated the 
installed base of general pur¬ 
pose computers worldwide to be 
about $87bn., nf which just over 
half, about £46bn.. was in the 
U.S. Last year this had grown 
to S52bn. in the U.S. and $48bn. 
in the rest of the world. By the 
end of this year the installed 
base is expected to he $57bn. 
in the U.S. and about.$54bn. in 

the rest of the world. $ 
IBM is reported to be gener¬ 
ally optimistic with an almost 
embarrassingly long order book 
for its new 303X series of large 
processors. Most of the other 
large manufacturers have also 
seen a healthy growth 
curve. Burroughs is approach¬ 
ing the $2bn. landmark, which 
represents a doubling of turn¬ 
over since 1972. 


It ds expecting to continue the 
record of the past few years of 
15 per cent, a year growth. 
Sperry U mi vac 4s forecasting 
steady growth, as is Honeywell, 
which has had a record year in 
the U.K. International com¬ 
puters reported a 30 per cent, 
increase in profits to £30.3m. 
and is expecting to continue its 
growth pattern in the current 

In Europe as a whole the 
computer systems market is esti¬ 
mated by Mackintosh Consul¬ 
tants to he $5.1bn. an 1976. 
which is forecast to rise by 60 
per cent to $S.2bn. by 1981. 

However, production lags well 
behind the market largely 
because of U.S. -imports. Mack¬ 
intosh pu-ts total European pro¬ 
duction in 1975 at $4bn. rising 
to $obn. by 1978. Production 
in France, Germany and tile 
UJK each accounted for abou't 
a quarter of the total in. Europe* 
which the remaining quarter 
divided between all other coun¬ 
tries. Production in the UJC 
is put a-t $913m. tin 1975 rising 
to an estimated Sl.lbn. by 1978. 

In the microcomputer area. 
Motorola forecasts the market 
will rise to $870m. in 1981, of 
which $350m.-worth wail go ib 
the industrial sector. The con¬ 
sumer sector is expected to 
influenced by the increasing use 
of microprocessors in the car 
industry with total spending 
estimated at 8300m. The com¬ 
puter industry is expected jfeo 
absorb $170m. and Government 
purchases $50m. 

One of the keys to the deve¬ 
lopment of the microprocessor 
market, which- in turn influ¬ 
ences the computer market, will 
be -the development of cheaper 
software. Companies are now 
looking ait ways of incorporat¬ 
ing software onto chips in ways 
whicb will make applications 
programming much easier. As 
yet. however, there is no simple 
solution to the problem of pro¬ 
viding reliable programs which 
can match the high performance 
and low cost of the micro¬ 





L J 

- ^ ' *2*?. 
v' U'p • 


To ourway ofthlnldng > the computer 
business is all about people. 

People in small or large organisations who 
handle new projects andnew ideas. 

Guiding them to success calls for something 
more than off-the-shelf solutions. 

It calls fora computer company that 
understands. ‘ 

That company is Honeywell. 

It goes witihout say ing that we h ave the 
hardware and the softw^ 
years of experience. 

But ifs whatwe can doforyoz/that really 

Wedon’tknowuntil you tell us; 

Sonow's the time to talk. .. 

Person to person. 








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Which is why we carry more display advertising, for more 
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. At the most cost-effective ad. rate in the business. 

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*ABC July-Dee 77. 





in us. 

For display advertisers, Harry Hutson is waiting for your call on 
01-2613359 3503. He’ll be pleased to advise on forthcoming editorial ’ 
features and supplements especially relevant to your products. For 
recruitment please contactMike White on Ul-261 8023 So58. 

THE VAST and increasing 
stores of daLa which now cover 
almost every aspect of personal 
and business tile can be the 
subject of a whole series of 
abuses and accidents which are 
becoming a matter of public 

Efforts to protect data fall 
mughly inlo two related cate¬ 
gories: those concerned wiih 
Privacy and those of Security. 
The hazards range from acci¬ 
dental loss or damage tu com¬ 
puter files to rhe improper 
manipulation or use of data for 
criminal gain nr undesirable 
social purposes. 

The issues of privacy and 
security are to some extent 
overlapping. For example, 
-stolen files from a hanking 
system could he used by a mail 
order or credit house to pry 
into personal finances of clients. 
On the reverse side of this coin, 
police may wish to use com¬ 
puter data for crime prevention 
in a way which some people 
would consider infringes 
personal liberty. 

The issue of privacy has been 
the more widely aired because 
it concerns the genera! public: 
and abuses in this area are a 
more obvious direct threat to 
democratic liberties. 


A Braille Computer Terminal for the visually handicapped 


‘BRA1L1NK" is a "soft copy" 
Braille terminal which provides 
the visually handicapped 
with immediate data access 
, facilities. 

\ In the standard configuration 
t\ it is a direct alternative to 
l\ a teletype or similar type 
1 |A ol access terminal. 

The scale of the problem can 
he grasped from the fact that 
the Government now runs more 
Ilian -On different computer 
data banks, and the average 
ciiizen appears on about 3d of 
them. The records range from 
income-tax and National Insur¬ 
ance particulars, driving licence 
and health details, to the crimi¬ 
nal records held by the police. 

In most of these cases little 
objection can he made to the 
substitution of magnetic disc 
storage for mountains of paper 
files. The danger arises from 
the possibilities of cross- 
referencing the files and the 
rapid access which computers 
make possible. 

Unless safeguards are built 
into the systems, it could be¬ 
come possible ror a local police¬ 
man or tax inspector in obtain 
a complete prinl-oui of an indi¬ 

vidual's personal and financial 
history. The possibilities for 
bureaucratic abuse could then 
be endless. Even blackmail 
could result if petty officials 
were fo discover unsavoury de¬ 
tails of a citizen's financial, 
medical or matrimonial history. 
Is it desirable, for example, that 
a person stopped for a traffic 
offence could find his whole per- 
sunal history is called up on to 
a portable terminal in the 

police car? Such a development 
is not only technically feasible, 
it may even be considered 

The dangers have often hecn 
compared with George Orwell's 
J9S4. and it is a comparison 
which is by no means too far 
fetched. There can he little 
doubt that computers are 
already used For repressive pur¬ 
poses in the Soviet bloc. How¬ 
ever. it is probably true that 
the safeguards against this type 
of wholesale abuse must lie in 
constitutional stability rather 
than in an elaborate series of 
rules of computing procedures. 

A greater danger in the West 
is probably the “well meaning” 
abuse of data banks by bureau¬ 
crats. For almost any infringe¬ 
ment of liberty can, in a 
particular instance, be justified 
in the name of efficiency. Take, 
for example, the example of a 
town planning department which 
wanted to draw up a profile of 
the residents in different areas. 
Information from the social ser¬ 
vices. ratine and education 
departments might all be col¬ 
lated from different data bank*, 
with perhaps indexes of depri¬ 
vation amt estimates of income. 
The computer might then be 
asked to calculale on various 
criteria which houses need to 
be knocked down. 

The computer might even be 
asked to print out details of 
individual residents in a certain 
block due for demolition. The 
danger of this is partly that 
what ought to be essentially 
human judgments can he 
given a spurious objectivity An 
index of deprivation may look 
like a scientific quantity, but it 
really depends on the fallible 
judgment of a social winker 

who originally collected the 
statistics. The resident being 
judged has no means of chal¬ 
lenging the judgment because 
he does not know he is being 
judged. Even when the final 
decision to demolish his house 
or street has been made, it may 
be impossible for a resident to 
disentangle -reasons based on 
digits stored in some remote, 
mysterious, spinning disc. 

There are therefore strong 
grounds for insisting that per¬ 
sonal data stored on computers 
should be restricted to a limited 
definable use and not transferred 
to other files without very strict 


This point was recognised ex¬ 
plicitly in the 1975 While Paper 
on Computers and Privacy 
which said: “ The time has come 
when those who use computers 
to handle personal information, 
however responsible they are, 
can no longer remain the sole 
judges of whether their own 
systems adequately safeguard 
privacy. The safeguards musi 
become subject to independent 
scrutiny. ...” 

A code of standards has been 
suggested which basically tries 
to ensure that only relevant and 
accurate information is en¬ 
coded, that individuals hare a 
means of discovering what is 
filed about them, and that data 
base:- are used only for speci¬ 
fied purposes and only available 
to specified interests. 

The fundamental point which 
is still not adequately realised 
by many who use computer data 
is that computer memories lack 
a very important quality built 
into the human memory — for¬ 

Forgetfulness is an essential 
pan of the common sense which 
most people .apply to their 
memories. For example, if a 
man fell into debt ten years 
ago. his creditors will forget 
the fact if he becomes reformed 
subsequently into a regular 
payer. A computer will not for¬ 
get. unless specifically told to 
do so. As a result a minor slip 

up or infringement can dog its * WP* 
perpetrator through the .years Systl 
long after-it. has become irrele- . £ 

vant Those who obtain a print- . 
out of a person’s history may y Tf 
have no means of judging the corn 
significance of each entry. ••’Abu 

These aspects of privacy 
merge with security when the or 

possibilities of unauthorised ‘CSpfT 
access' to computer flips is eon- havf 
ridered. A study by the Stan- \ nr >.f 
ford Research Institute of Cali- K 
fomia, indicates that the most A. VV 
common abuses happen during , : riatit 
the manual handling of tapes ! nam 
or discs: “ . ^ 

A variety of security meas- -fyiA 
sures is commonly used to pre- :V • 
vent the wrong people getting . Sale 
into the computer room or re- . *1*4.:, 
moving files. Special passes,- _ 
keywords, codes and the phy- • :Tent 
sical presence of security men : j_on( 
are all used. However, the grow- • -Tglgi 
ing move towards distributed . .>• •' 
processing and remote ter¬ 
minals means that physical 
security- measures are not 
always adequate. Safeguards 
musr be included in the pro- }pT|g|3 
grams themselves to ensure that 
only authorised people can gain 
access to data. It is relatively 
easy to arrange codes which will Bg&YI 
defeat a nob-skilled operator. 

The problem of outwitting a 
criminal programmer is much- - EflpL- 
harder, however. And attention 
has recently been turned to Hb: 
providing operating systems : 
which prevent programmers 
gaining access to data or to pro- HHev; 
grams unless they are specific- 
ally authorised to do- so. WKaB 

On the other hand all security WgvMp 
measures, particularly those -raj©?:' 
which are integral with sr»Fb 
ware, inevitably have a cost 
penalty. Some security measures 
which have - been proposed 
would enormously increase iSj&jSL 
costs (and Inconvenience) in 
larre data processing installs- ?'!$¥■/■ 
tinns. \ 

Future discussion therefore ; ^ 
needs to strike a realistic . 
balance between what may In 
theory be desirable and what 1 
companies and Government 
cenires can be expected to 
afford. Ca 

Owning a computer and the development, 
implementation and maintenance or computer 
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C ‘ The National Data Processing Sfehfice Is the 
commercial arm of Post Office computing. - 
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^Gompanies seeking computer capability cai - ; 
have confidence in services provided by A \ 

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System 34 Multiprogrammable screen based 
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The above represents the hardware 

MPL Computers provide the software 

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Computerised Management 
Systems for DENTISTRY, 

Enquiries to the specialists in the medical 
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London W1 Tel: 0T637 0494 

THAT THE equivalent of a 
3100,000 computer of ten years 
ago has been reduced lo about 
the size of a capital 0 on this 
page at a cost of SIO to $2ft 
is wonderful enough. The pros¬ 
pect that the .same process will 
he repeated in the next decade 
is almost frightening. 

Micro-computers a few milli¬ 
metres square already exist 
with the capability of control¬ 
ling an insf a Ration worth some 
1250.000. As the price continues 
to fall and performance in- 
creases. such microprocessors 
will find their way into more 
and move applications, often 
replacing the traditional raim- 

Although microprocessors 
have been available since 1972 
when Intel marketed the first 
production chip, it is only j n the 
last IS months that a complete 
"computer on a thumbnail*' in- 
cluding a relatively long "word" 
length and memory store has 
become available. Although the 
most .-onhisticalfd microproces¬ 
sors are relatively expensive, the 
simpler’ versions suitable for 
provecontrol or small busi¬ 
ness and d i ones lie machines are 
falling in price to only £i or 

Yet in spite of the falling previous technological develop- 
prices and the rapid growth of meats. That is, within limits, 
microprocessors many people the price is independent of their 
have failed to realise the rnor- complexity but is governed 
nious imp!icnlions for society largely by ihc volume of prn- 
and industry. Ir is indeed argu- duction, 

ahle that the invention of the This is because integrated 
mi cm processor and lhe associa- circuit production is highly 
ted integrated circuit technology automated and the basic raw 
will prove to have been as material—wafers of silicon—is 
important as the development cheap. 

nf the steam engine. The microprocessor is made 

Ti will hrins the power nf from a very largescale drawing 
digital computers io hear on incorporating thousands of tran- 
almost every pari nf life. They sistors and other circuit ele- 
will he found coni rolling a huse inents with their interconnec- 
range of machines and appli- lions. This drawing is photo- 
antes. They will make many graphed and then reduced to 
traditional indu'd rial practices a few square millimetres. The 
obsolete, and because of the photographic image is used to 
large incrca-e in automation etch the circuit design on to a 
that will become possible, they thin wafer of silicon. The silicon 
will cause a majnr upheaval of is then bombarded wiih impuri* 
the tnhonr market. rips in an oven in such a way 

S«>me of tfi'* more enthusiastic that the impurities fuse info the 
predictions about the effects <if silicon and form a pattern of 
inicmprocessors sniind like transistors exactly cnrrespnnd- 
scicru-e ficlion. but the vnpab'li- ing to the original circuit dia- 
tics nf thi‘ device are puientiallv gram. The process is repeated 
■ c n steal that rhev are limited with several masks and different 
oulv hv the imagination of impurities until all the different 
engineers. parts of the circuit, including 

fn nne crucial respei-i. micro- the connections are implanted 
processors and oihcr miniature on the wafer. Because of the 
circuits are unlike almost all very small size of each circuit 


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9 rinnkntannn L — J f —- — »• .V 7 J «• 'i 

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One stPUift »»M'JfifV’pwMariKul. / j/’tht 
• figure ... ; 'there mi » 

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oMvmatwnal mode of openiian means that yw 
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fennil trauiin*. • , • ' 

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ybriVs ■ 

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Tlvcr\- business has its fair share of 
spanners. Sonic of them keep cropping up in 
ihc nn»M unit »riunale places. And when they :hc\ im;iriabl\ cause somebody a 

At Sperry Univac,we’ve developed 
computerised systems to catch the spanners 
before they Jo any serious damage. 

They're unique systems, based around 
our famous 90 and 1100 series computers. 

v iih their sophisticated capabilities. 

From the largest to the smallest; 

Sperry IViivae Mini-computers. For the - 
Small company that wants to yet hi truer, as 
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Other computers have teen designed "' 
for use by existingstafT.They can cope*\vith 
anything from invoicing to stock control. 

f *;:. r .A' \t*J 

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.future when the company 
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You can reifmjpjjcire afeutijfj 
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■ COMPUTER SY&IOp}- ’-- 

- -SPERRT ti.NlVftG iS A Dfi/jStSlirbFBPtiflftY fWlD'tiMfTE^ 

' -. R 5 Y BEFORE <2uS^tmas favourable balaoce.'of trade of base of 41.700 in Europe 6,240 
. ^oost rraanJ of aumr&er -of £200m-- by 1980-? in terms of machines of the general pur- 
„ . '( . CT 9 grows setup over the 1976 values. This\:w6uld mean pose class will be added in 197S, 
• -> '-tea years up suggest, hoiw moving from a negative balance 7.060 in 1979 (13 per cent, up j 
n .% tb® BnMisto .tomptaer 'in- x>f^ay-^E 20 teo. jn l977 to the 8.020 in 1980 [14 per cent.) and 
. f^y stocmld-be fceipNed^to.ex-, above figure in three-years, on 9.120 in 1981 ti4 per cent.), 
made its repost - - '.a.vSWing'. Of £400pi;^ana U.K. Allowing for withdrawals the 
-was the Comiputer Sector?£K5° l, £ r .“ ris ^?f - r :^ , ® m about 1981 base would be 63,000 

' ; ITon wfaat. should be done !% •- V .“Vi-.’-v However, the value growth 

-.-.'t an industry iwtfjicfr has a Bow this can. be gone is not each year,would be.respectively 

• ver hi - well Ver' £800m.' fn^cated other/than by saying 15. 16 and 17 per cent., taking 

. ^a'work ibree of 46 000 to .recommendations.,on Govern- the delivery figure flora 

i must be added the £250m me ntprocureraent-policy should $4.68bn.-in 1978 to $7.27bn. in 
* from,the sentides industry ai “ at su bstitutipg,imports and 1B»1- And the mini/smail busi¬ 
es employment is ar.oiiJid* timulating exports. Also major ness systems Intelligent ter- 
i_-. ■-non-XJJi; multinationals should mi ml market is believed to be 

- “ be encouraged to -invest in the growing at rates of between 30 
. ... ■' pnane- craiatdeTation of ,UJC. and,in'particular should per cent, and 40 per cent de- 
WP report was the con- sustain industry employment pending on which country is 
v ‘£ deterioration in' the levels and contribute towards considered. Supposing they 
re of {payments ^nation the reversal-of-the'current sub- start level pegging in 1978 the 
nputers with 1976 return- stantial balance of ' payments total value of-such shipments 
143m. in the red and 1977 deficit.” . .. ; by 1981 could be well over 

Wy near £200m. But the ' Two further pdinji of con- $I1 . b ^ or some $4bn. ahead of 
., ■ slso underlined .the fact: siderable Importance emerged IDajr “ rames - 
-- he hardware industrywas from the GWP - report—that It is almost certainly con- 

ated by the TJS. multi- members were concerned at tile siderations of this kind that 
als who between them Iack ; of an adequate ;Xi.K. base prompted the French to throw 
jyod 60 per cent of the in advanced components and at in the sponge, so to speak, 
WM^Hter hardware, .. labour the-length of time, between nearly three years ago when 
—.zZM It did. not directly Jink invention and exploitation, par- they withdrew C1I from the 

• statistic the fail in ticuiatfy of defence; equipment tripartite arrangements with 
^^wer fr^ 53.(K» ifc6 j 97 i with a business potential. Philips and Siemens and made 

—rrf H30 ap j977despHeavery - There seems to be here no a deal ™>h Honeywell u> set up 
increase in output of more formula that will, iiy the end 411 organisation which would be 
^T^oe^er cent -; of the decade, stop tHfe' drain more under French government 

” ■ sild. - 4 be' muJti nation als^ currency on imported pro- control, yet have access to t?ie 

jbe given " every enedur- ducts-that could b?.„inade in , lates l transatianUc development 
tittoplay a positive 1 rede T be U.K. let alone reverse the at far less cost. Altiiough it 
atibnal strategy ” ir vm,* trend which has beiit'downhill must be said that the grants 
£>- mecessarv Ao^^arifbeginnmgdf,the 1970s “<* guaranteed public sector 
Jua ■ . with the exception of,one year. saie s add up to several billion 

r « would be scant courtesy in- francs the move has led to a 

1. Balance a^paymeats. . deed not to say how well ICL group holding of 10 per cent. 

..V -,’' -• .' has done in the past few years, °I the European market in 1977 

Ifg • -. :-Vh- - v • •> against aU the odds and-the en- 10 terms of value. 

t | ; .. - v. - ; i. *..-' : trenched might Qffhe big U.S. _ T . m 

H® ■he. same time ICL, whidr companies with thfelr: massive J\pornhafiAnc 
■ U.fL market share of home ; market prpf,ect$d by o auuuo 
■ 15 per cent., but only: 5' policy .walls and far more diffi- But while this was being 
'of world" marfceCs, t*urt to 'scale titah Tany tariff achieved—and the negotiations 
j inder a blanket assertion' barrier. Biit one emppany with ‘ were long and painful—the 
jf l?Sw® thaEt it vms.“esseti- 5 percenh of the world market word "p£ri-informatique” was 
| ^ U-K. should have e sub- and 9.6 per cent of the Euro- coined by the French civil 
r f apd; ; competitive^ pean market Can not b e fespected servants who were charged with 
i ions computer hardware to work the NEDO 'miracle putting the country on the 
_ I rvice iiidustry.”' j " tibWever inuds pfociirement pro- world computing map. The 
| enjoye^, a measure of tection is accorded it.-. ' term designates virtually any- 

' -J ^ ionr. because -.-.of; - the - . One valuable statistic, here Is Ihing oufride traditional generaI- 
• ^pentis procurement frbra Phf Computers -send- Tele- purpose machines and in par- 
: add. whilq the 'EEC will communications — v ^PSd:el — ticular minis, peripherals of ail 
.'^Ln^rociiMminf ;, whicli shows shipment-.values kinds and software, 
ms itill;:e^d-1980 there for minicomputers; v 9Sall;. busi- The French attacked the 

a -danger that such a ness systems and ‘tenniitals in problem of reorganising what 
.'*/e .may -be issued _«fter Europe iwughljr; equaf-.te.ship- was left of the market after 
- i. : ments-'of mainframe cfeputers the CII arrangements and set 

' Working Party . estab- in 1977. . .. ."'if themselves the task of grouping 

m objective to achieve a ' Thereafter" to .the -iptalled appropriate companies in mini 

manufacture, software, telepro¬ 
cessing and peripherals and 
providing growth support. 

They set themselves the 
ambitious target of achieving an 
80 per cent, indigenous supply 
to the corresponding domestic 
market by 1980. 

The equivalent of the Depart¬ 
ment of Industry started nego¬ 
tiations in mid-1975 with several 
groups on the basis of the now 
well-known growth contracts 
“contrats de croissance.” This 
provides aid to healthy com¬ 
panies under the proviso that 
they grow at 30 per cent, a year 
and export 30 per cent, of their 

SEM5 was one of the first set 
up under the Thomson-CSF 
wing and comprising the mini 
interests of CH and Tele- 
mecanique. It has been particu¬ 
larly successful since in the 
1S76/1977 financial year it 
reached a turnover of Frs.l.4bn. 
or about the same as that of 
CII Honeywell Buli. 

The last two of the seven 
groups have recently signed the 
appropriate undertakings with 
the French Government and if 
all do as well as SEMS, albeit 
under a Govcrnmeni purchasing 
umbrella, the SO per cent, tar¬ 
get could he reached before 

What it will cost the French 

exchequer is a complex calcu¬ 
lation. But it cannot be much 
more than flOOm. for the whole 
five-year programme of sup¬ 
port and Uiis will be recouped 
very quickly through improved 
returns from the beneficiaries 
and rrom exports. 

Germany has also put a great 
deal of money into computing 
to establish Siemens as a signi¬ 
ficant market Factor, inter alia. 
Latest figures indicate that 
Siemens ha» a 4.60 per cent, 
by value of the European mar¬ 
ket which is not a particularly 
brilliant result when it is re¬ 
membered that support has 
been channelled into the Ger¬ 
man industry at a rate between 
five and ten times as much as in 
Britain, depending on sector. 


But ir Siemens has not made 
a .great deal of money on com¬ 
puters, the lightening of the 
burden it would otherwise have 
had to bear without Govern¬ 
ment backing has allowed it to 
set up an important component 
manufacturing industry making 
large-scale CMOS circuits as the 
European leader. At the same 
time. ICL is just putting the 
finishing touches to its own LSI 
plant which is just being shown 
to the world's Press while 
Honeywell has just acquired 

the Synertek components group 
m the U.S. 

Just what the EEC is likely 
to do which will improve the 
overall market position of in¬ 
digenous companies is hard to 
see. No intra-European move in 
tiic peri-injormatics section of 
any note has been made and 
while Japan is pumping vast 
amounts of money into ad¬ 
vanced circuit design but also 
into very high reliability of cur¬ 
rent devices, the European 
VLSI project is going so slowly 
that it cannot hope to catch up. 
Vet U.S. suppliers provide 80 
per cent of the components 
used by European data proces¬ 
sing equipment builders, just as 
U.S. controlled computer 
builders bold nearly 85 per 
cent, of the market for large- 
scale computers, where the 
commission has given up the 

The message is very clear. If 
European countries do not take 
a leaf out of the French book 
they will soon lose any possi¬ 
bility of gaining control of the 
*■ new wave " in the computer 
industries. Since this represents 
an area' where the value of 
equipment installed is quickly 
out - stripping conventional 
machinery, the situation is 
serious indeed. 

Ted Scboeters 



or “ chip.” a large number can 
be manufactured simultaneously 
on 'each slice of silicon (usually 
about 4 inches in diameter). 
After processing, the slice is 
cut into tiny squares, each one 
a complete circuit. 

Because of the heavy develop¬ 
ment cost for each chip manu¬ 
facturers have every incentive 
to try to standardise designs and 
to achieve mass sales of each 
component where possible. It 
was this need which fathered 
the microprocessor, a general 
purpose computing circuit which 
can be programmed to many- 
different applications. Because 
of the need for high production 
volumes, many manufacturers 
have orientated their designs to¬ 
wards consumer markets. 

However, by its nature the 
microprocessor leaves the 
development of applications to 
the programer. Programs can 
be written which replace almost 
any electrical or mechanical 
control function, like a washing 
machine timer or the carbura- 
tion of a motor car, but the 
programing is often extremely 


One reason is that the simpler 
microprocessors suitable for 
such,control must be programed 
in machine language, which 
specifies every single movement 
of electrons in the device. Since 
the. average prograiuer can 
write only about one to five 

instructions per hour, including 
testing, the process is extremely 

Moreever, programs must 
ofien be written by engineers 
with little previous experience 
of computers but who know 
about the process to wbich the 
microcomputer will be applied. 
Such engineers arc increasingly 
finding that their skills in 
designing electronic circuits or 
mechanisms are becoming 
redundant. The program is 
taking ov-.r. 

The spread of microprocessors 
is so rapid that it is estimated 
that they will soon be as com¬ 
mon in the home as the ordinary 
electric motor, with an average 
of perhaps five to eight per 
home by the end of the 1980s. 

Control of washing machines, 
cookers, central heating and 
burglar alarms is one range of 
applications. They will also be 
used in communications equip¬ 
ment, to provide automatic tun¬ 
ing for television and radio, to 
give extra facilities to tbe tele¬ 
phone receiver, and possibly to 
receive new channels of com¬ 
munication, for example from 
direct satellite radiation. 

The telephone will almost cer¬ 
tainly be extended to allow gas 
and electricity boards to read 
meters directly from an instru¬ 
ment connected to the receiver. 
In addition the microprocessor 
will introduce many entirely 
new products. Television games 
are an example. Another is the 
Post Office's Viewdata system 
which converts the television 
into a computer terminal con¬ 
nected by telephone to a central 
memory store. Microprocessors 
will allow subscribers to com¬ 
municate not merely with the 
Post Office computer, but to 
write messages which can be 
relayed to another subscribers' 
screen. Microprocessors will 
also allow the economic manu¬ 
facture of domestic teleprinters 
which can be hooked up to the 
Post Office computer network. 

The long-term effects of this 
communications revolution can 
only be guessed at If the com¬ 
mercial climate is favourable, it 
is likely that new micro¬ 
processor-controlled equipment 
will, by a snowball effect create 
the need for yet more “ senii- 
inteliigent’’ devices. It is,' 
indeed, far from inconceivable 
that many homes should soon be 
equipped with their own com¬ 
puter for domestic filing and 
accounting, games, educational 
use and for hobbyist applica¬ 

In the U.S. last year it is 
estimated some 50,000 hothe 
computers were sold. There are 
now 1.000 computer stores and 
about 500 home computer clubs. 
A complete computer can now 
be bought for £700, and kits 
which add on to the domestic 
television, for as little as £400. 

Although the microprocessor 
will be more obvious in its 
domestic applications, the pro- 
founder effects will appear in 
factories and offices where more 
and more functions can be auto¬ 
mated at comparatively low 
cost The great advantage over 
mini-computers, which they are 
already replacing, is'that micro¬ 
processors are extremely port¬ 
able. Each micro can therefore 
be housed within a machine 
which it Is dedicated to control. ; 

In the past, minicomputers 
have tended to be used to 

control a range of machine* or 
processes, wbich has meant 
extra costs for communications 
and multi-programming. The 
mass-produced micro, however, 
can be slotted into each indi¬ 
vidual machine. The effect , in 
factories is certain to be a much 
more widespread and flexible 
application of automatic control. 
In offices automatic and editing 
typewriters, small business com¬ 
puters and “intelligent” copiers 
are likely to gain wider accept¬ 
ance. The advantages of repOac* 
ing paper records with magnetic 
files will also become generally 

Meanwhile the more sophists 
cared microprocessors now 
becoming available are begin¬ 
ning to have a major impact on 
design in the converging fields 
of telecommunications and com¬ 
puting itself. 


In telecommunications, micros 
will be distributed liberally 
throughout the exchange net¬ 
work to control switching; 
charging, testing and many 
other functions. The ability to 
duplicate low cost processors 
can greatly ease the problems 
of programmers who no longer 
have to write complicated 
routines to economise on com¬ 
puting power. In data processing 
the power of the micro has made 
the idea of distributed intelli¬ 
gence much more attractive. Ac 
computing tasks become 
devolved to a federal system 
of processors, the emphasis r on 
communications between an the 
satellites is in turn increase#. 

Even in the heart of the very 
largest mainframe computers, 
the micro is beginning to have 
a place, in some applications 
like weather forecasting, it may 
be advantageous to distribute 
processors throughout the data 
stores. These processors would 
all act in parallel, perforating 
the same operation on different 
parts of the data. Such 
"Parallel processors.” still in 
the experimental stage, repre¬ 
sent a radical departure from 
the present computers, which 
operate on the data is .. a 
sequential or ‘‘serial” fashion. 
In principle at least, parallel 
processors using very large 
numbers of micros offer the 
possibility of enormously in¬ 
creased computing power in 
many applications. 

In a whole range of in¬ 
dustries. therefore, the power 
of the micro is as yet only dimly 
understood, but everywhere 
manufacturers will ignore it at 
their peril. 


a year? 


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AutoCOM provides ail of the management services and information handling benefits of 

computer output microfilm a potential of £50,000 a year saving 

on the overall cost of computer operations.for less than £1,500 a month rental, 

or £35,000 outright purchase. 

AutoCOM offers immediately operational COM systems. It can be a truly plug-in and run, fully 
j supported proposition. As easy to use as many office copiers, it does not require specialist 
j' operators. Every production operation is automatic—from switch-on to the delivery 
| of full processed, ready to use, fully indexed information on microfiche. 

\ And that is by no means the end of AutoCOM’s potential. 

1 AutoCOM has the flexibility to be the mini-computer controlled heart of totally integrated 
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AutoCOM is the latest development from DatagraphiX.COM’s originators and 

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Tboe otsanisuKms have proved tint la-house DuagnpbiX COM b n investment with worthwhile returns. 

AJUcd Brcwria : Atomic Weapons Research Establishment : Automobile Asodsfan : Bank or Ireland : British MsU Order Oj. : Brooke Bead Oio ltd. : Ouse Manhattan Bank 
CirewiwaEnimrCo. s Dept, olHealth A Social Security : Dept. o/PfctttonalSaving : Driver* Vdtidc Licenso* Centre : Esso : Financial Dau Services : Ford Motor Co. 
aiord Ltd.: Inland Revenue : LowitdnAjax : Mamreb : Mierogm : Midland Bank : National Giro : National Westminster Bank : Nationwide : Noorcb : Norwich Unta 
Ovneu Conudnoa t Post Office : Royal Air Fotct : RoyaJ_Antty Ordnance Gwp* : Scottish Computer Services : Scottish * Newcastle awreries : W.H. Snath 

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system «50o 
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System 4500 

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drives; one • 
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CalComp Ltd. 

Cory House, The Ring, 
Bracknell, Berkshire. 
Tel: [0344] 50211 

Printouts on 

the decline 

BIG COMPUTERS are still very 
expensive — a fact often over¬ 
looked by those who are now 
thinking, on cue " But of 
course, you can now buy a com¬ 
puter for a few hundred pounds 
which can do the same work 
as a room full of valves cost¬ 
ing millions of pounds a 
decade ago." 

Not only are big computers 
expensive, they are much more 
powerful than the old big com¬ 
puters. and they usually have 
to do more work. The operat¬ 
ing systems of lo-day's com¬ 
puters allow you to sit down 
comfortably at an interactive 
terminal and treat the whole 
computer as if it were your 

Paradoxically, they still line 
up their information at a line 
printer, and dump it out. 1.200 
lines each second. Even worse, 
when you find somebody with a 
smaller computer, you find that 
he has adapted his whole way 
of thinking — to the point of 
having it line up its informa¬ 
tion and dump it to a sloiccr 
printer. SOU lines each second. 
And the fiaa! absurdity is to 
find a man silting beside one 
of these microcomputers which 
you can get for a few hundred 
pounds, and watching it line up 
ns data and output onto a piece 
nf paper at one character each 
tenth of a second. The problem 
is the paper. 

I like to quote a former in¬ 
structor on system design at 
ICL. who fought a despairing 
battle against the line printer. 
He would ask his students: 
" What are the essential func- 
lions served by paper in the 
output of a computer room — 
apart from the obvious essen¬ 
tial functions of the staff dur¬ 
ing the process of digestion? ’’ 
— and he found that as the 
group worked its way through 
the various applications, they 
found more and more data that 
needed to be held in the com¬ 
puter. rather than on paper. 


The only application where 
they felt paper output was 
essential was the payslip 
Almost without exception, they 
felt that for the machine to 
merely transfer funds to their 
bank would not be satisfactory, 
and even if it were, they didn't 
like the idea of anybody being 
able to interrogate a video ter¬ 
minal for their salary data. 

Our human desire for some¬ 
thing tangible in the hand is 
not the only factor preserving 
the huge wad of print-out. but 
a great many apparent objeo 
tions to doing away with paper 
archives are just rationalisa¬ 
tions of this desire — and the 
security question is certainly 
one of these; 

For example, when Honeywell 
invited a few guests to the 
opening of its super-centre in 
Amstelveen, near Amsterdam 
last year — the super-centre 
being a concentration of com¬ 
puter power within the General 
Electric Mark III network — it 
was made clear that this was 
the only day that anybody other 
than operating staff would be 
allowed inside the building, so 
stringent was security. Even 
a U.S. Congressman who had 
offered considerable business if 
he could personally check out 
the security arrangements was 
told that he and his business 
would have to slay outside. 

And the security arrange¬ 
ments were almost frightening: 
not only the passwords and the 
need for absolute positive iden¬ 
tification before staff could get 
in, not only the multitude of 
closed circuit TV apparata. not 
only the bulletproof windows 
and the single door entry to 
the building, but also features 
such as all tapes being dupli¬ 
cated in another secure build¬ 
ing miles away with intercon¬ 
necting locks. And. said the 
centre staff, there were two full¬ 
time security dodgers — con¬ 
sultants who spent their lime 
trying to find a way of accessing 
files on somebody else's pro¬ 
gram. to detect loopholes. 

The Honeywell page printing system with an operator inserting a printing cylinder.: 

My suggestion for breaking 
security was to tap the tele¬ 
phone connection between the 
client and the computer centre 
and record all data traffic, thus 
getting the password ami all 
the data. 

*• Well yes." said a senior 
executive. " we can’t guarantee 
security outside our own pre¬ 
mises. and that would work 
quite well. But we have found 
that many times, people who 
insist on the fullest security 
protection, passwords, daily 
changing codes and so on. --nil 
subsequently nin their program, 
ask for a print-out of results at 
their local terminal, and then 
go home leaving the paper on 
the top of their desk for the 
cleaner to see." 

The most damning thing 
about printout is that it largely 
negates the power of the 
modern computer—to access 
any item of data in milli¬ 
seconds. A typical job printout 
—apart from payroll which we 
will always have with us—pro¬ 
duces its biggest headaches in 
the head of the man who wants 
other people to read it. All ;oo 
often, they can’t be bothered. 

“ We’ve produced a famastic 
spare parts stock o-nirol 
system." a motor dealer 
explains, “which not on'y' 
shows us immediately when 
any parts are below a comfort¬ 
able warehouse level, but can 
show us the number of times 
this happens in a quarter—so 
then we can arrange a higher 
warehouse level, if the part is 
ordered ton often, nr lower, if 
too seldom." 

Unfortunately, this informa¬ 
tion was included in a print¬ 
out the size of the average 
family Bible—and he was just 
coming round to the realisa¬ 
tion that, after six months of 
futile shuuting at subordinates, 
he really needed a computer to 
do the job of reading through 
the results. 

The amount of data was 
trivial by disc storage standards, 
and in his case, the only factor 
preventing his Jiaving all the 
information available to who¬ 
ever needed it just by going to 
a terminal, was the fact that 
he'd invested more in a printer 
than he wa§ prepared to see 
scrapped. Even more significant 
in terms of resistance to change, 
say the printer makers, is the 
cost of the paper. Not the raw 
material, but the design of the 

A printer-ili inried world i? 
currently putting pressure on 
its suppliers to bring the costs 
of making marks on paper, in 
line with the drop in the costs 
of computing—and this cannot 
be done, because mechanical 
engineering is an advanced art 
capable of small improvement 
compared with the quantum 
jumps made each year in elec 

tronics technology. To justify 
the vast research and develop¬ 
ment costs of even a simple 
mechanical printer requires 
guaranteed sales of several 
millions of pounds. 

Unfortunately, the methods of 
bringing the selling costs down 
—apart from the fact that they 
require sales of a great many 
mure units to recoup the same 

profit—seam to be tied to using 
non-standard stationery. 

For example. U.S. aerospace 
conglomerate SCI Systems, hit 
upon the revolutionary idea of 
printing on paper which was 
bent into a tube—like priming 
on the inside of a toilet roll— 
vo that the print head could be 
kept in constant motion, rather 
than reciprocating from left to 
right and shaking itself to bits. 

A device was developed which 
produced 2.200 characters per 
second. Unfortunately, it uses 
electro-arcing matrix needles to 
form the characters on special 
(cheap, but special) silvered 
paper, not standard stationer}-. 

Dataproducts, possibly the 
largest maker of line printers, 
claims that the multi-million 
dollar market for printer? is 
outweighed by a factor of Four 
by the stationer}’ market- If 
the world could persuade itself 
to have very fast, cheap 
printers like this rotary device, 
it cmtld then do all its work in 
front of the computer using a 
video display, until it found the 
item it wa« looking for—a port 
number, an address, a letter to 
the Editor, or a phone number 
—and then print that out in two 


Tho other area which eats 
into the kingdom of the big 
printer is microfilm. Computers 
are quite capable of printing 
directly onto microfilm, and 
with a little encouragement, of 
keeping tabs nn the information 

It is not clear whether keep¬ 
ing this vast archive of filing 
cabinet stuffing in minaturised 
form will remain cheaper than 
keeping it in electronic form. 
Holographies, low-cost semi¬ 
conductor memories, permanent 
magnetic bubble storage, are all 
heading for an intrinsically 
lower cost than photographic 
methods of recording text 
• Perhaps the sign of the times 
is at the other end of the com- 

1 ■ ./ : 


puter process—input. The. de¬ 
velopment of low-current, low- 
power electronics, using the 
semiconductor process .known 
as CMOS (Complimentary metal- 
oxide silicon) has produced 
several data recorders which 
seek to replace the notepad: A 
device the size of a pocket cal¬ 
culator can be built to record 
several thousand characters, say 
for supermarket stock-taking; 
and then transmit them down 
a telephone line to a central 
computer, checking for errors 
on the way. 

It would be too easy to 
assume that with cheap comput¬ 
ers. the big printer would fade 
out. but the evideneve is that it 
will not It will cease to be the 
prime method ofTetrieving data 
out of a computer. . • 

But at the same time, that 
quick look round the office wiB 
show several things which a big 
printer jnst has to do. with the 
only proviso, that a gradual; 
improvement in the quality of 
t.he print is called for. 

Documents which need to:be 
carried wi] Ihave to be printed 
—the driving licence is a prime 
example. Information held \a 
other people's, computers will 
have to be printed out for us, 
because whatever happens to 
technology, a permanent phone 
link, available at the drop of a 
hat. to Germany, will cost more 
than an occasional print-out. 

And the “ window on the 
computer" is a device with its 
own very special disadvantages; 
unlike a piece of paper, it can 
turn itself off. it flickers, it is 
said to cause eyestrain, it might 
even produce radiation hazards. 

But it, or a new technology 
version of the video screen, will 
win. After all, motor cars have 
caught on quite remarkably, 
despite being expensive, need¬ 
ing driving tuition, costing a 
lot in maintenance, and being 
dangerous as emitting 
poisonous gas—because they are 

Guy Kewney 

The Adler TA 1000 

Buying the largest computer installation 
you think you can afford could turn out to be an 
expensive mistake. 

The Adler approach is different. 

It starts by determining, with you. what your 
real problems are and ends by presenting you with 
a complete system solution. • 


If you are interested in • j 

getting a greater return / . -jg 

on investment from 
your communications ^ 

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via CompuScan and its OCR i~ 

(Optical Character Recognition) .: Wlff 

pag« readers offer substantial . . / ' . 

cost savings, speed, and : h : • $3? 

reliability to any data entry 

In other words . . . CompuScan equipment insures a greater 
Retum-On-Investmenc. With the elimination and verification of 
re-keying, it is possible to reduce the* overall costs by more 
chan 50fb. while getting better than a 75?i Return-On-In vestment 
during the first year of operation. 

CompuScan's OCR technology is the result of more than 8 years 
of OCR leadership and continuous development by CompuScan. Inc. 
For more information about CompuScan Inc. 
or any of its products or system cell, write or telcr 

Park Road. Frame, Somerset BA11 1ET. 
Tel: 0373 6T330 Telex: 44717 



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You know about Computers 
- we knowabout Property ; 

Chartered Surveyors 
9/12 Kina.Street 

i rpm fTTiM J 

Telephone 01-6001737 

Offices also in Frankfurt and Amsterdam 

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We would like to send you a.brochure 
about our Specialist service to the 
Corhputer fafiustry; v ^ - _ 


. Talk to Mike Hare of Bforic^^; 
Yfor an imaginative approach :r 
to systpme design. ■ ' T Vv 

. 25 Woodford Road. Watford.Wi311PP^ Herts'.: 

• Tel; Watford 48708 

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. .'£&■: . _ . 


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* •S a ir h C ^ er J b T fitS U ' e , l I oi equipment linked fact that the Big Four will have 

•;^oaety: - Thisi .dewsion tectaolo^ca • , darling- j would (Lrecily from shops to banks, to allow for more frequent 

tile foundations for..Produce - lower food, costs, should be economically feasible, access to centrally-held accounts 

electronics funds reduced checkout time, fewer Instantaneous debiting of than ever before. Thus the 

or EFT as it is railed *rr° r ^ detailed receipts and bank accounts would result and security of llreir accounting 

. r ' - -.a) under which,- if a tebour costs. .These" are would help to cope with the systems will be at greater risk, 

desires, all purchases sffoiig words .from a veiy. senior huge volume of cheques issued At the moment in Britain 
*nts for services will ^u vls ®r m a country,-yhicb lives in Britain—now 200m. a year there are around 6m. active 
. ! through a “ persona- ! ar f • i_ by ex P°?' tlI1 S advanced and growing at about 12 per credit card users and around 
rd carrying the bank . cent., he indicated. Aim. cheque- guarantee cards, 

.nd credit information .j“ va P Stronger is the .advice. That, one might say. is just Both types would in the end, 

• initiate such trims- SjSnjS.S 0 !!*® °£ Re P^ en,a ; the tip of the EFT iceberg, disappear in favour of EFT, 

•• \ !i2® . Bs?? a SL ce ^-* n A d What *s really involved was'cards, together with the need 1 

v- u Urban Affaus official, Curtis A. spelled out recently in great large and complex control 
-supposes a Pnns, that consumers should be detail by G. B. Hague .General and accounting systems backing 

. of lnlerconnection given the opportunity to reject Mana * Management services them up. 

•yiks and stores. But EFT if thqy so choosy oLhcr- Division at Lloyds Bank which So mu ch for the banks— 
■itans the seeds of so wise one would get to.the state it wiU b remeLier^ the which from the viewpoint of the 
what George .Orwell where ai customer woul* be.told fi b fc to cmS man in the street will ulti- 

for 1084 Chat it has at a shop “you can ipay any puteris jj£ n t0 ^ ^stomer look like one and the 

passionate demmcaa : way you hke as long, as it is accounls whe _ Britain went same organisation. 

■ U.S. where the topic W1 ^h an EFT c^d- • ^ 0l t decimal currency and Lik ely beneficiaries of equip- 

- iiscussed widely both - J Curtis warned of the gangers f h e & t to Sakee of ment orders wou,d ^-ludc 

mmm* outsider House of offraudand asserted thfrEKf disnenJin- coulo NCR * ibm a " d ICL in the first 

^*»lftives. ^ s'Sns of, being as jSLtSnS^Sf SS& instance for in ‘ slore terminals. 

. disastrous as credit : cards n colm ectea to tne banks . . NCR arm ah . lh r . 

;Ab \l “■ initially, were in the U^. 15 ma <" acco ^ computers. ^ h ner NC « ZF'mLX 

in the country. 

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IJ ‘"5 S we J e l 5 ma " n aa:tmntS COmPUlerS - miner « 

at g T eal: f 505 * to years ago. He said small hanks Dr, to the success of iu rurrent 

^ene the pioneers generally and ail potential -EFT BaCKClOth deS ig£ 

“ fi i rs ?™ e agaiast ^e 'idea. l0 aQ mternationaI But there would be a require- 

lg networks feeding For Chase Manhattan," the gai nerj nu ol h «pj wc m i*>um m *nt for a message-switching 
lata ^ frotn several almost predictable reaetton was Jare year he said device in many localities to 

ocalities -into central that the obvious benefits- of oIL^aa airnaea^ lo card queries into bank 

- --- equipment,. they reduced costs to ..banks, and purS ueVe^a S a compri^ bra,,ches and-automatically- 

. . — —^ pioneer a further improved services to castonrers uauiVB ownl Df c a i e / nj , n , P a t through them to headquarters. 

great extension of would be nullified.,by, over- Such data stream handling 

krV3*,VSK^..?'. / ,eft r orta to every regulation from the Slates and ins le ,™ a J would demand a powerful mini. 

in the country. .the-Federal Government-,-. Scmmn to pr^id is ^eS designed for messa se control 
J. ^ .* - Donald R. Hollis, a bank vice- b ly79 ° B ® * s - work, if possible, and this would 

f rtf-UMsC-.;’*, - . president drew an analogy ^ in ,' fwh B a y f J open, up the market for other 

| - between EFT and subscriber companies such as Burroughs. 

A trunk dialling and disclosed that l'? p e “ a ffff dby laL ^ through its involvement with 

t Carter’s special oiaay bank branches are to-day . t0 ' g l lher .][" the international money trans- 

* . ar consumer affairs, unprofiuble. Transaction ^costs !?? for - teleprocessing fer sy S t em (mown as SWIFT, 

tnrh ~' .?rson, has joined the were fisihg-just because.ofjhfia- aad fo ^ ^ equipment involved, many other companies could 
*vV* * r id American bankers tfan and it was iinlikdy> that . . fiv ^“ ye . a f. mentation expect to come in under this 

r , ft -;ave mishandled EFT profitability would be restored; £f rlod . r brmfi ,n abo " t *' l) section, but knowing how the 

-ted to sample public “EFT wasway-out,”;hfe.said ce nt -o^e fa^er merchants bankers tend to operate, it is 

E iicb was why there (and prOstunaWy a-way'-bitt-that w *°'“ ave Barciaycard or Access doubtful whether many outside 

** mblic acceptance of would keep bank revenues ^ rd franchisesi and they would the “mainline” companies will 

.L Peterson drew a steady). .- have around 20,0(10 terminals become involved, 

ith the Universal Back at home tiie Inter-femk working in various ways but all At this point in the argument 
Jde (UPC) -fiascoes Terminal Working Party seft.'up * in 'ked into the network. it would be worth while asking 

-‘backers proceeded nearly a year ago by theibig* This network and its equip* whether the OAP walking into 

development plans banks and the . credit A r d'menu would,.by the end of Lhe the supermarket for \ lb. nr 

lciting cohsuroer iii-'-groufa ■ underIvor; Edwards Period, - have- absorbed some 250 grin, of Cheddar should be 
• the bankers, they (head . of research, Barclays * figure which would con- processed by these sophistiaated 
- - • ■-•- . tinue to rise very quickly as electronics or qot This is the 

• •“■ * ■ ' . . niare “^nshants joined the net- extreme case. But the question 

..... :-i,....;* . work— which would have to will be posed.- 

-_.. iadudfl Poet Office Giro and the 

w » 1 Kli ril IT A nU/lDIn O Trustee Savines Banks as a LldlQlS 

- MrulArHUwfl r saa.5ri.sss jsrz sr5— 
——S ; rjsrssssa 

JS ? * \ O'^'got the complete cure to vgar- computer Scried°b.y^stTn^bank^equi> d r evclop ^ enU a oumhet uf 

f, " n ? f T 'nd worrtes. We call it a turner service. 

I? y j W‘-‘* - : covering the same traosaciions ujj counterpart’ mentioned 

** * ,ly, this provides you with your own DEC coming m via the old personal above—UPC—EAN C0U ]d take 

v * * '’eywell computer and aU' the software and thA ' some five years to get some- 

•:r 4 bring it into, action ^to perform exacUy : volume of dau to be handled ■jSS^ <> S?S? Il i?tteU 

~y ' -i^tionsyourequire, .-.-.jr ' over. communication lines t(wjay empJbyed just 17 ^ ‘ 0llt 

•- * •' • appears to offer a fornudable ^ 2 00,000 food stores. 

tou don’t want to buy your own equipment, gj t rt5’r e b^5iks 0 and 0r other « 11 c S ar ^ ^ bankfi ha 3 e 

: 1 use ours. We have a sophisticated com- i^-org^isitio,,, «e l»miiig ft5a p^blte 

' ' ' alUhe tune about running big acceptance than from technical 

. , networks. difficulties. 

ire just a few. of the services w'hich have ' P SJ2 ed u°K t0 banks . Perha Ps m ° r e fundamental to 

-;s one of the fastest giowing computing a^dy operate an EFT system mw P b°S 

,1 ies in Britain. :- : - . «r wnU *31^ - w.!Tl« 323 

S businesses,-from sraaU to-.large, with com- J^ms 1 or 1 JIbout^2percen?of “** nat,0D ; B raahflow. What 

‘PR ' 9 r a dachw -- gdt asspeiated with JA\ ’ - gentries.. L the same 


: * SON - - ■ ^ ment system known under the j anyone’s euess 

P ul> ... I icronjm oE CHAPS-for Qear- S S^.S. be DreD , rrt 

/JCIAXES' ' '-. I u^£ouse Automated Payment t0 ^ e g r 0 V d ^ 

S S \ * \ 0-^ got the complete 

[ - I U wV got the complete cure to ygpir- computer 
n p , - - n ?nd-worries. We call it a turjikey service. 

1 W ,ly, this provides you with"your own DEC 
' > •• J * ’' ’’ eywell computer and ali‘ the software and 
.. c* bring it into action. —^ : to perform exactly 
‘ ;.^:tionsyou require. 

fou don’t want to buy your own equipment, 
- i use- ours. We have a sophisticated com- 
^^direau, • 

ire just a few. of the services which have 
-;s one of the fastest growing computing 
ies in Britain.: ■: •. • . 

businesses,-from small to-large, with com- 
^adaches — get-associated with JA'. 

Centre . I 

ne: Chichester (0243) 81137/811^6 


Whether the average man is 

Buf before uy decision to pre ^ w cope Stb psyii« 
implement can be taken a con- ^thin the second—this means 
re ^? acfually lpsing ^ mnount from 
and 0X111118 bank balance, as soon as the 
2S!5? purriiase is Bedded, just like 
coin of the realm, but 
timetables, operational costs, not Uke hiding over a cheque, 
tariffs and benefits. —remains to be seen. 

And of all the points to be 
settled, that of security is 


siaess needs toplan 
it means budgetary 
il investment 
h flow, sales fore- 
atingi product 
tune tely planning 
?vision5to plans 
is is where 
really help. 
it how big or small 
■ ourFinanrial 
ice-based on the 

Slul PROSPER- . 

Jo within the hour 
lecouldt&kfi ' 

several days. And we can give 
you expert assistance. 

How the sendee works 
" Yon have a terminal situated 
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- t. . 

Financial Times Tuesday February 21 1978 



THE GOVERNMENTS decision to speak, a counterbalance to 
in the autumn of 1976 to set up the Governments support tor 

a company to market British ^ I’m" 

.. . . .. „ man and Japanese governments 

software abroad was the result hg£j * H - en ^stamial support to 

of some very anxious discus- ih e j r syfiwaro industries, but in 
sions about the U.KL’s weakness the U.K. in 1H76 there had been 
over large areas of the data pro- nu intem»iuinn at ail e-vccpt for 
cessing marker. the support for ICL. 

The establishment of Inter- in the U.K. there were some 
national Computers Limited 3111 ) companies, most «>f them 
(ICL) anti the development of fairly small, producing software 
its new range 01 machines with packages, maintaining programs 
Government assistance may and in sonic cases marketing 
haw diverted Government equipment on a turnkey ha sis. 
Bitent 1 oil from what was happen- Tin* industry was in a HnuriMt- 
ing in other parts at data pro- ing state. largely because nf the 
cessing. Small business upward I rend of the data pro- 
machines, mini-computers, and cessing market 
later microprocessors started to The NEB believed, however, 
be imported in large volume, that there was a danger that 
British manufacturers had the industry as a whole would 
failed to get much oF a stake in not take advantage of the oppor- 
these large and growing mar- tunities for development in the 
kets. and by the time the alarm world at large. It saw that Lhe 
was raided, it was generally con- smallness of many of the sot't- 
sidered too late to make a ware houses prevented them 
counter thrust against American f r,l,n investing heavily in funda- 
dominance mental research or ihe lun.c- 

Un the other hand, the rapidly ter f development of software 
developing integrated circuit Packages to be sold as products, 
industry was causing a sharp The NEB believed, moreover, 
fall in hardware prices. This that investment on a longer 
fab seems set to continue for at Ierm ba-is was becoming more 
least the next ie /1 years, as pro- necessary because "f the move 
duction of componems becomes towards standard sun ware pack, 
more automated and more and *3®* 3l> 3 . replacenrent For 

more elements are titled on to custom - designed appliestinn 1 * 

a single chip. 

On lhe other hand lhe cost 
id prngramming is becoming 
relatively more and more 
expensive. In spite of some ad- 

prngrams. The very high cost 
of software means that th'TP is 
a great advantage in producing 
standard programs ulu*-e de¬ 
velopment c'-it ran h«- shared 

vances in'technique it is highly between a large number nf 

labour intensive, and will remain m - 

so. Moreover, as cumpliters j%‘pr* ju 

become at the same time more L/IIllCuItV 

powerful and cheaper, increas- 

ing pressure is put on the pro- On the other hand software 
grammers to adequate products nt tiiK sort need to 
operating sjMenis and to be sold in a.' wide a market 
develop software for the new possible, and like any other 
applications which are being product they require investment 
opened up for data processing, capital. 

The development of the micro- The main difficulty faced by 
processor has al>e thrown up a the U.K software houses ii Uui 
whole new range of pro- data processing in the U.K. 
gramming problems. represents only about 3 per cent. 

Already the cos; of software of fhe . wnr,d ”<arku£ whereas 
is approaching half ;hc cost of •h'* *-' s - represents about do per 
hardware in many applicaiions. 

And software happens to be an At the beginning of 1H71. 
area in which British expertise therefore, it was agreed tu set 
is strong, and. compared with up a subsidiary of the .VLB tu 
the L.S.. cheap. Taking an aver- market British software over¬ 
age for the whole of the data seas muinlv in lhe U.S.. and to 
processing revenues software help to stimulate the develi.p- 
nuw accotinis Tor about a third, ment of software products suit- 

It was this background able for sale abroad. By tlie 
ih3t the National Enterprise end of last year, the new com- 
Board started to take an interest pany, I NS AG. was formed with 
in the software industry as. so a maximum of £9m. nf equity 

capital—perhaps to he increased 
to £ 20 in.—envisaged during its 
find live years. 

INS AC ha> now established 
itself in an office in Lincoln's 
Inn Fields anti has opened an 
office in New York. It has also 
signed agreements with four of 
the leading software houses 
which have become associates. 
IN SAC is hoping to sign up 
another four tu slart the firsl 
phase iif its operations. 

From the first il was decided 
that the software I muses which 
agreed to co-operate should 
maintain tlieir independence. 
Mr. John Pearce, lNSAC’s 
managing director, explained: 
“This is an entrepreneurial 
business. The real entre¬ 
preneur s want to control their 
own companies. If the NEB had 
bought them up, the chances 
are some of the best people 
would leave." On the other 
hand, the NEB was anxious that 
it should have some stake in 
the associates for commercial 
reasons and it has negotiated 
10 buy between 26 and 3*J per 
cent of the equity of the four 
houses so far in the fold. 

Mr. Pearce explained: "We 
art- expecting 10 put some fairly 
substantial umiracis out lo 1 he 
associated compaiiicv, perhaps 
in ihe reginn of £5UU.00U tu 
£lm. Ii was therefore thought 
desirable tha; the VLB should 
luce a slake ;:i the companies. 
Otherwise, it light happen that 
one of che houses could be 
bought by, say. Fujitsu a month 
or two after we had given it a 

In return for selling part of 
the equity to the NEB. the four 
companies. Computer Analysts 
and Programmers (CAP), 
-S.v.-nme, SPL iSystems Pro¬ 
gramming Limited) and SDL 
Systems Designer*. Limited each 
have a representative on the 
IN SAC board. The four com¬ 
panies an- now submitting 
proposals 10 IK SAC fur the 
development of systems for 
which they see a future market. 
When f:\SAC has decided on 
the product* ii warns to sponsor. 
it plans 10 put the contracts 
out to competitive lender among 
it.? iiAdUciates. 

Because of the time needed 
to develop anti sell software 
products. IN SAC is nut expect¬ 
ing to make profits until its 
third or fourth year of opera¬ 
tion. For the rest of this year, 
it will be occupied in negotia¬ 
tions with other British soft¬ 
ware houses and in the setting 

up of development eoniraets. 
In the long run it may make 
acquisitions in (he U.S., or it 
could form associations with 
some of the larger hardware 
companies to market its pro- 

CVS AC has agreed not to sell 
its products in the U.K., so ft 
will produce, it hopes, a sub¬ 
stantial increase in business fnr 
the British software industry. 

Nevertheless, its formation can 

lo some extent be seen as a 
defensive measure. 

In the U.S. hardware manu¬ 
facturers are already beginning 
to see the implications of con¬ 
tinually falling prices even in 

an expanding market It is evi¬ 
dent that an increasing propor¬ 
tion of the added value of 
systems will be in the software. 
So there has been a general 
move into software, partly by 
acquisition. Several large inter¬ 
national companies, including 
Fujitsu of Japan, have been 
looking at the larger U.K. 'soft¬ 
ware houses with a view to 
possible purchase. 


Even’ though IN 7 SAC concen¬ 
trates on marketing British 
skills from companies in U.K. 

ownership, it will not. however, 
be able to avoid several poten¬ 
tially sensitive political issues. 
The main point is that, a lot of 
the software it sells will be 
destined to run on machines 
which are in competition with 
ICL’s. Application packages 
can. it is true, be written so 
That they will rue oh any'type 
of machine. On the other hand, 
if a major Japanese manufac¬ 
turer wanted a tie up-with 
INSAC. the NEB could .find 
itself in the embarrassing-posi¬ 
tion nf helping to sell foreign 
hardware against that of a 
domestic company in which it 
has a substantial minority'stake. 

W. Europe "&S.' 

1 976 1981 growth 1976 IMEL-grwja 
2.2 ' 4L2 H 3-7 5^ . ^ 

"0.7 1-5 16 0-5 0.7 ft;;. 

0 ! (L9 19 0.9 22 ; >22? 

T3 6.6 16 5.1 &8" W 

Marke t 

Computing . 2.2 ' 42 14 

Software serviee . 0-7 ^ 

"Software p roducts — 0-9 

Total” 7—.ST 3 fi - 6 M* 

• Source: Quantum Science Corporation. 

At oresent however, such known in the U.S. ajtd to tmflj 
At pre-c . ’ . up a portfolio bf products whig 

potential problems seem rather v 

remote. iNSAC's immediate pre- * jfc 

occupation is to get itself widely /- ■ 

The telecommunications race 

THE MARRIAGE nf telecom¬ 
munications with the computer, 
a union which still has io be 
fiiljy cuiisuimnaied in a number 
uf advanced industrial countries 
(including the UJ\.I ha? been 
a mu.Tbive landmark in the 
recent history nf telecn mm uni- 
cations development. 

Its introduction in the lf*60s 
has meant that the telecom¬ 
munications authorities and Lhe 
telecom muni call on industries of 
most advanced countries have 
undergone far-reaching struc¬ 
tural changes. However, a 
feature of the changeover from 
the various varieties of electro¬ 
mechanical systems 10 com- 
puter-run trolled systems has 
been the longevity ami re¬ 
liability nf the former: which 
means, in practical term.-, ilia! 
they v.ill be around fm many 
years jet. 

Besides this, the telecommu¬ 
nications authorities, winch are 
overwhelmingly public bodies, 
rend to dominate the research 
and development procedures of 

their dome-die supplierf. Thus 
they can effectively in-isi thru 
these suppliers cor.tin ik tr. pro¬ 
vide fleet ro-medianiral equip¬ 

ment. even though the suppliers 
may be itching to give over 
iheir entire capacity to the com¬ 
puter-controlled systems. For 
example: the ITT subsidiary of 
Beil (Holland) which manufac¬ 
tures the Metaeunta 10c com¬ 
puter-controlled exchange, must 
also manufacture two electro¬ 
mechanical systems. Lhe step-by- 
step or Strowger system, and the 
crossbar system, because of the 
requirements of the Dutch PTT. 


With that major caveat, then, 
the computer-controlled ex¬ 
change has arrived, and is be¬ 
ginning tn dominate in the 
lucrative markets opening up in 

developing countries—especi¬ 
ally ihe wealthier ones—which 
are nmv seeking m extend, 
often rapidly, their telecommu¬ 
nications network. Recently, the 
Post Office chairman. Sir Wil¬ 
liam Barlow, estimated th 2 i the 
richest pickings in the export 
market wnuid be found in the 
1980s —when (he Post Office 
hopes tn have its fuily-eieciro- 
nic exchange. “ System X." on 
the market. 

First, though, what exactly 
is a computer-controlled ex¬ 

change? In one sense, the qtres*. 
tion is a little difficult ■ to 
answer, because manufacturers 
describe their products as “com¬ 
puter-controlled " when these 
products are often very differ¬ 
ent. Further, computer-con¬ 
trolled has been an incremental, 
rather than a sudden, develop¬ 

Electromechanical exchanges 
evolved from distributed con¬ 
trol. as in the Strowger system, 
to central or common control 
over a long period: the arrival 
of electronic processors hast¬ 
ened aud completed the trend. 
As Professor J. E. Flood of the 
Department of Electrical Engin¬ 
eering at Birmingham Univer¬ 
sity put it in a recent paper, 
" As a result of developments 
in computer technology a single 
electronic central processor unit 
can now control a complete ex¬ 
change. The use of stored- 
programme control tSPCt for 
this processor results in great 
flexibility both in the alloca¬ 
tion of line terminations and 
the provision of facilities in¬ 
cluding facilities for subscrib¬ 
ers and for the administration 
(for example fault diagnosis and 
network management.)” 

Stored programme control, 
the latest thing in computer- 
cuntrolied exchanges, are'now 
being progressively phased in 

in a number of countries. The Metaconta and the. ESSr~w&#3 
SPC “ principle " allows the because of the size of 
design of a highly modular can domestic market, ia/:^ 
■system, which reduces the need mast widely^ used to ^ 
to follow a strict functional Sweden, with Ericsson’s a£ 
“hierarchy” of exchanges, exchanges: HollamL witfr'PhaS 
Operational, maintenance and PRX, Germany tSiemena)^ 
administrative procedures can Japan (NEC). The.bilge-Bafe 
be standardised for the network contract recently wfent to: a as 
as a whole, without regard .for sortium composed of .Erfcs&c 
the functions of individual and Philips, with Bell 'j 
exchanges. Canada, largely because om 

Software becomes extremely “««» P*. Ertewri's AjfiB, *j 
Important in the design and “ nt >- T P> Wmg B 

maintenance of SPC systems. "S(* advanced currently^ 
Changes in the size of functions oner - Vr.: 

of any given network are mir- There is little quekiou ifi 
rored in the programmes for the U.K. has laggedht the rat 
the txchange. as well as the The most advanced ■ igrstie 
hardware itself. The added cpm- manufactured in Britidn-rtl 
plexity of introducing SPC is TXE4—is, ■ by most defihitiin 
that it must be made compatible not fully, electronic, -though-, 
with existing electro-mechanical 1 ;t be judged as all but T 
hardware. dei^elopment of . the ful 

electronic, exchange-r^ystemi 
Advaoced —is now going on apace^but 

. will not be into service in B 
The variety of extra Facilities. ta > n •.. before-rat the me 
which these advanced systems optimistic estimates—1082, a 
now offer include abbreviated-will only be able to,enter;t 
dialling, call transfer and export battle after that. ,-; 
information services not. pre- System X-is the generic naf 
viuuiily available. f 0r the “family" of adrac 

The countries currently lead- switching and associated" s. 
ins the SPC “ race" are terns which: will progressivi 
America —with. ITT and Western, r-place the Strowger exchang 
Electric both offering ^steins, These exchanges, first develoj 



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* V- • : -7>- x 



!n just one year,theaverage mini computer user can buy, store and then; 
throw away as much as 7 miles of carbon paper. 

And to us, that seems like money down the drain. 

Because with Idem carbonless copying paper you use all the paper you buy*- 
without throwing any of it away. 

Copy for copy, idem carbonless . 1 ,^ rs omyone or tne advantages over carDoft papei 
requires less storage ^ace thon that Idem gives the minicomputer system user. ; 
bank, bond and carbon interleave. There are many, many more 

•,-• \ ^Advantageslikequick v dear, 

; safe reliable copies,- .. • 

^Qioiceofdeep blue orbl^ch 

* Large range of weights and colours including quality watermarked origir 

* Confidentialrtvandsecurity-with no telftaleextra 'copies 1 ^goingastra^ 

* No dirty smudges on originals. Or on .. -A ." r 

clothes and hands. ^ 

So happier operators. fil 

^Special form designs can be tailor £ 3 j 

made to meet your exact 



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Address:_I—_ ■■. - 

..... •• ; . 


• /'-yV* 


a m 

-j II 

[ * i m 4 *T*T 

aiicial Times Tu^siay February 21 1978 


services sector 

■ flfOVER of.the com* 

4 vices industry i$ ex- 

. reach £300m. this 
•y twice as much as in 
liable predictions 7 for 
1980s suggest that by 
lal sales should be 

istry has come a long 
the' days, of the 1960s 
laurice Kendall, then 
■- of BP. subsidiary 
Computer Services, 
taif seriously, that the 
3f the -enterprise. was. 
he most interesting 
he lads at the least 
- shareholders.” ' 

“the lads" pulled 
iputing services coup 
by winning a £24m. 
r the design, supply, 
ation of a complete 
nd radio communica- 
em for a Middle 

he work carried out 
vices industry . is on 
but as the National 
Development Coun¬ 
iter sector working 
I in a report issued, 
oiling of this month, 
y is “ thriving.” 
ire now such an im- 
1 of the computer 
it. the. working party 
“concerned that the. 
t of the services 
id complement and 
the development of 
has also had some 
:o say about compute 

ing services, even if 'k has been 
slow-to invest in them. -. . 

A report. an Investment in 
Computer Services, issued late 
Iasi year by - stockbrokers 
Greene- and Co. said; that: 
“Despite the difficulties experi¬ 
enced, in industry at lafge_ and 
the servicesindustries hi parti¬ 
cular', . .the. computer:services 
industry remained buoyant with 
one of l&e. fastest 1 growth: rates 
of any industrial activity.” ; 

This growth might- have been 
faster were it not for the severe 
shortage of skilled staff* which 
received much attention:in the 
working party report. Ihe'g! ow¬ 
ing health of computing services 
is also a tittle surprising at first 
sight, in view of the onslaught 
of rapidly developing electro¬ 
nics, technology. 

The brunt of the attack has 
been borne by the computer ser¬ 
vices bureaux, which were 
founded in the mid-J.960s on the 
principle: buy .a large and very 
expensive mainframe computer, 
and sell batch processing ser¬ 
vices — like a payroll — to com¬ 
panies who cannot- afford a 
machine of their own. 


But since then, minicomputer 
and microcomputer systems 
have, been developed which can 
provide computer power at 
dramatically less cost, and do 
not need special rooms and a 
large operations staff. Now, 
nearly all businesses—Whatever 
their size — could probably 
afford to buy a computer system 
of their own. 

In the past two years parti¬ 
cularly. the bureaux have woken 
up to this threat to their 
revenue, and their newly de¬ 
veloped activities seem to have 
served them well, for they re¬ 
port that last year's business 
was much better than they had 

The main change undergone 
by the bureaux is. that their new 
range of services make them 
look more like software houses 
—and software has never been 
more expensive than now. The 
services sector generally is sell¬ 
ing expertise, and there is more 
expertise in selling software 
services, than hiring out com¬ 
puter lime. 

The bureaux are now seWing 
software packages and they 
have set up in competition with 
minicomputer vendors and soft¬ 
ware house suppliers of mini¬ 
computer systems by selling 
them themselves. These turnkey 
systems are complete hardware 
and software packages tailored 
to perform specific applications, 
from office ardor processing, to 
Scicon's Middle Eastern com¬ 
munications system. Others 
have acknowledged the cheap¬ 
ness of modern computing by 
devolving power to their 

One of the most ambitious 
schemes of this kind was 
launched last year by Baric Com¬ 
puter Services, under the name 
Datacare. Users of the service 
are supplied with intelligent 
terminals at their own premises 
and can carry out some local 



century, still serve suppliers have been involved 
jl all telephone con- has no doubt increased the com- 
ihe U.K., .and do so plexity of the development: as 
Indeed, their very the corporation admits, in a 
coupled with the recent paper by its Director 1 of 
iigh standards bn Telecommunications Systems 
Post Office insists Strategy, Mr. L. R. F. flams— 
ng from their sup- " It took time and _ effort; to 
been the major establish the new relationship, 
» delay hi the intro- and along the way a number of 
e electronic system, difficult commercial as well as 
■een the Post Office technical problems have been 
e big suppliers of resolved” 
quipment—Plessey, Privately, the suppliers might, 

’C—began in 1972. be: rather less - bland about Ate 
» the largest. ever difficulties, and rather-less 
in UJC telecom timistie that all the difficulties 
and at * cbnserva- have" been resolved. Howevgr/fct 
—£100m. wUl have is clear tljat there is somanew 

J ; before production momentum behind' -tire? pro- 
je fact that -. three ^ gramme, perhaps generated by 


l) From / 


- 4 

ppliers of professional^ervices 
- or Accountants and Solicitors 
ng customised systems through 
inches or On-Line Mini-Computers 


: im, 

; • St. Mary’s Court, Lowgate, Hull 
... Tel: (0482) 25891 
Branches at: 

1 /)FORD ; .<29799) .-.- .DUBLIN {987011) 

. NETWCAS'HjE 120050) ’ 

British Company using British Computers 

the new team at Post Office 
board level. Next month, the 
corporation is expected to re-1 
veal details on how the system 
will work. 

What is known about System 
X is that it will incorporate a 
function known as “digital 
switching" so called because 
the switching process is carried 
out within the computer itself. 
Computer switches can operate 
at incredibly rapid speeds, aDd 
can be packed onto tiny sili¬ 
con chips. This digital switch¬ 
ing mechanism, which will cut 
Out entirely the gap between 
dialling and connection—a gap 
presently caused by the sys¬ 
tem “catching up” with the 
speed of the dial—will mean 
that key phones will come into 
their own for the first time. For 
the moment, only the ESS in¬ 
corporates digital switching: 
the U.K. companies thus have 
a chance to move ahead. 

processing, but use the Baric 
mainframe for big jobs. 

Baric is jointly owned by 
BarcJays Bank, which will pro¬ 
vide customers with finance for 
the service, and ICL which 
makes the terminals. Baric 
writes all the software, and 
claims to be attracting not only 
existing bureau customers, but 
also completely new bureau 
users who had been considering 
fhe purchase of their computer 

The bigger bureaux with the 
most advanced hardware have 
been making more of a point of 
the long-established practice of 
selling time on their machines 
to prospective in-house users of 
similar equipment.’ They now 
offer a full range of pre-delivery 
services, from staff training 
to software support. 

The ICL-based bureau Compu- 
lel has gone in for this in a 
big way by exploiting the gap 
between ICL’s 2900 New Range 
computers and the old 1900 
range. However, except for the 
ventures into turnkey systems, 
these activities are only modifi¬ 
cations of existing services. 

The most notable new service 
to be offered by bureaux m re- 
cent years, is timesharing, 
dominated by U.S. companies, 
the difference between timeshar¬ 
ing and batch operation is that 
users of a timesharing service 
are given immediate access to 
the computer, through a ter¬ 
minal, without the delay of bis 
job having to be submitted to 
the computer run as part of a 
batch, and then—eventual ly¬ 
re turned to him. 

Timesharing opens up new 
possibilities, and the bureaux 
which offer it are fond of re¬ 
ferring to it as a management 
tool which will give users the 
information they want, when 
they want it, and not have to 
wait for a month-end report 

The classic timesharing appli¬ 
cation is financial planning. 

because the user can ask the 
computer, “ What if. . and 
be told almost instantaneously. 

Nearly 3ll «»f the customers 
of timesharing services have m- 
house computing facilities of 
their owu. but these are not 
geared to pruvide a timesharing 
service because they are too 
heavily ctHiinmied to produc¬ 
tion, work. 

But for the software houses, 
changes have been less notice¬ 
able. The production of software 
is much the same as it has 
always been highly labour- 

Indeed, the writing of soft¬ 
ware has inure in common with 
the way monks, in the Middle 
Ages laboured over the produc¬ 
tion of one-off Bibles than the 
Information Age of the late 
twentieth century. 

Although there will always be 
a market for custom-written 
software, It is becumisg more 
common for companies to 
specialise in the production of 
a limited number of software 
products, which fur example 
make computer systems run 
more efficiently, or act as tele¬ 
communications monitors, which 
ease the path of the computer 
user into the increasingly 
fashionable world of telepro¬ 


Whatever the speciality is, the 
philosophy is the same: find a 
requirement in the marketplace, 
design the product, develop it, 
sell it and maintain it If it is 
the right product, the same 
package can be sold 200 times, 
with very little modification. 

Peterborough Data Processing 
is a software hmise which built 
up its business over 10 years 
by selling what is probably the 
world's most unglamoruus soft¬ 
ware—a payroll package. It now- 
claims to be the largest supplier 
of such packages in Europe, 
with about 300 installed. More 

recently it has tripled its pru- 
Uucl range, ami now oners a 
personnel uiaua&eme»l system, 
and a pcnsiuua package. 

The rapid rise of Lne micro- 
cowpuiei lias not guile un¬ 
noticed oy Lne software houses 
— the thousands of micro¬ 
computers which are supposed 
to nood the homes and office:, 
ot the future will ail need to 
have programs in them. 

One of the biggest ventures 
into microcomputer souware 
has been by Britain's largest 
software group. Computer 
Analysts and Programmers 
(CAP b.K.J, which m ittio set 1 
up CAP Microvolt, a subsidiary 
dedicated to specialisation m 
microcomputer software and 
consultancy work. 

This was the first such opera¬ 
tion in Europe, and it was fol¬ 
lowed by the announcement last 
year of a revolutionary new 
minicomputer - based system 
which speeds up and simplifies 
the production of micro¬ 
computer software, it was far 
ahead of anything similar, even 
in the U.S., which dominates 
microcomputer deveiopmejts. 

Not all software houses are 
as large as CAP, but id the 
future they will be able to 
afford to stay medium-sized, 
unlike the bureaux. It is gener¬ 
ally ex pec Led that in five years 
there will only be big ones and 
small ones. 

To-day's medium sized bureau 
will have to merge to be able 
to afford the new hardware and 
software that will be necessary 
to keep up with increasingly 
sophisticated demands of their 
customers.- Those that get away 
with staying small will be 
specialists, aiming at particular 
industries, like insurance or the 
motor trade, or like the small 
minicomputer-based timesharing 
services which are springing up 
to challenge the might of the 
U-S. giants. 

Roger Green 







★ Up to 3.000 lines per minute 

★ 132 or ISO characters per line 

★ 6 or S lines per inch 

"A Interchangeable (maintenance free) Print 
Array — u.cs. feature 

A Software compatible with IBM 3211 and 

★ Microprocessor Controlled 

A Outstanding Print Quality on up to six 
part forms 

A Automatic stacking 

★ Integrated Controller 
A Ribbon Use Reduced 

Cost savings up to 40% when purchased. 

Competitive Rental Terms 

Complimentary Products include 

Buffered Card Reader and Card Punch Interpreter. 

For more information on Documation's Computer 
Sub-Systems with a built in reputation for value. 

Write or Call 


Mill Mead, Staines, 

Middlesex TW18 4UQ. 

Telephone: Staines 61124 



i 168 finchley Road, London. NW3 6HP. 

\ . Telephone: 01-794 (1202, 

The implications of these new 
systems, which are only begin¬ 
ning to take physical shape, are 
enormous. Beside the extra 
speed and the large number of 
new facilities, they also offer 
economies of size and of main¬ 
tenance, and will facilitate the 
use of such communications 
media "as Viewdata and higher 
speed Datel services. The 
" offices of the future," which 
are now on the drawing boards 
of the major communications 
industries, will-be brought into 
the present: the division of 
labour . within offices—for 
example, the precise breakdown 
of tasks between manager and 
secretary-—will be dramatically 
changed (or could be. conserva¬ 
tive work practices permitting). 

More ominously, they imply a 
dramatic reduction in labour 
on the. telecommunications en¬ 
gineering side, a development 
of which the unions are not 
unaware. For the moment and 
the ' immediate future, growth 
in the. network means that 
labour saving is compensated 
for: but that is not likely to 
be the case for mucb longer. 
The resultant problems of 
potential redundancies must 
sooner or later be tackled—a 
task, perhaps, for a future 
generation of computers. 

John Lloyd 

products will IBM announce, what will its marketing strategy be, 
hat are the implications for your organization? 

wh International State of the Art Conference 
’ m 13-15 March 1978- 


y -oBramm* dstafe of ISM ~ Th* Next Fhr» Yuri, rand (hit «8p to Marten Ftatctar, faifotMh 
mol, Nicholson Houk, Maidenhead, BeritsHm SLfl 1LD. T«fophora0£O83SO31 r iaiMifl47310* 



More Products. More People. More Service. More 

The new force in the European computer market, 
created by adding the highly successful European 
operations of Telex to those of Memorex, offers an 
unmatchable range of products and services to the 
computer user 

■ Forthe IBM370user: 556,800,1600 and 6250 
bpi tape drives; 29, 100, 200 and 317.5 Mb 
exchangeable disk pack drives; 70 Mb Winchester 
disk drives, 317.5 Mb fixed media-disk drives; add¬ 
on memories for everything from the 12 5 to the 168 
(3030 memories on the way); terminal controllers, 
printers and keyboard displays; communication 
controllers and line printers. 

■ For the IBM System/3 user: 20 Mb and 51 Mb 
disk drives; floppy disk drives; add-on memories; 
terminal controllers, printers and keyboard displays; 
Rne printers. Plus our own complete alternative 
System ill. 

: ■ For all computer users: Top quality Memorex 
tapes rated to 6250 bpi for virtually all makes of tape 
drive; Memorex disk packs for IBM, ICL, NCR, 

• Honeywell, Univac, Burroughs, Panging from disk 
cartridges to data modules; floppy disks to suit 
almost everybody. 



Memorex UK Ltd. 50 Salisbury Road, Hounslow, Middlesex 
Telephone 01-570 7716. 

Telex Computer Products UK Ltd, 70 North Row Park Lane, 
London W1.Telephone 01-629 9141 


.Financial Times Tuesday' February. 21497$. 


ANYONE WHO has had to 
walk around the often dark 
satanic mills of industry will 
bo able to think of many plants 
where a long-armed robot would 
make working conditions so 
much better for operatives, 
taking hot castings from their 
dies, placing sheet between the 
jaws of giant presses and so on. 
Car assembly lines, though 
strenuous, do not generally 
operate in the conditions "f 
heat and noise (hat foundry 
workers and people 1:1 rolling 
and stamping mills take as a 
mailer of course. 

It is thus so mew hat ironical 
that it will he in a 1 1 rand-now 
purpose-built plant ar Lone- 
bridge, being sec up fur the 
production of the new Leyland 
model, that ihc large-scale 

use of robot nvldi.ig equipment 
in Britain will take place. 

Snaky Electric Welding 
Machines has the contract for 
the construction of two vast 
welding lines for the Long- 
bridge plant and this company 
has ordered a total of 28 i.i- 
dustrial robots from Unimation 
ot Telford. Salop, to go into the 
welding complex which will cost 
some £7m. to set up and 


The robots will include 
several long-reach unhs and a 
first batch will be delivered in 
time to be incorporated into 
the first of the body frame pro¬ 
duction lines when it nears 
completion late ibis year, mak¬ 
ing the new Longbridge centre 
the most highly automated 
factory - in Britain. 

Designers believe the plant 
will be a match for any Euro¬ 
pean car plant and that it 
should allow the new Mini to 
be produced with far fewer 
rejects and lo a far greater 
accuracy tlunks in constant line 
checks and the precision with 
which line spot weld guns and 
the rubi'ts ran be controlled. 

These robots have a certain 
amount of intelligence which 
allows them tu fellow a sequence 

of instructions which will take 
the welding guns they manipu¬ 
late to the right spot on the 
vehicle body, or to inhibit llie 
sequence if a tolerance checking 
station instructs them su to do. 

.Similar machines from Ulti¬ 
matum will he incorporated in 
tile Fiat production plant which 
is being designed around a new- 
old concept nf a work - cell” 
constituted by a trolley operat¬ 
ing under computer control. 
This vehicle picks up car parts 
and presents' them for spot 
welding to lim robot.■> which arc- 
equipped to sense what type of 
car is present and then " know ” 
where the spot welds must go. 

This Bob''gale system was 
initiated by Fiat's Cumuli 
machine-tool subsidiary working 
with Digitrun of Switzerland. 

It is expected to be at least 
as productive as the standard 
type of production line and far 
more easy 10 switch to varia¬ 
tions on a basic car theme, since 
there will be no need lo halt an 
eirpensiw production line and 
carry out lengthy modifications. 
The control computer, the auto¬ 
matic guide lines and the robots 
only would require to be re¬ 
programmed in most cases. 

Both at Lungbridgc and Milan, 
the robot wt-iders are integral 
parts of the plant, reflecting the 
very considerable use of spot 
welding robots on production 
lines in Japan. However, some 
Japanese car plants are using 
robots for heavy-duty welds on 
those sections of the car under¬ 
body which require particular 
strength and stiffness. 

In Sweden, both Saab and 
Volvo are using ASEA/ESAB 
robots for arc welding work, 
these robots being of a some¬ 
what different type from the 
Unimaiion design. The AS IS A 
unit uses a tiny computer lan 
Intel SOSO microcomputer) to 
memorise sequences of move¬ 
ment a* well as proh:h:ted 

It is taught what it is re¬ 
quired to do by a human opera¬ 
tive taking the articulated arm 
through -the full sequence of 

movements it would be required 
to perform on sue. Each one is 
recorded in the memory and the 
full sequence can then be re¬ 
pealed ad infinitum and lo very- 
close tolerances. 

ASEA has demonstrated the 
use of heavy duty robots with 
ESAB gas shielded welding 
equipment performing particu¬ 
larly complex operations, and a 

number of users have started 
to apply such robots in Britain 
and Germany. 

ASEA itself is making exten¬ 
sive use of ils own machines, 
particularly where hut and/or 
danger* at-, repetitive work has 
to be carried uul and in some in- 
siaiiecs where the rohols are 
made to operate, round Hie 
clock. An example of such an 
application is in the po-suionina 
and unloading nf stainless steel 
components on polishing equip¬ 
ment which uses a particular 
obnoxious powdery black buffina 


Meanwhile. Unimaiion is spur¬ 
ring development work at a 
subsidiary it acquired nearly a 
year ago under the name of. 
Vicann. Now called L'minuti-m 
West, lb is organisation has sup¬ 
plied computer-controlled and 
electrically driven robot arms 
somewhat -ciini'ar to the ASEA 
type to MIT. Stamford Research 
Institute, and the U.S. National 
Bureau of Standards, among 
others, fur research into auto¬ 
matic assembly, machine intelli¬ 
gence and so un. 

Development is being pushed 
along the lines of improved 
sensors for the arms and better 
servos as well a* more powerful 
software to make it easier to 
instruct the control computers 
in their tasks. Presumably the 
weight capacity of these units 
will also be increased. 

The micro used in these 
devices is a DEC LS1-J l which 
can “talk” to PDP-11. Nova 
and Interdata machines. 

Options offered with the. arms 
are force am! touch sensing 

fingers as well as wrist force 
sensors allowing the arms to be 
used with great sen»invilv. 
Both types of arms have six 
degrees of freedom. 

Meanwhile Unimation is plan¬ 
ing to spring a surprise on the 
opposition at the Harrogate 
Welding Engineering Exhibition 
in May. It will take the <hapc 
of a robot carrying out continu¬ 
ous scam welds and having en- 
nugh intelligence to move the 
twelding torch in as many as 
live axes simultaneously. 

. The Unimation/WIRS .system 
consists of the robot and ihe it controls—power 
supply, shielding gas supply and 
wire feed units. And like the 
ASEA units, the system can 
be i aught to weld a different 
workpiece in a few minutes at 

Productivity compared with 
manual operators Is greatiy en¬ 
hanced. But a key point is the 
suitability nf the system for 
short production runs. 

Thus the robots are mu only 
beginning to handle the "idiot"' 
diri.v and noisy jobs. They also 
are beginning to penetrate into 
areas which hitherto have been 
the preserve of highly skilled 
operatives, in the name uf pro- 
dueiiviiy and cost reductions. 

And beyond them is work in 
hand in Britain and the U.S. 
to develop automatic assembly 
machines able to recognise the 
orientation of a component, 
however complex, before pick¬ 
ing it up. rotating it and placing 
it where required. Already 
machines have been developed 
which put together several 
simple units into one assembly 
at speeds up lo eight times 
faster titan the best a human 
operative can achieve and go on 
doing that round the dock-until 
Lhe machine is switched off. 

Solution uf the problems 
insatiable industrial demand is 
creating does not lie will the 
automation experts, bus unit 
Government economist and 
social scientists. 



Part of Unimation 

hidden under the.-word " other * 
in the officialfigures. This con> 
pared wi$i £220m. in 1976,. 

.Now the imports, are no] 
directly and strictly-comparable 
f with, exports because 40 pet 
-cent represents .equipment fox 
installation as part of a system 
before re-export, and there car 
be a lengthy dwell time m Ux 

u. k. . ; . 

Allowing also that many in 
teliigent terminals contain .« 
stripped-down mini, there woulc 
• still appear to . be ayawfliaj 
gulf in- .the British: computing 
-trade which the efforts-of Diia 
and the CPI organisation set jbj 
between ICL, NCR" and CDf 
cannot bridge. A£ about £40Qui 
and negative going to the trail 
of. say,- 35 per cent a ■ ye* 
this is absolutely xmacceptabb 
at a 'time - when -_so much ; 4 
talked about job --creation-' Jp 
deed, if BASF can market 
successfully into the: UJL' wfcap 
.is the problem? 

...T , : ; «.~I It lies, -of course, icrcea a 

's exjwrt order for Fiat, a Scries 4000 XJnimate being cheettett Atlantic, where' the • batu 
at the Telford factory. : ----- 



between IBM and the severe 
manufacturers which/are see} 
ing to erode. - the latter’s ; hug 
installed equipment base hay 
been ■ fighting on "the? sales p^c 
and'.In court. r T\ 

But where ten years_agq.iB 

plug-compatible manufactory! 

were . very , vulnerable .-to.. as 
threat that - the' ‘ IBBC.. raah 
ten an c* teams would.jaot tone 
an ' IBM system, awtemla 
“ foreign bodies,” several :ceiu 
decisions, the growing strengf 
and competence of-the alteni 

AFTER SOFTWARE COSTS, a although at the moment and many machines were installed fc ve -suppliert and 'espe&a*] 
prime comern of computer for the mid-range mini it-is Or what they were being used the seniority olusers switoffo 
users is what they have to pay thought to be about 1:10. This for. to., them, has . -changed 

to buy nr tpase peripherals. Is undoubtedly one of the - Of this £500m.. possibly picture.. - V Kj 

The main processor cost has reasons why a major maker. £400m. represents peripherals. N6Wi it is Believedv notj 
dropped rapidly particularly «ich as Data General is making only a small proportion _ot short of 40 per cent. of altTs 
dunn" 1 S 77 . following some more and more of its own peri- which comes from UX maw- installations-have'one : qr mg 
drastic prii-e reductions by phrals and, indeed, its own facture. But the salient'point units- from competitors.- A* 
market leaders in traditional integrated circuits. * is that this market base is being thesituation is dxiuiging-.Vfi 

and mini coropuuns. which the It should therefore be. * added to at a rate of between qujckjy, since there Seems,: 
rest of the field perforce has concern of Government to have 30 and 40 percent, a year for m*. limit bn what the' jfitj 
tu match. a flourishing indigenous peri- an outgoing currency drain of compatible camp. ' wiljh offe 

pherals industry. However, over £100m. a year. Certainly the. days of the stii 

Much of the hardware now desp j le recent improvements in It is particularly difficult to sense of peripheral cquipmei 
used has a very high precision t he*prospects of the handful of make a similar assessment for 0V er since" several - , cot 
mechanical content, demanding UK companies involved, total general purpose machines until ponies bffer main menidiY,':wt 
extreme skill of the workers on output j S overwhelmed under it becomes clear whether there — and it is runioinred; nip 

tne respective assembly lines. the axa ] a nche of imports. ‘ were more being withdrawn in to come—offeriug : 'pt'bebssdr&I- 

and therefore almost in- Exactly what the figures are 1977 than new ones - installed. The' plug^ompatible grtii 

comprehensible so far as pro- j s verjr t0 determine from But here, Department of 'In- has not got where it is b; offc 

duction costs go. official statistics. But the trade dustry statistics can give some ^g. Chinese .copies. Because' 

Some companies, such as balance on peripherals and the guidance. their shorter product-runs d 

BASF for instance, partly solve components of sub-assemblies -j-, , . • lower overheads they ■ ha 

this problem by retaining a for them could have been in the - HiXpOIXS generally offered equlpmij 

hold on the magnetic media red by as much as £400m. in „ * 1Q jj looking at the which, while identical to [ X 
technology—which indeed they 1977 , with little prospect for , e g^. ^'^npjete equivalent so; far as the W 

Pioneered many decades ago- any improvement. ,V systems, peripherals and parts pessor is concerned, has advi 

but having the mechanical m minicomputers and small _J} periph erals imported, it looks tages both, in price^^ and p« 

mqr.w<nd. a nna was around, formance. And .si nce, the 

£600m. against £420m.. the-year ranksi-.inchide CDC, ,JTT BU 

electronic side of their disc business machines alone, 
drive designs produced by pedder Associates (PAL) put 

Hitachi/Fujitsu for joint use. t h e tota i installed value of before"|'." ness Systems, Exxon-and t 
But electronic component equipment at not far off £500m. Exports ,-in 1977 appear -to merged,,Memorex/Telex Grot 
price cuts have relatively little at the start of 1977, with the have reac bed a figure of about they . can exert . mupb'..'mo 

effect on the cost of peripherals, warning that there must be ^Om., ' again - taking . into Influence than hitherto in;t 

ut.ihe very large grey tu-ea U.S. arena. 


and Uic 

provessnr/peripheral some overlap between the;‘two acco 
ratio is therefore likely 10 con- sets of figures since many sel- 
tinue to change still further, lers of minis did not know how 


atLloydls of London. 


Keeping its business methods asup-to-date as tee&nbiogy w3T r ; 
allow is itself a tradition at LibydB- In Jact, Lloyd’s fed the City of 
London in the use of computers for coimmerciaf purposes. '?, fc . 
The latest innovation: more than 140 Raytheon PTS100 terminals.. 
These'^ntelligent^terminais enable staff personnel to capture, 
validate, and enter into Lloyds computer system information that • 
produces more than 40,000 insuranceaccounting advices daily." 

The new equipment—supplied, installed, and maintained by 
Raytheon Cossbr Data Systems—will eliminate the drudgery of 
conventional keypunching, and verification, help Lloyds people - . 
complete work considerably faster than before. _. j. ■j^^s 
Lloyds is just one of a rapi^y^owmgcir^e:^organisa^ion^i?t^ 
throughout Europe and the free world that have selected Raytheon d at a prpcessingeqXii pmenttQhe|S;^ 
streamline business operations. These run the gamut from travel agencies - _'f0.cheaqj4C^Vcon^cK^(.es^.'^ 
from hanks to breweries. In transportation alone, 88 airlines use Raytheon data termmafs. ' v .; •-w 

Data processing equipment is just part of our large and growing commercial electronics business, arid 
commercial electronics is only one of six basic business areas at Raytheon. The others are government ; 
systems, energy services, major appliances, educational publishing, and heavy construction equipment. ; 
For copies of our latest financial reports, contact any of the offices or companies listed below,|or write: 
Raytheon Europe. 52 Route des Acacias, 1227 Geneva, Switzerland, or worldwide headquarters^ 

Ray theon Company, 141 Spring Street, Lexington, Mass., U.S.A. 02173. •.•*. 

; V. . 7 ?. •• "'i *' 

’ ■- -• . • J •v' ■ 


-• ' -■ -■ ■■■■ -i-i- 'f 

RAYTHEON OVERSEAS LIMITED, EUROPEAN OfirlUtS; Bonn. Brussels. Lcti^oh, ^prfe. - :' ;r J/J* - i 

sandal TSi^Taesilaj- FMmiaTy 211978 



moves ahead 



r; f; - 

1 THE. mors difficult 
computer designers 
jolte is matching .the 
Hi of operation of the 
rocessof and the i*cl»- 
w speeds of (he equlp- 
icb feeds in data"arid 

iie'processed result* 

* average person, a 
s ability tp cany oat 
: JJlipri Instructions -per 
■nyeys yery lrttle^ The 
t which surrounds it, 

' displays with their 
fill a screen with data 
tion of a. second, are 
ces by comparison. . 
fforts have been made 
past 15 years pa the 
rage side of.' the 
so that the processor 
'ed the facts on which 
jperate^more ..quickly 
ougb ' card readers. 
i devices and magnetic 

y major step forward 
s ■ development came 
introduction, pf mag- 
2 s as . a replacement 
.ter tape, aWe .to work 
/itb: a- controller; on- 
allow, information to 
t at random rather 
luentialiy. -' as. tape 
' demands, .and 7 -pro- 
*ss time at 
lagnitude better- 
effort has been going 
ifitic discs with tech- 
shed tosuch a degree 
nstanqe in. the latest 
** Winchester **• mufti- 
non-re movable discs 
the read-write heads 
the disc surface at a 
3'than the width of.a 
rticle or a twentieth 
ess of a human hair. 

; in increasing storage 
;r spind^frpm 7m. tn 
raeters' has reduced 
rage ppr 1,000 charac- 
nrmation to 2p from 
1965, according to 

?r technologies, which 
Oped from large-scale 
circuit, manufacture, 
jireafeqing the disc, 
e oftheway in which 
t has developed and 
in Which discs are 
Butler Cox expects 
iriod of further im- 
especially at the low-, 
the range."'Costs per 

<di»r»cter .-stored Ja -ffie. large 
devices will nevertheless cen- 
ttntitto dTOP'fo tmder <me-te'nth 
pt .whatytbey Are -nnw,~ that is 
0J2jt perl,1}00 tharacterS-' by- the 
riri^I980s.wftlv accejj& times cut 
■t* -• 

7 observe rs: i&P less con- 
fldettfc ith^/theVdisc wiU stand 
0-SiyMt Tt^OOO character^ by the 
theTsemi-conductor.'wd see the 
woriariigid disc market reaching 
a plaieatj Of ELSHm; ‘next year 
and" then fall off. 'There 'are 
soihe 23 makers in^ the U-S. 
accounting for.spme OOjper cent 
of the world market and 11 com¬ 
panies in ’flurbpe and Japan 
making the remainder. 

- The Disc Trend Beuort issued 
by James N. Porter in the U.S. 
says IBUfhas, 40 per- cent, of 
the disc drive market, which is 
lbss than it holds in other areas 
of computing. This ja: due to 
sharp competition from CDC, 
Memorex and Extbl (now 
merged) and BASF,, among 
others. But it is also due to 
the fact that IBM has thus-far 
not-built* disc specifically for 
the mini market. • 


- This particular report sees no 
significant impact from' other 
technologies including semi¬ 
conductors before 1980, and 
even then, only in such .areas 
as can make really effective use 
of them - even at coriparatively 
high prices." - .... 

These areas are likely to be 
those ..of the super-mini, or 
Megamini; to give • it 1 extra 
speed and processing capability 
—though dual-processor minis 
can: already challenge large 
conventional machines . - on 
throughput. A recent design 
along these lines is tbeJ)ata 
General M60Q. 

First contender’ in -tfie jew 
technology stakes is the large- 
scale. integrated circuit . which 
in random access memon. form 
provides data recovery tfcmgs of 
typically less than a millionth 
of a Second against onertenth of 
a second for discs. .‘This 
hundredfold increase ln^speed 
bears a cost penalty, yet JLSl 
memory is : expected inevitably 
to -.displace traditional'-'main 
memory based' on ferrite 'cotes. 

: Companies such as Plefpey, 

which has,raptured large new 
markets for core memory 
designed especially for minis, 
including Japan. . will un¬ 
doubtedly answer that like King 
Charles, core memory is taking 
an uneo'hscionable time a-dying. 

There is a .bitter battle in 
main- memory replacement/en- 
h an cement going _ on between 
IBM. on' the 'one - hand and 
NationalSemiconductor,. Mero- 
ores, Harris and several other 
producers on the other. And 
once* again smaller companies 
are taking advantage of every 
advance in a rapidly developing 
industry to bring out quichJy 
memory in advance of what 
IBM must of necessity produce 
on a very large scale. These 
relative pygmies are also able, 
it appears, to keep prices under 
those quoted by IBM in spite 
of recent swingeing cuts by the 

Within LSI, a number of tech¬ 
nologies arc competing and N- 
channei metal oxide semi¬ 
conductor or NMOS is moving 
into the high speed area tradi¬ 
tionally served by bipolar,.and 
into the low power demand 
sector catered for by CMOS. The 
main memory market is over¬ 
whelmingly covered by NMOS. 

In . development in both 
NMOS and hioolar are memory 
nits with access times of less 
than 50 nanoseconds and these 
should be available soon. This 
is some two orders of magnitude 
hotter than the earlier memory 

Information stored per device 
is increasing and device area 
shrinking with 4K memory as 
a commonplace. 16K moving 
into the market and a number 
of users experimenting with 
64K chips which could be in 
the market in volume within, 
two years. 

This could mean rapid de¬ 
velopment of large solid-state 
memories, or mass memories, 
provided prices come down as 
quickly as they generally do 
in the components market—and 
provided the builders of auto¬ 
matic test equipment such as 

Fairchild and Teradyne can 
come up with powerful new test 
gear which can give users of 
thp new devices the degree of 
confidence they need. 

Magnetic bubble memories, 
made by processes generally 
akin to those developed for LSI 
devices, lie about half way be¬ 
tween LSI and disc for speed 
of data retrieval. They are tiny 
cylindrical volumes of magne¬ 
tism which ‘can be created in 
certain materials and moved 
about or destroyed at will by 
applying appropriate -fields. 
Their notable advantage com¬ 
pared with the LSI’s is that they 
need no power to maintain the 
recorded information. Mean¬ 
while density of storage is catch¬ 
ing up with LSI. 

Pride of place in this develop¬ 
ment must go tn Texas Instru¬ 
ments which was the" first 
company to offer a commer¬ 
cially developed bubble memory 
in one of TTs intelligent ter¬ 
minals. Texas research engineer 
J. Egll Jtiiiussen, noting heavy 
world investment in this techno¬ 
logy l which has a high entry 
price), indicates that from a 
present-day density of im. 
binary digits of information per 
square inch, packing will im¬ 
prove tenfold by 1980. Using 
developments now in the labora¬ 
tory, a further tenfold advance 
should be possible by 1985. 

This is not a field for the 
small device producer with 
limited resources. Small Busi¬ 
ness Systems nf ihe U.S. puts 
the cost of a bubble production 
line ,ti $1.8rn.. which is less 
than for an LSI line. But dme- 
iupment costs to acquire the are heavy. 

SBS anticipates touah com¬ 
petition in bubble devices as 
prices drop towards 6 miliicents 
per bit in 1981. Then it expects 
tn see a total U.S. bubble device 
market at 8180m. for itse in 
small computers nf which STfim 
will represent hubble memories 
intended to compete with map 
netic discs, having a bit cost 
of 3.6 miliicents and much 
greater access speed. 

In Britain, Piessey has chosen 

bubble memory as a technology 
to back and is expected soon to 
be marketing such devices at 
international prices. TI has 
bad sampling quantities of 92k 
memory on the market for some 
months at 8200 each. 

Io a class , of its own is the 
flexible or floppy disc which is 
making the mini and.micro revo¬ 
lution possible. Such drives 
are expected to continue grow¬ 
ing at over 30 per cent, a year 
until welt into the 1980‘s, from 
a 1976 delivery level of 145,000 
units to one of over 600;000 in 

Actively developed by GEC in 
Britain for imaging techniques, 
the charge-coupled device could 
provide faster access than 
bubble where this is required. 
Some U.S. sources however 
believe there will be a long 
gestation period. 

Around the corner and under 
development, by Piessey, inter 
alia, are mass stores which use 
optical techniques to read and 
write immense amounts of 
information at low cost 

Holography could give a 
10.000 fold increase in packing 
density compared with discs and 
an equivalent reduction in 
storage costs. 

U would be possible to store 
on a reel of holographic film 
many thousands of times more 
data than on a magnetic tape of 
the same size. And the inform¬ 
ation held on the hologram 
would be much less sensitive to 
film damage. 

Piessey is nor the only com¬ 
pany seeking a marketable pro¬ 
duct here. Honeywell and others 
have been working sinre ih 14 
early 196Us on laser beam read/ 
write techniques. The first- 
company lu score here would 
open up a vast world raarke* 
with a lifeiime possibly extend -1 
tag into the next century. 


"Let’s ask PPL’’ 

Of course, we don't know all the answers. 
Only quite a iof. But f he habit is growing arrong 
people with problems, to ask anyway. 

So we find oursei*. es talking about computer 
matters that are not our concern. Ar.d giving 
some really helpful advice. Or taking on a 
consultancy role. 

Well—vou know how it is. We're a friendly 
crowd in the computer business. 

Not surprising!/, we learn quite a lot ourselves 
from the large international organisatiers using 
cur svstenis. And That con be useful. Because — 
v.l-o knows? — we could be marketing just what 
is needed in the not so distant future. 

Natvrcllv it it's a Question of package 
systems—v.-e do have the answers right now. 
how much? How scon? Implementation, 
education, maintenance, enhancement—the lot. 

For example, you couid want the perfect 

General Ledger System. Or complementary 
Accounts Receivable end Payable Svsfems. Even 
the most sophisticated M.R.R design and—? 

Data bases. Unique Chain file organisc-ions. 
Exception reporting. Complete flexibility with 
in-house User control_We have them all. 

But there we go! Anticipating your phone coll. 
We should leave the plus-pomts for face-to-face 
presentation. Which we will arrange if your 
Secretary contacts • 

Meanwhile, keep the questions coming— we 
love it! 

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continued prom previous page 

Many believe it is late in 
the day to seek to/establish a 
big U.K. group that would have 
the knowhow for the precision 
engineering going into most 
peripherals. Both EMI and 
Piessey have nibbled at the 
problem to little effect: But the 
U.K. "needs died, competence 
which goes beyond the “watch¬ 
dog" technicaJ centre set up 
for ICL by CPI. In fact there 
is no good reason why the CPI 
agreement, which is now con¬ 
fined to tapes and primers, 
should not be extended tn 
discs, provided there is pro¬ 
duction in Britain. 

At the same time, while a 
revitalised Drieo is under the 
NEB wing, opportunity should 
be taken to expand it-as quickly 

And if the only way to com¬ 

pete internationally is to go for 
large-scale offshore involvement 
in sub-assembly ’ in low-cost 
manufacturing areas, then there 
is nothing for it but to bite the 
bullet. Anything is better than 
to trail five years behind in de¬ 
velopment and reraaio at the 
receiving end of high tech¬ 
nology with little or no say 
about the lines this develop¬ 
ment should follow. 

If BASF can make a go of 
close collaboration with the 
Japanese to break into the most 
difficult area of the plug- 
compatible market—improving 
on the so-called Winchester 
sealed disc- pack devices—it 
should:not be beyond the abili¬ 
ties of UJ\. companies to do the 



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Financial Times 

WHEN contemplating marriages means of control and co-ordina- lessons about computers, it 
of convenience for the future, tion at and between the levels could foster understanding of 
the computer industry might of national agencies, local educa- the new technology among 
seem to have few better pro- tion authorities and teaching youngsters who, whether or not 
Spective partners than formal institutions, and within the they will have direct influence 
education. With an annual in- classrooms themselves. o^er its limitations and possibir 

come of about £7bn. from tax- At thi , last » C h a Ut-face" i1ies - look c 5* ta,n . X ? be . 
payers* money, the network of Ievei rouc h 0 f the individual a " d ™ ore aff ® ct ( $ dby A* a ^ t f r r 
State schools, colleges. poly- J eacher - S time is taken by lea 7! schooi for lhe out ' 
technics and universities in adminis trative tasks such as Slde vrt,rld ' 

B ritam has a particularly plain aMlJcating an d testing work, and ^though the predicted growth 
need of good husbandry. marki „ s and recording the in edSonS spending over 
In this capital-intensive age. results. Tasks like these are the next four years will be slow, 
the network employs one plainly within the capabilities ^ p^^mial benefits of recourse 
teacher, supporting worker or of the new tecmiology. The five- t0 computers have been clarified, 
administrator for roughly every year national development pro- jj oreover> the certainty that 
ten of its 9m.-plus customers, gramme lately completed under num bers of pupils will diminish 
Salaries and wages take up- the leadership of the Council througb the 1980s offers the net- 
wards of 70 per cent, of the for Educational Technology has wor ^ scope for innovation, 
annual budget Another charac- indicated that computer-aided 

teristic is marked variations be- management systems can be go onlookers inclined to 
tween different local authority applied to classroom work in match-making might see every 
areas, and between teaching specific subjects and probably reason to expect the rapid de- 

institutions, in efficiency and to teaching organisations velopment of a most fruitful 

attitude of management and in generally, as well as to school- uri jon between education and the 
content and methods of tuition, level tasks such as working out computer industry. They would, 
_ . . . the timetable. however, almost certainly be 

The national programme has over-optimistic. Like many 

account for a hi 3 h reject rate aJsn ind i ca t e d that a second match-makers before, they 

among the networks products. of ^ ene fit. freeing stiff would be romantically overlook- 

By educators own favourite more of the teacher's time for ing factors which, to the pros- 
yardstick the attainment of persona j tuition to pupils, could pc-ctive partners themselves, are 
sufficient qualifications at school come f rom computer-assisting serious impediments, 
to continue lull-time formal ^ actual p70cess of teaching. 

study — nearly hal / of . 5Lboi:> !' The routine tasks of instruction While education s £7bn. 
leavers fail. Certainly the lack are Qften adaptable to pro- budget may seem a vital 
of continuity between study -learning systems, statistic to outsiders, it is not 

courses in different places, and operat | ns v .1th or without access the type of figure to attract 
between different school in ^ aQ , n t t . ra ,;tive terminal. serious attention from the com- 
the same place, is worrying puter ■industry's marketing 

Ministers involved in the “ great wr specialists. They will be con- 

debat-? " begun by the Prime y 0rSSXllltV centerl with the number of 

Pupils at Mmcheuden School f Upper) in Southgate learning to use a computer in theirclassrotm.^ru^iemi&tisone of the i&nortl 
London schools which hare remote terminals connected to Middlesex Polytechnic s new DEC system 10 computer. -.... 

Even so, more money would courses appears - unlikely to fiiculariy.. towards compi 
seem unlikely to produce a sig- exceed 20 per cent The cor- aided management systems 
nificant acceleration until the responding proportion may well a result of . the national devf 
educational profession has built be still smaller id the teacher- toent programme. Perhaps 
fWll _. up a critical mass of people training colleges, of which a most encouraging"advance 
Min--keen to realise and disseminate third at least are thought to .that, by the Ofld of the five-: 

i related’ teaching, period, jthe. programme’s 

_ _ _i education, ‘ tod, paid staff had gained almost 

involvement with computers is mote teacher-helper&And v> 
among . science- they are. outnumbered c 

_.having as-yet whelmingly by their apati 

made little Hopression-on 'the colleagues, 600 'enthusiasts 

_ _the. inside surely constitu 

To* say "that progress towards far more powerful force 
j fruitful ..partnership between conversion than -any amour 
the computer industry and ,edu- exhortation from the outsit 

tidilv 'organised, cation is bound to.-be sJow is: - "■ fcfI<*li S ipr f)r 

- - however, to. deny that a. ; .• ivucnaei LfU 

d start has been made, .par- - -Education Gorrespon 

ware, computer-assisted ins true- on the educational unioDS. Any 
tion. for example, would still proposal implying reduction of 
have a hard job to compete the rale of teachers to pupils, 
with the costs of traditional in particular, would be guaran¬ 
ty Living which in secondary teed to meet especial ferocity. 

schools were estimated last year This may explain, why luiu- rcsu i« . .. — —; 

as ranging from 22p to 5Sp oer isters have made little apparent the benefits of computers—a de- offer some 
student-hour. By comparison, attempt in the debate to stimu- velopment which looks a long Throughout 
student-hour costs between £4 late discusion of the possibili- way off at present i^. 

and £10 were quoted for inter- ties of computers. Rather than Between a quarter and a half concentrated 
active terminals, which have tiie risk substituting organised anti- of State secondary schools in side students, 
added disadvantage of su-:?ect patny for the present general England and Wales are esti- iz ----- 
reliability apathy among educational wor- mated to offer some kind of arts-side fraternity. 

Furthermore, as 'he Gov- kers towards the new tech- course related to the new tech- 
ernment ha*; ruefullv discovered nology. the Government may nology. and possibly a good half a 
in the '‘great debate." there is have decided to leave its adop- of those in Scotland, which as t. 
little prospect in the prevailing ton mainly to a process of usual is more 1 - 

But the proportion :Of. the not, 
schools’ pupils taking these usa 

of educational soft- tical climate of imposing c 

vide nirirc coherent and efficient stated objective. Coupled with expense 

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• __ 



me case for rescuing the Think 

E CENTRAL Policy .Review partly because Sis first bead, 
1 should be rescued. . The lord Ba fliafoild, hart the inde¬ 
cks on its report on BritadB's pendence, status, and person- 
rseas representation have ality- necessary to make it work, 
laged it so severely that even According to his, book, Mcditg- 
best friends in Whitehall..ptoiis of a "Broomstick, one of 
v £ to ask themselves whether' Lord. Rothschild's bright young 
Think Tank has a useful recruits; later headed a list of 
ire. The answer must to that -the functions of- the. CPRS with 
lould have, but that its aiif- ' “SiSotagiag the .over-smooth 
.1' probably depends upon the functibmhg. ' of' the.', machinery 
ib guess of the . next Prime' of.Govenuherrt?* 
ister,. Labour or Conserva- " ,«$&: this remains an excellent 
. to give it new life. - ; •: reason why 1 *such ran organic, 

srbaps &e best »rgnm^nt in ttonsbould bernurtured. 
iur of its contbtued raisteijce ,. j. j 

lat the Cahinet needs a sup4 : Ulu . U^QuS 
hog office whose primary--: : 

: is to : 3 ,dyise on the^Goveroi'^^ 6 trouWe iS ttikt when old 
t’s • overall strategy- 7 ’ In' those days 

irica -the“White House~ staff W start wondering whether it 
thia»: tK lyramea, "m* ESy^&e. was only Ito* ownbination of 
in^ British.'G<m^iutoht vras( those two personalities, plus the 
complidated ^Cabinet Minis-peculiar qualities of that Con- 
assistpti "by 'a; strong* sec- sedative goverament, that gave 
gati'eoujd^ if wilting, act tbe_ Tank its..impetus during 
•cohesive Aboard ot dtreo.' those years.J2weiy ; shc months or 
!^.’®e«flrfyes• . ; v- so .Loni RotTiajhild aud his. 

' * contemporary ’ - Rritaip," J^^/Sradualsefe • (average age 
■B.-most departments are so without countmg bun) would 
at:ther^re’. almost iihr. P t ‘ e * eflt ' .Maisterts/ with e half-. 
ageabTe; •••/ Tiasy "' Ministers' " erai ^Jtut wfcsegjress. They 
^Wvery ^^enhlnea inflectf- # rouid “«* coioured slides, films, 
find-thetHU'^tb- ^ dramatic -darts. It all 
-seemed very businesslike; when 
tosifimtfesi.; They :-. eoaHV^ ibdrvnduaj sotrjeot reports 
fvtft. anfcif a rffpp ar frrp py>ta>' Started roIUagin they had the 
tutteej’’ahd ^fteh ^fr^^^^o^.^hoth itoyelty and the 
Is subjeetto the fatal defect comectron with'ap half-yearly 
^jsuch : committees can -only presentations. Mr,- Heath kept 
i agreement if^notiody- is Ws* Ministers op a tight rein: if 
[fyup^-vOnl^ he provided a sttffto give them 

retieaDy impaytijal; 7 bbdyr-trf; dpIJecflve bacJr-i^; service, they 
alscansenv^fh^'Cabinet as were.expected-to :ta,ke notice, 
ole.‘ .‘r-«-• i. Everything changed when 

Sis^t anyxate was the think- Labour returned-to office. The 
l>eHind;tfte esttfbHshnjent of then Mr. Harold-Wilson brought 
■GPRS-^the Tank—in 197 1 . ih Dr. Bernard .-J&dpoaghue to 
jt'affto a -fiyjng.start, partly provide strategic -and tactical 
wise the -rthen Prime pliers and poetical; advice to 
Jbter, Mr.--Edward - Heath, the Prime Minister.' . - A small 
$ dete^niued - that bis own staff was recruited-to assist Dr. 
Son should Succeed; alxd Donoughue. Iniheory this unit 

was complementary to the ' 
CPRS, since the former was 
political and served the Prime 
;M!nIster only. while the latter 
was independent and served the 
entire Cabinet. We cannot know 
how this .theory squared with 
day-to-day practice until we 
have the documents in. say. 30 
years’ time. "but. It does seem 
true thht oh a'personal level the 
staffs and directors: of the two' 
units established good relations 
from the. start. 

.Yet Dr. . Donoughue bad a 
number -of Inbuilt advantages 
not' available to his opposite 
□umber-. . Lord Rothschild could 
not achieve the intimate- con- | 
tact with the new Prime Minis-, 
ter that he had enjoyed with 
Mr. Heath. . Dr. Donoughue had 
bis office right inside Downing 
Street, giving him constant con¬ 
tact and daily conversation with 
Sir Harold. When Sir Rennetii 
Berrill took over the CPRS 
soon 1 after. Labour came to 
power the feeling that the Tank 
was something outside the Down¬ 
ing' Street circle was magnified. 

In different circumstances— 
and bad he been a different man 
—Sir Kenneth might have tried 
to cultivate his proper constitu¬ 
ency, the Cabinet as a whole, 
in an effort to make up for the 

.’ •’ ment” so often urged on all 

official bodies it published a 
’ "• number -of its papers—not by 
I any -means the majority of its 
: work, but enough to create a 
! stir. This is a battle it could 
i not win. If it was to do its job 
^ f of providing radical, possibly 

unpopular analyses that might 
SB upset vested interests—why, 
those vested interests would 
fight back. If it avoided that 
risk, it faced the opposite risk 
of being derided for lack of 
courage or originality. 

,* Its indication that Chrysler 
3 should not be rescued by the 
!§ Government was published, and 
£ publicly ignored. Its paper on 
the future of the power plant 
industry suffered a similar fate. 
& Those who noticed its workman¬ 
like report an population and 
the social services, which 
suggested that since we shall 
have fewer people we ma y be 
able to spend less, offered mild 
cheers, but even though this 
message is now beginning to 
sink in it hardly counts as an 
overwhelming triumph. One 
might say of these papers that 
their quality is high: where they 

to culti vatehis*pn)p'er"constitii^ Changing Think Tank: Sir Kenneth Berrill (left), present fauft lie^ withThe rSi^Pnr«^ 6 

ency, the Cabinet as a whole. Director General, and his predecessor. Lord Rothschild. 11CS „ ^ reci P ients - 

in an effort to make up for the The Review of Overseas 

cP , Rs h * f 

cum stances did. not favour, the vl"? 0 ca ^ e( * a Tank. When not- he took more notice of a poorly-written and badly 

CPRS. Some Left-wing Labour 1110 . Pj*P, ers ®9 corae for " their work than had Sir Harold argued paper. I think that when 

Ministers noted that a few I!ZIJ,«f!j e Jrj?Sfc F 00 Wi]san - hut not enough to the dust has settled it will be 

prominent young Conservatives !?«„ V,.?? d !? p . restore the Tank's fortunes, seen that large parts of it do 

(William Wilaegrave, Adam ^ Uim . the And wh en a long-term strategic not deserve such a charge. For 

Ridley) were working for the Lan 8' t ®f m paper was presented to the the purpose of the present dis- 

Tank, and drew the inference fn Cabinet at Chequers in July, cussion. however, that is of no 

that its advice was not for them. Jf.JJ*,* ure 01 1077 ir was Dr. Donoughue’s consequence—the hard fact is 
As a breed, Labour Ministers W ISon aoministrauon. ua j t lhat did worJ ^ not Sir flat the Review stirred up too 
tend to prefer their own politi- The arrival at No. 10 of Mr. Kenneth's. t many vested interests at once, 

cal advisers to the central policy .Callaghan might have changed As if this were not enough, r ® su ^ t *hat the firing 

review staff and anyway most tbls oppressing picture, if the fl e Tank has suffered from its a £* inst bas not . ve t stopped, 
of them have a fairly inflated new Prime Minister had chosen own good intentions. True to Some of the Tank's achieve- 
opinion of their ability fo man- to put his weight betii.nd the the tradition of “ open govern- ments cannot be trumped: their 

reports cm energy conservation 
and race relations, for example; 
or their last-minute rescue of 
the PWR from tire oblivion to 
which the recent policy state¬ 
ment on nuclear power might 
have consigned it 

An ex-Treasury man. Sir 
Kenneth would naturally put his 
own alternative views on the 
economy, as he has a right to do, 
when he sees that a particular 
paper going before the Cabinet 
or a particular committee is In 
the Tank’s view erroneous. But 
there is no way-for the public, 
or much of the Civil Service, to 
judge this hidden segment of 
the iceberg. 

The upshot is that morale 
inside the CPRS is hardly at its 
highest, while Its stock within 
Whitehall is very low indeed. 
Some wliisper that the young 
outsiders who work for the 
Tank have gone too far this 
time; others, in direct contra¬ 
diction, that Sir Kenneth is too 
far under the influence of Sir 
John Hunt, the Secretary to the 
Cabinet. The young outsiders 
themselves are not quite so 
young any more. 


One indication of why it 
would be right to rescue the 
CPRS from its present de¬ 
pression is the current reaction 
in Whitehall. Those who rejoice 
in the idea of its possible 
demise, one gathers, are by and 
large the officials who long for 
a return to the days when there 
was no counterweight lo de¬ 
partmental or interdepart¬ 
mental briers—when no body of 
people at least half of whom 
were not civil servants could 
take, an overview different 

from the rest of Whitehall. 
Those who are sad to see its 
present state of relative decline 
are the more outward-lookfng 

But how can It be rescued? 
Sir Kenneth said yesterday that 
be has no immediate plan to 
leave his post, and it would 
be unfair to place the entire 
blame on his shoulders, when it 
is seen how much the circum¬ 
stance of a particular Labour 
Government contributed to the 
Tank’s misfortune. But a new 
start, with a new (freshly- 
elected?) Prime Minister and 
perhaps a new head for the 
CPRS seems inevitable. The 
Tank cannot be at its best in the 
run up to an election anyway. 

It would be a pity if the new 
man decided to publish less* 
although it would be under¬ 
standable. Indeed he (she?) 
might decide that more publica¬ 
tion was the better option in 
the long run. An effort to prove 
tn Ministers as a body that the 
CPRS was their collective ser¬ 
vant would also be essential. 
The regular strategy reports 
should certainly be offered to 
the new Government. There 
should, perhaps, be more out¬ 
siders and fewer civil ser¬ 
vants: it is to Ministers, Parlia¬ 
ment, and eventually the public 
that a CPRS with its own long¬ 
term future at stake should be 
looking. Yet the backing of the 
Prime Minister of the day, plus 
that of another senior Minister 
or two. would be a vital in¬ 
gredient. The response of our 
next Prime Minister to this 
machinery-of-aovernment prob¬ 
lem will be an early indication 
of his or her sense of the Impor¬ 
tance of broad strategy. 

Joe Rogaly 

Letters to the Editor 

■pni pontrapt would help to examine how the —or our luggage—appeared with-understanding among the MPs 
•Cyr v.UlIIIilV-1 ' conclusion was reached. in the next 20 minutes, the pas- of Britain's premier industry* 

mrlitinnc ' We are Dpt saying that Gat- sengers would walk out on to The following seven MPs were 
fllUlllOUb wick, with one Ttmway. could the tarmac and paralyse the air- invited: Michael Stewart. F. 

' jp**"*®"- handle 25m. passengers with its port It may be a coincidence. Tomnev. H. Jenkins, E. Perry, 

^ctTenMArtlBWseteoS current of-aireraft because but biscuits and hot coffee T. Cox,‘Douglas Jay. and Douglas 
11 ™ f™th A e rt ,SS?n Sf with-.IW* the Bune «™M 9J5 - ^ M ° ur M,n„. Of these only Mr. Douglas 

isonableness test for con- leve ^ passenger, "traffic in 6 ; Mann accepted, and had a most 

terms where one party is 1277, certainly needi two run- illuminating day. Since then he 

S| under°a*contract!** The S ^ ng ' th . at * by f British AirS^s baggie^tened most kindly to any 

- mmern Jow tof f* stated ^ 13905 th * a * erage s,ze of Hug unit must be experienced to approaches we have made to him 
tion to impose, and to per- aircraft 1103 thair ' passenger he believed. I would like to' on the farming front. The others 
r other Government-control- loads will have' increased to a think that there will be an in- all refused or did not bother to 
odies to impose, conditions level winch -will make this quiry as to why all 40 machines reply ^ ma|B excuse wasthat 

contractor* regulatirtg poss,ble ' „ no^m^be^the^nanumat they had no farmers in thejr 

^ofTucb^a condition 1 woufd fl staff was sufficiently concerned constituency and farming had no 

n °L. 0 5X ,0n * bl U,e ^s*^^|. 0f T^ atUtude of m ^usny'MPs 1 to^ food 

would, therefore, be Sntoared with an aSfrage load ESLT’SS prod “ ct . i6 5 ^ country and- 


Provisional unemployment 
figures for February. 

Texaco shop stewards consider 
company’s revised pay deal, fol¬ 
lowing iheir rejection last Friday 
of its previous offer. 

Merseyside County Council an¬ 
nounces its .spending plans, includ¬ 
ing measures to attract industry. 

Mrs. Margaret Thatcher, Opposi¬ 
tion leader, speaks at Engineering 
Employers' Federation dinner, 
Dorchester Hotel, W.J. 

Mr. Peter Parker. British Rail 
chairman, is guest speaker at 
Westminster Chamber of Com¬ 
merce lunch. Savoy Hotel, W.CL2. 

British Growers Look Ahead 
conference and exhibition, orga¬ 
nised by National Fanners’ Union, 
opens at Harrogate Exhibition 

To-day’s Events 

Centre (until February 23). Subject: British Rail report and 

Advertising and Marketing Ser- accounts. Witnesses: British Rail 
vice Exhibition opens, Wembley (4 p.m.. Room 8). Science and 
Conference Centre (until Feb- Technology (General Purposes 
ruary23). sub-committee). Subject: Dura- 

PAKUAMENTARY BUSINESS , bilIty an ?. efficiency of discharge 

House of Commons: Debate on -l n ™Ps._Witness: Mr. ID. Meikle- 
Opposition motion on taxation. I 0 * 1 " fn b- ra -’ Room IB). 

Debate on MPs secretaries and re- OFFICIAL STATISTICS 
search assistants. Construction new orders 

House of Lords: Participation (December). 

Agreements Bill, third reading. COMPANY RESULT 
Suppresion of Terrorism Bill, com- Securicor Group (full year), 
mittee. Shipbuilding (Redundancy COMPANY MEETINGS 
Payments) Bill, second reading. Burco Dean, Abercorn Rooms. 
Debate on disarmament. .E.G. 12. Evans (Frederick W.) 

Select Committees: Nationalised Edgbaston, Birmingham. 12.15. 
Industries (sub - committee A). Nottingham Brick. Nottingham. 

12. Siakis (Reo.) Organisation, 
Renfrew, 3. 


English National Opera produc¬ 
tion of Tosca. Coliseum Theatre, 
W.C2. 7.30 p.m. 


Royal Ballet dance Mayeriing, 
Covent Garden. W.G2. 7.30 p.m. 

M* 'SIC 

Margaret Phillips gives organ 
recital of works by Alain. J S. 
Bach and Bonnet, St. Lawrence 
Jewry ne« Guildhall. E.G2. 1 p.m. 

London Symphony Orchestra, 
conductor Yevgeny Svetlanov, 
soloist John Lill (piano) in pro¬ 
gramme of Rimsky-Korsakov (Pro¬ 
cession of the Nobles, and 
Schererade): and Beethoven 
(Piano Concerto No. 5 in E flat). 
Royal Festival Hall. S.E.l. S p.m. 

4 1 UiSrti* '%EalFVEi£ir d f 0 ^f ta y- s an d C speIk relevance to their constituents. 

^ ^ pa»engers a {m^ 9 airc^rt. ° f Tltis T 

would. therefore, be compared witti an aSage load repnmands will be given where production in this country and 

•sting if a brave contractor on HeatbroWs.-airgraft of 106 ^ es f rvec |; a S d lessons will one is left with the feeling that 

ble to challenge these-con- passengers— ' .. . be learnt. Somehow, I doubt it perhaps their constituents don't 

■s under the terms of rt jr'_ i _-__ ft .'Lucifeu Gubbuy. eat. The fact is that until agricul- 

ule 2. For instance, the °L^ TCr ^l s Wundham Place Wi ture is afforded support by all 

of the bargaining posi- rSi.irV n.nwi K ~ Members of (he House, it could 

of the parties (paragraph JjantUed o n flicks runway - well ^ fl at ln 2 o years’ time 

is surely relevant and in J*® 5 been assessed in the I If ht COiIGCTIOH they won’t have anything to eat 

ght of national negotiations m! MT fiStSm mow • except very expensive imported 

fcvhich the contractor has no ^ • j QOATIPIAG foods, which will do our balance 

hi (Holliday Hall) it seems jnOTts - is, double the of .payments no good at all. 

tompliance with such condi- present ajpount Therefore, on ^ direclor of Consumer F ood Tj r j ces . « a nercentaee 

LSfi“ f iW c P ope e ^S Credit ' W** °* Foir TrQd,np of toe Sfi*\ tJS^SS 

? a ?o Sronelv^sSelv°^t about 23m. passengers. P So, to Sir.—Mr. Watson, (February national income, are among the 
support a tert case ^ achieve 25m. paJengers, air- 17) said that the Office of Fair cheapest in the world and in fact 
mv SemiHatorwiU tell vou craft'loads need to grow to a Trading has not yet refused an cheaper than they were ten years 

95% of our 

support a test case. 

aoo invite "me Other pawwngere per a.rt-.A.L- lire aiTenor penerai JnvMt in aer lculture now fo 

f-OJfl* to accept the same oblIga v : This, growth does not seem tiadmghas already issued anum- n^ntSlsuppUesoffood 

. , that they, are seeking ti?to be unreasonable to us^- ber of “minded to refuse rn t he futm4 Conti°rv to 

L. We. I suggest therefore, given the sort of aircraft fleets notices to applicants and many ™ “J ^nfr? 

c conditions he made to that will be flying in the 1890s. more will be issued over the self-sufficient n aS 

v to either party;.that is if Skytrain. for example.- -is .next few months. Applicants ajE noi .seit^njwem in an> 

Government, nationalised already carrying about 2S0 have the right to make repre- branch of produttmm and out 

•: • -'-ris* and statutory. under- passengers bn average, while ..sentations at this stage and . to g r fr.Lnvested in (he 

i have the courage, to. Boeing 747s at both Heathrow ?PPeal against an adverse licens- are re-mvesiea in ine 

their, owii . tonditions. ont i Gatwick regularly carry »ng decision. It is right that ouwnrab. 

' ,. all it Is only fair and we ll over 400. The Govern- these safeguards should exist to Patrick Tory, 

i lable and much more rele- mc m in Its 1975 consultation ensure that toe honest trader Chairman of the Parltamentary 

o the national interest and document ** Airport Strategy 1* °ot unjustly treated even if Committee, central southern 

ess ion of inflation. for Great Britain-" assumed a U>ey may cause delay in rooting branch of the National Farmers’ 

Millman. ^ figure of ISO to 200 passengera ° ut u nSt traders. Union (which covers Middlesex. 

_ Wrightson Process . . . p er aircraft by 1990. Tn addition, there have been Surrey and W est Sussex). 

L Xtocfeton-drt-Tces Of course, there will con- some applicants, with improper Perrysfietd Farm. Oxted. Surrey. 

.fox mi, mocitKm-onri ,._ .. i_ __n nr nnfair trade nractices who. - 

‘ . . Gatwick was only 40. - - 

Mr. 7. Millar Mulkern. 

-“ Left in 'BiUi^by the 2 Bvcktngham Gaie _ S .\Y.l. 
■ts policy * was the-clever .- . 

- of your aeroapare cor- 
ident's article of February T^5 HJIT<ictxi qI" 

* nmenting on the Govern- wa bb a o c 
; TYhite Paper on airport JJgJ||»Q^y 

R. Bonwit, whose letter From Mr. L. Cubbay 

flnue to be small aireraft or unfair trade‘s practices who. -- 

carrying well under 10Q passen- when^challenged, ^ ave S»ven TTepc r\f HPT 

eers, but there seems no good undertakings - to the director -VJdCA l/f. jjfvf, 

reason why an average of 165 general that they will discon- j ■ j 

should not be achieved. After tmue these practices. They have IUIUIS 

,tfad at hrin? From Mr. R. Mount joy. 

a - carrying well under 10Q passen- when, challenged, ^ ave siven TTcpc r\f npiKinil 

• oers but there seems no good undertakings ■ to the director - v vCo Ul ffCUijlUU 

-anSDOrt reason why an average of 165 general that they will discon- j ■ j 

flttolfitiii Should not be achieved. After tinue these practices. They have lUDUS 

rntew aU - in 1962 the avera se Idbd at 5 ran . t ® d t From Mr. R. Movntjoy. 

( iSICJiy Gatwick was only 40. - . knowledge that should they break . • 

Mr 7 Millar".w, these undertakings their Licences Sir. — Mr. N. G. McLeod 

..T e* mirtoir hw the John MliU,:ern - V will be revoked. (February 15) suggests that pen- 

““ - 1 ® “S'™ 2 Buckingham Gate. 5.17J. Firnm and • individual* -had slon {und managers should “act 

ts policy” was the clever B «ar“ to Sut their^houses *n interests 0 f the people in- 

- of your aerospace cor- . In orderbef ore^'ifcensin" arrived slead of for finandal security.” 

idenfs article of February l> aggagp ■ ' M^knowtod^^ 

nmenting on the Govern- •***&&<*&'2 . was eominn has already had an 

paper on ^ Heathrow . S£& 1111HFH1 

R. Bonwit, whose 'letter 1 ; cf.™ oVbSS “• 5™. ^ fuodfof 

- bI f? Roge^tto^se^ flight frqS' ^ Sj^eu schS^and* eariTfind^s^? 

the British arrived promptly at Heathrow at !l at „ hen we h ave asked some 5111311 ° f interests of the in- 
■ J po^Officers Guild—writing 7-00 a.m. on February 13 Pa^ ? 0 C r ^her iefoma dividual members, 

fur issue of February 8, senge^ were toW that it would we have discovererr that This obvious point always 
'make out a case for a Jf* have recently closed their appears to be overlooked by 

-el tunnel and rail link to iS. 9 business down or have replied those who have grand plans for 

n. which of course should ^S^of L womtered wb^r 10 the effert tbat ***** are golrlg tbe - dirL ‘ ct *2° • of P“*»» fuIld 
te enough to take European S?de«ee?of ftost was unisuii 10 d0 so - monies. When such plans are 

■„ n 7a » further -and ea, LSu 8 ".° “°“ ™ “ hehivV'SieV hVpuWig "bTe the individual eeheme . they 

' ! h |nd CO faiy°finf Uf b= n S ^e waited patiently far over jj^^J^y'^^iriay “uSS* £2Sb!!S^ti5?*i” 

-pas; ®^’?6rTSiSir , jafiS”a5 l, 3fiiEss a?as5ra?sasa 

. ffltS veSS!refereblv lu 5S age ® 0WlQg sjnoothly for p , Js boaDd t0 consider. »n lavour of -the interests of the 
ext ten years-preieraoiy other not dependent on » en ^ ra ' 18 a • - people.” whatever that means. 

' the services of British Airways.-A. D. Scott- The members will noi be happy.' 

: e we have this rail link Eventually questions were asked, House. Bream's Buildings, Before long the trustees will 

. Continental .Europe, the add tempers rose. The common e.C.4. ■ not be very happy either, as they 

jn for a new airport will factor in the several conflicting - : — may well find themselves in 

self. explanations offered was tha-t tto - j T M# |£irctanflinO breach of their responsibilities 

Miiiar single serviceable ^ nnloading U Bflcl 3WllUIUg under trust law. 

_am. ‘machine, out of a fleet of -40 m _i,_Are these whn soek tn dii-Art 

not be very happy either, as they 
may well find themselves in 
breach of their responsibilities 
under trust law. 

Arc those who seek to direct 
pension fund monies into less 
attractive investments prepared 

Millar single serviceauie unaer trust law. 

agriculture KW 

puufd de «p»u=o. Wt p ^ Ijjjg-j, prupu«d 

v inqpitV rtf strike If one or the other aii> Sir.—About IS months ago. the jRey expect the members lo sub- 

ipaciiy Ui tines was asked to a^ixt The P ar H a menta^ Committee of the 

MApfc airport tvonld be brought to- a epntra southern branch of the d f .. mam . Q1 , Generaiiv 

,- ■- rpOrlS standstill if passengers attempted National Farmers' Union decided tpeakln-. ^^Sund invSStont 

the Managing Director, to unload their own luggage. to;invite MPs from the surround- will porrequirc direction or com- 

i Airports Authority - No British Airways manager mg urban areas lo come down pulsion. .Conversely, an Invest- 

» —Gan Gatwick ’5 single c , ould be pomaded tn ^i^^'to and V j S jt t wo 0 r three fanns. The mem which requires such 

j"’- 1 y handle 25m. p.wn- -Ou iSlSelirSolS idea was that they should meet pmglnq should be regarded 

,ft* , a t s 13 f obc B rt c f(n r^:^ e ««.™^■««««— xs&sss : by 

*, J S to cioslne down one rude.' Deadlock. ; •' the methods and problems in- r. w. Mountjoy. 

i '.v v >u throw's runways to test At five to-nine I told British solved in producing the nations 20 Irwin Lrtre, 

hypothesis perhaps it Airways that unless a manager food, thereby improving the Horsham, West 5wses. 

As part of tfie largest total security 
company in Europe and the world. Group 4 
provides the most comprehensive and 
up-t 0 rdate range of services available. 

From personnel to equipment—from 
start to finish—we accept only the highest 

Our Vetting procedure is so stringent 
that 95% of the people we interview never. 
make the grade. 

1 Those who do are subjected to what is, 
without a doubt the finest Training 
Programme in the business. 

And for three months after that, they' re 
only on probation! 

When it comes to buzzers; bells, master 
control systems and all the rest of the 
sophisticated equipment we need to do our 
job,-we’re even, tougher. 1 

We can’t afford to take any chances. So 
we design, develop and manufacture it 

And we don’t put our name on it until 
it’s satisfied a Quality Control routine so 
stringent that the ratio of ‘testing’ personnel to 
those involved in manufacture is almost 1/1. 

If we've learned one thing after 70 years, 
it’s this.... 

If there’s the slightest risk involved, we 
just won’t wear it. 

How about you? 

diving the world a sense of security 

Group 4 Total Security Ltd., 7 Carlos Place, London VV.1. Tel: 01 -629 8765 or ycur local office through Yellow Pages. 

Financial Times, Tuesday. Februa^?!;^ 



BUILDERS, CIVIL engineers and 

public works contractors, March- ih 

wlel Holdings reports pre-tax 

profits ahead from £10.73m. to a Comoany 

record £1358xn. for the year to —-—- 

October 31, 1977 on tumorer of Atlantic Comp. 

G88.66dl compared with £lS2-2onu |„v. 

Overseas operatforw contributed _ - — 

£36.2Sm. against £45.28m. to turn- Eng. & Scot, iim. 
over ami £1.39m. against £3,28m. Footwear Ind. Inv. 
to profits, — r 

At the midway stage profits Gateway sea. 

Drayton Commercial . 3.19 

Eng. & Scott lav- 2nd int. 1.S5 

Marchwiel climbs to a record il3.4m. = jf « If - ^Jiprg^ sawt 

,____ ■ ... . _ , SKS&asnsds •«' g? «• = & S’ 1 ™ r# SL h 

IILDERS, CIVIL engineers and at lp per 2jp share. Last years Joseph Stocks .uu. 1 April 4 1 — n^omMuts ' reports pre-tax pay it Although the group h 

bile works contractors. Man*- ihbpv tq nnupHuv KlfiRLifiHTS 5-2»« s 2 ' Sep paidfrom P rtfit of Dividends shown pence verdure-?* SpiSSSS Ztorwn fronr £357,466 to recently raised prices by np;to 

el Holdings reports pre-tax iitUEA IU UUnrART IHbHLIbKl& L^.176. * Equivalent alter allowing for senp iffiue. T.on capital vvunuuovu howe ver, say fifth, the grim winter weatherb 

~i r^rr. nn7am tn ^ _ _ _ . Hp areoiatinn at naif limp was i-nrainvi hv HnhtE snri/nr acaulsition issues. x.Gross. “° d » TO r‘ u . tw j ...u.'.., . •*».-. 

^ IA ^ ^ « 





of sponding 







Apr. 4 



4 • 

_ ' 




May 12 

137 - 

. —r' 



. —- 

13a , 

- • 








April 12 




Mar. 31 


— : 

0,7 . 

Orme slumps 
sees recovery 

April 4 

stood at £L39m. (£4L38m.)_ on Gripperrods 30 5 

turnover of £82.85m. (177.92mA. ^jTjjTT^j “ ^ 7~ 31 f dUJL / tile llf dll based carpets’ fittings compaw. rappuea ro umco, due,» jr» stock increase relief will result in . ' z .- ; c 

In their interim statement the GKN ' 5acRS 31 ” Stew & Alloys _^ fa f , iTi ; a wrangle over these problems have now been a nil liability. The interim divi-- 

directors said that virtually every Hawley Goadall 31 2 Stirling Knitting 30 4 ^* | Z4-m *■ its purchase of some of the assets .resolved. dead.-Is lifted to lip (Llp> net- / . 

company in the group *** con- 0^3. S- J~ ~ 30 T I tttllllV of Crmca which It bought from Because of these legal nn«£ per Mp share-last year'• .iTaicWflV 

tributing satisfactorily to profit 5-4_ Stocks Uose phj-J*-:L xuvixii-j the Receiver last August tamUes the group has felt unable wag ^ stated earnings per.V* *^V:- TT *V; IV 

and while growth of overseas 1CFC _ 30 5 Tate & Ly le_ 32 5 _£ Yesterday Gripperrods • an-until recently to ; make a Stan on down" from SA 6 p to*: v a •' - 

operations had not been as rapid imperial Tobacco 3] 4 Trafalgar House 31 T TOF || Pi Oil nounced amt its pre-tax profits anditing the results mm it* 0-92p. /JCCP|C """" ' - 

as planned, both turnover and p -- Z1 -- 1 raraigar nouse- -*- Ivl AAVXUli rose Dn Iy 1.4 per cent to £ 238,221 Cimco purchase, but says that The directors State that the ^ 

profit were expected to show an jatel 31 6 Wiseman (M.) 30 2 H enjn Corporation has obtained in the first six montiis—but th^sewUi be included in the full strengthof the company is: Inits:\" 1 *- ... ' --■? 

increase for the full year. £17m. medium-term loan facility results from Cimco. were not year figures. _ ' large high quality land bank- bf '- I. /ty-, 

After tax of SATin. compared of which half will be available in included because of outstanding Meanwhile sronn margins have whidi 80-per cent is oiitside de-' X jliJV' • LtAi /Cl ' .. 

witii £4L34m. full year earnings are S i m i]ar to last year's slight reduc- , Eurosterling. The facility wilt be “legal uncertainties.” - ed id thehrst. hau*as ine velopment land tax.Since Irr ‘ f v r y, > 

shown to be up from 38,op to t 10 n in turnover, increased r4 K I Of used primarily to refinance exist- This refers to a dispute over group says it has increased re October-ttey say there have been ASSETS OF the Gateway __ 

49 p per 25p share and as promised actiritv in industrial building tt1, ing short-term and currency whether some of Chnco’s double- volume sales ini a two major improvements to -the Society rose by a rpcont _22 i 

the final dividend is 2.4p net lor helped to compensate for a fall aa At* borrowings. glazing products have infringed highly competitive ™antet—re- lami bank; detailed pianhlng per- per'eeoLon i977 &om*441m, to- v, 

a 3.+p i3.05p> total. in demand from the road and -l* I 9 t Mr. Gerald Ronson, chief esecu- patents. ' fleeted by the rocenrsmngor mission has been granted on a. S38m. ~ Share ■_ and. dept« lt .re- ...- 

With extraordinary debrts public! housing sectors. A*iA±m tive of Heron, said yesterday that Last August Gnpperrods agreed poor results trom carpet mamir gj. st f^s 0 f over 200^ acres /ceipts, : ~ ; tncmnm g . interest - 

taking £S2,000 against a credU of ^ overseas contracting turn - „ tbe facility meant all the com- to pay just over £100,000 to the facturers. . - afTbarnhUJ. Cardiff and. a new‘Credited hut netof 

£382,000, and £7.000 (£3.000) going over oE Marc hwiel Holding AG. cja fell* pleted UJC investment properties Receiver for some of the assets .-Turnover durrng ™.planning permission on . 96 were sbarply_high»r ')?. 

to minority interests, the 3 ttnbu- its subsidiarv and associated bU Iwl would be funded on a medium-or of the privately-owned Cunco ro^ by -over 30 per oent. ^ acre* in Cheshire,-the ^ 

table balance rose from £6.9Sm. companies has been maintained. f - monl >, e tn long-term basis. The loan is to company, including douhle-glazmg £3.iotn. wWle P^e-^* £7^00 'and £4,500 per aerb res- year : -71^33 • new ,investments:. 

to £8.04m. and £7.46m. (£6.45m.) but ^vith reduced profits. This is TURNOVER for the six months to be secured by charges over prime interests. havededh^d from_ 9 per pcctlvely. ... ••• ■ =. accounts wereopenad. I 

is retained. after taking into account sub- No\ember 30, 1077, of Footwear properties although - not all the Mr. John L. Cowan, chairman of cent, a yeM ago to just tinder . - ■. Mri, Sydney Btirton, ^ 

Pre-tax profit was struck after g t antial «sS incurred^?n resSct Indu^ry Investments expanded f aci S^ vviU nec^rS^ bTused Gripperrods, said yesterday: “ We 7 per cenL ? a “: _ ' 1 ■ •- ‘ ' - ' i managing director^ points oat.fte y?j 

depreciation of £5.48m. U4.04m.», of establishing new markets and by 2o per cent, from £4.46m. to for financing property. have kept back a large slice of the tamed tte interim dividend at * comment - - .&jaety lent over HOSnu. to more ’. 

hire of plant and machinery' of a tnrt-UD co^ts of new venturer £5.oSm., but pre-tax profits were jj r - Ronson said that the use money owmg to the Receiver to 1 .Rap-gross. tiin Tinii<nriintt»HnrT tiian 10,600 home buyfera.. Affnost: v .‘ 

£S.33m. f£S.74m.j, Last year addi- th “ p .SSr,. iqS 0 d n nSnes iower at £420.000 against a record of g'cover any Uability that might On a maintained dividend for The worst of_ the, nousepngding .hnif of all the mortgage adyanceg • 
lional pension fund premiums undertaken bv McAlpine Senices £452,000. The surplus for all advantages for Heron in a . ris * foUovrin S claims that double- the full yearthe sh -^? Mlf went appBcanfeuMer thejage 

absorbed £lm. SdSSes account for a large 1976-77 was £823,000. vi ew of j^particula? Srcum-B lan nR patents have been in- <up IP yesterday). yieWp per. fa ti» £***£ 1 of S5 ; and' a further 2* pet:oSflt:?df 

Net assets stood at 240p ( 200 pj Sreenfage of the reduction in The directors say that first half stances. However he was not pre- . , . . “ n J: f_ nd D °" 5,- barrowEn under 28.^Of 

per share at the year end. profit. profits would have exceeded those pared to go into details on this ,,X he 1 2 roup has ^ so legal dendincrcase the yield rises to tota ^ number . of. moytg^es-;^, 

v - P U remains policy to expand for last year but for the with- Joint. A spokesman for the syn- difficulties over the question of Si per cent gran tecL ‘ over-36 JOT MU«>j 

LlQDIGity up overseas activities and during draivaJ of Regional Employment dicare of bankers providing the_ __ _ rpm^rf to^eppheants earning.!thanz.'^ 

3Ir A J McAlpine. the chair- the year new markets have been Premium and lower interest rates funds said the advantages were a T^""l T Anflf/UI n^nlrA fai^^flat^on^v falling fn}"’ 45 ? £4,~QQQ a, y gar.; Propytig. 

ma^'s^s the St decrease in actively investigated in the which, it is estimated, reduced “trade secret" which he did not li.r I. fjODSTOIl S12K6 ' : SSS priCft beToy ..naflOO,^ 

turn’oire^is not a rign of weak- Middle East, .\frica and South income by £45.000. want to reveal to other bankers. A '- /A ^ ♦„ t ’- ****accounted fbr over 21 rper .cent: 

ness as it has been policy not America. In particular oppor- Mr. M. Sumray. the chairman. The facility-, available for eight Industrial and Commercial funnelled into ®erchantmg and'da™^e to profitfJsffie greap of-. a3L : loans properties 

to take on loss making contracts tunities are being sought to ex- s ays that the rate of turnover years, was offered by a syndicate Finance Corporation has agreed manufagtiiring. Sir. Tyler says. he avy dependence ; £10,000 to £1*39 9 fo r -. over 4p_ pet 

at a time of depression in the pand opencast aclirities to parts increase has been maintained and led by Barclays Merchant Bank, to subscribe, for £lm. of 10 per On a CCA basis the profit cent a^prnpei^« froiii £15.0092?,; 

industre merely to expand work- of North and South America. if the trend continues. FII The other members consist cent. . redeemable Preference fore tax and interest of £228,000, M * rglt>5 T a ^ I ]0 l w Q p , t °^ to £19,999 Tor over per cent- 

load Tliere now appears to be air. McAlpine says that there should see an adequate full year entirely of the four major clear- shares in Longton Transport less cost of sales adjustpsent ?FPe work, and coOT^^vet»en : Grow share ancf deposir^re^J: 

somn improvement in the prices appears to be an upturn in work- pro fit. He adds that liquidity ing banks. The spokesman said (Holdings). As part of tbe deal; £15S,000 and additional deprecla- nmnmg hi„h-_ Average Urme. eaipts. ibeiudiog intereyt creai ted,^--.- 

at which contracts in some sec- Toad prospects in the UJQ. and in remains strong he expected the major clearers the coupon on the existing 5.6 tion £51,000. less interest £37fi00 Pnces have risen by 9 per cent,, rose . from £lS7.4m. to- £273.5tn. c-j 

tions- of the industry can be recent weeks several substantial First half earnings are shown at to get together more often in per cent. Preference shares all and plus the fearing adjustment w^^ co^ have^ncreased by wjjfle . total :share, antf -depoeft-Vj 

obtained and workload prospects contracts have been obtained. 49^0 (536p) per 23p share and small syndicates in the future. held by JCFC will be raised to £41,000 makes an adjusted pre-tax aroufid 12-15 per cent yrme is balances at the year end were y~i 

are improving Overseas the group hopes to sign the interim dividend is effectively Heron Corporation is the pri- 10 per cent, and these shares will profit of £23.000. * now moving up-market into the ^w.OSm. • against , 

The croup "has not made the large contracts in the near aimed from i.2705n to L4p net vately owned parent of Heron then ferm one class with the new A statement of source and appli- second-time-boyer price Tange, Liquidity, at Over. ne 8 m. yejuto^-* 

progress overseas that was hoped future. Js'egotiations for work take year’s total was equal to Motor Group. Its main interests Preference shares. cation of funds show's a net de- whicb it hopes will account for sen ted 2» per cent of totat assets, ^ * 

for°but substantial contracts are far longer overseas than at home ■> 074940 after a three-for-two aPe garages, property, consumer Longton will need to increase crease in bank borrowings of three-fifths of its maricet nr the whue the Socfetys Tescrves' fcn-" 

likely to be obtained in the near and competition is severe, but he ‘j- isstje of , 0p shares con . products and housebuilding. Yes- the authorised Preference shares £141,946 (£76^73). Edinburgh In- 197§-79 financial year. Meanwhile, creased From £ 16 -Sul to £2ai5m.- f --f 

future The decrease in overseas is convinced that long term the so bdation into 25p shares terday it was announced that the and it also wants to increase the dustriai Finance holds 8.1 per cent, the group’s shares, standing at representing 3:74 per cent of 


Page C ol. Company _ 

_ 30 S Jentique _ 

30 Z Marchweil _ 

^_ 30 5 Meggitt Hlgs. _ 

_ 30 3 Orme Devs. 

_ 30 8 Reed Nampak _ 

30 5 Standard Chartered 

_ 31 6 Steel & Alloys 

_ 31 _2_ Stirling Knitring 

_ 30 4 Stocks (Joseph) 

_ 30 5 Tate & Lyle _ 

_ 31 4 Trafalgar House 

3) 6 Wiseman (M.) 

„ _ Depreciation at naif time was increased by rights and/or aeauisition issues. tGross. 

Jz°h £55.343 i£48^62) and after tax of- - - . 

£136.771 (037300) net profit 

emerged at £131.854 (£130,0rfi). 

The company operates as whole¬ 
sale provision merchants, im¬ 
porters and distributors. 

£17m. loan 

for Heron 

^ . 1 • _ 1 the second half wffl show a very Of arouna ra^ana a ma 

■ nnDrfAfl6 in UPTSinOlP substantial improvement Profit final dividend wouldgive 

VJilyUt/11 l/UiJ 111 tt 1 &llglV fb r the whole of the 1976-57 year of 7.7 per: cent: Howet 

A - was almost halved from £L56m. group has sewn years* U 

rtTTA1 * AmnA mirnhoCD • to a depressed £0.83m. land banKtte balk pfwl 

11VHI 1 . UH L.IF U 111 vllitdl^ As last time no .provision has planning 'permission.. Tb 

r . , nTlf been made for tax. .for. the six -makevOrinej.-ah attractn 

Gripperrods, the ‘Horsham- ownership g0CK r . , 55? 0 SS months as it is estimated that over target;. -• . :* 
ased carpets’ fittings company, supplied to Cimco, bat . says inat stock'increase relief will result in i 

i facing a legal wrangle over these problems have now been a nil liability. The interim divi-- ■ • . • ~ 

is purchase of some of the assets resolved. dead.-is lifted to lip (Lip)'net- n tt 

f Chnco: which it bought from Because of these legal nncer- per. IOp share-last year’s , final . 1 TaicW 3 V 

ae Receiver last August tamties the group has felt unable wag jJ-; stated earnings per. - T¥ 

lURISUYEilt Ul ^. -- — - 

£5 88m. for the half year to dead i$ uncovered by^ ^lL ypt 
October '31 1877 rKidentinl earnings, and around £48,000 has 

builders and developers, Orme haff to c ® me reserves^to 

Developments reports pre-tax pay it Although the group has 
profits down from £357,466 to recently re&ed prices by np;to a 
£163.664. Directors, however, say fifth, the grim, winter weather ha* 
that they have recently - raised- hinderedoutput. The shares 
prices hy 15-20 per cent, and that stand on- faHy taxed historic, p/e 
the second half will show a very of around *9,'.and a maintained, 
substantial improvement Profit final dividend would give, z yield 
for the whole of the 1476-57 year of 7.7 per: cent: However;, the 
was almost halved from £LS6m. group has seven years* life in Its 
to a depressed £0.83m. land banK the bulk of which has 

- As last .time no provision has planning permission.. Hits .ctfrihT 
been made for lax for. the six make Orme^-an attractive lake- 


FH at 
so far 

properties although not all the 

i teres ts. have 1 declined from almost 8 per pectively. 

Mr. John L. Cowan, chairman of cent, a year, ago to just under 

accounts were dpened. ' 7. . r ‘ - 
: Mri, ‘ Sydney 'Btzrton, . Gateway’s ;.r;; 

profit is mainly due to a dispute prospects there are good. 

with a client on a large overseas 
pipeline contract and heavy costs 
in setting up new companies in 
the Middle East 
Hie increase in profitability at 
home includes some settlement of 
old contracts and further settle¬ 
ments should also help the cur¬ 
rent year’s trading. Liquid 
resources and short term invest¬ 
ments have further increased 

See Lex 

As anticipated, the merchanting holding in Heron Motor had been authorised Ordinary capital to 0 f the equity. 

activities made an increased con- increased by lo.OOO shares. £om. by the creation of 13 . 400.000 __ 

trlbution but. because of changed * meeting I 

M y--. demand, its factories showed 

WlCPman some downturn. This pattern of 

• »' uvumu trading is expected to alter in 

„! v mATtfiic the second half to the extent that 

SuA. Ill Oil I HIS tbe factories should do better, 

j . although merchanting may not 

nnwfinirn- match its first-half contribution, 

uunutuiu Taking account of waivers by 

Ophthalmic manufacturers and Mr. and Mrs. Sumray on most of 

Midway rise 
at Stirling 

shares. An extraordinary meeting 
will be held on March 13 for this 
purpose. The Board states that it 
has no present Intention of issu¬ 
ing any new ordinary shares. 

The new Preference shares will 
be redeemable at par by 14 equal 
annual instalments of £70,000 
each, commencing March 31. 1983, 
and a final instalment of £120,000 
on March 31, 1977. 

54p, are in danger of losing their .assets. 

TTtis adotrtismatt appears as a matter qf record onfy. 

menus nave lunner increased Ophthalmic manufacturers and Mr. and Mrs. Sumray on most of Pre-tax profit of Stirling OI 

owring the year and now rep- distributors, 31. Wiseman and Co., the entitlement on their 1.200,000 Knitting Group lifted from «c 

resent nearly 2-0 pence a share. turned j n ] 0 \ver taxable profits for shares, the total cost of the £ 141,000 to £197.000 in the Sep- cS.ra™ 

Sir Alfred McAlpine and Son tbe half year to September 30, interim dividend is reduced by tember 30. 1977. half-year on 5tor ?fl 

t.Northern) had a successful year J 977 0 f £448,000 compared with £ 16,632 to £ 40 , 082 . turnover f o5Sm higher at £2«m r nd distribution, shipping^ and 

in spite of lack of full utilisation £529.000 last time. Sales figure turnover u.^m. rLuner forwarding and steel stockholding, 

of Staff, workforce, and plant. uttie rhan^d ar Mm. L Pret-ax profits for the year ended 

in spite of lack of full utilisation £529,000 last time. Sales figure 
of staff, workforce, and plant. was little changed at £7.S3m. 
Although there are definite signs against £7.82m. Profit for the 
of increased activity in both build- wb ole of the 1976-77 year was 
«V a™ 1 engineering work down from a peak £l.47m. to 

keen competition and resultant £j 43 ^ 

lower profit margins still give rise Tax for six months took 
for concern £215.090 (£264.000) leaving a net 

Nevertheless the position is far proBt so far at £233.000 (£265.000). 
healthier than at this time last AU Ordinary capital is owned 
year. Existing motorway contracts by UKO International, 
are now nearing completion hut 
have been badly affected by the 

Joseph Stocks 
holds £0.27m. 
in first half 

earnings per 20p share are given M aiV h 31, 1977, were £L3m. 
at 3.04p against 2.0ip last time. ,£751 916) 

The interim dividend remains 
at Q.35p net per share. A total of 
0.7p was paid for all last year on O 

profits of £254,370. HiDgllSfl OC 


Glaxo Finance Bermuda 

English & 
Scottish Inv. 

After all charges and tax of 

y^rrExistingmotor^y contracts by WCO Intemational 15 0 Excluding, the results of the OLAXU rliNAINCti ----- “ * 

are now nearing completion hut rivo acquisitions made in Septem- DrornTn* flpplsTlPQ 

have been badly affected by the _ her. taxable earnings of Joseph DLliMUm UCUiliCS 

weather. The company has been FT FCTRA INV Stocks and Sons (Holdings) were Glaxo Finance Bermuda has After all charges and tax of 

successful in a number of new ^ * ’ maintained for the half-year to given notice in accordance with £295,093 against £372.841. net 

road tenders recently and this Electra Investment Trust pro- September 30. _19i». at £268,625. the terms of its loan agreement revenue of English and Scottish 
should enable better utilisation of poses to repay the outstanding 6 against £267,8 16 . Sales were t„ the Dresdner Bank of Frank- Investors declined from £569.591 

plant and resources in the coming per cent Debenture slock 1984-89 £1.4Gra. ahead at £lS.Gm. furt of its intention to redeem on to £511,152 in the January 3L 

year. at £90.75 per £100 nominal, on The directors say they lock for- July 1. 1978. the balance outstand- 1973 year. 

At Sir Alfred McAlpine and March 22. 1978, together with ward to continuing progress. ing of Da/62.457m. of the 8 per Gross revenue for the year was 

Kent Count y Council 

^£ 1 ^ 000 , 000 - 

Medium Term Loan 

Son (Southern) profitability was interest accrued. 

The net interim dividend is held cent bearer bonds 1971-86. 

£124m. (£1.48m.) and earnings 
, per share are stated at 2.45p 
(2.Sp). An increased second in¬ 
terim of l.S5p compared with 1.6p 
is to be paid, taking the total to 
2.45p net per 25p share (2.2p). 

A scrip issue of 2.7677S new 
"B” shares for every 100 now 
held Is also proposed. Net asset 
value per share is given at 85p 


Profits exceed £13 million 

Once again 1 am pleased to report a substantial increase in 
profit which is particularly gratifying in view of a slight 
decrease in turnover. Some may see the turnover figure as a 
sign of weakness in the company's progress. I do not share that 
view as it has been our policy not to take on loss making 
contracts at a time of depression in the industry merely to 
expand workload. Fortunately there now appears to be some 
improvement in the prices at which coniractsin some sections 
of the industry can be obtained and I believe that our workload 
prospects are improving. We have not made the progress 
overseas that was hoped far. but substantial contracts are 
likely to be obtained in ihe nearfuture. Although the decrease 
in overseas profit is disappointing, it does not truly reflect 
current trading and is mainly due to two factors—firstly a 
dispute with a client on a large overseas pipeline contract and 
secondly the heavy costs in setting up new companies in the * 
Middle East. In the case of the dispute we are taking ail 
appropriate action to effect recovery as soon as possible. 

While the increase in profitability at home is most pleasing it 
does include some settlement of old contracts and further 
settlements should also help the current year'strading. Our 
liquid resources and shortterm investments have further 
increased during the yearand now represent nearly 220 pence 
a share. 

Sir Alfred McAlpine 81 Son (Northern) Limited 
This company had a successful year in spite of lack of full 
utilisation of staff, workforce, and plant. Although there are 
definite signs of increased activity in both building and civil 
engineering work keen competition and resultant lower 
profit margins still give rise for concern. Nevertheless the 
position isfarheaithierthenat 
this time last year. Existing 

motorway contracts are now CONSOLIDATED PR 

nearing completion but have been f gj. y ggj. g n{ 

badly affected by the weerher— 1 

this being particularly noticeable 

after the pre vious summer's good 

weather.We have been successful Turnover ^ 

in a number of new ro 3 d tenders o"e r Ed K , in5dDin 

recently and this should enable * ““ 

better utilisation of plant and 

resources in the coming year. Pn»fii before:a* 

Work on the Dinorwic Pumped Uniied Kingdom 

Storage Scheme is progressing amser, 

well and approximately 30% of 

the work has now been Ta>a:ion 

completed. We have managed to p,ot.t before ocraordinarv iter 

pick up our share of industrial Exiraoidmaiy uen>5 

building work and we are hopeful Minority interest 

of still further improvement in Profit anribuiable ia sharenoit 

thissector. Dividends 

_. ... . „ Undisiribuledprofit 

Sir Alfred McAlpine & Son 

(Southern) Limited Earnings per share 

Profitability was similar to Ijst ’ 

years very satisfactory figure •_ 

for the year ended 31 st October, 1977 






United Kingdom 







182 251 

Pn»fii befoic \a-> 

Uniied Kingdom 








Tn> 2 :ion 



Pi of it before c*ffa ordinal',' items 



Exlraoidinaiy uen>s 



Minority interest 



Profit anribuiable la sbatenaiders 






Undistributed pmtit 

_ 7,455 


Eamings per share 



Dividends per share 

3 4p 

3 05p 

Net bssbIs per share 



despite a slight reduction In turnover. Increased activity in 
industrial building helped to compensate for a fall in demand 
from the road and public housing sectors. The outstanding 
workload is now more uniformly spread than in previous years 
and prospects for obtaining much more work are heightened 
by possible increased Government spending on public work, 
and in fact during the last month or so several sizeable 
contracts have been won. 


The overseas contracting turnover of Marchwiel Holding A.G. 
its subsidiarv and associated companies has been maintained, 
but with reduced profits. This is after taking into account 
substantial costs incurred in respect of establishing new 
markets and start-up costs of new ventures. The overseas loss 
referred to in my opening remarks on pipelines undertaken by 
McAlpine Services & Pipelines account for a farge.percsntage 
of the reduction in profit. While the work on the Kenana Sugar 
Project undertaken by the company is coming to completion, 
activities will continue in Sudan, and Sir Alfred McAlpine &. 
Son A.G. have been awarded an eighteen million pound 
roadworks contract. Following tenders and negotiations 
during the year ihe Group is hopeful of being awarded 
contracts in West Africa. It remains the Group’s policy to 
expand overseas activities and during the year we have 
actively investigated new markets in the Middle East, Africa, 
and South America. In particular opportunities are being 
sought to expand our opencast activities to parts of North and 
South America. 

Future Prospects 

There appears 10 be an upturn in workload prospects in the 
United Kingdom and in recent weeks several substantial 

contracts have been obtained. 

- Undoubtedly thepositionathome 

ND LOSS ACCOUNT is much sounder than a year ago. 

t Drtnhpr 1Q77 Overseas we hope to sign large 

lUCIODBr, 13// contracts in the near future. 

1977 1976 Negotiations for work take far 

tflPQ's cqflB ' s longer overseas than at home and 

competition is severe. 

132.388 13 e Ido Nevertheless I am convinced that 

36.Z76 . long term the prospects there are 

168.664 1B2 251 good. Whilst I would hope again 

for satisfactory profits in the 

11,395 7.453 current year ii. is very difficult to 

1,330 Z.21Z forecast Them wuh any degree of 

13,385 10.731 accuracy. It is our intention is pay 

5.269 A3<3 a dividend which reflects the 

8,116 6 . 38 $ current profitability of the 

(82) 5C2 cornganyat the very first 

_7 6 opportunity. During a vea/in 

8,041 6.975 which our turnover has not 

586 52E expanded we have had a 

7 A 55 8 . 44 ? magnificent response from our 

: ——— hard working and loyal staff and 

jjjj „ .^ p workforce whose endeavours are 

240 p "ip greatlv appreciated. 

-—-1- A. J. McAlpine. Chairman. 

at £0.74m. 


The Sir Alfred McAlpine Group 

On turnover of £6.6?m. pre-tax 
nrnfit of Atlantic Comuuter Leas¬ 
ing in 1977 was £738.795. After tax 
or £386.500 net profit is £332.295. 

Mr. .1. Ci. Foulston. the manag¬ 
ing director, says in his review 
with accounts that turnover would 
have been in excess of £7.4m. but 
for prolonged installation difficul¬ 
ties with one of the group’s 
larger systems. 'These difficulties 
are also reflected to some extent 
in profits. 

He says that 197S will be a 
vear of consolidstloo and further 
growth for Atlantic. The year has 
begun with a sales and lease order 
backlog of £2.5m.. a well balanced 
‘dock position and a new. and 
rapidly developing industrial 
leasing company. 

Meggitt orders 
much higher 

Mr. John Tyler, the chairman 
of machine tool manufacturers 
Meggitt Holdings, says in his 
annual statement that the group’s 
order book is substantial higher 
than ever before and he looks 
forward to the next 12 months 
with confidence. 

As reported on January T 7 pre- 
tax profits for the vear to 

^ Cl rrooci* 1S ‘ ’ , rose frt>m ri35.592 
to «£90.bfib and the dividend is 
'termed up to fi:i95p iO.S53925p) 
wiih a net final or 0 2p. 

The chairman says that the 
current year should see further 
growth in the machine tool 
merchanting division. which 
profits OF £207.694 
1 but he is concerned 

! mat some machines, particularly 
rrom British manufacturers, are 
not available in sufficient enough 
nuantilies. and that this may re- 
I lard =ales. 

Fol Jo wine considerable reorgani¬ 
sation. Meggitt Engineering, at 
Bournemouth, returned to a more 
acceptable level of profitability, he 
says, but Rndafec Engineering 
Company at Bhydon. Tyne and 
Wear, had a disappointing year 
despite considerable investment 
in new plant and equipment- Much 
nr this situation, the chairman 
says, may be attributed to a back¬ 
log nf orders accepted at uneco¬ 
nomic prices durin.! 1976. How¬ 
ever, followinc some reorganisa¬ 
tion this company is now in a 
much belter prwitinn and he feels 
reasonably confident that a return 
to profitability is near at band. 
The division incurred a loss of. 
£27.970 for the year, asainsi £1.427. 

Against a background of falling 
interest rates the group con¬ 
sidered it prudent to restrict new 
business in the leasirjx division, 
available resources having been 

Managed "by \ • ' - - • ? ; : 

.. ’. ’ ’ y 

Kleinwort, Benson limited 

and provided by - .... 

Gratis Finance Co. Toronto Dominion Bank •, • : 

Amsterdam-Rotterdam Bank N.V^ I^ndon Braja^ 
Barclays Merchant Bank limited Kleinwort^ Benson linnted 
Standard Chartered Bank limited:: : 

Agent - L* 

Kleinwort, Benson Limited: v. ; 

Broker - . . : • ' 

Butler Till limited 

February 1978 


the increase of its capital from X.L. 6 iniilioh: ^ ' /; 

• Fully Paid; 1 . tX ■?•*■. • *• .*•. 

This increase which was fully, subscribed _ by ;Ara|) Fi&sDcey 
Corporation (International)—Luxembourg ,was decided in order to 
meet with the development of our activities and tosound 
ratio between shareholders* funds* and the ^ growth- tcial 

Balance Sheet ..'.-. ’.1: : . i: . : 

Beirut Office: 

Gefinor Center, BtocD/p.O.BoxryS-Ssi?^ Beirut 
Tel: 353020/1/2/3. Cable; flNANCOBAB,^ " 
Telex: ARABFI21197LE, AKABE3T:• . 

Paris Rep. Office: 49/51 Avenue^^Gedrge^ 

Tel: 720-78^04. - Cable; FTNANQORA&BXlife/ ‘ . V 
Telex: 630689F ARABFL . K'.'L 

rc J iL L,;t,' -■'' 

‘'‘^nJys- tfhead so far 

and Imps pessiinism 
. over NSM 


Awaiting a supreme decision 




tt the tost “font cent- oi equity, 
e current year at held by-Heron Motor 
a healthy increase, -• Meeting, 385/7- Eat 
Her, the chairman. N.WL, oh -March is at 
lual statement, and : • - - 

. evidence-that-this '• ~V - - 

■fws£:' R24mvhy, 

GoodaB Group incurred an in¬ 

itial Statement and -- ... - . £55 OOO ■ _ r. — mem iu Uie iddsccu 5UO»uiuic HI duuiuuh oawuauon WILD 

. evidence that'tUiB ' • “s" ' field in the immediate future, the Harp Lager, Courage plans to 

nolnc. He -confi- •* -IT* 'A-: _•• ; . . A“. e directors state, that..the directors of imperial Group tell market its own-lager brand, 

a highly satisfae- fiNf , A41T| - |IV ; v - _ J^thdrawal from sports pods has members. Hofmeister, during the current 

•-^^.■ArWJ-Ue. BM.rjf- i, now been largely completed and The group's sales of cigarettes year. 

' e-tax nroflts for riie *TB - J aa ® dvB J Sfl containing NSM, launched last Sales through public bouses 

mber ImPHPifT fa~P -S n ?* efin . al ' t0r summer, were disappointing. Lack declined marginally during 

?? reOTrd 9 «i^ AVCCU . ^ WT7, the losses in this sector of price advantage over trad!- 1976-77 but Courages' three main 

’ *hd Ja -r- . • ^!2, uld not car 7 through -into tional cigarettes was one reason, brands of draught bitter did weiL 

»v 0 : - M nmnil 'tT r -The price .was determined by the The company is to take over 168 

f 1-^i <1-1 Ml IpglaTt ^ Despite a...slow, start in Government's .decision that NSM. outlets in the West Midlands and 

1 r-° re * a " -fTTP uj n .;, XX ! *J5o 7 'i l L J depressed, market conditions, which is made in the UJC.. should Merseyside in an exchange with 

r, departments was TORNOvrikFOR.- the _IB77-JW orders for the company's range be. subject to the same level of other major -brewers. 

•bove last year, he « Keed - -Nampak, the South of camping products reached duty as imported tobacco, they Meeting, Dorchester HoteL W. 

7-ifm t ^ a J^ ip?0Tin * s ^JtaSSiKi thetr expected level and the small explain. on March 21. at noon. 

K ..tam- martfuesi. not- by International, increase in ' turnover was “More seriously there was a 


;.,UU«- marques, , not- iKMaawvM-*, increase in ' turnover 

'-.lie closure of some eam ® to R14l.66oa. .. compared ac ^ eva j - • 
ations- Activity in ™*tb BSP-lSm. -for., the -previous 
.I veWcie field made «■«*>* months. Pre-tar profits 
1 vrfbutlon to the hn- ware B2427m.. against .RlS&m. ^rofn I™ - - 
{, and the group . per r; #baro ;: before JL13131221 

j expansion-iir this extraordinary items. are; shown => 

(3758 cenlS>, • - HOUSe £4(VlT) 
The results are not comparable- . AAUU3C Ar^TVAll. 

Property sale 

“More seriously there was a 
lack of support from the 
authorities which had previously 
encouraged us in this endeavour, 
while direct attacks on tobacco 
substitutes were . made by 
Government-sponsored bodies," 
the directors comment. 

Trading profit of the tobBcco 
■division slipped from £81.7m. 
down to £8S-3m- on sales, exclud- 

down but 

property saies comment 

r and this dement Se Trafalgar House yesterday jne VAT up from £1.71bn. to REFLECTING the low level of 

intmues. to gather interests -of Reed Corraration. City of London property £lJ»bn. for the year to October activity in the furniture industry 

- (Pty-X‘-acquired wUh totalling £40.4m., yielding 31 vJ® 77, , , , , , during lie latter half of 19« 1 , 

r says the group Januarvl 1977 • - . purchasing institutions an average T ^ ie group's total taxable earn- furniture and dock manuEac- 

ting in ful] from' The. directors’ -nay the iesults ^ eJd of 5.7 per cent 'tigs came out lower at £129.lm turers, Jentique (Holdings) turned 

-tion of the - self- are^veS^SnSjSI SarS?3n In a circular to shareholders. i?ol° Sf 7i ™ i? hwer rt JT te ^Lf ro ^ / or *5£ 

ictivity, -and the mind ^tfae depressed economic Trafalgar confirm the sale of December 31, 19/- 

that sector is now conditions which ore vailed within Bllliter Building, EX!., for £29.5m. ^ bn/a . ry 8 - 71,6 n ® 1 « , '”« end P®r of £158,200 compared with 

**'-■ -• S Prudential ASur^re r^nX ™ “ P 40 ^ TSZZ™ r *ST* 

parts operations acquired printSJand pwiagirg announced that It had acquired of tho 10 £4 - 33m - «e aiM t 

it and satisfactory companies exceeded.thefoxecast i he block for an initial return of Directors state that the clock 

P>«» SKS“tteS .f i“™jer . per cent e° n b bn™taB UP . fi^SJn^S^ d.lvieion.^however hed a cate- 

l have been even acquisition.: V ' . -■ The other-.Trafalgar sale Is of ?he ^mnanv^rthe rww factory half year. In view of the 

Group turnover . (exthufing Jto one-third, interest in the trading structure y wWeh was anti- ?nff«*nagSng _ response. by 

:ti ^ early, m the -foreign subsidiaries and'- the 108,600 sq. ft Leadenhati House olpated for the UK. indurtrv after ^ hStcimers ’ 10 new furniUire pro- 

lier 7 acquired printing and .packaging for *10 ; 9m. TTte group gives irnSernemation of the EEC tax M VWl ££h “US! 

“® r - companies) increased by' 10(3 per shareholders no indication of the structure In January 1978. quantity of high quahty 

«■ ™cent when, compared, with- the mstitutional purchaser of The new tax rules have a detri- wqoden ctock cases produced for 

1 .™?^ turnover achieved -dunhg the .12 LeadenhalL and Norwich Union mental effect on the smaller sired » n ‘ V? ey a Tf 

.’jS.ifSS months to end 1976. Attributable Assurance Group was unable to and coupon brands. There was. **/“■{!I ,t4,re . < H'' 1 ?! ,>n 

vAnr* ^ ^ eve ^ E earnings Calculated on the same comment on the deal last night therefore, a dual need ip increase Vtfl " make x positive contribution 

to the bas “ ! suno™te d to 58-76-cento per Mr. Victor Matthews, Trafalgar’s the company’s share of king-sire to group profits in the second 

rvtrw nnrt ; Ordinary share which, -when" coni- deputy chairman and chief execu- sales and to improve the compe- P a f*- 

Bonn -Rhtnv hS pared with .the previous ..year, tive. also confirms . that one titiveness of Its other brands. The group Is to invest £300,000 

V the munTiB nnw represents, an increase of 163 pep further property sale wilt be Reasonable headway has been In research, new product tooling, 

cuniJv MtnnW • completed once the building Is made on both fronts, the directors and adidtwnal plant and buUd- 

-he rhairman Innfrc In view of the increased earn- ready for occupation in mid-1979. say. ings, in subsidiary Metamec. And 

?KP a final dividend of 18 cents It is understood that this refers The hand rolling cigarette mar- directors remain optimistic for 

^h nr tT, 5 c J-riVnJr per Ordinary share has been to the 150.000 sq. ft Wine Office het declined shghtly as a result the future prospects of toe group. 

ho declared making a .total d£stribu- Court development near Fleet of Price pressure and cigar sales On increased capital from a 

tion of 29 cents which, when-Street, E.C.4, pre-let ■ to were depressed but favourable one-for«wo scrip issue and con- 
r *ipn^M equated to the comparative accountants Touche.. Ross,: and treatment of pipe tobacco in soUdatfon, stated earnings per 

nHrinltS 3£ annualised Ordinary dividend of believed to have been agreed to recent Budgets reversed the pre- 25p share are more than halved 

34-73 cents for theprevjous ■ year, be sold for around £20m. dowrorard trend of these from 2^»p to 1.06p for the half 

nnort JeSJSLd represents an incrSfl Mr. Matthews reaffirms plans for “ “ and market share w Dia,n ‘ ^ ^ is 

pnort required for represents an^. 
—__ omnany to meet ce 2** -p®J share. 

■Mwa i&uujuia ^ioiid ivi 

property development 

up f-rom an adjusted 0.8258p to 

THE SAGA of the merger 
agreed between Guest Keen and 
Nettlefolds, the British engi¬ 
neering group, and Sachs, the 
leading German motor com¬ 
ponents group, is approaching its 
end, or so the protagonists must 
hope. To-day, the Bundesgerich- 
dioff (BCH), the supreme court 
of Germany, will bear the appeal 
against the decision of the 
Berlin Kammergericht or Appeal 
Court, which lifted the ban on 
the merger imposed by the 
Federal Cartel Office. Its. 
judgment will follow soon, pro¬ 
bably within two weeks, and the 
reason why one can only hope 
and rather than be certain that 
this will be the final decision 
is that the BGH which deals only 
with issues of law, could, if it 
was so minded, return the case 
to the Berlin court to further 
establish the facts of the case. 

Three good reasons 

There are three good reasons 
why it is hoped that the BGH 
will finally decide the case. 
First, the appeal concerns a 
fundamental—one might say an 
essentially philosophical—issue 
of German competition law. 
Secondly, the Federal Cartel 
Office is primarily interested in 
obtaining a clarification of its 
power to control conglomerate 
mergers before the Bill for the 
revision of the Competition Act 
is finalised, as it sbould be soon. 
Indeed, at the time it lodged 
its appeal, . the Cartel Office 
declared that it would do its 
best to speed up the decision. 
Finally,' there is mounting con¬ 
cern that parties to deals of this 
sort may suffer from the law's 
delay more than they would 
have suffered from an unfavour¬ 
able decision delivered promptly. 

The delays facing companies 
considering acquisitions or 
mergers in Europe have now 
readied a point when they 
operate as an effective deterrent. 
In the U.K. it has always been 
the case that the knowledge that 
a merger project would be re- 

Jatel finishes 
with a lot of 

tea unsold 

nearlv flmcheri oA^i. fending tne outcome or rciJunen to naie WUl ooosi nr J|™ nn A tnunarric th* end nf the . “ 

ist year branches these negotiations the listing, of working capital and, as the sales a -jV of fresh vegetables. Ifl n ^>n^ n-n at 

n^ltbTSS «W shares ^the were JiS^ftESSft SZ'Z SJRK 

*re now available Johannesburg Stock Exchange book value, they will “make a Smedlev-HP Foods also in- nau - VMr nav ® *>ren 

tis^rogramm^haR has been suspended. 'conio£d p£i SSd You'p sil gff 4 ** accordance wth 
stantially to group I2 iS?“’ VStm t * ,e year to SeP tea:| her f DO< j s main tamed its performance. 

stantially to group 
n oroved ntilisatiou 

‘handler states. Tonumn- .. 

state* that Henlys i" c » n, « tefora tax — 

n general agree- -. 

• trade before pub- 

nfiation adjusted Fref. dividends. - 

Leaving .. 

• * Km The decline in {sales . of potato 

mover ... ,'Mlbbj crisps during the year was a set- 

nmebetemtax— : T H HHT T IDA V back for Golden Wonder. IMHllCIftrQ 

? ..• 1 if'fS ® ■'ULLILIAl The brewing division was , 

otH^hniders'::.::: ■ «s - ^ The directors of L. B. Hoffiday affected by the falling purchas- f .haiTPrpd 

Bf. dividends .. 61 (Holdings) state that indica- ing power of customers and the' “ 

avins .. •. 144S6 Jt, . Hons are that the final figures poor summer weather. The directors of Standard 

are Of assM*- for year to June 30, 1977 will be The trend towards brewery con- Chartered Bank has approved an 

tnmnanie .available by March 10 and that ditioned draught beers was main- increased from £10m. to £15m. in 

/■" the accounts will be available tained and production capacity to the authorised capital of its 

TT_T — ; to send to shareholders- by cope with it was increased. A new wholly-owned subsidiary. Standard 

tlaWICy March 31. They say there was canning line was installed at John Chartered Merchant Bank. At the 

.- a- delay in - obtaining audited Smith’s brewery but a shortage of same time, the issued capital has 

CwfUmal! . accounts of the Belgian subsi- cans prevented the new plant been raised from £6m. to £10m. to 

xjuuuttU" ■ - - > diary and it is hoped that there making a proper contribution.- support its .increasing activity. 
On turnover of £727,000 com,-.will be no such delays in the The lager market continued its This is the second major Increase 

?.’S l n5 Ca , m to, criSjrSSu lidYounw S«1 ta «»■*»«■ *M. 

^> io 7 o f the ycar t0 SeP tea,ber foods maintained its performance. 
lvnf - The decline in sales . of potato 

crisps during the year , was a set- Cfnw*ini«#I 
T H nniTTDAV back for Golden Wonder. OiSfluSiu 


per, and Lyljrand |SLgbS““- “ 
ounts saying that 
: is provided on 

—’Trtattf Hawley 

Wm. for the com- -• fi 

an. for the group, f 
1977, Avondene -VJUUUail 
ibiwdiary of Bank On turnover nf 

rchased 26.03 per pared 

£709.000 Hawlejr-. future. 

growth.-though not as rapidly as in capital within 12 months. 

Because a fairly large propor¬ 
tion of last season's tea crop re¬ 
mains unsold Mr. JVL W. Butter- 
wick, the chairman of Jatel, says 
it is not possible at this stage to 
make any accurate estimate of 
the. level of profitability in 1977 
compared with the previous year 
when the pre-tax surplus was a 
record £1.42ml 

However, he describes it as a 
satisfactory year although pro¬ 
duction Cor both subsidiaries 
levelled out at about the same 
amount as For 1976. The group's 
average prices for teas sold up 
to the end of 1977 showed con¬ 
siderable improvement but a 
smaller quantity of tea was sold. 

Jorehaut Tea Company 
produced 2.19tn, kilos (2.18m. 
kilos) and sales at the London 
auction were 132 05p (115.1 Ip) per 

1 ferred to the Honopolic Commis- 
* sion was in most cases enough 

■ for the parties to leave well 
alone. The EEC Commission's 

■ screening of joint ventures has 
: a similar effect. New French 
: rules make it a practical neces- 

sity to obtain prior clearance 
. from the Competition Commis¬ 
sion before embarking on a 
: merger project creating a market 
share of 40 per cent and more. 

The obstacle 

These are the latest additions to 
r the obstacles which aDy attempt 
at Europe-wide industrial inte¬ 
gration faces simultaneously in 
several countries. Of these 
obstacles the delays and costs of 
tbe German procedure are now 
probably the most formidable. 

The merger between GKN and 
Sachs would not perceptibly in¬ 
crease the market share which 
either has in the different fields 
of their activities." It would 
assist a further diversification of 
their -manufacturing, activities 
and allow to expand them in 
certain markets outside 
Germany. The diversification 
would, it is believed, reduce 
somewhat Sachs too great 
dependence on the German 
motor car industry, enabling it 
to expand into other fields. The 
stumbling block proved to be 
the strong position of Fichtel and 
Sachs, the leading company in 
tbe group, in the German mar¬ 
ket for dutches. The Cartel 
Office took the view that Sachs 
has in this market a dominant 
position and that it can be 
expected that the financial 
strength of GKN would increase 
the dominance still further by 
deterring other possible entrants. 

The Cartel Office was obliged 
to aim its guns at tbe specific 
market for clutches — though 
these play no role in CNN’s 
activities in Germany—because 
two earlier decisions of the BGH 
barred more generally conceived 
arguments against a merger. The 
tenor of both the Vitamin B-12 
(Merck) decision and of the 
Valium and Librium (La Roche) 

kilo. For Amgoorie Tea Estates 
the outturn was marginally down 
at 1.75ra. kilos (1.76m. kilos) but 
London prices were 144.91p 
(117.8p) per kilo. 

The two proposals for the trans¬ 
fer of these businesses are now 
under consideration by the 
Indian authorities but to con¬ 
form with guidelines intimated 
by the Indian Government the 
schemes may have to be some¬ 
what amended, Mr. Butterwick 

Steel and 



Steel and Alloy Processing, the 
West Midlands steel stockholding 
company still has its sights set 
on expansion at West Bromwich 
and reports record trading figures 
for January. December excepted. 

decisions is that bigness- in Itself - 
is no crime and that added 
fina_ncial strength can - be con*, 
sidered as justification by the' 
antitrust enforcement authority 
only if the strength can be use-. 
fully deployed. 

The issue before the BGH bolls 
down therefore to the question of 
whether it can be expected that ’ 
the financial power of GKN can 
be deployed in combination with 
Sachs in an anti-competitive way.-. 
The Berlin Appeal Court. 
answered this question In the ' 
negative but some of its argu-. 
ments rather obscured tbe sound 
core of this decision. Thus when" 
the court said that clutches are- 
a product so well developed that 
further research and develop-; 
meet could be of no great con-.: 
sequence, it appeared to some to : 
make the same sort of dangerous j 
judgment as when Engels (of: 
Marx and Engels) wrote that with 
the invention of the breech- 
loaded rifle military engineering - 
had reached a peak which it" 
would not be able to surpass. 

Competitive process 

The philosophical question 
before the BGH is what sbould 
one make of the German law 
when it speaks of future 
developments that “can be 
expected to take place." The 
BGH is well known for its reluc¬ 
tance to allow judges to take the 
place of business executives and - 
it hesitates to allow them the . 
role of soothsayers. Professor 
F. A. von Hayek who enjoys 
great authority in Germany has : 
described competition as one of : 
the processes of invention and 
discovery. The unpredictability 
of wbat will happen follows from 
this nature of the competitive . 
process. Yet in the GKN-Sachs 
case the dominance of the clutch 
market by the buyer, namely 
the motor car industry, should ' 
be a sufficiently strong contervail- '■ 
ins nosition to ensure that Sachs ' 
win not be able to abuse what¬ 
ever market strength it has now - 
or will have In tbe future. __ 

the company has attained record 
trading levels for each month ' 
from and including September 

The January success is 
attributed to the company’s ; 
ability to help customers who 
have experienced difficulty in 
securing imported supplies of . the 
high quality materials required 
for difficult parts such as sheet' 
steel pressings. 

Tbe company is confident that 
the significant changes affecting 
the industry, following the intro- ' 
duction of EEC legislation and 
new pricing policies by the British ~ 
SteeL Corporation this year, will 
have little or no affect on outline : 
plans to expand. 

Mr. David Ashwell, managing 
director, has been encouraged by 
the number of new customers . 
the company has won since the 
revised trading patterns were 
introduced, and feels the trend 
will underpin the company's 
efforts to secure a deeper market , 



j Dinars 


197 6 

KuwaMDinam Xu raid Dinars 



. .. Authorised, Issued and Paid Up 

• 1,815,000shares (19761^10,000 

',075,000 shares) ofKD, 7.500eachfiilly paid . ,13,612^00 

Share Premium Account 


-,379,300 Statutory Reserve 
i,620,700 Genera] Reserve 




y 324,796 Profit and Loss Account 

Current,Depositand Other 
Accounts (including 
1*960,034. Contingency Accounts) 

' 390,760 




Proposed Dividend, payable 
[,996,500 1st February 1978 

5,356,330 . 

. and Guarantees oh behalf of 
.5,365,672 Customers, as per contra 


• Chairman • 





Cash and Cuixent Accounts 
51,469,802 with Banks 

103,186,764 Money at Cali and Short Notice 

Quoted Investments at under 
Market Value 

‘ Foreign Government Securities 

and Securities Guaranteed by 
9,798,539 . Foreign Governments 11,369,193 

Kuwaiti Dimas 



31 st DECEMBER 1977 

10,672^521 Other Securities 
20,471-060 ’ •' 


r Deposit Accounts with Banks, 
industrial Bankers and Other 
99,778,273 Financial Institutions 

Advances to Customers, Bills 
223,446,777 Discounted and Other Accounts 

Unquoted Investments 
(at or under cost) 

Subsidiaries and Associated 
/ 3,529,132 Companies 3,770^84 

Others (of which I.BJLD. 

Bonds KD 19,668,125- 

24,474,521 1976 KD22^02,500) ' 22,305,670 


. . Land and Buildings (at cost less 

_1_ amounts written ofi) 


Liability of Customers for 
Confirmed Credits, Acceptances 
175365,672 and Guarantees asper contra 




• 1976 

Kuwaiti D man 

Profit after charging all 
expenses, making provisions 
for contingencies and writing 
3,750,674 down assets 

Balance brought forward from 
570,622 previous year 


Transferred to Statutory 
375,000 Reserve 

Kuwaiti Dinars 





1,625,000 Transferred to General Reserve1,494,000 

Proposed dividend of 22% 

(KD1.650 per share) 

1.996.500 payable lstFebruary 1978 2,994,750 


KD324,796 Balance .carried forward 
KD equals US$ 3.57 as at31stDecember 1977 

_ 390,7 60 



Deputy Chairman 

contra 200,770,551 


Chief GeneralManager 

Correspondents: United BankofKuvr'aitLimited, Barclays Bank MemationalLimited, Standard Chartered Bank, Midland Bank Limited, Lloyds Bank 
National Westmiiister Rank- T ■imrtgd 1 Bank oHhkyo Limited^ Chase Manhattan Bank, FtqiBank Limited. New York Correspondents.-TrringTxust 
y, Rank of America (IntemahonaI).J&nkers Triist Company/XUbase Manhattan Bank, Chemical Bank, Citibank NAJ. Henry Schroder Bank & Trust 
y, Manufacturers Hanover Trust Company, Morgan Guaranty Trust Company, TheBank ofiokyoLimited, Wells Fargo Bank NA, Royal Bank of Canada. 




Peko’s boosted profit 
and scrip issue 


AUSTRALIA'S muiu-mstal mining as ir explained why earnings from Mr. M. A. Upham. the Associa- 

.HbOinniiLtD IIIUIU UJ-IW 4 “ ' ■ - T -a? . - ■ « j 

zroup. Peko-Wallsend, has boosted minins were at their lowest level turns presidem. sain it was 

* " _ _.... ka.i-.PKi «irm that thA mtifprei 

TiVnei trading profits For the half- for many years. hopeFul sign that the conference 

vear to December 31 to $AJ0.0thn. The croups diversification recognised the “ fSSSl? m 
i£ 3 SSm i From SvVJ.Wlm. for the enabled ii to report a 44 per exploration and development as 

same period ol 1076-77 when the cent, increase in net income to being tax burdens and lacK oi 

year's total was a record SAliMm. SCan.fi7.2m. (X30.9m.) last year, incentives. 

The companv also announces a hut the management said earn- “Since our industry .suffers 

one-fur-five scrip isut and the new ings " fell far short ol providing particularly from disputes over 
shares will qualify for the un- a satisfactory return on share- resource taxes between the two 
changed interim now declared, of holders' equity.” 

7} cent* 1 - 5 +p>. The issue will 
raise the paid capital to :;.i.:t 2 m. 

Asarco loss 
of $41m. in 
final quarter 

shares or M> cmiLn from ihe 
present 2!».M3nt. share-'. They ro-«? 

I2p to 44tip yesterday. 

Our Perth correspondent points 
out that the company's broad 
spread of mineral interests has 

protected it from the depression ~"Ep B ESSION 7 n ba^-meta! no agreement had been reached 

markets has pushed anorher between - 

levels of government, it is encour¬ 
aging that several premiers 
brought litis matter up at the 
conference, m recognition that it 
is seriously damaging the mining 
industry and inhibiting long-term 
investment and development 
planning,’' he said. 

But he remained concerned that 

in base-mcials. Thus, 
profits From coal, gold and tun? 

the provincial and 


and mineral sands suffered » net lo>s or_ S41-2im. ^ 31 ^' lo r he provinces by 

Sales of coal and tungstic oxide ,£21 Jam.i. equal to lh e companies. "Thus should not 

increased while the respective share. in the fourth quarter of r | 0U( | or delay the very important 

per cent, and 
The company's 

prices rose by 

30 per cent. . 

Warregn mine enjoyed a 41.6 pre viou.*l:-- this leaves the group 
per cent, increase in gold prices. wil i, a nct io<.. for 1977 of S29.5m . 

1977. _ issue or mining tax reforms.” Mr. 

Vfte-r ..l I owing Tor profits made Uphara statet |. 

1 . ihu laoruc I n P n rftiin 1 

nr 51 10 per share, compared with 
.1 profit :is 1970 of S42.:im. Sales 


in 1977 amounted 10 si bn. com¬ 
pared with Sl.lbn. in 1976. 

i>n the niher hand, the bismuth 
price weakened by 42 per cent 
and that of copper was 14 per cent, 

Pcko's coal stocks have in¬ 
creased because of *1 fall in de¬ 
mand from »he Japanese si eel in¬ 
dustry cu< f timer.*. buL the company __ 

ha- xono ahead with expenditure in'" B r Uisli Columbia and a prov 


Canada's Sabinh Industries 

m.oniiiv — .. . ' Ti, a o* Thursday's deadline to com- 

011 hoosung the grade and quanmj <ion for lls closing costs. The iw option n „ a 47.3 per com. 

or future coal production in reco-- mine> which is equally-owned with /„ 1ereSt in Irelands Rcnnickx and 
nition of the fuels sound. lon_- \ ewroon , Mining. has been losing Bennett 
term prospects n i ;-n energy rc- m „ nev s j ni . e 197.1 as a result of 


The lnsh company has a pro- 

Noranda mines 
suffer from 
slow markets 

ion copper price*!. ririns costs and 

BnihbV-T 7Z' m.n. of T,S 

A funner charge of s.i_»3m. nTU . Hrilline of the 

urincr cnarue 01 Explurtiilon. and dnllin; 

from the closing of the ar< £ by AFes 

oT the 

arose from me closing 1-1 me ^ bv j| eM | na has indicated 
Penh Amboy plant in New Jersey. somP 2 ,'.t. tonnes of ore grading 7 
Hus plant. ■■ Inch hatl been strike- . L . ent and sine, 
hound for -ix months, was shut ,, w ... r,„„ 

down permanently v hen the com- if Messina exeripses ils Ren- 

tlial an economic nicks option. Sabina .s sta*t vvill 

basis for continuing operations he reduced from l .^ 1 * ^ nl 7 p l f! 

IN THE aftermath of annual could nm be worked out with, the 10 cmifribiue ”?fi4 

figures from the Noranda Mines trade union. A settlement ha, not £ irquu 

individual mines vet been reached ar four other P? r Le ?‘- in ,ne 

group m Canada, individual yet uwm ^ 0 f a mine, or be reduced prog res 

have been announcing result, plant* a Inch were shut down by a g t0 aboul l3 pcr cent, 
v^hich explain whthe groups strike on Ouiobcr 1. 
minin" and metallur-ical opera- Meanwhile. Asarco has had in ’have been superseded as close, or curtail, other of the 
revenue »*arncr, bv manufacturing group’s copper and .-me opera- 
and fore-t products tiniiai. tions "A necessary response to 

With earnings at their invest the economic realities »( lit? 

•iince the “lart of operations in depressed market* and prices for 
MH3. Orchan Mines i? to lay off copper and -me." -ays ihe chair- 
7.1 of ii< 260 employee--, writes man. Mr Lharles Barber. 

John Socanich from Toronto. lie adds “These actions, of 

\pi income was SOn I Am. course, haw a negative effect on oiiures compared wilh 1.723.466 
i£fi!M».rtfin> last vear. barely unit co=i and earning--, but pro- ounces for December and I.T49.SS2 

rhanged from the sf'an.l.fim. of -cerve ea-h and in ihe long run ounces for January. 1977. 

1976." a- rhf company wrestled contribute i.> ihe halancinc nr 

v -iih the problem, of 1 In- weak -supply and demand fur the.e 

■in.- and copper market--. This metals. The outlook for silver, 

vear it i- anticipated that pro- !c :< d .-.nri other of the company’s 

"duetinn will have 10 he cut hack produces ts satisfactory" 
in older 10 balance -upply wlih 


Synth Africa's gold production 
for January show? a slight 
improvement over ihe December 
figure, coming out 1.793.469 

market requirements and to 
avoid building up the metals in¬ 

At Maitajtamj Lake Mines. 1!».« 
net income at SCan.ll.6m. 
i£o.3m.» vidv 22 per cent, below 
the I97fi total Of Again 


The Republic's 1977 nut put w.v- 
tis lowest for Id years. Production 
was iJfeclerl by ihe introduction 
of the M-shift fortnitihr for while 
mineworkers and short-term 
rontracts for black mine workers. 
However, recenr labour shonages 
on the gold mines have cased 
and complements are currently at 
optimum levels. 

In London yesterday the price 

The Mining Association of «f sold jumped S3 10 Sl« 373 per 
the problem was ;%u\ where the Canada has responded favourably ounce, us highest closing level 
fall in the price, the lower level to Miggestions adopted at last smee February IRu. 
of sales, a writedown in the ralite week's ~meeting of federal and 
of stocks held arid higher provinclaF leaders for a review of vnxrVf; 
operating co«ts all contributed to the tax system. .. 

the decline in earnings. From Toronto. John Sogamch S in "LnSK^lf compact m ..v 

The performance of these two reports that the indnvtiy is hope- s»-, : Pi nn Odud: v.k. -'onQ-s ireat-»«i 
mines emphasises the comment of ful that the wj y may he pointed i?w g«w .-to p^r un m«ufi 
Xoranda when if announced to greater ro^irdination of ... 

P-fo.-n-li-?? :ss rnnn'-^-. ?.taiar*ia 2- 1 

group figures last 'reck. Demand mineral tax and royalty system, ""a7^^ m r -»T r haV .v T ?“'wr 

and prices for many minerals by the provinces and the federal -losing in Fnirmcm s-s-*-. -i-tiich 
were very weak, ihr croup staled, tiovemmeni. .wiirwis iii*» Thai nnnes 


B. Sunley sells homes 
dirision to Wates 


Bernard Sunley Investment 

Trust has agreed to seJl its board meetings 

cent, of Somers which last May 
paid £l.lm. for Wolverhampton 
Die Casting. . 

In ks last full year Somers 



Of JU-3m. and 

building division to Wales Built 

IVnntDc Britain's largest DfiVate Th“ followina QOOVWUes taw wSifled ___— _ 

?r S cbuiwer 5 lar ’ e ggj.*g. M s5 s,"j , J Be ■* qiaa 

lnanai™«ut« ue d !^^ht«d SUim. on tur nover of 

bunley explains that »atea miii « ht> vt]aIhi . r to1den as cMjeemed are £j 2 . 7 m. Both companies recorded 
take over management ol r>imie> „ r gnals and ft-* sub-dlviDons rises jj, their first six months to 

Homes from March 1. Mates will *^-0 are bawtf mainly oa last . Sent ember and last October 
pav fur the acquisition over the years unn-iabk. - —* 

next three years .and Sunk* ex- Erltsh car Auction. 

pecLs to receive ihe equivalent 01 F , nate . Aquj5 sccurtUi?.. Brush 
its investment in UlO division Enka j on . I AW . Dr±wnlDrc Corpn.. Held rum 
•• which is presently represented investment Trusx. PenUaad mvestmeni 
h.- l-inri and work in prOSress Trust. BciaSex -Great BntafDi. Sccuricor 

^olfn n .W» SS-SSSSi “* 

The proceeds will De >n- future dates 

creased to take account of any interims— 

improvement in selling prices or London saw rwn Tnm .- 3 

economies in building costs. ***** tistuDQS *** T «* a ' iS - “ 

Sunley Homes made 

*, Tnss oE R«ct-‘l .-- 

a ios>»i ui Tor lnrestme3l Trust 

Fab. 3 
Feb. 24 

Fenner agrees 
£5.4m. for 
Jas Dawson 


and work in progress. .Uthough Ereadsiono investment Trust 

house sales last year increased Mines 

Prud.-uUal Asaurance 

from £6.Sm. to £7.4m.. the group De gt-ers !n<luierial 
warned in its last accounts that issto-J.- johnsen 
the business was likely to “be siiwn>ld*? Trust 
affected by rising costs nnd many 
other factors contributing to the 
difficulty of selling now homes 


In yesterday's .statement the 
company underlines the problems 
of housebuilding, commenting 
that “in 

Fib. 27 j. H. Fenner has made 
F-;b. 3 agreed take-over bid worth £5.4m. 
f, rt - ® for James Dawson, a fellow 
rj' \ supplier of industrial conveyor 
Mar. 20 belting. The terms, which have 
Feb. zi been irrevocably accepted by 
holders oE 19.7 per cent, of the 
Dawson equity capital, are one' 
Fenner share—worth I34p last 

ounuiim. -- worth less than £3m- agains 

order to ronlinue in the <2>Sm. at which bcotush Iuaa.l 
housebuilding a furtlirr v«R’ sub- ern's portfolio is valued. 

Western Canada’s shares improved night— for every Dawson share 
by lop 10 M»P- . held. James Dawson's share price 

Though Western Canada is jumped by 39p in the market to 

close at 126p. 

renner mainly concerned 
viioi me m<muidCLui-e aim tusixi 

siannal investment in Sunley balancejoreacnpomono im ouuon 0I power iransmJiwun 
Homes would be required and the balance of ejeh poruouo ia joauatriai conveyor 

under current conditions and rough ly the-same.andItbetuo 
legislation, .sufficienr =ond class companies share to directors in 
htiildin? land at realistic prices is common, 
not available." 


rentals shares exiJet;[BU w 

Philips Electronic and 


Ueiuiig, quid aCuJd and paufctfoe 
lUiiiuijjg convenors. uawaon, 
wuuae products are. said tu uu 
coiiiHieiiiomary tu luosu * 01 
Jb-euuec. supplies helling tu indui- 
truu and agiicmiunu uaers. 
me official otter document is 

contain an omejal 

The National Enterprise Eoarrl ^J^iated Industries 011 February p ^ al 
fc. invested of im ni ^ ^uTred further shares of ^amm^taiem^t 

Power Dynamics by subset ibing Electronic Rentals Group which man,jaia in no a 

reprc-<emin2 one-third or ihe , ia| . p (.- 52.975 per cenLj. 
enlarged equity and £ian.0«p for ‘f ota , n M um - 0Cr 0 f 

12W.OOO til per ceu. ,-umuiame 'chased bv Philips 
redeemable participatin''.' Prefer- _ 

accounta lor Uie year enttin 

shares A ^ ca 31 - 197 ‘- lbaC ““ . me 
aosence 01 any majur setback m 

purchased ov rniupo »n«e ^rood half ol the year, we 

foresee a return to growita. 

c-nce shares 1982*85. business day before the announce 

Power Dynamics, or Bndlingmn. ----- ^ for ERG which 

nVO- . . _Sc nnti 

..— The Dawson interim statement, 

Humberside, manufactures h.yd- December *23 is now announced last November, showed 

rnuhcully-operated tube and pipe , 300 — 1 999 per cent. This is pre-tax profits of over £411,000 for 
bending machinery uh.rh will - ^ a> j mimi Philips can buy in me first six months, against 
handle tubes andpip-s or up ™ e™ wiSSS!i» inhering a take- -uLOou in the corresponding 
1_ inche-i dtameie. Such * ve * a bjd ljnder R. jle 3 * 0 { -j ie period the previous year. The 

nidchine 5 are used in nm-lear 

power engineering, ehemiral plan:, 
manufacture, and *hiphui1dtne 
About half of turnorer i^ 
exported, directly or mdiiectiy 
The .-onipany ha-r hcen t-nn. 
<isien:ly profitahie enre i‘ was 
set up in 1974. Th<* new capital 

Takeover Code. 

directors said at the time that 
1 ney had “no doubt that the 
maximum dividend presently per¬ 
mitted for the year will be paid." 

Fenner, which reported record 
profits of £8-4oi. for its last finan¬ 
cial year, up front 17m- is being 






is to hnnncc the expanMnn of the . . for? . cma<le r and dieca^ter advi^d by merchant bankers Hill 

company'* manufacturing faciii- m “,|, ich j oh nsim Firth Brown has Samuel. Minster Trust are 

a 23 per cent, stake, yesterday advisers lo Dawson, 
announced that it had spent 
nearly £1.2m. buying 3 21 per cent . . . n , NV 
holding in Birnungnam mickles ALLItU 
and nut? and bolts maker, F. H. The cash offer on behalf 
»ho -r,nn -»*«. Tomkins. United Medical Enterprises 

nu, sra n„,r- SqiSt? Vf W«l,n scqulred th« Ml» »iui«all U* wM 

Canada Investment' Company by shares at 225 ;p per share which Invesunents j.ssue ..g?l 

its parent. Scottish Eastern Invest- compares with a market price c n °} ' a I^.plLd°hl^SmMtl 

men! Trust, have now been agreed yesterday of i?p ex the interim been accept^ m | 

by the Boards of each side. Scot- dividend of 0.3p neL of 13J38.495 °rdmary shanw 

^ssrrBrjr&S ES : b« 

offer period, 
per cent of 
_of Allied in 

per Preference share. For “the ^ 7 "/^ Swie'and'to be"issued. 

Ordinary -hares, some 2t.i per ' ^| otors through 'Griffirhs The offer will remain open 
cent, of which are owned outside Z J until further notice. UME in- ®ade 

Scoftifli Eastern, an offer or GoOp 

j- 1 fcioiAw*** ■ : • : m _ 



UNKED LIFE business is ttoiring- 


SgSE&JtS. »:3S-aPii3aS& 

* at . to* M hjramSs The'- insurance brokers/. 

finance planners were i 
wntten durfag 19«T MSHJojy actively .rotating.'this .tfa 
during the year from m tai^ness. Vanbrugh L Lift^ a.n 

first quarter w .gj»- ® ber of tte Prudential Asstsj 
second gviA Group. v*ich ; only deals thit 

third quarter to £69An. over the per:Mgi^ 

final quarter. ■ • .' creese in boEd • oustn^af 

Thus £47m.—over one-fifth -QtW, 

premium linked Hfebood marKeL In - contrast ;the.' 

ness jianped to £32»n. ..from Abbey Iife. and;>B4a 

£l70m. in 1976. ■ Btit'even^ n»re niore dfrect sales,compa 
significant is that bushtess is now ^yp arieBced-'a -slight droh-litf 

- ->-!— levels to tne - *■- ««— —v» 

approaching the levels in tfio .Other - smaller lir 

balycon days of the bariy .companies have reported 

business in 1973 totaled £34-rm._.. ceases in sales. Investors 'm 
The beginning .of this decade jjjg ; j or proper^ ■ and-^tHa» 

' fnndfc with soma-gilt invests 

Very little taking putintejei, 

funds. -r—i 

.The other.growth 

linked • sector ' is _ in, . .an 
premium pe n s ton ■ DUSHjess.' 
linked sector has confined l 
to- qiaxketiiig executive pea 
' schemes and . s elf-e nipfr 
person plans. It has 'k^it oi 
. the mainsiream.-'gronp. pefu 

.' market.- And. tbese^two-fi^ds) 
very much growth fields last, 
for an life assxnrnKse^HSaiipi 
■■"arid iuth-linked; - - - : -. • 

The self-employed / have: 1 
encouraged to" make 
pec si dh ; provision because 
the state scheme T ghws,ct 
nothing but the basichewfit' 
Ihe Chanceflor last.yiear -igm 
the iijhits which the sdMp 
edn put towards their own pa 
pro vision. ' Fin ally, '. tne': 
companies. Increased the con 
levels op this.' 

saw linked bond business mush- 

room headed by Abbey Life and 
Hambro Life. It was the era of a 
the property and managed bond. 

. _ . An executive pension sober 

the property andmanagednopu, foolproofmethod.oftrarisfei 
with eoaity-sales also extremely the compatvS 

high. Tbe companies were also and - executives; 

marketing a steady amount of ^ 0 , 0 ^ that Canid not be; 
regular premium. bu 5 tness based the same effect if dire 

- —y ■ were jfUfc.- HW» 

pension, scheme. Bence 

k— r—- — . ^^^l/ fUf companies espCrfaTly the! 'li 

reached a &&&_ 171 ones haye found thls market 

equity and property marseus some of the 

then all-time high v« s hipWaahted 1 




literature has highlighted lb 
„ benefits and relegated perish 
Then came *JEF?S£ the main reason for-the-s«*^ 

collapse of 19/4 and 1975_wd w ^ status D f a .fr.tage_bej 
linked sales fell with thejnanret. Abbey, Hambro' and those 1 

while conventional busjn«s -Qj^p^hJes that sell these typ 
actually increased Jts sales _ c ^ ies re port good growtt 
during those years. ^e-gm*a -vanbruglk. has * only 

sbow how dramatic was that fall " tered lhis 
especially in single premium f 0Dr th.quarter new has 

bond business. The recovery jn £or M ufe assurance 

the stock and property markets tta si a strong, reci 

.. . _ —climb back compared with the 

resulted in a ‘stei 
in sales of - H 
linked business ..j 

e premium 

of . the year. - PenMoK busin 

tked business../ ann ual and sinsle. prer 

This has be Sg f *JJ2 u 3Bi.S -^picked up r^ecting theU 

the acceptance 1 of this sector ny p policy restrictions 

improymnepts in pension ber 


individihu. 4.»Fe,*samA«aE wihsss w m 


let qtr. 


New AnnonJ Premtiutt*! 

■ a> ordinary buslne CT 
ib r" pension <lncludins 













I "■ - --- . 

New^Sfnate prynlnwe- ; ^ /’ ' V>'ne.V ' • mu .7 118.9;’ - V 

. ontoram barota*-jLr--Vjta^S^»"' w* - _ ' '/ 


) pension 








37 companies wound-up 

a share is to be made. Yesterday 

Trideot is proud to present 

Demand for TV advertising on both Trident 
TV stations, Tyne Tees and Yorkshire, rose 
by 30% over the previous year ended 30th 
September, making Trident Television the 
second highest earner in the iTV network for 
the entire period.This buoyant demand is ■ 
reflected in the year's highly satisfactory 

Other highlights of Trident’s year included 
the acquisition of Windsor Safari Park, now 
undergoing a major re-organisation and 
extension; the completion of Trident Films’ 

first feature film ‘The Four Feathers’ and a 
successful first 10 months overseas sales 
drive by the recently formed Trident Anglia 
Sales organisation. 

Sales of TV advertising time should remain 
buoyant throughout the current trading 
year and Trident expect to make further 

Mr. Ward Thomas, the Chairman, says in his 
Annual Report, "I see 1978 as a year of 
continued growth and increased profit.” 

Annual Report available from: The Secretary, Trident House, Brooks Mews, W1Y 2 PN 


HidentlelevisLon Limited 


infc, Mytchett pemffiition. iOTt-.- 

Tate & Lyle future plans 

karru D. N. Securities, and' ]\|ailCUeSter - 

H HJSpwS n St»tes, Manley Bn- London and HffiMhesto' 
gineering, Mee Kee Ghop__Suey now declared the total Utl 
House. Lawrence. H. Morrw addition to be. aPP^^ J 
(Engineers), and Cirffbank Motors. Decem ber si, 1977,lor. the £ 
Lancaster Turner and Company,. gefctire Growth 

A revahiatkm of fixed 

investment t*e rwu^ m a ti^J^r ^ l. V . Supplies (Cray- S| ias declared a-’ rat 

DIRECTORS OF Tate and Tj^Ie 

say that its recent investment uie — « --— 

programme has shaped the com- Sa donhQueens Hoted (Newcastle), InterestadditlonoflO^per 

pany to take advantage of the nd^m surpl^ a^ngfrom the -;S5K the-total. to : 1« 

nt from its sugar in- rev-aluation of *b? Rhmden and Sons, Seejay . In respect of son 

skills learnt from its sugar in- reraiuanon “ JTTrli rtZn Bkmden and Sons, Seejay .. In respect ^ ---- 

fMd ' enersi ' snd en ' » l sj».pfiT-5SS^ ss2L«^ ^ 

vironment. . Transport . ' ’ . r 'to'13;7 per cent, *w 

In foods they see sugar and the 0306 sugar HendsMre Transport, L. V. and over fl 5.900 have_ attracted * 

starch as important supphere of renmn, mausay. ^ Thomas cBuilders).' Adostral.-df wterest addition of IL 

cssenuai carbohydrates. Tate Goodwill now stands at £7.4m. Exports, North West Mercantffe--.cent,'' bringing ' the . cons 
already produces starch from compared with £17.94ra. la^l year Securities, and Hargrave Coritrac- addition to 145.per cent 
maize, and from this glucose and and after I42r> was adaed by tors . ;' .. The Investment strategy e 

fructrose. Future development acquisitions. Simpson and Sons (Borebain g_ cure Growth Pension Fuj 

vill include the production of At the balance date debenture Wood). Trend slow * Heating, jmre «t r a 1 

. , , , uluc l‘ lu, ‘ wood]. Trend stow ^nrauue, moroent is invest:'a* 

alternative crop sources for stareh stocks and^ loans srm almost vimark, Hammett arod-^^Grandsonr^'riffibunt on deposit; while tb< 

> 7 !\TY 1 tn TT t>(««ai 9 iva«V . . .. *' ’ • ___ _ 'j Jl 

riSS'ted in ■*’ S Rreiafc. of *** money goes into d 

reftected in Meadville Factors, E- S. turEs.. corporation - stocks ■ 

and an increasin gnumber of in- doubled 

dustrial and food applications m ni2.77m. This was reneciea in MeadriHe Factors, is- s. ■»». tures. conioritilon .stocte 
which starch can be used. the groups pre-tax profit where spear : (High Street), Campah^U^^ gatsTwkhTeper'cenLof the! 

The group’s sugar interests * ere was a fin ancin g Pro-perUes, Graqrfacs foGo maturing Within 15 yea 

have been extended into the U.S. cfl3r ? e a £l.ora. credit national,'and Rbbir^oti. and Cox ■ 

bvthe purchase of Rellned Syrups previocBly. , Buflders ^ Buc taiigh a r ri.' ‘ 

and Sugars Inc which T a te For ^ current year contracted in another court, Mr. Justice - . . - 

a sugar refining and trading an d authorised capital expenda- Slade rescinded & compulsory ASSOCIATES DEAL 

capacity in an enormous consumer 
market they say. 

lure is 

shown at £27.86m. winding-up order made on Feb- 

„ ' February Ifi Hhl Sa 

ruary IS against Barry A. Titter- . p. - Wonr^hf- -•iflO -Th 
, .w , For the year just ended there rell-twa Son. He dismissed rii® nn."behalf a 

In energy, the croup has been , Aas a £4225m. Increase ifi work- petition, after b^tm told that the 
exploring and developing The in ^ ca „ itaj against a £52.4flm. debt and costs had been paid.: ary mvesm«iii : .cmaiw . . 

possibilities of releasing solar ^Crease He also directed that a com- W. L CacrJSons and Co. so 

energy from sugars and starches Meetin- Duke Street. W., on pulsory order made on February behalf of *h roodafe 2^00 
and transforming it into ^ aTC h 15’ at 11.30 axn. 6 against Help 24 Hrs. Plumbing 'Lefanom Group'..-ax~10fip. ■ .. 


ft is introducing chemicals 
on a commercial scale and its 
subsidiary Taires Development is 
currently producing sorrow based 
non-polluting surfactants — the 
main active ingredients of deter- 
gpnr.s. Products based on 
microbial pnlyaccharides for use 
as industrial gums in the food, 
textile printing and petroleum 
industries are also being 

Starch hased chemicals also 
have considerable profit potential 
and as with sugar. Tate has the 
opportunity to develop the pro¬ 
duction of the base commodity, 
they say. 

it is developing skills to up¬ 
grade a variety of wastes to con¬ 
vert them to proteins for animal 
feed stuffs, and is a participant in 
the market For waste purification. 

it is also able to provide a variety 
of technical systems for pollution 

Tn their report directors say 
that Tate's profit fnr the Septem¬ 
ber .10. 1977. year nf £43.SSm. 
1 i’52.51 m.» would have been 

reduced to £37.5m. under the 

” Hyde ” guidelines, with a £2.5171. 
rnsi nr sales adjustment and addi¬ 
tional depreciation of £7J2m. offset 
by a gearing adjustment. 

Accounts shows a rise in the 
net current assets of the group 
from £21.Rom. to £fi3.47in.. with 
an increase in commodity and 
engineering stocks from £8Sjm. 
to IlOO.Pm.. a £J4m. rise in 
debtors 1.0 1124m. and a £3.5m. 
lift in short term deposits and 
loans and cash at bank and on 
hand to £7S.99m. Among liabili¬ 
ties bank loans and overdrafts 
and short rerm loans increased 
from £33.9m. to £40 7m. 


Small assistance 

ir- -> 

Bank of England Minimum 
Lending Rate 6} per cent, 
(since January C, 1978) 

Day-to-day credit ws in slightly 
short supply in the London Money 
Market yesterday. and the 
authorities gave assistance by 
buying a small amount of 

Treasury bills and local authority 
bills from the discount houses. 

Banks brought forward slightly 
above target balances from 
Friday and the market was also 

helped by a slight fall: in - 4to" note- 
circulation. These, factors, were 
outweighed by a fairly large .net 
take-up of. .Treasury Wfisi. how?. 

ever.. . '. 

Discount. houses paid around 
5} per cent, for secur e d-call loans 
in the early part but wfireiMton fin'tf.balance* a*', around' 

5 per cent. At the dose Funds 
commanded - per cent, '■ 

In the interbank market' over-’ 
night loans -opened, at 51-fiJ . per 
cent, but rCSMO pf per cent on.' 

indicatiariis^of^iv^®®^ aba 
- of funAfc. = 
■cerit-ffi tae^aftertiodnF not-C 
at «4}-;per. eaWK^..--. 

:. S hiartnernt fixed' pen od r^t 

rates i7ni 

-siigbtly ieft.w^tfSe-tnraer 
for a, In - Bank of Enj 
Minim mn "Leoduag Rate^ 
r . 4a We tteto^ 


Feb. 20 

1 dtetiuqi i 
! Uertificnte j tpiertnsk 

L/w . l-Uxau Auth 
Auttrarlty.; neerBiabl* 1 

- Finance r f thewitiitT' 

House- -f-tkiiHpAnV’-r tnUfcriC'.'Vyntesmy. 



1 ot riepomts . 

rteprwite * • bewta . 

Deprafte 1 • Dennetts'.'deposit .< t Bills 9 ■" 

— -—— r ,. .. LW...-,.,- 


Omnngbi-.w. ■ 
Jdsys uottc*..) 
i iI» vk <>r 
/ -uys ounce... I 
One miHitii.... ] 
Tan mwiib?...; 
rbrw muoibsJ 
9K monibfl.... 
Una yenr........ i 

1'nti .. 

__ 'I 

S 6 I 1 

a*®-* . 



7h h-m 
7 i4 '1 rt 


6A61 B ‘ 


v ;b-73 4 
Hi -e 




654-679 ; . 7 . 0 I 9 
IU-'iSb •' 7-68* 

- !-7S9-7BB.j 

' 739-819 ;> '«i*.-744 y 
»r^9 -• r- 

6 l 48 »a 
6 Si - 6*4 
678-7 . 
35 4 8 

4! - 

Local authorities and finance days* jwUM^oaieM wv«i days’ ftwU iwi teiritr' nnii 

rat; nominalir three yean 101-10} per cvql: (out .jrcBre.Jflyai per cwit-;;8vrvrar* ; ifltat.petcs«.^^ , Bsm)t--‘Wff-nittS ; tq 
are burins rues for prime paper. Burins rates for foer-nvwtb. bwtfcljiUs.fiHtiM pec.rrnrjj vf<vnr4hflpffi l B , ^g-2flDs 7-3-jria 
Approximate aeliine zatei for onemoutb Treasury.•percew.;', two-RWWh‘52<jjs-SJaff'and-tW**- 
S 15)9 per cenr. AppmOraare seDihs rate for oae-tnoub Bank htn* js per vent.; -ift. jet jHfflfaT.Tmd tbreetowotb SKI 

cent. One month trade bUU per cent.; mo-raowh ‘ . per _ce^L^ and - alavnwe^PPJXth^ai-P^.^eDt,-r- 

finance Neon Ban Rates ianbUsbed bp the Finance Boose* AfiBOtHaHcviV --1 Dir cent trasrSwurp -CM4ag 

Deposit nates « Ior small sums at seven dors' nonce) a par cent, xtaaru* Baidr.Jtatas-^ar fcadiug>-d} par'cexn.% Tr es s u rs 
Averuse tender rases of discount 3.9130 per cam. 

■ - •••%. 

|Tt j, -' ’i'I _ . :. - 

Iisies-' jimft.iaS"*L~BLiniar^ ,i.jgj, 


Dollar weak 


(ini'f blif'ltoD.I 


TORONTO, Feb. -0. surrounding the UJ5. dollar Id the February 1975. 
foreign exchange market yester- 

dais on approval from all its Tuesday. Hong Kong Bank put on da V' Sterling also had a soft „ — 

creditor banks of its financial 20 cents to SBK17 io Hone Rone undertone, but this tended to be £n * , jSiwr 

rescue plan. & 0 \ vevcr sh J, = “ disguised by the extreme weak- - EiE4 , 

SHKfL65 and Hutch^nN^m^a SSJ2 Stl SSS «• ' ^ 

| Concern about the U& miners finishing at 8182-18*3 the highest miineu-jn«>i"| 

[strike added to the nervousness closing level since the end of .!slBB.i 8 a»» '<17 

e business., . -■ : . 
Toronto Composite.-. Index 

SITU. iinrl'SffilM 4, Amnvarl AMSTERDAM — 

disguised by the extreme weak¬ 
ness of the dollar. The German 
D-mark and Swiss Franc touched 

SU ' AMSTERDAM-Mainly softer ■- 2.5 cents to SHK3.55.. Mhl £S7hS SSa KttKS 

A'hile. gains in Toronero ahead-11 -apiece, whd eCciane*e . follnwing slack trading conditions Matheson, Swire Pacific and and the German Bundesbank and 

edge over losses «f 209 added .» eents at S 2 .. 0 , In Butch Internationals, Royal l ^ 1s ~ TraSSSt? while The Whcelock were all unchanged. Swiss. National Bank intervened 

atui turnover came to. A lo sl ^LSo. 'Dnteb lost F!s.l.l0. affected by the ^!L. r lo i ran 1 s . p0f ??’ cJ^bS-mk " TOKYO—\fier a .T^tiT to limit the appreciation of their 

lares, compared with, last ^d Nhreen Energy 3 at Sloi. weaker dollar. 5?“££, r k *555?' TOR*«—-\Iter a weak start, .respective currencies. 



Bearer lost i4 to Sw.Fr&£65. TOKYO—Alter a weak start. 
■Banks retreated. M by Bearer share.Prices picked up. helped by 

0(*inlu-i.>18012 16Hi *1791?-1601* 

Uumimnii" i? 181 60 >1<9.60 

..£92.938 .£Sa.401) 

VllFrn'n fix'- 15182.23 . $ 179 4t> 

,7£9d 189 . O-'B2.310. 

■join Com... 

"Wllctlly > 

Knj 4 -emu>ri..'Sl[ 912-19142 *lb?to 18912 

- ■ '.£■ 7- = 8 - •i£o6I2-971ji 

-MewHoVitiu.. #_ 7l*-r9l* SS8l*-60*« 

''£2912-3012 i£30-3Z< 

-UM soe'njn«-5;7U MV* iJMi-.^eia 
M'SSh; 30l 2 -rIT 9 50: 

2 ^; C ^rSdr£ctS MfcnSaL %S ? l BcII ol th «, nferkei 5 FS& ** share, prices picked up. helped"? 

MM'ZSSS: SSV sKrlJd ISd Ck revived.fotereat in eaport-orien- 
i^l b haak and- Publishers, Jirmed Leu. Financials had Motor tated Issues. The Nikkej-Dow 

. 2ned ; noticeably, .with the NaBanale, . 8145,’ and ' AJWtibf 
ides advancing' 22.5 to Papeir. $Ui; each pickgdf up 4- 
Oils and Gas added: 4-7 •' . . : . - 

, but Metals and Minerals 
d with a decline of 55 


against the downtrend. Colombus down nearly S per cent. 

State Loans held-steady. . • Domestic Bonds were steady in 

c . Mar j<. et Proved re- 1 ^COPENHAGEN-r-After moder- 

- c °htinuing turbul- ate dealings. Banks and Coromu nj- 

in export-orien- Tbe D-mark touched a best 

The Nlkkei-Dow lcveJ of D M5-0240. before closing 
« DM2.0265. compared with 


Columbus down nearly S per cent. Jones Average was unchanged on Quomi?! on’Friday The Swiss 
"" in >«» «ta-fi of toutedS?>il S 

re ^nPKNHArFM—After mnriar 210nX Sb '^ 6S ' before closing at Sw.Frs. L81S5, 

•ifriSw^n!Sri2? nJUSSS" Many shares fell initially on compared with SwJrs. L8860 

~ ~+~i > - - • ence on Foreign Exchange an d reports of difficulties at fildai Before the week-end. Morgan 

41.17 and Papers DJ5 to share prices closed mixed with a remained unchanged and Com- ? oinp * Jiy ’ fa H r th ? s did not P r °- Guaranty’s calculation of the 

«.II WQ rapera.vjs Pi-J' • firmer bias. modiriek Shfnrtn«s and inS duce a nQa30, ‘ ™Pa« thd dollar's depreciation was not 

fWuK e«*„ Cirii. - anS Bre 8 I M 8 r -L- Major Banks firmed un rn- DM I S^rem5° d 1 d market as investors had already available because of a public hoU- 

Stocks on the Paris Bourse put wffl? S5Sn £wI*S BiSera STOCKHOLM—Ea«rfpr t en rf on ^ anticipated a failure. day. in the US., but the dollar's 

JVereto were both DM4 "higher, although Marabou gained 5 at Electricals and Vehicles closed ‘"dM. on | Ban Jc of England figures. 
: 1 . . . ■ — ■ —. . yesterday, - affected^by= technical leading Chemicals and Electricals Kr.I25. . higher on the day, encouraged by fe ^ t0 901 t ™ 01 90-9- 

Paris irregular 

I ownrinmi 

nudities. Shinning anH' Tnrfnt. uuc 7 ° impact on tne uauars depreciation was nor f ” SEP OCT NOy DEC JMI 

'tSkMri mSd- d market as investors had already available because of a public holi- 1 — ■ " 

STOCKHOLM—Easier tenrient-v a failure. day. in the U.S., but the doJJart 

a &o“h SSbon winS 1 5 ai ^ElKtriaals and VahicJaa do»d »' gf ** 1 CURRENCY RATES 

Kr.125. higher on the day, encouraged by feXJ to 90.1 from 90.9. • • _ - 

Uol-i coins...; , 

lintenut'llTj; • • 

KrugerranH ,ifle7-lt9 .3164 186 

liXa 5i*-t 6 S* ,'£=4V4-B9h) 

N , w6oVT'imF:S371d.-oSl* >S67<{-a9l4 

;(£aaie-30i2' - (££9i2-30i2) 
01.1 stoYr'itnjjgSVU-sBk Ig56l2-58i« 
VCkSia SOij. (£29 30 
S^O K a ^iM.... l «7B6-/86 5278-1581 


Bank - 
Feb. SO Wt»; 

Market Kates 


■t Tallow Sterling's trade-weighted index. 
reriaSn' *? calculated hy the Bank of 
Pinner ficg^d, was unchanged at 855, 

, rlODcCr oftpr etanriino at (54 0 ot niuin 

6 |» -SUL- 

Drawiii r > 


Unu o . 

“asas?!; fflSSSt ™-C35 MKSST' SSSJaSSST-Sia -- 

3S-HJ!S“tesaass?*«“■ ° veraU «s 2 sa 0 - Tw “ 11 Mo,or sua'-ar«5fe=i ass* 

| tWum ilj tf*m*ry 20 

• thP latper otwtlnn hnll had TrTtlp . 1 rveyuiauus uoujub v VQin - OD - 1 “ eariy traaing. ine pouna T-«TiiI'!- : 7™™! 

me latest eiecuon pou.naa^jrrue Authorities intervened to sell moderate. at *910. nnenpd ai si iHTti m s the b.b.duiiar.—. l .22086 

oo Bxtfonttons Canada*-.“^SSfl^bff'Sed^iriSukh g.M5,5m. nominal of stock. Mark .Financial Minings were liigher Pharmaceuticals and specula- lowest level of the day in terms amT^u" iiS38 
*- Corporation «A- added decided 9 treiffl^a!thof° re « n LoanB were w-e,] mam ' on balance—in line with pro- tlves made a firm showing of the dollar. It touched a high tWgwn frenc. 39.3361 
--Prime; Investors has bid. ^ tSHucBoS ta,Ded - ducers. De Beers gained H cents throughout the day. but Fujisash point of $15590-1.9600 in the Sf JfJI 

A * ,ori £' to 52 - om - worth on thre other bamL were steady ’ MILAKJ-^Stoeks finished on a to R5.70 on strong Overseas and fell "I# to Y69 and Japan Line Y8 afternoon, and closed at S15510- JjJgfJUJHj e 7 i«S 
® 'wer shares; .. •• &TStKm un- "V^d note after a light turnover, local support, while other Metals to Y60. 1.9550, a rise of 85 points on the KSftilSt l.'slllo 

I 0.639121 
I 1.24811 
' 1.39695 

US. markets dosed trad- 

Dutch guilder 2.71336 
Fmocb franc.. [ 5.88760 
Italian lira..../ '1044.76 
Japsnew yen. | 292.396 
Kurwnj- krone | 6.57006 

1 6.91617 | 6.99602 

2.51314 I 2.54072 

Xew yurk...i . 61» 1.9476.1^600 13640-1.9550 
M-atnwI.... 7iiS.1736-2.lSH 2.1920-2.1650 
Aniiierdsm I 41;l 4J7-4.31A -4.S7 ji- 4.28* 
Brussels:....I Ola 62.00-62.70 ; 82.00-62.10 
Copenim^euj 9 ! 10.62-10.99 - 10J2-10.93 
Frankfurt... 5 j 5 . 9 fii- 4 . 0 O 3.B6i-5.96j 

Lisbon.I 15 ; ! 77.95-70.20 

Madrid.I B 156.40-167,20 166.66-T5S.75 

Milan-j 11l 5 ; 1.605-1.669 . 1.664-1,665 

‘•'"If. 6 I 10.54-10.44 '10.545-10.355 

hnK.. fll = ' O.M.».40 ; aJJ^-O.SW 

t-tuckhuIra., 1 * 1 ® <«» #<1 I a 'oB' o 00 


ts ar 51.9a, all following:- BBUSSELS — Shares: remained Montedison, Anie and Fiat HONG KONG — Market was the latter sector meeting selling ing in gold was described as only Spain£«»«...: bb .2768 

"Mngs: . .generally in easier veih^iu slow showed gains in generally lower little changed after very quiet on consideration of lower metal moderate, but the metal touched Svediib krone 1 5.65588 

st transmission, which trading. ... C - - Industrials. Generale Immobillare trading. prices. a high point of $182*483. before Swlw tm,.... - 2 . 3049 a 

irec-for-one stock split, Petrofina lost 80 to B-Fis^Soo rose 3 to LS4 j in irregular Finan- Ahead of results due nest BHP receded 10 cents rn sah so 

prices. a high point of $182^-183, before Swlw fraao—'■• 2 . 3049 a 

BBP receded 10 cents to 8A5.30. 
while Woolworths shed 3 cents to 

toierte ISiJSS ?^"aSa stMte exchange cross-rates 


fORK^ 0 ^ Jdires 

Feb. i-F*9>. | Feb. 1 Trt«. i Feto..i.Fett j- 
17. * 18- - Id 16 l 15 : 10 ! 


I ' 1 1 - laTlilfs 

Tnii. 1 Fen. | Feb.: Frt». 1 - 

17 I lfi ; 16 I 14 ; HUrfi ! L-r 

"Te.W. 4B.94- 48.M 1 49.47- 57.07 : 43.90 

: I . .4 .-1 .70. '.17 A.7J 









0.38-aJ>45 | 8J99i-8.99i 
460-476 - 462A-464A 

High i 

Hlufi : L-y ij 1 *".' 

- - |_ Falu. 

57.07 : 43.90 lucliHnuol. 

, (4,1,77> ;.17/2 7rf, J.*"' \ 

i\e»' Lint.> 

Q . j n Ik V4*6.v« •'Miiuillk, OIVLUAi 

Rises and fails Concrete Industries and Stocks 

Feb. 17; Feb. 16. Feb. In and Holdings both eased a few 
,,„>**,n.dM- _ ;i^riTiS5 :l T^" centfii whi,e S «s ar s had Bunda- 

iMmaindad.; 1.813 , 1,848 , l^Ob ^ Qn 3 C0nls dow „ at 

. 676 1 1.040 834 5A3.60. 

.; 481 ] “E 9 BNS Wales lost 6 cents to 

.1 _ i 105 AQ SA5JS0 in easier Banks. 

. fraiiUiun .\eu >i-tk 

cli«i Amtt'd'm I 

666 - 369 1 

676 1 1,040 
481 I 439 

- f 17 

- 1 105 1 

fnuikiiin ..! — 2u3laC63i, 42.43-fCi '6^74 33* 1 3-s»17-‘t7 id70-fc0 :111J340 

!.\*w York *. 4BA7-60 ' - | 20.69-72 ■ S.llMal l.Jte-0-460! *6.10-20 ! 64.2>3--> 

Vienna_ S1 2 I 2B.60-2a.7fi 1 26.62-26.62 

Lurlfih.. A \lq- &. 6 *J-a. 6 AI, • 6.6f(-6.554 

t Rates given are for convertible franca. 
Financial Crane 62.00-62*0. 


; .Votes RiU* 

Arventiua.: 1500-1504 Anwurina. 1250-1550 
A Uhl rail* .. 1 1.7025-1.71 -4.\u'htriit....! 20:<-29« 

Brazil.- 31.63-32.65 Jfel«1mii.. • 64-64; 

Fiiilaii-1....; ,Ur>c-il.' 55-40 

Oftw.;6i.947-70.846. Canada..... 2.11-2.21 

Houj; btonji. 1.9676-3.6125' Ottirriartt.. 10.3-11.1 
»•*««.i 153-119 Frauiv.; 0.50-9.60 

I fWri».-.! 2f5 22 2£' 4.799011 | - 

druBMlt.™.. 15.66-11 ! 32.0106 I 6 .Em 6 
' La radon.> 3.95j 96j j I.b540 60 

3.69-72 i Z-.llb-lJ) 1.iHC-0*Ui7 (£,.10-20 ■ 53.26-i> Kuwait... 0.630-0.546 iGermauv..' 3.95-4.10 
- . >4 99I5 l 03‘ W7-39 1217.96 8.462P7.7&-1.25 Luxemb'nf 62.00-62.10 Unfeee.r...i 65W4 

B.C30B j - .62 43 53 ■ 14 6207 17.34 41 .MHlaysia... 4.650-4.603 ‘luUv.1650-17.50 

- ! 4.274 SUi 3.64J-fAj A- ZraiauiJ 1.5931-l.a 120iaj« 11 . 468476 


*5209.763.29 791.99, 706.18'774.43,776AB 890.76 ; 752.89 I 1061.7a 41.22 
"! 1 - i - I . ' (5tl.*77i ifl7/2,7BjVll/L'T3^ fEJJ.'32j 

09.38 89.34; 89.6H 89.B4J' B9.77< - 59.7B) 93.87 < ad.33 V —■ f . - rjirl.wtrwl 

I ' i' * ■ I (JfiTt 4d6'l/7ui . Combined 

®5!L6fl| 2BL8S, 20L88| 208A9 212.®! 246^4 } | 279^6 -' 16.26 __ 

; : I l r 118,F) 126/101; (7/Erf8li-(Bt7^2l rORONTO Comp 

03.6? WJififiJ 105.961 164.33 164 XT. lM.®, 1 110.67'--IMA2 ! I6BJB -■ 70.60 -- 

I I' •' l • -i i,l52i3fi7.itl7i2jr(}f(Z0«j6B>l(a|J/4rt8) jf) H A N K FflhllRU 

1 -. '■ . J 1 i 1 ■ I J -. j -' • Gold 

2,600'21,fi70; 20.170j 20AT0- 16,819,19.480I } - 1 - .1 . - Uj.|.n>I rial- 

| Feb. i Feb. I Feb. 
j fU ; 17. j 19 
1 ”,- 7' 1 '7Z~~~ 

. 165.71 1®.®' 162.90 1 165.72 1B6.47 (17f3, : 
I 172.46, 172.42; 17I./4 172.76; 1B7.96 (19.1-771' 

TORONTO Composite' 1D0U 1007.7; 1002.6' 1008.9' 

: lfiH.02 iSfVlOi 
r 168.60 (2&/I0) 

[ 961.0 (26/10, 

Among Minings, Consolidated \ nuiVlaia.J lOf.aSre ' 2L007 3S *£■ Ms-b* ^.t74ri 87964^976 5JK' - !ll».49o&«3 baudt Arab; 6.71^.61 Neihert'ud' 4»4S6 

Goldfields declined 3 cents to /urteli.5F.1 M-S67 l.rM -833.36.144-DW 57407.75f,73A742 585o rc 3 45605 - aintfaporte..; 4.52Q-4.635 iS.nrav ...j 10.40-.60 

{{J-g l CentS t0 IIA 5 in 1U»iM U.5. »ll£M-ll Liiwian ^ip-. i 16 MSS 

SA2I2, but Central Norseman CarudlMi S in Xew iwu = et»i>. U.5. S in Mil-n 862.60-90 Canada lawilj'laiid 3 . 80 - 3.70 

hardened 10 cents to $A9.40. fiierlJn* In illlan ltj&4J5-I665.23. "Rate# lerFcb.17. CM. X\£.1,93-1.95 

L-S. cf uta.] 09.10-69.15 i'uposiiivTni 574-30* 

]b Rate given for Argentina is a free rate. 




215.8 : 210.7 211.8 : 215.1 
204.7 | 20S.i: 207.3 200.2 

213-/ 1 1/2/791 
214.4 (4/1/781 

uvtax ciurural from Augm 2*. 

Year Ann (Apurux.i 

. 4AS- . 

P»w. .1977-781977-7B 
bnih J High ' Low 

1 Fob. 1 Prw>- 11977-78 ;1977-78 
| 00 I vfrai [ HirIi j Luw 

'!■ — j S3JJ5 ' IuUJJU, l 


Feb. 1 Feb.-' Fen. 

Ll- -1 m 1 w I 1 - ' I) , iu 1 Hint! - Lit 1 fiurb 1 i/w —- • . , 7 , 1 . 77 , .in* l"V cicev> mac iui umiuiuu — an aua jut«j »uuur wcuu pa.iuun 1 mui- 

—_—- 1 —,— 'J. - 1 -:-— 1 . - .1 \ ’ ' — r _ _... snoo mm- sii-’• biandartfii ana Foam-10 and TOrwui, ial«l dtv. uUnofflctal tradlna nfilinarity 

6.6i; 26.941 '87.70! 98.01, 0331 1 M'Al f.t54J4f. L59 Uermnnyw Buses/ bus.i bie^ , lit 300 - 1 . 000 . Ifie Iasi named based on 1675, *Hiiiters onJr. V Menwr pendng. • Asked 

• -I - ' - ! - 1 (J; L.- 771 - «714?7n ai, t(7a)MBD.iW2) Tr nl i 0 „ J ., j Crt* . ‘Jzi t Excluding bonos. t«» lnaustmJa * Bid t Traded J Seller. -’Assumed. 

7:98'.. 88ifl’ MJ3I-89JB4, M.B6f flU-OBf 107J0 t 87.06 ,126 Vi 4JI0 . HoUnad i«t* tw-6, &■*. ** * Tbjfl «400 Irris.. 40 UtUtn^. 4u Kinanre awl *r Er rudns. Ex dividend xc Ex 

_ I •r. j Spain Hi; - j i3tf> l IuUAU, 95JI6 

AustraUairi:-«ei.l6,465.88 : 47fl.«3 i‘41il.86 J . Wfl 7 A • MM 

1 «Sili%»{VU&R 8weden Wi^»-M,3W. , 0,416.a fflB.68 

Belgium (,|V 95.EI | 94.05 99.12 ».45 ' Hwri*—VA .1 R' 

I. fl0/l»77(12<l,78 BTrihiecld»/i el4.8; mi 3m | 20 O& 

Danmark**, ».V7 95.Fl; 10732 1 94ai0 ' ! i4)-/78 ; U»i 

FrnnrB i+«' ME', tfi 1 i afa f’vl Indices and Dmm dates (all base values 

yranco oi.b, 4».e |I(U NYSE ^ commoD - *1 

ROTES : Overseas onces sbou-n below _____ 

ISM lElrb) exclude 6 urernium. Belslan dividends , i.«u&,iuu, 

169.1 «re after u-iUibnlding laa. Feu. 20 Menuu - 

—— O D3130 deDoni unless ouierulve suted. -- - \ .. 

hot- ~o ioti -,o • 569 dtnom. unless olb^rwise staled ob>/n lenu .. i Bij-Sra 1 6^-73< 

l u , ; , ' 78 + Kr.luu denom unless otherwise auied. , ,ur» nixi.«' 6so-65e 1 6? 4 -7!; 

, HikIi I Luw rsdOO denom. and Bearer shares viomb I 6i--fi7g • 67g-7i« 

1 .,v ' “nk«s atkerwiee sisied. c *uu 50 denom. Three n,with*-.. 7U-73e ! /-7*i 

. IU/AW, unless Otneru-lse staled, s Price al time -u* munUia. 71*^16 , 7Sa-7 J i 

;<yjfldMl7^/TO of suspensJon. a Florins. * SchllUngs unevw . ■ | 7A-7W 

j41b.6B 286.68 . Cents. J Dividend after pending rights ——- - - L ~ 

, i22\5i 1,34/Hi arnL'or scrip' Issue, e P^r share. I Francs. __ „ _ 

; Uuun 

: U..-i.Lhi,-Ni; C»uii'i«> 

j 6J*-7 iisr 
6i»-7 ai 2 -b J * 
i 67 C -7i s I 3s*-B5e 
7i«-7ia I Bss-Sie 
I 7bS-7»a ! Sij-5ia 
1 773-618 j Bjg-Sja 


rranc .[ 

1 ii.uenuan 


lft-par 1 






1 3^-3ra 


;. dift-ai* 

1 3to-3t* 

Euro-French deposit rates: two-day 10 i-ll per cent: seven-day 203-11 per cent.; 


; One 1 non lb ' Three mnmbs 

New York iiar-u.10.-. dn ;0.06cpm-.02edu 
IhuiMi . 0.066.15 ■> dis ifar- 0.10 c. dii 
Amtt’riatii 5< . . pm -14 u. dis 2%-l5? c. pin. 
Brussels... 5 piu-5 ,-. dis 5 c. nm^-fi c. dis 
Cop'nhgn. 73^-flij ,,re «is 24f-26^ ore die 
Frankiurt'l 3 fl-i? pf.pni 45 s-Si 6 cl. pm. 
LuU., 11 ..... 6 u- laO 1 -. ills 350-570 r. dis 

Franco t*t> 

5/1,77< .(t7tf/79iltm/gi! 0/6,32) 

Peb. u 1 - Fen. I . 1 1 k'wiKi/pji^j Italy ij;} C2L80; 62.68 i 75.T1 i 54^0 

Song Song 413.1*' 410.06 1 4».l7 383.44 M|1 Belwan SE 31/12/10 1—1 Copenhagen increased. 

«„! iUfS 1 -iftlfl? 1 SE L lira. «rt)Porte Bourse 1061. 

\ '8.37 

Japan 1 

3*i tz.«®; • 62.68 , IA.T1 < o4JO lvj' Comuenbank Due.. IBS3; iJ4i ABiser- 

„ ; ‘ ^oblhTTi (22/121 dam. Industrial 1970 ifijl Hang Seng CCDMAMV # 

101 JSLM6-3?lJ7'31».B3 , .5dQ.49 BanB-Jl'7'W ijllll MUan 2/1/73- io> Tokyo GHmANI 

: : (29/flj-1 /2«/lI> Vew SE 4/1/68. ib> Straits Times 1965 -- 

1 270.20 _ ZiO.tS ■ 271.68'242^8 u.-i Close. fd> Madrtrt SB 30/12/77—hiah Krt , gj, 

i*J 1 136,2/78“ (3/6) and tow for IW 8 only lei Stockholm 

--- Industrial 1/1/58. Hi Swiss Bank Com Ajaj 

•*> Unavailable. • 

a Loiertm since 

Price* 1 + or i Div. ;i’id. 

Um. ~ | “j I t!—l.l I - i - 

The foil During nominal rates were Quoted for London dollar certificates of deposit: 
one-month 6.90-T.M per cem.: three-monih T.15-7^5 per cent.; six-month 7.45-7JS5 per 
cent.: one-year 7.79-7.69 par cent. 

* Rates are nominal calling rales. 

t Short-term rates are caU Tor sterling. U.S. dollars and Canadian' dollars, two 
days' notice for guilders and Swiss francs. 

for London dollar certificates of deposit: gj*bo , lm'4 , «-Sti -redis |ll4-13o credit 
.15-7^5 per cent.; six-month 7.45-7.55 per ' ienaa.... par- VO gro »'* )4-lB mo 

dunch.2G-lij v. |im '65a-55g f.-pm. 

Slx-monlh forward dollar I)_2T-U.l7c pm. 
12 -month 0 ^&o.«fc pm. 


Ires 1 + or. I 

Amsuiuws»..._.J a 19 j+l 

tsa-j» i-«.rg illKsar.rzr 


1 ' F ^ ' '» 



Hot -1.5 
140 j-O.3 
£54 -4 

384 +4 


385* 40 

f .'Bto . 32ia 
} 39U 3Bi a 
; 1939 i9ia 
19U l9Lt 
, o5i« - *4U 
< 19 19>8 

- c4S8 . Mia 
i23« a2»r 
• <!3Je [ *.3to 
9I-. - 9*2 

43: s j 44ia 
.etc I o57 a 
36*J . Oblg 
t4S* . 44*8 
231 0 ' H33g 
i 2 U' d£lg 

- 27Jj atoa 

184a 1B50 

41ft | - 4 

41 I 4070 
06 j 361# 

- 285* | BBt* 

- 6090 60* a 

38-'» ; *U7fl 
1614 , : 6 i» 
«4>« I 345, 
1350 < ll5g 
670 ; 365, 

181* ! 185* 

tula :' .au?a 
8f e : 85* 

i6Ir , 16 
27*4 . 374 
.145, ; H» a 

«41g , 341* 

1U I 10 

1770.' 175* 
441* j 44* 
26 fc 6 Tg 

211 a j 2 U* 

445* [- d& - 
26 I 26 
a4 - 441* 

23* 83 tg 

•37* 37 t a 

171* X7.!q 

.03 <b 641* 
JSlg 25* 
201 ; 201* 
lb I mi* 
29 1 8 • 89 
x3l* ; ad5* 

Uamng Gnu*....; <)6>e 1 46 

UPC latVEtomt 443s 44 

„ a Qvne -- 1 t6*s : i -a6»s 

1 5 $. t-rackerSar.;^ 4 ..| =£4ta.] “4*g 
a 3 i| cjrewi*Ze«ierGBCli| 395* j'29Xa 
B 4 i R UamminaEngine »‘i I P 17a 
40 - ' W*rt*'Wrt*hl_^| *7 j- .1760 

IIS 1 "‘ 8*8 1 - *53<| 

f”. 1 * Itorl-loridstriett-.r - 66 a -1610 

32 WW-.~-w ««>9 *-3% 

*22 UeiMoole.^—. 23 43?® 

' Deltona...—. 63g .. ; p5* 

t4to Uhdu ?*^ Inuir-. "*77* . I77 b 

- “52 Detrofi,aLSon-.. *6i« F.-Xcig 
DtamomlKfiainrk «,7i*.f «75a 
-*7 DMaphoovi.^.-. . »2 .*.* 12 ‘* 

9*3 Digital Equip_ 1 395, 391? 

4410 Disney<W*/tJ—I ..A27 a 
o 570 . Dov« Vorpa —40 40 

»5‘a Itoi»JC,'hamw*l-J-'i350 1 <3** 
,.4«ie Drewar___^...j:-a9i0 1 387® 

Du Hunt— 4 .„,J 103*8 11/45* 
Dymo ln>uuui*i- Ub® . 13sa 

fisate Hd*er^!.l 17. 17 

*”* baM AIritafliJ_- 66 b j 6*0 

• 2_ E ta n na n KtytouJ “Slg 1: 431* 

4076 Kota*-■_»J- 3460 i 34Ig 


BBX*- 1910.1 IBIg 

60*8- H* PWM'b*.Oos l&l* | J-650 

*4*70 tEim.-._ _ _I <8 -'^ 8 - 

i6Ai i Uniiffsuu Ktectric, aO*s \ 30 >• 

Dana—;_—_»2 sb 

Darl-inriimrieb..r -66a 

Deare — c3lg 

Dei Mon fe—_.' 23 

Deltona__ .8 So 

D«m«p/y inter— "177* 
Detroit. Edison... *65a 
DtanxudKfiaaarh »7l*. 
Ofcla ph 0 R*„_ *2 

I Equip ^—1 394, 

: <n>m —1 

‘65a k-lesr 
«.7i, T «7&a 
»Z ,*.M- 12i* 

JoiinslKanV iiie-..i 80*ai 301* 

jubqiPu Johnson; - 565* - 6 Btg 
JoOreon L'-outroi.l . 18 M 2 tue 
J<201a*tuto<luilt| 81' ' .3056 

ftiSSaii L'orv-_I ‘S** • . 24i0 

JffclserAinrauu’m! «8'- * 88 
Atlm Industrie*! 45* | 45* 

Kaiserc&aei-1 d2 l.aasg 

. .Inv. $ Pnan. at $2.60. to £-*2J% (81i%» H 

■:>V. Effective rate (at L9545).-37i% -(35J%) 3g* SS> ai* l+S 

- * . • UlbahiuNptWn*'. 226 (. 

' l "Yoh. f Fe*>i. i - : | Keh.. I Fa*.. . Utoimenlnnk—J 2 B 8 5:+1 

lec* I W I 16 I stack 17 I 16 U/otl Gummi_.i 78.5—0.' 

- —• ■■ .-.K -i-I -^-- 1 - Daimler Be***...J - 313.:. +1 

20 ! 4J5 
17 6.1 
lb 5.7 


ACM1L |2o cent} __ 

iV.tow Australia_ 


* ' Sir-i i + }? i ss H OTassrara 

-■5 (.faioun.■ aBO — IX «'J ! 2.9 tmrvS KvrS.wxHna, 

“■I Prire i +• or T3rvTT0. 
j I'nn ; — [Dru.t|- % 

- i-26 Z .iMTSia 

2.65 +0.010.16 7.06 

*4 **a> NipponPnm Bl4 |-., 18 

t} Hitachi__ J BOB' J -2 12 

^T a Uao.laMi40m.-J*809 '.- 1« 

*■* Uuore Fonn^.—. L-70 |—10 aS 

r, V. Itab__i 815 -6 12 

f f-f lto-lfokadiv..l.*20 (-40 30 

j i Jat».-b_-......[ 642 [-16 13 

[Sf. Ksiisai BlA-LFa.: 1.030 *.J 10 

?■ j Kuiuabu-...; 320 [—1 | la 

2 9 auinu.—.j 278 r—8 I 15 

„ nv-0to Ceram ic....jd.b50 —20 ! 55 
?'? .UafMubitM ind...- 691 -A (SO 

gq Mitsubishibanlt..I 279 --1 10 

MliMubialuHMvyi *58 .+ 5 ; 12 

i „‘o Mitsubishi Cortj^i 415 —1 | IS 

Mitsui A.fJo-! 315 i—l l 14 

UUMikMhi_; 520 -2 ■ 20 

i7#0 ^aslr« Industrie*! 45* | 45* 

‘ ■ ■ ■ -' 'Kaisercfteei_I a 2 !. 2250 

63tof Kay,....——._I ~-7&e 1 • '»b& 

565#^ nn n i wdfl-.23 .'I -82 

‘8%.. Ken MiGae_i 40 1 * I 40la 

Kkbie Waiter—..I aTS*. , <710 

Kevion_— 41 

lleym*!* Metals. 25 
Keynol-ls K. J—. MSfl 
_lflch*Haj Merretl. '• 207a 
ItcisreJI Inter... 30*_a 
tfohm A 29*4 

25 26 

b4*0 b35* 

20*a I 21 - 
30*6 j SOU 
29*4 t 69*4 

-*070- -Wuolwanb..,— 

26 . WvJv-- 

&3S* Xemx._,.—.... 

21 - At[«U...„.;_ 

30U Zenith Kb-Ho...— 

I 'ltouipua.. 


166 +2 

[DeutscheBank.—j 311-5; + 1 

I'ttMlner Bank....] 
Drcxeriioa Zemi. 

4B1.9.+0.9 20 
148 +2.5 4 

KlmbAieyClaik.) 437j 
Kuppen.— ........ 8Ol0 

Ma/I.—.! +3 

Kiouer Co.....'.....] t. 57b ; 
LbvibUanM...:....'. 285* 
LsbbyOn-;FooH...| «71* 

Dover C-orpn_—.[ 48 r 40 Luiaert Group.... *71e I. 271® 

DCji*-Cbamtotl-4--si550 1 <31«;- ufiytlHli_ 385* | 39ia 

llyino la,itu*n 0 si- Ub® 13>a 
Weber ^..1 17. 17 

hut.AlrilatvV.,- 650 j fits 
Kastman Kodak..[ 43U r 431 * 
Katan_■_»J- 345s i 34lr 

103U 11045* . j LoaoweiAira-'n| 135* 

Lone star ln<ts..,i ID. . 
| U'Rv I stand Ltd.! InU 

{ (sHllttWUalM'l— 

j Lubn^Ol—--• 


j L'kaT'uunu'suj 

■ llscMfitaii.' 

j Mauv'lL U-.; — 

: litre Hanover.....i 

*01- I 20*0 
34r, j mi, 

5t> br, 
luaa j lot 4 
365a I 3650 
295* al 

30u! mu- sis-! u>. 

-fw 4 : I -Us rat boo tul i 415a [ 41r B 

hmf*rt-, 49U , »95* ■ Marine Midlam.; 13U ; 13 

<V*\ AH I OareWl'aM.., 395, : 30U 

wnun„_86 • 06Je i • 

htliy* _ i'lfidg 19$b ‘ Mav Lvpt.arorr* *lj* ; 8i; ( 

Ksxrra.: . '..i '147s I f4 MCA. 3250.'; 32U 

* 15s I bmtnru_I...—.! ‘ 39** 

265* ; b.M.L..t._! as, 

185* I Kl*)psfb*nl.—,.i 33 

•fil* i»nun„_26 

.30U htliy* ...j 195s 

85* j Ksxnn.;.j '■»47a 

IQ j riiircfHki Usineral cSJa 
2?Li r«l. Dopi.brore*! .351* 
Firestone fire...-I. I4ls 
iaj? - FM- Set. Breton.] -4<j 
??'♦ Fiexl Van..—.... * . 17 

, 73 . FoaUune __' *0U 

4 r * . Flortdn tVaet 1 ., j 301* 

21-1* F.M.G-..! *05g 

db Koid-aicTor:„..:,.- 434* 

26 Fixetuort 1 »*? 

341* Fox boro^..307g 
23 tg FraaaftnMinf M -; 75* 

(toys- Dutch..—..) 55 "a j sbfg' 

HTH_:.7T;_-l«i* 1*V 

■ifuw Lcwh.....—.. 1150 [ Hb 0 
Kyderayatem— 13*6 ( -135*. 

wav Stores-. S6A» =65* 
■Si.-Jijo Minenos. 2010 *6^ , 

5t- Iteck Pspe.... '27*- 273 b 

Santa Pel rut*..... 34*8 445* 

Snu- Invest-. 41* 4 

Sdxon lud*.5 "S 

s.lilltr Ure<vma..| 12*a 137* 

».-hlumben(«r-_j 6b5* o6U 

.SC .VI. 1650 17 

a rtt Paper,--... -1.3 13U 

j-.-nvIl Mrs-_ 201* 205a 

S-iaTr 1 Duor Ven[ 65a **U 

Sen Containers...: 201* , e04* 

rawraiii..i SI** j 211, 

Searlc |G.D,I- 1 127a j 12i0 

i stairs UuaMKdk—' 2460 1 - Ja4t3* 

; SUDCO.. 32)0 I 32 

Slien t/u.. 29 tg 29)g 

■ al>0>Tlran8p>n...- : 381* , ^77* 

{ SiiiH6 ...i 283 b I 38 

sbmodeL'orp-.' 541* ] a4l* 

I Simpih.-itv nil.,.! 11 ! U3fl 

< Mu*;er-.lBir •! lBig 

l>nnrbK>lnr.[ 471^ . 47Jg 

, U5.Trew«i57a,'I-1 t8W* j i»15* 
U.S. ho Day W.-+6.42* JSjfiO- 


Awtihi Papa—.,' rn* 

Kngta..; big 

AldanAiumlniumi *47g 

Aktonis Steel.. 161*. 

Aflbretfs._;_ Ji fd85a 

UBnitai Uonueali **»■ 
uu>k EovaSoMJa! 195g 
[ mn Keaoaroee- 650 

/juteboffunou..^J 210.9»fli...-,...| lit 

U*p*< JLHuid_| 1*4 i+0.5 1 12 

Hnrpener..._„"i 251 |- 1 «9- 

Hneclut.-. 129 ^-0.4 16 

Uaesdi_J 45 :+0.4 4 

Horten.. 118.5. 10 

Kail and Sfcli-i 166 ! + l 9 29B.5.+2.5 20 

Kauibot.206 '—1 20 

KlocKnerDm UKu 05 I + 1.2J — 177 '-2.6* 12 

Krupp_ 99 i+O.B I - 

Liune.I 843 +1 j 16 

Luvrentirsii 0„,.j l,oSO[......-.| Zu 

Lulthansa.—.( 111.51-0.51 7 

415 -1 
315 i—l 
520 -2 

in I in ' m P° 4 Explmation--1 

}? ! } S Ampoi Fetrotoum-T-.'.J- 

12 2^9 Amob * 

1U I.b -Vrius. Ihiip Paper St_; 

35 f 1.6 3SHJtt, Coo. Inonatriih-— 

12 2.8 Ausi. FoundaCloQ Invest-.' 

30 | 1.K A-S.I-!-- 

13 .! L0 Audnaeo ___,_ 

— 'j — Au»U On A Gaa...—_ 

ZU ' 4J Slue. Mata* Ind__;_ 

la [ 2 .B Bnuuainvliie Copper-,—.... 
18 I 2.7 Hiuprieu^- 

r I j Carlton United Biennerv- 

}g! if 

15 Id Ubob. QoMCleMs Aus_ 

14-! 2 2 > Joac ^ n «r ISl)-- 

20 1.9 1 Conzlnc Htothtto. - . 

Araiita.• 1.26 ...'0.1. 9.52 

-°- CS dancoBrazil UK., 2.65 1+0.010.16 7.06 

Tflvl -T.'S £m®*lM«*re UFI 1./5 0.01 0. ifi.86 

f 2| " 4 '- ua p-casOF-'..j 1.30 <-0.060.14 1)0.77 

»V“ —; Girt-Amer.OFj 3.s.2.|+0.D2 0./i (B.21 

S'i? j”’'-" 1 MaonwunannOR 3.35 l+O.lBO-18 7.66 

7«1.70 I retrore. Ft-. 3.74 1+0.14,0.1- 2.67 

tlilO- ..._. WwdiOP.—. 1 *5.11 7.58 

t 1>55 +0.01 spuai.rnaOP.-.! 4.03 [T-lf.OflO.23 5.71 

♦ 1-6 pn*P PB.. 6JI7- ;+O.OrBJW [5-35 

f.1.47 —. ValeMi..Ui.-e FI [ 1.68 I-0.15 7.74 

►,0s Vol. Cr.l35.0m. Shares 58.6m. 
.01 Source: Rio de Janeiro S£. 

lVo OSLO • • • 

»lephoiie-..l , , 

Sow Viilev I nils.I 2Ha | gllfl 
uF Oinada....^.,- 145* , 14 s * 

dtlKSU.__ I let* ) IS'a 

nrtm-o.; rfl.Ba j tSJ4s 

L'-uenry Power...., 35>g ■ 35*a 
CamtloMine*.....! Id* i lo 5 * 
j oAiimts Lemeni..' Hi i S** 

|(.«P«iiaKU'Cai l ,i- 10)9 • J03 b 

! G*u ImpniiKCun-j Bo3* i B550 

MAR.—i 199 |—1 '12 

lUfloetoMun „..| 1/4.9 1 +0.6/ 14«s». 231 )*Q.4; 10 

Munclienertiin-k.l 642 j-^2 ] 18 

Mecuernuuio.! 113 [—1 ; — 

PreuthotK Dm 100.1 109.5—0.5 ' 7 

Ktie/nWe-i ftact.) ^13.Si*-2 

.'X Aippcra Ueu«o..... : 1.170 ;+10 ; 15,0.6 CoxtainAustralia____.i 

Mppon Sbinpao..' 602 —15 ] IK l.u Dunlop Knhher DU)- ... ! 

r a MUamMoiotv„| 795 1—5 | lb 1 1.0 l 

* rumeei.1.390 i-r40 r 48 j 1.7 EWer.Smith.'._ 

a : i i Sanyo Electric....i -06 —...„.! 12 | AJS b-2. liyiiBprWi r • ■ ■ _ 

; / ?■; sekisui Pretaik—694 .+ 19 i 30 1.7 Gen. Property Tr ust 

7 <9 ohisetoo—_-.1,020 +30 1 20 ! l.u Hameralev....—__;_ 

# I Sony-.. 1,820 '+50 r 40 t 1.1 tiooker-- 

2 | 3X) Ikubo Marine.-..! *45 —2 • 11 i 3.2 i-U. 1 . Austnvlta.. _ 

4.0 lAkedaCbemioa,.' 313 !+l * 15 j 1L4 Inter-Copper_ 

2.2 EUK.- 1.480 ,-rlO i 6U ] ljOlJenaingalnduebrrak^..-. 

1-7 Lejln..........._| 10B '—2 : 10 » 4.61 Junes (DsvnjV-- - i 

“ lokio Vlariue. ! +96 !-^l . 11 [ 1.1 LennanJ DiU.-.....-;-..i... 

*■* i tokioErax Pmr'rJl.lOO +10' H J 3.6 ij? 1 *** E*p|ufi*cUi**.—...1 

.Feta 20 

Pru.t ^ 
Kronn j 

f Or. 

- f 


t ■ 


oe» can benh„. 

92.5 s —0.5 1 




. 1 





2 LI 



106 .1+ 

0.5 1 




164 [- 





85 !- 

2.5 ■ 



BcJ* i 3SS0 

- : ... l 5 * 

. • ] 3inii in town.- 243a 

• ?JL’ S i 3«uUieiiiCa*-W.: 261; 

32S0. I; 32'a | Suutberu tto.. 1& 4 * 

(LJ/eriiiuiI. ; B4S0 245g ; a*Im. ,Vsi. Ita*-..! 29»i * »9 

U.-DonMl' Done: . 2»* r..231* I xailhem rteitic 32i* • 33ii 

\1 •Gnirt HIM. . 17*4 , l/5g ^ouibeenUfli^avi 47 i 461' 

: Memorex--— r r‘6 1 ! 

• Mer.a.|- ; S3t* 

| Memu L\n -h.... l»l* 

; Mesa Feirolciuii .1 36. 

I MGM . ! M.6I0 

! -MiunMImtAMta.’ »6 . 

tbig-v -261; 
t3U": - 541* 
Wl* j 1410 

lag 'fSsS£E4«!'!;'* 


isqua Inriintaipi 

lu i 9Ta 
I3fl0 : 13)2 
s.0 ps ; 30h 
145 i 7. "143* 
B758 - . 
'»S 8 .l- J41* 
;36i* J 16«fl 
3a*« -i 5210 
3*2 ;• ol* 
375 b '57lg 

60i 9 I 80 

a2:* j 32 

3+** i-oxconu...--; out* ; ou»b .. obig : -nfiia 

23{0 FraoitllnMlnt—; 71* [ /»* j Murphy Oil-54B0 

a - iSi 8 i JS. : -! NaWmOL.49T a 49**' 

17l0 -Prnennaxr i 251s - l>a+.-oC)»mire*...|. c6fB"j 26)8 

34t*. (aqua Inrtustri^i 91* .1 W I \auon*! Cail—'J lMg j 161 b 

ZOli G-A.F--.11 1 I0 7 fl 1 

lt5ij GeonetT.:..—; dbia j. 3S7a ,j Xat- Lh«llier*-.J 21*+.} fj*8: 

29 4 -fen_\mer.liiase 91* [ Kau Servwe Ind.j • lii® ^ 13i a 

adft. O.AJLA^ 247a 2410 f.Wlooal ateel .J 301* ' MI'b 

2B*i I Gen-Gable—-[' 1/!** ; 12*8 f .'fi.taiM" j- JJj r«..36l B . 

arose it«i*-l- , yn»talei.. •• 38** 58** , JGII... ' j f® 3 # 

g?| ; lien.Klei-trl’» [ 45 46k »Am-UiUe.lrop,-.. 14 I 14s B 

Ja i* {beneiai Foudh....' k6/ a 27l a >i« bnjoaiid *=•»-} 22J» 22*0 

SOI. i Denmta iliira— K7T C . ,27l e hneta udley MTflJ 34i a 

TIj* Gewrei.Mowre...- 5750 ■ 87*.. 3*«?ira 

if 5 * fueu.Fnb.UHi_:- 19 la 19 L A| ^P^ a *^-t 'T;Sfil* r ,S 6 a' 

?X ilien. Slintaj a5Sa ! - 26 ' f a. L lodosiTifc > 18**- 

lfc 5 : G*i*. lapKtes!., "h 8 a 0 f-28fle i *./rfo*4AW«erDi 'Mfl*- 

if??* Jrai.'l'rre. K3Jg -23* 3.Prtb 6afi.Gi*iK5|. ,35%-f-3b - 

Drfnem.'o" "" ' asa I 55a Jitnn hlaiea Fwi; 25*0- 1 - 261 * 

a?}* -GtOT/fta-toveitk".! 24^ 2*/* Ath*n** Afrltne*; 23U ]- 2Z7 b 

IS 1 * iaa*i l-ia* fS?-/ ¥5i a 

201; 20i* G^*F— —.•! 11 

lb ' 157* Gannett ......—.~ r 3Dia 

291a - 29 -fen_Vruer.lh„;.,r aas 
*31. • ad ** U.A.X.A-. 247a 

295a I 29** I lien-LsUjie—- 1ZJ* 

2610 > *rbss i Oeu. Dynainfca..38** 
i., ; g; a ; rien.Kwi-tr1>9*— ; 45 

1350- 131s < fieoenu FiulL...' k6/a 
-n jo i 30J* I UeiMsid Mins—. K77c 
X 4 s - 7 “ 141 , i “««»* Mowre...- 57S0 
isb-J'-ia* fuel*. Itob.UHi^-- .19 la 
,iVt V M*,.- ;u«»-signal.. ages 


32:« ! 32 Uluetic-.: B47 a | 24*4 

1&| G i (itwilririi F.F_; 191 8 < 19»* 

10 >* Ida Goodyear Tire—' 16i» • 161 * 

28It J rS *8 Doom. ..• 271* • S7i* 

12iB i Ui0 OrareW.K_' 24; a 26 

ibt* i 161a Jii+luanlteJu!. 8*s ' O'*- 

49ag 1 49fa (GrU North Iron..Ir SSig 25>a 

43&fi | 4370 {jrevliuti&l 15*8 I 12 Jb 

385* ! 38*o uuli-kWestern;.. 1 111 * ! H*a 

lo'a , la** . Dull Oil-..| 241* 24Ss 

alto u 211?. Hartbunoo-587 b i o&7e 

31Tg I 311* HsamiMluiUK—., 38 13 \ 36>* 

fc7ia 28 Uarnachiener-.-j 15;e : 15J* 

38/ a SW* u — - ! J '®' 1 ' ,0 '- 

<jutfc 1 cOsa 

JW.L 1 A3 

i.Athwea* AWId» ; 231* 
I N'tbwest ttanenrpi 28*0 
! Aonuo Simon—... ^17** 
j Dadnentw F«rP*.'. 2 Ua 

L UcttFv Matiier,_ : - 373* 

1 Ubhi lurttaoa—..[ 1£9* 
i Uiln.. —1 - 15J| 

23 U 1- 2Z7b 
82*0. J , 22ia 

2 Ug 21 ie 

573* ,1 373* 
I®, |. 10 
I*** .1 15to 

I soul hem 1 **e 1 tlc 1 32-»* • a 3 a 0 
.j W/iheHiKairerav, 47 i 4610 

31'uUimuil.- 23*8 • 23 

3'w't hwirebarekl 84 • 23 ?q 

Spnir> Hutch-— j 151* . lb 
Spen y ttand—.-! 33S* 1 adto 

squib..— I 23 . 23 J* 

stau-laiu Srsnrlsi' 85 to ■ 8 t»a 
atiLUitCaluurniel-. 37 J 4 > n7to 
Sul. Uli lmitona-' 46i» 465 b 

Md. '.'ii Uhio.I 671* 664* 

Staiift CbeiDtoel. [ 361*. dbl, 

• Sterllair Drujr.:-] 1348' :133a 
3iudebakei51 504* 

Cc>.—.[ 46>i 5710 

Sun<tetran ,1 35 . 43 ** 

>.vutex_— v — . 221 * 22 . 

' tTettonlbior.—.... 81 + 8 to 

leklrooix.—334* 341* 

iciairw.! 71>» 70 ir 

trie*. ! ii* I ‘330 

t«iew.v..1 2Bto ] *s9** 

I rreorn Petroleum| 9to ) 91 b 

j Texktv.I 25 13 j 25ie 

! rexnibili ‘.*64* | 164* 

I Texas Irauu-V....; , 664* . 66 ia 
[ ftfv«aOTl"AUaa.J 29to 891* 
tl'e+aa Lull ties... «f 194e [ 19to, 
Time-1 lie.; -'S® 3 * 
lTiues Mirror—.. \ 22U 1 22la 

Timken..f 95to 45 

Trane.-.| n§ I 33to 

Irmiu-ioerlca131# I 13lfl 

I LiuBula IdUubu... t201* : 120 

I Can. 1 ‘a+iIL— . 163* . ,67a 

I fa.-Hi. Iqm- 177ft. 1 1U 
| per Ui 1 ....! 7514* | a 2 *3 
] WnrtliDiU'Keeie..'. ».2b j d.3u 
Csaewr AtbMt* , 9 I 9 

[ ruieitam ; 187c 1 19'b 

CornUicu. 261* I a. 61 a 

I Cuiu. baUiurML.... n3U i 23 
Consumer Uaa... 1 Ibig ' 167* 

7 5*0 Creeks Ue*ource*i 7 

lb Costalp Klcfa.j 9 

as to Ucutoou Mine*...; r7S* 

W>* Dome Mine*-.] 78ip 

8w«' UsneTHndeiibi 561a 

37J0- Dominion Bridge as. to 

55*8 . Dotular.....—_, 147 b 

664* Dupont.. 13 

5 bto FAicon'ce Nicke j 17to" 

*“-to - rnirt Unto, Can.., I7JI* 

(lenitar.-1 26 

“i!® dual yei'wknleJ xoto 

■SI 1 * tiuitOtiCmuda.. •, 27i* 

aju, Hsrfkei ant. L’au 5 Sa 

-Iff Hul'l**se«-- 30 

H.vneOli-A..—; a&>* 

-a*! Hudson bay Mmj' Into 

du-lson 6a.y-1 17to 

“ * Hudson Ol ■ &lhui 42 

91 B l.AX _ \ Vi l a 

25*0 ImaeL-n.—) 304* 

164* ! Imperial Dll. • 18to 

66*a | liuv16 



Sud Z,ij.-lii.-r.J 

riiyMeu A.G.I 


V KB A.' 

VfjeiniWt-i 8b. 


Abouf . . 

AJuo (Fi. 20). 

259.21—O.0 ! 20 
2U9 .61 + O. 8 ! 16 

260 \ . 17 L 3.4 

ld4.8l-r-J.4i U (4.4 
183.5;+ 6.5 t 14 | 3.9 
I l7.5i—0.5 12 : 3.1 
300 I-*-1 ; 20 5.3 

a 09.5'. 10 1 2.4 

2.2 l CUtt-'.1.480 

1-7 I Lejln.__I lOB 

“ 1 tokio Uwrlue.• +96 

~Z i tukioBtoct Pcftr'r.! 1,100 

4-7 j tukyo Sanyo. 1 250 

“■** t'oavuShitnura...' *27 

“■ J lorav.. 125 

? . / lovnU Alocnr... 910 

JjJ ' "■ J Sourer Nikko Secnrttios. Tokyo. 

20 ' 3^3 I 


250 .12 1 2.4 *HH HoWing._ 

*27 -3 .1U 3.9! Hytjr Emporium.-....I 

125 —1 1 10 ; 4.0 j ??'**. : 

910 ■- L 13 20 1.1 fltotailasluteroatlonal .• 

- — flortb Utoken HMincs iSC’c-l 

1 Securities. Tokyo. Unkbrldg*.—.. , 


Oiler Kx+iioration ___ j 

:embourg — 

__Leeion Jc-bolman .—— 4 

1 , Dtr. - H. C. blrigb. 

Price ■ + or ' Frs. Ti-t. aouihtaud Mintujf..— .—...1 

- . Ael i « 

__ _ I Fr*. ! — Net! ft J DoU* fSli—..; 

"Price ■"+- or; CirTTili, . . - — -!-'-t Jnlksia..—^——.—• 

Ft*. — ; s, ! * Arbe«l.^.12,260 —70 I — 1 — ( ttsneti Mining (DO omta) | 

__!_ __[—_ uq. Hrx. LeinD...'l,-*24 —10 • 60 1 4.2] HoolvOTtha.. | 

lv.0^1—0.3 ; 24 i 4.8 \ ttoktn "K".,1.760 * 15 118 : 6.4! 

2a.2i-u.3l - . - !CJf.K.CemMit...:1.158 [-3 ( 90 | 7.9 

10.73 —u.ul 

10.70 I — 

11 .ao- 

Tl.65 -HLD1 . 


tJ -“0 (; 
t 0.30 H>' 0s ‘I 
10.97 + 0,01 

*1. 5 __ 

«>.30 -a,io 
to.uo _ 


t2.78 !-u;- s 
18.4 Q • t-Q.’5 
(2.-5 i._I 

fl.88 !+*f.Lfl . • 


fH.23 -0.«4 M1M __ 

tO. 1 2 1-0.07 c- . MlllES 

+/03 1 - uj 2 Ranc 

i 0 - 2 h- 1 Anfi3 ° American Corpn. — 3.00 

IT 28 Ln'oi a,, ™ r Consol I da led . tn.oo 

“ r'- 04 1 East Driefoauin _ 12-0 

•A*? !-I Riutanbur* Piatlmim _ :.7u 

I . 1 St. Helena . j*.on 

}}-yZ '-O-g'I Gold Fields 5.7 21.S0 

J*-® 6 I+-U.03 union Corporation . j.Oj 

£■92 ■.* D* Bvers Deferred .— .',.70 

■y- 1 '' .I BlyvcionuizJcht .. .V*5 

Jl’2? EaM Ra nd Ply. k.m 

t2.65xr ‘fl.M | state GedoW' .24.50 

ro.77 {-0.02 j President Brand .:.... 17.15 

tO.HO ' ...... Fresidenl -Stejli . 13.ij 

tLt?8 .'+ 0.01 StllfnmeiQ .. . 4^0 

10.95 - Weikom . 4.BT 

71.13 [. Wwi Drlefontein . 21.30 

1 1.64 r-0.04 Western Hoidingy.. 3(l„W 

Vi'esrem Dees . 13JH) 

* .emBtlkl^ , !.rCC , . 34S :+l lA2Lfii 6.5 j Cocsorili-: 30J 

AMBV [ 80 

A*uro*tankiHi^Oj; 71, 

Utymfeori .| 81, 

lioajiWest'mfFiaj, 118 , 
duterm Tenemdc 67 
Klrevfer iFi^Oj. 273 
KnmaN.V.Uearer 150 
UurnCkunTatKi.iO- 62. 
t}intiJroearier(Ftf; 37, 
Keioebeu 1 F 1 Jbl.l lu4, 

UixjrovhUSI Kia/>* 24, 

Hunter I*.iF. 1 OJ 1 23. 
I JK.C. Huliann.. 14, 

KLM (FI 10:>i. 126 

tut Holier tlOO).. 37. 
Naantao vFI 10)... 37, 

-0.1 A«44l 6.6.1 KBKd..2.3«3 

h^25 -177 ' 7.7 PARIS 

71.11—0.3 1 22j 6.6 j Kieeoxibej ..6.u00 1—20 (430 1 7.2 [ 

81.5—0.5 ; 2d 3.6 Itobrlime Nat-2.*i4o —5 ,170; 7.0; 

HH.3i—1.4 i 70 5.9 (i.B. IniK*Bm.... : 1.8b5 —15 ldDjn.Bj. 

67^ +0^125 7.5 f'irvaart—.I.a50 4 \ BO b.a 

273 1.:i21 1.8 Hoboken_0.565 +15 17J/6.6I 

I AECf . 

----- (AnaftKAmer. Industrial . 

+ U 1 ,Ulv.;Vl.i. Barlow Rsnd .. 

— ! Fra. ft CNA Investment ... 

- — —- Currie Finance .....__ 

+1 , 4toi «J.o De Beers Industrial . 

-2 ,21.1b] 6.7 Edgars Consolidated Ins. 
—1.9, 16^; 6.7 Edgars Stores.. 

24.6;—0.4 1u.2fii 8.4 Petiuhna.>3.955 ; -80 -174 4.4 i (J.5.X. Gervnh_.. 350 

2£.4:+0^ 12 ; 3.1 » Gen Baoqufi..!d,94a >+50 ;lnu , 6.4 ' Oanwour_1.890 

14.3 -0.1 10 i 7.0 doe Gen ttot^Kine: 1,960 ]—5 Il4u ' 7.2 1 C.G.B..». 2b6 

Harris L'urpn..— •. 421*- 1 48*« 

Heu» 36 ( ^cto 

Heublata ..—1 267 s ] 26 >a 

1 SSfl 1 12ag 

19*: 1 Ifito 
4660 Nfito 
I2to 625 b 
s61a 36*0 

20 I9to 

:1 11 

*77# ' a7i* 
t5to - usto 
lato ibis 
52*t 321* 

iSto ibto 
alto I 8760 
to I a to 
« 2 to 33 >b 
8to ! 8i* 

19to ; 19to 
221 , 1 a 21 a 
ariSj j ^44* 
351* ■ 3fli*- 
alt^B I 22 to 
aOto 30 to 

27ia * 27 j i 
15. [■ 15to 
rBto -j 237 b 
411* t 413* 

16*1 HtwtoU. Pa*aoD3, 641 b j 64 

15 J Hobday lnnft. u ...t. 15to ) IBto 

unmu_J .iSto [ 33Se 

■ a" Hooevweii_1 43U 431* 

IBs, 1 li4 » 11S * 

4«S BrepG>rp*Amer, '243, 24** 

t oS Ho*WU»Jfai_t*B+ . 2410. .2430 

HonKKj^.Vtaan! IO - lOto 
Ygj! Uutum (BJ.l —.1 Ilia Uto 
if * i. D. InddxtHea-.f 34L S 24 

*=, ISA_35to 351g 

Ingaraoiltand— a4tg 64 to 
USto Iota ad . 34 34 to 

Hull «._ 18 13to 

l&u Iniercoat Knmu 1 7*a • 7** 

8760‘ lull.:-] Z ? 5 S « ; 2 5 l, 

ate IntLFfaroun—. Mij J 20to 
33>B Inti. Harvetur— 277a j "27to 

EU* Inti.MloasCheml 38r a l 39to 

Id** I luD- Sloiutoocta - 1 207a 1 21 to 

)la«»---—J 141* 1450 

m 4* j luU- Psper_J 37to (36*0 

3fli* U*—1 27i a ; 277 a 

22 to * Inu Wecufier_.„:, 10 9to 

: Dveraauiffbift....: S 170 .f. 21Ja 
fS- > Owen*Cumin*:— 1 - 581* :-.,&9 
J®** j llweno liunuia.—, 219s 1 ' HL 

lii a IP^-in.-fiaa.-- .24 j 64 . 

243s . Fadlic GutWinu- 10 J* -.30to 
gg; 8 Ikii’iir.lLL.’J 2000 : 2U50 

3f to .' PanAmWorMAIt!' * ^ .-6 
Faricer HaimlBn.i B5W, f 22*« 

48to Preuodv lat-.[ 20 to ■ 20 to 

30 to Fen. Fw-S Li._...| 22 *b 221 2 

26 <8 Pnnn 341, o+ftg 

a< Feunzoli—203* ' 2930' 

Tga- feupiwDrue.—.5 7 to /3* 

m 2 People*Gas—.—.* 33to & 2 b$ 

85'. FBpSrel.—.I- 25 25to 

ns* ! 

24to I Perkin timer.—. 

lraiucu... 19 

Louis UuMl-—{ 46ig 
Traiireay IiiL'ruij 23to 
I'tbiib WurhJ Air12*8 

IravellerB..I .28to 

Iti toutinental—j" 'IBm 

r.u.w.: 3 to 

Atu CerrtuiY-Fov 213* 


UAHUO.-.I 21 

LG 1. 1 . 1 Ud 

CUP......| 143* 

Cnitever...__ 4730 

Dniiever NV;.■....,[ o4Sg 
limou ilaiKWM-..| 14 
liawu Carbide...*.: 48 
liulou ConimtTOM oi>B 
Uauu Ull Calft—I 47Se 
Uunu Pacific*.I ^Bto 

-10** Prt«sr_,-—J. * 6 to { W 

USB Pbetpa Dodgai—j Ifto f 18 sb 

24 Pblkuwplita Hie. 19to l lBftg 

35>x Philip Morris_ 66to 56*8 

64 to PbllLpa Petro/’m] 2»to 283a 

34 to Pibfaay... 57 to' 3Bto 

13lg Pitoev Howto-..! 181* 19 

to,. fkllrtcn— - ] 24 B4 . 

ia V* Ptaasey L*H ADKl _ 1,6 to - 461# 

20to - . .. 

27to PotareW--J. 24fie / 24 . 

39to > Potomac E*ec~.-| lfito | 155a 
21** i PPG industries..; 23to '. £ 3*2 
1480 ] Procter GamNe ., 1 771* 7Bi* 
36'* Pub ^erre Etac*- • 225s 226 b 

27to I Pubmao 25to . 26?*. 

9i« : Pure* ."...! I 6 S 0 ■ 16to 

j Uoinft'^l-.—I 73* 

181 . Doited .Brands— ?to 

36*3 United Curp^_ lua* 

• US Aiocqiv, .. 273* 

lBg a UKt-Uypauin- 22 aa 

lflaf UA 06 oe.;._ HKi b 

56to - 

flu*. U. Teahun-SM^a.- *4. 
3Bto InHonW*®— f 03 *' 
19* Vii^inui WeoL... l^tg 

84 . Walgivto-' I 860 

-16 1 ^ WarnettoAunmn. S3' 
AS'snis-Lambert SB 
Woatb-Mtui 1 mrat UHj 
Wa/toFarpo.....^ 25 
r ;* 8 Wtoftirn-Bancorfl dUlg 

Z“*a Wtritm Union.. 1 161 b 
W oxHnEiraijKlecil 17*a 

16to 1 "’(jbjwi..24*j 

21 lg ] Wsyertiae^w....] 2 iJ* 

6-^ J Wb1rl;opL ..4 21 

31. ' WbHfl Cob. ludJ -203* 
24)3 VWmiara Cou—5- 177 8 

iS:,: 1 acta 1 - ...1 10 

i 35to intaiui SiUtiu.. JOlg 
1 22 to lita’pr'yPtpeLiiMi 13S* 

1 45 KaiwrEesourue*.; 13/0 
I 3330 Luirm'EFtnUon! 7to 
13 to Lobtaw Com. •BV t3-25 

19 Mc’miii'a UMed,' 161s 
■iSis sbu^ev FeiKttaoa; iuto 

! S 3 * AIcLaiyre- 1 21 

l l23fl ! UooreCbrpo-- 3H* 

aej iftpraiataUtareJ 22 s* 

183 a florreo Knenty... la'a 
1 - NUiu.Teia.wn_..I 26 

1 dots Nurmi. Ull31 Uu{ 17 t b 
ZB lAiStroou Pecr'n» 5.1a. 
193* . Pacific Copper Uj 2.05 
■ FScikcPetroiaunn Sbto 

! Pau.Cau. Pet'n>[ 357a 

L .-a. fllfito 

f Si! Peopiea Dept. S..! 4.00 
1 PuuwDmJcCN.. 0.88 
' B PlaceDevmopaii 19*2 
[ Pbnar Cornorti'ii 10 to 

47to K 1 ** - llie 

41 u 'JuBOee Slurgeuu 1^9 

I l«au/ferUii_ 27Sg 

I 7sg ! tired Shaw__.— tw* 

! 7ig I itio A.|fom...._. 26*c 

157.51—0.5 iAd4 I 4.3 
138.7i.; S I 5.7 

22 J-i'£ ,I0 S SWITZERLAND • 

20.3'—0.2 ! *1ICA __ 

•+ua 1 ib 1 - 

iFi.tO.—J 163.5'.>75.6, 7 A 

, (Ki115 [-0^ I — 1 - 

Fr. PMrotes_._[ 

Geo. Ucrfideptait | 

ImetM ..„,i 

Jaequre Borel__ 

ija.L'. Huliann.J 14.3 -0.1 10-7.0 due Uen UMgioae;1,960 1—5 H4o ' 7.2 1 C.G.K__. _, 

KLMiFlian. 126.2,+0.4 - aofina.. S.*20 j+10 2J5 6.8 . aiX/Drata._. B17 -23 : 6-^; 7.1 

tut Unuer (130).. 67.3 4 0.8 { Id , 9.9 Son-ay.[2.495 i- 1 IO . VlJlIi 0.0 I L'le Butcairn.. SOOxc 1 — 1 I ia 4.8 

Naanten iFl M-.j 37.6+6.5 ! 10 | 2.b Eraetiou B30ct_...!a.b7O -4J 162, 6.0 j Club 31«ilier..._.j 328.61—2.4. 6.S-\ 1.9 

NatNedl Oft-' H-iOl 107.5.-0.8'46.2 4.3 UC«.j 9B2 '—24 1 — j— Credit Coin Fr’cta 

.VeaCreriHL.FliK S4 1 — 0.6 1 2J ; 7.4 lin yiui.U/lOi.— 706 —6 60 [ 0.5 CreosotLoipa..^.. 

Neri.MldBkiFiiW.! 193-6 + 2.6 | 20 [ 3.1 Vleilie Mootagne 1 L550 ' + 26 ! 100 -7.4 Dumez......__ 

UreiF'.eOj.I 157.51—0.5 iA54 1 4.3 Fr. P^rotes- 

Van Onimwvn... 138.71.- S 1 5.7 ****• Ocmdontak 

HDiboedfKtjiJli-.l 40J-1.6| 31 [10.5 SWITZERLAND * Imto.. 

Philips (Fi.1'4.—; 26.3—OJ2 1 al 1 o-a 1 _ Jacques Uuiie) 

UJjnSebve r F/.KX!i 66 ;+lJfii lol— ; Prk* : +ar : Dlv. TitL llraroe 

KUbreuiPi.tC.—J 163.5'.'.UUiU Feo.20 , Fra. — . % , % rOnsU 

KpHBwxKiX*....! 115 [-0.2 -j- -!--!-Lezrand.. 

Korenso(Fi.b3f....J. 129 jb|- 1 14 i 4.4 J : iSreoaPtienix.- 

tfova*Dutch iFl20i 123.4—1.11A60 ; 8.1 Ainrninlum1,320 t—30 j 6 • 2.5 j Uicbetln -B** . 

dtaveoburg-i a4B |+u^! 19 [ Lb BBO -a'-; 1.740 [-30 J 10 ! ?-? Aire* Heanreav-., 

dtevlnGrp fl'iJBfli 136JS'—1 I d7ft; 4.0 ClbaGelgy(Fr.BXil,a60 25 ■ 22 ; 1.6 J Moulinex 

iVakwPaeHfii**-! 92.01—1 j SO [ 0.8 llo. Pt. Cert a .. 1 980 -30 | 22 BJB ; thriha»_ 

Uftitwer |Fl.20)to—0.3 An. . b.9 Do. liep-.; 645 L_17 ; 22.4.4 pechlney-_ 

VJblDffKesJntJl. 39.7-0^1 20.1.2 J Credit Sutra*.-2.475 ;- 6 S 16 ■ 3.2 . . 

WeatUand'u.Haak;; 425JL_.....' 32 ; 3.7 Kt«.irowRtt,„.1.830 ;—20 ■ 10 | 2.7 r Peuizet*-Citro«i- 

. -_I ■ ' . ! I • 1 FUoher lUerese). J 760 -5 [ #, 3.3 FbSain_j 

, 12.76! 2.61 Federate Voikshelecsings . 1.47 

51. t; o.2 Greatermans Stores . Lfl9 

d/.&HO^I. Guardian Assurance (SA* *l.SJ 

' 60 j 4.7 Hnletts ... *i.1D 

•2/.6<9.7 LTA .. tl.Tfl 

McCarthy Hoduay _ 

NedBank ... 

Price ! +ct : Dlv. rid. latanw—.""...I 
Fra. — ; % 1 i L’Orea*_)' 

98.81—0.8 14.ID 14.2 Rand Mines Properties ... 
178.0] __ j o.2b[ 4.7 Rembrandt Group _ 


144.o[+2.5 ilfl./7ilL7 ^■. Saua ‘ Suwr . 

645 +6 :16.97. 2.9 IT'S . 

.-.11,280 +25 |31joJ a.5 

SA Breweries . -1.13 

Tiger Oats and >lat. Mine. 







+ 0 JD 




+ 0.]8 






+ 0.10 


+ 0.15 

2 l.n> 


J .00 

+ 0 .« 













+* 1.10 


+ 0 . 1.1 



+ 0 po 



L . 


—' B. 1 B 







+5- K 








- 6.10 

* 1-0 

* 2.10 











1 . 1)6 


2 J 0 

." 12 * 






■1.13 ' 

'— 0.01 




- 0.01 


151 +1 [ 

-2 s ' r- 1 


Rodman eccerta' 89,OOOr-1.2bO. 550i 0-61 U*d)o Tecbnlqae-| o3oI5 : V. 5 ;' 7.6 i Banco Bilbao 
Do. (small/_ 1 B.B 0 O 1—125] 5* [ 0.6] KBdouto i _^_ l __i 478,01+5.3 [ 24 ] b.01 Banvo AilanOro, (IJHHn 


' Price I + or 11 
Kroner: — 1 


t; * 

IntertVol 8 -[3,900 —75 ■ 20 3^ ttinnaPdoletio—I Si-bf u llfl .8 B*raco Centre]- 

Jelmolt (Fr.lllOi._: 1.545 —10 l 20- 1.5 3G Oohain_... - _...! 127.4'+0.8 15.65 10.61 Banco Exterlnr- 

.VestwfFr.hBi....:5.665 +-45 a».E 2.3 dlrfi Koasign*A_...;1.670 1 + 11 39 I d.3! Banco General . 

Du. I!qt.|2.360 '—40 3.6 auez..__... 1 22aol + U 25.611.61 Banco Granada ( 1 . 0001 

Uerilk(ra-t<.[F^bCi 2,440 —35 f!5 [15.3 retemerenlijue .^. 1 638 |— 5 22.76; 4.0 Banco Hisnano ^ 

Anflerabaiiaen... - Wli;L._. 

Burra , itrfi'j U »_.i 432 I-- 

DuukeUank. } 134 

Kaat Astatu. Lo... ; 2301* —lj 

Piimiabankeu■ 116 I.. 

For. Hrycceriw..i 326 I. 

For.Pa|dr._I 74 to + to ; 

Hanifaaisbank ..—-1 - 134to'.—..._ 
D.N'ih'nH.fKrtkM 2o8 l+lta I 

Nor.l Katjel.j 269. U.I 9 

Oltafabrik_I 87to_ 1 

Privalhanfe....—J 1383*1 + 1 

ProvlQBbtuak_..I 1431*1.| 

Jsuph. Berfodsen. 373to+lls 
Supetfos.....—..j 183 J+5* 

71* 1 7S0 
7l 8 I Tig 

1+3, 10 i* 

273, 27l c 

2208 2230 

dny»i Bk.orUsn: 2 >Bs 

jtre* w Canada._i 23as j e3>8 
steep Hbek IroroJ t2.31 ; 
ElmeaCauaita—J 40*0 21 

1 82ffl.j Wlmmsiu El«iJ -.27j0 j 27to |_- - J Trade 

1 |7to ww im»_» 1 16 

I j., 5 * dregranw — 1 23to J +3&g 

i 251a' Canada-j; 1470 j 15lg 

A4i2 fibeitmO.MlwJ 4.70 3.55 

h lfU* d*ew«n>U.G„„[ 3LTg [ 31 

f ini: aim psoas._ • 4.50 | +.55 

i 17 to jten* w C anada ...! 23ta j «3/s 

j * 3 ^* i steep Rock ImxJ t2.31 ; 

[ jjlu { ElncseoCauaita—J 40*0 21 

j 19G Toronto UonUJk.j 17 171 * 

Sfii* ,^ itaiwDanPipeLuj 143* 14sg 

AUIr T™*W ^ fou n t Oils! 93* 9 Jg 

• 23T& I'riw*..—.—......j *10**' flu** 

[ ifei, ! l/Otafllrea.——I 101 * 1 . to 

I 17 ft, r0td.6lhccieMliieri 71* 71* 

' 4 ] U’al'ker Hiram_! 3070 I 31 

: 241* i M’est Coast Tnis' | 33t0 | dkS* 

t 22 Weston Geo,._; 14i B ! 15 

. ' • 1 ' 

1 20 ig • .• ■ 1 • 

\ iB\n _■ Assarted . .t.EWL t/utaed, 
27to ' •• {Tradefi. •*;New stock. 

ft OerHktra-M.fFJ4>ti 2.440 —35 ifl5 [15.3 retomeeiLnlQue.-. 1 638 ^—5 22-ffi; 4.0 5“°*^ 

— ' Pirelli 61PIF.100), 294 [—3 15 6.1 luomacai Branrft.j 140.5;+ 1.0; 15.1fi! 10.7 l ” l f - {jj 1 *- fl - mw> 

7.81 dantloe. tFr.Bbt*j..i4.025 —50 | 26 ! 1.6 lisinor..../_21.81+2.7 I - I — 5- ' 

1411a 1 _I 11 7.8 {dsmiiw. (Fr.*»0|..i4.OZ5 ,—50 ; 2b : 1.6 

432 I-lb 1 S.S! Do. WirtCerts..! &25 (-15 I 26 | 2 Ji 

134 C—..J 12 I a.9i^c^lIIIdleTC^*FleC , 330 1 —10 t 9 1.4 

2301*—U [ Id o.l Su.ierUe(F.KMlj 380 —14 \ 14 3.7 

116 13 llJi NwutaalrtFJ&Oj... 865 -14 )8.o7( 3.4 

326 (.I 12 i 3.7 fiwtas ItanklF.IQPi 413 10 j 2.4 

74to +to 1 O ;10J9 Sv*1s»(He-FjiS0)..|5.175 ,.| 40 I L9 

134to;- 12 0-2 Union Eajik-.]3.470 L .55 20 ] M 

2o8 l+lto 12 ( 4.2 I Zurich Ins-11,925 [—75 40 1.7 

14 | 14 5l7 STOCKHOLM 

Price I -tor 1 Dlv.iKtJ 
Krona — j Kr. X 

4.2 Zurich Ins-11.925 -75 

.11.] 7J1 

11 7.7 

12 3 ^ 
12 I 


40[1.7 AG A Ab(KrxO).. 185 ,—2 

| AUaZareDMKifiC - 165 -3 

- ASEA (KrJ)0)..„.. 85 -3 

Atlas CopeofKrSs 116__ 

_ BiUertkl__- 79.0U-O.B ' 


Ursaltansuut .—1 



aem peril.,. 

Steyr LtoUnler—i 

AUaa CopeofKrSs 
_ B literal _- 

Price + or Div.jTW. Bofora.- 

Lire — Lire I 3, Cardo-—— 

-i_I_ CeJIulore- 

147.50!+7.7t — : — Btaiflux'li-tKijO 

941 ,-20 j 12012J9 Hriesaoo ‘JB’fKrU 
644 !—14 - — KiaeJta 

!.022 +11 150J 7.4 EWenta-_ 

Veit Magnrelc...! 235 

-:-*- Ante-- 147.60!+7.rej — ! — Bleeflux’B-cKdiO, 

AustmiaAsMc.-.. 941 ,-20 12012^ KriesMO ■B*(KrM 

BartOKi... 644 }—14 • — — Kaaelta 

' Flat...2.022 +11 150J 7.4 FanOTtA-_J 

--- „ - Do. Prir-^ l.o38 1+10 . 1501 9.2 Granges (tree/—J 

Fri^j , or un. in Pmtlder.. 86.00’+2.261 — j— flanrielahankan^J 

% — t ft ; ltaiceroent,—. 11.700 +100] 200] L7 ilirafiou-—_—. 

-— — ■ . — - — | itaUfiter..—132.0+3.0 ( — — UoU^Domalo., 

350 -- lu 2 9 j Uedwfcanre_j 32,3BO;-210 i,/M: 3.7 daadviil A^C_J 

263 i+3 s9 3.3 Monledimi_ 149.75] + 5.7&| — 1 - SJ£.K.‘E* KraJ 

672 '_.; 4a a.4 Ulivetti Priv.„.„.| 889.5 —8,5 j — ] — Sbsnd Enahiidn^j 

90--1 — 1 —' Pirelli A Co—...... 2,250 (-19 110 4.9 liodstik *B* Ki5fl 

194 —2.1 *7 I 3.6 Pirelli Spa-ll.OTS 1-9 60' 7.4 UdfieboUn^_ 

235 I-' 14 6.0 StUnViawa-_I 680 U-5 ~ 1 - Volvo (Kr.Ml.^J 

123 _ l 4 1 a.* 

186 xe -2 10 I 5.4 

206 —2 1- 4.8 

W9 —5 b.6 4.3 

148 .[I 3 I 6 | 4.3 

236 +1 8 ! 4.4 

95- +1 a 8.4 

47.5 -2 0 - - 

290 _X4.if 6.2 

128 +5 d b.4 

. — Banco Papular —. 

Banco Santander (2501 
Banco UranUir (l.QOOi 

Banco Vteaura . 

iiiy *-ij Banco Zaragozano — 

k> * Bsnkimion_ 

* Banua Andalnda__ 

,cii n Babcoek WOcox —_ 

° 1 2-g Dnutadas .. 

? ? o E I Araxoflesas __ 

„ r I Espanola Zinc ..—„ 
6-8 I b .6 grp/. Rio Tfoto 

i’Z Focsa - 

10 | 5.4 Fenosa ti.800) '-- 

1- 1 +.8 Gal. Ptedados ... 

a .6 4.3 Grupo Veiaxoues MOfli 
6 [ 4.3 Hidrola 

g ; 3.4 ihcrduero --- 

a e.4 iBmabaaif. —^_ 

_ _ - oum —m..—> 

4.752 Pspeteras Rennidas „ 

A h i Pomfiifiet _ 

Petroleos .. ...— r _... 

90- ._ 
194 - 

- KrailiACo-^.. 2,230 (-19 

.6 Pirelli Spa._11,075 1—9 

i.0 dateViSiiOsar....—| 680 ^5 

110' 4.9 Ifcudstik *8* KiSfl 

80' 7.4 UrtfieboLni_ 

- 1 - 1 Volvo (Kr.Ml.^J 

219 +1 \o.Ol 
69.8 -03 4.6 
189 -2 8 

82.51— 1.01 5 

42.51- 0.6 i - 

. 78 ^-1-- i 6 

“ . “ ? SoceHsa --... 

f f-5 TeWonlca - 

3 ] e -° Torres Hostencb_ 

■ 1 — 1 Tobacti . 

6 1 8J3 j Ifnfnn ___ 





—^ ’ 

50- " 

- 3 


+ 2 




- 2 







+ 3 











— 1 


- os 




- 2 


- 025 



100 J5 


+ us 


IS . 





+ 85 


+ 05 


- 5 







+ 1 


— l 









— 1 


- D.7S 


Financial TJu^fttesflay fdx&jjft 


•— 1 

Gains abroad support Saint-Gobain 


STRONG GROWTH overseas by 
the leading French private com¬ 
pany. Saini-Gobain-Ponl-a-Mous 
son, last year compensated fur a 
uniformly dismal performance in 
France, a performance blamed 
squarely by the croup‘s chair¬ 
man. ML Roger Marlin, on price 

Quoting chapter and verse, M. 
Martin, whose group has lbc un¬ 
happy distinction of leading the 
list of nationalised candidates if 
the Left wins next, month's 
General Election, said in 
the cast iron pipe sector alone 
the company could sell at prices 
S5 per cent, higher in Germany 
than in France, 50 per cent, 
higher in the U.S.. and 35 per 
cent, higher in the U.K. 

Its paper-making subsidiary. La 
Cellulose du Pin. with Frs.SOni. 
(SlS. 6 m.) or so oE losses in 1977 
had lost Frs.446m. in sales over 
six years because of the artificial 
blocking of French paper prices 
below 'the international price 

“The profitability of our 
French operations is decisively 
inferior to that of our overseas 
operations, and this gap is setting 
worse with time.” M. Martin 
commented, in introducing the 
provisional 1977 figures. These 
show group sales up by 10 per 
cent., a 3 lowing for monetary 
movements and compensating for 

(S 6 .fib 7 i.i and net profits advanc- of successive Governments to 
iog by 26 per cent to Frs.59Sm. return to a genuine market 
[SlIMm.K • economy, M. Martin added that 

French companies accounted no fewer than 13 of the 31 cate- 
for 49 per cent, of sales, 25 per gories of products made in 

Group _ 

c quipm ent_ 

Piping and 

en ginee ring_ 

G ian p ackag»ng_ 

Paper packaging 


product s 

Contracting and 
service s 



1977 im 
31.8 28.5 


2 .6S 2.28 

2.62 2.5S7 

1977 1976 

2.146 1.827 

0.304 0-341 

G -240 O .'lil 
-0.020 +0j037 

1977 1976 

2.123 1.6*7 

0.335 0-277 

~CU 48 0.C94 

0.155 0238 

0.794 0.739 0.047 0.04 7 


3S18 3.76 

0.074 0.153 

-0.034 -f 0.071 

The sales are those of integrated companies only. 

structural changes to Frs.31.Sbn. 
cent, of cash flow, and only 6 per 
cent, of net profits. 

In contract. Germany accounted 
for 19 per cent, of sales and 17 
per cent, of net profits, while 
the figures for the U.S. were 13 
per cent, and 20 per cent, res¬ 

Making one of his by now 
familiar attacks on the refusal 

France were loss-making. There 
were two GermaD and one 
Spanish Joss-makers while in 
Brazil and’the U.S. there was 
nothing but black iok. 

The group traditionally has 
four basic activities: fiat glass: 
insulation materials: asbestos 
cement: and cast iron pipes. Only 
the latter caused serious anxieties 
and it was no coincidence that in 

PARIS. Feh 20. 

this sector some 75 per cent, of 
the activity was in France. 

In fact Pont-a-Mouison SA; 
which accounts for this activity 
was in deficit in 2977 for the first 
time since J946. {suffering a ‘-0 
per cent, cut in production over 
two years. 

At the operating level, profits 
were Frslbn., against Frs92Sm.. 
representing 3.2 per cent- or 
sales, against 3.3 per cent, for 
the previous year. Operating 
profit, suffering from the conver-j 
sion Into francs represented 1.9 j 
per cent, of shies, well below the i 
pre-depression levels of 3.9 per 
cent, in J973 and 3.4 per cent, the 
following year. Similarly- cash 
flow as a percentage of sales, at 
6.7 per cent, failed to come close 
to the 9 per cent, of 1973 or the 
S.l per cent of 1974. 

M. Martin commented that as 
a rule of thumb, investments 
tended to be in proportion to 
sales in each area. In fact, in 
1977 overseas invesiments 
accounted for ail but FrsSOSm. 
of the Frs2.12bn. invested. In 
terms of sector, construction took 
the lion’s share with Frsl.26bn. 

M. Martin had no reassuring 
news for 1978. He said the year 
looked very much like a continua¬ 
tion of 19m. and dismissed hopes 
of a sustained improvement, 
although he thought that turn¬ 
over would rise to Frs35bn. 

Alfa-Laval AEG- 1 

estimates | BY JONATHAN CARR 


mainrainen |Wck Germany's sec 

IliaiHI-lUlIVil electricals concern. 

!*• j last year and are exj 

nmtlfc •'» again in I97S- 

holders, who have to 


; - V BONN, Feb.,20. 

By John Walker 

STOCKHOLM. Feb. 20. 
THE GROUP pre-tax profits of 
Alfa-Laval, the Swedish dairy, 
farm equipment and industrial 
separator concern, are esti¬ 
mated at about Kr-305m. 
(565.6ra-> in 1977. against 
KrJJOSm. for the previous year, 
according to the preliminary 
report for last year. In pre¬ 
vious years “calculated depre¬ 
ciation ” was applied, instead 
of financial depredation. The 
change* means that the 1977 
profit was Increased by about 

Invoiced sales for the group 
increased by ll per cent, to 
about Kr.4.2bn. (S903m.) 

during 1977 and the backlog of 
orders at the end of the year 
exceeded the level of a year 

The net amount of the finan¬ 
cial income and costs—includ¬ 
ing exchange differences— 
for the group has improved by 
approximately KrJ55m. to a 
surplus of Kr.lSm. 

The Board recommends an 
unchanged dividend of Rr.5 per 

j EARNINGS of AEG-Telefunken, 
l West Germany's second largest 
electricals concern, improved 
last year and are expected to do 
so again in 1978. But sbare- 
| holders, who have king received 
□o dividend payout, cannot be 
$u re of one tnis year either. 

This emerges from a letter to 
i shareholders covering develop-' 
[ ments last year and the future 
i outlook. The picture is one ot 
further consolidation .and . te^ 
'structuring in a concern which. 
■1 has fought its way back to profit-. 
; ability after losses in 1974 and 

f Apparently as part of this 
1 restructuring. AEG-Telefun ken 
1 reveals that at the turn of 1977- 
78 it gave op its 2G per cent 
stake in Industrie A. ZanussL 
the large Italian manufacturer 
of electrical household, appli-' 
ances. AEG said it made use of 
jits contractural rights to return 
I the stake, which it has held 
l since 1974. It gave no Author 
j details. 

! The company does not yet 
• specify by how much earnings 
! improved against 1976. when 
j AEG-Telefunken recorded- net 
j profits of DM397m., enabling 
|it to pay into Its pensions fund 
I after two barren years. But it 
j did describe the overall result 
fas still unsatisfactory. It was 
j adversely affected by. among 
'other things, the continued delay 

on the construction of nuclear 
power stations and the cost, of 
restructuring, the positive ■ re¬ 
sults of which wonld only show 
up folly tu the mediant term. • 
Total turnover rose by 8 per 
cent, in 1977'to DM14.3bn., with 
a fall of 3 per cent at-home 
counteracted by a rise of » per 
cent, abroad. A total of 46 per 
cent of turnover now corn®? 
from business abrqjut-against' 

44 per cent in .1976, 

Incoming orders fell by. l pier 
cent, against -1976 to DB514.5bn.- 
—based on a rise of 10 'per cent 

in domestic orders to 
an^.a fall of IS ptir cent 
foreign orders. However, ’t 
foreign figure * is ■ someWfc 
deceptive. - The ssbsidkuy Afi 
Kan is landed a. massive Set 
:■ order in .-June, 1976, aba-* 
Iffffflgures are being.compax 
with ;-a ./result boosted by •-§ 
order. • ■ ... ;:.••• ; .. * 

If .flat.' single - order-:;' 
ignored, -thee the 1877 forei 
order . figures would , show a ^ 
Of .four ’per cent., and; 1he q* 
:alf orders figure,a rise ofTi 
cent • . '•'*• - 

MAN-VW deal approve! 

BY lesue coutt : ^ 

WEST GERMANY’S j... Cartel 
Office has approved a co-operation 
agreement..: reached* fast year 
between MAN (Maschinenfabrfk 
Augsburg-Nttniberg)' and . • the 
Volksvagenwerk lo jointly ’ pro¬ 
duce a new line oE six-ttnme to 
nine-tonne trucks- The approval 
Is valid until the end of 1984 and 
can be renewed. . 

The Cartel office in' West 
Berlin says competition in .'the 
West German truck market.will 
be •'considerably improved” by ; 
the entry of a .third -supplier 
offering a full range of trucks in 

■ •. V • '= BERLIN, Feb; 23. 

addition to t)amtler-Beni „^jj 
tveco • (Fiat and Magiru&Dey 
Unlit the 1SLAN-VW 'oi>^g 
■Bon agreement; MAN' who 
produced heavy trucks abov£ 
tonne's and VW oply light" tnu 
up to 3.5 tonnes. .Their (xropg 
tion : allows ' both companies* 
.supplement thefr. range' ofrg 
ducts with considerable savfi 
In costs, the Cartel; Office' h# 
Parts production • can- 
specialised and . the trifakg;^ 
through MAN'S existing distif 
tion. network, .so that^VVf 
not have to set up its own 
sales organisation. >• 


familiar attacks on the refusal and it was no coincidence Ibat in over would rise to Frs35bn. . .a .t -« ,-V : -j.-. .--V 


MEDIUM TERM CREDITS Goldman Sachs backs rates lift 

$800m. for Mexican oil group »». «- 

brokerage firms to boost their heavily into Wall Street's quality of services rendered are the, 

BY FRANCIS GH1US commislon revenue has been revenues and helped the closure “essenual tojbe.preservajbon of 

IN ITS first major syndicated the last two on a loan arranged Corporation has been P v,t in j mlT Sachs^oL^o^tbe °top G t^ of oSie^s. 6 ^ move^ostl^tbl ^ance Goidm^S^lL^asSn-tO^^net earnings. 
medium term loans since the last January. charge of the information! «««^chs one MU* .^on^iscounte was started by voted top broker of the year for ^ 

begin nine of last year, the Mexi- However' the eagerness uf memorandum which accompanies j some small firms, and then three years in raccessioirby an 

ci-iiii nil P»-mev is major banks t« lend to llifa prime the lojn.. .. t _Gathered momentum when independent survey -of. .the earnipgs^ In l^Ts. 

. for Mexican oil group 

lull medium term loans since the last January. 

By Mary Campbell ! beginmn? of lust Jfir, the Mcxi- maj ^ Uanl : s l'i lend^oftiis^‘prime 

TITE SHARP fall of the dulfar ran stale oil company Pemcx, ia borrolver has a j/ 0 - Ae d Pemex to 
on the foreign exchange market: raising SSOOm. for In years on di^p^nse of a lead manager. No 
—it ended the day at Sw.Frs. • a spread over the interbank rate mandate has been thus awarded: 
3.S185. a massive fall from J 0 f j] pp r reni. Ihroiiylinut. Other .simply lo banks have been asked 
Friday's S'v.I'rs.l.SS60—did not; conditions include a grace period to raise SSOOni.. with Uie banks 
precipitate any sell-out of dollar i 0 f four years and a management agreeing to underwrite varying 
bonds, dealers said. However.; f ce v.-hicb is believed to be •} per amounts. 

there was eon'.iderabic nervous -1 cent. A meeting of the management 

ness and a certain amount of. Everv ma j (Pr [oan for a ]tj ex j. group, attended by Pemex has 
proie.isionai 4 itivu>. : i,«. it «aat«» nwnorl been scheduled in London tn-dav. 

However, the eagerness of memorandum which accompanies;come so 
major banks to lend to this prime the loan. ] sxreci. ^ gathered 

borrower has ai/owed Pemex to National Westminsler v*H be i Following fa'st on the heels of 


Mnrgaa Stanley 

rvev -of '.the earnings lit 1978.., 

prospects of ton i p ^ t d sport ^-A 

Ldiog its new earnings, of §37.9 iil 

immeasurably, ^are last year aszm&Slgg, 

• Goldman it * 7 re" 1 ® a share jo 

hid one of W tte rear the; company .had^: 

lit year-due ertraordmary .-g.’ 


every major loan lor a niexi- rtvorall inrrpacp nf mmmi«inn uu.uuuu. UU , divestil 

: can borrower, be it slate owned been scheduled in London to-day. meat group include Bank of J”*™«.°L aeSSlf^i*,^ which stressed in its statement ing the new pricing.trend from R f 
_ _i u... .i.. k., r i revenues in oraer to assure roe ... ___ __ f - r «*; c „ mcitinn nt w Ttc iuw*"®* 

Neither the Avn nor the : nr state guaranteed has. in the presided by Lloyds Bank inter- Montreal, Canadian imperial I „ A.*" ^ , that no one rate or formula “is a position of weakness? Its new 

ritn.-Ki Kr.nrlc -A'hu-ll I ift n w. n .h. eotinnil A n..mhnr ,-vf nlKne Donl- nT PomI COnllDUaDOG Ot Vital 1IIV0SHDCQL _• Va all tfOTlC. Tirtcitinn UTAH ..pnPfiliniPA 

Hitachi bonds, which started I p a «t 10 months marked an im- national. A number of other Bank of Commerce, Industrial 
trading for the first time. I provehiem in terms compared banks have been alloted tasks. Bank of Japan, Bankers Trust, 
behaved strongly, although they ! with the last one. Bank of .America and Manu- Chemical Bank, European Ameri- 

were by no means as weak as The Uniled Stalcs or Mexico faeturers Hanover act as co- can Bank. 

inunuanon ot vital investment ^ 0f applicable for all trans- position could well ■ encourage : 
inrices - actions.” The firm emphasised the industry’s leader,. Merrill 

The abolition of fixed commis- that “reasonable rates”, which Lynch, to follow suit 

"l _ ■_ .£ .1_ X UU uuutru tJUUVO Ul .UCAU.U-. 7 ~ . -... . 

some other new issues of the id spre ad of li per cent. a ?ents while Uhcnrp will be re- 

loci Four niriftTlK K irinor i . . _ c __ j:__ • ■_ 

last few months. Kidder f seven-year monev last autumn sponsible for syndication in the A five year revolving credit 
Peabody, the lead manager said whHe Mexicans del* Cobre. with U.S.: Bank of Tokyo will he nf 8100m. for Istituto Mobiliare ; 


Eli Lilly sam 


! FMartfc Quarter IV 

from other dealers suggested 
that the hid price ranged con¬ 
siderably lower elsewhere in the 

Warburgs said it quoted the; by JOHN WICKS 

Former Bally bank fails 

ZURICH, Feb. 20. 

margin of U per cent over inter- yw 
bank rates for the first two years Revenue ... 
and at li per ceoL above-there- Net profits 
after. n«r sha 

Hn<fp Ch i^m dS lnwJ S ihan d pLfilr I TKE SWISS Federal Court has recent years and in May. 1978. ^ The syndicate was co-ordinated * el .. peT s ^f e j 



Revenue .. 





Net profits . 

20 . 0 m. 




Net per share... 






Revenue . 





Net profits 





Net per share...- 

. 5.0S 

’•* 4fl5 


First Quarter 1VJ 

noon, dealers said Due for by the bank and by its former Controlled hv Rev — aid s^b Montreal arid Ban'que 

announcement to-day is a owner, the Swiss shoe concern . h ana Ci r,j' Twelve co-managers took 

DMSOOm. offering for Venezuela. C. F. Bally AG, and subsequently ?^ ue 5 1 -' repurchased by Syndi- balance, at Sara. each. 

The terms are expected to in- only by the bank. The Overseas 15 - 

•elude a ten-year final maturity Development Bank will now have The banking commission’s 8 SFf F 

i eight * year average life; with to go into liquidation. decision to withdraw the ODB's 

the coupon indicated at 6 per The bank, with assets of concession was based on what 
cent. West LB is lead manager. Sw.Frs.8S.4m. (S46.01m.) at the the commission claimed was in- 
The widely rumoured Tauern- end of 1977. was originally a suh- sufficient information as to 

autobahn issue is not expected s id I ary of the IOS group. It whether tbc bank was foreign amcv fpir ips? ' . w{ 

_ ? ' • - • INDIANAPOLIS, Feh.a 

UNION CARBIDE / ELI LILLY says that lawsi 

——^— have been filed in-six- sti 

Fourth Qurter • : IV* - u re taD journal 

Net profits.f 108.0m: 105.0m. and three pharmaceuliral di: 

Net per* 5 hare... tl.67 * 1.69 butors -with infringement oft 
Year ." companies patents on Kefle? 

Neb profits ...... 385.0m. 44l.f>m: cepbalosporin antibiotic. 

Net per share... .6.05 V 7.15.. These Jegal actions are in a 
t Down front suggested $108m- /tion to, others launched late 
or £3*68 per'share" ■ ’ '.‘-year, against ieniti Labors tot 

-fc-i: ’ ;- Northvale NX Generix D 

WESTINGHOUSE CANADA . : ■ Hollywood Fla. and the H 

r ,- tt r -rrr—— " — Moore Drug Exchange in I 

Foartti Qumnrr in? ^ : Britain^ ConnectieuL . 

Revenue .. 110.0m. I23.0 iL . Those defendants were,(hat 

Net profits*;...;.. 5,5m- 4 ^, with . .patent infringeineiit J 
Net per .share....-’ 2.04 -156 turfaii: competition in markej 

Year l- ’ ; confusingly .- similar profit 

llu 1 w ■ r «old to CF Bally—then itself wpsuninsier. uans ot rear re ex snare on... u . 1 / tu.oo Year v comusingty.- similar- prom 

and by its former controlled bv Rev _ and sub- *' ontrpa l and Banque Beige. Revenue . 4SS8ra. 437.4m. t Restated for acquisition of Revenue 431.0m. 455.0m:^haYin^.the same'colour comb 

yriss shoe concern seQ uentlv reourchased bv Svndi- Tw " ,ve co-managers took up the Net profits . 27.Sm. 23.0m, Reliable' Electric on pooling of Net profits.; T0Om.14.Om. tlm» an lolly's Keflex.-' . • 

■. and subsequently i- aL a g“ " balance, at Sara. each. Net per share... 4.53 4^7’interests basis in May. 1977. • Net per share ".5.06 5.16 ‘AP-DJ ' 


fnr another wpek. 

•changed bands several limes in controlled. 

A wholly owned subsidiary of 

Spiliers Limited 

has been merged into 

Modern Maid Food Products, Inc. 

The undersigned assisted 

Spiliers Limited 

in the evaluation of this meraer. 

Corporate Financial Counseling Department 

Brvfng Trust A Charter ip 
Company NewYorkBank 

One Wall Street, New York, New York 10015 


A Swiss I ndustrial Group 

has acquired 

Centre Engineering, Inc. 

The undersigned acted as financial advisor fo 


Corporate Financial Counseling Department 

Irving; Trust A Charter jpSt 
Company NewYorkBank *§y85f 

One Wall Street, New York, New York.10015 

Austral la S’.pc 19K . 

Australian M L S. 9’*i«- "’K 
Rarvlar? RanR f'&: 199J . 
Bwiirr Vpc 1992 . 

Denmark #U»c ISH .__ 99j 

ECS spc )S®5 . 

ecs s;pe 1097 . nsj 

EIB ‘.'pc 1392 .—. 

EMI 9,pc 1«S9 .. 9Sf 

Eri<.-*s«»n S*n«- 19MJ .. 9»t 

Esso -pc l n <4j JC««. .... 1110 } 

Ol. LaSc? Pnpr-r Ainv 'M 99 
Uan?rsl-y !>; P ^ I3K . . l«l 

li-^ro-Oii^**--.* 9tv' l?P; ... *>.l* 

im tut- ion . «iq 

1SE >;.<naria oiik- 19^ H';i 
Mi-Tnillan R1n,-r1(.'i 9pc 19»C !>«; 

Mwvi 1 K-rsusnn Ojpi- 1911 W; 

’iii-htl'n i ; pr iss.s. jnij 

Upland Jnf. rut. >'.ar 1992 ?7 

r. ’.HI. Coal Pnard -pc T'NT M 
v »tl. V.V.'mintirr !*pr jo^ ^ir;<t Sni ■» 

T'.'r^rs K"mm. K<. r:pc 32 *.i; 

‘•■irnipv ?tn.: *C.i 

\nrsk Hydro -ipc 1992 .. 3>I 

9pi- l^-s . iwt 

Tons 4Utn:innv-s 9iyu 139! 9U 

FT.iv. On. tjc-: Bao l!»Vi p.-.j 

Prat SKtiiatt-tiu-n >:-p ■nv 
P»pf 1 lnt.Tii-»r|,,nj| 9p,; -9i Jr. 
Pill 9pe 193; ... 

?'!•*, non TniM : ;pv; if?a . 9;i 

,«kvi»| En.Jl-.Mj pp r .osj 

SFF >pc 19«7 91} 

i Kin-.-rfoni ■ >'n.- P3T 
1 nM 9or nss .. 9:^ 

Vnlro Spc 13S7 . P2i 


AiPIralia Tfp-? J9M . . 04 } 

Foil Canaria Tier? 19S7 . .. mi 
B. Cflumbrn itr/in? rjpc •« B.i< 
Canadian Pacific SJp.* 193< 

Paw Chrral.-al Spc IMS ... 97} 

ECS 7-pc 19^2 . W 

ECS Sipc 1PS9 . PC 

EEC Tjpc l«2 . Ki 

EEC 7>uc 19«. 

Erwfi (iinzelr fHpc 1PS< ... 314 

Col.iTcrken SIdc 1952 . M 

Eoclnims »DC 1««.1 P7J 

MlrbeNn 9<t»c I9sn . mj 

MoniraJ urban »:pr I8S1 l#n 
Xcxr Bninsv4^.-Jt Soc 19$ I w; 
'»■. Bmnsvit* Pi. ?;pc S3 liwi 
Now Zealand Jin-' 19Sfi Jrt 
Vnrilc inr. Rank rln^ t9i4 <m 
v «*r»b llrrini !!»<; .. 
■cnm-ay Tine 19*3 ..... ... w 

nntarlo H?riro <nc I9S7 . . 9iJ 

•iinsor 9ipp |n«.? .. . . jnn[ 

s. of sent. F.w. 5;nr ‘s: mi 

Swvricil 'Kintdnmi 7 }pr s? 07 
-viT-riiKh S»af« Co 7:w 1 K 2 9s? 

T ®ltn« Pi nr i!«J ... or. 

T MVtrrtf 7 ;p/- 1137 Ifaj- .. in j 
Volkswagen 7Ipc 1&°7 _ Til 


CnpriinM, S’rv |0 JS 
r ' , r o-p,- 

f'R a'oc io« ’ ..." 

EIR !»?nt' >9P2 . 

rof Inriliet-i.' 9lr>.- 
cfeotK In-IK* im: . 

iv v Ripe i«s. 

Bwntrw lUi no ]l’j. 

Soap* iflijw j9?n 

Tufa/ Oil inn . ... 


VivriH *’n - !*** 

sref; ;o , ]n, T ; 

D^rmarl: fllisr ifivi 
E1R iib>-t 
^rand Mm i*sj 

T 1 '•'lrii-Cl'i-H—» flip-. 13...7 

rc; c; 0 .- !?C7 
'JiurroaT Tr«' !9C .." 

V’inu'a Has 7 n ,. |n« ’ 
Vnrsk 71'Hro «:nr 
'■‘■ip’.-a- i;pi- J9P2 . 

; fi'n.; T«UO 

Spain 8:r- " 

S*r«v|r|j fitno 

World Hank I,ipr 19« 

Pank nf Tirt-vo l.nw ri3i^s 
BFi.E in ?4 7p^ . . ’ . 

BNP roc ... 









C.CF ign spo ... 



Ford 5pc 1BSS __ 





CCJIF J9F4 7:pc . 



General Electric 41 pc ISS7 




t.n , ditan<l3li 1BS4 



Gillette 4]pc 1987 __ 




Cn.tlit LroDnals IPS2 J-pc . 



Gould 5pc 19S7 . 




Dff Bank 1VS2 7t5|ipc . 



Gulf and Western 5pc ISiSS 




GZB 19SI Tfoc 



Harris a PC 1995 . 





1ml. Wcsimiuu-. 'S4 7ii]bpc 

99 : 


HonenveU 6pc 1988 ^ 


• 864 

Lloyds 19S1 Tioc . 



ICI «pc 1891 . ^.. 





1.TCB I9M Sp.: 



IN’A Spc 1997 .— 





Midland 19E? 5f><? . 


107 J 

Inchcape Sipc 1992 __ 




Midland 1997 ,U-;«pc . 



nr «pc iB87 __ 




her 1BS3 7:t*c. 







S>’CF I9S.I Ripe . 



Komaisa 7lpc 1990 . 




9e; * ChrM. ',74 ifft>,pc 


99 : 

J. Ray McDermott 42 pc '87 





v. ms. and Gfrns ISM Tp-; 



Matsushita 61PC 1990 . 




99 : 

Sotrro?: While Weld SecuriUcs. 

Mitsui 7}pc 1980 





.1 P. Morgan 4] pc 19S7 





Nabisco Sipc U88 . -. 





American Express 47pc ’57 



ffircDs niinpls 4fpc J9S7 _ 





Ashland jor 19s? 



J. C. PenneF 4}pe 1W7 .. 




rahcn..-k i Wilcox 67pc '97 



R^rlon 4ipc 1987 ... 





Bnalrt-.-o Foods 4jpc IW 



Remolds Metals 5pc 1SSS .. 


S4! . 



B"3'rl'V Foods 41 pc 1992 



S.indrlk 81pc 1988 . 


• 1994 



Bwiijm *ifpc 117-1 . 

Sperry Rand 4 Jpc 1867 — 





Borden .-pc 1992 .. 



Squibb 4ipc 1997 .. 




Broadv ay Hale Hoc ISS7 



Texaco 44 pc IBss . 

' 774 


t.nrnatlon 4dc 19*7. 


Toshiba aipe 1992 . 




CtK-rrnn 5p>: 19SS . 



Union Carbide 4Jpc 1982 . 


92 ■ 



Oar- Jipc I9S7 



Warner Lambert 4ipc 19S7 





Fa t nan Kodak 4*pc W5 


Warner Lambert 44pc 1988 





Economic Labs 4ipc 1967 



Xerox Spc 1998 . 




Firestone 3pc I9RS . 



Source: Kidder. Peabody Sectrritlrs. 

Midland Bank Limited 

^T- -..3 a 

U.S. $50,0G0>000 Floating Rato 
Capital Notes li983: • 1: - X; 

• - For.the six months- i .'tv 
21 st February i 973 to 2'1 stAiiQustTS.78.: : . * 
- the Notes will carry an ^ " 

interest fate of 81 V per cent’ per annum, 

- Listed on The London Stocfc-Exchange,. 

Pcncipol Paying Aggnt;: -' -. 

European-Arpefioah Bank & Trust Company:. . 

10 Hanover Square.'Ne-y York. ;NIY 10005; USA 
Agent Sank: Morgan Guarant/ Trust Co of New Ya*k 

All these securities having been sold, this ajwoaacement appears as a 

European Investment 


9| per cent. Sterling/U.S. dollar payable Bonds 

due 1988 V a: 





04 " 


7 nn 


. im: 


. r«: 


.. fl*i 


.. 9«l 

. K 


. mr 





. 1«W 


. 161* 




. 11.” 


l" - :: 








. 149 

11 a: 

. lit: 

1 "2I 

. I4R 


. 104} 







100 } 

S. G. Warburg & Co. Ltd. 
Allied Irish Investment Bank 


Banca Commerciale Italiana 

Deutsche Bank • 


: : W: M . Rote chiId^^ 

. . _ _ *lpl_w V "if- ". l -- w 'w 

Banque Generale du Luxembourg SJL- 

Barclays Bank International 


Daiwa Europe N.V. 

First Boston (Europe) 


Morgan Grenfell & Co. 




Den DanskeBank ; 
af 1871 Aktieselskab .' 


.FINANCIAL and company news 


iwa Bank 




.1 Japanese-basin ess- 
already accustomed' 
of company failures 
le Eidai bankruptcy r 
r oF serious, and 

uptcy is a major sel¬ 
va Bank. which bis 
to rebuild': Eidai’s" 
ace xnId-Z975 and 
lariy since installing 
,V <awakaml,’ a Daiwa 
•\ Eidai president In" 
Daiwa Bank. :is 
"esT creditor {with 
-5m.) lent to the- 
any andc iixi- unspeci- 
to its subsidiaries) 
■e" Bank of Tokyo. 
rust.:Fuji Bank and 
30. Bank... 
aunks have stayed 
Jai Company since 
;re is no.-record of 
ng loans to the com-: 
ternational interest 
ny's fortunes is not 
f has had a listing 
mg as :well as in 
and Luxembourg, 
t convertible Euro- 
for SlOm. oyer IS 

- iptcy comes closely' 
ts of last week's 
t that Daiwa and 
will co-operate In 
onstruct'Fuji Sash 
d its related sales 
granting.a mora- 
ther debt servicing 
j|»t or top management 
i{i, itama and Daiwa 

ne sort of arfange- 
ed between Daiwa.. 

.the Bank'. of Tokyo and. Eidai jn. 
S975 whedan-outsider was-put 3d 
ad Eidai-president, and Intensi¬ 
fied-last March when Mr. j Kawa- 
kamj took oven 
Daiwa Bank sent some nT its 
officers into the field- yesterday 
to-explain: its. faurolvementlwlth 
Eidai . to- foreign - --.bankers. 
Although short on facts, the 

day afternoon that ii will take up 
all outstanding issue obligations, 
lo wit: Y932m. outstanding 
balance on two corporate issues 
in June and December 1971 
which will be purchased by 
Daiwa - at face value; Y1.3bn. 
still outstanding from an April 
1972 convertible issue; and 
S3-82m. or a $10m. convertible 

Eidai Company, a leading - Japanese plywood and 
prefabricated bossing manufacturer, has applied for 
■Osaka District .Court.-protection in what conld prove 
to be the. biggest -Corporate bankruptcy in post-war 
. — . ’ Japanese history 

Daiwa statement put Eldars, lia¬ 
bilities at YlSObn. ($54m3 plus 
another Y55bn. cm a consolidated 
basis. The bunk-has refused to 
disclose its .loan total. tq;33idai 
on a consolidated’ basis;--.and 
assured foreign bankers that the 
Y30bn. of 'loans to -the parent 
company could easily by-covered 
(if ..necessary) by .the ; bank's 
reserves for possible losses nut 
at Y105bn. Daiwa’s profits after 
all deductions in the last term 
were Yllbo. • 

In short, a -foreign banker 
said “ Daiwa has the reserves tn 
stand the shock,” but the r full 
extent of its Involvement is still 
unclear. " j 

Neither Daiwa Bank nor any 
of Eidai's other creditors expect 
they will have to write off all 
Eidai's debts, but to “reassure 
Eidai's. smaller creditors ..and 
clients Daiwa announced yester- 

Eurobond issue in 1974 (for 15 
years) which Daiwa will redeem 
at face value. 

Some of Eidai's largest inves¬ 
tors, including Japan's largest 
1 > f c i nsuran ce coin pan ies, 

dumped large shareholdings last 
Friday on the Tokyo Stock 
Exchange when rumours beagn 
lo take hold . about Eidai's 
impending bankruptcy. The 
share sales cut Eida’s. share price 
in half that day. closing at Y51 
per share in sharp ..contrast to 
Eidai's blue chip days in 1973 
when its. share price boomed ta 
over Y1.000 a share. 

All told. Eidai has accumu¬ 
lated losses after tax of about 
Y40bn. in the past three years. 
They began with the financial 
year to December 1975 when the 
company posted a Y 19.3bn. loss 
after tax. In 3978 the company 
continued to lose money at a 

trachem profits buoyant 



ALS group, Sentra- ject Semrachem is also ’ en- the cut in the previous full year 
: the second biggest gaged in a joint venture -with from S.5 cents to 6 cents, 
ictor'after AECI— Tate and Lyle in the local manu- Earnings are expected to be inj 
BP has * minority facture of bio-degradable:deter-line with'the first half, which 
ported surprisingly gent from sugar. Its . other would mean a total of 14.6 cents 
s for the half ycai'interests are spread across agri- against 9.1 cents. 

II. With sale*-up cultural and industrial chemicals, * *. * 

R92m. (S106-3m.), plastics, and rubber. 
s has risen from ' . -'.\ 

.2m. (SIS.Txn.). But ft* a • 
her tax .charge, Higher profit 
ecting capital com- __ ° r ■ 

PAR LIN li AND Hodgson, the 
construction and civil engineer¬ 
ing arm of Union Corporation, 
which holds 45' per cent of the 
shares, has reported reduced 

•hth/hmher experiences Df several cctu- (S15.7m.l. Tax has trimmed the 

L MujJaipnt j n = panics over the six months to rise at the net level, but after 

— end-December. • some ■ more lower attribution -of profits to 

. . c. rn buoyant ggnreg have appeared outside shareholders, net earn- 

from different portions of South logs are up from R6.5m. to 

— he groups pros- African industry. ■. *; :R7^m., or from 42 cents to 46 

^CFs. isthe-R250m. T*, e motor trading group cents. The dividend has been 

*. which comes.on McCarthy, which - had' sales of wised from 15 cents to 17-cents. 

ill® - R250m. in its last full year, and * * * 

_ S5- h° ld sfranchises such as...Jaguar, HIGHER interim stage profits 

BMW and Datsun, has reported.and a doubled dividend are 
an 0 P e raUng profit a *hadp announced .by South African 
JJSSt w 8ber from R4 ”m. to R4-SmL foot wear group Edworks (1936). 

Jur. six mpn^bp. trf Sales for the six months ended 
ecning iroiioiesj ^ gna-Depemher. But afteto shat?*-December rose marginally but 
■edicts that ffa ™- fall in Interest, paid, group pre-la\ profits increased by IS 

— should., be. main- profit'after taxation was-op^funv per-cent, in 

'Second half-year ROBrn. to *RL3m, and -eanwhgs while a reduced charge for tax 
a strong market per share hardened from fiLironts helped lift net ' attributable 

— months, yield 6.7 t o 72 cents, ... . - j by more than half from R535.000 

i per cent on the - The interim, dividend was to R853,000. ‘The interim divi- 
idend. - raised from-2.5 cents KjjS cunts dend is lifted from 1 cent to 2 

:he; Coalp lex pro- in a move which restores part of cenis. 

ni franchise fittf Wearae 

•'id motor trader 
"*rs has set up a 
^th-the Malaysian 
i co-operativfe, 
{■£katan Tentera 
; (KT>. to import, 
distribute in 
i cars from Fuji 

• •■■s of Japan. 

• me of the largest 
,.i Malaysia, will 

■ it. of ;be issued 
alaysian Ringgits 

liri: in the new company, known 
as Wearne-Wtra Malaj^ia Sdn. 
Berhad. while the remaining 40 
. per c6at ^11 be held by Wearne. 

The Subaru franchise will be 
the first Japanese car venture 
for Wearne which has trodition- 
ally been strong in European 
franchises such as Ford. Leyland. 
General Motors and Chrysler. 

Japanese cars now account for 
over- 65 per cent of the car 
market in Malaysia and the 

SLYGAPQRE. Feb. 20. | 

Subaru franchise will enable 
Wearne *o increase its penetra*j 
Lion in the Malaysian market. '} 
Last year Wearne accounted j 
for J9 per cent, of total car sales j 
ip Malaysia and 1S.5 per cenL of | 
commercial-vehicle sales. 

Subaru cars currently account 
for an insignificant proportion of 
car sales in Malaysia. However, 
sales are expected to improve 
when Wearne begins to assemble 
the cars at its existing assembly I 
plant. • • 

fast pace despite personnel cuts 
and interest rate cuts from its 
major bankers amounting to 
about Y4bn. annually. In 1977 
sales appear to have dropped 
below the 1975 level to about 
Y98bn. and market analysts 
expect Eidai will notch up a 
Y9bn. recurring loss and per¬ 
haps more than a Y6bn. loss 
after tax. 

In the past year. Mr. Kawa- 
kami has used his influence from 
Daiwa Bank to enforce cuts in 
Eidai's personnel, with total 
employees dropping from just 
over 3.000 a year ago to 2.600 
employees. In addition, Eidai's 
consolidated subsidiaries employ 
1.200 people who now face 
dismissal or enforced retirement. 

Although Eidai's business 
turned sour in 1975 the company 
remained the top Japanese ply¬ 
wood maker, even in 1977. But 
in the meantime, the sector was 
inundated with new companies 
and Eidai branched into the pre¬ 
fabricated housing market and 
built up the capacity to produce 
9.000 units a year. In 1977. 
industry-analysts say most prefab 
bouse manufacturers were 
.operating at about 50 per cent, 
of capacity and Eidai produced 
fewer than 3,000 homes for its 
customers. Thus Eidai has been 
bard hit by the recession in the 
domestic housing industry which 
took Its toll about equally on 
construction materials (45 per 

cent, of Eidai's sales), housing 
equipment (22 per cent.) and 
sales of prefab homes and real 
estate (33 per cent.). 

I Slight fall 
in UIB 

By Michael Blanden 

! UNITED International Bank, the 
London-based consortium bank¬ 
ing group, reports a slight 
reduction in its earnings for 

The company's pre-tax profits 
slipped from Just under £1.7m. 
to 11.6m. ($3.1m.)- Mr. 

Alberto Weissmuller, the man¬ 
aging director, yesterday 
attributed the fall lo two main 

These were the rise io the 
value of the pound, which 
reduced the value of the bank's 
foreign currency assets in con¬ 
trast with the 15 per cent, con¬ 
tribution made to earnings by 
the revaluation of assets in the 
previous year; and the lack of 
demand for medium-term loans 
at attractive spreads. 

With the pressure nn margins 
over the. past year. UTB has run 
flown fts medium-term lending 

book, with loans for more than 
a year falling from £S1-Sm. to 
£77.9m.-at 4he-end or ihe year, 
but has increased its short-term 
lending business. 

At the same time, the bank has 
concentrated on diversifying the 
sources of Its revenue. Fee and 1 
commission income more than 
doubled fast year with the bank 
co-raanaging syndicated loans for 
major borrowers in various 

UIB has established itself as 
a market-maker in the Eurobond 
secondary market and has begun 
to develop its investment manage¬ 
ment activities, including the 
establishment of a new subsidiary 
in Jersey to support its United 
International Bond Fund. This 
Is aimed to appeal particular!: 
to investors In the OPEC states 

Sir Norman Biggs, the chair¬ 
man. argues that the bank is well 
placed jo “ reap increased benefit 
from the diversification of 
activities undertaken during the 

This announcement appears as a. matter of record only 

uerz'as Electricas del Noroeste, S A 


A A4 « 

Chase Manhattan 

Bank of Montreal 

Term Loan 

Managed by, ■ 

Co-Managed by 

V- European American 
> Bank & Trust Company 

Banque Canadienne Nationale 
- - (Europe) - 

The Nippon Credit Bank, Ltd. 

Orion Bank Limited 

- Provided by 

jntreal .. Banque Canadienne Nationale European American Bank & Trust Company , Girard Bank 

- . (Europe) y\ .-. ■ 

:ale Genossenschaftsbank AG • Italian International Bank Limited Midland and International Banks Limited 
;e Credietbank NV Orion BankLimited Sal. Oppenheim Jr. & Cie. . The Chase Manhattan Bank, NA. 

European American Bank & Trust Company , Girard Bank 

Trust and.Banking Company Limited 

The Nippon Credit Bank, Ltd. 
AgentBahk ■ 

UBAF Arab-American Bank 

• European Banking Company 
Limited ' 


REVENUES Financial sen/ices 

Products and research 

Motion pictures and land development 

EARNINGS Financial services 

Products and research 
Motion pictures and lend development 

before unrealized kisses on 
foreign exchange fluctuations 



Per common share, primary 
Per common share, fully diluted 

1977 1976 

(Thousands of dollars) 
$225,767 $190,730 

172,565 140,850 

43.934- 25.335 

S442.266 S356.915 

1977 1976 

(Thousands of dollars) 

$ 821,334 $ 727,536 

603,357 545,501 

113.197 72.323 

SI .537.886 SI 545,360 

$ 18,108 



' 35.559 

S 43.276 

$ 14,104 





(S 3.200) 





















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• Avco Specialty Materials Division • Avco Systems Division • Ben-Mont Corporation 


Avco Community Developers, Inc. • Avco Embassy Pictures Corp. 

Wnte today for a copy of our annual report. 


1275 King Street, Greenwich. CT, USA06830 

This advertisement appears as a matter of record only. 

Mass Transit 
Railway Corporation 

Hong Kong 

U.S. $400,000,000 

Ten Year Loan Facility 

arranged by * 

Manufacturers Hanover L im i t e d 

Chemical Asia Finance Corp., Ltd. Orion Pacific Limited Standard Chartered Bank Limited 

The Bank of Tokyo, Ltd. Banque Nationale de Paris 
Commerzbank AktjengeseUschaft Compaguic Financifere de la Deutsche Bank AG 
Dresdner (South East Asia) Limited— Dresdnet Bank Group Lloyds Bank International Limited 

The Long-Term Credit Bank of Japan, Limited Toronto Dominion Bank Westdeutsche LandesTwmfc Girozentrale 

provided by 

' The Bank of Tokyo, Ltd- Banque Nationale de Faria Chemical Asia Finance Corp., Ltd. Commerzbank AktiengcseHsdiafi, London Branch 

DB Finance (Hong Kong) 'Ltd.. Dresdner iSouth East Asia) Limited —Dresdntr Bank Group LBl Finance (Hong Kong) limited 

• - LTCB Asia Limited Manufacturers Hanover Trust Company Orion Pacific Limited. Standard Chartered Bank Limited 

Toronto Dominion Investments (HK) Limited WestLB Intexnadonal S-A. 

Canadian Imperial Bank of Commerce Fun Kwong On Financial Limited Mittribirtri Internationa! Fi n a n c e L i m ited 

The Royal Bank of Canada Group The Sanwa Bank, Limited Tokai Aria Limited 'Western International Capital Ltd.— t'mud CdUJama Bank Group 

Australian European Finance Corporation XV The Bask of Yokohama Limited Baaque Canadienne Nationale (Bahamas) Limited 

Baring ganwa Limited The Commercial Bank of Australia Limited Commonwealth Trading Bank of Australia 

D G Capital Company Ltd.— DG Bank Group The Dai-Ichi Kangyo Bank, Ltd.' The Daiwa Bank Ltd. First National Bank of Oregon 

Girard Bank Kyowa Finance (Hong Kong) limited A1AIBL Bermuda (Far East) Limited ' Manufacturers Hanover Asia limited 

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Febrnty, 1978 

Financial T&tes• 



eec gram Lead and zrnc prices 

pact ideas , 

opposed fall to new lows 

GENEVA. Feb. 20. ] 


new imeraau'onal grains arrange-; 

ment that would i-onipromise Us LEAD PRICES [ell to new 14- tw 

policy of eventually becoming I month “lows” on the London 
self-sufficient in wheat produc-'MelaJ Exchange yesterday, and - I 
lion. J zinc values were down to the 400—jj 

Sr. AderbaI Costa, the Brazilian | lowest lc.el since June 1973. -It 

riciegafe at 3 UN conference here Copper prices declined too. 380g|1 
said tlut he would be unable to {but trading interest on the ex- jp-- 
accept clauses which threatened \ change was subdued in view of 360l- - 
to compromise wheat production! the closure of the New York — 
policy of individual countries, j metal markets for the George 34 ®— - 
Speakers from Sweden. South {Washington birthday holiday. — ■ 

Africa and Algeria, who aluoi Cash lead closed £8.25 down at 320 —■ 
addressed the conference to-day, \£282 a wane, but rallied from —. 

took a cautious view of EEC pro- eV en lower levels after an un- jqq_ 

posals for stabilising markets and expected fall of 625 tonnes in _- 

prices for feed grains as well as warehouse stocks, reducing total ggpl” 7 ? 

wheat. holdings lo 68,825 tonnes. Never- l* _ft 

Sr. Costa said that coarse.tbeless the market remains ex- r .. 




quiet trading conditions. 1 

There are mixed views QQ 
the U.S. coal strike. Un the. 
one hand it could soon result. 
in further production cuts For: 
copper, lead and zinc. On the: 
other, demand is likely to be: 
hit even harder, not to mention i 
the overall effect on the U.S. j 

Tin prices were steady yester -1 
day. despite the fall in the dollar. 1 
and were buoyed up by a rise* 
in Penang over the week-end 
and sonic frcab trade buying 

However- the market is await¬ 
ing the result of the Congres- 

grains played an important role tremeiy disheartened, having sionai hearing which resumes 

in the Brazilian economy, but lost about £100 in the past two dunn B {he, . r offrua J European ^ n nroooaed release 

Brazil IwheYed they should he months. ^ b - v So ° *“ SM “ “ ir stUpIle t'n^We U S co" 

considered separately from wheat Many dealers are convinced «inne . ' . , th tribulion lo the International 

Mr. Bprhl kn 1 ih/» rh »• r hn /Iprhnr* Lnni? ion ineaeLiine in tne vjjuij cm uie ^_ 

Mr Bert i I K oil berg. the) that the decline has -one toy "JJ decline in^ine vaipc oi ine Tjn Cwunc , f buffer rtock . j 

Swedish delegate, said the i far. considering that the funda- dollar makes pi ouucer zinc even ,, hi . t - h „, d in 

primary objective of the Geneva r mental supply-demand situation cheaper in real lermv for most Kani le.. tin ^ocks he d n 

talks should he an agreement toils reasonably well balanced, consumer*, but even so there are ^IE w »r e h a b> aO; 

resuiate the wheat trade. Considerable nervousness re- no signs yet of any pick-up rn J® if, 60 --. 

Mr. Newton Saulez. the South!mains after the severe shakeout, demand. iq-ksa imn I?,,! . nc hs 30 - 000 10 

African delegate, warned against 1 though, with the prospect of a Zinc -slocks m LME ware- iS-Jw-liOO ounces, 

transferring problems from one I cut in the U.S. lead -producer houses showed a modest decline Silver pnees were higher, rol- 

secror to another. Few countries. | price still lurking io the back- of 400 tonnes to 64.000 tonnes i?, , n 3 the further rise in gold. 

if any. had an equal interest in'ground. 

reflecting. presumably, the recent Platinum also rose on the Lon- 

wheat and coarse grains, he said.1 At the same time »hc fall in “borrowing” '[buying cash and don Free market to a_new four-; 

“As a relatively large pro- ; thc value of the U.S. dollar con- selling - the equivalent amount year peak of £120.5 a troy: 

dueo r and exporter of " coarse I linuos to exert a depressing in- forward) that has narrowed the ounce—up £2.2 on Friday's 

grains, my country has a very! flu once on sterling prices. cash price discount to the three close. 

real and direct interest in anv The decline in the dollar. and months quotation. The free market platinum 

measures that may be taken in lead “poisoning.'’ has also hit As expected copper stocks also dollar price at £235.50 an ounce 
this sector. " the zinc market hard. Cash fell slightly by 125 tonnes to is now 830 above the producer 

“Wc would like to see a ^inc lost another £10 -esterday 631.700 tonnes. This was the prire. quoted by Rustenhurg and 

greater degree of price stability to close at £236.75 a tonne. fourth weekly decline in stocks Irupala. which was raised to S2Q5 \ 

being brought about in the world Most other producers have now but had no impact in the vers in January. , 

coarse grains market. We also} 
realise the need for trade 
liberalisation in Ibis sector.’’ 

Soyabean oil 
stocks rise ; 
forecast I 

WORLD STOCKS or soyabean oil t 
will climb by 30 per cent- to 1.3m. ( 
tonnes during the' current 
marketing year, as demand fails { 
lo match" increased output - £ 
generated by a strong demand for - 
soyabean meal. Oil World maga- z 
zinc claims in its latest weekly \ 
issue. E 

It estimates that with demand j 
for soyabean meal likely to boost r 
world soyabean crushing* by 10 |j 
per cent, to 61.1m. tonnes, world | E 
production of soyabean ofl f i 
during the year tn September 30 j £ 
will rise io 10.9m. tonnes, com-] 
pared with just over 9.9ni. tonnes j i 
last season. i f 

Although noting that total t 
usage of soyabean oil jumped s 
15 per cent, in the first three 
months of the current market \. 
year. Oil World believes that t 
keen competition for other oils a 
and fats will reduce the rate of[f 
increased use to only 1 per cent, d 

Protests at Indian tea controls 


THE INDIAN TEA Association 
bas strongly attacked a decision 
by the Government to declare 
! lea an “essential commodity.' 
thereby giving itself powers to 
fix prices and regulate trading. 

The association described the 
decision as “ not only hasty but 
also ill-advised” since tea bad 
always been sold under the open 
auction system and prices had 
been determined by market 
forces. ** Any action to control 
prices under the Essentiai Com¬ 
modities Act may prove counter- 
l productive as bas been Ibe 
J experience with other commodi¬ 
ties such as sugar and edibie 
joils." the association added. 

It pointed out that tea had 
1 never been a commodity hoarded 
or subject to speculation and 
there had never been a supply 

During the period from Octo¬ 
ber to December. 1976. CTC leaf 
teas had been sold at the Calcutta 
auctions at an average price of 
Rs.i3.10 per kilogram and CTC 
dust teas at an average price, of 

Rs.ll.76. Similarly, the aver age 
price for the period from October 
last year to last month was 
Rs.13.32 for leaf tea and Rs.12.21 
for dust tea. 

" By no stretch of the imagina¬ 
tion could these prices be con¬ 
sidered cause for alarm which 
would justify the Government's 
decision to invest itself with the 
draconian powers under the 
Essential Commodity AcL” the 
associated said 

Our Commodities Staff writes: 
London market sources thought 
that the Indian Government's 
action might be a move to clamp 
down on smuggling to Pakistan, 
which recently imposed a heavy- 
duty on tea imports. 

Still awaited is the report of 
the special committee appointed 
by the Indian Government 
recently to examine the market¬ 
ing of tea. wilb especial attention 
to the London auctions. 

The launching of this inquiry 
followed criticism that Indian 
tea sales were too dependent on 
the trend in London. 

NEW DELHI. Feb. 20. 

Fears that Indian tea ship¬ 
ments to London might be cut 
leading to a decline in U.K. 
stocks, brought a firmer tone in 
the London auctions yesterday. 

There was a 5p rise in the 
average price of quality tea to 
150p a kiio. medium to l35p and 
pl3in tea to iOOp. 

However. London auction 
prices arc only marginally above 
prices at the same time last year, 
before tbe sudden surge in the 
market took values to reenrri 
levels, with quality tea touching 
325p a kilo. 

Any rise in London prices as 
a result of pressure nn stocks 
will also be offset tn a large 
extent by the sharp declines at 
the Calcutta auctions recently as 
a result of uncertainty over the 
Indian Government's intentions 
over ex-port controls. 

U.K. tea blenders buy only 5f» 
per cent, or their requirements 
at the London auctions. The 
other half is bought ai orersea* 
auctions, such as Calcutta, or 
direct from producers. 

| Colombian 
! sale hits 
I coffee 

j By Richard Mooney 
| ihclr lowest price levels for 18 
months on the London market 
yesterday before recovering to 

- finish only marginally lower ou 
: the day,. 

Dealers attributed the Falls 
■ which took May delivery coffee 
: to £1,516 a tonne at one time, 

1 to reports of Colombian sales, 
i .4 sale to General Foods of the 
| U.S. was confirmed in Bogota, 
j Colombian trade sources said 
1 the agreement, which was open 
; to other U.S. roasters, was 

- similar to those signed with 
; U.S. companies in previous 

; years. : 

The news follows last week’s 
relaxation of Brazilian export | 
terms, with the offering of a ! 
20 cents a pound discount on | 
the minimum export price. ! 

Some sources said they | 
I he Revert lhat the two countries-' 

- actions were designed to help 
, discussions on International 
’ Coffee Agreement export quota 

trigger prices which began in 
London yesterday. 

The resnlting decline took ' 
nearby delivery positions down i 
sharply in (be morning. Trade 1 
1 buying in the afternoon lifted . 
' islues, however, and May 
coffee closed £10 down at £1,512 | 
a tonne. 

in Rio de -Taneiro. mean¬ 
while. agricultural experts said | 
dry weather during tbe last 1 
two months in north Parana 
, and the main growing areas of , 
Sao Paulo state could seriously 
afSVct this year's coffee crop, 
reports Reuter. 

Londrina. in the heart of j 
north Parana's growing area, 1 
had Us driest January for 24 l 
years with only SI millimetres 
or rain. 

Flurry in 
barley market 

BARLEY FUTURES fell slightly 
yesterday during a flurry of 
trading in which 759 Jots changed 
; bands. 

Traders said the activity was 
j caused mainly by traders pulling 
■out of nearby March positions 
• and switching to May. To-day is 
the first day for tendering 
‘.tlapr.-ft barley. 

Prices -slipped only 20p a 
tonne. Prompt delivery grain 
closed at £71.25 a tonne.* 


j RANGOON. Feb. 20. I 

1 Burma plans a seed develop-*) 
ment boost this year, with rlre. 
cotton, jute and groundnuts the] 
main crops to be increased. Mr., 
Bo Lay. Deputy Agriculture' 
Minister, said. j 

. Reuter i 


for concern 

PRODDED ON by the French; , 
the Common Market Commission', 
is attempting to assess the 
dangers to EEC fanners threat¬ 
ened by increasing imports of. 

Known also as manioc, man-', 
dioca.' and yuca. this adaptable 
starch derived from a tropical 
tuber Is playing an increasing 
role in the formulation of animal 
feedingstuffs in Europe. 

According to the- Home-Grown. 
Cereals Authority, the EEC' will 
import some -4m. tonnes ; this 
year, quite a jump from the- 
[.35m. tonnes shipped in during 
1871 and significantly more than 
the 3.3m. tonnes brought m dur- 
ina 1976. 

So far, most of tbe imports 
are used in the Netherlands, West 
Germany. Belgium and Luxem¬ 
bourg. Very little is consumed 
io tbe U.K„ although cassava has 
been used on and off for the 
past 20 years.or so. 

Its attraction for the- feed; 
industry is that it is an excellent 
energy source. When “boosted" 
with added protein in the form 
of fishmeal, skimmed milk 
powder or soyabean meal* it 
makes an ideal substitute■' for 
cereals such as barley- 


(’000 tons) . V '- 
1971 . 1972. - 1973- 1974 - lj 

Netherlands ...........v... 

West Germany 
France iv.i 

■ Source: H.G.CLA. 

514 681 771 1,088 y 

522 -429i 334 431 < 

274 .293 204 394 * 

38 - 139 ISS . 164 ■ 


And that is what upsets the 
French. As the main EEC pro¬ 
ducer and exporter of grains. 
France feels that the principle of 
Community preference should be 
applied—that is that animal feed 
makers should use EEC supplies 
of starch, cereals, and grain sub 1 
statutes before turning to non- 
Community producers. . _ 

Although there has not yet 
been any explicit call for import 
controls or for any charges to 
be added to the existing 6 per 
cent, ad valorem import duty 
levied at EEC borders, the hint 
is broad enough. ! 

While unwilling, for .the 

present to come out into- the 
open with demands for protec¬ 
tion against imports fro m th e : 
developing world, the. French 
feel -that there is cause for 'dis¬ 
quiet; . 

- Britain's feed industij organ¬ 
isation, UKA ST A, -commented 
that the.compounder's main.Job 
was to supply, farmers with com¬ 
pounds . as cheaply ~as possible. 
As cereal prices rose higher and. 
hieber, the/ search for cheaper 
substitutes would' grow more' 
urgent. : '\ 

.If normal, market .forces were, 
allowed to "operate; there conid 
in the future be a marked, la: 
crease in Interest In .cassava in 

For the moment the threat- 
such as it is—is confined to-con¬ 
tinental Enrope. Action . to 
protect markets' there, however, 
would ultimately have its impact 
in the U.K. The potential effects 
in Third World prodiiting coun¬ 
tries would also have to be taken 
Into account- . . - • : 

Cassava is a staple source of 
carbohydrates \n the , tropics, 
{mining an essential part -of the 
diet of some 200m. people: World. 
acreage has climbed from just 
under lOiia. hectares in. .the early 
1960s to about 12m. hectares 
to-day. Yields have also improved 
substantially' from an average of 
7.7 tonnes a hectare to 9 tonnes 
now. -k. • 

World production m .1976, 
according to. the TIN Food and 

Agriculture Organisation, i 
105m. tonnes. While most Ib u 
for human food, a large prb] 
(ion goes for starch manufaci 
and as animal feed. Oddly*: 
world's main, producers ext 
only a tiny' fractionof lheUal 

. Thailand, \v.hich_grpW 3 ^ 
per efen.L of worldjputpuL is, 
and away tbe biggest supp 
for export .market*. Imfone 
too, ; another . coimtry .^s 
a so un diy'-base d / ca r bothyd: 
supply from its efficient- 
producers. - is - also .^evdot 
exports. • . •: . \ 

. Compare'd' wfth the 1 
tonnes or so ; 0 f cereals, 4 
annually for feedfpgi ahitfi^i 
‘the EEC, the '4m. tonnes- of 
ported ' Cassava vseem inthB 
iant Thetr signifiesmee tacrvi 
though,- wfapq cdOTpared with 
26m; -tonnes' of barley; cunft 
used - by. compouiidere 
farmers fdr .livestock feecL-; 

The Community^ hajs>eafc 
problems.maintaining baldttc 
the: - cereals market: •/ vrit 
encouraging: imports of-su 
tutes. -It- seems fair-to 
.therefore, thaf the French'^ 
growers, see the. toy 6 per ; 
import duty as' not so ihw 
dlsince’ntive, bnt'-mdre :&ri 
couragement for Ear EaS 
exporters. . - " -, ; 

Papua to boost rubber industr; 


PAPUA New Guinea’s rubber 
industry is to be modernised and 
expanded. An industry develop¬ 
ment plan indues a possible 
threefold expansion in .acreage 
planted over the next ten years, 
an improvement in presentation 
and quality control and en¬ 
couragement of foreign -invest¬ 
ment in both cultivation and 

The country's productlpn of 

rubber is now about 4,600 tonnes; 
a year—a drop ’of 30. per cent 
since 1972. when plantation pro¬ 
duction began tn. fall due to 
adverse world prices and diver¬ 
sification tiito cattle farming. - 
Tbe plan emphasises title need 
for the development of nucleus- 
style estates such as those used.ln 
palm - oil production; where a 
number of smallholders surround 
■a^ larger usually fdreign^owned,, 


plantation. The extentjd*w 
acreage planted cah - lact 
depends largely on! the leVi 
interest ■ shown -by. -fon 
investors^ according to ;Rn 
3oaxd officials. -. -v- 
.Under the plan, The go 
ment intends to establis 
National Standards Laborat% 
assist grading—and to lntrc 
a - standard - natural ' n 


R4SF MFTAIS men wnd » C*r.r ttiib sranc i ST?.i- ;+ ,t i'/tu- "Y+,t 

IUH rtL j c^ianm sellUU: and .itMm' tradv bm'tne TIN 1 Ofn.-ml — (.n^in-lnv — 

copper—L oner in subdu<?d London ui cridencc. Turnover 9.4-ffl lonnos. -i-;- 

Metal Esefianse iradlns tetktni any Arm tea mated Metal Trad/nu reported Hi?b Grade V V f V 

simiulus from Lomex. which was closed 11,31 w die mornut» cash virebara iraded ^. 621Q.5 ,50 6180-5 -25 

for ijvonv* WastUnston s birthday. For- at ACS, throe months mw. Xi. .-.a. sgj. a.. 6140-50 -25 6130 40 *40 

wart nuial started ai ISIT. fell io JSS catliodes. three months £827. 37.5. Kerb: settlem'l.l 6215 +50 - . 

.in + f. it. " . ■ V.irvh»r?. three nionrhs I6S7. Am-rsioon: erandsnf 
Ct.»l*PKIf ..l-." 1 - * . 1 •LV- . , + n Wln'har*. ihrw mnmhs Tarhodi* “ ta A dard ^ I nn C 

merer June £S5.n. Barley, East Aasha: Marc* -W2.W52.4. 13: Oct. 33CJ». 3561 *56 3- 

lUrrtt s-.-.a. .verii-juni cts.w. sms. U Dec. 3SJ.8. 3U2 5. '»!.IK3«a. 6: - 

Robust as sltonod u>v-r atj|« In th - E ^C IMPORT LEViES-Efrecttre lo-day March 5e4.5. 36T.n. 367JF366J. 3i May 
more In?, in fn-ar'v n in «d senins. and :i «« ard^r canrent !eiy plus lurch. .Kuril VS S 36SS. urwurMdd: Jalr OTA S7L3. -. 

was nu: until ihe afterjcoa that &-.-ale- May Bremiums with precious in 371.5-370.9, 3. Total sales:. 36 lots. 

TRICE changes Canada grain 

Prices per toaoe unless otherwise ~ «- « 

■■ . close mixed 

-Feb. SO-. + or j Mouth 
| ,*go 

, C . i.- £ ! £ 

Wirebars > 

lull. 635.5-4 -11.5623.5-4.5 -6 

5in--ill11*.. 037 .5 -II i>37 .5 -6 

*■^11 ’mm 624 -11.5 


Lrt-ti. 614-5 -11.2 615 .5 -6.2i 

4 rn.■mil;.. 627.5 - 11 626-7 -6.2S 

-••ii "in in ol5 —II — 

l."> un.. — . — . 


+ or Bu-ine-, 
— Oone 

I.G. Index Limited 01-351 3466. Three rao 
29 Lamonl Roatl, London SW10 OHS. 


AONbW GALLERY, as. Olq Bono St. * EVE. 189. Repent Street. 734 567S. A la 
W.f. pj-^29 Sli®. fOSih AMNUAe j Carte or All-in Menu. Three Soect*-:ular 
VVATERCOLOURS EXHIBITION. Until 24! Floor Shows 10 45. I2.4S and 1.45 and 
reb. Man -Fri. 9 30-5.30. Thurs. until 7. ' mnsit ol Johnny Haw+etworth ft Frien ds 

COLNAGHI S. 14. Qia Bono 5t.. W i I GARGOYLE. £9. Dean Street. Lonoen. wT 
491 74jp A Lone Eihiblt'Qn ot Worfcs NEW STRIPTEASE FLOOR SHOW 

Wln'bar*. Uirwe months £*3i, Catbodi-s. . 6210 5 -30 6180-5 -25 what. Dealer* aitribuiLd this to profi 

cash 1614. ir. 5. Kvrb: Wirebars. three 6135 40-22 B 6125-30 -35 » ; ‘»«IS from 'he rewm decline. Bnyin 

roonihs OCi. W.5. Smii,.h, t • 6215 -30 — m ibe for.«a.-d po'-iueiis: on the clos 

TIN—Steady after a gain in ihc East . i ’’ >i6Bl -5 • — . . ntad: for an irregular finiab. with valut 

wer ihe weeK-enrf with some European : Y.--rL _ _ >] tower to 40 higher on th.> day. 

demand alluwlng fonrart mcial to Sian —— ......--__... ...... 

ai Jfi.flSfl. Dcspii-* cash offerings which Mnniinc: Siaiidard. cash £0 213. jo. \c-ie-iin\ - 

narrowed the baefcwardaUon. buying early .March 16.lit), ihr e months 16.|Tn. luVFEK +or 

acalnsi pfusieol t>wlw,s n<wh*J tor y.s w tc, J3. High ‘Trade, cash-— Pf”* 

price up !• £6.14.1 b. fur* u sctUed be- M . 2 is. Kerb Standard, throe inoiulu . £ inw i^unc 

tween 10.120 and IS 130. The dose un m i+p. Atieriiuun- Siaudard. cash---—- ----- - - 

the Kerb was £6.1 so. Turnover I.S33 m.I> 3 three months I6 1T0. iT. :W. Kvrb: Mini. 1652.0-IfiVE.O -4S.U 17M lnB| 

tonnes- Standard, three month* i.6 ICO. 23. M*v. 1540.0-1544.0 —10.0 134B-IB 16 

- LEAD—Lower bur the marVoi was 1"'\.1450.0-UjJ.O *21.0 1464-1420 

irheno mnn iu toaoioen sluugtnb. Forward nw-uil lntdert Irtm 1410.0-1415.0 -27.8 1415-1576 

inree raODUt Gold 184.9-186.9 down to £!SJ on seUina from one N ... 1354.0 TS5S.0 *22.5 1556-1322 

S. quarter bclon: the Sini'Es declme •laiMnrv.1515.0-1525.0 -40.0 1200 

■ . . ■ pruiiipitd a slight anr.mev. tn the nous Jlaii-h. I27V.0-f500.0 -3.0 — 

F*| l|DC the price moved between and JC2P0 _ _ 

Vt,VPJ - lh " Kcrb al Ctt - TurnQVLT 'S»I«.'3.4V -3 138. tout'of 3 tonnes. 

“ “ n wo loancs. 

jMuUS, ' l . • i 

Aluminium -1£680^ J_i^. M .iE680 

Free Market cci»!fft6B- 86.-!S99C 

mad: fnr an irregular finub. with valncs —T::.39. pesi nd isame’*. H«i« (other nsier 

iatb WDfNfPEG. Feb 

jo CRAZWS ckwed zotied m. ootot J 
■ . on CanaiUan markets Lxiaj. C-5 
nmdtty exchanges went dosed f> 
holiday- Ccorse Washington's Mrt 
.ttRye—Mas 108.30 hid iMO.SOf 
o US.SO adtted M085B bid), CM. 10720 

D Not. 107.00 nora.“ -.tfDart—Mav- 73^0 bid rrs.0(M)id: 

than hybrid tor seedina)—73.30. ml. ot!. nuaricns 40.0 to 4Z.0: Eire ouiaquarara rWK Caxhodi/ ! 

i.:'-4 -77.6o. rest nil-. Mttlei-Ts.47. res* «-« lo C.O forcQuarters 40.0 to «8. 

ail .-79. 0.17. 0.17. mil. Crain sorthum- v ea l; Dutch binds and ends lte-0 10 Trem .v 

£* fw’naws: 'S£k YJS En*M —D IM » *-»■ .. 

1 83 11 ' fioajon 43.0 to 400. PM new season 44.0 Fw Market (efrt.. 

tsw.u-iM4.u — lu.n i«3-mis nnnnrn 

14M.0-1443.0 *21.0 1464.1420 KUDOtK 

Three inonth Gold 184.9-186.9 

EASIER opening on the 
nhy«t. al market I-air interest 
out the day. closing quiet bit 

b» SEBASrtANO RICCI n Br.ta.O m 
IUND. Until S March. Mon-Fri. 9.30-6 
Sat, 10-t. _ 

FOX GALLERIES. Exhibition cl the oalnl- 
mgs hy British ana Curuoean Artists 
from ! 700- 1 965 =-6. Ccrl- Street. 

London W.l. lot. Qt-734 2625 Weeh- 
r^vj 10-6. Sits. 10-7. 

Show a* Midn.ght also 1am. 
Mon.-Fn. Closed Saturaats. 01-4 3? 6455 

Lro * uniuver S »Ks. MX -3 138. ioLs of 3 tonnes. 

__ ___ . ICO tndicBipr prices for February )»• 

+ oi p.m. ’+ or its. cents per pound*: Colombian ill Id 
— Ln-RLda — Aralikas IShi.M ilpjiOi: anwaahed 

- -Arable as 194.08 'lOS-UO*: other Mild 

r e f Armucas 194 .n 2 *197 y:-: Robutias 173.30 

-10 281,5-2.5 -0.23 "'ante- Pally average 15**.I6 *1S5.4C>. 

2.*»s. las. iooo. „ v Jniv tsw.M ‘S^Laq wxed). Oct 

It or mixed LAMB: English OTaJI lo »». .EaPjfi*!? fi/SalflW Nov. SZi.» nem. . 

31.. Rye- medium 49 u to 53.0/heavy 36.0 to «.B. .-.5£aB7-75t 7.876.-336J& 7Wwat -. SCW R S 13J per cent 

Scottish medium <4.0 to a3.0. heavy ^6.6 no -> u camvni df Sl Lawrence 133JI f 

season Ai.O to W-O. PM new season 44.0 Vw Market (cfrt.J6l.W-2.01 .—....,61.82-2.0 . vtCeots per 34 lb bushel.. UCa 
season 45.0 io 46.0, PM new season 44.0 Platinum Ht«y rv*..-£106.5 L-..-a..jCB6 .48 Jb bndtel ex-wnrebouSH.HCel 

lo 45.0. .. Krw Market-l£taOJ 1 + 8.2^107.6 36 lb trosheT-ttAWMiOUe,' L088 

»*, .K-g asrsssns-jsra 

S Sw! ess. * i s.s j™!*!;—' pory 

GOURMET _ j Morning: Cash £251. SO 3 SO. three 

■■■■■■■■nhmbbmr mnriiiis *2t>>. £7. S6. S6‘». ST. 47.5. 57. ss. 
BORDEAUX DIRECT-s Free Catalogue Kf?r b: Thre-o months ttS.S 26. A3.73. 

ere i 1 Aral iti 

*.**h. 280.5 -10 281,5-2.5 -8.25 ‘same 

•tn-Hjih>.. 886-5 -9.5 287.5-8 -7.37 LOR 

*Mi‘ m in 280.5 -10 - . hut Un 

\ 7 . .• - .... _ ■ . Saw . 

Fine B.'iiiSli an* 

OMBLL GalleFTes^ pine Bniish ini t " Outstanding and Generous." 36, AfliTnotni; Canh fJSd.j. Mirer months 7v»‘v>' 
Frcneh ° m!ooern painiihgs S,1s & f3 - ; - sr '* *• Kerb. Three S' 

Mooern Bru sh M+RlHME PICTURES tln ^ n * Wm!, h |. 4 ■'r,, 8 " ! ' 1 U L UH»HillS i2$*v *>3. W >9 3. Ifi mi 

40 Alhemarie Srrctt Piccasiil, W.l , /i5 u Li 1 nl L„,„?“’5■ „ A J'* nue 16.MW 

Street Pttaolii/. W.l Eihibitioi of Olo ; 

marine military am leaning mv laoo- | 
graphical orinls and oaintinqs and ships ■ 
_ mp-cis. ____ 


Pact Instlfirc S 166:n Annual Enrhtm 

I Aquitaine House. Farrnurq Avenue 
' Slough, menilaninq Financial Times 

\u. 1 


Previous , 



1 *4ri>e 

ei ■■*•** 



(8.17-45 M 

46 25 46.30 

46.15 46 00 


70-«6 75 


4S./5 ' 

A nr J *!•• 

•/.IP 41.I» 


<7 00 


48 8J-8 3: 

*8.9 -48.85 



oti.4 *-*..45 

*v.4a 49 9- 

liil-M . 

o2-0D o2 05 

ri.95-52 00 

2 0-7- 1 M 


3S.5j- 5 E 


55.65- 8 10 


i5.ti--5 20 

« 1 ’-'3.20 

55 26- a 80 


58 70 56 SO 

58. SO 56.75 

56 80-56.t5 


»UIC UUIb. n _.,—«SaD. 

^ J tooneb*..£ii38 

price 64 9Sp (+LS1i: Sheep up 1.9 per LucooutfHhiti. t5B5t 

cent., averape lM..ip «+!.•»: PtfiS up &nxirHlnut-ftfiri 


E3Sm? R lhis E "sl:?d N, i6 N z.7B L *'Laturiiiql P J ' rllLUl 1 Jr «• ^'■’rnnnn jllow- nMrfcel saw a massit- trade in eld trop 

ZINC—Easier as Inrwnrd mcial fell fik. SVl.nO-t.fe.OO +.T.30. 131.(>0-133.00 
pr-.-tnark-.'i trunt £J44-£.'46 to 1241-H47 Sal is: 34 lots. 

•wt r rite imluencc nt copper >i iib ieni »- 

mem r-.rn.iinmc dcpreKted. Trading for GR 

ih-.- r-st uf ihe day vas benwen 1216 UlX/illiJ 

and rno -.uh some buvins trom unc LONDON FUTURES iGAFTAT— 1 Thr 

•wo —l.U |9«W ■ • --r. 

fflaa£SSS Ghana cocoa 
a oo^roeriition-. 

_ r |e6i«', . s '\ • ABIDJAN, -Feb. 

■* > 44 vo($ 6 Q 5 - GHANA... and th©-. Ivory- } 
! l~ • -have./.agreed, to' consult 
. !, smctte^ oh cocba prodactio 

i :f'6.o 65 ©o marketing, according tt 
+t.&|ui39 official communique releas 
I , "the. end of a visit to tbe 
i -j Ghana's Cocoa fi 

nbri’lmV' Minister.:. 

• > : A-joint committee wi 

rt Svn-3>s 10-S 
A-m. IOd 

„ , „ ' i-j.n. Eng oitd and WkIos— Cattle nnm- Uttitey i. |. i *- / ’ Minister ' 

Valr*s nro ■&*! lorn of 13 tonnes and >H*re down r*.« per cent., average one* Horae Fuuirer...!c71.2S,--0,4.-CVS-V . . *. - n; ' . wi 

31 - 1 toniR-t. W.12D I -*-0 57*. Sheep down gj per cent.. .. j . A ,* 3P*. n V CO^miueie w 

Physical dosing pncr? ihuycm were: » v «ai** 192 3o f-i-set-. Ptss down 4.8 per Vreoeb. Ho.S AM;1110Qj-;+:J.yj£98;' formed ' ‘ tO --^review the 
>' larc i> **.73p 'same ■: ,. cr ,i. av -ra?c R1 tp f + l.3». Scotland— 'Vbew ■' ■■ ' -i. .. ' • countries’' cocotiljoliues. I 

April 4FD *4. .31. Cattle down fi.a per eeat- accrue 62-77p dpmtntC8a.7aij.;-,%84.26 . 'af ‘ ltnsnreeifled int 

14-nrri: Shii«n down tij ocr «ent..- Noi-a*mwiQtwl- .i. . _.. _Pi ee > at .unspecuteo int 

unit 2 16 5.76 at 6.1 

£ 1 A5m Bills outstanding 160m 

Total apDlteation I ,n P :l l-,ny - ml ihe Kerb of *279.5. Tuni- 

.. J _... _ ... WI- v . 1 4-IJT7*: Sheep down ItJ per «ent..'- ^.o2.EUrrtwuuw|. I.',-.. njeei - .ai UBspecincu un 

barh-r. with 7.19 low traded mainly due to SOVABFAN MFAf 'MW *»■» «« down 11.7 per Gbc<f«t Jfi.iun-ttS^* -l.O> JtW aDd -m Accra, UK 

tbe .Mare.'i Udj spread This aetiMiy was " 1,1 » ^ J^osc M«-0-*- :<1.5re ;£1.«28A inupiQU^ Said, 

do.' to the Utt t.,3t the 6r»t tender das Futures v*los-d .••tp-IPp a tonne iwr COVEHT GARDEN (prtc*ey tn MW1WR t-otune Msy-St.462.6—0.8 £1.600 BeUtCf 

FT'?. 1 ':'?- 

World Commodity 

It your business interests demand 
regular information on any of the 
world’s commodities, just clip your 
business card to this advertisement and 
return it to the address below: we will 
send you a sample copy. 

Send to: 

Subscriptions Dept (WCR), 

Financial Times Ltd., Bracken House, 
10 Cannon Street, London EC4P4BY. 



t-ciirmrr,... 104.00-18.0 —3.75 123., 

» . IQ6.M-7.30 -0.50 — 

Sab.-s. 75. .ioji lots of I’M wnnea. 

Apanto: '^JOJ^.^^MawtArtSSniiranr : Uwm«cd.. ^ageUnrto miota -- 

2 9fi-.-t.oo. Apple*—French: ,4Mb Granny c Doa 2 t, t eEx-iai* London- ■ 

uvi-r 4.400 tonnes 

u-l.. 234 5- -16 236.5-7 -10 steady and clos’d 70 tow. «*Id crop dollar Slcaa,, ' r ”Vw.-To0: Eefptian- Madl 2.88-2.70: —”' 

: m..mli:.. 236 .5 -16.2 258.S-B -10.7 whcai went hnrer. mainly w a aPOwm* a.ains tbe do.Ur. AloroJcan - ^ Umww-ltallaifc 100/120 -"I 

s'ntmH . E3S -IB - . on the spur wftw/r rfas.'d w hlirfter. Tbr Iwiern“+'or busing Cyprus: Z&-3.M. CraoeMM- ifqgtfrfb WJ - 

Inn. new, - . 3U.5 bl • . .May. though, clnwd only U bialior. New i j: . isp _ cvpnii: 13 Wlos 2.40-2.M. 50. HUN !«- tA/tVio!" 

' _ crops ■yire nuli*t. with -vheaT steady but-______ a on tuos J.-SO-I-TV. ' 8ours— — 

hfS i^-T—— -RA-RLEY ^0-3-75,20.00 S±! 

!±s S ™ SJ:p55S=^!SS3S:B 

mmubf CM. 'I n.. I — • .iotot - -yto u «. iC4.jj.4.m - 0 aq I04.40-64.00 4 30-5«». CotdM MIcImb *. ; 

____—U-t.4-r.... 104.30-6.M—0.40 .. 75-ioO.ReiI DellciouR 2 .M. Srarh CrltnEon xt 

SILVER jui‘ j 85^40 -Sill 73!?5 —o !^0 mT. IQsI oQ-fltS -ol sp l06 ‘— Dehcioiis^lM.lA. Cr«W Stt^h OU-O.13:. I1VDIF F.S 

ijsasr.M.a v- ! ii:io :8:” sis 

maricr jcSfvnljj. at -iS-Jl* t'-S nm Jjn. _ 88.35 0.45 83.75 0.05 C[[G 4 D S,H): EsFWrn States: A00-S.40: Hungarian:- 'PINANC 

cqnivBlunis of the hxiiw U-vvls Bubinuss dun.—Wheal: March 34 28PP..S0. OUUAK Ft-'d Dcllnpus TOO: Dan'Kli: SpHIUlF 0.10- , ■ 



- ,Si > „Sra:-' 

•ilveii! Hu-imt '+ r.r UW.K. ^ „Vrfc "Lh ™ reading condt-.LDDs. C. CzarniKow *AiiMAs-^rMnalc«i: Per pound 8.W. • - RtU 

per ltxlnu — >- | u*c _ ^ -orth.i-rn, Sprtrta No. .. (4 per reported. Bccaasc of Ihe New Torts TomatAes—Per *> Wl06 Carvary: - - 

irr.1 ,«•_ I.rii m-. w -' m - a< - lU - ' ljrch SK - 3 °- iranshtp- clOilire for the Heoruo ll’achlnmnn hinh. Melons—Somh AfrjfMfl: WMle 4 8's SJO: Pels aTVui.i.. 17[. 

-;"«•« East Coast. b.S. Hart *i.liter day holiday ibere was no after-hours Venextielan:- 6'8 ‘k 4.0M.M. Cucumters- , , 

unlmary. Auwraltan. Arsenilne. Sotu-t dcalma in London Canary: 2.08-5.40: Dutch: J7.M Caull- 13a5JM389.6| 

1 . J56.9c , 259 651- *i 15 an ^ EEC unmwii-d. --- ■ 4--Bowers—Jersey; 7.30. French: 7.3ft ■ I Base: Sf-oten 

imnnllte 263 Ai. *n A 9.M ■».. .t'l Mat*B: 1’ S-1-r-’ltch I'vb. and Man-b ...... . Pntaloe*—Canarv: 1, fcllos T.M: Cvpnw. 

Z-, b-" >68 4 414 - r,nn iranshipmvnl East Co»«. (Rik IWiSleo Hji Frenous , buamesa 3Cetory-Spantsh: IWt 3.«I430. D q W 

^ i i.'.m/' 279 4;, to'6 - . African ara.I. s and Kenya Grade Three V*' 1 "™ - ! L ' J *‘ e 1 ^ ; UoW UiHi«-notch: ST« 1M. Cwwir^iw- — . ; 

1 .0 — ur.uunnd i.inn. ! . Kupya- Per pound om: Canary 0 30: --How » Vr*. t 

LME—TiinirtVi.-r 1V3 ■.19■ Inis of tn.oop barley. Snrahum. Oats, unuuntod-r.lhlnolan; n.a-l. Peaches—Sonrh African- ;foft«-{ 2Q 

nmwvs Mornimt* Three inunihs 2 k: a HGCA—KL-fjrtu snui nnevi. tVb. it. a i*w t-aiiiv 71 «i 5-UL3nn. Craoeit—Snnth Afriranr —;---h- 

:i 7. :i.5. 3.6. 3 4. .'...i. Kerbs: Thrt- iiiomi he F «d whcai: E 5=itir«i!k iTT.tHt. Feed lUroh-MOB 35 08.00 108.10 D3.2S lOa.M 08.29 Q'h-en of the Vineyard 4.2MM:: Ben : — .«* 

2S1.5 Afi*rnoon: Thn-, months XI.i bartc »: E. SuiTulk 'hii ifl: ft E Scmland >4 2. .4 ii 111.20-14.25115.00 i| a WnniiBh 6.,0. nnloii»—Snantsh--S.40.;M. - guture-t — g! 

;J r. x«. .7.8. 4. 4.3 kerbs; Three numtiia .;‘ lo 0» >8 to«i7.ofl-17.i* 1 13.00 uCAvenw 

264.2. 4 t-K moif'Urv oi-. ftlH.-iu |o r the vvoeh uoi. 1 1 0.76 2035'120.10-20.25 1 1.50 23.M ^ hi'*** 'Rertn 150-l.lft Lottuce—Per._ 12., . 

eiiuivBlunts ot the hunx levels try re 

"Euslnuss dun.-—Wheal: March 3420-82.50. 


Fef*. 2ffi fe*i. 11[liuacti_sq(jj Year «(n 

223^5 asOJKt-] J273.TO~ 

■ - fB«8r- - - 


lUlny — 

' found in 

' r - -v; .-.BANGKOK, Feb. 

k A’PRELIMINARY survey 1 
: Mineral Resources-- Depaf 
bas found neh-deppisEfiS'-of 
bbate in :tbe 1 prorincfe'.of 
• About 600 fan: northeast ol 
: The .tiepoStis^aafe. R-4: i 
beneath ithe: .sttiftieier-uud 
l metre-/The'.grs 
estimated :ht-.lfi^peir <»«£- 
| Tbe ies€3^-.'«^‘«itima 

200,000 RMines^J?d--/£be , i: 

f ■ ,d« 

ibhipmvnl East CoaSl. South >TH. :Y«*’pto.r'»' Frertcwa } Bujnneaa 

3.3d. Celery—Spanish: W/OTs 3.M-4J0. 
LClHiee— notch: IWV T W. Cppiirvnt— 
Knrra - Pl't pound om: Canarr 0 30: 
r.lhlnolan: n.a.-J. Peach**—South African- 
21 Wi 2 4ft-3 nn. Crane*—Snnth Afrlran: 


UK mnit^irv iu-.ftli4.-ni | or the vreeb lhji""”"i 0.7b 21L35'I2 o!i0-2d! 25 1 l!su 23 Whjiptt'RivJp l SO-l.TO. LoH iice—Per 12. 

frnni K. b 27 is esmcii-rt io rise tu 1.313. |»«.I<3 80 tfj 85'IS2.#5-25.00 1.4 Z6-,.587 r.1? <WT L . __ C"* 1 *^* Per 4-hw 

HGCA—Atera^v vx-farm -spni prices for >l«n-h *28 84 28.50 IU7.W-27.IO ,29 Dj- 9 But ^ r mn Fnemw—Ppr 38-lh 0 90. 


| ^gei 7 ,Uoullj V - 


-.u£.aa>w- v otw: Ts^-TCr- n 

Th.. marlre-i op-ned Io«»t :mh si, rluts 
fl-.-jiJr a<:ai.Ts- Lh-- t;.S. duilar. n*:*! ir.idvd 



Dailjf Hifh/Low/Close rijures 
posted every Friday night, 
updated to Friday's close. 
P/«a« send me decaffs. 

I enclose hceoue for £85.00 
for *2 months' subscription. 

28. Ponton 5tr«et. Cambridge Tslophijne: (0223) 56251 

iicctijii^rd /.ill arnt Odfr.-ri r* 



+ - 

•\ . 


'1 «r -I,.. 

+ 1.2b ' 





.(42/.. 28., 

+ 1.00 1 

to . . 

. .. 1403 as J 

*■ i.m i 


.14.7 0 £3.-3 1 

' -1.00 1 

I« . . 

.. 1-75 0 77.0 

-S.OP l 

•i 1M *1 7H<». lots pi ]i 

7VP0 s. W,5! 79.50. Eastern 7T.S0, K KTanulaicd basis whUc >-usar was £2«.« MO-013. Edward •.12-9.14. Itoar*- .... . F^-Hnoer „ • .asr-tmy- . , 

MWiau-li nt.:w. W Midlands 7S. 10. N. Ea'i , a ,on,l£ tor burnt, trade and fiTO P*t pimnd. ConfFrenre O.ltwt.14. Cumine f • . ■.... . .y :' \ X. W\ SI 78.90. Su-vlUmd <IM. UK.: '*«*»* rtpert. ®' SJ, 3 4 Spnwls-Pnr pound O.WMtra; . ... .. -—■ ; ■" •~"l 

79 30. Chniu:.-. -36. ronnase: 3.013. tntcrn*ttnn»|S«i3i. r AsrceracrU-ladica- Parsnip®—Per 38-!b t 30-1S8 Tcrrfn*— fffTTffH tk ,« , t ' - :■ '■ 

Feed barley: $ 7n no. S W.'-i Tn on, lor ptiwI ■bb cents pvr pound fob and p °f »Jb 1.00-1. JO. Rhubarb—Per. wand ’m Wefe.t&EJlg5^./Aa^ 

Kasivro e. M.dlatKfs ai.70. w. «oi,vd CarBrth’jrj p.,rt. for KfJ. 17. Dally ojz<hi.z>. • ’ Sit ^ 

Mli I la lids 7(!..-K>. N Eist J0.90 N. ttVsi . 9Vtr>Ac *•« ' 

70,90. Sic:Ijm! 72 W U.K.- 7T>.<fl CbauK**. EEC IMPORT LEVIES—The following TTT'nn - actions IB■ JLWcaii . a j£i 

MO. TMinaas*: w*a. Mailing barley: le*k* for dvflaiurcd and non- JUTE " 'ilSSSae" /-■ 

Kmn r, .'ft. E. Midland*. Ts.-u}. x East denatured sugar arc effective for February , • "SSSSk .ZS? JPfS* ,k>. Iff 

ynat Ksuil.iMd vi.40 ti k.. Su3n chance: ,n iMiitev of aecottm per 1 (m kilos *wuh e V!$.l r u * c,p »W.tMW M4d& . - . r .-». 

“HI Tonna^i.: 3.9"u. Hiehcsi nrW Dr-'-tou- in hra.-t.-lgi White: n 1 ^ .for Mnren-Aprll shipment; • BWC .. . 9- *- -f i -.- aHfl-WBUWima^swfUJ; 

h, . unj os j . gg UfiniMB > '" w ' •''tmiaitd vt.w UK.. 8u M Chance: «« aecatim per iqu buos «wnh ..T- c , .. ... r 

.! * m i ««,. -M' Tonna^i: a.T'u. Hichesi price hr.«*tou< in bracfc-.-Lg, white: ->i t! i-'iiii L K. for Mnreh-Aprll ghtpment; • BWC ... 3- _• -* . y 

.WSOIf’J "s8 milln i - 1l ‘ 1 l0r tu-iutm toh'vwTmn Rbw: ».« *28 091. l r^- ^ ^ ^ ^ 

J. ■ -5-On IST7.0 fi.o Arhrg.ii'i nn p.-nh ^ ? "'u «ods steady. Qnatailoos denumt fair. Prices -pw airtte. an ship's frmw - .'-hre, 

'i.iks- 2 1 M * I 7K*i. hits pi I*. f,.nnca MARK LANE—Qutel. Volume nf trades \\ Y)Ol Fl !Tf iDCC UMM.- a Mg. 

Iniarngiiartal Coie« OrfianioaHoH *». ? thin »rh prl-.-Y® v n*»ran> staur tram *' ■ UlL’Kllj ^ WiUJ^H rilSMJJfl: .large haddbck-£f#fr.'fjy^sM? 

■ trV- ^ n^und'-CvN.- pn.r |>-h It hs( ’* -H s’at'i™* i.= foMn'ir—Mllllna SYOPCV GREASY i*d nrler iwre-r no $ iir\ n aM " a ^ f 3 ^ 8 ’ tf' ’TaXYag^ljlgg^tt 

'41* -tZ?*""* inn—a'or pn«« f-*, ii wheat L"nrinn March f«4"0 Lpnl w (*(» **n<. r huMn*»«. ej|»« >—Mimiu contrart- .mi mV-v • £ WHS S20.5. bwMadf. E3 large, :ol a fee tSUB: '-mpnT-JSrwwVo -4 re. 

«Vfrut ia.13 ’ 128 J7 



Sjwndon still retains its tradition as a leading railway town. But by expanding and 

its industry the town has been well able to cope with the recent recession and 
^ the new district of Thamesdown has every reason for confidence in its future. 





^ * 

& y*. 






\ v ^ town, hutjs it has Hie last three will ultimately muhiiimw iihiihwhiu t m j i ■ ■ ■ 

W1T1 (T. ^t has taken on * new add some 700 jobs in service ^SiSilil^lTHAMESDOWN 

J V -U.JL£^ i J fe and earlier this month the industries. Despite this, Swio- ^ ■ ■ ■ ■■ 

“f 8 * ^ ocomo ^ ve from, the work- don remains very much a manu- J M LECiltada^Vs 

,-f . PS i? r 15 years wai rolled facturing centre. Production )\ 

I K A -- - f u ^ 'P® railways arfl... still accounts for somewhere between Swtk f V 

tliC the + t° wn 15 no two-thirds and three^uarters of TjSfg MtsWw fcrreifffo^ 

xw . longer dependent on toem. the jobs available m the town. ft VCnckWe. |S^ / 

- Compared with many other Such heavy dependence on p- i Xesstl .^5** ffiflfrawlhj/ ^ J 

Li. towns Swindon has ridden the manufacturing brings its prob- ‘uJMTQlllDi: tfe sJ S* ff 

recession of the past four,years lems as well as its advantages £*“<-?> WILTSHIRE jiff »/ ^ if /&'S 
LX L rather more easily. Its unem- and there is no doubt that more eziijJ flgt Lv V v ^\ *— , >C r *\ 

ployment figures are not notice- services employment would pro- SOHy filUhirB > y : 7 . r^imnut' b 

. ably worse, than the* national vide a better spread to the C W"^ SWWDO Nfcr^ ^^^S/’^k 

rwlx- / average and the town; , partly local economy. ~d ^-s,r.L_ SHAKI5. w . 

[-• y K : through boundary changes,- has There are hopes for a further 1 ^ Waatagfik 

wlV ■ grown and will continue to leavening of office employment. 

prow. The present population— Next year Sir William HaJcrow 5 

■ t»» . 120,000 in the town, or ,160,000 and Partners .will complete a -•' • •? 

ony Moreton in the whole district of Thames- 30.000 square feet headquarters ¥ *&■-. w« n 

‘fairs Editor down — probably encompasses which will provide work for 250 g .I 

j a tau+w another 20,000 in the immediate (not all of whom, 0 / course, will .... - _ . . „ _ 

CARS apn whAT,+h«» cnvirons - By the late 80s to come from the town, as Halcrow f 0St “I d ,f nce that Thamesdown could go 

, ® ’ W fiSrT t Inicidle 305 it is expected to will bring some people with it). .P®™ 1 ls required several ahead. 

riliaJTiUhe aftSlhe gr0W tp * least 220.W ' r -. More immediately, Mr. David th/ nrn i ^ * ■ Sw - m ?°“ bcllcves a «ract- 

™ •- . . 3 ’. .' Kent, the go-ahead chief execu- intcrest m 01 e Project ing industry into Uie town is 

) vi tig 

it ■ 



Taira Editor 

Category _ 

Incoming Industry. 

Incoming Office . 

Relocations . 

‘ Totals . 

# Wat*orroste 

■ Clf . ■ u«uuic jms il is expccce 

:4ianTobs aSS ^ tp * least i 

pay for the cost and since no that Thamesdown 

-vnian JODS alter tne ■ ' =. .. Kent, the godhead'chief exeern^ interest “ 0,6 Project ing industry into the town is 

iri thZ Multiples . - : -live, believes some major com- Part of the reason for this Pointless unless there are 

Jl. panies are about to announce interest is the excellent position adequate ancillary facilities, the 

lovnng local This . expanding population m0 ves to the town. One of them which Swindon occupies. It Is most important of which is 

re-orgamsanon, has come In the wake of . the i s expected to be a major astride the main railway line to housing. It has taken a positive 

_V ....... f changed its name expanding diversification-- of international group which the West Country and South policy towards building houses 

Jown expanded^ to industry.. To take the place of could go .to a site next to Wirtes and, with the high-speed (if necessary buying from 

ne of the outlying the-railway workshops, groups Burmah Oil’s headquarters and trains, the journey from Pad- private owners) in order to 

If t nikk^ me °f itsmore im- like British Leyland. Tickers, pr0 vide work for as many dington can take as little as 50 ensure' that potential entrants 

l\M| i UiAf^HV 0 the county Garrard, Wills, Nationwide as 1,500. A second is also an minutes. It is also on the fringe are not penalised by a lack of 
e ana acquired a. Building Society -and Hambro industrial major and its work- the M4 motorway, so that accommodation. This policy 
new industry. Life now play an important role, force, too, could run to four London Airport can be readied straddles the social strata, from 

anges are- symbolic C and A has just arrived- in figures. by car in under the hour. It is council to executive housing. 

• s happened to the the shopping centre to join most Q n top of this, the council aIso easil y accessible to the It Is a poliev that has paid 

. ■ intervening years, of the other multiples^-. :^he has other ^^ 0 ^ plans t0 Midlands and the South Coast 0 ff. but it has been accom- 

' ^ ^ - Saen ce,-Kesearcfi l Coundl will attract in more companies by PO 1 * 15 - plished in the face of 

' ? I i ea 2 ?UarterS ^planning permission, What is of-some concern, opposition from the county. “If 

S the end .of the year and iy«Il against the wishes of the county thought is the lack of co-opera- we had a single-tier authority. 

M ar 3 Tam he Joined - by the Natural coundl. for-a 300.000 square tion between the district council able to run our own affairs," Mr. 

rehedovennuebon Environment Res^rch Cqimcil,. feet office block near the station. an d the county council. When Kent says, “we could do a lot 
I Sf lksave Discount Group tod This building would be up to Swindon wanted to provide land better. Intervention of other 
L°* ’ r ■ . nine storeys high and be some for expansion Wiltshire objected bodies is frustrating, expensive 

7 md- South-Wate. ; These names alone indicates-three times the size of Burmah’s and it was not until the Secre- and annoying." 

- . „ ■ apt fnf f pr 7 ad of . Jphs among!'-mai^ headquarters. Institutional tary for the Environment over- From the Government on the 

- industry is : ^till featuring ahd : service im 

headquarters. Institutional tary for the Environment over- From the Government on the 
finance has been approached to rode the objections in January other hand, the council has bad 


W7? 1978 1979 Total 

*000 ’000 ’000 '000 
sq. ft. Jobs sq. ft jobs sq.ft. jobs sq.ft jobs 

taken created tak en created taken created taken created 

139.7 408 150.0 150 120.0 250 M7 SOS 

~71.0 300 167.0 500 30jj 250 268.0 ' .1,050 

10.8 . 27 — —~ — IT ioTs 27 

221^2 raS 317.0 650 150.0 500 688.5. 1,885 

a lot of co-operation. Although which 1,200 were to come from table subsidiary of Plessey. 
it is Whitehall policy to local expansion. Incoming in- There is inevitably concern over 
encourage companies to go to dustry would create another 700 the position of the British 
the assisted areas, which means and incoming office work 400. Leyland plant It has a good 
South Wales and Cornwall, the Local expansion probably ex- labour-relations record but it is 
Government accepts that there ceeded its target and when the feared it might be sucked into 
is little point in refusing a cbm- figures are finally worked out other disputes within that un- 
pany a development certificate it is thought that new com- happy group, 
if the effect is to kill jobs in panies would also have met Then there is the Wills plant, 
the town. Mr. Christopher their planned contribution. which produces many of the 
Chataway tried it when he was This year the target is 2 600 company’s smaller cigarettes. 
Minister for Industry and the (half from local expansion) and EEC rogulations which came 
result was that a company j n both 1979 and 1980 the figure int0 force at start of 
decided to move to Eire rather j S 3.000 (again half locally) ^ year discriminate against 
than expand in Swindon. The Committed schemes for this smaller cigarettes, and future 
same mistake has not been year and 1979 already make a Production at the plant will 
repeated. substantial contribution to depend to a large extent on how 

As well as factories and achieving this growth and when tobacco giant can adapt to 
housing. Swindon also needs linked to local expansion the need to produce longer 
more hotels. The four main ones projects, such as Kambro ciBfrottes.^ 
in and around the town do good Life, the overall prospects are Garrard’s problems could'hit 
business on weekdays when it is encouraging. the job-creation targets. If any 

difficult to find accouuuodation The level of i„, uiries for 

in them. Land has been s jt e <; and d remises i« also °. Y, sira j iar jy affected a 

al.oc.ed for a new ooe eocouraVnC- In Thelecond halt aT ^he piX!" •"pro Sns" 
and talks have been held 0 r last year therp wprp Rn I- 11 - Tne p ... Projections. 

with some of the but . com- Tod’ E*hTT M7 £* wrlT“°on ’SS 

panies Planning permission contacts made by toe Iocal l ° s end °“j 

has also been given on a site authoritv in , . i,aow " 13 ?° 1,1,1 01 

at the motorway Interchanpp _° niy ' optimism. The coming recovery 

but nothing has materialised in Not aU 1116 P r °spects are so in the national economy is 
eithcr° directitfn sTfar encouraging and there are operating on the town’s side and 

tn airecuon so tar. worries over some of the plants, if it can weather the next 12 

But it is jobs that matter to Severe competition from the months without too much dis- 
the prosperity of the area. For Japanese has already -led to turbance then the outlook is 
1977 the targ et was 2,300. o Hay-off^ at. ^arraris^ JheJurn-. indeed promising,. ..... 



ct Goverraneiit^^ aid:& the last thing you need in 
like Swindejn, . 

ey, Biirmiah Oi^ Hambro Life, British Leyland, 

L Reliance Ltd. (USA) and W: H. Smith are 
t the 300. finns who have already established 
Ives Here. Making Swindon the most successful 
irig town in the U.K. 7 

never Tins it Inritpri mnr*» Wmntintr tn PYrMn/iino' 

ies than it does today, 

" V‘. ^ I 

OflBce and factory space is imm ediately available. 

There's plenty of land for development sites, with 
full.LD.C. support. 

Communications are excellent. We're at the hub of 
the motorway network with London and South Wales, 
along the M4 (a direct fink to the new Ford plant at 
Bridgend) and the Midlands, North and Southwest 
via the M5. 

; By Inter City High Speed train, the capital 
is an hour or less away. Even Heathrow 
Airport is quicker from Swindon than from 
central London. And the sea port of 
Southampton is a mere two hours away. 

. f ‘v •. t 

To the employees youbring with you, we offer 
guaranteed housing and a more relaxed way of life. For 
additional recruitment, a large work force is .available. 

With advantages like these, the only help you'll 
need will come from the Council's experienced 
development team. 

They'll give you, and your employees, every 
assistance to make your move a smooth one - from 
green fields to full production. 

So if your company is going places, send for our 
brochure and get the facts about Swindon - the town 
planned for growth. 

Contact: The.lhdustriaLAdviser's Office, 
Thamesdown Borough Council 
Tel: 0793 26161 ' * 

Telex: 44833 


! • --j-.. „ 

r * r ' T ' v ' - . ’ t- ■ 

^ yy • - ... !T. ■ 


\ ' ■ ♦» 

/ 'X 

: . : ,.i . .. -:••• 'i. 

: . y •, 

<-: •- - A-Jr: A - • • '.‘i 



A rare 

opportunity to 
lease a 
office building 
west of London. 

66,000 sq.ft. 

• Air-conditioning @ High Speed Lifts 
120 Parking Spaces ©Computer Facility© Central Location 

JDMfSUUi u Storge 

Chartered Surveyors 
37 Regent Circus Swindon SMI 1QD. 
Tel: (0793) 33155. 

Chartered Surveyors 
103 Mount Street London \A /1 V 6AS. 
Telephone: 01-493 6040.Telex: 23353. 

financial Times Tuesday 


blend of housing 

SINCE 1974, Swindon has been 
pursuing an integrated house 
building policy which has 
doubled the rate of new con- 
si ruction and provided the town 
with a blend of housing types 
and tenures designed l<» meet 
the needs of an expanding com¬ 

The town's urban arcs popu¬ 
lation has grown from ahout 
67,000 in 1952, when it was ear¬ 
marked for overspill develop¬ 
ment in the Town Development 
Act to just over 120,000 to-day. 
allaying some earlier fears that 
it would decline with the 
shrinking of its major and tradi¬ 
tional source of employment, 
the railway industry. 

Future projections envisage 
the town and its outskirts hav¬ 
in': a population of between 
155.000 and 160.000 by 1986. 
wiih the figure rising to 
around 220.000 before the turn 
of the century. With these 
figures in mind, the town de¬ 
cided four years ago to set it¬ 
self new housebuilding targets 
to meet the expected demand 
from a growing population, and 
to date its record of progress 
has been good. 

The council decided on 3n 
annual new building rate of 
1.500 units, but also devised a 
programme which would pro¬ 
vide the widest possible hmi/mg 
choice throughout the borough. 

At the Lime the targets and 
the new strategy were set. the 
council accepted that there 
would he some delay in meeting 
its objectii es, but this is now 
happening and the new build¬ 
ing rate in its last financial year 
reached 1.600 units against only 
700 to 800 pre-1974. 

For the next couple of years 

at- least, the council is confident 
that the planned level of build¬ 
ing can be maintained. A recent 
decision by the Secretary of 
the Environment to release 
over 500 acres of land for bous¬ 
ing development has provided 
a major boost for the council's 

The actual number of new 
units aside. Swindon’s objective 
is to ensure that a third of all 
new homes are built for letting, 
while another 25 per cent will 
he built for sale, with the coun¬ 
cil either sponsoring the de¬ 
velopment or establishing nomi¬ 
nation arrangements. 

Its ability to provide its own 
mortgage finance for applicants 
has, as in other local authori¬ 
ties, been severely restricted by 
central Government expenditure 
cuts. At the moment, only about 
£400,000 a year is available for 
home loans against a figure 
which once exceeded £4m. The 
Council reports, however, that 
building society co-operation is 
going quite weiL 


Of the remaining housing be¬ 
ing built, about 10 per cent, 
will be the result of housing 
association work ana tbe rest 
will be provided by normal 
private sector development. 

The provision of such a wide 
range of housing is regarded as 
an essential element of the 
town's attempts to attract in¬ 
dustry and commerce. Under its 
arrangements, any company 
coming to 5windun is guaran¬ 
teed from tbe outset that the 
council will provide housing 
accommodation for all their 
workers. Once a company has 

become established, the council 
will also undertake to find ae - 
eommodation for any additional 
key workers that are sub¬ 
sequently required. 

In the words of Mr. Gerald 
Blythe, director, development; 
and housing for Thamesdown: - 

Housing is*our number one 
priority. An immediate supply, 
of housing is something which 
not many local authorities can 
offer but now we have doubled 
our rate of building we are con¬ 
fident we can meet any demands, 
made of us.” 

Such is the priority given to 
newcomers, that local people op.: 
the town's waiting list lose their 
places in the queue if an incom-. 
ing company's employees re¬ 
quire homes. With a local watt-> 
ing list of just over 2.000, repre, 
sen ting anything up to an eight-, 
month waiting period, such a . 
policy could be potentially very 
explosive, although Mr. Blythe 
says this is not the case. 

“ It is a fact of life here 
which everyone seems sensible 
enough to appreciate. If the 
town is to thrive and expand, 
then it must put nothing in the 
way of people who wash to come 
and contribute to its success. It 
is in the ultimate interests of 
everyone that they should be 
helped first." 

Behind the house building 
programme lies the local autho¬ 
rity's determination to ensure 
that people and local communi¬ 
ties can retain their identity.. 
A policy of developing comp re-, 
hensive 41 urban villages ” has 
been put into practice over tike 
past ten years, with each area 
housing between 5,000 and 8,000 
people and offering a relatively 
self-contained community in Us 
own right 

Within " village." the 

planners are endeavouring to 

provide the 
cross-section of housing 
and the choice ranges from 
council houses to medium-priced 
homes and luxury bouses cost¬ 
ing up to £ 40 , 000 . 

:' The council's plana for con¬ 
tinuing «his sort of approach 
have been given a major fillip 
by the Secretary of State s deci¬ 
sion to open up land on the 
■west of the -town for develop¬ 
ment The Plan bad been 
-opposed by t*e county council 
because it believed the pro- 
'posals pre-empted the overall 
structure plan being drawn up- 
fri the event. She Secretary of 
State did not agree. 


of the 515 acres which has 
become available, the council 
owns just over 21 per cent, 
with the remainder lying in 
private hands. The develop¬ 
ment of the area, dubbed 
Westlea Down by the con¬ 
sortium of contractors, involved 
-^Bradley Estates, Barra tt 
Developments and Costain— 
will provide around 4,500 homes, 
three primary schools, a 
secondary school, a district 
centre, an industrial estate and 
some office accommodation. The 
first homes on the new develop¬ 
ment should be available by 
mid-1979, with the district 
centre becoming operational in 
1980. The cost of the area's 
development is likely to top 

Mclean Homes, part of the 
Tarmac Group, is also 
prominent in the town, where 

to i960, since .wjieit If 
building homes and, 
property in the /.'area, 
company has just- repoitfe&tgj 
sales on - its luxary^Krowr 
Manor development tmve.1 
the £2m. mark.;, 
properties are -> priced 
£25.000 to £38.000., 

Elsewhere inSwindon, 
sion to the east df'lhe tbwn? 
just being finished dft.Pii^gj 
accommodating another 12 $ 
people is induded fn ti&^al 
centred oh. the;;Dottan;.^rq 
which has twourban/vBgg 
established. More .deveTojttaeg 
in both the west ahd.nortfihffe 
are planned." -l' 

Away from nesr.fcouffogScfc 
strurtion, the - 
small-scale slum ctea&n’ce'pj 
gramme under . wsy“-*n*L-.‘} 
encouraging private 
grant work wherever.pcfcsifcj 
It has declared 
improvement grahfw;oih>h«' 
ever possible. It has dbdart 
three general improve^ 
areas, one of which Invahi 
.a railway village-uftiicli'jaft 
built in the mid-18(M)s "and fc 
now been renovated to provic 
over 300 home*.* The Schim 
has won a number. of' desif 
awards and the council . 
pleased to hold tt up' as ; 
'example of the' efforts to whit 
it is p rape rad-to go to presen 
the town's identity. 

' At the other end of the sea! 
the. council- is just- about 
market 72. luxury . flats f 
renting. They form part of tl 
£20m. ■ Brunei Centre devela 
merit and are located in ti 
scheme's tower block. Rer 
for the one- and two-bed fc 
will reflect the “luxury" star 
which has been - attached 

_1 P_ 

Finding staff locally is, quite obvioush; a local 

And because we re determined to give you a really 
effective local sendee weVe introduced Jobcentres. They 
are the most visible result of a new attitude that is changing 
the-entire employment service, its management, its staff 
and its organization. 

Today there are nearly 400 Jobcentres up and down 
the country And the remaining 600 Employment Offices 
now offer a much improved service. 

The local managers and their team can offer you an 
impressive service across a range of commercial and 
industrial jobs - backed up by a grasp of specific local 
employment needs and a countrywide network. 

Jobcentres are prominently situated, offer a self¬ 
selection display where your vacancy can be presented 
within minutes of notification, and they attract a wide range 

We can also give a more personal service that can be 
tailored to meet your mdividual needs. 

You have a vacancy? Give it to your local Jobcentre or 
Employment Office. Our local manager is ready to help 
you in every way possible. Its well worth your while to find 
out about the full range of sendees we can offer. 


Services Commission 

Service Agency 

Part of Britain’s Changing Employment Service 



Better demand 
for property 

drawn along the M4 Motorway 
lo Swindon and its satellite 
towns temporarily over-esti¬ 
mated the demand for space in 
the area. As with so many 
provincial relocation . centres. 
Thamesdown spent ihe first half 
of the 2970s with plenty of 
potential, and too few tenants. 
Now, the Wiltshire Downs 
are beginning to justify their 
appeal, and in 1978 local agents 
expect the over-supply of shop, 
office and industrial space to be 
steadily absorbed. 

On the office front. Swindon’s 
long empty speculative develop¬ 
ments are beginning to attract 
attention again. At the end of 
1977 regional agents J. P. Sturge 
and’ Sons report a 150.000- 
square-foot overhang of unict 
space. London and Manchester's 
66.000-square-fool Aspen House 
in Temple Street, Sun Life or 
Canada's 30.000-square-foot Bea¬ 
ver House in Victoria Road, and 
the 16,100-square-font Paxton 
House, also in Victoria Read, 
make up the bulk of the avail¬ 
able space. The local authority’s 
own 36 .GOO-square-foot David 
Murray Tower over the Brunei 
shopping centre will also come 
on to the market this year. 
And a mild flow of owner 
occupier schemes under con¬ 
struction in recent years has 
tended to take the pdge from 
local demand for space. 


This supply of unlet space 
may oot be sufficient to meet 
the demand for offices over tbe 
next 12 months. Local agents 
are unanimous In their view 
that the office market is on the 
turn. Farr ant and Wightman 
has let the remaining space in 
the Princes House development 
in Swindon for rents of around 
£4 a square foot. And asking 
rents ranging from £3.50 to 
£3.75 a square foot for other 
large units of modern air-con¬ 
ditioned space in the town are 
beginning to draw tenants,‘but 
are still too low to justify any 
□ew speculative building. 

Smaller office suites are 
available in Swindon and on the 
town fringes, at asking rents 
ranging from £2 to £4 a squaw 
root depending upon location 
and quality. . 

A survey of the Thamesdown 
industrial property market by 
Farrant and Wightman shows 
that some 380,000 square feet of 
factories and warehouses were 
taken np in 1977. The. agents 
see little possibility of that 
annual rate slackening this 
year, and demand pressure is 
already putting pressure on In¬ 
dustrial rents, which averaged 
£1.12 to £1.25 a square foot Last 
year and which now hover 
around the £1.3Q-a-square-foot 

There la a mass of potential 

v- ... ' 

new industrial development In 
the area, and the council's re¬ 
cent success. in overcoming 
county coiincll objections to the 
re-zoning of 1,000 acres of resi¬ 
dential arid. industrial.' develop¬ 
ment land to the West of the 
town opens the door for further 
leasehold schemes-.on conncil 
land. ’ % 

The Industrial and Commer¬ 
cial -Finance Corporation is 
developing a 5-acre industrial 
site at Groundwell Farm,, and 
has completed three speculative 
units, two of 10,000 square feet 
and a 20.000 square feet unit 
There is scope for upwards of 
200.000 square feet of industrial 
space on its site. But rising 
building costs are bound to be 
reflected in future asking rents. 1 

Sturge reports that 60 per 
cent” of Vickers Properties’ 
206.0(H) square feet first phase 
development at the South Mar- 
ston Industrial Estate is how 
let, or under offer, at rents 
up lo £1.35 a square foot. And 
lettings or negotiations mi other 
major sites suggest that, at last 
year's rale of demand there will 
be a shortage of modern indus¬ 
trial space by the autumn at 
the latest 

There is a reasonably go 
supply of council.' owned la 
available . for new Industr 
tiuQding projects, costing 1 
tween £35,000 arid £45,000 
acre, for a 99-year lease at 
peppercorn rent . Motorw 
linked, private sites with,cl* 
planning consents sell at a sig 
fleam {premium to council lai 
but are increasingly rare. .. 

The council's reluctance 
permit out-of-town ■ discoi 
stores on industrially, zoned la 
helps to bolster' .an otherw 
sluggish retail market But 
Farrant and Wightman s 
cinctiy note: “Following 1 
completion of the final plu 
of the Brunei Centre, the sh 
ping supply has run ahead 
population growth in 1 
Thamesdown catchment area' 

Prime town centre rents r 
from £16 to £18: a square f« 
for Zone A- space. But 1 
differential hetween prime a 
secondary shopping is staa 
with off centre space availal 
for under £5 a square fo 
Demand from town fringe stoj 
has so far been frustrated 
planning controls. 

John Brenn; 



«- O’. ?Q riLf . 1 \ J f.r _'H 'j*_ 



. Freehold/LeasehoW 1,966 sq.fL/2odobb sq-fc. 


. Swindon Area/Villages bn the MarTboroygb Downs 

- Established TS98r . 

We currently have availaWe^-V w. 

industrial/warehouse . 

sq. ft-80,000 so. / ; : 

SHO J5z^L al ™ost any location m'Swtafon 

_ OmCES—500 sq. fL-76,000 

Fully qualified service lor valuations, surve^rating.-r 
reviews, etc. Separate residential arid-igHcBltarril 

• ■' departments. : " zY5. 

• : 2/3 NEWPORT STREET, SWiNDaN, T^^g30I> 

' L..v ‘ '' LOVEDAY 

DKVteSr-Nursteed Industrial"Estate.- Tb^fe-'^^rilng Fae 
tory/WareBpme Units of 5,500 sq. ft tech, 

SW flypO hT* Warehouse of _8^O0_ sq.'fti, under.'tehirtructioii- anc 
industrial space from 2 JM 0 to. 20 ,OW sq. ft Ta-LET;^:. j' 
SWWDO W:. Shop/Offices to .good ^terner^onaaiT position 

Law aq. ft ground with siJriIlar atorttge al3tefe,':£'J^re^ H&E 

TQ-iET. ,.- 4 ..-, f 

RADSTOCK 4HAJUUJ.X, HABSTOCKi Gomm^rSal' Irivestme^ 
comprising. :4;shops and. 24 stalls.'- Gross,lawme;>£Si339 Pet 
annum. Auction February/March. ^ : ? ■ . v. :r\-'-, 7 -^^ 
Offiiees: 16 High »tir- ::=r 



iicjal -Tunes: Tuesfl^f'efeuaty: 21.1978 


of i 

iY or another, 
adustrious habits for 
»ve led it to be 
a something of a 
he gemtfly heaving, 
flank of Wiltshire, 
riborough was oosn- 
>at the market, of 
“Chepying Swip- 
'elfberately - planned 
" started an 1270 — 

. mg unfairly, wi^b its, 
jstaMriahed ‘ King's 
I hen 4he railway 
ved, old Swindon' 
- .at the industrial 
sbrcKHning on sts 
. The ' new . Swindon. 
compdamts and just - 
growing. . . . 
same philosophy Is 
the Thamesdown 
is it strives to cre- 
iced industrial and. 
community out of 
» square borough. It 
. and has just won, 
what promises to 
of battles with the 
only to expand, in- 
ad residentially, As 
a six-week planning 
( acres - on the wes- 
iry have fallen into 
pent net; the target 
al addition of 2,000 , 

the Everard group, the depart¬ 
ment has mounted an aggressive 
marketing campaign- for 
ThaxnesdowxL' Bereft- as the 
town now is of the assistance it 
had received from its designa¬ 
tion as ’an expanding', town 
. under the. 1952 Town-Develop¬ 
ment . Act, and of most other 
"government incentives; it is 
basing its campaign on its 
good communications,, its rela- 
' lively low industrial rents and 
its -guarantee that housing will 
.be provided for all • workers 
-brought in by new industry and 

Given the size of the: housing 
problem in the South, this 
homes programme- takes on 
some importance,, l and the 
Thamesdown authority itself is 
currently building at a: rate of 
1,500 houses; per year, for sale 
and for rent In conjunction 
with an active private, sector, 
the authority expects to be able 
to cope both with the increase 
in the borough’s existing popu¬ 
lation—mainly young, and as 
yet with a low rate of retire¬ 
ment—and with that brought in 
by the considerable amount of 
new industry and offices 
development it hopes' to .attract 
during the life of the authority's 
outline 10-year plan up to 1986. 

ae time, spurred by 
strengthened and 
industrial develop- 
trough has chosen 
the polfe /ace- in 
imment policy last 
now calls for re- 
of commerce and 
■de the larger cities 
;nse of the outer 
- towns such as 

j industrial adviser 
□tbs’ tenure, indus- 
ant Douglas Smith, 
ground includes a 
with Plessey and 
lg directorship of 


Expansion for the :next 
decade is to be centred on a 
number of planned industrial 
sites, mainly to the west The 
first, on 80 acres at Blagrove 
Farm, is already .under 
development The first phases 
of another 80-acre site .at 
Groundwell Farm, to the nofth, 
are also being taken up. - 
These “employment areas" 
are being matched resident!ally 
with six “ urban villages,” each 
to contain 5,000-6,000 people 
•with their own shopping centres 



• ■#%" itf'% 1 v’f j . ,v „*«V *• 

?**>. 4: 

.V' ' >- .i t.- / ,]iA; > 

dley houses tinder construction at Lider 
Sedgebrook, east of Swindon. ■ 

rt- and schools. The first two, Toot- 
ve h.ill and Freshbrook, both lying 
or close to the Blagrove Farm 
ie industrial development are 
it already well down the road to 
a- completion. 

to Underlying the planning Is a 
P- commitment to move Thaznes- 
?r down on to a much broader 
is industrial and commercial base 
ts than the mix it has had in the 
a- past and which has left it 
id particularly vulnerable in 

periods of recession. 

^ At one stage, the town’s life- 
ia blood was the railway work- 
. shops, employing 12,000 at their 
g peak. Ravaged by Dr. Beeching's 
Is economies of the early 1960s 
n the workforce there-now stands 
ie at about 3,000. Thanks to new 
is foreign orders, however, notably 
»f a large share in a £40m. contract 
e between British Rail, Hunslet 
n Holdings and Kenya Railways to 
r, build 35 diesel locomotives, 
e prospects in this sector are look- 
e Jng up. The Kenya order is big 
i- enough in itself to guarantee 
s jobs at the Swindon works for 
s- the next two years, 
n Currently, the industrial— 
f commerce and service industries 
s mix is about 70-30. There is a 
t strong bias towards light 
s engineering, and though the 200 
L companies which have moved in 
during the past 25 years have 
eradicated the “ghost town” 
fears raised in Swindon's days 
as a one-industry town, the 
L economic base is not broad 
1 enough yet to eradicate an un- 
| satisfactory unemployment level 
* among the 70,000 young and 
' fairly skilled labour force. 

. Latest unemployment figures 
t - show 5,500 out of work, or 
some 7 per cent, of the labour J 
’ force—an improvement on the i 
, 8 per cent reached last year. 
r But with the Borough also pro- i 
j jecting a continuing high rate . 
, of school-leavers over the next p 
j ten years, there is clearly can-fj 
side ruble pressure to achieve a 
target set by the Thamesdown 
! Authority for the creation of 
2,600 jobs this year and 3,000 
; a year for the next five years 
at least 

The declared aim of Douglas 
- Smith's new department is to 
bring the business “mix" to a 
50-50 ratio between manufac¬ 
turing and the services sector. 

In the past year, says Smith, this 
kind of mix has been emerging 
among new arrivals. At the 
same • time, Thamesdown is 
•looking in two other main 
directions to hedge Swindon's 
bets against further cyclical 
disruptions. There is a . 
hunt on for foreign investors 
(this rating as a major priority) 
and Smith also warns that the 
time must come for some, at 
least, environmentally “ unde¬ 
sirable " industry like civil 
engineering to be installed on 
the outskirts if the “ mix ” is 
to be complete—a stance certain 
to put the borough once more 
.at loggerheads with the County 
Council. ' 

(There is no dispute about 
the desirability of growth be¬ 
tween the factions on the Tory- 
ruled Borough Council: it is 
accepted as both needed and de¬ 
sirable. “ Industrial development 
policy just ie not a political 

:- football here," Smith observes.) 
» The campaign for foreign in- 
1 vestors Is being concentrated 
5 primarily on the U.S., with West 
> Germany second and Japan third 
in the order of priorities. Ad- 
1 vertiEdng campaigns and mem- 
‘ bership in both U.S. and Ger¬ 
man Chambers of Commerce are 
; some of the avenues being ex- 

■ ploited. On the outskirts of the 

■ town, the Lydiard Management 
Training Centre, a graceful old 
building in large landscaped 
grounds which the Borough took 

■ over cheaply, then refurbished at 
considerable expense, is being 

! used for a series of " teach-ins " 
for foreign embassy officials and 
would-be industrialists and de¬ 
velopers at which Thames- 
down's attractions axe being ad¬ 

Although only recently under 
way, the campaign shows signs 
of p aying off. Of three largish 
companies which <may soon 
announce their arrival in Swin¬ 
don, one at least is thought to 
be a large international group. 
If all three projects come off, 
they alone will create an esti¬ 
mated 3,000 or more extra jobs. 
With numerous smaller projects 
under discussion, there are 
hopes that the total figure could 
be nearer the 4,500 mark. Mean¬ 
while, • an American pharma¬ 
ceuticals concern, R. P. Scherer, 
is building on the Blagrove ; 
Farm site and is expected to 
provide jobs for 250 when It . 
starts operations next year. One ' 
Swedish printing company is 1 
already established; another ’ 
Swedish company is said to be 
about to sign up for an existing ] 
factory prior to building its own ; 
in the near future. 

According to the authority’s 
latest figures, the overall rate 
of enquiries about locating in 
Thamesdown is running at 38 

) per month, of which more than 
i- one-third are being treated as 
i serious, “ live " possibilities. In 
t the past, the borough has 
i designed and built -its own 

- estates for letting, and up to 
r oven six months ago the new 

- industrial team might have 
i favoured a programme of 

- advance factories built by the 
* Borough for prospective letting, 
t Smith insists, however, that the 
I pace of activity is increasing to 
l the extent that such policies are 
: not, at the moment at least, 
t necessary. 


With four divisions of Plessey 
present in the town, including 
its electronic components opera¬ 
tion, and a number of computer¬ 
ised warchnusing/dlstribution 
operations such as the £3im. 
W. H. Smith retail distribution 
operation which moved to the 
area some years ago, one of the 
industrial team's goals is to 
attract more computer-related 
industry. Another, and indica¬ 
tive of the team’s optimism, is 
to obtain some of the spin-off 
from Ford’s Bridgend engine 
factory when it goes on stream 
in two years’ time. It is 
suggested to would-be compon¬ 
ent suppliers that Bridgend is 
just “two hours’ trucking time " 
down the M4 motorway. 

Against this optimism must 
be set some worries about the 
town’s existing industries, and 
which underlines the industrial 
team's concern to develop as 
fully as possible the offices and 
services sectors. British Ley- 
land’s car body plant, with its 
5,000-strong labour force, is still 
the town's largest employer. In 
the shadow of last week's 
decision to close Leyland's 
Speke plant, and with rationalis- 

i atlon the order of the day at 
i the beleaguered car company, 
i there is some unease about the 
future. In fact, however, with 
its strategic location for supplies 
to both Oxford and Binning 
ham assembly plants, the 
Swindon unit would appear to 
have the least to worry about 
in Leyland terms. It also does 
work for Rolls-Royce, and the 
type of operation itself lends ft 
a versatility, in extremis, which 
would render a shutdown highly 

Of more concern is the situa¬ 
tion at Plessey's Garrard turn¬ 
tables stereo equipment subsidi 
ary, where some layoffs have 
taken place under the intense 
pressure generated by competi¬ 
tion from Japan's manufac¬ 
turers. Swindon is also the 
home of the "Woodbine," the 
small W. D. and H. O. Wills 
cigarette now struglling with 
problems created by EEC legis¬ 
lation which renders economic 
production of smaller cigarettes 
appears to be daunting the 
development team. Apart from 
bringing in new industry, 
various projects are under way 
to raise the standard of skills 
available to those industries. 
Most notably, there will open 
soon on the town’s Dorcan 
industrial estate Britain's latest 
Skiilscentre, which will offer ! 
half a dozen training courses in 
engineerir^, there being a 
certain shortage of skilled 
engineering workers in Swin¬ 
don. Another six courses will 
be related to service industries. 
In addition the Training 
Sen-ices Agency, an arm of the 
Manpower Services Commission, 
plans to offer the centre's ser- ' 
vices directly to local industries, 
to allow them to introduce their 
own retaining and upgrading 

John Griffiths I 


The Central Area Shop 
and Office Deveiopment 
by Thamesdown Corporation 

For Details of 
Remaining Accommodation 

Victor Behrens 
Sandhurst & Co 

12 Harley Street London WIN 2AE 01-636 2491 


prestige office 


■ Air conditioning ■ 48 car spaces 

■ Full carpeting h Two 8-person lifts 

Town Centre Location 


Richard Ellis 

Before you 

. .911 

Chartered Surveyors Chartered Surveyors 

37 Repent Circus Swindon SN11QD 6-tO Bruton St London WtX SOU 
Telephone: (0793) 33155 Telephone 01-499 7151 







. w •hit 


to HestfrroWj they of the introduction of the 125 The new facility is an Ini' 
^, ; lt; Slough has nof hour train service IS portant one: it is under 10 miles 
Reading - , doesn't months ago. Bristol is only 24-from the M4-M5 motorway link 
at leaves us." ; mijmles away via .the same add as.such is much the easiest 
^^.:Wro.ngly, : ! such, is service and serves'as thq L inter-.reached of all port facilities 
Be 'tJ5inkirig 1 V;and-.(*ajige for the : South-West, the from Thamesdown. Hie Avon- 
33fr omptional strategy. Midlands and the North. Not mduth docks complex has 
^fltiori of any new surprisingly, given its . 19th already been seeing increased 
factory west of century railway' origins, Swin-' use by Swindon industry, and 
don's, railhead has undergone a Royal Portbury. developed by 
, Rations represent programme of modernisation to Bristol -City Council as a 
i;- 1 '.ion’s.key assets in both freight and passenger counter'to the rundown of the 
for growth. It ties, lacititiPG to keep pace, with ,city/ centre " docks; should 
.. .at .the centre of Thamesdown's population and accelerate the trend. As well as 
*;•’ jor roads network, industrial growth * possessing Britain’s largest tidal 

egicatiy placed for ^ock.add an ability to take six 

,oy road and rail-to C/*l»**fluids! ..'/vessels of up to 70,000 tons 

important markets," kJUlCUIUCa each, it has full container and 

With Heathrow so close, air roll-on roti-off facilities. 

'" j/Jrivfi to the east c * ur E w operations- clearly are Thamesdown’s location even 
dfir* ■ t ' Ann-. «,\T easy.. Bristol .airport also pro- leaves its industrial administra- 
■ kv seven mihinne '^des' ^ scheduled services .lo tors sanguine, at least on the 
njnties ' further "Cardiff, Manchester and Liver- surface, about the prospects of 
rli its docks art 40 P 001 - the latter two giving access conipeb'tTon from the Assisted 
iilwest and the South 111 turn t0 016 national net- Areas further to the West and 
Hr of Newport s wan .- work. There is an airport with- the central Government supplied 
^liff are also'within ™ the Thamesdown area Itself, financial incentives they can 
' lone the same M4. at South Marston, which pro- offer. Thamesdown’s relative 
jrth Birmingham's" _vides access for general light nonchalance rests on the belief 
id 2 Jm. population , aviation, although other airports that, in. the long term, the 
00 miles using an..4* the immediate area are permanent prospect of ever- 
M5 link, and the'Plainly RAF - sites and not increasing transportation costs 
1 cornurbation and re®dHy available for civilian to markets stands a good chance 
-/. p 0r ts are both less use - ot outweighing shorter-term con¬ 

ies, or four hours’ Thamesdown’s arguments in sideratinns such as development 
t. To the south, the favour of its location were given grants, especially in view of 
rk is not quite so a further significant boost last what is seen as a certain 
7est Country cities week, when, after a six-month capricious’ness of Government 
. and Exeter being union boycott, Bristol’s’ new policy in this field. 

*d ou M5, bat with £37m. Royal Portbury Dock was Quite apart from anything 
ant Southampton finally, given the go-ahead to-else, suggests Thamesdown's in- 
only 60 miles away, start operations. A inass meet-.Austria! adviser, Douglas Smith, 
far only via a not- ing of the' 1,300 dockers at Avon- Thamesdown Is not too avid to 
y A-road system, mouth accepted a manning attract companies that cannot 
sport Is a strong agreement tp end a dispute stand on their own feet without- 
don being now a which had lasted.since the-docks-such grants. - 

utes from London’s were .-officially' opened by the • ■ j , r 

station as a result Queen.last-Atigust . JOlU(t LinmltlS 

There have been quite a few alterations along the wav for 
the Vickers Engineering Group at South MarstoiL In 20 years 
since the last aircraft was built at Swindon the world has 
changed and Vickers itself has changed to keep pace with new 

Now a new programme of development will build still 
further on the skills and abilities of the people employed at 
South Marston - already so successful in achieving sales 
throughout the world. 

Much of a £5m investment plan will go towards 
expansion and re-equipment of the Hydraulics Division. 

But Vickers at South Marston isn’t just a one-product 
company. It is four separate businesses - each leading the way- 
in fields of engineering, from medical equipment to nuclear test 
rigs, and from automated filing systems to die planning of 
important industrial projects. 

Then, in addition, Vickers Properties Limited is actively 
developing the new’ South Marston Industrial Estate which 
will enable other firms to create jobs and capitalise on 
Swindon’s geographical position. 

We are, as always, looking to the future. So although we’re 
changing our face at South Marston with new plant, new 
buildings and equipment we’re continuing along our chosen 
paths of development 


Opportunities for expanding companies. 

_ The new industrial estate at South Marston, developed by 
Vickers Properties, provides new opportunities for expansion 
in the area. The 25-acre estate will make available an ultimate 
total of some 550,000 sq. ft. of industrial buildings on the 
eastern outskirts of Swindon, adjacent to the Vickers South 
Marston Works. 

The first phase of the development caters for a wide 
variety of factory and warehouse space, and some 60 per cent 
of this first phase is now under negotiation. 

Units are available from 7,000 to 100,000 sq. ft in size with 
flexibility to satisfy tenants’ requirements. Access to the estate 
is good via the A419 Hungerford to Hereford trunk road, and 
there is a direct dual-carriageway link with the M4. Adjacent to 
the Estate is Vickers private airfield with facilities available to 
estate users. 

Enquiries to Vickers Properties at the address below. 

Vickers Limited, Vickers House, Millbank Tower, Millbank, London SW1P 4RA, 



Financial^ Tinie§ : ' 


Markets steady with investment interest at low ebb 

Gold shares and Gilts up again but equities little changed 

Account Dealing Dates 

•First Declare^ 
Dealings lions 
Jan. 30 Feb. 9 
Feb. 13 Feb. 23 
Feb. 27 Mar. 9 

Last Account 
Dealings Day 
Feb. 10 Feb. 21 
Feb. 24 Mar. 7 
Mar. 10 Mar. 21 

• " New time - dealings may take Place 
from Im business days earlier. 

With the appalling. if freakish. 
January trade deficit still fresh 
in xrnnd. the continuing deteriora¬ 
tion in manufacturing order books 
shown in the latest survey from 
the. Confederation of British In¬ 
dustry and that body's stated 
concern about the position led 
to a cautious slart to the second 
and . final leg oF the Stock 
Exchange Account yesterday. 

Business volume shrank again, 
official markings falling to 4,204 
compared with 4.589 on Friday 
and 5,920 on the week ago level 
After the recent volatility. British 
Funds became much steadier and 
managed to harden under the lead 
of the short end of the market, 
which closed with gains to 1. and 
the Government Securities index 
improved 0.07 to 74.73. 

Leading equities, on the olher 
hand, failed to extend the rally¬ 
ing tendency of last Thursday and 
Friday. No selling pressure de¬ 
veloped and prices were usually 
a shade above the day’s lowest by 
the close but the limited range of 
price movements were seen in the 
FT 30-share index: a fall of I.S 
at 10 a.m. was reduced to a net 
point an hour later and virtually- 
held' its ground until the close 
which was 1.3 dnvn nt 433.0. 

Scattered firm features emerged 
from week-end Press comment 
and trading announcement, while 
news of i.wo fresh bids in the late 
trade enlivened interest in the re¬ 
cent speculative favourites. James 
Dawson were particularly promi¬ 
nent at 126p. up 39. on the agreed 
offer from J. H. Fenner while yet 
another merger move in the In¬ 
vestment Trust world left Western 
Canada IT up 15 at &45p. Overall 
falls led rises in FT-quoted in¬ 
dustrials by 5-to-l hut losses 
in the FT-Actuaries share indices 
were usually limited with the \H- 
share 0.2 per cenL off at 109.77. 
Nor helped hy the Price Commis¬ 
sion's demand for cuts In tea 
prices, the Food Manufacturing 
sub-section came back 1 per cent 
to 180.38. 

A spurt of S3 an ounce to a 
three-ye3r peak of S1S2? in the 
bullion price enabled the Gold 
Mines share index to pul on 3.1 
more to 160.2 for a rise of nearly 
12 per cent in the last seven 
trading days. 

Gilts quietly firm 

The prospect or a ueek without 
any scheduled mujor trading 
influences enured a reduction of 
business in Gilt-edged but at the 
same lime it aflnved the market 
to settle after the past fortnight's 
volatility. Reported threats by 
militant power workers for indus¬ 
trial action were not taken too 

seriously and both short- and long¬ 
dated maturities began marginally 
firmer. Although interest was 
slow, the foigper were un¬ 
disturbed by a late morning re¬ 
actionary trend and thereafter 
edged forward to close a 
maximum of a half-point higher, 
continuing the movement in 
sparse after-hours’ dealings. High- 
coupon longs surrendered the 

early improvement when revert¬ 
ing to Friday’s list levels, but 
encouraged by the tone in the 
shorts, tbey too- progressed in 
the end. usunHy by f. Rare gains 
of a similar nature were estab¬ 
lished by Corporations, hut 
Southern Rhodesian bonds 
marked time awaiting develop¬ 
ments in the constitutional 
issue; the 2f per cent. 1965/70 
stock remained at £63. 

Business Increased as rates for 
investment currency continued to 
rise. The mainstay of the day's 
demand was institutional, often 
needed for the purpose of in¬ 
vestment in US. securities, which 
outweighed offerings on Far 
Eastern arbitrage account. From 
a slightly easier initial rate, the 
premium rose to 82} per cent, 
before settling a point higher on 
balance at S24 per cent. Yester¬ 
day's SE inversion factor wa* 
ft.7294 1 0.73501. 

Banks trade slowly 

Activity in Banks was minimal. 
I.lnvds. which reported annual 
profits at the top end oF market 
estimate* Friday, cheapened 
2 to Cfifip. while Barclays closed 
the turn easier at 31op: the 
latter's preliminary figures are 
due on Thursday. Elsewhere, 
further consideration of the 
rpcord profile and proposed 11)0 
pr*r coot. scrip-issue helped 
Wagon Finance harden a ponn- 
more to S ,, n. Ilambms gave up 5 
m iTSp among mixed Merchant 

Breweries genera Hv marked 
time, although Bass Chnrrinelon 
hardened a penny to ?42n follow¬ 
ing the P -f ce Commission's npr- 
mission for a 2p a pint beer 
price increase. 

Among irregular Buildings. 
Orme Developments reacted 
sharply to 30p on disappointment 
with the interim profits setback 
before rallying to close only a 
penny easier at 54p following 
consideration of the Board's re¬ 
assuring news about second-half 
prospects. Standing a couple of 
pence harder at 245p in front of 
the preliminary results. 
Marehwiel slipped back to finish 

2 off at 240p. John Lolng A shed 

3 to I42p and Barratl Develop¬ 
ments softened 2 to 11 lp but 
Magnet and Southerns were 
marked up 2 to ISTp in resnon«e 
to Press comment II. and R. 
Johr.snn-Richards Tiles put on 4 
to 326n and Benford Machinery 
3 to 35p. 

Chemicals passed a quiet 
session. IC! being hardly tested 
at 344p, down a penny: the pre¬ 
liminary figures are due on 

Thursday. Albrights and Wilson, 
at lOOp, lost 3 of last Friday's 
gain of 9 which followed com¬ 
ment on the record profits. 
Coates Bros., however, hardened 
2 to 7flp. 

A firm market last week 
followed investment comment, 
Scottish TV A were wanted again 
at 67p. up 2. 

Mail orders dull 

Stores were notable mainly for 
dullness In Mail Order concerns 
follow ing adverse comment which 
left Freemans 0 lower at 244p and 
Grattan Warehouses and Empire 
both 4 easier at 120p and 148p 
respectively. The Store leaders 
drifted down on lack of support 

favourite, encountered selling and 
ga\e up 4 to 118p w hile falls of 3 
were recorded in Charles Clifford, 
S3p. and Benjamin Priest. 74p. 
Peter Brotherhood closed a penny 
lower at ll.ip in front of lo-day's 
interim figures. in contrast. 
Simon Engineering hardened a 
few pence to 206p helped by news 
of the Yugoslavian contract, while' 
occasional support left HowtJen 
Group H better at 59$p and 
Avery* 2 firmer at 154p. " 

Brooke Bond enlivened an 
otherwise neglected Food sector, 
losing 2J to 45p od the Price Com¬ 
mission’s report that immediate 
cuts of about Sp a quarter should 
be made in the price or tea. 
J. Lyons were also affected at 97p, 

and British Home shed 5 to lSlp. 
while Gussies A cheapened 4 to 
270p and IV. If. Smith A declined 
2 lo l44p. Elsewhere, Midland 
Educational improved 3 to SSp 
and Customable revived with a 
gain of 2 ai 21p. 

The Electrical leaders passed a 
lethargic session. GEC edged up 
a few pence to 257p. but Plessey 
closed without alteration at 91p. 
Secondary issues fared little better 
in the way of activity, although 
occasional bright spots included 
United Scientific, up 4 at 269p and 
H. H. Se‘holes, similarly better at 
2*ftn. On the other hand, minor 
falls of 2 were recorded in MK 
Electric. 166p. and Pet bow. 182p, 
while Oecca en-:cd 5 to 420p. H. 
Wigfall eased 2 to 22Sp awaiting 
anv developments in the bid situa¬ 

Apart from a late flurry in 
GKN, which ended 5 to the good 
at 279p. little of interest occurred 
in the Engineering majors. Tubes 
eased 10 366p before settling at 
36$p for a net fall of 2. while 
Vickers finished a shade lower at 
17 !)d. Taylor Pa 11 is ter stood out 
with a rise of 4 to 79p in response 
to favourable week-end Press 
mention. General Engineer ing 
Radeliffe advanced to 25p for a 
similar reason, but closed only a 
penny cheaper on balance at 22p. 
Weir Group, a recent speculative 

down 2, but Cadbury Schweppes 
held at 54: the last-named is to 
close its Typboo tea factory in 
Birmingham. J. Bibby reacted 5 to 
2 QSp as bid hopes faded, while 
J. Sainsbory eased 3 to 167p and 
R own tree Mackintosh 6 to 356p. 
In a thin market. Joseph Stocks 
fell 10 to 170p on the static first- 
half performance. Fitch Lovell 
were reactionary, lasing 2 to 69p 
for a two-day loss of 5. On the 
olher hand. Nurdin and Peacock 
hardened 2 to 94p and Pork 
Farms rose 5 to a 1877-7S peak of 

Jas. Dawson np on bid 

Miscellaneous Industrials were 
highlighted by a late jump of 39 
to 126p in James Dawson follow¬ 
ing the agreed bid from J. H. 
Fenner, which eased 4 to 134p. A 
firm market since a large share¬ 
holding changed hands early last 
week, Hoskins and Horton 
hardened 2 more to 143p follow ing 
Pre^ comment. Others to gain 
ground after investment comment 
included Dunbee Com he\. I42p, 
and Office and Electronic 96p. 
both of which rose a couple of 
pence, while Bank Bridge closed 
a fraction harder at 5p. Still 
reflecting the chairman's recent 
decision to sell half of his holding, 
I CL remained on offer at 238p. 
down 4. after 233p, while losses 

of between 3 and 5 were seen in 
J. F. Nash Securities, 67p, Mitchell 
Colts Transport, 49p and Campari, 
lf»p. Apart from Bowater. a 
penny belter at' 189p, and Reed 
International which were 2 
harder at I09p in response to 
Press comment, the leaders 
drifted a shade lower in thin 
trading. Publicity given to a 
brokers’ adverse circular 
prompted a fall of 8 to 407p in 
Reckitt and Colman. Unilever 
sustained a similar fall at 4S0p; 
the preliminary results are due 
early next month. 

Movements of note were few’ In 
Motors and Distributors. British 
Leyland eased to 23p following 
publicity given to the cost of the 
closure of the company's Speke 
plant in Liverpool and Glanfield 
Lawrence eased a penny to 32p 
after the chairman's annual state¬ 
ment. H. Perry were lowered 4 
to 160p. while Lex Service, 63ip, 
and Turner Manufacturing, 10Sp, 
shed 2 apiece. 

A week-end Press suggestion of 
a possible bid from Trafalgar 
House Investments drew buyers* 
attention tn Associated Book 
Publishers, which added 5 at 193p. 

Interest in the Property sector 
was at a low ebb. Among the 
leaders. Land Securities drifted 
back to 212p before settling at 
213p for a loss of 2 on balance, 
while MERC finished similarly 
lower at 11»P- Elsewhere, falls of 
5 were sustained by Chnrchbury, 
247p. and McKay Securities. 185p. 
but Estates Property Investment 
met with snoradic support ahead 
of Thursday’s interim results and 
rose 4 to 90p. United Real 
regained 5 to 255p and Imry 
hardened a few pence to 302n. In 
contrast. Samuel save up 2 to S2p 
and Great Portland were a like 
amount lower at 312p. 

Oils subdned 

Oil leaders held up quite well 
despite the com inning rwurity of 
business. British Petroleum 
finished a few pence cheaner at 
756p. but Shell managed to har¬ 
den a shade to 500o. Among the 
speculative issues. Siehens (UJv.). 
down 12 at 26$p, encountered 
selling following a Press reoort 
suggesting that the British 
National Oil Corporation is con¬ 
templating selling off its stake in 
the Brae field in the North Sea. 

Among Overseas Traders. 
Lonrho closed a penny easier at 
75p; the company has announced 
that its Sheffield-based subsidiary 
Dunford and Elliott is planning 
large-scale redundancies at its 
steel-making facilities. 

Investment Trust featured a late 
improvement of 15 to R*5p in 
Western Canada Investment on the 
agreed offer from Scottish Eastern 
Investment, which closed without 
alteration at 116jp. Elsewhere. 
Capital shares were on offer and 
Dual vest fell B to ISOp, while Alti- 
fund. 13Sp. and Triplevest, 120p. 
lost 4 apiece. In Financials, 
Authority Investments rose 

another It to 37p. reflecting per¬ 
sistent small buying. 

Shippings were uneventful. Fol¬ 
lowing Friday’s share -placing, 
Furness Withy eased 3 to 201p for 
a two-day loss of 11. ■ 

Stirling Knitting stood out in. 
Textiles with a rise of 2 to 27p, 
after 29p, in response to 'news 
of Increased first-half profits. 
YoughaL however, remained out 
of - favour, losing a like amount 
at 43p for a two-day loss • of '7 
since a Press report on the pros¬ 
pect of redundancies. 

Contrasting movements in 
South African ■ Industrials in¬ 
cluded HuHetl’s Corporation; 6 
better at 114p, and Greatennqnp, 
A. 5 easier at llOp. 

Teas became unsettled by the. 
Price Commission’s demand for 
a reduction in Hie U.K. sale price, 
of the commodity, but losses Were 
minimal. McLeod Russel shed 3 
to 215p, as did Assam Invest¬ 
ments, llOp, and Lunuva, I47p. 

Golds move ahead ,. 

Continuing pressure on the 
U.S. dollar fuelled a further--fS 
advance in the bullion price rto 
S1S2575 per ounce—its highest 
dosing level since late February, 
1975—-and enabled South African 
Golds to make fresh headway. Also 
influencing the gains in Golds 
were the firmer investment cur¬ 
rency premium and the rise. in 
the securities rand. : - 

Tumover in Golds was restricted' 
by the closure of U5. markets for 
Washington’s Birthday but a good 
London demand followed the sharp 
rise in the bullion price and. this 
buying continued throughout with 
prices closing at the day's best 
levels. \"‘- 

The Gold Mines index registered 
a 3.1 rise at 160.2. Gains in the 
heayvweigftts ranged to a half- 
point with Randfontein that 
amount better at £34, while Harte- 
beest, £11, Free State Geduld, 
£14J. and Western Holdings, £17 
were- between J and } higher. 

Medium priced issues were 
again featured by Libanon. which 
advanced 22 to a 1977-78 high Of 
556p following a strong local de¬ 
mand. Among marginals Grootvlei 
were outstanding with a 12-rise 
to a 1977-78 high of 143p w&Ue 
Bracken rose 4$ to 85Jp. 

South African Financials gained 
ground in sympathy with- Golds: 
De Beers were a feature with a 
11 gain at a 1977-78 high of 3l7p, 
while Anglo American hardened 
3 to 275p in front of the interim 
results which are expected-on 
Thursday. UC Investments put 
on 6 to a 1977-7S high of 232p. 

Platinums moved ahead. : hi 
response to favourable Press 
mention. Bisbopssate and Lydeiv 
burg were both 3 higher at'Sip 
and 64p respectively, while Rnsten- 
burg closed 2 firmer at 93p. 

London Financials showedGold 
Fields S up at 191p reflecting the 
higher bullion price 

Among Australians Peko- 
WaTlsend advanced 12 te -446p 


i ‘.. . 11 ,i . 1 i . ^nji. 1 l tr:i. r " i i 1 —' 

_ Government 8aco —r 
Fl*@i Interest-——.. 
IndoBtrisi .Ortlnuy-J 
.. Gold Mine*.— 

Ont. DIt. TieW- 

Harrtrup rid* IfuUjn 

P/B Ratio 

. Dealings marked..™.,. 

Equity turnover £nu.. 






- 77-72 




I 6 Q. 2 I 







" 4; 204 






DU.TO* OV»W .-iw. 

14.52 ll 14^617:14.4M. 15,4 

U ud- 4 5TJ. n a.m, 

■ 2 PJH..458A- 

- Latest Ht*tac fl-244 8926* ; rj v-i 

-Bised <M'S per reilL 
Basis Sees-' 15/T62S-' Final. - dL .MS. &A. . OtA-i/fr/S.- 

inaca I2/3/S5. ..SB Acdvitr Join-Dec.-.l»C- ... . ... v-. 


Govt, »«*- 
Fixed Inl— 
isi. Drri—. 
Gold Minw 

- 1977178 

Since CompiTatkaj' 


J Low; 

. High:, 






■ (3tWi 





150.4 ' 



WJtt . 







r $.*M7Ti 

(SB fiMr 




43.5 -V 









: iDiluotrifti*^; 

■ 85.7; 



new highs And Lows for i977^b 

The loltawiM aeairltte 'lo t toe 

Share lnTorm*tk»n - -Service■ - yjorterdav 
Burned pcw M9ht and lows for TS77-78- 


fOReiGN BONDS tT> ' 

J« 8 n4pc-10A^: 

Comnwitoank BaiUf 

Mer, • n<, CINEMAS «> ' * 

ScutUsh TVA -jronn-0,;•/ ' 

e.*"-«*8aStt0MM «T- 

Hampsoit _W hey ay Watson 

FOODS ft) 

Pork Farms , NDU j^, ULS ,j) . 

British Svnhon . HoXunse Horton 
Dawsoo >JasJ MOTORS ^ 

Piacton - * 

JtewboW arytB urto n y:'-^5 

. - trusts («4: :_v.l 

Gresham lav. .V- Oswoa*®a»;--Sv.7 

Avthorttv lm>. LamMKWdaC-*- 

• RUBBERS "X ’’2 

Anjdo-Irutooe*l4p> . Malabo 

' •- ' reWBtt, 

Durtnn Deep • Westvn Aren'‘-A 

Geootvlef^ C&Cmbu 

'NEW LDWS (5) l ^ 
- ■ - shipping. n» •• 

Wh»nj Creek - Cows 


DEALING-DATES * v ties and Dawson.‘Interor-^. 
First Last Last ForA . put was done to 
Deal- Deal- Declarer Settle- doubles were .transacted^ 

ings logs tion : ineut Lltramar. Siehens (GJLlVflB 

Feb. 21 Mar: 6 H5ay25 Xun. 7 and -Allen fntematiohaLrjS 
Mar. 7 Mar. 29 Jun. 8 Jhh. 21 SA - land, : OmsoIIdatiSi^G 
Hfar.21 Apr.10-. Jim.22 JnL -5. Finds'and' 

For rate indications., see end of- . mi 

Share Information Service . j _ • . — •- 

Stocks favoured for the call-j;- 
Included Consolidated GoIdfV . : ... 

Fields, Wfearra, Tuner and : irpciprfldV 

Newall, Lonrho, Mills and Allen . , J WLCIllttJ-r :? 
International, Coral - Leisure, T 

Turner -Madntfacfnriiig;: - Fitch - BrHish -Fwidr ; 

Lovell, Grootvlei, .Rtcrtfiabug 
Platinum, Bishopsprte; P^nttoum, 

Libanon,' Bt-J. Gleesoo. Chrme j^mndat me ptvp. : n ' k 
DevelopmentsV Intcreuropean on* . -7'-. 

Property, MFI ^ Warehouses, VrrT 

Sotheby, - J. Sainsbury,- .Dun- 
doaian. Town and/ City Proper- tmbib -• .*i.— 

follawing the increased half-year cbangefl7 .;': Maiaysian. ^nndai 
profits and one-for-flve scrip issue. jceflected the higher preaniumi 
The strong./ overnight'..perfor- Malayan Tin 5. .bettgr - at' 9 
raance in domestic rtiaikcts saw Tronoh 4, up at l72o.mid J 
Oak bridge., marked op,6'& i* mtam 3 Snaer^at 
1977-78 hjgb of 146pl'' .Uraniuins tkiroi^ priKiucer SMia,^ 


Published by the Banker Research Unit and now available, this new 
volume describes banking systems and credit sources in ten countries 
of the Far East. These are: 



Written by experts in each country, each chapter defines and analyses 
the banking system: the different types of banks; the services offered; 
the system of bank and credit control; banking legislation, interest 
rates; near banking activity and institutions; merchant banking; 
investment banking; official and seini-official institutions: export 
finance: the money markets, the capital markets; and a summary of all 
short, medium and long-term sources of funds. 

Limp bound, 340 A4 size pages. ISBN O 90299S17 X 
Price f26.00 in the UK. $52.00 outside the U.K. 

Your order to: 


Registered in England No. 227590 



Teles: Editorial 886341/2, 8S3897 Advertisements: 835033 Telegrams: Finantfano, London PS4 

Telephone: 91-248 8009 

For Share lades and Business News Summary in London, Krmlngham, 

Liverpool and Manchester, Tel: 249 8029. 



Amsterdam: P.P. Box 1299, Amsterdam-C. 

Telex 12171 Tel: 240 555 
Birmingham: George House. George Rood. 

Telex 338850 Tel: 021-454 0922 
Bonn: Pressbaus 11/104 HeussaUee £-19. 

Telex 8869542 Tel: 210039 
Brussels: 39 Roe Ducaie. 

Telex 23283 Tel: 512-9037 
Cairo: P.O. Box 2040. 

Tel: 938510 

Dublin: 8 FitzwHliam Square^ 

Telex 5414 Tel: 785321 
Edinburgh: 37 George Street 
Telex: 72484 Tel: 031-226 412B 
Frankfurt: Im Sachsen lager 13. 

Telex: 416263 Tel: 555730 
Johannesburg: P.O. Box 2128. 

Telex 8-6257 Tel: S38-7545 
Lisbon: Praca da Alegria 58-ID, Lisbon 2. 
- -Telex 12533 Tel: 362 508 
Madrid: Esprondceda 32, Madrid 2. 

Tel: 441 6772 

Manchester: Qoeena House, Queen Street 
Telex 666813 Tel: 061-834 9381 
Moscow: Sadovo-Samntechnaya 12-24, Apt 15. 

Telex 7900 Tel: 294 3748 
New York: 75 Rockefeller Plaza. N.Y. 10018. 

Telex 66390 Tel: ( 212 ) 541 4623 
Paris: 36 Roe do Sen tier. 75002. 

Telex 220044 Tel: 2364743 
Rio de Janeiro: Avenida Pres. Vargas 418-19. 
TeJ; 253 4848 

Rome: Via della Mercede 55. 

Telex 61032 Tel: 678 3314 
Stockholm: c/o Svenska DagMadet. Baalambs- 
vageo 7. Telex 17603 Tel: 50 60 88 
Tehran: P.O. Box 11-1879. 

Telex 212634 Tel: 682698 
Tokyo: 8th Floor, Nihon Kebal Shimbon 
Building. 1-9-5 Otemachi, Chiyoda-ku. 

Telex J 27104 Tel: 241 2920 
Washington: 2nd Floor, 1325 E. Street, 

N.W„ Washington D.C 20004 
Trier 440225 Tel: (202) 847 5978 


Birmingham: George House, George Road. 
..Telex 338650 Tel: 021-454 0922 
Edinburgh: 37 George Street. 

Telex 72484 Tel: 031-226 4139 
Frankfurt: Im Sachsenlagrr 13 . 

Telex 16263 Tel: 554667 
Leeds: Permanent House, The Headnnr. 
Tel: 0532 454869 

Manchester: Queens House. Queens Street 
Telex 666813 Tel: 061-834 9381 
New York: 75 Rockefeller Plaza. N.Y. 10019 
Telex 423025 Tel: (212) 489 8309 
Paris: 36 Rue dn Sentler. 75002. 

Telex 220044 Tel: 236.86.01 
Tokyo: Kuoahara Building. 1-6-10 Uchlkanda. 
Chiyoda-ku. Telex J 27104 Tel: 295 4050 


Copies obtainable from ™wen*s and bookstalls worldwide or on regular subscrlptim 
_ from Snnsrriptlnn Department. Financial Times IamhIouT 



, ‘23 -'*1*1 







:=? [ 


_ ; _ i— ^ IN¬ 



Hicfa { Low 


fg l+‘ 

ll £1 ; F.P. ;20i2 ■ 140 i 132 lAutoaatart Sect. B% Cot. Cum. Piet—....' 153 ;+1 

— I F.P. '2*:2 j ICotn lOli'iHatleys of l’ortthire 10% Coot. Pref...105p< 

M ; F.P. i21/2 • 109^ H9^Cenirewny 11» Cum. Pref... 10Bp- ..... 

699 1 F.P.. 3/3 j 101 i B0U|Orarripi«n Heg. Wft, I9b6.—_—101 ' + 1 

SlOO i F.P. J — . l *J3 , ____597 . -... 

5100 F.P. I — ; 89i? SWU! Do. »» Deh. l«2. 697 ■ ..._ 

6100 630 l 24 3! S**. KHj'Kemiu^too 4 CheL** UJS 86-B7--'52 !+!* 

£100! F.P., — ! 1001; ^7(,l Do. Do. VuwMe’«£.lOO^ ..... 

£100 ' F.P. > -- 1 l«5U' 1«H3 l*lcc?terV»irUhle ISC.....100i« ...- 

"inn |28/4 1 102 • 100 ,Pe«i>..n 1 S. 1 10»st Pty. Cor. La. 199346.... 101 *| 

61001 , F.P. 1 — £3Sia:Rt.WTitTee Inti. 10*% l*S..£98V 

— : f.p. i — : cw i.*3>;i Z |s«Br» fctL Fm. x/v. ioi% i •$& .ises* + 

— | F.P. i — ' *97 I S»J ishcll lnt». Fto. N.-Y. biXUuar. Xotes ia90.'S« » . 

£991,i F.p. | _ iW0,i ; 9 ?|J, |T»ra«.|rte Variable L9E3... 100 j 

£9914 £10 |28/4 1 lOial 7Jal Do 10?* Red *d4-«..... 9^+ts 

— | F.P. i24/2 * lOep j lOtpWhltetKMire (G-> U%Cnm. Pref...... 104p — ig 







Hen our. 






U-- j 



1/3 3l,'3 

2! pm' 19pm. AfiB..... 







31 1 U2 

6 ll 10/31 IS 

lib Arlinetnu ... 


42 | 

SA 1.76 

24/2 10>3 





- itlipin 
1/2 17/3 42 

94 L-m.l-ry n*!*i e.... 

9^4 Mu' 

40t 2 



20/2' 30/3] 28 

1. Vi 

8 StS 





21,2) 31/3; 347 
17.2; 3/3, 201 
IO/Z: 10/3' *4 
3/2| 3/3| 64 

338 tUiiiLaml H*nk... 

If) {XatiozMi Bui of Au«r*)*j>i*.. 

Bligj Nei i<(J u.i..... 




82 ; 

+ W 


Remind iHod date usually l«n day for (WKns: free of stamn duty, b Figures 
baaed on prospectus estimate o Assumed dividend and yield, u Forecast dividend- 
cover based «m previous year's earnings, r Dividend and yield based on prospectus 
or other offldai estimates for 1979 q Grow t Figures assumed. • Cover allows 
for corvprslon of shares dm now ranking for dividend or ranking only for restrtded 
dividends. | Placing nrlee to pnhBc. pi Pence unless orhenrlse Indicated, Issued 
by tender. Ij Offered tn balden of Ordinary shares as a - rights." ■■ Rights 

to former Preference holder*, 
or partly-paid aUoUnent biters 

I Allotmcci ferrers tor fully-paidi 
★ V.'irt warrants. 



Denomina- of Closine Changre 
Stock tion marks price ip) on dajt 

2977-78 2977-7B 
high low 

Cons. Gold Fields 


Libanon . 

SheH Transport... 


D* Beers Defd.... 

Grand Met. 

Orme Devs. 

P & O Defd. 

Unilever . 

Bank Bridge . 

GEC . 

Barclays Bank ... 

BATs Derd. 

Hawker Siddeley 




£1 . 








i aft 





+ 3 
- 1 
+ 2 
~ 4 
+ 11 

- 1 
- 1 

- S 
+ i 
+ 2 

- 1 































The above List of active stocks is based on the number of bargains 
recorded u-esferdnu in the Olficnl IM and under Rule 163(1) (el and 
reproduced to-day in 41 oefe Exchange dealings. 

These indices are the joint compHatiTO Of th^TlM^M th^ Ibi^farfe jrf Actoiie 

\ and the F^cntty of Ajetffiffks 


MiwZ FA.», l!W* r 


: Fob. 





y* ^ 





Figures In parentheses show number of 
stocks per section 






: it" 



. usp. 

13k 9% 

at 3CO 

v. ; 

• WE 

*•. **. 




, ' : r 



•; : 















31726 J 
42742 1 












Building Materials (ZD 














































































: 722 






113 a? 




' 629 


•ll? « 





210 Al 

















2UDO : 














1 8256 


2»W J 





Entertadnment Catering Q8)- 

Food Han u/ac hiring (22J- 

185 A2 

































r a 














3 ; 








; am 






Tobaccos (3) 











Toys and Games (6) 










- 635 


:;332fr J 

















11^. J 















Pharmaceutical Products(7) 






24 I 22 : 





— -t 









Miscellan«ras(M> —.. 


: ".': : 852_ 














Oils 14) 



580 SHARE EVDEX .. . 










“■ 5.49 1 










■• 5-35 '■ 

5 . 94 " 















































31ft A 




'3K7 Z 




























• 18430: 



ISO 7* 


' +03 


















Overseas Traders 09)--—— 
















xd Adj. 

X dadU 

British Government 

F £- 
20 - 



*6 4*t* 


Under 5 years..—— 


. +022 

■.-‘••V+ ■ 






' IS" 



r ■■ 

' .056. 




— ■ 


an stacfcA- 



•r • s- 

V. ^ 3 E 




■ vr*.;.--..'23.fei|rfca^. 

Gottptmx'‘IS y ears 

v ^ C- .‘/g. 

CoapMS‘'-"-=l5:rtyt l w 

: Ss,7JH 


v JOB: 










'. 99-1iL 




• ' ' - — . ' :• 

Monday: Tab.' 20 





'-i > .-V‘- 






■ *r~ 



y ma 

.-17- ■ 

: -.m&i 

*“ 10* > 

■ ' v;*. 


- %: 

m *££*\rni 

2j-'* :.:4 

is ;20-yr. R«L Deb. Ss Loans (15) 
.16 Investment Trust Prefs. (15) 
17 iComl. and Indi. Prefs. (20) 





•‘ <! v 





■ 17LBA 











. < LT IW !£ ,™ n »«w urt » lv «altebl* nrm : : th« ?PBhlbherfc J 

siTCci. uorow, ECO. pma In. fay pm\ 22p» ■ . \ ^‘^ r .t 






ranee C«, lid. Cta*nSa* BoyaI Exchange 

*T*.RC4, U-Wnn Roial Exchange. EC 3 
Property Ben d» -.(1659 
























m Mw-irr- Norwlch ^ n5o “ Insurance Group 
17201 t POUo*4.Nor*li?fcWR!3VG «03iart)| 

1 TZK f - Wanted Fqud_ _ rw». - 

- HuAn JU*® Aibuimw U grepwwSl,'!)"." 

- 7014Pwfc-tjnr.London.WJ nuoanrm E .*™Ini Fund_ 

^UBLUmi n Ormans' 

iruce Co. Ltd.' 

^ xomi 0 ”*™” 

5:? iS| 

-V Zz 

ZZS&cs.-z: ir 

Managed Acc-159.4 

Overling__ft- 5aa 

- GitaSued.. 1213 

Pcn-FlJtepuCop— 1264 

PgnJP.IDoE.5ec.-l MSA 

Pen. Prop. Sop..-197 4 

Pcu-PropAcc_ 7513 

Pen-. Stan. Cap.-MM 

Pen. Sian. Ace_2S3J2 

Pea.GmEdK.Csj>- 1243 _ itiil 
Per-<3ltEdg. Act. 324.4 S*3 

gen. KS. Cap.-1ZL9 12*31 

gen- as Acc_— 134.9 - 143Jn 

Pea D.A.F. Csp, — IM lOOj 

Pen n.AJ».Acc._pK lM 

— Hearts of Oak. Benefit Society 


- oMsowm D^M na :v 

- Nor Unit Feb. 15.. 

II £' 




212 6 

-0 41 






_ _ 


162 6 



Ammce Co. Ltd. 

4J.Ki ns WLU, Bin S»,ec<F*H* ni«2P*K78 

Ebr. Phjaj.E. 

732j -IB 

Burton Rodd.LoDd<m. NWl 

Boactanf Ctal __._ p53 

Prop- Equity ft Life Ass. Co.V 
11R. Crawford Street, tl'lHSAS. 0l-4»msT| 

go. Equitj&±„ I 681 

D* Pi. UsyBA Fdj IMA 

Property Growth Assux. Co. UtL¥ 

aidnnaa Jj*" h«ii«.cto dm. cm u.u ai-oaoooM 

«*,. I - 

rnec Ud.7 

Imitate- .Reigm* 40SBL 
5.D 131. r 

7ft 111* 

HID Swtmel Life Anar. Ltd* 
NLATwr. Addiscombe Rd, cpv. Old 
♦Proparty. Units—0453 
Property Serin* A.. 973 

Man *S?d Tolu-152 A 

Managed Series A- M* 

Managed Serins C- n< 

Money I'tuts_._nit. 

Money Series A;-94.0 

HxedInuSer.A... 93.7 
&aM«d.Cap^_ 1414 


Pns.Gta.Cap._MU liffJ) „ 

Pns.Gbd.Ace._1083 IMS. ._ 



Property Fund ... 
™j«tT Fund I-4L. 
AyntTirtnrsl Fund 
Afrit PundjAl... 
Abbey Nm. Fd.fA.1. 
Tavestaent Food- 
Investment Pd. (A) 

Equity Fund.. 


Monej puodlAl- . 

Gilt-Edged ndUAj. 
♦Retire Annul ty~ 


oi-Ttstm Izupcrial Life Ass. Co. of Canada 
,*§-?) :■ \ — . Imperial House. Guildford. 

.I — growth Fd.Feb.17. [67.9 

Pens. Fd. Feb. 17,_fe7 



•All Went bar Cap. -ESS 

or. Co. Ltd. •• 

OX-83433** _ 

Semite Cap. FU. ■> 

Managed Fund 
xrafW Fd. _ 

Equity Rind.., 

Irish Life Assurance Co. Ltd. 
11. PSssbmy Sqnare. SQ 

Blue CMp Feb-1_<44.7 

1 ManagedFluid —-C22J. 

Prop Mod. Feb.1—pX2 
Prop. Mod. Gtb._(141.1 

IT. Co. Uif 


ms3 J . .4 - 

ranee Co- 
iar. Berta P.Bar 61122 


King & Shaxsos Ltd. 

52.ComWU.EC3. 1)13235433 

Bond Fd. Exempt --J11L51 113JSj*<J og _ 

&J“«5SK, - 

Langhmn life Assurance Ol Ltd. 
Langham HaHolmbreok Dr. NBT4. 01MHGC11 
Lnsbam ‘A’ Plan.- M3.9 6731 . 

•Prop. Bond... 4 144R 

WUp ISP) Man w|M3 78.7J 

■ • 71253 Slav. FdClirr: 

I - Tension Fd. Uls.. 

■ I — roe*. Pena. Fd_ 

014)388253 “«■ ■»***■■ 


- ProvTacfaJ Life Assurance Co. Ltd. 

“ 222. BIMiopBgal*. E.CJ! 01-24T6533 

Gilt Fund an _. ...ptZJ 

fodjH ft indiht Ltd. 













rrndenttoi Pensions Linrftefft 

Hoi bom Bar», KT1N2NR. OMOS0822' 

EquJf.Fd.Feb.14.-lEa.S4 a.77J I _ 
Fxd.lnVFrt).lB^-.p41»4 .1 — 

Prop. F Felj. la-IEMJ» 24^ .... — 

Ve Ltd-f 

JO - 

■J 9 

iP - 

•445( - 

m - 

115M . 

9B.7I-0.41 - 
q«0 —OJ. 



) il^ 

I 44J 

' ni -ioU 

uv Feb. 17. 


Legal ft General fUntt Assor.) Ud. 
KngrogggI KWH, Kingawood. 7a 



Equity IoItiaJ_flM.-t 

Do Aecum...._|1142 

Fixed Initial-..-._ 


Iteoagcd Initial_ 

Do. Aecum._ 

Property Initial — 

Da. Aecum.__ 

Legal t, General (I 

Exempt Caab ItriL-(95.4 

Do. Accum._95.7 

Exempt Kqty.hrit- 943 

-Aecum___- 1*2 

; Fixed iBit 97J 

-v Accum._— 973 

Exempt Mngd latt. *4.5 

Do. Accum___99.1 

Exempt Prop. InJL. 95 A 
J>o. Aec am_— .-(93.7 

Reliance Mutual 

Tunbrtrtp# Wclia. Kcdl 
R d Prep. Hd*. . 


nan 22m 
I - 


:ABb Wton 000220811 

98.74 I . I - 

16444 | 4 - ■ 


Rothschild Asset Management 

St Sal thin* Lane, tendon. EC4 nj /os qm 
K.C.P rop Dee.36 _|114J 12)41 . I _ 

Next «ub. day March 31. 

Royal Insurance Group 

N*»• Hal I Place, Liverpool 04122744X2 

Rojal Shield FU.-PJ6.4 137*1 | - 

Save A Prosper Group* 

4. GLSuHelen'a. LndO- EC3P3EP 81-94* 8888 
gaL Inv. Fit . __U17 8 t24.fl *011 - 

Deposit Fdt_taiL* 127 

Comp.Pcns.rd.T—pS 2te 

Equity Pen a.Fd_11633 172. 

Prop.Prcx.Fd*, ...(2010 
GUI Pei*. Fd. — 141 9 

Depoo-PonjiJftlt._|94.4 ._ 

Prlcea 00 *Fcbroan 
twaekly deellnga. 

Legal & General Prep. Fd. Mgrs. Ud 
ILftlMO VictoriaSL.EC4N4TP 012188678 i>] lnld . r r if - 
LSdaWdPab.BWR lOLli .;....| ^ OCHTWler Ufe GroupT 

Noxr Suo. Day March 1 



r Aatur. See. Ltd. 

■ ’ftt.r.l - 

■r Asa. Col Ltd. 
Mtahone Road. 


Life Assur. Co. of Pnnisylvnifa. 
»A2 New Bond SL.WI7BRQ. 91W06S3KI 

LACOPUnhs-_ l|1B» 10851.1 -- ; 

Lloyds Bh. Unit TsL Mngrs. Ltd. 

4L'Lombard St, EC3 

Eoterpn>e House, ft mam outh. 
Equity Feb. 14_( 2126 I 

“ “ m 

147 X 

emv7T »a 

Growth Fund 

♦Exempt Fiax.Fd. 

Flexible Fond— 
Inv. Trust ftiad.. 

_ - Property Fund- 

Insarance Co. 

LIRE. 01-2828388- HAG Groopf 

Equity 2 Feb. M —, 2094 
BjoitrSFcb. llG 
Fixed In U Feb. 14.. 1483 
FfatedlniJ FcbJ4- 158 3 

lut. FT Feb. It_Uift 

KASGiU Feh. 14_ 1*6J 
. 3Eft8GLSc.Feb.14. 1294 
OltSBiaae Mard. ru. Feb. 14-P25.4 

-.1 K^rii 4 ; - 

IJ«yds life Assurance .' '.Frt. l’ir* 

12LeadenhxQSL, ECSUTLR. at«8«& Property Frt. 14 

MR- Gth-Fbb. 8._' 

Opt-S PnmFeh-18.. 

Opts Man. Feb. Jfl-to9-9 
Opt6 Dept F*b- 1RPM.9 

5 ftlL j*^ U ^-’?bteBC,B4WhlJhCT3BWU. 0814M8000) 
IS-20- The Forfenry. Rnedla* 0B3311. .j ' — 

MonerManaser_BfJ ■ 31-91 -OJF — ___ 

M-J*. Flexible-fee 27 i -0l| _ ^be.Caab Fnb.l7« 

FUndInterest—;^-P*J 34^ -eOU - Feb.I3_ 

The'London ft 'lftahehester Ass^ 

TtwLm.FbikettS11e.EeaL 0*5357^ Solar Life Assurance limited 



... -. MaJPq.Cp. Feb. 14-h084 
ji£Pu-ActLFeb. M.^L8 


•in, 1 











5 Col Ltd. 


:-id^ = 

'f Insurance 
Y1H5FX. 01-43870S! 
» - .15231-1 - 

7 - Three Quay*. Tbwer Hllf scm SB^Ol-OK «SW 

Pm Pouifl«*“_' 

Canv. Deposit*, 




GUI Bond—— 
lnlexnatnL Bcald**- 



Anvwlcaa Fd. Bd- 

Jl S^e8 on^Fe^TS. H’bb. lA '*“Feh. 17. 
Merchant Investors Assurance* 

107 CheapaM* EC2V8DU. 
BoJar Managed 8 

SoIarPropeity S- 
Solar Equity S.— 

Solar IntLS-„ 

Solar Managed P_t 
Solar Propextt’F__ I 

Solar PVdStPT™! 

Solar Caxh P—1 
Solar IntLP_ 

130.0j -OJj — 

157tt -0 Jl _ 

154.1 -« 

123t —8 



i = 

I Eft High StrapL ClOpdon. 

Cbnr. Dep. Ftf- 

Money MrkLF<L.„ 

Mer. Jav._>Inp. Kd. 


e Co. Ltd. 

Ufics. 013288681 Her-Inv. 

: 734 .| - EquF ‘ 

PW - — 

MUnd Ass. -jffiftK., 7, 


58-1]-1 4.12 Htm.Mrt.Paoa- 



.. .. 






Son All i an ce fund Mangmt. Ltd. 
Sob Al l iance Hqoac.~Uotxham. 0*0301141 

Sr^^F aL Aa* i 1:::.:J = 

Sun AJBance-Iinkod Life Ins. Ltd. 
Son Alliance Bonsai Honham 040204141 

■ -Equity Pond_(49.7 U9M -1J| 

FlaedxmarastF(L.aBiJ UU . 

Properly Ftrnd-QL2 103 4 

Intemulonal Fd. ^ (87.0 4LI ■< 

Deposit Fund__(494 180.5 

Managed Fund_„.|973 l*Z.7i - 

Shu life ef Canada aUL2 Ltd. 
ZX4,CecksptirSt-.8RhY6BH 013809400; 


U4jS I -2 
1443. | 

Maple JiGrth- 1 


■ Ask. Soc- Ltd.f 
fycumbe 0*8433377 

1 xaajt -Lda - 

-9 107R....7) — 

1 m.f-ojS - 

Life ins. a Ltd.* 
UumCkeaa W3U1071 

Soc. Ltd. 

Ifmouth. 0202 78T8S9 

MEL Pens!on* Ltd. 

Utton Court, DoridM. Storey. 

F!a_ C%P_ iM-B 
NelexEq-Acrum.- 10AI 
Kelex Monty Cap.- 
N«l«x Mon, Ace, WJ 

KclexGthlncAec- w- 

NeStmV dmy Fob. 

'Far Hew Chart Tfre r tj me spder 
laUttBMff AaaaS ManMemoU 

NFI Fenstons Bfanagement Ltd. 
48.GrocecbtirchSt,EC3P3HH m«B4200 

^ deJ^Uci r 

New Zealand Ins. Co. OJ.5L) LMLf 
Maitland Houhl Southend SSI 2TS 0902028H 


— Man-Ftmdlac _.. 


Target Life Asrttrance Co. Ltd. 


. {186-0 lUJ 


* ffl 

741 +0.<jf — 


\i m 



1 Ass.' Soc. Ltd.f 

' mm. Berks. TeL 3*394 



A*. TBI.343E 


Klvd Key Inv Plan. 


T«KhooIo*y Fd... 

Extra lovIFd-_ 

American Fit,-:-.. 

Far Earn Fd.- 

GUI Edged Fd. —(95.' 
Cot>. DepoeltTd. 


MW.6 . .. { — 

1001 . 

1W.« . - 

309.0 . . J - 


aks Ltd. 
ress Bk. 

icr .. 

.80 . 

& Cmee. 

)ne . 

e Ltd.... 
igB Ltd. 
lid. East 

tent AFI 
Fin. Ltd; 

7 % 
9 % 

7 % 

8 % 




redita .. 




u rides.. 


6 . 


mlar Bk 


e . 

J 6<% 



9 % 



. Corpn 


i. Ltd. - 

s % 


aranty . 


k .. .:. 

t «*% 

in .. . 


I Hill Samuel --5 

C. ECoare & Co.t 

Julian S. Hodge . 

Hongkong & Shanghai 
Industrial Bk. of Scot 

■Keyser UHmann. 

Knowsley &• Co. Ltd.... 

Lloyds Bank . 

London & European ... 
-London Mercantile...... 

Midland Bank. 

Samuel Montagu.... 

I Morgan Grenfell. 

National Westminster 
Norwich General Trust 
P. S. Refson & Co. ... 
Rcssminster Accept*cs 
■Royal Bk. Canada Trust 
SchJesipger Limited ... 

E. S- Schwab .. 

Security Trust Co. Ltd. 
Shenley Trust.... 

Standard Chartered ... 

Trade Dov. Bank. 

Trustee Savings Bank 
Twentieth Century Bk. 
United Bank of Kuwait 
Whites way Laidlaw ... 

Williams & Glyn’s. 

Yorkshire Bank . 

9 % 


7 % 

| Mfltnh*T^ of th* Accepting Hanses 
Cnmndirw . 

• -dar dvpotttc S*4. 1 month deposits 

31%. - 

MxF dppnvitr on Huns of £10.000 

and- under 7‘S.. pp 10 £36.000 IT. 

and ever CIWO 

0a» tfrMUU ever n.008 IV 

DrmaS'1 dnposn; .4’.. 

a isn aptritc5 fn. Pierltro Iwt 




GUt Pen Xxp. TZ 

Tmunlcmitlopal Life lae. Ga. Ltd. 

2 Bream Hd*», EGllNV 81-4088487, 

aas^n i|: 

Mira. Pen. Fri.Cap.-Bf9 4 1U3I -O.J - 
JtaB-Fea.Fd.Aet.p532 lfijJ-0-4| - 

Trfdni life Aanumce Co. Ud.9 
ReoatftdeHaaae. Qeaeatcr 0*»38341 




ss&F — 

Pens. Pw?. CapL-_ 
Few*. Ply. Aee_i_ 


«Trdt. GJ good 
'CxA v*3ue 

&A7 2 3k 
far E1D0 premium. 

TywWl AoBiuee/PfeashuV 
ia.CkujBg« Road, Bristol 02T232241] 

3-wmr Feb. 38_ .. 1 J144 


141 • 





O’M Inv. Feb. 18. 

SSSaRK 1 - 

Do. Prop. Feb Lk. 

Yaubragb life ftinmce 
41-43 Maddox St.Ldn. W1B 8l> 01- 

Managed Fd._.044.0 14441 tl, 


Fixed Intent Fd _h70A 3743 +0J 

¥SS?.~rrzB2,l iSS *$* 

Vanbrugh Pensions Limited 
41-0 Maddox St. Ldn.WUtftLA 0J- 

HaiWMI.—, . _MJ 199.' 

Equity-has mo; 

Fixed Interest.... .(44.4 


Guaranteed see ‘lax Base Rotor tiMa' 
Welfare Insurance C*. Ud.¥ ' 

That^a&Frtkisumc.'Kot (00937233 

MenKTJmkcr Fd.—|. 48.4 I .. . J _ 

For ether-htnda, pimae refer to TnaUxndaa ft 
. Manchester Croup. 

Windsor Ufa Assur. Co. Ltd. 
l Wgb Street. Windsor. Windsor 881-M 

Lrfelnc Tim-., 

■ . n-M 

■ ».a_ 1 

E26J8 - 

’ — 

lulu : _uu| 

Ahhey I'nit T«r. ggrv. LUl. (a> (?> Garnnore Fund Manager* 0 laHc) 
72-80. Gatehou’^nn 4}lr>hur’ 02X1 IWl 2. St Mxjy .Vac. EiTIa an r- 

Abbey Cap,iaI . . 
Abhej Inamp 
Abbey Inv Tut Fd 
Abbey Gen Ttt. 

B.S . 52-44 *0.11 4-04 ,n 

42 -Oil 548 Pr 

1* 334 -01 4 41 ca 

?* 45 ln| | 4H 171 



-0 1 


*3 S 



37 3) 





re g 


47 1 

103 n 


104 9 

117 •] 


Allied Rambro (.roup ia 1 (gi 
l Umb ron Hae llunon Rrvnruu>id F.*«er 
01438 2831 or Br#nl«.-nod (CTTi HiS 
Balanced Fuad* 

Allied li4..„ 

■Brit lad, Fund 

Gjth ft Lno._ 

Elect ft ind. Dm-. 

AJIiad Casiul - - 
RuubroFund. . . 

Hambni Acr « . 
lacaoir Fonda 
Hich Yield Fd. 

Rteblncome - . 


tntenudaiuJ Fonda 

Sees, of America - . 

Pacific Fuad 
■SpwrlaWai Fonda 
Smaller Co.’a Fd.. „ 

2nd Kmlr. Co'i Pd . 

Recovery Slix__ 

Hr. Hin.ft Cdr*. 

Ov-eneoa Esrmngs 
Exrapc Smlr Co'». 



Commodity Share 

711'ar Ea*t-Tru»l- 
lllch IneomeTri 
Income Fund.. 
lint Acnnrlra 

lml. Exempt Fd. 

iillnil W. (Aci- >. 

24IJ -0 1 
52 4i . 
1392 -0 
rm -o.?i 

lo|3 C_l[ 

Prrpeiiial L’nll Trn*i .Ilncmt.U la> 

*>l JSI.ISa: *SHan SI Henl*-; nnTliamr: W91268K 


3 43 

rnenuIGpCih 1389 

39 41 

I 409 

3.72 Piccadiib t oil T. Mgr*. I.ld.Y lailhi 

1 04 M'nrdc*l« I nnd.ui W^|| r< - iSfli.A.11 

B 95 

Kuril IlKUltlr 
Small Cn » Fd 
i.aplui Kurul 
IBI Em- ft Aaaett 

__ ... Private Kund _ . 

Gibntt (Antony, |.nn xsl. Mgs Ltd Accum in- Fund .. 
iSL =3.BJoo6e]dSL.EC£il 7NL m^aSAIi, 

i.i! JiJifcSSSSSrt.-.gS ?g|| - 0b f Iff «/ 

• c 030 Pr » et ‘ caJ >nw«- Co. LttLW tjocl 

4« ^ l ^ J4 Rlnnmabun’Sq "ftVIASRA f.l4C=lfWO 

Goveti (JohnIV rrachml Fen. is 


3 00 

, u 77 LomtenWalLE *.': 

S'Udr.FeblT • 1119 4 lib U . 

Do Aecum. Unit . [543 0 lyi 7 ( 

Next dan line lav Mnr.-r, 3 

2 39 (>rirv«HO Management Ip Ltd. 
3i9 ® Gresham St. ECTPrus 11; ^o, 

, 171 b 


■»l-3».-4O0 ««™"-» ; t>ID 

1135 3 
IU4 0 

143 4j 

200 E 





2 91 .BariRtn.Fbb.lS- 173 4 202 » 

(Aceum. Units)- .. 249 4 219. 

504 B3Rn HYFeb. 16 164.1 1T7J 

524 1 Accum. L’olU) 184.8 198 4' 

505 Endeav.Feh 14 159 0 lw.2 

534 (Accum. L'nJtSI- .1442 171 4] 

524 Grnchatr.Feb 17 «5 B0 3 

5.71 ( Acrum. Unttxl . .78 8 au 

Ln ftBrslv Feb 15 . 60 5 714> 

|71 0 74 Ol 

Anderson Unit Trust Managers Ltd. 'Armnn Units) 

1S8 Fenchurch tit EC3M SAA 
Anderson L'.T.. - |45 5 40 5t 

Ansbacher l nil Mgwt. Co. Ud * • *3 7*,-o i| 

1 Newest ECCV7JA ni«3e;,78. H«»der*8n AdmmtrtraUooiaHz) 

Jnc Monthly Fund [162 Qri 172 B-d | 00 Premier U.T. A dim r. Ra-leich Rnad 

Provincial Life Inv. Co. Lid.V 
ST. BishepKale. tr: n:-5476:.T3 

IVnliFic I'r.n^ 169 4 7491 -0J| 370 

Hlshlncniue . 11021 1040 -0 d 7 93 

Prudl. Portfolio Magr*. Lld-V (aUbKO 
Holhnrn Ban. EC1N2NH 71-405 

Prudential . 1116 5 123 5| -0 S| 455 

129 Qoilter Management Co. Ltrt.V 
van The Silt Eeenaape. EiJ3X 3 HP 01 -«pri«;7 

Iftubdranf^n Fd 11009 10411 -P II 

025 Quadran' Lnrnme (1164 120J< 

085 Reliance Unit Mgrs. Lld.V 




fisaoai Guardian Royal Ex. Unit Mgrs. Ltd. Rrlian<v-n.c.TdnbridsevelKKi «B22 k: 
I 4.B7 RnyalHxclmnae,EC3P5D*.‘ 'JppottunHj ftd 

.« u SfHorttT. 1 sec 1 
SekfordcT. Inc. 


63 J! 








Rrentwaod. Ehaea 

37. Queen St. London ECftR LBV OhSMSaoi cSS 3^-' 

Arbnthnol Securities Ltd. laKci 

Extra Income Fd. - 1099 
Hich lor. Fund — - 3X4 

♦Accum. Units'_52-3 

f»j«6 W’drwl.L'tl 1523 

Preference Fund_2S3 

*1 Accum Units}_37.9 

Capital Fund*—.. 16a 
Commodity Fund# 51.4 
(Accum 'Dnitstt±_ 725 
(10% W-dnri.Ui.dt 465 
TlnfcProp.Fd.n 14.4 

Glaum Fund _ ..36.4 

{Accum Units).. _ <2.0 
Oroxlti Pond... _. 304 

(Accum. Units)_95.1 

Ionian Gth.Fd-** 1264 
-Eastern ft lnil.Fd. 19.9 
*»6% Wdrerl.Uta.) 145 


$K.Amer. ft Inv Fd.[240 

118 V —02] 

■ 56.9 . 
275 .. 
4o.a .. _ 

39J *0.7 
«55 *0.7, 
325 -02 

Si :<$ 


26.0, -05 

“9^ !fc°£r_i7: 

9.45 (RWliumftlTU 
9.45 If HlKh Income. 

12.08 fflDe-ft Aoaeco 
1288 iflmemotional - _ 

— igiNtb. .American • • H.8 
557 S^A. Gross Feh 37. U32« 

5.07 Oil ft Nat. J._236 

5X7 W. Wld. Feb. 17 - . 122 

SO? if Cabot_69.7 

3.60 Cabot Extra lac. — (528 _ 

3.6 0 -For tas exempt Tunda only 

IS SiD Samuel L'nit Tsi. Mgrs.t iai 

!-E 45 Beech SJ_EC2P2L_\ 


Ridgefield Management Ltd. 
po lto, 414. Bank Hse.. Manchstr 0S3 =188521 
Riceefielil fm. CT IB2 D B8« I 2.85 

Ridcelicld Income.193 0 44.c| I 925 

SB laij nJi Rothschild Asset Management igt 

246 72X0. '^alehouse Rd . Acl*>Our> 02Hf4M 

*0 2 -05 

Equity Fund- 151 0 
VC. EoRyJtea.Tu. 923 

- - 1369 







M! ft™ 

<bj British Trnat-- 
Inti Trust_ - 

(biCapitsl Trust— { 


133 — __ 

655 N.C Income Fund J 
2M S.C. loll Fd ilor.’i 
129 Mjl'. lull Fd. iArc.’ 

206 N.C Smllr Cojm Fdl 

434 Rothschild A Lowndes MgmL la, 

3oa Si hwlthuu Lane. USo. E>-4 Pl«3fl 4346 

Newt-1 Exempt., faioo 120B| I 373 

Price on F'nb is. Next dealing Max. 14 

Rowan Unit Trust MngL Ltd. 

J®* 1 CitpGate (fcr.Finsfcui3‘Sq,EC2. OI«0810iM 
i4Z Ro*an Am Feh. 161600 62.01 I 12= 


JJ1 (Accum. Units, __ 
5S Run_Mm.Feb 20.. 
lli 'Accum. Units'- .. 

ReuanSec-Feh 14 ..11510 
Rowan tlv. Frh. 10 (59.9 


«.» Royal Tsi. Can. Fd. Mgr?. Ltd. 

M.Jennvr So-oet-S W.i. Ot-OSIB.'C 

-.1-2477=43 cagmird __ _ _ 


D«U. ftMoB. -Tuer. tewed. tTbur*. ttFn. 

Neat dig,—n*e a -Dec 16. oSy 

Archway VmU Tsi. Mgs. U±¥ laHcl Iwftm"®- 

317,Ruth Bulborn. WC1V 7NT_ 01-83] B2EI 

.Archway Fund_(765 114i _J 4JS laggl 

Prices at Fab. 10. Next sub day Mar I 15.ChnvtopbM-Street. Et: 

_ , ... . . Intel lav. Fund.—1«** 404«d 

Bmrbys Lmcon, Ud. .aggWtci K ey Fund.Manager Ltd. ,aHgi 

sin 25.»tllkSLEC3VSJE. 0J-606707Q 

2(i Ke>' Energy luFd-[68.1 
244 Key Equity ft Gen.. 63 0 
4 TO «KeyExomplFd._ 1374 
617 Key income Fond—762 
2i£ Key Fixed lot RL- 615 

5J6 Ed Small Ca'*rd-|a3 / it.< 4 *gj| a., a j-»—. j2j 0 

^ Kleinsrart Benson Unit Manager&T Uaiv'Growth • . ’|$7i 
457 20. Fanchurcb St. E.C2 U!-fC3B0n0 laeremUx Income Fund 

652 TCB.UailFdInc. .180.3 ITOnf I 457 High-Yield. 152 7 

4.45 OKJ-UnhFdAc....12002 1C854 I - High Income Fund* 

u 5 jUC Unit Tract Manaeement Ltd.* ratefey— . f«s 

521 Tbd StOCbEfibanse.'R'aj; tUV U 1^83 2800 ,r ’ come . 1 * 

2-0 3 LftClnr. Fd._(1295 1336>6 ( 758 

LicC Inti ft Geo Fd .(85 8 085^ .... J 3.87 

_ . _ t ^ . Lawson See*. Ltd. VlaMc) 

Baring Brothers & Co. UtLV uka> ssc« 

8ft Leadenball St.RCft m^USSSaO tJUw. Materials . 






70 S 

Un,com America . 285 

Da. Autt. Acc_55.4 

Do.Aua.loe— . ... 44.0 
Do. Capital..... 604 
Do. Exempt To. - 1035 
Do. Extra Income 27.2 

Do. Financial_55.9 

Do. 600.-... „ 67.4 

Do.General_ ..290 

Do. Growth Acc— . 374 

o. Income Tot._76 J 

Jo. Frf. A'o, Tsi ..(1355 141.7 

Prices at Jau. 3] Next sub d 

Do. Recovery_305 

Do.Truttta Fund- 1068 113 
Do. Wirtwide Trust 43.6 46.9 


Do Accum._... 63.7 

305) 40 2 
605 -05 
475 -0.1 
64.9b -OJ 
147.6 +09? 
29.2 -Oil 
60.4 *0.3 
72.9 -rail 
312 -01 
40A . 

I 690 

Save & Prosper Group 

4. Great St. Helens. Ixwion EGIP r.FP 
T?ai >nu sac r 3-' 3 Queen SU Ed inhu rch EIC 4\X 
67 3 *021 5.12 Deal ins a to «1-Vj4 8ER) or 031-239 7331 
fc.65 Save & Prosper Securities lftd-¥ 
latcmailoaal Fuad* 




M o) -03| 

6.76 041 

3*51 -hi 
23 2 

6131 -01 




S66i 'Oil 6 as 

44 2x4 

-A II 

s 63 

UJC. Fond# 
m Equity „ 

Oimaaa Fuadttri 


«ld -Oil 4.89 

Stratton TW._0662 17321 .. J 

Do Aecum_12035 2UH ....] 

Next suD. tli>' Feh 22. 

VBon Secs. Ud. VlaMci Europe . [77 4 

eoryea.Edinburgh EH2 n31-236»M ..K?i 

w. Msterials_135 6 »7| i 726 us -. l “' 5 

8321 -054 
63 6, *04 
68.3 -Oil 


M3| -0.4 

4.07 Jb-6e«im.Uiirtii_-M5 

447 -Growth Fuad_ 

-LAccum. Colli)_ 

ttGiltaud Warrant 
Blshopsgaie Progressive Mgmt. Co.V tAmericauFd..— 

B, Bhbapsftare. E.C2. O]-3G8K»0 aSglfflP 1 

B , *axePr.”Feb.7-p62J 172.9J - T 357 ~5tSumCnSriZl 

53 9 
57 6 




f '1-04931 





^ - 



14 & . . .. 




Deal. ftUon. *Tu« rrU'ed. sThurt “FrL 

321 Legal ft General Tyndall FundV 
laCanynseRqaiLBrMdl 0272.32241 

Dift Jan. IS_[54 0 5721 . .1 5 09 

lAccamUnitai_)67 2 7lH | 5.09 

Next rah dr\ March 13 


Led Accum.-_|73 6 


ffsale Int. Feb. 14-R562 166. 

{Accum } Feb. 14_(1725 1833 

Next sub. day Fab. 38 

Bridge Pond ManagersVlstfr) 

ElHC William SC. ECO OAR 

Bride* Inc.-. _H72 

BrtdsaCap.lnc.e_.. 315 
Bride* Cap. Acc.9 - 343 
Bridge Exeuipct — 126.0 
Bridse lull. Inc.t — 135 

Bridge Inti. Aoc.t _ 14.7 __ _ 

Prices Feb. 14Ai Pealhyg -Tues tWpd. 

Britannia Trust ManagenenUaKg) worthhts, RextSusivx 

3 Lrodou Wall Build loss, London Wall. FlraKBaliicd)_(<6 5 

LoodmiEC2M3QL 01-48804780479 Do.(Accum)-_1*3.0 


345a +0J4 
732 +o3 
38.4 coa 


482* .. 

17.7*1 -OJl 
662 4021 
104.4 +03 
785 +0J] 

*& 405 
42.7u +02 
4L0 -OlS 
785 40J 



21 . 


726 Sector Fends 
322 CPtwnndn;-.. . M6 2 

322 Enenp— - .. )5M 

1.98 Financial Secs )635 
0-26 nlgh- Mlni iwnw. Funds 
Select inlcrnat . . .12161 
Select Incoine . 508 





228 « -0.21 
33.61 -0 if 







7 01 



Uo'ds Bk. l>nit Tot. Mngrs. Ltd.V (a) acl r.rewtb.. 

R.tflsV^.DaitU rinrl afi 

Extra Inc.TsL 

Scotbits Secarities Ltd.V 
Smtbita.. —p55 3811 

Scotvield_ feo 

SeatsbartM- ..|S2,1 

Scot Fjl 207 6>d 

Scot Ev Yld-*4_ .. Jl625 170.if 

•Prices at Feb It Navt sub. day 

Scblesinger Trust Mngrv Ltd. fakz) 
J7, 1 rincorpoWltiB Trident Tttistn 
5,2 140, South Street. Dorrtnc 

* Am. ExeniDt*.D89 

18 D8 *0 : 
51. fl -0.1 
565| -O il 









CapltaiAtt!™”.!! - , 
Comm ft Ind. 



Si - 


Extra income_.075 

Far East_ 

Financial Sch._.- 
GeM ft General— 

nc. ft Growth__ 

Inti Growth _ 

_ .Tot-Strarea „ 


Nat RUblnc- 


North American 





Britannia Truu—Oarioaod 

Prrio aa ional-1«4_5 



Status Chans*-P7.4 

UPhr Enerfy_(295 

Z *X 

5J9 Second (Capj—-f45.9 

458 Do.tAccinn.1__57.1 

438 Tblrdflneomrt-766 

550 Do. f.Aecum.,_ID 27 

4 06 Fourth'ExIncO_M3 

(jo Do.,‘Accum.,_162.4 

X% Lloyd's Life Uail Tsi. Mhgrs. Lid. 
448 TC6D.GatehouseRd..ArlHbuTV. 

2.71 Equity Accural —(118.6 145.4, 

M ft G Grrapf lyUcHR 





Income Dtu__ . 395 

InciOSWdnrl ... to.7 


J66 lnv.Ttt.Unlt!_72.7 

*-» Market Iftsdcrr. 26.9 

*•36 -SiiA'icId-_S6J 

Z *5 rroft * Gilt Trust... 23.7 

awi utGrt^ni**^ 3a 

.. | 458 ‘Next sub. Fob 22. 

J. Henry Schroder Wags ft Co. Ltd.V 













Throe Qnq>5. To**r HILL EC3R SBQ. 01025 4588 120.Cheapride. EC2. 
Sec alto stmrV Exchanee Dtelinot' _ Capital Feb. 14— W.3 


(Aecum. UaiUi. 


Australasian-e_ 105 

(Aecum. TJnlts>_ 90.7 

Commodity-- 68.9 

LAeeura. I'nisi-656 

»«i Coespound Groeth. J5.J 
Conversion Growth *75 
Concern ouJnc. — 535 

5-“ Dividend-1BI5 

3J* (Aecum. Units i __2015 

.The British Life Office Ltd-V Ml SSmR'S«T“ *6.4 

ReUaneeHaa..Tonbridso Walls. 1U.080S2S2T1 BaraYWi--796 

BL Brixisb Iif*__(46.4 49JJ+031 50 tA*unz. Units,-[183.7 

BL Balanced*-—_to.9 47tt - 5.49 

BLDMtaud*-TO2 46.3 -J 861 

•Wcti Feb. 13. Nost dealing d*f Feb. 22. 




____ UnlUi. 

Brown Shipley ft Co. Ltd.? SJSS.UrimT: 

Hairs:FoundersCt-EC2 01-8008320 Ricblncomo 

BSPulls Fab.a_12106 23ft5ri-*831 40 (Accum.Units'-I1S3.9 

Do.tAec.lFeb.21—P7l4 288.7f4l0ft 465 Japan Income-020 

Oceanic Traats f», W, CAcc uraUnlU'- ^ 

Financial __«36 HIM ~0.11 444 M«8nu“ —--ll/ft-I 


Growth Accum ..„ 

Growth Income- 

Hh(>i Income 



Recovery-- .128.4 

ExmpL Fab. 10-|S7.1 


^ lAccum. Pnltsi-J«7 



Second Geu.-1503 

OZ lAcctuq. Units'-Z2A7 

fj* SpeeUT--1415 

5TO f Aecum. Uniui.. 1783 

Specialised Fuads 


0.46 Me cum.'.-(U2.1 

0.96 Income Feh. 14 — '17L6 
258 tAccum. Units)..—. 2451 
2.48 General Fab. 15—745 

550 vActrum. Units;.-*1.7 

5 SO Europe Feb B —__ 26.4 

(u iAccum-Unit*)-244 

4JC •Pn'ClrrJan.39— 1063 
0.90 *SpeetEx.Feb.T._ 2JL8 
B30 ’Recovery Fcb.7._ 1776 


1 -51a : 








Canada life UoH TsL Hngrs. LULV tAceam.Uui&r'"B55 _ ... 

ZS Hl<h Sl_ Potters Bar. Marta. P. Bar Stun M Lra 1 24 ??> ->J " 

Coo. Gea Dlst--134J -"’i -« Cbanlo. Feb. 14 RS-c V?** 

Do. Gen. Accum_(4LI 

Do. Inc. Dltt— Q3.1 

Do. lac. Accra-1425 


Pens. Ex Feta. 20... 520.4 

S3 -1.9i 

a an ‘For tax exempt funds only 

U5 Scottish Equitable Fad. Mgrs- Ltd.f 
853 28St. AndrewsSq.Edinburgh 081-5589101 

853 Income Units-Ml 5L2I .I S.43 

358 Aecum. Units-1545 577j ... 5.40 

5.20 Deal I ax dll Wednesday 

4.74 Sehag Unit TsL Managers Ltd.? Ml 
POBo*SI L Bcklbiy. Hse, E-C 4 oi ZS65000 

SebagCapital Fd. -IM.7 3351-0 )1 377 

Sebaa Income Fd. -{28.9 3831 .4 815 

340 Security Selection Ltd. 

rS 1S-19. Uncoln’s Inn Fields. WC2. 01-S318B3M 

43* L'nri GthTst Ate _1225 23.W .j 3.96 

7!i8 Unvl GthTst Inc 209I...J 3.% 

^ Stewart Unit TsL Managers Ltd. Ml 

458 43. Charlotte Sq.. Edinburgh 031C2E327: 

377 Stewan Americas Fund 

Standard 1‘sht-154.4 

JS Accudl Units_(58 6 

*** Wtthdraual Units. (« 8 

Stewart Briilah GipSeoI Pond 

■■75 -standard-1127.7 

j"-75 Accum.Uni ,a (1445 

7.71 Sun Alliance Fund MngL lid. 



:: .:j 

| 170 

138 ft! 

1 355 


-4311 4.45 

355(^3 wn-.»«.™a.»...iw*w wg-w 6. OT ==jjH 

-o3| 7J7 ManoLife Management 7-tH TTbcFatnllrFd... (843 

St.Goorce'aWu-.Steranaxe. oassBio, Target TsL Mngrs. Ltd-V MRgt 

Sun Alliance K&e, Ranfara M0344141 

•Tt!. Feb. 8 (Q9L80 ZOC^WJ ^ 457 



8I.4| . 4 4.11 

SASSSES**" 09mm. ^ « .J. Gresham Su EC2. , 

SSSS 4AM Mayflower Management Ca. Ud. 

'*WO*-77-9| ---J 753 14,I8Gra*hraSL,EC2V7AU. 01-8088009 5^2" M7 

Pric*. on Fbb. IS. Next dwriug March L lyciwa .reb.7.-naff.7 11541 .....J 7 74 tS|^F&TbT: ICO 

GeaeraJrebLi-(67.7 7131 . ...J 653 4D0 acc.U nits-778.9 

Siea Mercury Fund MaiMgera Ltd. 

4.72 30. Gratham a_ EC2P2EB. 0J-O00-C53 Targri.lnU...._ 

CarHol UnH Fd. Mgn. Ltd.¥ (>KO 

MUbura Rsohl Newrattla nprm-iyoo 
CkzUcl-„!626 65 


Dck Accum. UpKx-)49.1 5 

Next daallmt data 

Charterbouae JapbctV 

Pstwnoster Row, RG4. 

CJ.Imaruan_08 2 

Accum. Units__23.4 



OpLaDroLFobR— 285 
ciftLinvTTtt 2*3 
Accra-Utrii*.^—2*5 SB51 ... 

JPHco FatL 18. Next deollncFab. 

4.72 Merc-G«nJ>bJfi_ 

•J4 Acc-DtaJaM- 

U9 MercJBLFeb.13— 

L. Acan.UU.Feb 15 _ 

MeteExt. JanJB.— 

AccuTB.Uts.Jsn 28.(252.9 

oi MaaoM Midland Bank Group 

359 Unit Tnist Managers Ltd.V (a) 
tS 1~ Co urt w o od Bouse. SI her Street, Reed. 
i!5 Sheffield.SI3RD Ta 

X71 CoraaBodltyftGen.. 3*3 

403 Do.Araum-U.9 

452 GrowOl__- 373 

l Do. Aecum.-- 345 

Chieftain Trust Managua Ltd-Via Kg) -£7 

3CVS1 QueenSLEC4R1BR. 01-2482832 DoTACcraT”'. J 53.1 

American--VriW.4 20.94 .—J 2.72 Interurtlodsl-W.4 

Hlat)Income-1405 qi3 +03 4.40 Do.Accum..,. tt* 

IntaruoUonalTtt— .Hfllg S3 . .71 146 Hlfih Vlrld_577 

Basle Resrce. TttfSo 257| I 453 1m.Aecum- 596 

r ' EquityEsempt'—. I8M 

Cenfederatioa Ftiada MgL Ltd.V ia) D«v Accum .*.-..—.mja 

4.75 £f£L. Units.—(24 8 

4.75 Tarprtlav—-272 

1.89 TsraelPr.Frti.».„ 1595 

U7 Tct-lnc-aa 

4.15 TzLPret.—--P4.7 

Deal met: 1236 ,*941 
34.U -I) II 

6iB *r>3 


280.7 ...._ 

124.6 +03 3M 


245 -OJ] 
26.7 40 U 
29 2 40i| 

30.1 4*1 











“in ■••• 

3061 - - 

455 Cevne Growth Fd... (175 

Target TsL Mgre. iScetlandl MKb) 

J«. Athol Cncseeat. Edio. 3. 0315208821U 

Target Eagle_122 8 24 U .... I 159 

U 0«2709C Target Th,stle._.g7 7 40^. 1.5.92 


34J , 

56.9 -Oil 
255 -0.U 
- 275 ♦ill 

425 -C.I 
*5.0 +0 1 

61.4 ^0J 

63.4 -0.) 


65j EaJra tneomeFiL.lMi 62.*nS . I 1550 
Trades Union Unit TsL ManagersV 

35* 100. Wood Street. ECJL 01-638GOII 

3.94 TUUTFcb. 1_ |48 9 3211 ....J 552 

b j? Transatlantic and Gen. Secs. Co.V 
5-53 01-B9NCW London Rd. ChclmslrrdON55lRl 


Aihnlhnnt Sprnritipq if*.l.) Limited 

P«-' F"'.M <1» H-Ii-r..ter«ei- - nS3472IT7 
Tan !•> i.(pr«eyi .11160 120.81 I 365 

*•>», deallne rfair r'eb SI 
E-Vl fttniLTaLirh .lift* Ul 0 . 1 338 
Noel sub Feb 5S 

Australian .Selection Fund W 
Market. Uppor.uulUra. to Irish Young ft 
CWUiwaite. 1ST. Kent fy, Sidney 
L‘S$I Shares. . .|il !qfc ' “| } — 

Net ««■« ralue Febcmry >8 

Bank of America International S-A- 
Boulevard Roj-al. Imembnurg G-P 
ttlrttmeji Income 81511717 HUlHOJg 471 
,Y«ce> Ml Feb. 16 Neal ‘jb da, Feb 22 

Ruk- of Lido, ft S. America Ltd. 

4I> ffi. Queen Vicfona 5%. FX* nt-K)0 231S 

Aleumder Tund . ISIY5.46 - i .| — 

Not arre, i-alue Feh IV 

Ranqne Bruxelles Lambert 
Z. Rue De la Rer-enc- B 1000 Brussels 
Rente FnndLF. .0.449 2.8091 -31 1» 

Barclays Unicorn Int. iCfa. Is.) Ltd. 

I. SharingS, Heller, 'ray. 09M73741 
Overseas Tarome (49 7 S25ri . . I 18.17 
1’iudulter Trust - (315312* ltW I 4 60- 

•Suhject ,n Tee add withhalding tuea 

Barclays Unicorn Int. iL O. Man) Ltd. 

1 Thomas St-Dnuqlas, 1 o K 062*4856 

Ktyerlex Mngt. Jersey Ltd, 

PO Bm 08, «L Heller. Jersev.fFnqOl-aMTATm 

Fonselrx- -|FriZ55 13731 -781 3.4B 

KfyselexinlT...£5.90 65A . 454 

Rercelex; Europe— £35« . 358 

Japan Gth. Flmd_52182 22.611 .. - - 

Eeyselev Japan_£856 4J5) .... 8 71 

Cent AssetsCap._.| I£130 82 (-057J _■ 

King ft Shxcra Mgn. 

I 1 hanne Crors SL Holier. Jens*. 

I Thomas Street. r.Vmtlas. Isle of Mm 
n 111 Fund.Jexver.TlOJO 10 06 k, l 1134 

IttlSHfiStW 1 "* uJ ^ ■ • J ” 


Klein wort Ben sen Limited 

2d. Fenchurrh SI. EC3 03 J 

Funniest lja. p. 


Or. Accum. _ . .. . 
KB Far East Fd.. . 

KB,nil Fond_ 

KB Japan Fund_ 


Slanet Berraada_ 

-LnUondsi DM'_ 


BH fU 


no 3i 

„ SUSA 25 , 

(18.C 19.401 

*9 Ofl 





0 .S 



UUiCOrn Anst Exl. (402 
Do.Atut.MlD— . 23 9 

Do. Grtr. Pacific_568 

Dn. IntL Income _ 40.1 
la?. I. of Man Ttt . 46 * ' 

Do. Manx Mutual . 1221 



ft 10 




Bishnpsgatc Commodity Ser. Ltd. 

PO. Bov42. Pouglae l.o M 082*23011 

AKMAC* Feb. 8 .1 SLN26 69 
CANRHO—Feb a £1010 
COUNT** Feb. 8. | £2J3*d 

Onsiaaib' iraued at *510 am 

Bridge Management lAd. 

P.G. Bex 508. Grand Cayman. Cavnuui la 

NTMb! Feb_) Y1J557 I ..1 — 

G.P 0 Box 560. Hong Kane 

NlpPocFd. Feb lsJtFfUH U27] .I 0.87 

Ex-Stock Split. 

Britannia Tst. Mngml. (CD Lid. 

30 Both Si. SI Helier. Jersej- 053473114 

Growth Invest . .. . 

Intel. Pd._ 

Jersey EnerwTsL. 

L'nicsJ. Dir Tn — 

L'mxsLSTfLStE-. .. . 

false Feb. 17. Next dealing Feb. 37. 

Butterfield Management Ca. Ltd. 

P.O. Sot IBS. namjllnn, Bermuda. 

Buttress Equity.12.03 L97] .. I Z89 

BurtrescIncome._.FL99 U92| . .1 7 49 

Prices at Feb 8. Vest *uh day March 18. 

Capital Cnteruatienal -SjL 
37 rue Notre-Dame. Luxembourg 
Capital InL Fund. .1 SUS15.29 1-0121 — 

Charterhouse Japhet 
1. PateruotterRowr. D~« 








141.44 ... 



5J9 . 
122 ... 




'SB act as LondoR paytng agents Only. 
Lloyds Bk. iC.L) U/T Mgra. 

P 0 Box ltta. St Belter. JerMr* OSS* gTMl 
Lloyds TSL Cseas—[48.0 585! ■ I 2 71 

Next dealing date March 1ft 

Lloyds In tern at Ion til MgtmL Sft 
7 Rue du Rhone. P.O. Box 178. 1211 Genera 11 
Lloyd* Int Growth. 1572913* jntfll ... f 178 
Uoyds I nt Income. PDKM mifl . ..( 6.30 

SI & G Group 

Three Qairr. ■Rraer mi! FC3S SFQ. 0V8K AJUri 

AUaBbcExFeb.I4_l5T52.49 213 .1 — 

AuatEx.Frt ia_ R-fiLB 2«J.} — 

Gold Ex. Feb. IS_K. ; Sf.7S ]6l3 _ ' 

Island--164.4 m3 -eOjj !1I7 

(Acc&n, Units'_13487 15221 +0.5J 93<7 

Samuel Sion Mg a lain. Agts. 

lift Old Broad SL.E.C5. 0I-SBB84M 

Apollo Fd. Feb. IS. ST4426 47.451 ... 348 

JsptfettFeb. IS _ XHaIU 4« . 136 

11* Grp. Feb. ar.fllfl Hist . .. 212 

m.*e»erFcb.8_ £455 447J . 8.88' 

1 ITJrsyfVoFeb.L K9.48 4 4V... — 

Murray. Johnstone (Inv. Adrisen 

,83. RopeSL.Glasgow. CZ. MI-&IU3 

•Hope St Fd._j SLS2C.17 ( I _ 

•Murraj- Fund-J SIS951 |..( — 

*NAV Jan. 3L 


01-248 VPO 



Adlrops . 

Adi v*rt>a .. 

For.dal .. _. 

Fonalf- ..... 

Emperor Fund. 

Hlspann —. 

Com hill Ins. (Guernsey) Ltd. 

PO Bnx 1ST. St. Peter Port. Gaernwr 

lninL Man. Fd . .1163.0 1775] .| — 

Delta Group 

P.O Bos 2012, Nassau. Bahamas. 

Delta Inv. Feb I* -IS127 133] . J — 

Deutscher Investment-Trust 
Posttacb 2685 B iebergaso* 6-10 6000 Frankfort. 

Con centre-f DIG 9.49 20.7V ..J — 

tnL Renteniondi _|l‘MS4ti »is| . .] - 

DrejTns Intercontinental Inv. Fd. 
P0 Box N3T12 Nassau. Bahamas. 


Emwa ft Dndlgy Trt.MgtJrsyXtd. ' 
V O Bos 73. St. Heller. Jersey. 0SM 20901 

EJJLCT. -(117.1 124.7] . ..| - 

F. ft C Mgmt Ltd. inv. Advisers 
1 -2. Laurence Foontney HU1. EC* RUB A 
01-623 4680 

Cent Fd. Feb IV. ] SUS9J2 (-006) — 
Fidelity MgmL ft Bes. iBda.) Ltd. 
P|). Box 670. Hamilton. Bermuda. 

Fidelity Am. Asi>_ 

Fidelity lot Fund . 


Fidclliy Wrtd Fd _ 

Fidelity Sler. Fds _ 


Senes B (Pacifici— 

Sorlr* D iAmAsj-i 






£3 87 


First Viking Commodity Trusts 

S. St Georfr's St, Dodglaa. Lo.M. 

«S4 *882 Irin Agts. Dunbar ft 
Si. Pall Mall. Utedun SKIT 3JH. 

Ndgit S_4- 

10a Boulevard Rural. Luxembourg 
NAV Feh. JO _I SUSM22 | .....I — 

Negit Ltd. 

Bank of Bermuda Bides, HaralJim. Brmdft 
NAV Feb. 10.. .(£4JS |—D 19f - 

Old Court Fund Mngrs. Ltd. 

P.O. SR. St. Julians a. Guernsey. 048128X31 

Eq.FrJas.31_M85 3L1I ..I 2.65 

Inc. Fd Fcb.l_056.2 16551 _ ..( 654 

lml.Fd_Feh.l5_U65 92 jB3 .. . — 

5m_Co.Fri. Jin-31 _ |J4fl-* 18931_I 532 

Old Court Cammodlty Fd. Mgrs. Ltd. 
PO. Boi.VL St Julian's CL Gmarmy 0481 28741 

O. C.ComdtjTst.-_p2U 129.M .I 5.00 

OC.DUr.Cm.Ttt.f_ls24.44 26J^ . _ 

-Prices op Feb. 1*. Next destine Feb 28 
♦Price on Feb. T. Next dealing ■*■♦» Fab. 21 

Phoenix International 

7*0 Box 77. 5L Peter port, Guernsey. 
Intel-DolIarFuad. (JUKB 2jq _| _ 

Property Growth Overseas Ltd. 

»ln«h Town. Gibraltar. (.C-blSIOS 

DA Dollar Fund ._ | 3UIM8J27 )..» — 

Sterltnc Fund_] £12880 ].| — 

Royal Trust (Cl) Fd. XgL Ltd. 

P. O. Box 1M. Royal TsL Hsa, Jerecy. 0SMST441 

R.T. tnl’L Fd._BUS1H f«_| 3.00 

RT lulTiJn-JFd..B* 8B[.| 321 

Prices al Feh. 13. Next dealing March 13. 

Save ft P ronper International 

Dealing lo: 

37 Broad SUM. Holler. Jersey aS&UBWt 

XJS. DsIlBttws ri slI ri ftad*. 

Dir FxtL Iirt. “J_|4J5” 4*fl .( 7M 

IntemaL Gr.*t__J6.M 46 

Partairten,-}_fe42 36.1 

North Ameri cant .54* 3.7 

Sepro*t-P2.44 141 

Rrrttudmsdatftt Fuads 

Cnannc) C*oit»l9._pOT t 211 

Channel Dlandsf-OSJ - 1*7: 

Cammodlry—1-hX*2 120 Ji 

StFVAInL—1_M98 12SL'.. . .._ 

Prices os "Feb. jft ••F-ti. 15 ***Feb. Id 
tWeeklj Dealings. 

Schleglnger Interuattonal Mngt. lid. 
41. La Mott. SLSLHeUer. Jersey. 0B34733BX 
.. 9 38 

GtltFdL-. . :;(HJ Sul fl2) 

98ri -03 382 
!*fn *0.7 9.85 • 

XM 77'.' lira 

Fst Vlk. On Ttt. _M.l 
Ktt.Vk.Dbl.OjLTst .(iTJ 



Co fj d -- lutLkd. Jereev__i 

019507657 lnmU’d.LxSrg. J 



Fleming Japan Fund 8_A. 

*7. roe Notre-Damn, Luxembrarg 
Flmtf.Feb.14-1 SUS40J1 ].( — 

Free World Fund Ltd. 

Blit!erfield Bldg- Hamilton. Bermuda 
NAV Jan. 31-1 SUS164J4 | .I — 

G.T. Management Ltd. Ub. Agts. 

Pork Hae- 18 Finsbury Cima, Urn don EC2. 
Tel: 01-838 8131 TLX' 886100 
ifooeat ifliowttail Hit 
Bk- ri Banaada Front St_ Hamltn. Rmdu. 

«.96|MJSq - 

Schroder Life Group 

Enterprise Boose. Portsmouth- . 07052713* 

2£3 ...J 1% 

oR _ 

Anchor 'B* Uuit»_.KS038 

Anchor lot. Fd-(tlSUB 

G.T. Bermuda Ltd. 

Bk- of Bermuda. Front Sl. H arml tn Brads. 

P i a 

G.T. MgL (Asia) Ltd. 

Hutchison Has.. Hsmwt Rd. Hang Kong 

G.T Aria F.-I&IK72I 7M\ ..) 1.97 

G.T. Bond Fund —\ SUS1202 ( .| 550 

G.T. Management (Jersey) Ltd. 

Royal Trt_ Has- Coiamberle, SL Hell or. Jerray 
T. Asia Stertlog (0068 U30| | 1.79 

Bank tt tensft tCMtnnt Ud. 

31-73, PolleL Guernsey. Oxn-BGMS , 

AachorInJsy.TiC._l22.< 2*01 7~\ 336 

Gartmore Invest. Ltd. Ldn. Agts- 
-Sl Stan- Axe. London. EC2. 0;.3833531 

Costmnra Food MngL (Far Entl Ud. 

loteraartnaal Panda _ 




S Fixed Interest-102.9 



J. Henry Schroder Wagg ft Co- lid. 
120.Cbeapsltle.KC2. 01-5**000 

Cheap I Feb. IT_ SUSM.49 

TraSW Jan. 31 _ SUS107 J6 
AaianPd.Feb.30_ SC5BS " 

Darting Fnd.-SAL* 

JapanFd- Feb J0_( 

Sentry Assurance International lift 
P.O. Bex 326. HamUtsn 5. Berraada 
Managed Fund-(H3M71 IKK —4 — 

Stager ft Fried lander Ldn. Agents 
ao. Cannes 6L.BC*. OJ-5480648 

wsastenm^nri a 

Suriavest (jertey) Ltd. (x) 

P.O. Box te,SL Heller, jersey. 063*72871 
American lnd.T«._[£6.77 6.911-B 03J 145 

CwppcrTrntt___.lE9.0a 19.411-6191 •- 

Jap. Index Tst._ftB.W 4jW|*0li} — 

Suriavest Trust Managers Ltd. lx) 

*a -Athol Street. Douglas, LoJft 082* S3B14 

TheBUrerTnist-...NM ULW ( — 

Richmond Bond 07.(106.4 1463.1125 

Do PLotinumBd._ZU5 1193 -*L« - 

_ ____ Do. Gold Bd.—___. 1*4.6 10*ft -O.iJ — 

rw TSB U»it Tn.« .C.T.I Ui. 

RagMoUeRd-SL Sortour. Jersey. 0S34734M 
Jersey Fund-1435 66d .I 449 

Guernsey Pond _^*JJ^ 058j| 

3 01 

Barbican Fob. IB -1714 

'Accum Units. 1_108.0 

Barh Euro. Jan. 2ft. SO 1 
Rnrknl Fob. in. .. 72ft 

1 Accum Units'_S8.4 

i-vdaraco Fob. 17 __ 11*0 

(Accum. Dnlul_1354 

Citmrld.Fcft 15— 515 

, . ..... (Accum Units,_55 0 

OtJB3 wso r.lcn Feb 54_50.9 

352 (Aecum Uniu>_64.1 

S.92 MwibornFcb tt.4 

MLA Unit Trust Hgenmt. Ltd- vimGwihlFefcl*; §6 

Crescent Unit Tst Mgre. Ltd. (aXg) Old qp»«i street. swiBbjg. m*007333. tAccraUnita,— ».7 

4MelrtUaCreo-Edinburgh3. 081-228*831 MLAUnft*- (332 37-Of .... 1 4J9 vJSt^eeFeb.'ii: S.4 

22 e £5 t J2S? 1, —K» U7I + S-3I 53 Mntoal UnH Trust Maaagerav <a)(g) CAecmorUnitjj£JJ 

ssmKi-p Sara sl oi«6*ro sshjaa-- 

-(37-7 *OJ| 4A4 K« 2gfl ] fj} Vick Div. Fob. 1?-Eft 

Discradonarv U ni t Fund Managers Mtrtu a j Blan chip., lay* **7wj —6*| D®- — 1 ' . ^ 

22.BleniSeidS l,E csM7 au 01-63844U Mawttfflghndt p7* -ol| BA8 Tyndall Managers Ltd-V 

DtaetncdSM_|15*2 16*3j .I 5 2B National and Commercial IRrenjtige Road. Bristol 

p»n«y»fy tj«« or?* iar 01>ae>0383 ** ’ ,an - 3I ' doailug Fob. 23 

Growth Fund_—pts aoJ| ....-I *57 Minster Fond Managers Ltd. 

CwaofoUtm. Fund Managero- ■ ... a 

3a Pod street. UcadooSmXOEJ 01-088229. EaaraptDoc.31_(5.4 1*3 . 

Com»opoln.GthJ«Lp7a ul9| .1 586 

F. Winchester Fund Blngt. Ltd. income Feb. 

Old Jewry. EC2 01-6082187 (Acrum. UdIU 

GreatWinchester.-117 8 
Gt-Wlaeh'er ffttaqU.! 

28 *• 



(acciud. ilnltr. 














45 3 

31. SL Andrew Square. Qllnbargh 031-A5881M 

$3 aB3::-J IS 

Cap. Feb »._ ! 

i.tccum L"nlu->_ 
Raeuif* JfQ. 35- 
f Accum Unlta,- 

72 71 _1 5.18 

e-»» * TB. *2“' •Accum.* Units'_- 

2ft Arlington Sl, S.W I _ __ 01-W07M, V °.TI» iAmm^)um<~Z 

lAccum-GhitsW. ..H3.3 56JI .1 3.75 Mot-CapFeKlS.. 

NPI (Tceaa. Tm«. -SlJ.* 117.J . J- ” - 

CAreuSi- Uniul*“ . -(U7 8 12*71 .. 1 

—Price* nn -ten 36 Next dealing Feb 
■Prices Feh. 1ft Next dealing March 

National WestminsterVUi 

ill* 2 



DWM Dudley Ttt..|67ft 

feoitat Secs. LuLVfaUg] 

BUhepocM*. TVS 01-91 

fTogresalve .|M1 63*1 .| 

3-20 (Accum Units_, 

320 Scrt.lne.Fch. 15 _ 

Equity ft Law Un. Tr. M.V faKhWc) - - ^ ___ 

Amersbasi Hd.. High Wycombe 048*33377 (5k3fA«^?S7.» ’ •"? 

Equity ft Law. (MA *S « -fl.H *52 l&.fc -d.ij 

Piifgnfiii— ,.1321 

Framlington Unit Mgt Ltd. in’) .Growthlav._Hop 

6-7. Ireland Vard. EC*B SDH. 01-3488071 


SatffcJDr m*: :t t£ 

Lot.Growth Fd-. ._] 

Do. Accum.-- 

Friends' Provdt. Unit Tr. Mgrs.V 
PtxhamEsd^Ilortdng. (0009055 

Friends* . O.Vl*9A -457 
Do. Aecum --pftl 53-S, -r0^( .457 

LT. Unit Managero Lld-V 

18. PtesborrCtrcuxEaMTDn OJ-S3 9131 

__ 34ft 

Pordollelsv. Fd. -. 65J 
Gnhwrsal FdJd ■_475 

86.C *Q5| 

79.0 +0.4 




Leadmi Wall Group 
Capital Growth 

De Accum- . 

Extra Int Growth- 
Do. Accum.- 

Financial Prircr— 16 ft 

Do Accra - -.19ft 

High Inc Priority... |7.7 


pi .o 

153 0 

137 6 























«T2 32241 













1755 ‘ 

*ft} International- 

“J Spertaiau,. 

3.8B TSB Unit Trusts (yi 

21. Ckantty Way. Andover. Hants. 

BOS -0.41 624 
82 2 -0.41 624 
380 +CLD 10.06 
*24 -o3 10.06 
171 \ 400 

20.8 ..j 460 

62 « .) a*a 

27 6 -02 *84 

305 +02{ 5.09 

G.T.Cap. lar......j7*i 

Do. ACC.-... - 959 

G.T ltjc.Fd.Dn—. 1577 


"‘.tapaaftCeu— 2275 
t. PCng.Ex.Fd— . 13U 

.inn. Fund_186.9 

ywrVdiN.- |522 













. i|6 NEL Trust Managers Ltd-V laMgi ' 

--I HlHonOmrt.Dorldiw,Surrey »ll 

NeijS'5'iS'Incrr^O soil HJl*! 9.ta 

. Far New Court Fnm) atanogera Ltd. 

aee Hathschlld Asset Maaagemcnt ^ 

Norwich Union Insnruice Group fb) 

T O B» * Norwich. NRS 3 NG 060822200 - 

<*»»■*■**■ .w »*-'« ^ sssssps. 


(biTSB General- 

'biUs-AteuB . 
(bi TSB Income — 
lbi Do. .tceum - - 

TSB Scottish-- 

(hi Do. .Aecum 

to 0264 83432ft 








-0 21 









3fto Pearl Trust Managero Lid. (aKgKzl 

37M-0JI 858 
Unit Trust Account & Mgmt. Ltd. 

A A. Trust (a) <gt 

S. Uaylelah Bd, Brenteoad 

♦ A,-1*95 

!-£ SSHigti Holboro. WCIV7EB 01-4058441 

PcwlGrowth Fd—Bl-6 235] ... , 

■ Accum VioHs__ 2*9 2u HLl] 

Pearl Toe_ 301 . 5z3 .. .. 

Pearl Unit t*l. _J26 35lj . _. 

(AecwUnltsl—**.7| -a! 

Pelican Units Admin- lid. <gK*J Kina williams* EC4RB.O* 
•OiTTiasrora* amSMSOW lnreioeUniK 1286 

*m --4 437 FeilcuUun- p73- K-7| —D_g Jl 23 Accum. I'niu-»4 ■ 

. *10 

..._4 550 


iW Kingwifflam slEl'4RvaA 
6.21 Fnaruftsc Fund—11360 
705 Wider orth. Fnri... Eft* 
J2J Do.Accra ...|3Z4 

s - 23 Wider Growth Fund 


M2) ) 3*2 

M.2j .... J 3.42 

Japan Fd- J1.TU210 

N. American Ttt._W.T4.455 iuai .i - 

Inti Rond Fund - .ta/Slin 1I«S| .... I — 
Garunerr InntnnK dfogt. Ltd. 

P.O Sm 32. Dougla* loU. 0624 23811 

Interaat ra a l Inc. - pift 22ft] .| 1L50 

Do.Crterth.-}5M 551_i 5 52 

Hamh m Pacific Fund Mgmt. Lid. 
3110. Connaught Centre. Bong Kang 

Far East Feb. U—1960 UftM.I - 

Japan Fund-(SUS*54 457]_( — 

Hambros 1 Guernsey) Ud J 
Bambro Fond Mgre. iCJ.) Ltd. 

O Bqt 86, Guernsey 0*81-26521 




.1 Fluid_ 

Intel B«md-.- 

Int_ CqtiltJ"-(Sl_ 

Jr L Faring! ‘A 1 -pr.^-Ofl 

IntSfctlneB-B 1 -BTSU0.. ., 

Prior-* on Feb. 15. Next dealing Feb. 23. 

Henderson Waring Fund Mgro. Ud. 

P.O. &ri N473L Nassau. Bahamas 

Jwan Fd.-H87. .1552 ...| - 

Prlcea rat Feb. * Next dealing date Feh 23. 

HUl-Samtiel A Co. (Guernsey) Ltd. 

8 LeFebvre St.. Peter Pott Gmmaev, CJ 
Guernsey Tet.-(143J 1S3.9( 357 

Hill Samuel Overseas find SJL 
37, Rue Netro-Damr, Uixendxrarx 

- gtsafcg lfcBJrt»0*( - 


Prices on Feb. lfi. Neat mb day 
Tokyo Pacific Holdings N.V. 

In dads Management Cft. N.V, Curacao. 

NAV per ahara Fob. 13. SUSA&SO 

Tokyo Pacific Hldgs- (Seaboard) N.V. 

InUcda Mana ge m en t CO. N. 1 ’. Cnraeae. 

NAV per share Feh. 13. 3US3lftO 

Tyndall Group 

P.O. Bet 13S8 HamUtse ft Benatta. 8-088 
Oreraeaa Feb. 15 ...|M<58i9t 

lArcum Units.’-BTSLH 

3-Way Int. Jan. Ift._pca05 
= NrwSt-St.HHkT.JerKT 

TOFSLFeb. 15-E6J8 

f Accum shares'... £4.75 


(Aecum. Shares'— 765 
Jersey Fd. Feb. 15.. 1910 , 

iNoaft.Acc. I 'D.'-- 262.6 
Gilt Fund Feb. 15_ 110.4 
(Accra. Shaivei—(1385 
Victory Htaoe. Doogbia. tala ef Moo. 8804 2SW 
Managed Feb. 16_(125.4 132.4) -)5| — 

Utd. IntnL Mngrant. (C.I.l Ltd. 

1* Mulcarfer Street, Sl Heller. Jereey. 

UXH. Finid_1 SUSU0 ! .| U 

United States Tat. IntL Adv. Co- 

D5.Ta.Inv.Fnd._l SUS4J4 |__| 

Net aetet Fob. 17. 

International Pacific Inv. MngL Ltd. ;^ l . l ^? er - 1 L,, SS£S rB 

P0 Bo* R237. 5ft Pttt 5ft Sydhey. Autt- ” e “ 

Jmelln EquityT«t..(51.91 2031 — -i - 

JJE.T. Managers (Jersey) Ltd. 

FO Bnr 1M. noyai Tst. Hae. JencrOSM 27441 

Jerrey Fitrnl Tst_J1OI.0 1160). , .| — 

A *at Jan. 31 Next sub. day Feb. S3 

Jardinr Fleming & -Co. lid. 

*3th Floor. Connaught Centre, Hood Hour 
J artaneErtn.Trt._l SHKragftOrt 1 .... I 3 l« 8 
JardlneJ-nq.Fd** SHK27968 |+4.7*1 1O0 

Jardlne&EJt. | SD5U.74 1-085) 260 

Jardlne FicRLlnLt ) SK£8.93td ( .) — 

NAV Jao. 31 ■Equivalent SuSBO.5* 

Next sub. Feb. 38 


Kemp-Gee Management Jersey Ltd. 

1 ‘ t hart ns Cteea. SL Helier. Jereey. gss* 73741 
Ncmp-OeeCapBtal .M1 8ft7| .. . I — 

Kemp-Gcc Income 1*54 67.4^ . 852 

s. G. ffurtnrj ft Ca Ltd. 
30;Cm)ira5oreet.BC2. 01-030*368 

Cnv.Bd.Fd. Feb. Ill S17S958 |-0O» — 

Eaet-Jtn. Feb. ID SL*^5A -083 ~ 

GrJ>lftPUJ«n.3l_._SCS6.47 J 773 — , 

Mcr^urJd-FebJ5 pCSUJ5 UlS) -..J — J 

Warburg Invest. MngL Jray. Ltd. 

L Charing Crocs, St. Heller. Jgy. Cl 083*723*1 
CMFLtd-Jan. ?7._-)n 13177 121 

CTITLtd. Jaa. rr.._ E3JL48 11 T 
Metals Ttt. Feb. 16. Oft93 


TMTLtd. Feb-fl.—|9J3 

World Wide Growth ManageraexitV 

10a. Boulevard Royal. Luaembearg 
Worldwide Gib Fd) 5US1274 I_'! — 


Prices da net include i premium, except where indicated 9. and are In pane* unless otberwtaw 

Indicated Yields % (shewn In lost column 1 aiicrtr far all buying expense*- a Offered price* 
include all expenoe*. b To-day's prlcea e Meld baaed m offer price, d Dthittw). g Ttaqr'i 

opening price, b LHatribuHoo fieeof UJC La»rs. P Periodic prinnlun insurance plana, a Sihgla 

prcicium Insurance a Offered price Includes aC expenoe* except agent’s comralmleii. 
y Offered price tnclndes ell expenses if bought through managero. « previous day's price. 
* Net of >as on realised capital gains npless indicated fiift! Guernsey groom, f Suspended. 
♦ Yield before Jersey tax. t Ex-subdivirtoa. 

1 Royal Exchange Ave.. London EC3V 3LU. TeL: 01-383 1101 
Index Guide as- at 7th February, 1978 (Base 109 at 144.77.) 

Clive Fixed Interest Capital .. 135.06 

Clive Fixed Interest Income . 123.17 

CORAL INDEX: Close 45S-4G0 


t Property Growth . "f% 

Cannon Assuranre . _ 4j% 

t Vanbrugh Guaranteed . ~ 125% 

‘ Address shtnro und^r injqrane- add Pwwnr Bwid Table. 



... • ••• -...;-^Vy.'.VVwj.^. f 

■■■ ' .,*,> - • v.-iW.'ri ': - • 

; Financial Times 'Tuesday ;Fe5ru^r2**flp»* 

-_- i-.?-:-'. ir • .-z.' itc; • - 


iasfl&£ saasa 

;:£3 $3 LI If t>( 


%Zr s p7 r Z, contact-B. D. Kay 


_ fcl ** i Hirers Hrase. Wew England Read. 

Brighton BWI4GX Tel: (0273)65700 
pd im-id Btmwsharr, CartiHl Lo&ff, 
feiSa London. Irtapchaster. 


High Lav 

- Die. Fid J“ ‘? 
- I Grew Clr Grt TOsh 


dTuml Sack | PrtwM £* |or]Ssl?/E 



. l^a Qaafc_ 

2l-f. WiJ EWiianwSus. 

2* lfai 4 Rap.yv.Corp 55. 

181, "" i5c *— — 41 23 FTMCJ'iGR'lOp- 

18? lSI00 - 5J 36, 33 FT@ifhKwr.._ 

1577-78 I 
ffijh Ijow J 

U or) ridd 

I - I Ini. | Red. 

£$EsP£ &••'•• S ^S-SaSSUs:: £3 

nai.' 77^ T'"’surraij;j-iDTP-f.; 90** .... 327 7 98 *2% 758p .x»pa.*i-« 7 i ~<.... 11 4 
IC«" S9 1 Treamjfli=c138ir_ lOOi'.-A «. 6 B 94a SJE. lust Premium 37*5 <hasrf ®r 

Conversion factor 0.7294 (0.73501 

197 96 JarvisiJ'-17h 

11 a JO jaminesSAOSO. UR) 

352 Jnsn-RifcdsSOp- 326 
17 C Jones Ed*ri.I 0 p. U 

«5 21 KentiJLP.ilto— 39 

£30*2 £18% L^argeSAflOO £20 

High Lav 

CANADIANS £3o * 3 %** i^ar*s'wFiqo no 

l i. _i us, i | T-ij 171 69 Lung'John. A . 142 

. r H r JS? 155 B 4 UthamU.'i£l— 116 

• Q ^* I Cl- | OmesICvrlGr-s lf » 53 La ,* I ,n«i'W.).... 102 

*fl e > *5*- rTre^uryffif* 32-*-.» 8.00 5 . 0 I _ ni n ,Lu A . frM | ?l 

ion’-. :3!j lEr-;h.9"pcfeB2-- 96^ -(* 9.41 9.73 ^ JjftESo£h: 

five to Fifteen Years 

n > iaij. 1 . 1 51 Oh 1 _ 48 36 42 Leech (Vim.i2Jp. 77 

i2?| : B J V ? 7|_ 31 69 23 Paint62 

42*2 30L [Beil Canada 25c..... 
24*j 11’, fecVaJleyft_ 

32’j -k S4.2 
13*4 +* 4 II 
9?0p .... SI 0 

S 4 2 _ A *. 39 34 Lite? FJ C-- 77 

10c - 04 38 15 LiiterC.WchlOp 31*; 

SI 00 — 53 66 40 London Ends— 64*2 

SI 44 _ 4 6 90 *3 LoteliiY.J.i.— 83 

97c - 55 55 32 McNeill Group.. <g 

3 fci.Li, 4 « a _ 11.0 ?i6 HO MsCTeiiSlhns. 187 
16*2|*W S3 06 — 3.3 55(2 :si ; [yajUnsoa-Dennj 45 

is*' 4-U j S3 Ob — 3 3 SS'2 [Mwunsoa uefinj *o 

| iom+Z lilfe1 11 S9 3P & £f 0 c &„”r: 
Owr FiMeen Tfrars m ui KSSS’S.I 

17V,! S.T- iTT-^jr Ujc-K- .1 ] 12.01 ; l’-5' lo\ 955p Tor Dom 

9?5n -5' «125 — 6 5 51 18 Mean Bros- 23 

63Op -20 80c - 65 56 34 Md-iUeD.tW.. 42 

640n -IS _ _ _ 9* 44 Meyer iMotLU- ,82 

22 P 85 4c — 2 0 100 25 Mjibm?- 100 

i#.-o -i," - _ _ 13 9 Miller 'San. lOp. 11 

»« s* - n 8 S ffifSgSs: S 

17*f - si'-16 — 4 4 59 20 Mod Engineers- 39 

14' I t 4 ? _ 33 W 23*4 MonktAl-83 

id ii - ill if? 44 mot-iceiJl^— 130 

SI'.- i * V. .. r’.nc 50 fc.- 

30 1 14* fc\ :h.!Wirv f?.L : .?pd.«J 

40V -Lr 

25*4 - l 4 

KOI! 87 [f-i if nr. i~iT< S3s _ 10? - *, 
-2'- 8ii. .7.*arjrv?K.. 82 : £ nl -i« 
’-••-i. lil-jlTresfur !■>,« , 9te_ 126iJ-L 

89’, ticc^uc: 'W4-[ 132'j I- 1 , 

30 i SeceBji'■a ! 1^4-06 . 

VJi-A S7U l7:« :or- 13c*. 

Vj:, |f:cn«jjcrJlr 2 ?c 1^97.1 91*jri 

l?- e-l". >'4C< l9&7t;.-J 79"Val 

"5, jr-ii iT^for-^P^fS-MH- 6/*e -*-*a 

(bTd n ^ S SSSS&z ^ 

rtwssd on S7.IW5 per £1 ^ 3 Q ]0fa fjott. BridiSD?- 222 

58 U»j OrtueDe^*. 10p„ 54 

113 62 Parker Tilt her... 110 

196 64 Phoenix Timber. 153 

SEE PURCHASE 5 g 8 Sft=: 


rfjps-l « UMSWS!I*SI § ^ 

K.-72 337 1232 1AN2SA1_I 265 I-5 |tpl6o| - 1 381 - ICO 51 

:_.. no 

zai _ 128 

d? WaUlOp 80 

it* >.i!ard_ 98 

3 r_ - I -Cvwlj *ne-1 

1137:its S7i, .Alliedti*.. .. 15S .tOlO.O - 6.4 - 91 46 RjKbsP.cemem /l 

11 . 00 1195 105 .Artnthnot L £1 - 160 . 79.25 - 5 3— 54fc SG8Group. _ 14S 

12 23 £25'*2 £13-j Pans.iner.il565. £14"g -** 094c — 36 — 37*j 27 bbahTip«rKg. 32*2 

1133 3o5 195 B&. ireiaixi l1 _ 330 . U3.25 — 0.2 — oO Sharped Hshcr. 42 

11 co £165 £100 Da lOpeCocv - £144a .... Qluio - fo.9 - « 21U SnaniJ.-10p._- 40 

10^0 27 17 Bt Leumi I£! — 17 .. Si3:S - 16 — >*‘1 6 SouthernCoa5p 7l z 

11021210 160 aiLeondiuEfil 170 *10 Ut L5 6.615.2 .«?’ Zfl* StreetmlOp_ 30 

11.79 500 365 Ek.N'.S.*7.1A2— 415 -5 Q30c - 4J - c20 127 Tarmactfo..— 1 j2 

1093 515 Z22 flaw Scotland£1 273 -2 r9.9 41 55 6.7 564 z4 ? Ta^orWwlrov. ^64 

E34*4 £217 S BantersSVS». £24^ - 1 , QS3.M - 70 - 254 176 nAnrOiCl-. 240 

350 229. Barclays £1_ 315 -1 tlO.04 4.9 «.S 6J 14S 76 ^-isft^noVL 141 

_ 210 US tornShiplev£1. 205 . t8.42 - oC - 41 ^ ltoe]B50p— 24S 

_ 360 Z25 Cater Hitler £1 . 275 .... 717.57 — 9 6 - /9 34 UBMGrour--- 65U 

— 95 50elite DB'ntSDp.. 73 . e4.77 - 9 9 — 2? 19 Ye-rcsStooelOp. 25 

Zi 11-*. iTriict: >j'. ■ —.—I 


| 73*; |3p:£tpclt 77-82_I &6’«|-*4 1 5.75 | 833 


24 6 CcnnthiaalPp-. 19 . ... SO 2 - 1.6 - *177 VII ffadsBUK 

£ 16*7 Ul*'Cred?raneeF75 £15** **t Q?.ir. - 4.3 - ll Westbnci Prod*. 
157 55 * ftnesi-11- ._ 67 - - - - M 40 Wrt£ra 3 r?t_ 

£105 C8JU prasheSankPIB* £105 *>■ COSFt — L9 — 52 «.6J 4 IChaiJirp^].., 

83 25 “ F.C F,nance -.. 65 '.. tl32 7.1 3.7 17.4 33 9 Whi: -hn#*. 

3*; *t FirstNaLlCp._ 2*j+* 4 - - - - <5 U WttiwCorato 

1 i, Harris T^J. u.... - - — >’ 122 >> WjS*--CpiJ)oJlr> 

12* 2 7 FTaser Ans. 10p_ n* 4 . 0.03 - 0.4 _ 91 37 |*ur?*j ■«<>)_ 

210 128 CemrdNatnl... 164 . eSJ.7 - 7.6 - 

107 93 OIa :C'fpc 81- l&i* .11.94 1107 » *« GcaJetri Jlrj-5p ^0 8 - la¬ 
in 3 f ». pc.!^-se*JB_ 105*1 *>1 11.28 Z1H Gnr.dlays-^— llo . ,.. «5« 7.0 3 3 45 

102*5 85'; -5S* 4 .1 5.69 1052 ^0 wa were Peat-. 205 -1 W — 74 - 

Tnti Ain:- IteeTtBO_ 91? 4 .j 572 937 ^57 140 Ranmros-. 178 -> 19.52 - ai- 

am- ! I.A^wyfn.r,' T-TB . I 4HJ. 5 <53 7 7? 115 7> JOT. Smru*.._- 37 -1 74 a2 — 7j — 


e. \ IV iPUjuviflruj.-. hv . - v lQ - ■ aa 


1PJ',I S-3# l"^r.ct 3,ar TB-78 __I 190?, i I AW l 761 .ic_ Uin ci -in •* a . £10^ £89 DoB-.'tCTTvi'PS £9fc 


Fsb^s Board and Ind. 

Eire Purchase, etc. 

•» *7 O’ xj.nciu:13V.rranJf ..| 

130 ci ' lira: act TnctB-TF 1 _| 


727 112.25 j 7 lfci, Stri*. Credit lOp 41id . tLB2 2J 6.7 i8.1» 85 42 PhmlOp_ 78 

15 6 W SmriaiG.lICp.— 13*z, .....•( — — — — 168 73 RaniooRm 10p 160»d 

117 44 Wagon Finance.- 89 |-1 |4.13 * *.a ♦ 62 34 fitmhl iOp.— 50 

80 44 Federated CH— 72 

397 280 Fsonstl- 356 

17*’ 6 *j Halstead (J-lOp. lb * 4 
608 295 Rten.WeichSOp. 516 

lu Ind. J 2-; 15*; Cade'-: 'ld*5> lOd 35 . hZ.05 1.7* 5.8 102 553 576 HoeriisiPM?_ 442 

, 0 1171 CicFcrePr.iM- £36 -l Q12% - 4.2- £1*4 £111 DoFinilFircfla. £117 

fa . ,5-S ri-Ji — — CTwlit Dcta 1C?._ nS . — — — — 445 325 tapCben.il_344 

57 Ur.^dsfcScoJJSrp 1M ....♦3.95 1.9 6.0 133 51 391, I* viFl £1_48 

si - *^ H? 51 37 LnaScotFiE-lOr 33 -2 1.7 2.3 7.8 6.3 7? 42U hri Pain:_ 65 

■IS, . f-S -S-S 15 11 Moorgaie Mem life 11 . 19.9 130 84 Lapanelnd* 50p_ 97 

2f’ J . S-2S 120 59 Pw Flaanrtal.. 38 . 1-4.43 2.1 7.6 9.S £J4J, £Z2i 2 NorikJLKr.80 .. £24 

W? 4 - 121 12.25 J7 lkl. Strip CrrfitKhs. 41a! . tl.B2 15 6 7i8.1i BS 4? Pl^n. irtn 7B 

UPU« I’*FF1 l“ac "5!_ 105^ *-: 4 1227' 10.66 

lilt c ? ID-- Nk'TS_ IIP* .'*3J1 UJO 

Hi ICO'jIlV.lAnc'CB_ 1*3?5 4 -^* 4 12.98 12.07 


J5' 4 66 ICFCSij* Deb 'ffl-92. 

5j‘: 67V Dc ^Kt-b.Ti-Sl._ 

97V °S O’ Ubs Ln '35- 
c 9" 95 r-oilKUuLa‘8?..-. 
MR 96 De. 1 llpc L : ns.La fll - 
73 Jlii De TspcADeliWC.- 

Ill 1 A,J ItTm 11S 96: - 57*2 .UliedBreTA..- 81 

SS l; .8-18 .3? 16 tadfiRW- .35 

7wl:::“ IttS 1 12 IS « 


18T7-:; I 
Hi(Ji »,-« | 

Price I + or [ Dir. I Red 

32 : « 15 Aute!ar,eTA Rlj- . 

37 22 C,*q -’pc Prei- 

52 4 j ri i r !c’nMi>ed_ 

3-50 - 'r;:manVra4*jc 

50 r*, .jr.’e'iTncAr*._ 

55 46 n.,6;n cssijh .'.it.. 

* J 35 PoJrwMLved.Vss... 

41 31 Huni’W.Vw- 

J~ 40 !:elsn.1A*2f>cTMfi 


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6 ffi.40 
4 14 68 

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195 228 Japer-w'* 1 * 4SS- 295 j-5 — — 

S T 03 Poser'834B .... 87 . 6 7. 

155 150 Peru.AjsBpc- 160 . 3 1. 

75 75 5.-7.1 Ojk 13aL._ 75 . 6*; . 8. 

549 TBri’SpolPfil. - 596*’ . if 9. 

rM85D?ni Tsiin«;pc\SW... DM81 . fil’ 10. 

94 62 |i. rucua> 31 .. 94u! ... y, 3 

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High Leo- 

* or Wr. FH 

- Grew Ctt GPs 

15v 13 A£.\. WU . eo-: - 

t>2V 5S .\MFi°»C«inv7r - 60U . 5 6 e — 

49", a 4,ia; ; si- 23 ... 51.75 — 

M'a 21 ? 4 American Esprass. 22* ? j-i e SI 40 — 

14 901p Amer Medic. IaL._ 13'-> +*t 30c — 

11V 873p .’.-urcotnc._ UVa -V 40c - 

4? 2EV Baker Into) tern Si. 3-sdJ +1V 64c — 

lo*a 12*4 rflmes:'irp.5c2 ; . _ 12V -L 90c — 

38V. 22 BendkCwtnS3„_ 245, 4 .J. J3 28 - 

22*, 4.1 si 40 - 
13-» +t, 30c - 

33dJ +11, 64c — 
l2-*g -ij 90c — 
245, -V S3 28 - 

1^113 IBfcib. Steel S 8 .! 14’j:d ^i 4 1 SLOO — 

*>25p [GCOp i E p <J57j‘3 Fw. cI6Jt. j 7lOj> +11J JOc — 

14V 827p Brun^ckComojl 10 * 4 -m I 70c — 

77 \ 42 Eom?uehsCarp.S5 42 : « +*4 1 SLOO — 

51*a 30*; -^SKiai - 305* ... S2 40 - 

44Sg 2Gfm C.P.I.- S’ —. 31U .. . . S2.50 — 

49^ 321, i-jterpilUrg-34' s + 1 . SI .80 — 

2 S -1 17 \ Cha« Hhui5125- 19*r*3 . .. S2.20 — 
22* 2 13-‘ s CiwebroucnSl-.. Ws.... 94c — 

10 312p ChirJei kfl,—_ 3B6p +3 SLOO — 

29*i 13’-’ QHearpSt- 13^ -4 SL06 - 

13*4 735n City Inv. SL25_877n -6 SLOO — 

225j 145g DaCm.Pri.B5l. IfJ? . . 52 - 

25*4 12*4 Cnlp»?.S!_ 14id 51.00 — 

495j ^ CoItlDds-Sl_3a’, +C S2.75 - 

25*4 151; anLUlinoailDL. 17U +3» S1J2 — 

3I-s 17 Coat.OiiS- 19*, +u SL40 - 

386p +3 SLOO — 
13^ -*H SL06 - 
077p -6 SLOO - 
16*3 . - 52 - 

14 13 -r * 2 51.00 - 
3a ’ 4 +J 4 52.75 - 
17*j +3 b S1J2 — 
19* 4 + 1 , SL40 - 

38*4 ZC*e Cnwm2dl.S5_ 2pijj(tf ..“. S190 — 

27 19!; CaUer-HamacrSN. Zfi„ ... 5140 — 

37*2 22 EaamCrpSOaO-- 2« +t. S2.25 - 

23*; 17*i Esmark_ IRi- + 1 , 51 . 8 a — 

45*j 28* 4 Exxon B___ 31 +* 4 S3 20 — 

20 944p FirMooeTireB_ 1BL + 1 . Ji.10 — 

l* 5 *; 111. rictChicaw55__ 12 . 96c — 

35 2CJ, FluorCorp — 22*;+V 3120 - 

2JL' ^ FordKrtorai— 29‘ 4 n: +:, S3 20 — 

-6-t 1«5 CATX--17 S +1, S250 — 

47*i 2 ?r, Gen. EI«tS3;__ . 31 1 - -u 51 60 — 

25 1 * 15* e Gillette SI __17*’i + 1 , <1.50 — 

HnncyvellSLSO— 3flJ a +15 5l «»o — 

Jate button Ef.- 79Sp -1 1063 _ 

sil 171 LBJlCsr.S- 179^+li s S11.52 - 

ebj? >4 ingerwil-Ria.—. 38td film _ 

23 ; 5a0p intSrjtcnii''>n il i.ijs. Mr _ 

li' £ -osp l^t l.iternatiMaW 307p +3 90c — 

•••* imserALSj—l?w . 51.60 — 

38«t! BOO — 

W s . 25r - 

807 p +3 90c — 

19^. 51.60 -1 4.61 76 | 37 

62 34 Eeralnl IOp_ 50 

92 64 P^\-ertex_ S3 

212 150 Scot. Ag.lnd.El. 2Mal 
151 74 Stefan Places. 

21 12*; WxnllciBcr.ilOp 

3j6*i 1* WiEow& 

176 205 Wcl:.;enrdiT»- 
148 64 YorteCbero— 


90 47i, AngliaF.’’A"... B1 

‘119 69*4 Af: Tele “A. 101 

3b IB Grampian'A IOp 36 

65 33 Green Groan i(lp 65 

23 101; Fr= roWi d2Dp. 22 

117 47 HTl'N-V._ 112 

126 80 LWTA_12+ 

761; 55 RediiFC PKtEt ■ 73 

67 231; Scwt. TV'.Vitro 67 

59 31 TridT-H’-A IOp. 52 

31 I 15 |w**twardn'10p..| 24* : 


201 76i; .Allied BetuJlOp 195 

41 21 Amber Day iOp _ 35 

40 20 AqiiascutWD5p.- 35 

40 la Do'A op. 34 

43 27 Andiotpoic IOp 33 

31 15** Baker's Srf IOp. 31 

96 44 Beanie % 

?! 18 BenlallslOp.— 29 

40 15 BlaanLCor 2Gp. 17 

13 7*o Boardmar.KO.’P 121; 

15 8 BollonTKa;c_ 10*2 

53 3C Brenner.. 50 

2*3 138 Brir H-imeStn. 131 
36 20 Bro=nt‘i’30p„ 32 

142 50 bunm Gn* sOp - 118 

130 37 tW) -A NTSC-?.. 112id 

35 17 Cantors W 39p_ 35 

45 2% CKkei’S'Wp— 40 

19b 57 Church_171 

101 50 C<Kb.EBg.l2*’p. 31 

9a 301; fope Sperii IOp. 89 

13 6-; Ct-meJlDresrcp. 10 

110 «1 Conrts'A_ 92 

24l 781; Cnrn>.._ Iff! 

23 7jj CusMmasicHV. 21 

liO 661 ; Debennams.. .. 9B 

^ 26*4 DexiursUOp-— 57 

177 61 Drums RwtnlOp 146 

26-; 14 Doiend iGeoUOp 25 

191, 14jj 31k & Gold 5p_. 19*2 
*2t)5 83 Empire Sons— 148 
17 6 Electee 20p_17 

6 [Electee 30p_17 

12 Fairda!eTot.iip 16 

16 8 Pa'A'op_151; 

48 19J, Fme^JtW.Sf 42 

34 a Fonii3riinilflp. 30 

137 45 Fnrmip*ter IOp _ 128 

91 34 FcSerBro- 89 

322 126 “reemansitahi- 244 

35 241, GeLe:iA.j.iiOp- 35 

71 40 Goldberg A... _. 64 

11 7 C-oodnaaBr 5 $. 11 

159 -5 Grattan Ware_120 

348 183 Gcl*nliersal _ 280 

347 176 Da WOrd_ 270 

461; 18 Gre. IfiHeOslOp. 

52 24 Hardj'Parni_ 

44 M fia'A’M 1 _ 

19 71’ HeJene Lon. IOp. 

170 106 It JEpcCnr. W. 

§7 37 Hendrt son K 21a. 

26 15 Hcnriques AlOp. 

66 30 HeproGb J-Kip_ 60 

122 60 Sr-meChanr IOp 118 

158 69 IBnay rfFnaer. 131 

Regional Prop 





I 23 tHaolhom L50p.l 


i ?*» 


89 ' 



134 ‘ 



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Aag-Tr'iluLSOci 92 





136 -2 

88 « 
42 g 
M . 5 2 ■ 
7.8 W* 
4.7 38 








21 % 

Dcl 7^1 Drb 82,7 


5.7] 43 
102 53 







! 42 

35 ™ 
7.6 120 
2.9 88 
47 631, 
113 181 



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204 -2 

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£54 +1 


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- 52 
33 66 
11.7 52 
62 16 
69 92 




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137 87 

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115 76 

167 111 
771, «3 
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— 271 70 

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3i2 72 125 
; 2£ 27.9 119 
6.61 <72.3 106 



13 lUULCmiUb 

97 55 

35 4 

314 235 

143 57 

379 2D5 
,52% 20 
^L21 46- 

95 29 

79 33 

675 380 
63 16 



ZDS { 1- 
228 1.1 
8 63 I L 

101 % 




£19 |+% 
241 +11 
726 +19 
199 1 ‘ 





£17 l+% 


Unless otherwise ImllauA price* sad art dividend* are in 
peace and demanlanthms are 2Sp. Estimated pclce/evrelns* 
ratSoa and coven are baaed on latest annualreperta andaccounts 
sad. -where poartMc. are qpdated ea kiH-jutrl; figures. PfEs are 
ralmhted as the basis ef net dtutnbutlna; bracketed llgoreo 
Imflr^e 10 per co>L tx more dWerenre If calculated ea “alP 
«tl u ti l b utto n. Com* are baaed on “madmom** dtstribotlmu 
Yields btc based on middle prices, are gross, adjusted to ACT ef. 
34 per cent, and die* for value of declared dlrfribnOone aad- 
righta. Securities «ritb famnl sirl w u oiber thaa sterling aro- 
quoted laclasive ef the investment dollar prantam. 

4 Sterling denominated securities which include investment 
dollar premium. 

* “Tap" Stock. 

* Highs and Lows marked thus have been adjusted In allow 
. lor rights issues for cash. 

t Interim since increased or resumed. 
i Interim since reduced, passed or deferred, 
it Tax-free to non-rr si dents on application. 

6 Figures or report awaited, 
ft Unlisted security. 

* Price ot time of snspeosioa. 

! Indicated dividend after ponding scrip and/pr rights tame: 

cover relates to previous dividend or forecast. 

•* Free of Stamp Duly. 

* Merger bid or reorganisation in trogresa. 

9 Not comparable 

* Same interim; reduced final and/or reduced earnings 

f Forecast dividend, carer on earnings updated by latest 
interim statement. 

I Cover alio** for conversion of shares not now tanking for 
dividends or ranking only for restricted dividend. 

* rover does not allow for shares which may aiso rarfi tor 
dividend at a future date. No P/E ratio usually provided.' 

V Excluding a final dividend declaration, 
r Regional price. 

U No par value. 

a Tax free b Figures based on prospectus or other official 
estimate, e Cents, d Dividend rate paid or payable on part 
of capital: cover based .u dividend on fail capital.' 
c Redemption yield, f Flat yield, g Assumed dividend and 
yield h Assumed dividend and yield after scrip issue. 

J Payment from capital sources, k Kenya m interim higher 
than previous total n Rights issue pendmit q Earning 
based an preliminary figures, r Australian currency. 

■ Dividend end yield exclude a special payment, t Indicated 
dividend: cover relates to previous dividend. P/£ ratio based 
on 1 alert annua! rarniugs. ■ Forecast dividend: cover based 
on previous year's earnings, v Tax fare up to 30p In the L- 
w Yield allows for'currency clause, y Dividend and yield 
based on merger terms. : Dividend and ytold include « 
peels) payment- Cover does not apply lo special payment. 

1 Not dividend and yield R Preference dividend passed or 
Joferred. C Canadian. D Cnor and P.T ratio each]de profits 
of i.’.K aerospace subsidiaries. £ Issue price. F Dividend 
and yield based on prospectus or other official estismtes for 
1077-78 C Assumed dividend and yield after pending scrip 
anchor rights issue. H Dividend and held based on 
«pectu* or other official estimates for 1PT6-77. g Figures, 
oasod on prospectus or cither official estimates for 1078.- 
M Dividend and yield based an prospectus or other nffloi], 
esU males tor 1978. \ Dividend and yield hayed cm prospectus 
or other ofbein! estimates for 1 BTS P Dividend and yield 
based on prospectus or Other official estimates for 1077 
<1 Gross. T Figures assumed. U No significant Corporation 
Tax parable Z Dividend total to date. # Held based ra 
assumption Treasury RUI Rato stays unchanged until maturity 
of stock. 

Abbreviationr tfe's dividend; «cex scrip Issue; r ex rights n ex 
all: 4 ex capita] than burton. 

“ Recent Issues ** and " Rights ” Page . 

This service is available Co every Company dealt la on 
stock Exchanges ihriraRhout the United KtoRtkiTO lor « 
fee of £400 per sumam for each security 




72 14 

23% 14 
17 8 

126 28 
17 10 

9? 34 

120 id 

(.Am. Coal 50a, 455 

gluAmez.l0c_ 275 
tAm.GoMRl_ £16* 






£ 12 % 



. , LCX 


£31% ly 


10 Mrk*. &Spncr U 
13 Midland Rank 25 

Si, VEl.-20 

31 Nat Wist. Bank 22 
18 Do. Warrant A 10 

17 P4.0 Did. lfl 

U Plessey-9 

40 _ 5 

9 RankOrt.'A'„ 28 

18 Reed Inti.,...- 14 

18 Spill ers- 4 

22 TfetCD —.- 4 

20 Thom—.- 22 

12 Trust Houses. 15 


hold for savers 

Head Office: High Sheet Skipton 
BD23 1 DTH Tel: 07% 458? 
London Office: 81 High Holbom 
Td: 01-242 3147 

Anib«Mi«l(lU nAv*i 

Tuesday February 21 1975 

Anger left 
and right 
plans I 


and Cyprus! 

meet after airport battle 

incident happened in Cyprus." Last year’s big rise in toe' 



I DR. BUTKOS GHALI, Egypt's to Cairo with the bodies of the Government had not authorised jJjVwJs qUieti> '' lt ** t **° U8M 
H| 9 VIS ! Minister of State for Foreign dead “uimandos as jell as those ge: commando raid and the ^ «t 0 the " ■ • : 

ir : Affairs, held four hours of talks In ]“" cbristodouios Veniamin, was in direct contravention of the best^of ray'®^ch . 

b u* l i « with President Spiros Kyprianiiu ,u e cvnriot Minister of Defence wishes of the Government. incident happened m Cyprus. Last year’s big rise in the- 

Defence Torres non dent of Cyprus HH*«y ^ discuss the and interior, adopted a con- One of the deUcate aspects of But the J* as is the historical mst P rofits ° f * *** 

Defence Correspondent embittered relations between dilatory line towards what the affair which, in the opinion Kno a ledge JS is the blenders waB .justified by the 

THE GOVERNMENT'S Defence Cyprus and Egypt following last Nicosia nevertheless considers a u f observers here, may haveoi ine “?“**£* Uei need to finance the huge in,-. 
White Paper was attached from night s battle at Lamaca Airport major violation of Cyprus's encouraged the Egyptians to ■ *“ ** Th were 5 ^ creases in raw material costs, 

hoth sides of the Commons yes- in which 15 Egyptian commandos sovereignty when he announced mount the raid was Nicosia s ««i t* passage out Ih the case of Brooke Bond 

terday. From the Left wing of were killed and 16 injured. earlier that the commandos and reputation for being “soft on gI ' en sare p ° Liebisr for txamole the cost of 

the Labour Party came calls fori LaK-r reports said the Egyptian their arms and equipment would terrorists. OL uyprus. .• H h 

spending to be cut further, while!Cabinet is to withdraw Egypt's be returned “as if nothing has At a Press conference to-day The two PjJesumans who sales adjustment relating tothe 
the Conservatives claimed the; diplomatic mission in Cyprus and happened." Mr. Veniamin denied any re col- started the week-end drama were jearto la J June was a ma^ve 

While Paper contained distor-l tn ask Cvpriot diplomats lo leave The Egyptian envoy avoided lection of a KLM hijacking taken iwder strong pouce escort £ 4 >: this, refiectlllg coffee 

ttoas in its comparative assess-1 Cairo, 'state -television broad- reporters’ questions as he left incident two years ago in which before the Nicosia district courts ^ we y as te!li compared with 

ments of NATO and Warsaw pact | casts said Egypt would review the Presidential office. He rwo gunmen went free following to-day and formally chargea witn pj-^ax profits on the historical 

forces. relations with the Cypriot merely said: "There will be their arrest in Cyprus. the murder of Mr. vuset bipai. b ^ and 

Tn nanicular the Conserva-' Government. But there was no further consultations 

J," SSA-taS!": 1 "" bre “ k "*^"21. 

September 1976. a KLM the Egyptian newspaper editor I * 

plane, “hijacked‘in Spain to back and former Government: Minister h‘£ - 

up Palestinian' demands for the who was shot and killed in ^.om■ The 

The White Paper, otherwise, 
contains no surprises. H points 
mil that, as a result of previous 
reviews of defence spending. ‘ 
about £361 m. is being cut out of] 
ihe 197S-79 budget, mainly on i 
the equipment side. ! 

The budget for the coming. 
rear will be £6.919bn. (or 4 75! 
per cent, of estimated gross I 
domestic productl. But. to meet J 
NATO's insistence on the build¬ 
up of conventional forces to face 
a comparable Soviet build-up. 

Scots Nationalists pledge Januar) ' 

k i-i T&‘n unit trust 

Assembly Bill support sales £36m . 


By Adrienne Gieeson 

spending by the U.K. will beiynE DEVOLUTION Bill's said privately afrer the meeting Govemotent Chief Whip. 

raised by 3 per cent, in 19T9-S0. J chances of surviving its Third that they would have liked their As well as SNP and Plaid] u n j( tni 5 t jades for January 

and by a further 3 per cent., sub-, Reading in the Commons to- MPs io be mandated to vote Cymru support the Government j were well ahead of November 

ject tn review, in I9S0-S1. imorrow’ night were improved against the Bill, but feared the will have the backing of at least, ^ December, at £36.3m. In 
Beyond that, the White Paper: tonsiderabiv yesterday when the reaction that would result in 11 Liberals for the vote, which; December the industry made 

Is non-committal about future Scottish \ a ' t ional Par'iv pledged Scotland. lakes place a year to the day! g^s of 0 nlv £33.39m., 

spending. “The 19S1-S- figure is| ils unconditional support The best outcome for the since the doomed Scotland and! while the figure in November 

for the time being, simply a i Tbc partv - ? national executive Nationalists to-morrow night Wales Bill was killed off when; was £35 4m 
repeal of 1980-SI." it says,j*®! and MPs. meeting in a Glasgow they said, would be if the Bill the Government lost its guiUo- Remirt . h ™ In January. 

repeal ui hw-o*. “ i and MPs, meeting in a Glasgow "'ey " u me uumniuiwi net ReD urchasM »_ j an uarv, 

decisions have been taken, since . ho , el decided unanimouslv to »'»* killed by a backlash of tme in the last session. I h ^ well no on the 

it will be necessary before reach- c0Qtiiue ^ ^ Bi]f in English Labour MPs. The SNP If the Bill survives to morrow, i- th? t£o 

log conclusions to take account l.. . . Government could then capitalise on this and it will go to the Lords (which; to i„. h for . c ia u!, 

of developments in arms control; f ™ 'S I on the Governments failure to has onl> f one member. Lord Bell-1 monU ? s ’ at f fl9 ; 1 ‘?" 

B „d defence a s well as in the I ^ "Soosed r&ere^dum < educe unemployment m Scot- haven. Who takes the SNP whip > " c n H ’ ^SSS^ vZL3£T£ 

economy." i M^Tnald SteSS leader of ^ next General Elec- for a Second Reading on March in Dpceraber t0 

The priority afterward^ihat 1 ^ they 1 ' 11 ^would Government Whips and Labour considerably amended. The) Average monthly repur- 

Tl»i» nrioritv I lhe Parliamentary group, said 

1 it€ priority afterwards that they would 

Sir lan Gilraour. shadow ! demand that the Prime Minister 
Defence Minister, ssid the. make Lhe vole an issue of con- 
Whitp Paner was an exercise in fidence to puli rebei back- 

lion. 14 and 15. There it could still be I 

r^ U 1 ^ , %^v UH would Government Whips and Labour considerably amended. The I Average monthly repur- 
and that fhp Prirnp Minister anti-dcvolutioowts were both line by line committee stage is chases during 1977 amounted to 
•1 ihf VOIP an 7s”i!e Of con *? reed terday that the Bill unlikely to start unril after. £21.5m.. bnt this was very 
nw'rn null rebel hark w,1] comfortably survive its Easter and it will be late June; largely a reflection of the 
-here inform* * k ‘ T h‘ 1 ' d Reading hurdle before of even July before the Bill, surge in repurchases during 
r.lwl. rtmiiterf if \Tr Iwginnina its long haul through returns to the Common?. the early summer when many 

l . b ' Hi? ? L ,; the Lords next month. . I unit holders took advantage of 

uSun. w '-.iii l Lrr! .hi The decision of the SNP MPs Determined ! a buoyant market to dispose of 

.MPs would still support the vo te for a Third Reading. . i their holdings. Repurchases in 

■ .. . despite earlier threats to ditch Conservative peers, with their; December totalled only 

nere was widespread anger {i 10 Rill 3 nd force an early huge built-in majority, arc deter- £is.09m. Average monthly net 
resentment in Scotland at General Election, means that the mined to debate lhe legislation sa i es f or the whole of 1977 

taninster s fiddling, he added- majority should be much more at length, though it is stressed amounted to £9.5m. 

nabled people to show their substantial than expected last that no attempt will be made to The total value of funds 
tempL the referendum and week. Some whips were estimat- kill it off. employed bv the industry at 

Glasgow Gar scad den by- j ng majority of over 40. Nevertheless, they will have en d4anuarv' amounted to 

cion should be btfld as soon Most of the Labour rebels who every excuse to debate in detail [ £3 36 | lI1 ^ a g*jnst £3.46bn. at 
'Ossible. contributed to the Government's the 60 clauses out of SO which) e 0 'd-December Since the value 

failure last week to delete from were not discussed in the Com- of f U „d s employed in part 

aw dear ^e Bill the provision that 40 mons because of the guillotine.. reflec , s jap,* of marke t 

per cent, of the total Scottish The Tory role will be to expose. movements, this cannot in 
AH of our members have electorate must vote Yes for the " limitations" of the legisla-i isolation he taken as anv euidc 

Xfeicui .6 - j-._. .. . . . . »in cwmiwiiaui> survive »s master ana it win nc late June 

White Paper was an exercise' in Me«« g* P«H « be i Thu-d Reading hurdle before of even July before the Bill 

distortion, because it P* a >™ ■ btnch .n; /nt me. beginnina iU long haul through returns to the Common?, 

down the true gravity of the. But he admitted that if Mr. th „ T nrric n „ v , „ ir , nl v. 

down the true gravity of the; But &e admitted mat it Mr. 
threat that NATO”faced, and con- : Callaghan refused this, the 11 

the Lords npxl month. 

The decision of the SNP MPs Determined 

cealed the damage to the opera- SNP MPs would still support the lrt vote f o r a Third 'Reading. 
—■—-’ capability of Britain s. Bill. - •• — - --• • 

— r —-., - ---- despite earlier threats to ditch Conservative peers, with their; 

armed forces which bad resulted! There was widespread anger [he Bill and force an early huge built-in majority, are deter- 
from the spending cuts of recent: and resentment in Scotland at General Election, means that the mined to debate the legislation ■ 
years. I yvestminster's fiddling, he added- majority should be much more at length, though it is stressed 

It presented the■planned level • ir enabled people to show their substantial than exoected last that no attempt will be made to 
of spending for 19<9 to 1BB0» »*; contempt the referendum and week. Some whips were estimat- kill it off. 

an increase, whereas m fact it i the Glasgow Garscadden by- j n g a majority of over 40. Nevertheless, they will have 

was a cut in previously planned! election should be btfld as soon Most of the Labour rebels who every excuse to debate in detail 
expenditure. “In an election | a5 possible. contributed to the Government's the 60 clauses out of SO which| 

year, the Labour government j failure last week to delete from were not discussed in the Com- 

gtves truth an even lower deal' the Bill the provision that 40 mons because of the guillotine.: 

priority than defence, be said. per cent, of the total Scottish The Tory role wili be to expose 

The White Papers comparison “All of our members have electorate must vote Yes for the "limitations" of the. lesisla-i 

shows that in terras of soldiers, i been in their constituencies at devolution to be implemented, tion aod to give MPs the ojpor- 
the NATO alliance, even mciua- ihe week-end. and the surprising have also decided to sunoort a turn tv to take a sei-nnd look at 

. The paper makes no J"j D ^ and the latest opinion poll pressing the 40 per cent, amend- conflict between both bouses. 
°.K- f v CU h e w 6 5 \h «dvi>rT P nf I s * ,0%v " e< * t ^ at Scots bad not lost merit, will still maintain their There are already well advanced 
which nas oeeo toe suojeci ; their enthusiasm for devolution, opposition despite separate inter- moves inside the Labour Parfy 
considerable concern tn recent | Mr Stewart a dded. views at Westminster last night to include in the next manifesto 

months. Mr. Muttey. w-teate Some members of the party with Mr. Michael Cocks, the a provision to abolish the Lords. 

Secretary, explained this yester-!___ _ __ 

day by saying the Government \ 
was waiting for the report from ] 

SSS! Steel delays increase doubts 

now is that whatever pay increase I v 

is decided on then will be added j ^ jr-*< J J m "■ 

srs over EEC protection plan 

Western allies last night to step novn 

up their defence spending, to BI /««« uuiw 

fend off what he called a grow-j nw «vc hi- rho Rpitich Rtnol mifmpnt tn hnv On nfli- nnnl nf cnnnlinc thr, 1 -......!:.. _u 

reflects the impact of market 
movements, this cannot in 
isolation be taken as any guide 
to the health of the industry. 

However, the number of unit 
holders' accounts has also 
declined during the month 
from just under 2m. to 1.96m.— 
as against 2.09m. at end- 
January 1977. 

One additional unit trust, the 
Schlesinger Preference and Gilt 
Fund, was launched during 

adjustment turns heavily posi-; 
tire, as it appears likely to .do 
for Brooke Bond and the other 
big tea a ad coffee blenders 
like Lyons and Cadbury 
Schweppes in the current year. 
In these circumstances there is 
no reason why companies 
should not accept what might 
appear on a conventional 
accounting basis to be alarm¬ 
ing slock losses. This appears 
to have happened in the instant 
coffee market, but the charge of 
the' Price Commission is that 
the tea blenders have been try¬ 
ing (successfully so far) to have 
it both ways. 

The market has not of course, 
been easy for the blenders - , to 
read. The Commission accepts 
in its report on tea prices that 
after profits more thin doubled 
in the first half of 1977 there 
followed a dreadful third quar¬ 
ter when volume halved as 
j stocks in the hands of distribu¬ 
tors and housewives were used 
up. But for 1977 as a whole it 
estimates that profits were 
double 1976 levels. 

The Price Commission blunts 
its case, however, by analysing 
the industry only in terms of 
historical cost profits-^hough 
it gropes towards a current cost 
basis when it points out that 
the blenders moved from a cash 
deScit in lie first half of 1977 
to a surplus in the third quarter. 

Marchwiel Holdings 

Marchwiei’s near 25 per cent 
advance in full year pre-tax 
profits to £13.4m. is right in 
Line with analysts’ expectattons.- 
But what raised a few eyebrows 
yesterday was the-sharpness of 
the fall in turnover in the 
second-half, and the profits mix. 

To some extent the turnover 
fall of nearly a fifth to £85.8m. 
was to be expected-and reflects 
Che group's continued depend¬ 
ence on UJC motorway con- 

- \ - Notwithstanding : the 

t„x. f f<41 I T fa 458.0 iL&'discQUHK' 

Inctes ieti io ‘«a.u Jind spagmo di e u.s.^intef 

(iba,' the 1 U.s. curptoicj’-r 
tinUes ldok- '^vuteeria 
fo Lt " 1 j "Admittedly lhe. QECD---:. 

A 3-Month . , recently -revised“^pwn Us'; 

^ Interbank : -mates for.the JLS7S-.KS: eiup 

V Rate V'- r- account 'deficit from.$18.5hi 

TL _li |V^i - '^lfibn^ as a result, of tfie 

-- -r\^ Jr? price freeze; .bUt-.tSe 

: -\ r—' —' U.S. private. caipitai-:«utfta« 

6 1 — ~ A* f . - ■■ /-giving: increasing .f - caused 

_ _3 : j ___ — concern,-.' ’ '' 7 ’ • 

- — [ j — 7 - last year foreign .asSe^ 

W-:—r~ V ZZ HI l the • Ui&vincreasssd by 

_ _i_ __ _-' to ?131.6bn. hiit a Iar#fe; 

_— T/ ki£ this;(say, S30bn.):Jfeffe 

WiBnenar wnsw ^creased :forelgrr- W^ 

. Tiff • ^11 _Jr-hATriir.grc. rrf U.S. GOV^Ul 

.isecuritieis^as a TOscdt. af;^ 
tracts. Government outbacks on .operations fo^the doHa^ 
road pending have been severe foreign 
over the past two yeaErs; for thevs®curitte& 
financial year beginmug AprH this was j^r&adowedf-j 
1977 some 23 per cent was- g»fP..dowdown : m fee^ 
topped off tootonrij 

So MircbwM'i Jiatest gains : jj- n0 (. been, for. this -favs© 
owe much to-.(he setsttenent of movement^ the, posftitQa 
old contracts. Some two-fifths jj.g. ^apttel aecount Tvoultl- 
of the improvement meantkne^tjee^ stiH 'wwrse^..; 
has come from a good perfonb-.-.: vThe'depreciatitHi 
ance in . U-K extraction anndoub'tecRy stotingjft 
mining activitnes.; . Oveorseas jai lncreasing fffl 
results have been disappointing ^ ihveament intp i&fe 
however. Problems have arisen 1 —witness the' grawha^jrai 
over payments for a pipeline of foreign -acquisltipnik .vJ 
contract in (foe Sudan. - 'Has.- ever, these ire iinfflsely-j% 
and high operating costs ha the'jnore than a marginal In 
Middle Bast, have reduced ovav. on capital flows, and as. s-f 
seas profits from £3*28*11. to tiiere is growing ;talk-jg£ 
EL 39 m...- ’t . * ; O.SL resorting to some 

NoneMesS, Item’s«aA S^^erit^bS 
balances have nse^roin £ 21 nk n^ment position. -Bdf? 
to £35na-, wfokfo represents arguments only tend to- dh 
nearly ninetenebk of toe group's attention away from toe = 
market rapita^ation. At 240p t0 deal .with the ofli> defid 
the shares yield 22 per cent , -- . v . : .- 

covered a maSsive 14 TTraffllwar - 

until toe Sudanese dispute is. 1 ™aigar 0.0115^ . T . 

sorted ou^ and toe group sac- - . - Trafalgar House\ts g 
ceeds inihroadenir^ toe base .of- little away in its class vm 
its U.I£ order book the. shares eular to- its • shared 

are likely to remain around pre-^coveribg its recent,.pro 
sent^evels. sales. The proceeds of £4 

f . ' “substantial!/'greater 

if‘‘ book value—but the adj 
Uahappy oxrmaay . tahmee sheet shows that £ 
tew York was on. - holiday';holders" 'funds are; undu 
yesterday' celebratla|F George after the deal at £135.1 
Wa^ungten’s birthday, : /hut: right In . line with, last 
here'ip-Europe it wasfbusiness temher"s -position. ^- :' ; 
as usual and. toe dollar triok an-. : -However the latest figu 
other bursting on toeAforeagfn struck, after writing, off 
exchange tharkets.' I«sb. than . feobdWffl • of about £7m. Tw 
a year ago toe SwiM franc/ . to the Mqrgan-Gromp.iair a© 
.dollar Jate.was' Sw3PV/2.58; last-;tfon. It also comes alter a | 
night' the dollar > was. being sion /of £ 8 m. in respect .0 
quoted at'a newTow of -SwJFr. .properly' sales, most Of i 
L82 and the DeuLscheMarh was Is: to do with; cajatol ^gaig 
also trading at a new "peak""of tyhlch Trafalgar Will not 
DM2.0265. Meanwhile, toe'goM to pay 1 for yeare—if eve 
price celebrated toe fresh bout Jt. Jooks; as :though profi! 
of currency uncertainty by the property sates coali 
-surging above the ■ JI80 rmarfc- £15m. or more, r;,.;G 

Fair trading action on 
50 more price rings 


western allies last ni,nx 10 step JOHN LLOYD 'ANOTHER 50 unregistered price taking saying that they had not 

s ,? e ? dlTie ' ; j rings unlawfully operated in the colluded with their competitors 

fend off wnat he called 1 a grow -;delays by the British Steel mifment to buy 95 per cent, of supolies. thp Corporation would road surfacing industry were when preparing the tenders, 
'"fir Lunsin^omlonat a meet-1 Corporation m supplying some their steel from domestic sup- substitute imported steel. ; placed on the Register of Restri^ The parUes t0 the agreements 

in- Sf'the eSod? Atiantic Group - ?' pe , s of slecl bav , e , ^ravated pliers. It is ih.s commitment At the same time, many stock- ■ Practices yesterday by the re3istered W ere: Tarmac Road- 
iafd-'‘We SIS wS not wb£ doiiljts am°n S stockholders over which is causing most of the holders concede that while they ■ of Fair Trading . rfra stone Holdings, Clugston Slag, 
Te want bu?what S murt. * I he European Commission s plan worry. do not like the Davison Plan.! . The move follows the rejirtra- j G Eccles . steelphalL Tbos. w! 

The Soviet Union and the I t0 . ?. r ? tect T ^ e European steel j n t h e p ast f,. lv weeks, there they see no practical alternative | tion last week of 33 Ward fRoadstone). Tilling Con- 

M r arsaw Pact forces had not onlv ; d 1 tl I eL rpr «-hpmp thp cn bas been an u P- sur 3e *n demand ln il - .agreements h^a^fcSm° f struction Services, Wimpey 

increased significantly but had nS.lJnei. p!S!=5lSSui™ ^/r^’S^UTd^Mcd 'rcLccd -! ‘ fl““ Ih. Simtar'of '^'vfs Qu ^” 1 St ° ne ’ > ° 4 - 

al . so mad ^i r ?? atl ^ t 5 chnnl0 _^ ca ]! stockholders to sign an agree- etiii IL?.". dir™*™ __ 'pacts could eventually be 1,000. Ha weaves Quarnes. 

adiances which could jeopardise ment t ^at they will not sell steel ■ p'-nected in eirlv 4 nril RSf T^TII 0 tTPaflTIPinl' anf * nevv ‘ agreements are likely to 
the Western position "Our for , ess than the price of the ShicV .UrUg treaUTieni . aDpear on * the reg i 5 ter over the 

.highest priority must he to main- most cnmpe titive domestic pro- „ h ( h " H ‘ m,mU,.l h F nr!h , . , , , 4 l llc mnnths. Continued from Pasp 1 

main sufhcient military power to Gjucer The agreement is legally •' U,BC - , hjs J 1 * 111 j " umb ei of prnh- cfor#' Under restrictive nractlces v -’ uaLmueu LIVIU rdge 1 

keep Soviet ambitions in check." jand” there ™ if ^ ° ^ W leg^iation.T^s unlawfuT fw rrt 

he added. J financial penalties for ignoring it. * ■ -■ ' \ FIVE-YEAR trial of drug competitors to get together to fix | AH 

uetaus. ra^e - Stockholders are also being Slock holders point to treatment For mild hvnertension. □ rices without notifvlnc the I C4M. 

■! uon iasi , t ° ! . ^ Ward fRoadstone). Tilling Con- 

! agreements operated by some of slruction Services, Wimpey 
.^he same suppliers of blacktop Asphalt , Hoveringham Stone, and 
It IS believed the number Of crarsinjari»c nnarriee 

keep Soviet ambitions in check.' 
he added. 

Details. Page 2 
Editorial comment. Page 16 

j y &■-vliuju v uuimoh.t *»ww, 

IJriI 0 frp-jfmpnf ' an ^ Devv ‘ agreements are likely to 
UCdlllltlU - aDpear on the register over the 
j ■ 1 , , , nc. ■*"' months. 

trial to Start Under restrictive practices 

legislation, it is unlawful for 
FIVE-YEAR trial of drug competitors to get together to fix 

Stockholders are also being Mock holders point fo these treatment for mild hvpertension. I prices without notifying the 
asked to sign a voluntary com- nelay? as an example of the ^tlng film., has’just been (Office of the agreements. 

----j disadvantages inherent in tying approved, by the Government, j Aggrieved customers—who are 

jlneinscives in a mnnopoly professor Stanley Peart, of St. likely to be local authorities and 

Hargreaves Quarries. 

Continued from Page 



CLOUDY with snow in many 
places. Generally cold with 

London, Midlands, Wales. 

Isle of Man. N. Ireland 
Cloudy, snow at times. Max. 
SC l37Fj. 

S.E. England. 

Cent. Soul hern England 
Cloudy, snow at times, or rain. 
Max. 2C «36F). 

E. Anglin. E. England. 
N.W. England, Lake District, 

--- 1 uisuuvantages inherent in tying approved by the Government. Aggrieved customers—-who are reference was made under the 

mem selves in a mnnopoly professor Stanley Peart, of St. likely to be local authorities and old system of price controls last 

supplier uf strip-null products. Mary’s Hospital. Paddington, said the Department of Environment March. 

A speech last week by Sir yesterday. He told the Advanced in the case of the blacktop com- Yesterdav there were s ,We. 

Charles Viliicrs. the BSC chair- Medicine Conference of the panics—can sue for damages. SU n e nn*arkets if necessary 

Cent. N. England. S.W. Scotland, man- b** allayed some of their Royal College of Physicians il There could also be criminal W 0 ll i d repeat the’ tactics thev 
Glasgow fear?. Sir Charles said that if would be the largest drug trial proceedings if the parties to the used t0 persuade coffee oroces- 

Cloudy. occasional snow. Max. Industrial action stopped undertaken in Britain. agreements had signed an under- sors tQ c £ t prices ^ re , u6 g t0 

2C I36F). --—---buy new-> supplies until manu- 

Channrl Islands n nn +;_„ 

s ' cloudy, solne rain?Aiax. sc Continued from Page 1 

Max. 146F). s w . Englnnd DoflollAn 1 

Cloudy with rain, sleet or snow. BTC rl l/l I ifllfll 1 
j Max. SC C46F). V** J 

f3in - Edi^hurgh” Dundci\°4JierdccH ~ 3 " d "«««* 

Mr.' Healey termed them 
ict, Firtli. N.fc. Mol and- Orkney ■■ fa , r |y sensible," though West 

- * ,,rt hhe,l!,nd Germany warned that the Com- 

Reflation needed—Ministers 



argued in Brussels that its depre 

facturers cut prices. The only 
problem with this tactic is that 
retailers do not carry more than 
a few; week’s stock of tea. 

The commission found that all 
settions of the tea trade in¬ 
creased profils as world tea. 
prices went up. K estimated 

M« n oc ' F m .^ n -ifi F i dry ' munity should be careful it “did 
Max. 0C tu _C f 3_F to fl 6 F>. nQt dje uf th!rst - on the way 

AUrkland C SI Tl LuxemB'E S 

■\m.Urdni. S ~l 30 Madrid F 1 .". 

At hr ns S 17 S3 Manclwxtf C 1 

Argyll. N.W. Scotland 
Cloudy, occasional snow. Max. 
3C (37F). 

F.-irul S l 

E.JfasJ Sn 

E- lismd- Sli - 

Berlin S - 

Ermnahm C 

Bristol C 

Bruss-.-ls S - 

EuJripcat S 

R. AUVS C 2 

r.. t iro s j 

U»r1iiT C 

Chicago S —■ 

roloitv- P - 

s 23 f .4 m OUTLOOK: Little change. 

B.irwiona S 50 (?S-Morion C. S 2n sp --— 

S IS mi Milan n j •« HOLIDAY RESORTS 

in 0 32!Momr*.-a| S -$ IS-.... —- 

in -3 sijMosiw s -s i> 

S -> 2$ I Munich C —4 ■:? ,{^.j 

S IS HI!Milan 
Sn 0 *2 ■ Monm.-aJ 
Si) -3 SJlMosonw 
S ~S 2$ 1 Munich 
C Q "II Nc'vi.isiiv 

r. -j Ti; 
S -S IS 
S -S li 

c -i vv. 
s 2 a; 

C t 341 No" York S -4 

s -1 m‘iKio r -? 

S 0 7 ; , Parn s -1 a 

c 21 •«, P-n!i C 2 ; f'l 

S II 70 Praaiio S - : 21 

C 'P R .-.••I'Jd-.if '• J i' 

S js.kio 'Io J’o & *.» >■( 

P ~t l W - Rom 

Cn^ni-Itasn S il Ssnaao'ir.- X SI I .“J : S.n.thnlm S 

ri> 11 nbr=h 
honi la 
H. KunK 
?D burs 
Lun4nn , 

! 31 ?:ra»nni 
—.1 If | STiiiiu v 
T 4S,Ti-hran 
2 rsjiTi-l Ulv 
-0 II- I0li«0 
15 sn.Tamnio 
It jn Vi -r.n.i 

to ■? Wjir-.i.r 

2 34.Zu.-.5j» 

c ‘f -Vlavi-iP P 'f ir;;Jrr»-y R • 11 

Alui-jrs F J2 72.Las t'lnis K I! n 

j Biarriif F j; y:j Locarno Fa » ~.t 

r Glai’lfuinl C [ 31 • Maiorca S Is K. 

s Rorit.-nns C M "IMjla-jj I-' is 

iJ BmitiKlU* K -l Hi Malta S >| 71 

, ... r.ii?.iniiira l-. W'Vmrnhi i; il 7; 
* i:an» Tn. n ;,»• R m ii 

‘ Corfu V li ni Ml- F i~ V 

: DiiVimvnik r: u .V',X'.-.u%i.i ID s; 

j’ “i ri Fluf-mc F in M j RIiiilI* «. If ■! 

f, « Funchal r. kj Salzhnrx 5-4 

c niiTaltm f in i;>ijTnn^i.-r r m ? 

2 s hi Guernsey R ■! WjToirnf-- S 17 k 

S I 4; Innsbruck «’ -t If,Turns $ Il 71. 

r -in u (nr. most Pc -i» i;: Val'.ni-M f jr, w 

5 -3 27 1 1,1 Man f. ! rt : Wnu.-c F J n 

S -m I S—Sunny. K-F-ir fT— iJIpu-J-. P—Rain 

C -3 27 F{{—Fo*. Sl-Slset. hn—Some. 

r -i ?f 

C 31 ?s 
S Ifi ft! 
f IS N 4 

S » 4 ; 

S -ID I 
C -3 27 

F 1 ; i.-;;jrr&-y R 

F M 72.Las f*1n>s F 

F If n::j Locarno Fa 

r. [ 31 Gl.iinrca S 

C 14 iriMilauj I' 

K -I “at "i.ilta S 

■' 1 -. A|* Vnirnlii ij 

n .’I 70 R 

F Ifi iii Ml— F 

r: 11 .».•, t\ 

F in t; 

r. >s K 4 Salzhunj S 

F !3 iTuncu-r I' 
P 4 \n iToir-nl'- S 

t* liiTunis S 

to monetary union. 

The Ministers approved in 
principle the Community's plan 
to borrow up to lbo. European 
- units of account (more than 
£60flm.) on the capital markets 
lo lend on industrial, energy and 
:■ infra-structure projects. 

1 Mr. Healey said: “ Ministers 
will. warn a say in how the 



Left-Hand Scale* 

s ii K 4 ™° nt \ v ‘ s lent." even though the 
1 h m European Investment Bank will 
s : 'i 711 manage the loan. 

|j; ■] ?: It also emerged from to-da>'s 
f r. meeting that, apart front rhe 

ctation had gone further than ^ aggregate profits of blenders 
was justified on purely economic more than doubled between 1976 

13 _ ■■ and 1977.-: 

The U.S. currency touched new * , 

lows against the West German nim'viow 
D-Mark and the Swiss franc, and y,BW 

the central banks of both court The commission, which, notes 
tries intervened to limit the that tea may never be as' cheap, 
appreciation of their currencies, even relatively, as i£ was-before. 

The weakness of the dollar 1976, also seems to have takten 
was reflected in the gold market a dim view of "the way com- 
where. in moderate trading, the panies changed the -method of 
price reached its highest level calculating {nice increases for 
for nearly three years, closing the purposes of price controls, 
in London at S182J an ounce, a The blenders switched front 
ns * ®[® 3 ', . __ using historical cost accounting 

w itn New York markets ref r&placemtaH: cost~accoanting 
closed, trading tended to be thin when toe world price took off 
and the dollar ended in London early last year, 
at DM2.0265 against DM2.0817* Brooke Bond Oxo Said the com- 
on Friday, and reLI lo mission's suggestion that toe tea 
aw.Fra. 1.8185 compared with market was not truly competitive 

SvvYrs.l.SSGO. was puzzling. Its prices had 

*. Purchasing! Eeofi prhics Lj rtrited is".. 
almost certainTv.the cwly ; ,c^ah«ation. in. 
the world totally dedicated to helpi ng 
client companies increa^e profitafeility-v 
byjmproving diei^Tpurchasing afid-yf::J 
rriaterials man agementtechniqtif^s./ : l 

PEL services are V^jconipr^^tsiye. 
They include ^Co nsult^rky.SirylSSi.'^. 3 
Trai njng Seminars: . .trl^gjjseTrai ning'^; 
facilities. 4 ailof them ftilfv described-in 

masking. .Complete the 
: Have copies vyith yd • ?"-V. • 

'• !? y. wninr trench finance official. SI. toe former Dutch Finance Minis- S w.Frs. 1.8185 compared with market wasOot truly comuetitive 

S Jacques de la Rostcre. there is ter. has dropped out. M de la Sw.Frs.lJ6S60. was puzzling. Its prlwk had 

i- m s', no other EEC candidate tn Rosiere. with apparent U.S. back- The pound was largely on the never fully reflected the peak in 

s ir k: replace the present IMF tnanas- mg. seems certain to get the job. sidelines of the currency move* world tea prices and pointed oat 

f "ri rj; inc riirector. Dr. Johannes Wit- Michael BJanden writes: The nients. gaining 95 points against that since the commission eom- 
f '4 t» t^veen. who retire? this Aubum. dollar came under renewed the dollar at -Sl-0545 but with its pleted its report in December; 

M. dc la Rosierc's nnly poten- heavy pressure on the foreign trade-weighted index unchanged the world price had 
tial rival, Mr. Wim Duisenberg, exchange markets as Mr- Healey at 65 9. move up again.