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i •:j; v. -tC. ;r«j£4y.i.■_ •;... • 



- * *- . ' - 


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No. 27,492 


Wednesday February 22 1978 *ia P 



OOHlIWBffAt. WOCEfc Sc fa.J5: — RH - G1U * Fr.gj; PEMMA RK *r-3-5; FRANCE Fr.3.0: GERMANY DM2.0; ITALY L.5QQ-. NETHERLANDS flJ,Q; NORWAY K,3.S; PORTUGAL 




MANUFACTURERS a SUPPLIERS 
OF BUILDING £ CHEMICAL PRODUCTS 
FOR THE CONSTRUCTION INDUSTRY^ 


FEB INTERNATIONAL LTD 

Albany House. Swinton Hall Road, Swinlon, 

Manchester M27 IDT. Tel: 061 794 7411 




&tj»; SWIM Ptas.40; SWEDEN XrJJS; gWTOUMP Fr.LD; EIRE 15p 


EWS SUMMARY 


business 


Dollar 
recovers; 



• DOLLAR gained, ground in 
the . foreign exchange market 

«d Atherton, U.S. Assfat- £2* ?*?» 


etary of State, held two 


centra) banks. The Ten climbed 


& 

**<»*.. 


i at the start of a new t0 '.P«* the rate back. 

Sast £L**n£L? 5 - SIRRUNG lost 95 

„ peace shuttle. points to $L9450 an* Its trade- 

Iks took place against a weighted index feB to 65-7 
jgdg®' f335*)- -The dollar’s deprecla- 

?n ie Arab “” t - (i83 pcr 

nigbfs commando <*»*• •?* FrMay>. 

, at Lanwea airport in ^ 

EQUITIES attracted few 
■ Egypryesterday ordered the general lack oF 

wts in Cypruk to return mtcresf was seen in -official 
. mnediately.. President markings ofunder 5.0ft0 for the 
‘ u of Cyprus appealed to third successive trading day. The 
; Sadat to -work with FT ordinary index closed 3.4 

- restore the close .re- dowii at 454.6. 

i their countries had .- 

inti! lh,e airport battle. ^ G II/PS turned easier' in inier- 
... ig at a Kreinllo ba nquet office trade and falls of i were 
«tent Assad of Sym, Mr. recorded in places. The Govern- 

% £s&z*jz! 3 r- me * d " ed 

- -tiative as a damaging ® -24 “P at 74,97 * 

• to Israel and- called. • ’ ’ 

rn to the Geneva peace • GOLD fell Slf to S181J on 

. i. . improvement of die dollar, 

shington, Mr. Cyrus 
S Secretary of Stale, # PLATINUM prieesfell hack 
•' Congress that the slightly from their higher level 
atlon could cot accept 
Hal or total rejection 
-- to sell military aircraft 
Egypt and Saadi 
. sek. Pages 4 and 5 

3 may seek 
march ban . 

McNee, the Metropoli- 

• Commissioner.may call 
■yn the National Front 
ch is due to take place 
Issex. on Saturday. Sir 
* a local community 

- delegation; . that he 
e h!s.decision' within 
t Ilford. Mrs. Margaret 
Conservative Leader. - 
I though sh® had only 
*e times: an.fmwigriF 

- ad been vilified- add 

. -6 malicious attadee.; for Bout years tm 4hft£LondoB 
Jefends Tory, leader, market this ;«red$- moving 
. *; •’ to pyer 523S aa oun6t; Page 35 

;frian Hit^ • WALL STREEK'closed 3.3S 
Soviets » ^49JiL ,v&' 

' Callagfaan, "^sweri ng ■•.FINANCE Foi'. Industry has 

^ 1S? OI 5f latched, its -yfecond sterling 

e - Soviet.. Uawa of Eurobood lssujB-flf £l2xn. offering 

hSS-10 Per pr an 11 year final 
r of-the neuirop bomb Rrae 31 



GKN bid for 50% 
stake in Sachs 
blocked by court 

BY TERRY DODSWORTH and GUY HAWTIN 

GKN, Britain’s largest engineering group, suffered a severe blow to its ambi¬ 
tions of expanding into the West German automotive components market 
yesterday when the German Supreme Court rejected its DM220m. (£56m.) 
bid for 50 per cent, of the shares of the Sachs Group, of which it already owns 
just under a quarter. 

„ Tbe k^!? 5 * 011 ! i, l 5 re ®r 11 alread y bas a 25 per cent, bicycles and motors. In the 

, battie with the Federal stake in Sachs, bought for West German clutch market 
Cartel Office, which contended DMIJOm. (£28m.) in 1975. But Fichtel and Sachs, the Sachs trad- 
that Sachs dominant position in its second offer oF DM220m., tog subsidiary, was reckooed bv 
the German automative clutch which would have lifted its stake the Cartel Office tn have a 73 

rnnpbot wnuM ha in C.flk. rrc - ___- _ ....___ __ . . , .. 


Callaghan 
warns 
of threats 
to trade 

By Rupert Cornwell, Lobby Staff 

MR. JAMES CALLAGHAN yester¬ 
day warned that the West could 
face a wave of protectionism in 
the next few months, with the' 
greatest danger coming from the 
U.S. and France. 

Addressing a meeting on un¬ 
employment of the TUC-LabOur 
Party liaison committee. Mr. 
Callaghan expressed a deep fear 
over the increasingly gloomy 
economic outlook for .indus¬ 
trialised countries and the 
threat of a series of restrictive 
trade measures by leading 
nations. 

He spoke of tbe risk of U-S. 


Further fall 
in total of 
unemployed 

BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


GKN’V iDvolvemenrS^fram- * Sa£ * S * 0 75 PCr Cenl " Was the pe -- CenL ni3r K L ‘ r share, and the iac tion and said that he had been 
pany 


GKN successfully appealed 
against this view to the Berlin 
Court uf Appeal in 1976, and 
had its offer for Sachs cleared 
by the EEC under its competi¬ 
tion regulations. 

But these successes have now __ 

been superseded by the Supreme ecru. Mr. Heath refused last 

u? l . ,r i ts .h judgment, against night to comment on the 

which the .only appeal is to the 
Federal Minister of Economics. 

Last night. GKN indicated that 


IN Nuremborg BIr. Barry 
Heath, GKN chairman, can¬ 
celled a Press conference 
called for to-day at which the 
company clearly expected to 
be able to unveil its plans for 
Uie future of the German con- 


company is also very strong in)m consultaiion with President 
shock absorbers. [Carter. The two leaders are 

If the Supreme Court judg-! expected to hold a special meet 


court's decision. 


ment proves final, it could have 
a dampening effect upon the 
present trend towards larger 
European conglomerations with¬ 
in the automotive components 
sector. 

In the kite 1960s. several com¬ 
panies bought into the German 
components sector, notably ITT, 
which acquired Alfred Tevcs. a 


ii would consider an appeal after key to winning control of the hra ^f n,anu ^ciurpr which had 
studying the “full implications'’ German company. j* virtual monopoly on disc 

of the judgment, which also This would have given GKN an braKe systems, 
awarded costs against the British extremely strong position in the In this pi-riod, GKN made its 
company. West German motor industry, as first successful roray into the 

This may take several days, well as additional overseas markeL 
because the grounds for the de- interests through the Sachs sub- However GKN’s rebuff la the! 
ersicm were not issued yesterday, salaries In France. Canada and case of Sachs a famfly company 
and were said to be based on Brazil. Sder the t4n-oi of eS 3 and 

considerations other than those The idea was to move into a Gunther Sachs will cast douht 
which prompted the Cartel better position to sell to on the ab? if? of The iSSer SSm- 
offices appeal. Germany-s vehicle producers, who ponSit companies to iaS 

** '£* c **£. Iasi night, how- made about 42m. units last year further sizeable takeover bffis 
ever, thal GKN executives were against Britain’s l.7ra.. and to in Germany. Sachs, with a lum- 
dc-eplvdisappoinied by the rul- establish a stronger springboard over of E)MS?Hm (£210m ) and 
mg The company has invested into France, which made about profits of DM-tfin (film 1 in 
an enormous amount of time and 3.5in. vehicles in 1977. 1976 ; j s one of the few sizeable 

energy on the bid, which had ITie deal would also have private automotive components 
become one of the central parts given GKN access to Sachs’ tech- companies in West GeSnv 
of its strategy For maintaining oology in automotive clutches - . ve.i uennany. 

and .strengthening Us position in and shock absorbers, as well as •' U ‘ K back Pa S e 

the automotive market. its interests in motor-cycles. A surprise defeat Page 28 


due sa> oct wv m m m 
7 


; g BP to close Rotterdam 

f m f 

for two months 




industry lias 
as. poorly 



I’tirtW 


t as a _— — -— ... . . 

of . even - ; mor ® * it^ -B&'CON 

• JScSd . . . 

iniM. oiganised and inefficient by the 
Prtce Canmissioh. The Com mi s- 
' sl<ra. -g^HUe^upboldins the bacon 

£, f ^ - prod uc^rs profits as not being 

excessive, warns that they must 
security Loarerence, c jjapge_.their ways-or lose more 

.: sales to Danish Imports. Rack and 

ountry . : 

> widens U.K. steel users 

nain roads re-opencd j 
tures. rescuers 

rch the more isolated jJlU Iv9l 

S r^?i r rfSi| W t^! y •BRITISH steel-using industries 
- have protested to the EEC over 

hJin *Se Sects of the Davignon 

. help. sold. ‘Qw-pj a n to m-otect Community steel 
- say have to pay only indusiries, which asks_ stock- 

• \»rSL>« holders to sell steel on the basis 

ergency operations- of 0SC prices plus a margin. 

Baek Page. 

arrests 


.jintlng the killers.-of 
- wbb- ■ died in last 
. ter restaurant bomb- 
a further 13 people 
. Republican areas of 
^ and released eight 
. • ' ople who were held 
Castlereogh district 
T nebed a disaster 
i ; ■ viih £5,000; Feature, 


coal miners died in 
s explosion in Soviet 
Tass News Agency 

Lipton. 77, .Labour 
betb Central, .is in 
Hospital after col- 
me. 

id two Children bf'a 
il registrar killed in 
■ere awarded record 
137.500 for a widow’s 
tbe loss of her 
be High Court 

assured President 
does not intend to 
ualia in the dispute 
den. Page S 


• FERRANTI and Marconi- 
Elliott Avionic..Systems are to 
share in a multi-miJlion pound 
contract with other European 
companies to build the . strike 
version of the Tornado multi-role 
combat aircraft under licence 
from Texas .Instruments. Page 5 

• FORD expects its new engines 
factory at Bridgend, South Wales, 
to be in production by May or 
June neat yeaf-r-over a year 
ahead of schedule. Page G 

• LONDON TRANSPORT is to 
place part oF its latest double- 
-deck ■ bus "order with Meiro- 
Canunell Weymao and only part 
with LeylaniFs bus and truck 
division. Back'Page 

COMPANIES 

• SECURl.COR Group reports 
record pre-tax profits for the 
year to September 30 of £4-5m. 
(£3.4m.). Page 26 

• CADRUBY SCHWEPPES -is 
planning' expansion of its U S. 
.operatlmis though the acquisi¬ 
tion- of .the confectionery .manu¬ 
facturer Peter PauL Back Page. 


;ICE CHANGES YESTERDAY 


;o unless otherwise 
•iicated.) - * 


ings 


ces A..-. 
U 


90 

19} 

306 

64 

75 

21 


40 + 

.. 81 + 

oily) ... 128 + 
.TsL ...£32i + 

Jgoorlie 72 + 


3t 

21 

18 

5 
.7 
4 

4- 

5- 

6 
1 


.;64J--2f 


Barclays Bank ...;.310 

Berkeley Hambro ... 06 

Fashion. A GenL Tnv. 144 

Fodens .. 53 

Furness -Withy.278 

GEC .253 

Greatenhans A .185 —• 3 

Great Portland E5LS.U0S — 6 

Imp. Cont- Gaa-. 340 — 8 

MnrehweH ..234 — 6 

Reed .inti. .1Q& - 3 

Rockware -. 10S — 16 

Spiras-Sarco-- 258 - 

Stock Conversion- 
jWigfall (H.) 

Oil 'Exploration . 

Messina 
Middle .Wits 


242 t* 
224 - 
228 — 
. 78 - 
130 - 


4 

4 

4 

8 

-4 

10 



BY RAY DAFTER. ENERGY CORRESPONDENT 


BRITISH PETROLEUM is to be affected by the closure. . According to the EEC’s Energy 
close Its Rotterdam refinery, the The Rotterdam refinery has Commission, these closures ha 1 ' 
biggest m the group, for at least the capacity to handle 24m..reduced surplus capacity ui'-BOni 
two months because it feels it tonnes of crude oil a year— t.mncs a year The Commission, 
will be .cheaper to buy refined about 482,000 barrels a day. This though, wanks measures taken to 
p/oducts on the open market. represents about one 1 fifth of reduce this surplus even further 

The- move has been predpi- 10131 refining capacity. . 

fated .--by the serious surplus of . As with other operators. BP b..°“ e "fJ.-Wj® ,? S S U !5! 
capacity that is undermining the b f s ,^ a ruonln e refinenes rft ll ? f ^S er nn co ^^!?,, l8 !1 ?| P ^I 
profitability of tbe European oil at between two-thirds to three s,l i Je ban on financial aid for 
industry quarters of capacity in the past refinery construction or 

With product prices depressed, ■ irT? r n „ Q „„ 0 „. fti , 

BP believes that it can operate Vivirl rlpmnnctration . ™ Government, on 

more economicallv by buying v,vltl oeraOnSlratlOIl trade unions, and oil companies 
petrol, gas oil. chemical feed- It is understood that BP is are due to discuss the proposals 
stocks and other oil products not intending to increase pro: aT a tripartite meeting later this 
from other refiners in the Rot- duct exports from its three month. 

terdaxn area- British refineries in the Nether- The plans are likely to be 

Although BP has made no lands to make up the shortfalL opposed by the British.’ for the 

formal announcement, it has The Rotterdam closure plan Is industry is already proposing to 
told the 450 operating and main- the most vivid demonstration of spend over Elbn. on miprovinv 
tenance staff at Rotterdam that the European refiner y industry's refining facilities Mr Anthony 
the'plant will be closed at least problems. It is estimated that Wedgwood Beon, Energy Secre 
during April and May. The in the past year about 82m. lary. has said that according u 
group plans to use this period tonnes a year of capacity in the the trade unions manv of the 

to carry out an extended main- European Community has been 12.000 jobs in the British refinery 

tenance programme. It has either mothballed or closed for industry could be threatened b' 
told employees that jobs will not maintenance or alterations. the Brussels proposals. 

New Beaverbrook paper plan 


ing when the Prime Minister 
visits Washington for the Nalo 
summit in May. 

France could trigger tbe pro¬ 
cess. according to Mr. Callaghan, 
who seemed to be referring to 
possible consequences of a Left- 
wing Government taking office 
after the French General Elec¬ 
tion next month. 

He is understood to have 
insisted that Germany was un¬ 
likely to initiate any such 
measure. “But France could 
easily be ai the head of tbe 
queue.” he is said to have 
commented. 

These remarks follow a major 
speech to British exporters last 
week, when Mr. Callaghan said 
the world economic situation was 
too serious to seek scapegoats, 
and that the planned Bonn 
summit in July would be point¬ 
less without prior agreement. 

The Prime Minister did not 
hide his disillusion yesterday at 
the failure of previous similar 
meetings—the last of which was 
held in London in May—to pro¬ 
duce results to match their 
rhetoric 


! .ADULT UNEMPLOYMENT has 
fallen again, fur tbe fifth month 
running. Notified vacancies con¬ 
tinue to rise and are now at the 
highest level since March. 1975. 

But Whitehall officials are siill 
reluctant to claim that a turning- 
point has been reached. 

The Department of Employ¬ 
ment announced yesterday that 
the number nf adults, out of work 
in the U.K. fell by 10,200 in the 
month rn mid-January tn 1.41m.. 
seasonally adjusted. This is 
equivalent tc 5.9 per cent, of the 
workforce. 

Following revisions tn last 
month's figure?, a continuous 
declining trend since mid- 
September is now indicated, with 
a total drop nf 37.400. But this 
has offset only some of the large 


fiooq 


J.K. UNEMPLOYMENT 


hSQQ 


hDOD 


■000 | 
Total 

Unemployed 



V 

Wholly 
Unemployed 



INDUSTRY was suffering 
from a ehrtmic shortage of 
engineers. Mr. Roger King- 
don. vice-chairman oF Uie 
Process Plant Association, 
warned in London yesterday. 
Back Page. Meanwhile, in the 
Commons, Mrs. Thatcher and 
Mr. Callaghan clashed over 
the latest unemployment 
figures. Page 10. 


rise last summer and the unem¬ 
ployment total i S sail 77,600 as jss-Ajar-s? ^ 


The recent trend m unem¬ 
ployment and vacancies has been 
encouraging but the number uf 
employee* in work was falling 
in the autumn. The indicator 
uf activity provided by Hows on 
and off the register fell back 
in January against the trend of 
the previous few months. 

The position has been com¬ 
plicated by the Government's 
job creation measures, now tak¬ 
ing an estimated 240,000 off Uie 
register. 

The number of jobless school 
leavers is still declining and 03 
per cenL of those who left in 

in 

work, training or further educa¬ 
tion, almost exactly the same 
percentage as last year. 

The unadjusted unemployment 
m f fit; U.K., including 


higher than 12 months ago. 

The most encouraging indi¬ 
cator is the rise in notified 
vacancies These have gone up by 
6.700 to 1S7.UOO, seasonally ad¬ 
justed. in the last month, and ‘Ojal • 

have increased bv 32,300 since s c j in °l leavers, fell h> J9.bi0 to 
mid-September. lbe «* on,h tft mid ‘ 

These figures appear to sup- ^bruary. 
port I he guarded optimism uf Rupert Cornwell. Lull by staff 
Mr. Denis Healey, ibe Chan- adds: The Government doe* not 
F'lrhnr \tr tv™ u a ,i ol . . ccilor. who S3 id lust Friday that intend to promote thu shorter 
.aJrdinr m if liSJhJ!«ncraployniont might already working week and earlier retiit- 

have peaked. ment, as a long-term means of 

The cauiinus official response tackling unemployment, 
to yesterday'* figures is based oa This was inurie dear yesrenfriy 


Chancellor, in more cheerful 
vein, had told Ministers. MPs. 
and trade unionisls. that he had 
been “persuading, cajoling and 

hitting” oihc-i Common Ma.-kei 
countries to do more tn expand 
their economies. 

He urged Japan to correct us 
trade surplus with other coun¬ 
tries. implying the threat of mi 
port curbs against Japanese 


tbe- experience of., the 1976-77 hy'ifrT Albert Booth, the Eniploy- 

S r i Wl S P en L\ M 3 fa 'JP mem Secretary at u meeting of 
unemployment, which w-s fol- the TUC/Lubnur Party liaison 


lowed by a rise committee 

Tbe hope., now is that, if the L „ ,,.t« nu .i B /ioarf 
rale of economic growth can he t ”5 , n 
maintained above 3 per tretl 1 n hl ,h ri,re ction.s 


that (lie 

cen * U»*tl«A IK UHVLIIUII<< was likely 

' to continue, hut warned that this 


p u n • . . Jhi« war n clM-artilv rlortinino nn v'lminue. uui warned Luai mis 

goods not nnJv hv Britain. b “J, S,ld bp cnuld revive inflation by raising 

J "K ,y ^u rhe „ LEC \ ~ StiSr rl„nn" t97S industrial costs and damaging 

The Chancellor, who gave no: h rmiy eiunnshi.il during is/s. Br j. a ! n - S comoelitiveness 
clue of his Budget plan;, said! However, latest Treasury fore- 

that despite the hleh level i.flcasus suggest that the economy. The only long term solution 
unemployment more pennlei w ‘ u nm expand as. fast as this lay in ihe GovcrmnenVs indus- 
were in work than ever hefnre w, lhnur significant stimulus in trial strategy, coupled with h 
■ land that job vacancies .were a \' ,he Budget. This raicht adversely determinetl and co-ordinated 
Wvir-ir he«i I eve' for iHreV vpnr«; 1 effect the external current imernalional effort to promole 
' ~ - - account. faster expansion in the West, he 

The eunvenlional Treasury said, 
analyse says a sustained 3* per He favoured reducing “exces- 
cent annua! growth rare would slve overtime being worked in 
Hill leave unemployment at more some industries as a way of open- 
than lm. in IBSt. ■ • ing up more jobs, bur opposed 

The' latest economic indica- earlier reiirem^nt on the grounds 
mrs increase uncertainty about that ft would cut unemployment 
the relationship between output only at the cost of reducing pen- 
and" employment. sinns resources. 

Editorial comment. Page 16 9 Regional map. Page $ 


U.S. unions seek curbs. Page. 3 

F in .\’**w 

York 


- 

IVlinmn DJ 

I'n-v uio - 

—n»o 

i m.iitiii 

5 iimntli- 
1? •■■••larli- 

; >i.-4<to-*ir 

1 i»r r*.> 

I.te- *i- t«ir 
nn/.i'i -r. 

i-wl 

• ■ li-, 

!,« • •!* 


BY MAX WILKINSON 

BEAVERBROOK NEWSPAPERS 
confirmed yesterday that it was 
considering plans to launch a 
third London evening newspaper 
as, a- down-market sister to the 
Evening Standard. 

The move is planned as a 
direct, challenge tu Associated 
Newspapers’ Evening News, 
which recently changed its image 
to ^compete directly with the 
Standard for more affluent 
readers and advertising. 

iHr.- Charles Wintour, chairman 
Of:-'the. Evening Standard, con¬ 
firmed that plans were bding 
studied; but said they were at 
ao early stage and no decision 
haA been reached. 

However, Beaverbrook has 


already hired Mr. Peter 
Grtmsditch. deputy ' editor of 
Reveille, who is thought to be 
editor-designate if the new paper 
should get off the ground. 

Confirmation of tbe plans 
coincided with a new outbreak, 
of hostilities, between the Lon¬ 
don evenings, with a fierce 
attack on the News advertising 
policy by Mr. Wintour. He said 
some of his rival’s practices 
were “ tantamount tu bribery" 

His comments follow an 
uneasy truce since the early 
summer, when ihe News pub¬ 
lisher. Associated Newspapers, 
finally retreated from its 
amempt to buy ihe Standard. 

Associated bad hoped to kill off 


the Standard before opening a 
new campaign to capture London 
readership with a “middlebrow' 
evening paper modelled on tbe 
Daily Mail. 

As a second line of attack 
Associated converted the News 
to a tabloid and. moved imo tbe 
Standard's territory with an 
appeal tu mure prosperous 
readers 3nd to the advertising 
which serves them. 

Yesterday Mr Wintnur, in the 
Standard, accused Associated of 
breaking the accepted conven 
tiuns of commercial combaL 
He alleged that Associated had 
broken-new ground by offering 
advertisers diren inducements Id 
Continued on Back Page 


CONTENTS OF TO-DAY’S ISSUE 


European news .... 

American news .. 

Overseas news .. 5 

World-trade news .... 

Rome. news—sen ml -.. 

—labour .... 

—Parliament 


2& 3 

4 

... 5 

Technical page ... 
Management page 
Arts page . 

. 12 

.. 13. 

intL Companies .. 

Euromarkets . 

31-33 
... 32 

... 5 
8&K 

Leader page. 

.. 16 

..._26-2 !l 

Foreign Exchanges . 

... 34 

... 10 

Muling .. 

. 29 

U.K. stuck in ark cl .* 

... 26 


Growing: -competition ■ In 

accounting . IG 

Dreams of an irujh coo- 
. dominium ...25 


FEATURES 

Raymond Barre profile ... 3 
Problems facing SouUi 
African black business ... 30 

Israel’s stock market . 32 Qatar 


Italian bourse rally .32 

Fruit import taxes . 35 


FT SURVEY 


37-24 


Appafntmeua ......... 

Cnmwd.. 

EmpMAnwH GnMe 
FT-Acuurtto iMficos 

Content** 

- Letter* .^ 

Lex 

Lembxrd , 


7 

Mon and Matters „ 

U> 

Woaiher. . 

<D 

A turn Aliuninlmn « 

31 

M 

Momn MarRei ..... 

M 



British Oatygca 

29 

J5 

Saleronn 

stiarn Infnrautinta .. 

34 

INTERIM STATEMENTS 

Japan mu. Bank 

32 

36 

38-34 

Poier BrntlKThsod... 

28 

Line reft KUwnr .... 

27 

IS 

Sport - _. __ 

M 

Joseph Sucks — 

24 

- MacKntMM «f sent. 

24 

as 

Tr.-lay** E mints 

2S 



Sccortcor ... 

71 

40 

TV and Radio .. 

u 

ANNUAL STATEMENTS 



« 

U:tii IVonKs 

37 

ACE Machlnonr ... 

28 

Base Laiuflim Rains 

37 


For latest Share Index 'phone 01-246 $026 




contains 
the solution 

The Rockware Group has expanded dramatically, diverstlying ils interests »mo 
many areas of the packaging market 

The glass company m particular has developed from a small lanuly 
business to become Britain's leading glass manuiacturer supplying the 
requirements of around one third ol the UK market- 

When me lime came to relocate its .head office. Rockware Glass Lid 
considered possible areas all over ihe country The ideal location would ensure 
manufacturing services were within easy reach of ihe northern factor res. whilst the 
marketing and sales divisions could service customer requirements in the south, 
easily and effectively 

Northampton was the obvious choice,.fr*s central location and the 
provision of a wide range ol housing for sale and lot tent plus ail the facilities 
which can only be offered by a well established town, are ;usi some of Ihe many 
advantages Northampton can provide. There are substantial savings 10 be made too. 
Firms relocating from Central London can save up to 70% of their expenditure on 
rent and raies alone. 

For further details phone 0604 34734 or write to: 

L Austrn Crowe. Chief Estate Surveyor. 

Northampton Development Corporation. 

2-3 Market Square. Northampton NN1 2EN. 




. 8 * 




i 

f 


K 








































2 




IFO report favours Norway Turkey expects to resume IMF talks within twtj 

• Wins Oil BY METIN MUNIR 


BY ADRIAN DICKS 

THE WEST GERMAN Govern¬ 
ment ou^ijt lo be looking for 
ways in which lo lake further 
expansionary measures, and 
need not be too concerned at 
the possible impact on the price 
level, according to the latest 
analysis of the current situation 
by the IFO Economic Research 
Instiluk- of Munich. 

None the less, the Institute 
agrees with Ministers’ recent 
claims that there is very little 
ihar the authorities can now- do. 
over and above the series of 
stimulatory measures taken last 
year. 

All hough the IFO report does 
nut differ substantially in its 
conclusions from current West 
German official thinking, it does 
stress heavily that the further 
stimulatory measures being 
pressed upon Bonn by ulher 
countries are not so much un¬ 
desirable as impracticable. This 
is in contrast lo the West 
German Government's argument 
ihat it has done :*i least its fair 
share — if nut more—towards 
underpinning »he international 
economic situation. 

On the topic nf Bonn's interna¬ 
tional respnnsihilni?.-, the IFO 
writes that GcrmanyV own 
growth prospects can only he 


IN ew strikes in printing row 

BY OUR OWN CORRESPONDENT BONN'. Feb. lit. 

SCATTERED STOPPAGES were form of brief protest strikes in 
once again reported in the West several newspapers, and of a 
.. . . refusal bv >uine comp on tors to 

German newspaper industry to- w| , h<> ^ nf un Jdv ?., M . u , ; , enl 

day. as the printers union. 1 g- p] ace j ijv th^ eninioyers' fodera- 
Druck. and the employers each t j on $. The advertisement, which 
sought to step up pui t-hulouicul did appear in most newspapers 
pressure on the other. ' this morn in?, appealed to IG- 
So far. however, the IG-Druck Druck leader's not to take action 
leadership has not announced any which might threaten job* and 
concerted response to the pub- lead ihe employers to declare a 
Ushers’ refusal to lake up its lock-out 

offer of house negotiations on IG-Druck has answered this 
this year's wage claim and on witn a pamhplet catling on the 
the vexed i^suir of new printing publishers to “ put 1 an end to 
technology. polemics and to return to Uie 

To-day's stoppages took the negotiating tahle. 


BONN. Feb. 21. 

harmed if. as part of the effort 
to help other countries, it is 
forced to accept too high a rate 
uf import growth. 

Where the iFO analysis differs 
from current official thinking is 
in its acceptance of the desira¬ 
bility of taking fresh action to 
spur the modest growth expecta¬ 
tions for this year. " The demand 
for further Governmental action 
cannot he dismissed merely by 
the argument that a satisfactory, 
situation cannot he reached in 
one jump, but that the important 
consideration is that the tend- ; 
ency should bo in the right 
direction." the report says. 

" However, the possibilities for 
a stronger pump-priming action 
this year are shown by further 
examination to be extraordinarily 
limited . • - monetary policy lias 
beyond doubt reached the borders 
of" what g acceptable without 
endangering the goal of long¬ 
term stabilu:. The roum for 
manoeuvre in financial policy Js 
also extremely narrow, not only 
because the objective of con¬ 
solidating the public finances 
should nut be lost sight of. but 
also becau.se in the short term 
there is a lack, of concrete oppur 
lunitifs of '.\panding official nul¬ 
la vs significantly any further 
than planned." 


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By Kevin Done 

THE CONTRACT to build the 
second concrete platform for the 
, Slatfjord Field, the biggest oil 
1 field yet discovered in the North 
Sou. has been awarded to 
Norwegian Contractors. 

The platform, which is 
expected to cost some MKSOOni. 
f is scheduled for tow- 

• nut lo the Statfjord Field in the 
: Norwegian sector of the North 
i'Sea in 1981. 

| The ordc-r. which has been 
l delay'd for many months because 
i of doubts over the safety of the 
j design first proposed by the, 
iStatfjnrd group, will come as a 
j major bousi to the offshore con-! 
ist ruction industry in Norway- 
j Originally the Norwegian, 
; Petroleum Directorate wanted! 
i two platforms lo be built, one for 
(accommodation and one fori 

■ drilling and production. But late 1 
! last year it agreed to allow* the 

l crew’s quarters to be included 
: nn the single platform in view 
i of design changes made to 
, increase sa fety. 

| The Statfjord B platform will 
Jbe a four-legged concrete plat- 
i form of the Cundet-p design, with 
la production capacity of abouL 
j 150.000 barrels a day (equivalent 
to 7 to 5m. tonnes a year). The 
' concrete structure will be the 

■ biggest ever built in Norway. 

I Norwegian Contractors, which 
J will build the platform at its 
i "ut'd in Stavanger, has already 
1 built seven platforms for the 
! North Sea. including Statfjord 
; A. It currently has a workforce 
; nf si.mo 230 working on the C 
I platform for the Brent Field in 
the U.K. sector. But when work 
reaches a peak nn Statfjord R 
the workforce will build up to 
more than $00. 

j About 12 per cent, of the 
, Statfjord Field* estimated 
1 recoverable reserves of more 
than 3 lbn. harrels are located 

• in the U.K. sector of the North 
. Sea. and last week Dr. Dickson 
: Mabon. the Minister of Stale for 

Energy, visited Oslo m discuss 
. possible order* for the British 
(offshore industry. He was told 
: by Mr. Bjartniar Gjerde. the 
Norwegian Energy Minister, that 
’ U.K. companies would have a 
clear opportunity to bid in fan- 
competition with other con¬ 
tractors for module and other 
work on the B platform. 

Tbe Norwegians 3re still keep¬ 
ing an ooen mind on whether the 1 
third platform for the field will 
be made of concrete or steel., 
The field h expected to stari; 
initial production in the second 
half of 19i"-9. and will bring 3\ 
welcome, if belated, boost toi 
Norway's flagging economy. ! 

The Stafford group, for which i 
Mobil is the operator, comprises 1 
Statnil 44.4 per cent.. Mobil 13.3 
per cent.. Conoco Norway S.9 per j 
cent.. Esso 8.9 per cent. Shell! 
8.9 per cent. British National Oil 
Corporation 3.7 per cent.. Conoco 
North Sea 3.7 per cent. Gulf 3.7 
per cent.. Saga l.fi per cent. 
Amerada 0.9 per cent.. Amoco 
0.9 per cent, and Texas Eastern 
0.9 per cent 

Kekkonen calls for 
new coalition soon 

HELSINKI. Feb. 21. 
PRESIDENT Urho Kekkonen of 
Finland to-day asked the outgoisfe 
Prime Minister Mr. Kalevi Sorsa 
to try to form a new five-party 
coalition of the Center and Left 
within a week. 

The Social Democratic Premier 
met the President after all the 
five parties in his coalition, 
which has been working as a 
caretaker Cabinet since it 
resigned last week agreed that 
the five-party basis was still the 
best. 

Mr. Sorsa said that Mr. 
Kekkonen had asked him to 
ensure that the new Cabinet 
could take office on March 1, 
when the President is to start his 
fifth term in office. 

AP-DJ 


BY METIN MUNIR 

MR. SOLENT ECEVIT’S new 
Government will complete its 
programme of economic 
austerity measures and renew 
dialogue with the International 
Monetary Fund (IMF) within at 
: most a fortnight, a senior official 
told the Financial Time.' here 
I to-day. 

Both international banks and 
states which have large stakes 
! in Turkey have been impatiently 
1 waiting for Ankara to an 

agreement with the IMF to come 
forward to extricate Turkey 
from the gravest economic crisis 
in its history. They consider 
a Turkey-IMF agreement a pre- 


Butch plan 
for inflation 

By Charles Batchelor 


requisite for advancing new 
loans to Ankara.. 

The dialogues between Turkey 
and the DIF. initiated last 
autumn, had been suspended due 
lo the government change. On 
January 1. Mr. Ecevit replaced 
Mr. Suleyman Demirel’s coalition 
after defeating it at a vote of 
confidence in the National 
Assembly. 

The senior official said that 
the dialogue would, be resumed 
after Turkey completed its 
austerity programme. ’‘Within 
a Fortnight at most negotiations 
with the IMF wiii start,” be said. 
“All measures will have' been 
taken by then.” A letter of 


intent would be signed.. soon pdtt : programme^ l6 levels -reebm- 
afterurards - mended by the IMJf. : 

The new measures will include If the talks withlhe.IMF are 
a devaluation of the Turkish lira, saccessfal.-a 
well-informed . sources said, banks' itrthe U.S;, West Germany 
Economists argue that the rat^^s^tzeriand/wiil syndicateta 
should be between 20- and 30 .loan of $lbn. so that AJwsia can 
oer cent. "manage short-term debts totalling 

4mong other measures interesf 'jriSf under $2bn.. Tark^?-has 
rates will be raised to encourage,: defaulted on" more-than 
savings and bank loans tigthened.-of-these and has been unable to 
in order to flight inflation, the.pay far a.large portion. v£.rs 
official said. These measures will 1977 imports, estimated at sl.obn- 
supplemem the number of others Libyan Prime Minister Abdel 
that were unveiled peaceioeal Salarn JalToud' Is to.. start , an 
since the inceptioa of .the IMF unexpected two-day visit to 
dialogue. Most important among Turkey £o-asorrpw on-bis-way 
these have been tbe limitation of home ’ from his Moscow talks, 
budgetary spending and the Frit- Turkey and Libya agreed during 


• v > 21 - ’ 

k - ; viat '&3f ."leader 
tftdre than -two years ago to 
undertake-:.*" number of major 
economic projects which did not 
coi^Lo-fruition. .TjhflSey, accord- 
ring _fo : -dip^matic.tso?iiees, win 
attempt to '.revive-■- these. Bui 
more urgently. Turkey' will in 

■ to arrange easier .terms of -pay 
meat Tor-its crude pii ptu-chasej 
from -Libya; its. second biggesi 
supplier. Libya VrilL try. to_rallj 

■ Turkeys support for th e rejecuor 
of,. Egypt's recant ■; overtures u 
Israel - ; '' . 
•-Talks.will start at the tech 
nica^tevel^n-Aidtata temorm 
between Turkey* and the U5. or 

■ a' broad range of. topics. . *' " 1 


Higher investment Andreotti m West dr 

• TTirr^ deficit talks rejected 

111 JUlrfV^ iOlvLaSl . . By Dominfdi j. Coyle 


THE HAGUE, Feb. 21. 
HOLLAND will introduce a 
simplified Form of inflation 
relief this year in preparation 
for a complete system of infla¬ 
tion accounting. Providing 
Parliament approves the plan, 
it is fikely to take full effect 
in 1983. according lo a report 
released lo-day. 

The immediate impact of the 
introduction of inflation 
accounting will be to reduce 
company profits and the levels 
or tax relief house-buyers can 
claim on a mortgage. How¬ 
ever, in the longer term, the 
benefits will outweigh the dis¬ 
advantages and the serious dis¬ 
tortions caused by inflation on 
the tax system will be elimi¬ 
nated. the architect of the plan. 
Professor H. J. HofsLra said. 

Two immediate measures, 
reducing the Government's 
1978 tai income by Fls.l.lbn., 
will be introduced to lessen 
the impact of inflation. Finance 
Minister Dr. Frans Andriesseu 
>aid. Three per cent, of u com¬ 
pany's profit aud between 1 and 
I ~ per cent, of Us equity capi¬ 
tal will be exempt of tux. In 
the private sphere the first 
Fls.200 of income from interest 
on investments will be tax-free. 

The 350-page “ Hof.sLra 
Report," which was commis¬ 
sioned by Dr. Andriessen's pre¬ 
decessor Dr. Wim Duiseubcrg 
in 1975, recommends that 
measures which reduce the 
amount of tax to be paid can 
start this year while those 
which increase taxes may not 
begin before 1979. A total 
change-over period or about 
five years is foreseen. Infla¬ 
tion accounting is unlikely to 
reach the statute book before 
the second half of 1978 after 
consultations with employers, 
unions and other interested 
groups. 

Tbe basic aum of inflation 
accounting Is to remove 
increases in profits and in a 
company’s assets which are 
due solely to inflation. Since 
the turnover of a company's 
stocks is far quicker than that 
of machinery or property, the 
system has been constructed 
so as to only take account of 
‘‘.apparent ” profits in the year 
in which they are made. Assets 
funded by borrowed capital 
wili not be eligible for inflation 
correction. 

Income from shares will be 
liahle Tor tax as now but the 
value of a company's equity 
will be adjusted to take account 

or inflation. If the company, is 
liquidated, any payment to 
shareholders would qualify for 
tax exemption in so far as it 
was caused by inflation. 

Income from interest on 
investments would be made 
eligible for tax-exemption in 
relation to the level of infla¬ 
tion. At 2 per cent, .inflation. 
20 per cent, of interest income 
would be tax-exempt aud at 
between 6 and 8 per cent, in¬ 
flation, half of tbe income 
would be exempt of tax. 


BRUSSELS Feb ROME, Ffeft. 21, ■ lp ... .. ^ 

LEADING industrialists in the tendency should be maintained . prime Ifinister-designatei -THE -SOVIET ONION uhIjt 
'C ommon Market expect EEC in- or may even gather momentum ^/ h ^P auain to-dS -wiS - XlMted' as ' coraiSetSJ 

: St^auBd* 11 S^oer cen^ '‘SfSLffi! - ’ Auction ^ertsTf i^SKSSi 

igr^by aneSmated §*£?££ *£*&*„■ % re?™n 

'Sdav lhe EEL ComjIllsslon said * f ?L 01 ®, ways to'holdthe r enlarged public, Jerence.:. ronta'mtnr';,lW^ted 

: to-daj. of 1977 after slackening it i the ^ Kt or deficit in tfie current year proposals oithuman.rights; 

The Commission said that in-second and third quarters of last tQ a of' * Lj34,000bh.] . Th c 122-pise Western pro. 

‘vestment growth in money terms year, the report said. It added ^js^nA. r - T ' -- posaj wa? ‘Suppotidd [Uf afl 

! Should accelerate in Belgium, that the improvement was prop- Thi s u the upper Unlit said; -members ot Nato L exccp| 

: Ireland and Britain. It is likely ably due to a s tight upturn jb ™ accepStbte to the Intor- kFran^ whfcb t^Wed ife S 

to remain unenanged in West pnvate consumpttoo and to the , Monetary Fund fEMFLt version earlier tids x weeki 

Germany and France and should fact that the decline in demapd ^ibon-tb it is more than :> half as ...TJwxbie5SbYietd*rtegate,Mr 
slow down to the Netherlands for intermediate goods was raucb a g a ih as tite ceiling^^ forj-Yott V.orontsoy, speakJhg at a 
and Luxemoourg. arrested. 197S agreed with rihe Fund last - pleaary sesdoa' -rf^-the.-JS 

The basic iodusiries, mechani- review of the econoniic. April when. Italy.' negotiated a nation gathering, declared thai 
■cal and electrical engineering m tne t&G carnea oat £ Urt ber IMF drawinfi. - he was not. ey^>prepared tc 

, and the manufacturing industries “f . bjconomics and rinance . ^ bisis.of. unchanged , consider thie ^bcimieBf pw 

i are those in which the investment mimsterg at a meeting in. p^ ans t jj e deficit this year is set - seated l«4ay. . v -._ -’i 

i climate is most likely to show Brussels on Monday confirmed provisionally at some Xw32,000bn. Mr. VorontsovTsaid Tt xepre 

;an improvement, the Commission uie wide belief that me current i eav t ng gig, Andreotti to try to' seated an aftfliapt to"irevfselhi 

added. uptrend is nor strong enough for. secore a jr-party agreement-.on a. 1975-Helsinki'aeeprils bri East 

At national level the sectors the r‘S I ? unlt> to attain a tw- combination of spending «uts and.-| West detehte.^: which.con 

I expected to benefit most are the * 5 per cenL smwth rate new . taxation equivalent to samei ference h ’nvi(wjBf.^lt ahi 

(basic industries in France. . .. f5bn. Increases in botlr : direci amounted 'to:aq a 

Britain and Luxembourg, the The Ministers instructed the indirect' taxes -are^epvisaged. iaterfferenoc in [^reji^erna 

metai-produciog industry in Italy Lommission to draft proposes political difficulties''oifthe for- 'afiairs of Sfrriet'bloc cminirifs 
.and the Netherlands, mechanical f° r pushing the growth in the option of a .new .government “If’.we were to.laccefli thl 
and electrical engineering in EEC’s overaJl gross national have been set aside temporarily,, draft,: it ..would 7 L-imt' -fcaii 

Britain. Italy and Ireland, manu- product fGNP) about one per-; ao j by general, agreement question whal .' leak. 1 *..'JHee; 

factoring industries in Britain, centage point from currently between the mainT partial,- ini achieved so■farT’hesaftL.’'.. 

[West Germany and Ireland and expected 3.5 per cent, at real order in determine.; rnitiallyd; , The. conference,;dbe ; 'to «i 

'the extractive industries in Italy terms. These proposals are to whether there is a basis' for eo- by mirt.EVhrnary and nnw nit 
land Ireland. be ready for the next Ministerial, operation on the details of (an-- ping sat of time.has-remaihe 

On industrial production, the meeting on March 20. economic programme. sbdlefl .since''.its : -ISM 'sia'g 

Commission said that the upward Agencies • Apart from containing - -^ the opened on January ! 

public sector deficit this ^ar r It '.'Western auct - East«Ta : ^el( 

- •--is thought that, such ^'pro^ gates as well as’ the group -v 

gr~\ • m gramme would inctode 'gtiide- "nine, neutral-'-and- 

f ammiCCinn 5ITITI1*ITVPQ tines on incomes polices so that countries^ said "the cehteeiic 

V^vfllilllloOll/U CM-JJfMM. \F f V-O . ... Ltalian unit tvage cbets'“would n<6w appeared almost c^rhdn i 

be maintained Within the EEC end- with a short coododtr 
^ J __^ ^ ^ average,” according to - Siff. . document, contalmhR '■ lllt : 

rranpinark a^repmenrs Andreotti. ^-.mbre-usm kw-i 

la. uUV/llltil I\. uglLLlUVUiiJ The p r i me Minister-designate -meet again in Madrid In to 

wants the main ..opposition Vear&> '. - : “ 

BY MARGARET VAN HATTEM BRUSSELS, Feb.'SL- partias. but. particularly-} the j; The • West -; bas.t-.Insist e 


Commission approves 
trademark agreements 


BY MARGARET VAN HATTEM 


BRUSSELS, Feb.'SI;- 


THE EUROPEAN Commission permi^hle vf they 

Uusterity j. raeasures are; to . be that the’.35; countries shoal 


Fri'nmnptiHnn- \ences for nroducers of blfter , Helsttou’an«rc07itamuig tnro 

free tompemton. for G ° e f rl ™ r thejwrliamentary majqnty'.snp- -meaiares tb tmprove fnplemr 

The first case concerns an aggy 1 -f^ portiQft .tffe ^ey 

agreement between Henkel Dus- Trance., and -tf? 

seldorf and Unilever NV. Rotter- Clauses in the agreements ‘r/y? - 

dam. to use red and green let-hibit licencees from business |n 

tering respectively in their use competing products -and from side?tbeig:positfOn-and orealni- . 

of the Per 5 it trademark for pursuing active sales policies ably,'rid l\eto\the'- recbrafiiem&-'. j 

washing powder. outside their own countries. tions .bfjtheir^— 

Henicel. which owns the trade- p- ~ .. ■ ■ ■ ■■ ■■ j 1 . ' c -j. ■ ± *§ 7: V- 

mark in West Germany, the ■ • _ ^ ■ 

Benelux countries. Italy 'and fl '■&_ 

Denmark, and Unilever which . .‘W'fi JfW. - - ■ 0 

owns it in the U.K. and France, ^ ' > 


Henkel, which owns the trade¬ 
mark in 'Vest Germany, the 
Benelux countries. Italy and 
Denmark, and . Unilever which 
owns it in the U.K. and France, 
bad agreed in 19io to co-operate 
in preventing sale of their own 
products in each other's terri¬ 
tory. This was aimed specifically 
at preventing a flow of the 
cheaper British Persil into Ger¬ 
many. and of Belgian and 
Luxembourg Persil into France. 

But the Commission found 
that this form of geographical 
market-sharing violated rules on 
competition and opened proceed -1 
ings against the two companies.! 

The two have now agreed to a 
free flow throughout the Com-1 
munily of each other’s products.! 
on the grounds that the different 
colours will clarify for the con¬ 
sumer any differences between 
them. The commission has also 
dropped proceedings, saying that 
concerted marketing practices 
between different oroducers are, 


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'' Financial liases Wednesday February . 22 1973 


Spain’s overseas France, U.K 


discuss 

industrial 




iT7; **■ 
SWi 




may top $3.2bn. ation 

. * Hjf ATMJTtl ■ ITaW I 




u c c 


Ku 


N - .WELL need to raise 
Jen S3.2bn. - and S3.3bn. 
d this year, about half for 
1 iblic sector, Mr. Jose Ramon 
. ez de Rendueles, Secretary 
ate for Economic Pi arming 

v. told Reuter in an interview 
' will take. Spains long-term 
■ tal debt to between Sl4bn_ 
;i4L5bn., net of xepaymerUs^ 
: year-end, against S12-5bn. 
end of 1977— . 

'-tires to be published within 
iext. few days "will show 

tt 70,000 metalworkers 
' on strike in the northern 
□ of Asturias yesterday In 
vrt of demands' for a new 
act, writes Renter from 
to. Union's said about 90 
eat. of the region’s metal- 
ers Joined the strike. 

s current account balance 
■meats deficit narrowed to 
?n $23ba. and S2.4bn. in 
from in 1976. be 

The shortfall this year 
drop to around 51.5bn. 
de Rendueles said that in. 
at half of 1978 Spain, plans 
se between S300m. and 
on the Eurobond, Swiss, 
nd Yen markets, 
ajar reason for -this spread 
establish * Spain as a 
er‘ on these markets in 
to give it greater choice 
ure financing. 


•* ■£>& 

it a® 





". MLADRID,Feb- 21. 

Until new:- Spain has floated 
only onchond, in Japan, and has 
used syndicated Joans for most 
of its - foreign -fund.-raising. 

Mr. de Rendueles said Spain 
j's . likely to float its, first bond 
this year,' aronnd'May, in Japan. 
This will probably; -be for be¬ 
tween $6flih;' and. $70m., he 
added. - -■ 

■ He said' the country is in a 
good, position to raise money 
abroad 7 'and the' increased 
liquidity 'of the ‘International 
bond markets in -the • last year 
has made- theta 'attractive. 

** We think'we vrili be active 
in the international markets in 
the next few years' and we 
should establish -the name of 
the kingdom of Spain,” he said. 

The. Sp anis h stale rail com¬ 
pany RENFE is due to issue a 
bond in Japan within the next 
few weeks, Mr. 3e‘ Rendueles 
noted. 

In the; second half of 1978 
Spain will return. to : syndicated 
loans for part of - its inter¬ 
national finance,, he added, 
although he could not say how 
much it would require, _ 

. Other foreign finance could 
he in the form of export credits, 
bilateral arrangements with 
foreign governments and from 
the International;; Monetary 
Fund. The IMF. earlier this 
month approved a $175m. stand¬ 
by credit and a further S125m. 
to help boostSpam’s export 
programme: 


ing Olav visits Lisbon 


’IMMY BURNS 

3LAV of Norway- accom- 
by Mr. Knut Frydenlund, 
■reign Minister, arrived 
-day on a three-day offi- 
sit to consolidate the 
lies between bis country 
•rtugal. . 

ay was one of the first 
i European countries to 
1 firm commercial and 
links with Portugal 
g the military coup in 
5. 1974. and King Olav 
first Western European 
State to visit since then, 
has channelled consider- 
moraic aid to Portugal 
EFTA. contributing El 
_ to a common fund set 
pport small and medium 
iustrial projects. It has 
Iged SIOul. as part of a 


. . . , LISBON, Feb. 21. 

$750m. medium-term loan ex¬ 
pected to be .contributed by a 
consortium, of 14 industrialised 
countries, following: the conclu¬ 
sion of negotiations ‘ with the 
International Monetary Fund 
(IMF) next month. 

Norwegian aid to Portugal was 
particularly prominent following 
the arrival of nearly 750,000 re¬ 
fugees from the former Portu¬ 
guese colonies in Africa. Norway 
sent medical assistance and 
hundreds of prefabricated 
bouses. . •?-. ■’ 

At a time when European 
recognition and assistance is felt; 
by the Portuguese govfemmeut; 
to be a condition for the con¬ 
solidation of Portugal's fragile I 
democracy*. King Olay's jisit is! 
regarded here as mdrfc - tb an j 
mere protocol. ^ 1 


PARIS. Feb. 21. - 
UE.\SUR£S TO increase 
industrial co-operation between 
France and Britain—one of (he 
main, subjects pressed daring 
Anglo-French summit talks at 
Chequers before Christmas— 
were proposed here by Mr. 
Eric Varley, Industry Secretary, 
during talks with French 
Government and industry’ 
leaders. 

Mr. Varley received a posi¬ 
tive French reaction to the 
idea of an industrial con¬ 
ference. widening the scope of 
the work undertaken by the 
two . countries’ new Industrial 
Co-operation Committee, which 
held its first meeting in Paris 
yesterday. 

intensified collaboration in 
aircraft was discussed to-day in 
meetings with (he heads of 
SNECMA, the French aircraft 
engine manufacturer, and Aero¬ 
spatiale, the French manu¬ 
facturing partner of Concorde. 

Collaboration 

In an address lo the British 
Chamber or Commerce in 
Paris this evening, Mr. Varley 
emphasised that any future 
collaboration in (be field 
“must hare sound commercial 
prospects ”—a concern that 
has been cansing some heart¬ 
searching in the French 
Government in recent days, 
following technical and 
operating difficulties with 
Concorde. 

The two Industry Ministers 
were also understood to have 
discussed the proposed cross- 
Channel electricity cable and 
the dovetailing of the French 
and British computer indus¬ 
tries. 

The common problems of 
depressed industries in France 
and Britain—including steel, 
textiles, and shipbuilding— 
were also on Mr. Varley’s 
agenda, as were the topics 
studied in detail yesterday by 
the Industrial Co-operation 
Committee, especially machine 
tools, pulp and paper, and off¬ 
shore oil technology. 

Mr. Varley urged a build-up 
or French capital in vestment 
in Britain, which at around 
febSSm. was barely a third or 
Britain’s £460m. Investment in 
France. The British proposal 
tor a co-operation conference 
envisages an experimental 
first meeting organised in the 
UJL. possibly becoming a 
regular fixture between indus¬ 
trialists of the two countries. 
















M. Barre at a news conference: avuncular indulgence and reproachful politeness. 


RAYMOND BARRE 


The masterly man in the middle 


BY DAVID CURRY IN PARIS 


THERE ARE those people who 
sit on a ebair and those who sit 
in them. Raymond Barre. at 53 
years of age the first non-Gaitllist 
Prime Minisfar of France in the 
Fifth Republic, falls umiispuiably 
into the latter category. tie 
positively fills his chair. 

His shape certainly helps. “I 
aura square man in a round- 
body.’* he cheerfully remarks 
while explaining his more 
serious beliefs in the sound 
principles _of a firm currency, 
trade surplus and balanced 
budget. 

On television he fills the 
screen. He is a polished Per¬ 
former. Relaxed, speaking de¬ 
liberately. finger-wagging, infi¬ 
nitely reasonable, this former 
economics professor seems to he 
giving the whole nation a private 
tutorial. The questions of his 
interviewers, over-earnest and 
over-rapid, which they try to slip 
through the undulating cadences 
nf the Barre exposition, he treats 
with an avuncular indulgence 
and reproachful politeness. 

With a taste for the sort of 
l>a itemed tics that President 
Valery discard D’Estaing would 
not. permit on the premises, and 
frequently attesting his faith in' 
the fundamental good sense of 
the French citizen, Raymond 
Barre radiates solid reliability. 

Solid reliability is his election 
luotto. His posters, in mustard, 
yellow, proclaim *' Barre-confi- 
ance" (you can depend on 
Barret, and his symbol is a 


mighty tree superimposed on the 
map of France. 

For M. Eurre is fighting his 
own election campaign almost as 
a one-man party. He has refuse! 
reportedly to the great dis¬ 
pleasure of the Elysee to put 
himself at the head of the brittle 
and improvised alliance of the 
Centre radicals and republicans 
fighting the election as the Union 
for French Democracy, arguing 
that his constitutional role is 
above factional politics. Instead, 
he has insisted on supporting 
candidates who have invited his 
aid from whichever section of 
the • majority coalition - they 
belong. 

The Prime Minister's emer¬ 
gence as a political force is not 
sudden. The turning point 
probably came last spring when 
M. Barre decisively hettered the 
Socialist leader. M. Francois Mit¬ 
terrand. in a television debate 
in which the latter had been 
odds-on in win. Almost overnight, 
the political amateur gained 
weight- 

Before that, since his appoint¬ 
ment in August, 1976. 31. Barre 
had been the nut between the 
anvil of a President losing esteem 
but exercising all the concen¬ 
trated powers of that office, and 
the hammer of a Gaullist party 
on which be was dependent for 
his support but close to open 
revolt. M. Jacques Chirac, the 
man. he replaced as Prime Mini¬ 
ster, was sending the fiery cross 
throughout the countryside to 
ward jtcainst the imminence of 
a LeRjwing victory, and he made 


clear that he thought that M. 
Barre was no more than the 
governmental caretaker while the 
party politicians fought the elec¬ 
tion. 

. M. Barre's escape from the 
impotence of being a Prime Mini¬ 
ster without a party was due to 
two factors: first of all it was 



obvious that the only hope for 
an election victory lay in a 
visible improvement in France’s 
economic performance, and the 
management of this recovery was 
decisively in M. Barre's hands. 
Second, M. Barre bimsclf, while 
insisting at all times that he was 
a loyal servant of the President, 
kept discreetly clear of 3L 
Giscard d’Estaing’s schemes of 
political restructuring. 

One might add a third dement: 
he gained a personal reputation 
for straight talking and bhiotness 
which, as he emphasised that 
economic recovery would take a 
good three-years’ austerity, made 
him appear to be the one man in 
France who was not campaigning. 
And. of course, the break-up of 
the Union of the Left last Sep¬ 
tember suddenly made it seem 
that ail was still to play for. 


However, it is wise not to 
exaggerate M. Barre's authority. 
He is essentially still one-dimen¬ 
sional, identified in the public 
mind with an economic pro¬ 
gramme. And be is still a man 
without a coherent party follow¬ 
ing. The Centre parties, true, 
look to President Giscard 
(TEstaing as their chairman and 
to M. Barre as the works man¬ 
ager. but the Centre Jack.* either 
a coherent philosophy aud. still 
more, a coherent national organi¬ 
sation, and it would be a brave 
man who sacrificed his quasi- 
autonomy to put himself at the 
head of reserve troops. 

What of his future? The 
opinion polls still make it pos¬ 
sible that M. Barre wiU be one 
of the last Prime Ministers of 
the Fifth Republic, the Necker 
of the Ancient Regime. Even if 
the Government wins, it is by no 
means certain that M. Barre will 
be chosen by President Giscard 
d’Esiaing as the man to relaunch 
his advanced . liberal society, 
even if he does get a few more 
months to finish off the eco¬ 
nomic recovery programme. 

On the other hand, it is not 
unusual to hear the hope ex¬ 
pressed by those who despair of 
the indecisive manner of Presi¬ 
dent Giscard d'Estaing. and fear 
the abrasive ambition of M. 
Chirac that M. Barre might one 
day be President oT the 
Republic. 

Whether he would want to be 
remains uncertain. 


I Danish 
payments 
deficit 

! reduced 

Denmark's current balance-of- 
paymenis deficit, according to the 
official figures published' by the 
3 Bureau of Statistics, fell from 
' Kr.ll.5bn. (about Xl.OSbn.) in 
ft Wits to Kr.O.STbn. (about £900m.v 
* last year. Hilary Barnes writes 

r *“ from Copenhagen that this is well 
below the central bank's figure 
published last week based on 
registered payments to and from 
. abroad, which showed a deficit of 
Kr.12.4bn. , 

The official figure, covering 
movement of goods across fron¬ 
tiers. is in line \iith the Govern¬ 
ment’s forecast for the deficits. 
The final-quarter deficit was 
Kr.2.27bn.. compared with 

I Kr&5bn. in the third quarter and 
Kr2.9bn. in the final quarter of 
197G. 

i Venice newspaper 
bomb kills employee 

A time bomb exploded early 
yesterday in Venice outside aft 
office of the newspaper II Guzzet- 
tinn. killing a watchman, police 
said. Reuter reports that Sin. 
Franco Battagliarin, 4SI, was leav¬ 
ing the office when the bomb 
exploded by the front door. He 
caught the full blast of the bomb. 
An unidentified telephone caller 
o claimed that the outlawed neo- 
u Fascist group New Order was 
responsible. 


I Dissident arrested 

S-A member of the dissident 
j Ukrainian Helsinki Monitorin'- 
Group has been arrested and faces 
I up to two years in a labour camp. 
Nobel Peace Prize winner 
iAndrei Sakharov said in Moscow 
yesterday. Reuier reports that he 
.said that Mr. Pyotr Vins. the son 
of an imprisoned religious leader, 
] is the JSfh Helsinki activist 
j arrested or tried in about a yean 

j Space talks delayed 

A meeting of the European Space 
I Agency due to start in Paris 
yesterday to discus the agency's 
budget has been postponed for 
a week because nf a West Ger¬ 
man Cabinet reshuffle, agency 
I officials told Reuter. The meeting 
will now' take place next Tuesday 
and Wednesday after the West 
I German delegation has been 
i briefed by its new Research and 
Technology Minister. Herr Volker 

Ex-Nazi sentenced 

A Lithuanian who took part in 
the wartime killings of 1 OO.U 0 O 
1 people at a Mari extermination 
j camp has been sentenced to death 
by firing squad by the Lithuanian 
.Supreme Court. Reuter reports 
from Moscow. Witnesses said the 
accused. Vintsus Saussaitis. dis¬ 
played “particular zeal” during 
I mass shootings. 

I H«-WCIXL "Iiuls. puhliMuil dflilv r\.*pl Suii- 
I din and hulutevi. U S, uibscripii-'B Saw.ixJ 
Mir I'clBhii v.'*>""■ Mir m.nl> per annum, 

I second clast t*y\ute raid ai >•«»■ lort.. N.Y, 


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f 












Financial Times Wednesday Febraasy & : 








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%fe? 


- n 


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Coal companies ready t 
resume talks with union 


‘must be 


BV JOHN WYLES 

SOME SMALL shred of hope of a 
negotiated end to the protracted 
strike by coal miners in the U.S. 
remained I ate to-day after the 
employers declared that they 
were ready for a prompt resump¬ 
tion of talks with the United 
Mine Workers’ unioD. 

With the Carter administration 
warning that only a few days re¬ 
main before it must try io force 
a break in the deadlock, the 
Bituminous Coal Operator s 
Association (BCOA) affirmed its 
belief in free collective bargain¬ 
ing, but rejected suggestions 
that it should adopt as the basis 
for fresh talks an agreement 
reached at the end oF last week 
between the union and a non¬ 
member of the association, the 
Pittsburg and Midway Mining 
Company. 

This settlement has been 
approved by the union bargaining 
council l in contrast to its rejec¬ 
tion of the BCOA proposals on 
wages and other benefits) and its 
very existence puts increased 
pressure on the BCOA. At the 
least, the Pittsburg and Midway 
settlement underlines the diffi¬ 
culty which the coal employers 
will have in retaining their 
original proposals aimed at 
punishing unofficial strikers and 
raising productivity. 

The Labour Secretary. Mr. Ray 
Marshall, was meeting the two 


sides this evening and it is 
expected that negotiations will 
be resumed to-morrow. 

Bui BCOA companies, which 
have been subjected to strikes 
more often than has P and M, 
may be reluctant to make more 
concessions to the union, in spite 

THE DEFENCE Secretary, Mr. 
Harold Brown, has served 
notice that the U.S. intends to 
assure the production -of vital 
Middle East oil for itself and 
Us allies in Europe and Asia, 
Reuter reports from Washing¬ 
ton. Because of the import¬ 
ance of oil, the security of 
the Middle East could not be 
separated from that of the 
U.S. and its allies, he said. 

in his prepared address to 
the private group. Mr. Brawn 
noted that Japan Imported 80. 
Per cent of its oil from the 
Middle East 

of the heavy pressure they are 
likely to come under from the 
Carter Administration. 

However, yesterday it emerged 
that the U.S. labour movement 
would not oppose any attempt 
to end the 11-week strike which 
involved the Federal government 
taking over the mines or in¬ 
voking the Taft Hartley ■ Act. 
These are two of the options 


NEW YORK. Feb.. 21. 

being considered by President 
Carter. Qualified, approval for 
a radical attack on the deadlock 
came from Mr. George Meany, 
president of the American 
Federation of Labour-Congress 
of Industrial Organisations. 

With the strike threatening- tn 
faim lay-offs of more tuiion- 
m embers in the mid-west and 
■the -east, labour leaders are in¬ 
creasingly concerned to see an 
end to the stoppage. The latest 
indications are that the White 
House will hold off for a few 
more days before trying to force 
a return to work. 

Mr. Meany said that be would 
prefer to see the government 
seizing the mines and then lay¬ 
ing down " conditions that the 
miners can accept." Acknow¬ 
ledging that Mr. Carter could; 
order a return to work for 80: 
days under the Taft Hartley Act 
Mr. Meany recalled labour’s dis¬ 
like of this legislation. But Taft 
Hartley was " part of the taw i 
of the land.” I 

Over the last two days. Presi¬ 
dent Carter has been discussing 
bis options with Congressional 
leaders and none have expressed 
any enthusiasm for seizing the 
mines—a move which would 
require special legislation. 

Editorial Comment, page 16 


Atlantic oil drilling go-ahead 


BY OUR OWN CORRESPONDENT 


THE U.S. Supreme Court to-day- 
in effect gave the go-ahead for 
long-delayed drilling for oil and 
gas to start in large tracts off the 
Atlantic coast 

The court rejected appeals by 
citizens' groups and environ¬ 
mentalists from Delaware. New 
York and New Jersey who had. 
with some success, taken legal 
action to prevent exploitation of 
the 867.000-acre area of the sea 
bed known as the Baltimore 
Canyon. 


In a public auction in August, 
1976. the U.S. had sold for more 
than Slbn. leases to drill for oil 
off the Atlantic coast That sale 
bad only gone through after 
intense legal activity immedi¬ 
ately preceding it 
Last February, however, a U.S. 
district court judge ruled the 
lease sale null and void, largely 
because of deficiencies in the 
Environmental Impact Statement 
issued by the Government in con,-. 


WASHINGTON, Feb. 81. 

junction with the lease sale. But 
his ruling was subsequently over¬ 
turned by an appe als court, 
whose verdict was in turn taken 
to the Supreme Court . - 
The Carter Administration has 
supported the off-shore explora¬ 
tion, as has the oil industry, 
although, in acknowledgement of 
environmentalist arguments, it 
has promised to press for tighter 
safety procedures designed to 
minimise the risk of oil leaks 
before production starts. ' 


Stevens loses in court to union 


F/v untliATbitdiofCoLl 


maiayslan airtne system 

25-27. Si. George Si., 
Hanover Square, 

London WI. 

Tel: 01-629-5391/4. 


BY OUR OWN CORRESPONDENT 


THE U.S. CLOTHING and 
Textile Workers’ Union to-day 
scored one of its most important 
legal gains in the 13-year battle 
to organise workers employed by 
J. P. Stevens, the second largest 
textile manufacturer in the U.S. 

The boost for its campaign, 
called Operation Jericho within 
the union, came from the 
Supreme Court, which refused to 
hear ihe company’s appeal 
against a U.S. Court of Appeals 
ruling that Stevens had been in 
contempt of previous court 
decrees which ordered compli¬ 
ance with the labour laws. The 
Federal Court ot Appeals for the 
second circuit warned last 
October that the textile company 
would be fined S10G.000 for each 
violation of the law aDd S5.000 
for each day a violation 
continued. 

The main practical significance 
of the Supreme Court decision is 
that the second circuit court will 
issue, in a couple of weeks, a 


compliance order applying to all 
of the company's plants in North 
and South Carolina. This means 
that most of the company's 
manufacturing facilities will have 
to open their doors to union 
organisers, who will have the 
right to address meetings of 
employees in non-work places 
during non-working hours—in 
canteens at lunch-time, for. 
example. 

Gaining access to the -15.000 
Stevens employees has been , a 
major problem for the Clothing 
and Textile Workers’ Union, 
whose campaign, and Stevens’ 
resistance to it. has become a 
cause eelebre for labour and a 
symbol for Lbe efforts of the 
whole union movement to 
organise workers in southern 
industries. 

Once the compliance order has 
been issued. Stevens will he re¬ 
quired to give the union access 
to company bulletin boards, and 
to post a copy of the contempt 
order to all workers who have 


NEW YORK, Feh. 2L 

heen employed at its. Soutir 
Carolina plants since 1972. These 

letters will accompany a letter 
of explanation from the National 
Labour Relations Board which 
will carry Hie signatures of Com¬ 
pany officials and plant man¬ 
agers. - 

In the original Court of 
Appeals judgment in August, 
St evens was characterised by the 
court as a “most notorious:Taia- 
divisl” in the field of. labour 
law. The court agreed, with the 
plaintiffs- that violations - by 
Stevens of previou.fr court orders, 
had been “massive, cynical and 
flagrantly contemptuous,” and 
added: *ttere.is no need to add 
any adjectives to this, chorus.” 

In its-. recently=published 
annual report, the- company de¬ 
clared that should the Supreme 
Court, derision go. against it {as 
it has), then the - company's 
determination to comply with 
any subsequent ■ court order 
would be “absolute.” 


Chicago pollution plan in trouble 


BY JOHN LEECH 

A PROJECT to solve the water 
pollution and flood control prob¬ 
lems of Chicago, at a cost of 
57.3bn. and with a network of 
huge sewage tunnels, is going 
down the drain amid accusations 
of brihery, corruption and 
engineering overkill. 

The federal government is 
hoping to scupper the scheme by 
refusing to finance the second 
stage, without which the scheme 
would be virtually useless, 
despite the fact that it has 
agreed to finance 75 per cent, of 
the first phase. 

And to-day in Chicago, the 
Better Government Association 
watchdog over city spending, has 
called for a Congressional 
enquiry, after alleging that tbe 
main contracting companies have 
paid more than S150.000 into the 


political campaign coffers of the 
late mayor Richard Daley and 
the present mayor, Mr. Michael 
Bilandic. 

More than 5700m. has already 
been spent on the project, and 
a further Slbn. is needed to com¬ 
plete what is under construction. 

Tbe scheme, known as the 
Tunnel and Reservoir Plan 
(TARP) contract calls for 132 
miles of tunnels to be dug 200 
feet under The city to connect 52 
communities with three huge 
underground sewage treatment 
plants. It was conceived by the 
Chicago Metropolitan Michigan 
Commissioners as the answer to 
Rooding and pollution problems 
in sewer pipes which cannot 
cooe with Rood water after heavy 
rain. 

This particular grandiose 


CHICAGO. Feb. 23L” 

scheme was .born out of the 
Second City neurosis of 
Chicago. Now It is beginning 
to appear that, with only stage 
one completed, the city will end 
up with more, rather than less 
pollution problems. 

The Better Government Asso¬ 
ciation wants the scheme 
stopped before more money is 
wasted. It claims that the presi¬ 
dent of the city Sanitary Com¬ 
mission Mr. Nicholas Melas, is 
one of tile beneficiaries of the 
financial kick-backs, and that tbe 
commissioners have awarded for 
consultation work more than 
S70m..-worth of contracts which 
were not put mit to-tender. The 
beneficiaries of these include 
two former sanitary com mission 
officials and a former federal 
prosecutor. 


By. jurek Martin ’ 

WASHINGTON, Feb. 21. 
MR. CYRUS VANCE, the U5. 
Secretary of.. Statev. warned 
Congress to-day Vtiuft the 

- admiiti&rfttioB could .. accept 
neither partial nor fatal rejet. 
ttan^of Its plan to sell military 
aircraft to Israel,-Egypt and 
Saudi Arabia. 

Testifying before the Sense 
Internationa) Relations Com¬ 
mittee. Mr. Vance said that the 
proposed sales had to be, seen 
as a -package, and that Cod- 
grass should face up to the 
issue as presented ahei Vote on 
it ** up or down.* 1 

Partial rejection—that is, 

prohibiting sales to the Arab 
Stages while approving those (e 
Israel—would bfe J “unpccept- 
aide,” the Seeretary'said. Total 
rejection wonld be “very 
damaging/ * He added. “ our 
role as a trusted intermediary 
wonld suffer most if -the pack¬ 
age is turned down, -If. you try 
to take the package apart,.,. 
. yen wonld further distort, the 
.balance which currently exists 
in (he area?’ 

Nevertheless, it . was cleat 
from the questioning of Mr 
Vance that substantial epposi 
tftm to tbe proposed 1 arms sale; 
—of 60 F-15s to Saudi Arabia 
50 F-5Es to Egypt* and;.!! 
F-156 and 75 F-I6s to ferae!— 
exists on'. Caphol -Hill.-- -J 
majority of the members of thi 
Senate -Foreign -Refatibiis Com 
•mlttee has already indicate* 
opposition to -UwSatttti salt 
while-traditional supporters o 
Israel have made no bdnesvo 
their belief l hat thb US. short 

- not sbrnttianeonriy- sell t 
Israel less than it hadwaqte 
and supply ' to Atah . nation 
sophisticated new veapoan 
notably the F-15.- - 1 ' - v 

■ Other objections raised tf 
'day Were that Saudi"-Afabi 
might make available its F-l# 
to Egypt Id the event > 
.another war In the atea .(M 
SEenahem- Kegla, .4he ' teae 
Prime Minister, aUhdjULIb^iu 
a possibility fn a wee&end tef 
vision Interview here) and th: 
the announcement of, the spii 
came at a delicate time, for (f 
Middle East>peace fiegotiatioi 
and might therefore retsi 
them—a criticism to which E 
Henry Kissinger, the. form 
Secretary <6f State;' has ‘ alii* 
himself. 

’ Mr. Vance to-day argaed th 
the sales would give the thr 
countries concerned the se 
confidence to proceed In tl 
negotiations. He said that tl 
U.S. was not intending to p 
extra pressure on Israel. 
selling, arms lo the Arabs. 1 
stated., .mat Saudi Aral 
accepted, that it would not 
able to transfer its US. ar 
to . another!- country withi 
US, permission., 
r. In practice, either chamt 
[ of Congress has up to 50 da; 

|. from the day In which : t 
request covering theories v 
: formally submitted, to veto 
‘ -or .part nf them by musferi 
a simple majority. '. _ _ 

' AP : DJ. adds: Tbe Six 
‘ Department, citing: - Lib? 
support ' for ‘ internatioi 
! terrorism, said to-day that 
has rejected a Libyan requ 
for Spare parts for eight C-1 
transport aircraft. The Depa 
men! said that Lockheed 6 
craft has been told that It 
longer approves -the export 
-spareiiaits for the airerafLi 
the provision of on-site, ma 
\ tenanee by Lockheed ,'.te 
nlftians in Libya.- 

Salvadorean's arms 
appeal rejected - 

The ILS. Supreme Co 
yesterday refused to. hear, 
appeal by the former mfllt 
Chief of Staff in El Salva 
against his conviction and' 
year prison sentence, for-* 
ing to sell in the U-S;.i6, 
machine go ns destined for 
Salvadorean armed for 
Reuter reports from Wash 
ton. CoL - Manuel Alfq 
Rodriguez was. con-vletet£ 

taking., part ra - a , eftospv 

illegally to sell the guns 
1976.- The Supreme Court"! 
no. explanation for-refusing 
appeal. 


Threat to housing market) GNP growth slows doM 


BY STEWART FLEMING 

CONCERN about the threat of 
rising interest rales to the U.S. 
housing market seems likely to 
intensify as a result of the 
latest slow-down in deposits at 
major U.S. savings institutions. 

The U.S. League of Savings 
Associations reported sharply 
lower deposit growth in January 
and the National Association of 
Mutual Savings Banks reported 
■a net outflow. Tbe two associa¬ 
tions are responsible for financ¬ 
ing the bulk of home purchases. 

The savings associations re¬ 
ported a S2.9bn- deposit growth 
in January, some 40 per cent. 

helow last year’s figure in the 
same monlb and tbe lowest 
increase since January. 1970. in 
what is normally a strong month 
for savings. The savings banks 
evnerienced a net outflow of 
SaOm. compared with a $645m. 
growth in January. 1977. 

The adverse (rends in savings 
in recent months has caused con¬ 
cern about ihe future financing 
<it bouse purchases and about 
the buoyancy of the bousing 
market. Currently however most 
analysts argue that tbe saving 
institutions have enough cash to 
meet lending needs. 

A constant worry however is 
that the recent slowing oF sav¬ 
ings growth may in part reflect 
rising interest rates, particularly 
since November last year. These 


NEW YORK, Feb. 21. 

increased rates have made other 
forms of fixed interest invest¬ 
ment more attractive to the 
individual saver. 

Widespread forecasts of 
further increases in both short 
and long term interest rates in 
tbe money and bond markets are 
intensifying these fears. Some 
analysts suggest however that 
because of tbe signs of a slow¬ 
ing in savings the Federal 
Reserve at least will be reluctant- 
to move short rates higher 
through open market operations, 
particularly as money supply 
growth through February has 
been in line With its monetary 

targets. * ! 


Argentine lay-offs 

Half of the 120,000 textile workers 
in Argentina have been laid off 
because of huge stocks and falling 
sales, trades union sources told 
Reuter in Buenos Aires yester¬ 
day. Textile companies have been 
demanding .that the military 
Government reflate the economy 
and drop plans to slash import 
duties on textiles and other manu¬ 
factured goods, the sources said. 

U.S. COMPANY NEWS 

VS. car makers’ overseas talks; 
Lockheed outlook: Firestone 
Tire profit hit—Page 31 


BY JURE* MARTIN 

THE U.S. " Gross National 
Product (GNP) grew at a .real 
annual rate of only 4 per cent, 
in the final quarter of last year, 
according to revised figures 
issued to-day .by the Commerce 
Department- which had origin¬ 
ally estimated a 4.2 per cent 
advance. 

The . downward- revision 
resulted mainly from- ■■ the 
worsening U.S; balance o f, trad e, 
which was- in. deficits by $7j7bn.‘ 
in the final three months of 1977. 
Exports in the fourth quarter 


WASHINGTON. Feb. 1 

turned but tn . be S4Jbu.'7 
than had earlier beep qalcni 
The principal rea^on/^fm 
overall decline iff : grpwtfr "ii 
last three months remains,’ 
ever the much -flower 'rat 
’ Inventory accupmlation,; v 
dropped from. an annual t 
of over £23bn.' in . tbe 
quarter to ■. suit- 4 ffverr$6bi 
the fourth. • •.. 

The revised figures mean 
for'tbe year as a <vhpfe^hft 
.economy expau^cd 
pfer .cent Jprr 

in 1976.' ~ - ’ 

■ * • *' 5 * 


Room to let m spa^ce ^dtflfe - 

; washhjgi'oK' 

THE U.S. National Aeronautics Technical- ^AsSoriatesVso'f^ 
and Space Administration reserved space - for -1 1 
(NASA! is looking for manufac- meats wifh“Ij^f6t&ated. C 
tutors who want to test prijefue-. ment - for^ t ’ ‘linSPufaet 
tion technology iff space. -The materials- 
agency is - renting unoccupied - officialsbelieve, . 
crannies in the space, shuttle thab soft 
scheduled to start full operation to tfyj' 'intenseJiiltTa-Violet 
in. 1980. •/. ■. - ’. -of. the 

Prices go from ^SS.OOO per LB converted1iit<f a - 
cubic Foot up-to Slti.000 per 5 tfoffT.materiat, -.'The f-'ffwr 
cubic feet-on a five-day orbital nTHaate^ hdp»to ^lf its 
run. The spaca-agency expects nolocy to eheiazealvand'- pi 
its. projected fleet of four re- companies ^ - 
usable shuttles, similar to air- . Katy-Iriiusfrfes^of lllhJcri 
craft, to fly an average of 40 reserved space- on^tbe ^l 
missions annually for at least 12 ; wfh -fhe^d^a^ ttyiff^ife'l 
years, and roonrjs. likely to be "in - wriehti^ssaesa £&'§t 
available on many Of them. ■' ‘metal -alloy " r "-~ 

■In. California; International AP-T)= w ■ 
















Israeli body cuts S. African lints Canada takes steps against to supreme 

iV ourwKeiohstaff l An r Cmirf 


**1®*®**™*'® depa ^- °f Israeli ties with “the racist African company, and by Kooc 

rfederatio^h^fieided.1» Ovdim. the regime in South Africa.’' Mr. Chemicals, and Agan. a private 

* ■^\friwn P SSS^^in iSS J^ e El ! lich defended the commercial Israeli company. This produces 

■ ‘ investment comXmiL re,atJons . arguing that many herbicides in South Africa for 

'amnS companies it I^was taken-to. preserve the states publicly criticised South export. 

-.announced in Tel Aviv federatmna good..relaUoos with Africa while quietly doing Yesterday. Mr. Francis Je 

-■ Third world countries. In Jeru- business under the table. *»»■«*— h— »«-t>=- 


imports of low-price steel i :n,!ri 


tissue - r v TT 

hVrificid es^in^Sou th * S -\ fnca U for BY Y,CT0R MACKIE OTTAWA. Feb. 21. 82 ^SSu^Sf^l^SS. 

export. 0 “““ A * f ‘ visions, claims that the US. must 

Yesterday. Mr. Francis le Special measures are being Cl Use by the Deputy Minister, more quickly before the anti- j^oanesp irnnnrrs tr. *• 

Riche, the Managing Director of introduced by the Canadian C.ov- Customs and Excise Department dumping tribunal in Canada s jn; es - Dait ] bv , he 


OTTAWA, Feb. 21. 


-Ihr.7.1- .ThVnr T- — ~, T -+£:f r " -e .lT " MUU • ou»ic Bicci wuuiu ije icrnuiy suiy It Uiey uuuhuvu. uuui^nig dim uidLeriai mijuij vi uuiumic sieei. mauuianuren meat that the Janannsp nr-irficp 

v utJj ? 0ra P any ' IsCor - and Koor - toe did anything like that They are Mr. Guay said that the likelihood of such injury as a major assistance by recommend- of re b a rina .. siiaUPd 

iSefirf tr?n?mit^-Thm« V> ™ *” du * , ? lal bol(Un 8 company of making quite a lot of money. We Canadian Government believed result of dumping. ing a 56-inch low-pressure pipe modify lax on set? U ?ent for 

SerariU^vi *° have ^® one *“ the Histadrut. based in Eilat, have a number of joint projects toe mtroducUon of similar The evidence would be based for the SlObn. line to carry Alas- Soon amounted in an un f ur 

; S 10n direct South Afncaa invesunent This acts mainly as an agency and we have just signed one measures by the U.S. and the on data accumulated by the task kan gas to the southern U.S. The f.,hsidv The case is Oleine 

.“£!& JfL aels v ielation3 m J sr 5* , -‘ V . . for marketing South African more.'’ A spokesman for Iscor EEC could adversely affect the force. With regard to the dump- NEB rejected a request by pro- W atcheii with 

S S-^r5? ca ' ba ^. c ? me Prafes S r Shlora P Avineri. a steel in Israel. The second ven- said that any suggestion of Canadian steel industry by ing evidence the U.S. “trigger ject hackers for a smaller hp.-aucp ir p-iiic imn muLrinn 

A - -i? c SS“ s '' criticism, former Director-General of the ture is Agbro, which was set up Israeli withdrawal from their diverting foreign steel to the prices” and the EEC “basic diameter, high-pressure line a lso '.u- E ,.‘ np __ ni n „^ u ° n f 

days decisioa was ; taken Foreign MtotEtryi■'called on Mr. in 1976" and is owned 75 per joint venture would be “a com- Canadian market at dumped prices” appropriately adjusted which Canadian manufacturers re h a ri n </ V-iiu* AririjV tA- J 

a lOint session ftf the TT.rlieh fr» iuc-tlF.. tha «... _- . .. n *4»aa ...ill ...I--.-. l_ „ ,eu “ llll o ' UIUC rtUUCU I«1X On 


a joint ■ session" Of the Erlich to justify the reinforcing cent, by Sentxachem, a South piete surprise.’ 


r en continues to climb sharply 


OUR OWN CORRESPONDENT 

OWING ITS steep rise to'suspicion that the Bank or 
ndon pn Monday, the yen Japan may have resigned itself 
. d sharply higher against *° a slow upward movement 

ollaTon tote merSu^s ** £* ««*■*» dollar 

ovnh „ n „„ barrier has been;: breached 
foreign exchange (which happened at tbe end of 
t Persistent Inierven- last week). For the most part, 
y the Bank of Japan, how- however, the yen’s 'strength 
' pushed the rate gradually simply reflects the' - dollar’s 
’until it closed at-SI renewed weakness against 
: Y238J» (a rise of 0.70 m3 J 0T currencies. 

ndav’s closlne rate of Si • The heaT y suPP™* for toe 
B ■ ■ dollar in Tokyo eontrthtiled to 

’■ a general improvement, by the 

. highest point, touched currency yesterday.-.European 
the day’s, trailing (soon central banks also. Intervened, 
be markets opened).put but.on a much smaller scale 
n at 237.10 to the dollar, than the Japanese-authorities, 
-than the previous day's The German Bundesbank 

a rate but the highest bought at least $50m* and the 
'(noted on (be .Tokyo .. dollar rose to DM20435 from 
: for the past seven DM2.0265 on Monday. . 

The Bank of Japan Market sources_ suggested 
* an estimated $150m. that the Swiss authorities also 
J f the S550m. which Intervened, but the amount of 
d hands during (he day- - assistance was not disclosed, 
of the upward pressure The dollar improved ■ to 

' yen (in London as well Sv.Frs.l.Sl&5. 
yo) appeared to be due Sterling also lost ground 


TOKYO, Feb. 21. 


Ethiopians 
promise 
not to enter 
Somalia 

By Jurek Martin 

WASHINGTON. Feb. 21. 


prices. will be taken into account in the would have difficulty producing. cxpons ' 3 

In addition the measures could decision whether or not to Canadian Arms capable of Thp ;. 1( _ toin _ i nn( ,,i io 

restrict access for Canadian steel initiate an anti-dumping investi- rolling the low-pressure steel washin-inn rZ^ri rW 

into Canada's traditional mar- gation. pipe are the Steel Company of decision^ of ihe lower ranrf J 

kets in those areas. Discussions • An accelerated investigation Canada (Steelcoj in Hamilton, • zenith's atmeof frnnY ?hi- 

are being held with the U.S. and procedure. Ontario, and Interprovincial "JJlctSLt iilf now be hSrd £ 

the EEC with a view to minimis- Mr. Guay said this would result Steel and Pipe Corporation ^ s . ruorr U Qe rtl 

ing the impact of these schemes in cases being brought much (Ipscol of Itesina, Saskatchewan. Treasury officials have amied 

° n He ar added ^ hie ^ - lhe Zenith case which 

responsibility to ensure that any tf^|-P|*|T)€)f| ColpC fJOWIl tSf 11 /? AfS^^ariF^iv'ou'd^f 

major diversion of dumped steel VV . UtlllldU UUWll JiSScld. mean reiiucin. ihl 

livS?uniArfS* ."ntifiTJEr BY 0UR OWN CORRESPONDENT FRANKFURT, Feb. 21. negotiaGng Hexiblliiy uf the U.S. 
pveiy uneer t-anada s anti-dump- in t he current Multilateral Trade 

ing legislation where it is likely ORDERS bouked with West ing January amounted to Talks, risk “ retaliatorv nation 
i ^i UI ? 0US 10 the Germany's hard-hit steel industry 1,926.000 tonnes compared with From our trading pariner? ” and 

Officers So i-oon , lltlinri w fell back again last month. Book- ^ previaus month’s 1,970.000 raise prices for consumers. 

Officials have been authorised mgs declined by an overall 2.1 T mnMh . c _ 

10 carry OUl die fnllnwinr? n«r rant A mncciuD Hrnn in tOUQCj. l-ASt H3 OH til S u^UreS, 


W. German sales down 

BY OUR OWN CORRESPONDENT FRANKFURT, Feb. 21. 


a rate but (he highest 
(uoted on (be. Tokyo 
: for the past seven 
The Bank of Japan 
; an estimated 6150m. 
f the S550m. which 
d hands during (he day- 
of the upward pressure 
yen (in London as well 
yo) appeared to be due 


pan | I / wrv>m, - t jjj. A h.hn :. „ „ r . uui .iigiigc, in iui|juii me bLllUUlctLUI y CHCCIfi Ul » 

\T YE!V I fnr' lev ? te m3 - v bc identified at an increased orders from domestic Domestic bookings showed an p ril5 _ h f ., rri , vr , .. . Ia ™ 

/ AGMNST IJ,® Whlte House announced tn- eaE iy suige: and European Community custo- encouraging increase of S.5 per ,_? n r . P mji p0 ^ l?- 13 ’ 7 

aso / THE DOLLAR - ™y- . . . . • The establishment of a task mers. cent, to 1.24m. tonnes and this ri" 1 !. 1 V" / 

f I n J b ® s . e ' a P pBar . 10 b . e ^ c pr,ncl : foroe to analyse the import data The figures, issued by the West follows a 13.5 per cent, increase *£"*• ,«-» s f h ^H, u i t .h <>r .-'" 3 rn,'V 

^ rn l , .1 . 1 ° r '? e ^ r j w6 , nt and 10 coUet; l information on a German Iron and Steel Industry In orders in December. Order?,..li?,'.?™>■=* A-eftniMiftn J <%Sh 

300 1977 ’78 ^ lsS n D l? Addis conducted bj’ continuing basis concerning the Association, cover rolled steel Trom other EEC customers went '^^[^!, ureis A - 5JCIjl,0n - Jld 

.— Aa . r ° n ' deputy chief state of various Canadian steel finished products, but not semi- up 21.3 per cent, to 222.000 ihn per w„ n i,-i ■ h- i 

a-ainst the dollar The Bank of jV^nal Seeuritv Couucil, 3 ectors and with respect to finished products, hot-rolled tonnes, hut in spite of the J' 1 ,? rA, h, |'i 

England mav have prevented y , . ll ° briefed pr ^ ,de | , t Carter on foreign producers’ prices and broad strip or special steels, improvement they are still at a L r H ' ef * .hf.Tiiridi^Ft^r" rmm 
K;? d«n»e P 1 .V Si 10 W “ !hins,0 “ th,s mariwt sllualions: They .hewed .hat boehin SS dur- very- lew level. $£' !.” 'tl’kr.n.f'anWulS 

ri “ C . d Thc Announcement said the - V n n j lt?tl s J a , lCi fn,, « 1r> 

c \LnJt P .S Ethiopian assurances were per- A 1?T J_Ji „ •_ A. _1_ ^ 


mofl A 11* T lllACt TOzifll ClflAVltfl ! ’ “J® °° secret lhat th P.U.S- U.8. LABOUR leaders to-day The AFL-CIO council adopted ing procedures so that Treasury lU,U lU oe cauuuus 

I BJ^ll I II 1 i lllCvj VY EBB ^ B IC^l BIB y°” J D ^ s 5’. tlal . ( : d adopted a wide ranging portmun- a 15-point programme which Bfl d International Trade Cam- Japan’s External Economic 

XARR ■ V f JLHJL settleraent to the Ogajen dispute teau of demand* aimed at curb- includes a call for new “fair mission (lxc , investieations Affaiw Minister, Nolmhifco 

^f»r?ht« Sl I^nrtL^ d nrt5 10 ?{f» bolb lm POrt penetration of trade" legislation, a version of ™ , ai nilI itar,nous! v m nro Ushi,,a l,r 3 ed Japanese car 

i g\g\ • • A 1 XT Mi^nlrpcSSmdomestic economy and invest- which the AFL-C1CJ hopes to have 1akl8 pllare 81 “ultatiLOusly to pro- mBfcer>s vesterdav l0 exercise 

I ll lm o irnny in fllA I W SHS iT«itr & ?«* #£.£ ment by U.S. corporations abroad, drafred by the summer. Most of P° sals t0 c,ote loopholes which every discretion in sales to the 
‘UUIIls CL Ycdl ill iflfv fij lue f^rtiPrt o?iricllealleven?e Meetin? in BaI Harbour, the other points will be the allow U.S. companies to part United States and EEC- aspeci- 

J .•**"*■ Frhinnia hsAnmo m Florida, the executive council of subject of lobbying in Washing- manufacture goods in foreign, ally Britain. Reuter reports from 

•:* ' crSSillv on SwEt iSd Shan the ' Americi,D Federation of ton and in the country at large cheap-wage economies and then Tokyo 

-IARLES SMITH FAR EAST EDITOR : TOKYO Feb rt l assistance after the sSsocnsioS labour—Congress of Industrial with the aim of building up as to import them into the U.S. on Mr. Ushiha told 3le House of 

-IARLES. SMITH, FAR EAST EDITOR 1UKYU, »eo. .1. « a ™“' itare JSS Sales Organisations (AFUROl have much public support as possible, payment of tax on value added. Councillors’ foreign alTa.rs com- 

AIR LINES, the Japa- something of a backlog to make national traffic explains another while President Siad Barre of OP 1 ®* 1 for much tougher measures This is a change of tack by The AFL-CIO also wants to re- *! e C0ll,d no * T u,e “ U J 

onal flag carrier, expects up before JAL can go alljmt for strong pre-occupation of Mr. Somalia has not been receptive t0 P rotet,t domestic employment the Labour movement's supreme move the zero tariff provisions Jf nt i s, 7. im P 0 f7 restrictions but 

about S400m. per year further expansion of ivs- inter- Asada's—with the long-drawn out to U.S. encouragement that he a B arafit thc c-fYects or imports representative group, which last of the Trade act as they apply P e believed they would not be 

ug American aircraft national traffic. '$ negotiations on tbe revision of enter peace negotiations. 11x8,1 1,1050 turre ntiy contem- sought to win its trading goals to developing countries and tu invoked ir self-restraint on Uie 

i0 to 1985^ the airline’s The airline ordered two BC-lOs thc Japan-U.S. aviation agree- The U.S. mav thus see the Plated by the Carter Administra- in one legislative Bill lhat failed abolish the overseas private Japanese side succeeded. 

% Mr. Shizuo Asada, told in 1376 which, are due Fqr de- ment. Japan is seeking a funda- prospects of some thawing of lioQ - to pass the 1974-76 Congress, investment corporation which . , 

icial Times t£Hlay in-an livery this year and very recently mental revision of the agreement relationships with Ethiopia as a Although some of the policies Mr. Genree Meany. President of gives some measure of insurance rrance imports feSS 

-. announced orders for 'another which will give Japanese air- wav of putting pressure on called for have been part of thc the AFL-CIO. warned to-day th3t to U.S. corporations against s ]cs of new . f r<re s„ n cars i n 

nports (of DC-lOs and five wide-bodied aircraft, m be- lines (in effect JAL. which has Somalia to sue For peace. But AFL-CIOs programme for thc the U.S. was in danger of becom- expropriation of their overseas France last vear fell io * v > 15 nt-r 

17s) should make a sire-.delivered In 1979. From J9S{r f pn* a monopoly of international neither the White House nor tbe past three or four years, to-day's ing a service economy. “If all assets. Labour also wants curbs Mnt ,-, f ; h overali^imrkot 

: in iJgpanVtrade wards deliveries of DC-lOs and routes) a “rair" share of trans- State Department was prepared programme lays a new stress on of our manufacturing continues on Export Import Bank loans ...im r ., n , lhl> YP ., r 

h the U-S. .put vail 747s. will.be .running at; a level Pacific routes given that two- to divulge details of what Col. curbing imports from low wage to move overseas we are going to the Soviet Union, China and h p fnrf , 7^' P ., r jmn 'I., 

AL with an acute finance bf seveu.or eight aircraft a year. thirds of the passengers now Mengistu told Mr. Aaroo of the countries and on trying to pre- to be reduced to shining each South Africa and the develop- ciation’sald vexierdav 

rlem given that' U^. assuming financizig is r available, uspig those routes are Japanese, extent and purpose of the vent U.S. corporations from other’s shoe*.” he commented in mpnt of fair labour criteria ' ‘ 

ink loans are unlikely The only thing that eputd alter j^ Tm As a da accuses the U.S. of Soviet-Cuban ' assistance to taking advantage of cheap labour typically astringent style. which would possibly bar imports « * w , n 

ailable. In order to this purchasing schedule would perAstanlly raising “minor"! Ethiopia. by moving some of their opera- The 15 points range from a from countries employing ■* chi Id LJaHlSn Lailu-KOVers 

or interest ftrods to sup- be toe development by a U.S. air- issues in the talks as a means of _ _ (ions abroad. call for a change in anti- dump- or slave labour." Leyland International has won 

urchasesJAL is urging craft engine manufacturer of a evading discussion on the T-Trri/nf Qririiica/1 • ——-——- a contract io supply 1.000 Land- 

try of Transpwr to set new quiet engine vpimh could be Japanese demand for Parity. He f-'hJ aLLUacU _ _ _ , _ „ _ Rover? tn thc Danish Army. 

Sft I 9rSr r M t i4»ent wWMn“ “«iou,S’' «nsX” a brog«ins by Brezhnev IJfC Ttinbulft deal be mjrlh 

le using funds set aside preasiugly strict U.S. (and toe agreement if the U.S. does J ^ •M3l9 3Uill VO JL UI llilUU I ilUftll UVftll The contract, secured through 

■s shipping development Japanese) noisr regulatio.is. not revise its tactics when the Oil DC3-C6 DQiOVCS Leyland’* Danish distributors, 

is (but no l00 fer’ - - jal*s plans’ for a major ex- next session of the talks is held ^ BY MICHAEL DONNE, AEROSPACE CORRESPONDENT Dansk Oversnisk Motor Industry, 

ecause or toe curt tut- panston of it* fleet tie in neatly in mid-March. Abrogation would MOSCOW, Feb. 21. ■ is for diesel-engined military 


Y^£T^f, kEsCES AFL-CIO demands import curbs 

fell to 65.« from 65J. the revolutionary Government, to * 

^ C L* h0 J 0r biS BY JOHN WYLES NEW YORK, Feb. 21. 

• '■ part welcomed the message. * 


United Slates irom io 

£9.4m. Seles to toe Common¬ 
wealth accounted Tor f22.Sui„ up 
from £205m. 

Japan's car makers 
told to be cautious 


-tARLES SMITH, FAR EAST EDITOR 


TOKT’O, Feb. 21. 


(ions abroad. 


call for a change in anti- dump- or slave labour.’ 


U.K. shares Tornado radar deal 


BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


Leyland International has won 
a contract to supply 1.000 Land- 
Rover? to thc Danish Army, 
estimated to be worth at least 
£7m 

The contract, secured through 
Ley la nd's Danish distributors. 
Dansk Oversnisk Motor Industry, 
is for diesel-engined military 


■eceselon). „ with toe opening of Tokyo's new have the effect of setting a one i POIliri R re7 hnev the SoviPt FERRANTI AND Marconi-Elliott strike (IDSi version and the rest Germany, will make parrs of the balf-ton and 88 inch wheelbase 

also contemplating a international airport at Narita year deadline within which the p_ PB j fl( ,nt *H- a ,.k-Prt ihd Ramrim Avionic Systems of the U.K'..are the air-defence variant (ADY). radars. The other participants vehicles to specifications agreed 


| President, attacked tbe Eg.\ptian 


-sg s« "wsnjss Pr s- - ^Tss’js.is saai? TF 

nr n -™ p rZin= ?™r unds “ tho Europei " 

W v^of com- “SfS , p«tSd°ho" 'pJS&- A {?JaS resumo^o A r ^ d th3 „f Thc U.K. Wes. German and Tornado prototypes. eoSlo^he'^ S pri £ /wSh S?“S Ttf "i.'ISS 

' three-year rationalisa- e y e r that the fuel problem will dividend payments Ibis year after Israel, the Egyptian leadership Italian Governments have Under the contracts now Ferranti as sub-contractor io brand “ made in-Mexlco" T-25. 

ramme on whicii It kave’ been solved by around a three year suspension. The unilateralJy began to surrender ordered 809 Tornado aircraft, announced, sis companies, led design and build the transmitter i| was announced that further 

in 1075 after chalking igso after which Narita should airline finished paying off-Tnc one all-Arab position after about 544 of toe iaterdicter- by ABG-Telefunken of West and aerial-scanning mechanism, production cf thc ihc* 25- 


oi. loss in 1974 (tbe/be able to handle substantially accumulated 1974 losses during another. 

jrst international airi more traffic than Haneda. the first half oF the current fiscal “As a result, serious damage 


in that-year and the The costs involved in maintain- year and is expected w im«e an bas already been inflicted on Vr|Iyrj CPrilirAC VlpIrDTC f^STlinO 

VL’s history. During ing both establishments can beat, operating profit for the ye jr of struggle of the Arabs and YU«YU dCLUlCd V lLHvltb V/H1*1e 1 LOniittCf 

he plan a virtual fn^ze b=_n,e._ = h ? OeppihS hp ’ess ^ lnrrV nrdpr t,m« pppopt™ 


horsepower 

discontinued 


tractor will be 


1 on new orders with frequencies. 


-• that there is e now JAL's .need to boost its inrer- good. 

ytralia: no economic changes 


lorry order 


FINANCIAL TIMES REPORTER 


STOCKHOLM. Feb. 21. 


NETH RANDALL 


CANBERRA, Feb. 21. 


Ik. _,1.1 T U.TU V CUlliraCi SWo credits plea 

settlement." the Middle East or( J er 

FINANCIAL TIMES REPORTER owners ^swiclstions 0 '^ns 

Mr. Brerhnev, who earlier STOCKHOLM Feb ‘U VICKERS has completed neco- poration. results from close col- STJ 1 JaVn^Shipbm'l'dcr^ A«ocia- 

to-day discussed opposition to V oi VO is to soil 700 hoavv-dutv tiatiuns for a ilfim. contract for laboration over many months tt™ fur .. iw^vcar morainnum 

the Egyptian-Jsraeli talks with VOLVO is to se'l *(Wbea v >-duly or aerospace lest faci- between engineers of Vickers. “"oavniJiH .'rcvnlrtcredis 

President Assad, added: “Is it trucks to China through toe , ilies '' J C hiaa. A number of Rolls-Royce and China in estah- fm 

not time to stop toe unprin- Chinese national machinery an- separate rigs will be provided, lishing the specifications of the huildin? sh X " Reuter'' reooiis 

cipled politii,-al manoeuvres in port and export agency. some of which will simulate facilities to be supplied. r rom Tnkvo 1 

the Middle East and return No value has been disclosed operational conditions for test- Rolls-Royce will be working 
Lhc cause of settlement to thc and the company would nor ing various components of the with Vickers on the design and 


the Middle East and return N 
the cause of settlement to thc and 


ppattav r«vor«™0nt ™ent would continue to mve-toe wards curing unemployment and channel of the Geneva confer- comment on the price, but Rolls-Royce Spey engine being supply or tbe equipment, which 

. CRALIAN Goveroment ment WOUia continue io ijc ««: .»»« ua vui s r- Miw-” nnp miM Mtimalnc Thai thp maniifni'tiirprt in r.hina under will be di» iverpd mpIv in IflSf). 


French deficit down 


one source estimates that the manufactured in China under will be delivered early in 19S0. French exports of electronic 


jobs but will improve capacity signed between the design and gearboxes, servo-hydraulic sys- deficit or Frs.49m., down from a 
utilisation. projects division of Vickers en- terns, instrumentation and de- deficit of Frs.270m. in 197‘j. the 

It is Volvo’s first direct sale gineering group and lhe China tailed component manufacture industry federation said yester* 


National Technical Import Cor- >o aerospace standards. 


day. AP-DJ reports from Paris. 


Bridget Bloom 


CHINESE TRADE 


vustralian policy ana r V h ; It -Mr Fraser seems prepared to earlier this month. Agencies The order will not create more ror coniraci. w-nicn na» oecn me wippiy or speciansi urive*. riwuiHiu. ^ si'f ■* «*««» 

•st other OECD mem- . The speech ^as low^ but gJJlS hard-line approach to - jobs but will improve capacity signed between the de*i«n and gearboxes, servo-hydraulic sys- deficit or Frs.49m., down from a 

its .economic content confirmed Ptowenu! naru n c app ^ ^ utilisation. projects division or Vickers en- rems. instrumentation and de- deficit of Frs.270m. m 19<b. the 

. (.nntioues to oppose ^ general view expressed by r . ra Mects for inter- DTll^in COOl OB It is Volvo’s first direct sale gineering group and lhe China toiled component manufacture industry federation said y^stcr- 

iatoT^'cJes °betog ^eek's^S to SS Sch C-lfehlirV WmVP Nationa. Technical import Cor- ;o aerospace standards.-d ay. AP-DJ re p ms fr o mJPan^ 

most international |»5 ® r * 10 f ia ^ e CommQ mvca!to ^ the P ollc - v was b “® d ; „ ^ailSDUry UiOVe 

s'pee^io «e ^ads „ f ■■ *r — CHINESE TRADE 

: .the hew Australian eminent. opportunity to stress that Aus- BRITAIN is unlikely to approve _ 

to-day. the Govern- On that occasion, Mr. Fraser tralian policies were in the a suggestion for nationalists that 1 • • • _ A _1 • T| j_ AL 

it rejected “the notion W as saying that most of the major 0 f prevailing inter- it should appoint a neutral chair- 1^ AT\ iTl Wl JT y ft "■ ' DIOl 1 ) ’M’hBI ■BflmfflBHsir 

can be a trade-off industrial economies — and not- national thinking. The fact that man of the proposed interim H - IT 14 BBI M B I B 8 I i f m m t ll 8/8 11 B M M til 1 188 H p B. 

fiation and unempioy- a bly the United States — were h c is now prepared to plough on government in Salisbury. ^ 

wrong in switebins their witoout such an umbrella Tb c suggestion is from black ttV A «- DC ri*f respondent in hong uowr 

»rnor-General, Sir Zel- emphasis from_the lowering of largely reflects the security of nal i 0n aiist leaders negotiating BY A SPECIAL CORRESPONDENT IN HONG KONG 

•n said the Govern- inflation and .interest rates to- his political position. with Mr. Smith, the Rhodesian AN ECONOMIST for a major Last year, he says, the surplus Vietnam. Laos. Cambodia. Cuba, International Settlement esti- 

* __-■___—- - Premier, in Salisbury, on a so- American bank in Hong Kong was $53f>m. on exports of about Mongolia and North Korea — mated that China’s hard 

_ - _ll.J - r jkl Ohn 1 mnntde r. f o Kmit nth Ink litn mihlicn nn ritirrunriv knlrliflric till -ill uH ahrillt 


Peking’s import plan in 


BY A SPECIAL CORRESPONDENT IN HONG KONG 


>pes for Common 


... ‘ believes that to accede to such raising serious questions about Figures for 1977 trade arc still scrutinising the Communist strongest financial position in 

qD HOU5EGO , • - a request would be to confer tacit the country’s ability to begin us provisional, but toe surplus with Press Mr. Ranganatoan contends years. 

_-_ on m. It thn Ministerial meetlne of if not actual recognition on the long anticipated programme of non-Comtnunist countries is that his assesment of the value However, last year's Chinese 

GOVERNMENTS are individually, negotiated mur-rAiS «,«■» mnnih h-ivp proposed Salisbury settlement. capital equipment imports. estimated at a record S2bn„ with of this trade is more accurate gold sales in London and Zurn-h. 

resume negotiations moffity. agreements Tn* Q,iXl montii T tuve u js not clcar whe the«- the The economist Mr V. K. total trade for the year put at than those of the CIA. presumably made to raise hard 

oping nations by the of 77 are stiu ioo^g iow & become the central issues in tee pr0 p 0sa | f 0r a neutral chairman, Ranzahathan of the New York- just under S14bn. Mr. Ranganaihan's sober esti- currency, posed questions about 

jr ■ the autumn_ on a ™ d North-South dialogue. Western who. it is suggested, should be based Citibank, believes that in Mr. Ranganalhan explains the male of China's 1976 and 1977 the validity of this estimate. 

<i toe proposed (tom- iwns_ Lrom proouw. that governments are worried that ■ nominated by the Interim govern- 1876 3 nd 1977 China had an large discrepancy between his trade surpluses has obvious which Mr. Ranganaihan's mhmss- 

:o stabilise commodity o 0 .third too re Is little prospect of effec- ment but appointed by Britain, aggregate trade surplus of only estimates and those of the CIA implications for the country's ment may now be answering, 

ut toey are w»in. ‘ tiye negotiation on either front has been fully discussed during 8600m- Most other analysts, in- bv pointing to different cal- capital equipment acquisition in addition to the balance of 

ossuulity of a turuier WOI ‘“ “ 9 “ LU “" ■ have whUe ?* 0roup 77 a !?r the talks taking place in London eluding the U.S. Central Intel-culatious of transport and in- programme and may help to payments situation, several other 

:ni rtflisiTf-ai^hnekiash amnrenriv indicated to Mr. strapped to a plai.form of between _Dr. David Owen, the licence Agency place the surplus surancc costs. In line with Stan- explain why few major deals factors may be delaying the 

ng bMklaS app reptiy H 3 .. j- hostility t *®“t a °d s n whidi do not Foreign Secretary, and toe Rev. a t more than S3bo. dard IMF procedure and in- have been signed more than a beginning of China's imporr pro- 

occur from a fintner cor»—totnisn ine m sarily reflect the positions of the Ndabaningi Sithole. one of the These figures have been at the creased freight rates he adds 15 year after the Peking leadership gramme. Chinese Press reports 
rthat aS M? m Gan,ani h^ bMn *5* leaderS m 11,0 Salisbury Heart of predictions to.t China's per cent to the customs committed itself to^re-emering indicate that the leadership is 

1 Tivf'TATi ’secretary- regions to developing nation tone .°‘ “e demands has: been talks. _ .production-pnentated leadership clearance value of China’s the international market place, still coming to grips with the 

demands tor ti^Fnnd to bave^I.. by ./"^tontStates of Last night neither the Foreign has the hard currency to follow imports and subtracts 15 per nurin" the two vear*? in which chaotic 0CDnouli c conditions it 
thatthe a “reft” window for tending ***** Md . the Caribbean. Office nor Mr Sithole would com- through with Its plans to make cent from exports. The CIA cbianTchiuE^hJ InUxin- inherited from the so-called Gang 
»n fndustrialSd for : other measures of interest . .Thus officials-contrast the pro- mtnt .i 011 the talks, which are to foreign purchases a major part uses a sliding percentage scale, fl, 1( ,nrfrt C ^TJunSs fnSten Iririe of Four - and unttl Tb e account- 

nations (totTGroup to power SmmSdLty producers Bress .being made, in technical conclude this morning. How- 0 f the county’s ambitious based on the distance between noiirv the notion^ifnnortm^ in 2 « complete, the drafting of 

till wide ' • awt from buffer stocking. Such discussions with producer govern- ever, it is understood that the development scheme. China and the trading partner KS. Pfl comprehensive developmental 

Iteed nations arc in- ?S5«ioMvra*W depend*oa the toents like Malaysia or Indonesia t^ks covered the broad ground Mr. Ranganatban says that concerned. P la « s - import priori- 

huffop 5 stockinz Grnun of .77 accepting the on reaching a rubber agreement, of the negotiations m Salisbury. China’s total trade in 1976 was Another factor in differences r-« ties, will lie difficult. At the same 



W 












Financial Times Wednesday Febrnarjr 


HOME NEWS 



Oil groups 




BY RAY DAFTER, ENERGY CORRESPONDENT 


New Ford plant 
may open early 


Dunford 

cuts 


BY STUART ALEXANDER 



hit 600 


By Rhys David. 

Northern Correspondent 


FORD'S NEW engine plant at of engine for- medium-sized 
Bridgend. Wales — plans for saloon ears will be produced for 
NORTH SEA oil companies have will be given preferential treat- the Mobil Group's concession - which were announced only five use throughout Europe and pos*. 

handed back to tbe Government merit or whether the British 9/13 which cost £6.3m. The; months ago—is expected to start s:b.y in the L.5. 

1.374 square miles o f exploration National Oil Corporation will be group, which includes Amerada, limited production in May or Ford announced the move to. 

area allocated in 1971 siven the first option on the more Texas Eastern and British Gas. June next year — more than 12 Bridgend in September last year. 

rthP a tractive parts of the is now exploiting the Beryl Field! months earlier than originally The factory is to cost about 
J«nS,« 1 5^ t .S t I 0 Tn e e!fHiS Relinquished acreage. Found on the block. but there.expected. USOm., of which well m excess. 

DarS q of blocks auctioned for a Altogether. 2S blocks or pert are thought to he other oil Construction of the steel frame of £30 m. will be provided by. ABOUT 600 workers could be 

E£f of STmi-ma^comain oM blocks have been handed back, bearing structures in the buildings on the 180-acre site t^rnmentjranzs affected by the redundancies 

producing structures Several of Under the term, of the licences, concession. .should be completed by Novein- Jhe ate was ebosen m prefer. pIanned by ^ EUiottf 

the part blocks are likely to be companies are required to sur- Mobil sought special dispensa- ' her. although bad weather is enee to P 2?^nd Ireland Md''^ Sheffield feteetaaker within 
offered to the oil industry in render at least half the area lioQ from lbe Department nf'eausme delays at Pfesent. ZL ' n S,£ : th L Laarh o group - 

future rounds. originally comprised m the Energy but it has been forced' ’KS.tJJlSi" -trh Keen Mr Hrara Fordn-^" ' ^ COID ^ y announced last 

The oil industry is unsure individual licences. s _ to comply with the licence eon-: be installed immediately, 

whether original licence holders Among the blocks affected 


with between Mr. Henry Ford n. chair- [week thal talks with unions- oa 


CBI wants oil money 

to cut taxes 


BY JOHN ELLIOTT. INDUSTRIAL EDITOR 


is dKions P aad ‘reiinqu^"^^ 0 ^!recruitment of the tot workers ^Haghan 1r ‘tS' S prime M MinSw ^! p^lTredKIim^hld o^wlMern^^bfpb^dex^ Switdie4- 

hiock 9 /i3. - aaas a aT Wt *5 sspwff poor 

Shell and Esso, which P»«lI stead n>- to its target of 2.500 mg Bridgend was that manpower. No detaiIs Qf the roduetions 
£21.0om for block 211/21 — the during 1979 wmiid he a^ailaMe as a resiHt of beins sought hftve been released, 

most expensive concession in the j An the contracts for the redundancies at British. steel. but un ion representatives in 

experimental auction round .machinery have now been placed, plants in the area. The ».eel for .Sheffield said yesterday., they 

has been more fortunate. [ as j,ave most of the contracts for the enames would also oe close. believed that four company 

As the block was part of j ! the building. The plant is ex- at hand - plants would be affected, 

l.iieer licence area. Shell and.pected to produce more than Ford already has two other! The company is thought to 

Esso have been able to retain 500.000 engines a year when in plants in South Wales, both at; have indicated that it wants to 

full production, and to gener- Swansea. • close an SfMon electric arc inst¬ 

ate £t50m. a year in exports. The plant is expected to be in ling furnace, with the loss of-17; 


CBI leaders yesterday backed 
those Govern menl Ministers 
who want to use North Sea oil 
revenues to cut personal taxes 
rather than to boost selective 
Slate financial aid to industry 

During talks with Jlr. Denis 
Ilealc>, Chancellor. LBI leaders 
argued that the revenues 
should not he used to increase 
in real terms the total of Go> - 
ernment spending though there 
could he a fixed sum set aside 
for spending on alternative 
energy sources and energy con¬ 
servation. 

The CBI stressed that the 
cash should not he used Tor 
large-scale selective assistance 
for industrial Investment, an 
attitude in line with Whitehall 
thinking. particularly the 
Treasury and the Department 
of Industry. 


The CBI explained that by 
"large scale" it meant that, 
white it did not object to a 
*■ few hundred millions of 
pounds '* being spent by the 
Government, it was opposed to 
demands for £lbn. or more to 
he allocated to State interven¬ 
tion. 

Instead, it said there should 
be substantial cuts in personal 
taxation which would provide 
industry nllli the Incentive it 
needed to expand and become 
more efficient. 


211/21 intact by relinquishing 
blocks elsewhere in the North 
Sea. 

The Shell/Esso partnership is 
expected to esiloit the North 
Cormorant Field found in block 
211/21 3t a cost of around _ 
£500m. The reservoir is believed ; 
to have recoverable reserves of, 
around 500m. barrels. | 

Other blocks affected are 
15/26. which cost the Deminex 
Group £&3Sm.. and block 30/22. 
awarded to the Texas Eastern 
group after a bjd of 11 .52 m. 


Four versions of a new design full production by early 1980. 


More imported cars 
bought for company fleets f 


direct jobs, at its Brown Baylejr 
steelmaking subsidiary- 

Rolling mil! 

Losses of ancillary jobs, includ¬ 
ing maintenance men and 'lorry 
and crane drivers, are expected 
take tbe total considerably 
higher 

BY TERRY DODSWORTH, MOTOR INDUSTRY CORRESPONDENT I thought to be proposing the 

CAR IMPORTS are gaining an percentage of imported models: £j°i ure Sl !,t S n - i ^ T ^?,V ie ^ 

increasing stake in tbe company in the fleets may have doubled £*“' a ,, f °I 81 JJf d 
fleet market, which accounts for over the last four years." For S e Lan . e an€ 3 T* 1 ™* m * 


This, and mure stable Gov¬ 
ernment policies, less 
interference in trade and indus¬ 
try. and a steady growth of 
demand, would provide the 
greatest chance of bringing 
about the necessary investment 
it said. 


era- 

100 


Th«« tii-A hli-ii-Vc Hxvp heon neei maraeu waicn awuuuis «wi w»cr me usi mu, .*mu. V'„,»„kaw.i.Aw 

M^-^T , >“AT s 437 l i h I “ess sa, “ ; s& 

; ~ joy-h jf« h jo ii.V! This is the conclusion o: an importers' fleet sales, it says that! ominfe 

sta,c 48/13b. 4S/15. ‘4S/13 / W/19. 49/9. • ’ could be lost'because of cuts at 


"!«*« iLS'S.PSSS* 1 * AS50 ‘ ?*•«*: 1° 


a?/., and 53, K , cialion magazine Drive. sector, aoout aO.OOO cars a year.•.-J j and in 

Ten bocks have been wholly .u, t c m <» rhen imoorter,- are 1 ?lailL Dunford Hadfields ana in 

•uirrpnrfpreri- ‘tfs/i* ie/iT ?o/t 5 lr W* tbai European and oinee men .mportera are. 

39/17. ei -K7li6. U ^4V/1. 48/llb".■ Japanese manufacturers are mov- believed to have increased fleet, 

4S/24b. 49/6b. 49/13. 


Platform site bid rejected 


Bristow orders 
new helicopters 


4 says Dial European ana »»««* u»« :ni|Miii«a : office staff. 

_apanese manufacturers are mov- beiteved to have increased " eet ahT*ne world crisis in steel - is 
ing in on this sector so success- sales substantially. bein* blamed for the loss of 140 

fully that "it represents the big- ” A recent survey by the Motor jnbs % t the Danvers plant in 
zest threat yet to Britain s Big Schools Association revea.s a ^f eT borot»eh. near Doncaster.' of 
Four car producers." dramaDc revolution, with the \ T3t ' fona , Smokeless Fuels, a sub-; 

The magazine quotes the Datsun Sunny and Cherry replac-; 0 f the National Co^ 

Society of Motor Manufacturers ing the Ford Escort as the B Cl r, r i. 


and Traders view that “ overall schools’ most popular cboiee-"' 


BY RAY PERMAN, SCOTT15H CORRESPONDENT 

BRISTOW HELICOPTERS, the! 

THE GOVERNMENT took a step past three years has hit this sroup which services many of the 
towards limiting tbe number of side of the industry severely North Sea oil rigs, is spending 
oil platform construction sites McAlptnc's has put its yards at another i6m. on new helicopters, 
yesterday when it turned down Aryne Point on to a care and in addition to the £32./m. it speni 
an application by Mowlem Tay- maintenance basis and it is on new aircraft Iasi year, 
wood Offshore to extend plan- likely that the Howard-Doris The latest orders, announced; 
ning permission for a site at yard at Kishorn will have to yesterday by Mr. Alan Bristow.' 
Campbolltown Argyll. follow suit later Ibis year. chairman, are for two U S. 

The company—a joint venture 9 An ESOO.OOO rescue system for Sikorsky S-tilXs. bringing 
by John Mowlem and Taylor North Sea divers, developed by Bristow s fleet oi these aircraft H 
Woodrow Construction — has 1 n tern a Don a 1 Underwater 
never won an order for the site, tractors, of New York, was 


Growth of money supply 
‘probably exaggerated’ 


Throughput at the plant,- which 
; makes metallurgical coking coal, 
i has dropped by 30 per cent, skice 
; last summer because of declining 
, demand from steel producers.' 


BY MICHAEL BLANDEN 

GROWTH of the money case 


It has six weeks to decide duced yesterday in Aberdeen. Aerospatiale Pumas, bringing the 
whether to appeal against 
decision. 


Con- to 24 fthe biggest of ns kind in supply has probably been naflj- so-called corset controls over 
intrrL the world) and two French'serated in the latest official oanks. But interest rates 
!iJ5r Am-nsnaiiuip* Pumas, brmeins the ■ statistics, say the stockbrokers bank deposits, and by imp 


for re introduction of thei 
the 
on! 


... .... _ ...... . _ .. implica 

■»* •»« »"isss KnSffES.- their “ no “ o ' Iend ' ) 


Pensions 

deadline 

rush 


diver to be brought ashore by 


The Jack of orders Tor North helicopter while still under prea- increased requirements for ri; 
Sea concrete structures over the sure in a special chamber. support operations. 


The figures so far. they sug- Analysing tbe money supply 
gest. do not provide a strong statistics for mid>Januar? pub¬ 
lished last week, the brokers 


By Eric Short 
! FEARS OF a last-minute rush 


Abbey National 



Still a higher return 
on your capital 


Ever since they were first issued, 

Abbey National Bondshares have 
been highly recommended to the 
investor who can put money aside 
tor 2 or 3 years. 

The latest issue of 2-year and 3-year coupon for more 
Bondshares pay respectively 6.00% and details. 

6.50% annually. (The equivalent of 
9-09% and 9.85% when income tax is 
paid at the basic rate of 34%.) 

While these rates can vary they 
will always pay 0.5% more than the 
share account rate for two year bonds 

>d 

and 1.0% more for three year bonds. 

Making them an ideal investment 
opportunity. Yet they still offer die 
investor real Building Society security. 

These days that’s a very reassuring 
diing. 


The minimum investment is .f500, 
the maximum £ 15,000 (-630,000 for ! 
joint accounts). 

Call in at your Abbey 
branch or fill in the 



for the security you need today 


( To: Dept.BS,The Abbey N .uion.il Build i ng Society”I 
| Abbey House. Baker Street. London N Wl 6 XL 


NAME; 


ADDRESS: 


l ,im interested in learning more about Abbey National 
— Bondshares. Please send me details. 

J lam interested in the full range of savings schemes J 
^ - - - Abbey National offer. Please send me details. ► i i j 


by employers to contract out of 
the new state pension scheme 
„ . ... . , . .before the Marcb.23 deadline 

find it possible to explain ta turned out to be justified 

most of the sharp rise by special. Tbe occupational Pensions 
factors - ' Board has expressed Concern 

The sterling money stock on i that a large number of 
the wider definition OT31! employers have not submitted 
jumped by 2.3 per cent, in the i applications correctly to contract 
month to mid-Januarv. ;akinc : out. It has received about 7.200 
g r o-vth over the first nine; elections from employers, most 
month* of the year to an annua! coming this year, and has only 
rare of 14? per cent., veil above been able to issue, about 3.000 
the official target range of 9-13 ■ contracting-out certificates, 
per cent. 1 Employers are adding to the 

This. Green well says. was! d . ela V " ot submitting applies- 
tlearly excessive. It accepts! t ,nr,s ^ 10 th e proper manner, it 

soecial influences alreartv men-l^® 16 ^! .. . _. . 

tinned by the Bank of England! November, the Board, in 

- - 'anticipation of this problem, an- 


?nri when it published the 
3 cures. 

These include the income tax 
rebates, which the brokers esti¬ 
mate could account for about 
?4O0ai.: the large and “ mislead¬ 
ing" seasonal adjustments, par¬ 
ticularly in relation to sales of 
cih-edged stock: and external 
influences on the money stock. 

Greenwel! concludes that tbe 1 cedures. If employers have com- 
underlying rale of monetary!nleted all the necessary docu- 
srowth in the month to mid- ; mentation, then the application 
January was probablv not 110 contract out should he under 
excessive." the Board's emergency pro- 

On their own these figures did; ce SL ures : 


nounced emergency procedures 
to cope with the situation so that 
employers and their employees 
do not pay double pension con¬ 
tributions from April when the 
new State scheme comes into 
operation. 

The Board points out that all 
applications should now >be 
made under the emergency pm 


not warrant action by the autho¬ 
rities tr> increase the general 
level of interest rates. but suc’n 
action wilj definitely be needed 
if. in the coming months, the 
growth of the money supply does 
not drop into single figures." 

The February figures, for 
which the make-up day was last 
Wednesday, will be "crucial," 
possibly reflecting large window- 
dressing operations by the banks 
in case the corset is re-tmposed. 


But if the employer cannot 
comnlete documentation by the 
deadline, be should submit his 
application immediately under 
the scheme emergency pro¬ 
cedure. 

About 50 per cent, of applica¬ 
tions require further considera¬ 
tion either because the pension 
scheme rules have not been 
amended to conform with con¬ 
tracting-out legislative require¬ 
ments or because the election 


.notice procedures to employees 
UreenwelJ suggests that tbe-have not been complied with, 
window-dressing may not inflate- The Board is urging employers 
the sterling M3 as much as the : to cheek these two points before 
banks’ eligible liabilities. 1 submitting election forms. 



lowest for JO years 


oaeavcc SHIPPING CORRfSPtoNDENTl- 
BY IAN HARGREAVES. 5Hirn ..... 

, ‘ v^hniidine significant-deal was-.iie fHSrn. 

THE .. WORLD pgUsb on&r signed jb* : -British 

.order-book siood at ^ * Shipbuilders nt 'the jrnti -of- Jast 

leyel-tor. more tban lw yeara r . . 

fifo end of 1977. "ujyd’s 3 Souttt Korea, however, was. tire 

latest . returns most stic«ssfal r a^^fnrt*as-. 

Register of Shipbuilding- ing tbe^feagth of itsOrder.Ts»k 
Only ‘ South Korea by SSidOff grtas- 'tons against all 

its share io abs ,° t L u j : ® h S lhe odds.-last .year, gi<n&:.it a:3 

doting ; the year, aithougn Dotn pgr cent share.. of |he ^ojld’s 

the u.K. and Brazil 'W T ° ^ipbuildinR-buslnesS'. -... 
their ranking in end Of. the totel.world orders. Just 

at The - expense of Sweden anu over iojjj,- gross tons-.is-lor mJ . 

France. ■ tankers,'wbi<:lLjiow'ti^?5ligh^v 

' "Japan's share of world orners t,eh'md-halk carrieTS.-^s-the main/ 
continues to ^lide. tinder the or. activity. fet- ship- 

influence of 80 appreciating bunkers, -.v •• -- 

decision earlier in 




-r.-jf .v- J Tipcember General - eargty ships 

* the end for. $.4m: 'gross tons; giving -in 

Japanese yards accounted r ahn05l ... ev en-.-. Thr^-wiy: . -spHt 

JAek!- tons Srossaforders^ bet weeh :tbe ..mfchr Mn. -types.- 

tg^.per cent., compared ^ considering the muebty-gre^er 
^2m. or 32 per cent, a year involved in tankerj and 

£a 5J i6r ; nutqta riding or bulk vfissel biiilding> tffis fpvCs 

: .Total o rders rt JSSSm S the evidence of the extent to which; 
jinder conrtrurtton at the shlpowaers have switched, their 

end of last Sjn,’ attentions to the,general cargo. 

Sbp&s tons, comparedwitn oo.am. ....... -yr, 

OOM^at the end hf I078- . Container. tonnage'.'‘-cofiattiutes 

Lj® 1 * .• rep 5®Sif v droo Jnce 19 per cent, (li&ai. srdiaTo'ii*S.of 
Successive quarterly, drop since general cargo-order book.-;'- 

; JhKilgbest figure o.f^M^xx 1 - os l j gue fled gas' cartiefs- acia^ht' 
**?■- recorded “ ■J*!*®; for W-Mnhfes. repre™SS 
J^re than c r Pf,p d c 2?i* d ^2y about 61m.- > -cah^r metres, 

o^ers are schemed for deiiyety . Of this, rfinL r.cdhfe 

$y.;£be end of 1978- metres is being btuff in 

V, '' . , which, . retains its. lead- JB- thiv 

DSlportant market -•' ,i~- i" 

Japan, although its share is Tonnage .of ships; -Being r Su2t 
tiding rapidly, still leads the for registration <-other' gam 
world's shipyards comfortably, the -country-;. of; ; ; eonstrucHihr 
followed by the U.S_ which has shows a decrease -Of l-Rm,-.tocs 
it share of 10 per-cent or 3.6m. i© ton*.'wWch/ifju^t-ijVtr 
gross tons Brazil with 8 per cent, half the total world ^.tonnage 
or 2 9m. grt and the UJv with 6 uiider^construction: 
percent ( 2 . 2 m. gross tons). The' countries rirakmg ;aie 

■'The US. yards’- success inclndes largest'additions to. tfeeirv.'fkete 
the important factor of a single are tha U.S. <2Jm;.tonsl. Libem 
letter of intent from Mr. Ravi -(2.6m. tons),- the 
Tlkkoo for three 600JJ00 dwt tons),-Norway MAai. tonsV gid 
tankers; and for lhe. UJC. a Greece tons): ■ 

V '-N- •••*-' 

- -:—:-■ -5 v.. 

Coal tops reserves 
;of energysources^ 

- BY JOHN LLOYD- V;".- ’jX’iiP "- 

RECE?1T estimates on the of "coftl equivaleitt attd ’hafej; 
world’s energs resources show life of- only.30.year*. Oh th 
that reserves of coal greatly ex- -. optlfttetlc estimates;-» 
L’ecd those of any other primary serve?, total 440bn. tonnes e 
energy source. The one pbssi.We-coal equivalent- xecovfirable erte 
exception is uranium Which, 400/years. ' : ; - . " 

when used in breeder reactors, Natural- gas worid-wifie .i 
has an almost unlimited.life. - ;- estimated'to- have a- Jongtf-lif 
Coal reserves which . are —*56 yeaxx at the currenf-rat 
economically' recoverable.r ate of expforfabon of economical! 
thought to total 637bn. tonnes, recoverable reserves—believe 

and. at" the present rate of to ^totaf, $5bn. tonnes of. «j 
exploitation, will, last 235 ^ears. cftbMaleat. '. : V:-. - . 

Ul f imateJy, recoverable^ reserves > ?The report says, ttat, import* 
could total l.OOObn. tonnes. ex-viMrUrrat^a WtH tsnd td^be c 
plolta hie -..over 3T0 years. If a pen»ve b^ the -time transpo 
-much -.higher recovery.: rate-, is costa'have ..been added, and 
assumed, / reserves . are:..mu?b-substantia} parr of the resoorc 
larger-/;., ty-':' - :■•'•••;V shown might- npt;.be ertmom 

These! figures are based on the- cihtury.;;: - • • 
bulletin M Energy T^nds-^ pUb-^! -^ the figure , 

lished by- the Natfonaf Coal .e.xpecfed! to. move upwards • 
Board’s Cefltril. Planning Bnjt futnre -more. becomds-knw 

which has brought togetiier' a about "reserves. \ The .cost 
wober of estimates. ur»niimi : ;iis^a- relatiitelj Lsm: 

World . reserves.; of- ..oil.. are jwrt. iff- tie'total! costnode 
reckoned to total 130bh! tonnes pow«: V . 




Construction output 
down last year 

BY MICHAEL CASSELL, BUILDING CORRESPONDENT • ; " V 

THE VALUE of orders'won by. months, before. •*_ ! .• 

U.K. building concraclors .in tbe -r According to tbe. pepartme 
domestic market * during r 1977 the value of orders taken duri 
showed a 7 per cent -decline' tbe whole of the; last quartet, 
From tbe previous 12 4nontbs. : : . 1977. was 9 per^-cenL- higher;; 

Provisional figures from, the constant'price tennst tban-^hK 
Department of the Environment previous three- niontbs.- vj« 
show tbe 7 per. cent. fait, ; caJta ’vrere alsci' 4 per cent -np L on^ 
lated in constant - terms,-“®J'.3S I ?TteT'--of-lOTfr-A-.V;--:- ?/ 

against a. 6 per centy rise ln ; The .latest qbart&iy ^^ 
orders- recorded daringT97B. prtrside-.isnnie,'sientjer'-'^tid^ 
Actual construction output : in thai'la revival. in; -cbiiafruiiC 
1977 fell by about 10.’ per• cent.^icjivity ' i5 "takitut i 
The statistics show thA the r fprecists suggest-thaVaftnql,^ 
construcion sectors total "1977 pat in 1978 will sbow a^2-ty 
order-book was. In present price per.cent ri3e over lS77- vi 
lT7:44bn. againsr; ~a- further yincrease; -fe-fiOTW 
£7.14bn- in the preceeding 12 for ;pext year, Indteatio^ ava 
months. ■■ " ■ . - Improvement from iheCd*? 

In December, 1977, tbe Depart- longest recessions the-indiB 

ment says that the vahze of has bad-tnconfront 
orders taken on by contractors -, New orders" in-• tW 
reached, only £60Im. against bousing sector-tdurind'tfie^ 

£687m. m tbe previous month, three. months shown 

The figure was £100m. lower than 14 per' cent'riSe'jkTthe preri 
the monthly level achieved-three quarter!r-. , -crA£.-* J .‘ ,' r ;v 


® NEWS ANALYSIS—THE COST OF TEA ^ 

Market stewing over price 



BY JOHN EDWARDS AND ELINOR GOODMAN . 

WORLD TEA prices are now China is also an occasional seller dm.Mrn i n - -J/'• - ' .. '.*• ■- 

highly volatile compared with A main reason for the net 

the static markets of the 1960s volatility in prices is that lhe to tour 0i 

and early 1970s. growing^domestic consumption ij ^9 ^.,. 0 ... 

This was the expianation given tbe biggest producer, rhnniVbJ 

by a leading London market tea Jreatens to overshadow the 

trader for the furore created 6x °°* market. tea 

by the price Commission report J The Indian Government has 

demanding a substantial cut in decided to restrict exports of tea .London^- .. fctaptedfhy;^.. ^ 

U.K. retail tea prices. in the current financial year. The first cuts-in the shops came 

The uncommunicative London ending March 31 to 225m. kilos * Aagnst-whe- nthe Co-operative 
tea trade arques that thi-egs compared with exports last year Wholesale,.jSociety reduced - ftie 'r 
have changed from tbe days when of 240m. kilos. ' prJIjft of* its. oira'brand, tea :hy 

Britain dominated the world This quota has already been 5$p ?f. gnarter to: 25p.: The C9dp L 1 

marker and accounted for half of meL so the T — J “ -^ - ^ 

world consumption. expect no new 

Retail • prices In Britain re- end of May or 
mained unchanged for 15 years. 

resisting the impact of inflation - l^rffirvlcyvi 
and the devaluation of sterling. .V/lUlUalll 

But declining U.K. con sump- The “first flush’* of the new 



in Africa. 

Most tea is produced 
developing countries, notably 
India. Sri Lanka. Bangladesh, interests. 
Kenya. Uganda, Malawi and 
Mozambique. 

Indonesia has regained its posi 
lion as a leading exporter and 


.0 S3R.rSASVS 

S' S a iL5!l r few *** v-K. 

blenders ; came In - ^November mendA!-»»»' 


L _ 























/ 




iiilil Lancia times 

mm*** 


F^b'maiy 22 1978 


t for 

u... 1 Kuz^f „ 


By Margaret S«Td 


- ^ ^tuvi VAtVUJJLTC ; 

“■- Norman jone«,--aowdeputy 
-. E executive, is to become chief . • :" - * v-.. • 1 

-utiye of the LLOYDS BANK •_ "\a_ _ 

up Tjemirv 

■es on September 30. ■ A-f VpUlJ 

- „ ' v PiP^ who will remain a " » * .. 

; iffispQEgs: s:.: chairman 

Being promoted from chief TTM.Tr* ■■ 

:- - - raj manager to steer ■- the .**•' - ■ •■■ 

■■■:■■''.3^3sartaar- for Stock 

- - Jones was appointed to.fbe " ■■'- - •' 

. - ini*SS : Exchange 

- • - r kjr Margaret H«id ~ . 

' Jor‘S°^S!Sit 2 U b »d. *“■ ^ ^ part - 

a director- of Lloyds Batik 25L *" stockbroking 

r wnia and of the National .*? °f Member and Boyle, is 
’* of New Zealand-''' to become one of the London 

.*. £t*>ck Exchange’s deputy- 

r _ - •-:••■’ ■ muimmi in June. . He will 

.•'jS *™® 1 TotterdeO has succeed Mx. John Powell, 63. 

^TvPmnM^rdj'SE who Was elected in 1976 for 
J S?N HOLT AND two years. ' r 
CIATEs with special respon* 

y for safety training Mr ' 3xe cban *e win continue the 
^eil was previously group’ n * l “l'T)r*etiee of baring one 
intending safety officer for Broker and one jobber as 
• Laing and Son. depnty-ch airmen. Mr. John 

+ -Robertson, 43, a'partner in 

Anrintu- w-i v jobbers Wedd Dnrlacber 

-e A «"£r, *’?* in 

ERSITY OP WARWICK, at „* _ • 

id of this* month. He comes ‘ Robertsonis expected to 
jrwick from London, where continne for a further year so 
w w® Post of drama officer - Urat he will serve for the usual 
Council, organising three years before becoming 
and dance tours overseas. W’edifs senior partner in sue- 
, . * ?.cession to Mr. Dick Wilkins in 

v *. B*n Murray has been 1979 . ' ih 

itGd as Lambeth's director m \k ■ _ 

ismg and property services. ¥Z‘ 1 'f| s ? en » 47 » h * 8 P 1 ®^ * 
array is at present housing snhstantlal part already in the 
--- far the London Borough Government of the Stock 

igton and wafl be taking up Ex cha ng e. He was elected to 
st in May. . x - the council in 1973 and is viee- I 

h. _ * ' - chairman of the quotations and 

lan iff. Qubb. managing the information and-commanl- 
»r of Thomson North Sea, cations co mmi t tees; ; 

. he executive Board of THE » ■ • , •' • 

SON ORGANISATION on r»nf also serves com- 

L Mr. Alastalr Duunelt is 5“£« the 

.. . i the executive Board but uri ?f s evidence to the 

.• ontlnue as chairman of ” ,te0B Committee on Financial 

on North Sea and the other ' *"*“ti*tions and is the 
.. oil companies. .Exchange's representative of 

S. G. Hedgecock vacates the - c * a ® a ® on Accounting Steer- 

— nent as managing director * n K Group, often known as the 

• mson Yellow Pages for an .Morpeth Committee. 

til 1 t/ ifv |,t®nt within the organisa- *--- 

rij ) 11 Jlated to future develop- 

M1 * vy.„He is a member of the ^ 

r ve Board of The Thomson of AIR JAMAICA. Mr. 

ialion, Mr. R.-L Eyres, sales *«b$nww succeeds president 
(S - tar.f is appointed managing Mr. G. G. Machado, who remains 
I*niMU\ \ r of Thomsorr Yellow w th the airlme m a consultative 
\ 11V ! ^» ' Mr. W. - C GbUimc is untiI September. Mr. 

—» Jn * Richardson, who- : joined Air 

5. Ham III will be respon- J 1? jUc ? in Mj W 1977 . had been 

r a newly-created services E?!S nSSSTO ca ^ 5erviccs - 
of The Thomson Organi- for A^ Canada since 1974. 

which will be - concerned ■* • 

he groups interfests in - Mr. Keith Rhys^ones. general 

y and wflj develop eertata manager of Spe SftSSon ? 5 
lly related services. Mr. Glenrothes' factory, ws been 
!S a memberof the execu- appointed chairman of the 
oard of The Thomson PHENOLIC FOAM MANUFAC- 
atlon - T1 „ J TORERS’ ASSOCIATION.. Mr. 

•ryan Llewellyn ^viJL iand BfU Relph,-managing director of 
the chairmanship of Plaschem, becomes deputy- 
oi Travel, to Mr. John chairman, and Hr. Allan Barnett, 

• who becomes chairman of Lankro Chemicals, contifiues as 
anaging- director. Mr. secretary to the Association 

yn is managing director " • v 

ef executive of Thomson ‘ Mr.T. A. Thorpe has jbinfa- tbe 
ions and both- be and Mr. Board of F. W. THORPE, iv' 

• are members * of-’ the ■ 

e Board of The Thomson'- -Mr. George E Holmes has been 
ttion. ' . • ; appointed •' director r?.of the ,1 

■ * ' NATIONAL DAIRY COUNCIL in 

ordon Watson has. been succession to Mr. VL G. Speak¬ 
’d Scottish Airports man, who retires in May. Mr 
from May in succession Holmes, who will jqpi the Council 
Ivlan Camacho, who will at the beginning of April, is at 
ming to London.. from present sales djfector of the 
to take iip the vacant North Thames Board, 
airport services director. Jr . 

son joins the BRITISH. Dr. A. G. Lehmann has been 
TS AUTHORITY from appointed director of the IN STL 
Norman (Bembridge), TTJTE OF El®OPEAN STUDIES, 

3 was managing director.' with the tltit*' and status of Pro- , 
■*r fessor, from October 1 . Dr. 

AN INDUSTRIES has Lehmann was managing director 
■ jd the following appoint- -and deputy chairman of the 

• its Board: Mr. Herbert S» Jinguaphhne Institute and its sid>- 

. ■ • f yl 1! J -TMfrltfnt nf tlim ti-hnllv. lldiaTU^ from - 1968-1 1 _ 


TiVJtx 




w 

■^Cc 


m 



— -neni as m; 
• mson YeUi 

f%i* I f lent withl 

nil lopv^n 1 ; 










f 1*1 h 1 ! -jresident of the M-holly- tidianw from 1968-1 1 . 

i iiiTil v»" ^ kinericaii subsidiaries, of *'■' • *¥■ 

- » ’- : Dr. F. A. G. Schoenberg; ..Mr. sW.-R. R. Bruce has been 

of the Supervisory Board, appomted director of the PRE- 

1 -- .iemational N.V.; and Mr. RETIREMENT ASSOCIATION, 
; 1 rley, managing director, succeeding Mr. Fred Kemp. 

.1. - ' . J - - * 

* ■ ■ SCANDINAVIA BANK has 


i 


j 'rtey, managing director,. succeeding Mr. Fred Kemp. j 

^ "'SCANDINAVIA BANK has 

--ODE INDUSTRIAL announced the appointment ef . 

-RS. Mr. Tom Wood, Mr. U I. Pocock as regional JHil 

g director, has been manager and representative for 
1 executive director of its new representatire office in 
s ’--industrial battery Shxgapore. 
s in Europe. Mr. Simons * 

mme sales manager at Mr. Barrie Bedford has been 
-ariYs Matlock home sales appointed director and genera) 
the past four years, has manager of^_NORTH ROAD 

de director of ..motive FOUNDRY (FERRYBRIDGE), a _ • 

lea at the Clifton plant, subsidiary of Dora da Engineering; - 
e Bodicoat. manager, of which is part of Dorada Holdings. 

International Marketing. Mr. Bedford . recently returned 
nic director of standby from South Africa, where he 
■id export -sales-at the managed a foundry in Tori. 
ant. Elizabeth. He was previously 

. executive director -and general . 

. w ; members hare joined manager of Yate Foundry. , . 

TISSION FOR THE NEW 

Aho wUJ take up their Mr. Gareth- Jones has. been 
ints on March 1. They "appointed managing director of 
Quinton HazeU. former UNIVERSAL GRINDING WHEEL 
of the West Midlands COMPANY and of LUKE AND 

Planning Counch (1971- SPENCER COMPANY from ■■■r 

tirman of Supra Group, March I. Formerly director and 
director of Phoenix general manager (UJ\._ opera- - 
: Mr. John James, vice- Hons). Mr. Joness appomtmem ... 

of the Royal Institution follows the Increasing mvolver ■-- H| 

ered Surveyors' Mr. ment of Mr. Terry . Peterson. ; . ^ 

M^ei^er^rnanaglnc «bief executive of the Unicorn 
f”lSugh Estates; Sim--Group’s griming wheel div^on, - - ... 
lam H. Sefton, chairman ,n . .Jf 1 ® 1 company s overseas 

■ -n New Town Develop- acuvilies.. IPEEBg* 

^;-poration and the 

* ist Economic Planning Mr. Norrie McBride has beed 
i 'member and former appointed to the Board of EN----’ - 

t.,of Merseyside County TOUT-CAS, a subsidiary of Crest ' 
ji 'and Mr. Philip* Vine. Nicholson, as financial director. . 

[iliof the New Towns Staff Btr. Rex Nicholson, at present 
11 >n. a member of Telford managing director of Osborn- 
:nt Corporation, and Musbet Tools, has been appomted 
Town Clerk and * chief to the Board of t he parent 

officer of file City <rf company- SAMUEL OSBORN AND -; * mhm 

u. COMPANY- ' 

h Adamson, who has ! CLYDESDALE BANK. From - . 

Tinted di rector of the March 17, Mr. David Hay, an 
3 J .5 assistant general manager, is to . 

jENCY for the . kodb. .|)g ^ genenl mansgsr, Ur. RoImiI . 

mi in succession to Mr,, a. Laurensou, at present manager; 

, was previously the chief office, Dundee, and Mr. A. 

- regional administrative Richaril Cote-HamiHon, head -> mm 

. office - manager, will become- 

* assistant general managers; Mr. mm , 1 

-man Dadd. latterly a David Young, presently a genera] ^m . 

Unifeeds International, managers-’ Assistant, will be head ^m 

appointed commerdal office .manager; Mr.. David R. . ^m m 

•t development director Robertson. and Mr.. Robert' CL V 

the Unilever services Legge, both presently superin- m h ?rj 

n Merseyside. - tendents of" branches, become r m 

* general managers’ assistants; and m 

MARSHALL -INVEST- Mr. Scott 1 VL Plrie, presently *;*' ^m ■ m 

has announced the manager.of the Bank's Peterhead ^m m 

appointments in the branch. Is to be manager, chief 

. [. W. Marshall and office, Dundee;- - : ^m ■HMKf 

M. 3. Pyle to be * ' __ ; ’’mm. 

®“ tive ' 2 nd j^hjt Mr- J. A- Stevenson, general 
.director; Hu*, m. ■ A. manager of Lincolashire Road Car -- 
nd Mr. M. J. Wareen, Company since" 1973, is to be 

ging directors:.Mnj. A. seconded to the. DEPARTMENT V 

•eetor. Sanim Invest- OF TRANSPORT in London as w 

. P. _G. Bain bridge,, to bus adviser-from April 1 . Mr. ... 

. ?ecutive and managing peter Scully., whose secondment ' 

:>Ir. G. H. Dees, a to the Department ends on March 
ind Mr. P. L. Clem, an 31 , - jg appointed operational . 
lanager. development executive at National ' 

* Bus Company. Mr. Scully was 

’J'^ U vfc R S^L?“* S ' r * TORESERffiACARCAHKDURTlW^L^G£Nn'Q , l?1XIRNEARSST'A^SK33WWONCENP£lfiNDCW^/»OSCJTHEAS7ft!)S*SK33 WCLWD5AND 





Like the time one of our 
mechanics and service agents put in a 
non-stop, 28h hour stint. They had to get 
43 estate cars ready at short notice for 
a party of Canadian golfers. And all after 
a normal 9a.m-5p.rn.shift 

Like the time one of our service 
agents went out to a couple on his 
Saturday night of. The steering lock on 
their Avis carjammed. He fixed it and 
they were able to make the theatre 
on time. 

Like our one-way rental service. 

You pick up a car, and drop it at any one 
of nearly 70 ofees in the U.K. 

Like the fact that we keep all our 
cars in pristine condition. Few are older 
than nine months. 

At Avis, we really do try harder. 




Vfe rent Chrysler and other fine cars. 


SOLTH WsST’^yfiS SGCTLAKD ftfi36cA54£5 MvPTf-* C. : cKiA'O -A ?i.i r;wf'.Th£f v ’i i?£ , _ i ;. , DCijr J : 5-SSB. 












3 


Financial Times Wednesday February 22 197S 



Belabour 




UNEMPLOYMENT | 


© 

SCQTI 

LAND 

Fth ‘7 

7lFrt "i 8 

1 74 : 80 ! 


NORTH 


0 M .» 5 

rrt - 77 . ne n ; 

7-5 1 3-4 . 


BY MICHAEL DONNE. AEROSPACE CORRESPONDENT j 

THE GOVERNMENT intends The plan now is to cut the respectively. The winter total* 
progressively in reduce the number or noisv jet movements will rise from the present 1.400 1 
number of flights by noisy air- at night in summer at Heathrow al Heathrow and 1.700 a 1 Gal wick 1 
craft at Heathrow and Gatwiek from this year's level of 3.000 b> to ri^ to 1.800 and 2.000. 


over the next ten year*, while 300 a year until 1986. when there Alrhuuih H^ve,-ibwl ••mmi- 

ssrs. sk- Kvr" isss «•* ,h ™ -£S? , tt. d BS5 d j w TSi 

The XI. y , UUl enl,reli ' frDnl l9bl - landing and take-offs, and t« i» 

The effect of this policy. Frir rhl , ’ 

announced by the Govern men I ., 1CV vvi( j he cut iti 

i v S m7 ay ;; Vi “ frJm the present LSC 

by 1987. there will be no flights hv iqsr 
al those airports by such aircraft . *. " . 


For the winter at Heathrow, up 10 the airlines lu decide hnw 
they will be cut by 200 a year these quotas are divided among 
SOO to reach them. 

Whether an aircraft qualities 
At Catwn.-k. the ruts will be as noisy or quid is decided- 

..__ . " t _ ^ broadly similar, from the present on the basis of a formula devised’ 

by such aircraft as Triviars'and 2 * 50w ,n summer and 1.250 ni by the Department of Trade— 
A-300 Airbuses. " - - *- -- 


0 


I Frt 'i7‘ Frt T-ii 

ho-o :to-8 I 


Ja 

0 

NORTH WEST 

Feb * it\ Fob "Hi 

^6-7 • 7-f 


a? Boeing 707s. DC- 8 s and 
V'C-tOs, hut rather more flight« 


Giving details of the policy. 


winter to nil by 19S7. the nuise it makes within the 

. ._ ,_ At the same linu*. however. Perceived Noise Decibel 

foreshadowed in the recent there v ill in* increases in the tPNtlBI contour when operating 
Vi'hito Paper on airports polic;. peruiitlcd nighl movements or al maximum weight. This is 
Mr. Stanley Clinton Davis. Par- ihv quieter jelx al least until the level below which, on 
lianicnury Under-Secretary Tor I9bl. when Ihe results of a new evidence now available, an air- 
Aviatinn. said yesterday’ that Government survey nn "aircraft »Tjf* is not likely to awaken the 
there would be no transfer of noise and sieep disturbance" average person. ■ 

night jet noise nuisance to become available. At that time. A major aspect of the 
Stansted or Luton. ihe .situation so far a* Ihe quieter Government sleep disturbance 

'* Noisier aircraft movement': jets i*. concerned will be rc- research programme will he to 
at Stansted will also In? phased viewed. measure this. The criteria are 

nut over the next ten years. 1 Bui up till 1981. Ihe ami is lu «rinscnt—'Ihe 95 PN'dJS contour I 
expect Luton Corporation in permit the present summer lotaK covers four square miles on lake-: 
introduce restrictions at Luton of quiet jet movements of l.Tttl "IT and 2.5 square miles on land- 
Airporl simiJar to those al at Heathrow and TlUd at Gatwiek iny—and only the most modern 
Heathrow and Gatwiek" lo rise to 2.300 and 4.000 aircraft are likely to meet them. 


© 


1 
WALES 

FctT'77T Ff* TSf 

7-2J 7-9. 

J. 

SOUTHWEST 

Feb 7 7r feb TB 

6-5 



6 

TBHKSHIHE& 

HUHBEflSiDE 

fth T7, Feb TB 

5-Z • i 5-6 ‘ 

1 . 

O 

W. MIDLANDS 

feh T7| Feb TB 

5-2 :| 5-2" 

1 

0 

E-MIDLANDS 

Feb 77 ftb IS 

4-74-9 


Ruling for 
TASS in 

recruiting 

dispute 


5EA50NALLY ADJUSTED 


-p. ! 

ASTANGUA I 

© . 

m ’77 

Feb -781 


5-0 

5-o:! 

t 



IUTH EAST 

© 

^ ~n 

Feb '78 


4-2 

4-2 


National union 
chiefs called 
to Speke talks 

BY PHILIP BASSETT, LABbUR STAR 1 : 


No early answer to 
commuter problems 

i 

BY LYNTON McLAIN. INDUSTRIAL STAFF | 

-\ SOLUTION lo commuting costs, leaving LHVJui. national 
problems in London may nol cnnlributiun iu mdiiccl costs of 
emerge until the 1990s. said Mr. signalling and track 
Peter Parker, chairman of ihe To meet the objectives of the 


Rate aid 
for cost 
of snow 
clearing 

By Christopher Dunn 


Jobless total drops 
only in the South 

BY DAVID FREUD 

UNEMPLOYMENT fell in- the merit have widened in the last 
south of ihe U.K. in February', year. Earlier in the recession 
alihuugb il increased in north- there v.as a narrowing of. 

western and northern England differentcs. ’ cumment on the onion's next 

and in Wales, following a trend Rales of unemployment over 8ll , he Mid- “The 

that has emerged over ihe last ihe 12 months from February , mh L u . ri-hr 


policy document LOCAL AUTHORITIES in 


year. hisi year have been stable in the* 

Department of Employment “ nri ,^ e 

figures show that a 0 1 percent. "■.•si Midlands. These regions 
drop in Ihe number of jobless in ‘ v ere aniung the best lo start I 
ihe South East and South Wes'- -'Hit. i 

Ii>y an equivalent percentage ris* 1 Unemployment increased in] 
! in the North and Wales. all other regions The worst rise' 

At ihe same time ihe level »»f v;, s in the North, where the sea- 
'unemployment among women tonally-adjusted rate of uu- 
the cnnilnued to rise move sharply employment rose from 7.5 to 8-4 


«. ! NATIONAL UNION'• ■officials that-a* proposal for a return to 

By Christian Tyler. Lafaour Editor 1 were tailed in a day early yes- wgi-k-^-wjbich would give the 

terday to" "talks at the strike- worker# three mouths pay before 

bound British Ley!and plant at the TR7 plant is closed and 

Speke, Merseyside — a move would make theclosure and the 

which could spell trouble for transfer of the TR7 much 

Leylands plans for a smooth easier—will be j>ut ro tbe L»tO 

transfer of TR7 production to smkers at a;meetins on J™*. 

Coventry when ,tbe - Speke , >Qowleyz ^ie str^e hv 

eugi dee ring [Number TVt factory closoar- vAUEW. ntaductitfn^’f 

I At - -Levlands Cnwlev ear plaryc.has stopped prndnetiwi -nj 

lA. mor?Than -’M0 engineer- 

Jing workers walked out on snake HvS^^Sfnre 

vesterdav nrpr a demarcation b? lead. to_ big lay-offs vOe* e 
disputni^ln a icma-standiag -row 'he -strikers/ meet again: to*mnr- 

Transport and General. Worker*' ™ e ^ as f e mhlv 

Union, aftd Mr. Terry Duffy. Mid r ®en -In the n **£? y 
lands ’executive member' of ih* £2^5 lunchbSiks 
Amalgamated Uaiorf of gng.n-' ptnnt 

eenng ^Workers. ■ went workers' action is unconstitu- 

Sneke plant to start negotiations .- j their claim is still in 

2SJSL?S n ^ e ?£*V-if^ procedure- but the men say the 
Vand^:-attempi to got.? r ^ rn 'claim was put in more than two 
tb work at Speke. .. .. ' ., H 

_ Ttii-move could point to a bQdy plant fitters pro- 

breakdown of negotiations on an tested an Fridav when a member 

psjvswsra 

.SbT^“ '"fe £ 

ssfA ta ”S 

Speke shop stewards finished to- normal working. They walked 
*IZ- y out yesterday after a meeting 


THE WHITE-COLLAR section 
(TASS) of l he Engineering 
Union yesterday claimed a 
second victory-over Mr.-John 
Lvons' Engineers and Mana¬ 
gers Association for recruit- LCnyentry _ when 
meat in the ! 

intlusiry. 

TASS said it had received 
the decision of. a TUC disputes 
committee telling the EMA to- 
slop recruiting at -Hawker 
Siddelty Power Transfoimers 
In Walthamstow. North-East 
London. 

The decision, under ...Uie’ • 

TUL's Bridlington principles, *j 
is certain to add to ihe intern^ 
controversy aboui the EMA’s 
success in recruiting managers,, 
and lo the political controversy 
engendered -by Mr.* Ian 
Mlkardo's private member's 
BUI seeking to give precedence 
lo the TUC procedure over the 
statutory procedure of the 
Advisory. Conciliation and 
Arbitration Service. 

itlr. Lyons said yesterday he 
had not received the terms or 
the award and could not yet 


(leeisioa will confirm-how right 
we have been in opposing the 
Mikarrio Bill. 

• “ What is so different about 

Bridlington as against ACAS 

is that Bridlington dors not 

have lo take the slightest 

ootice of the opinions of Ihe 

r»tr t»f uu » People involved. I think »hal 
rate ui uu-, i# unaccep , abl<> ^ lhis day 

and arc.” 


British Railways Board, in transport 

London yesterday. Opportunity fm CTianpe. price Miowhuund Suulh-Wesi may have .than ihe male rate. In Febru- percent. 

He was speaking at a City nf increases in real terms on 'up p, pay u niy Ihe product uf a nn ihe seasonally adjusted U.K j n Wales the rale rose frnm; At issue is who should repre- 
Westminster Chamber of Com- of inflation of aboui 7;. pur cent pemr- rale toward the emergunev ti-iiire for jobless women wa* 7.2 m 7 9 per cent., in the North 1 s,,r »t 46 managerial staff at the 

merce lunch. a year from 19// w I9S1 would operations. Mr. Dennis Howeli. 4'2 per cent, compared wiih - wv>i from 6.7 to 7.1 per cent.. Hawker SiddeJey plant; 43 were 

Mr. Parker said nearly 40 per he needed. .Minister for the Environment j7.1 per cent, male rale. Yorkshire and Humberside 5.21 EMA members at »he start of 

cent, of the Im. travelling into Bui for Londoners there wa> jn d responsible for wz-ordinatini ;! However, tbe number of men 5.6 per cent.. Scotland 7.4 10 ! l&e dispute and one a TASS 

0 alternative to higher fares G"vernmeni help, said m Taun-iout of work crew liy only 2.'.* sij per cent.. East Midlands 4.7* member. The EMA's member- 


Lnndon daily used British Rail, no 
32 per cenL London Transport. O London Transport has speni; ion yealerday. 



pur cent, to 103m. in the last 49 per cenl an( j the South 

cent. 

South East's 


ship has .since dropped to aboui 
30. 

They are a bargaining unit 


remained steady! originally identified by ACAS. 


S.15 and 9.15 am. For Uic rest cheapest bus ride in London. l JjJ eouW no ‘ esl " x, ' Jlc > 

of the day up lo 4 pm. the The ticket will cost 50p. and ' 

.-ill v-olia f.-.r t..n in..pna.c "Olll 


did East 


all the 


Southern system in particular will he valid for tun journeys 
•Ads " hopelessly over-provided spread oyer any period. \ similar 


■ could not csliiuatcj ^ore marked Anglb'* a. 5 0 per cent, and the 

! t^T£illX ii f'.or "ears it has W«i Midland's at 5.2 per cent. 

j increased by 3:tl.S per cent. sin*.e The wideoins gap between 


J . . . . eomoensaiton H s t0 ‘> d a1 S>8-W0 in February, imemploymeni rates in different 

for .wd undcr-used. ^ The scheme wili be reviewed f ^, f e d between local W 7 ^* parts of Ihe country means tbaL 

London and tile SouthEasi at the end of six months with A. d * n tral Government' Over the same period male excluding Northern Ireland, tbe 
contributed £270m. to British the aim of determining if it can f * H( , a( j ina ia j atu , arv 0 n the i uneiuployntent increased at [*■$> rates now range from 4.2 to 8.4 
RaiJ's revenue of £WSm. a year he operated in buses which Pass £5 Coast ‘ than a third of the rate- by ?er icni. compared with a year! 

Uf this. £523m. went on direci through Central London. * 


according tu the EMA. within a 
wider group uf 199 manager* 
and technical staff. TA.S.S 
claims 35 or so members in the 
wider group. During the 13 
months it has taken to process 
the TUC hearing, the case has 
been 10 and fro between ACAS 


Pledge to improve 
railway catering 


,commuted to anythin?, officials 
in London sirusseii Talks on 
money had noi started. The im- 
porunl Ihing was lu get on with 
the job. 

Mr. Howell warned sightseers 
i lo stay away from the area as 
1 roups moved in to help dear 
snow from the roads and police 
and emergency services searched 
| Tor trapped molorisis. 

Thick fog hampered fodder 

BRITISH RAIL plans a shake- Wilson, a Conservative member 1 drops to farms on high ground 


Ea-i Coast. ‘ lhan a third of the rate . - 

The Government was still not, 109.7 per cent, from 0.49m : , s ,, when they were -U to r.o 

~ Regiuual rates of unuriiploy- percent. 


BY IAN HARGREAVES 


Merseyside wins £4.3m 
development 


BY OUR LIVERPOOL CORRESPONDENT 

up of its train catering services of the committee, had complained and delayed electricity' reccmnee-. MERSEYSIDE'S economic pnteii- Th- council will also search 
after u year of criticism from that breakfast on British Rail lions. By (asi night, about d.OOfl ; tial is to l-e boosted by a t'4 3m for new jab openings. Mersey- 
consumer organisations. was now more expensive than at < homes, mostly in Devon, were investment, pari of the £>5m side Special Development Area's 

.. ; budget proposed for the emume unem p|, lV nieni rale was an- 

■ Cei„n/iin 1 r.i-ii* Kl* ho I 11 fl 1 V* . “ 1 1 . (1 


Tougher 


The TUC award, which .j 
according 10 TASS is much 


Leyiand is now less hopeful to discuss the dispute. 

Midland Bank ends 
pact with NUBE 


BY NICK GARNETT, LABOUR STAFF 


Mr. Peler Parker. British C la ridges. 

Rail chairman, told a Commons 
select committee that the 
would be to improve the quality 
nr refreshment available 
standard of service, even 
meant increasing la-st year's improved passenger coaches. Mr. 
£2 5nv deficit on catering. *’ Per- Parker denied, however, that bis 
haps we aren't losing enough, reference 10 "aging slock” was 
This is n promotional expense." intended as a comment 00 
he said. Travellers’ Faro sandwiches. 

Mr. Bob Reid, the Board mem- Reacting to last week’s Price 
her for marketing, has been put Commission report on fares. Mr. 
iii ?hc head of a working party Parker made it clear that above- 
on train catering with the even- average increases would con- 
tital object of giving ihe service. linne for commuter * in London 
known as Travellers’ Fare, a and the Smith East, •.■von though 
s-enarafe board siructure. respnn- British Rail had accepted the 
?ihlc tu a British Transport Commission’s requiienieni 


still without electricity. 



THE MIDLAND BANK is throughout tbe finance sector, 
scrapping' its procedure agree- but is alsb in line with its deri- 
ment with tbe National Union sion to sever its bargaining re- 
of Bank Employees because of lations with staff associations to 
the upheaval in negotiating the other banks. . - 

procedures affecting tbe London . .With the national .machmetr 
clearing banks. in disorder tndnmiua banks 

The move could lead, to arrangements are certain to be- 
further strife between NUBE come more influential. The Mid- 
and the Association of Scientific, jand swd^^ertlay t hat_as its 
Technical and Managerial Staffs- * arrangements were un- 
whicb also has members in anw- 

land and has been . making SfiL wl uStS- 

Increasing inroads into financial ment—its position wa* unten 

ta 2lmt nn I! senerally. - a ^ bank fe if that NUBE. 

NUBE has had a pr^edure vir j lh i2.tW0 members, could have 
agreement at the Midland store used its agreement as an unfair 
1070. The,.bank has been dis- Jever - against aSTMS ( 8.000 
.ressinsHbe possibility of “"J'v-menjbers) .resulting in a far 

-* jmon aegotiatinj machlnerywith more unsU ble relafionship be- 

toughcr lhan a similar ooe in ! tbe union and with ASTM&-- tween the hanks and the two 
its favour al GEC Bead or i which dots DOt have a formal organisations than now exists. 
ERUlpmenl. of Whetstone, near > agreement. ' ' Midland is nour drawing up 

Lcicesier. savs n o! .mly should I NUBE has withdrawn from new negotiating arrangements. 
EMA stop recruit tug bui it I national negotiating machinery probably identical for the two 
should also exclude those j for th e cleajin^banks and: has unions, to replace the present 

also told tbe Midland that it is agreement. with NUBE which 
suspending its attempts to set mns out in May. . : 
up joint procedures with'ASTMS NUBE said yesterday that 
3l Midland. ..... Midland's decision was- bad for 

That decision by NUBE has industrial relations and, some of 
been - taken partly, because of its members at Midland might 
worsening relations with ASTMS lakeJmJustriaJ action.-. • 


individuals it baa taken into 
membership. 

II adds: “By joining AUEW 
(TASS), which has member¬ 
ship In the company and agree¬ 
ments with the company and 
with ihe Engineering ■Em¬ 
ployers Federation, the indlvi- 


National 

Bus 

loses £lm 


mu.-cum 


II', :p ls holding company. more detailed financial justifies-!of had 

Earlier. Mr. Michael McNair- ii»n of the policy. 


maritime 
priorities. 

**The>e arc Ihe sorts of project* 
which tnc council can help to 
nurture am! dcvelnp v illimi’ 
j coinmitrir.u ::<elf to vast cvpenth 
THE National Bus Company ha*, rtires.” he .-aid 
for' lost Elm. *0 far thii year bet-au^e 


Thompson, council chairman. J7 , en j arpa ;in ^ niorc than 39.000 
said yesterday tha' deve.opmoni j a ^n v of Liverpool alone, 
uf .Ainirec racecourse—v-.-nue tic rtiunnn m 

rhe Grand NaP.unal-u> a leisure Th * hu ^ e \ ."J™*,*? 

complex, and eslahliflhmem of :« ten-.ee m s ‘ l f*' w ^. d 

wnnid he much a?ain should be avail¬ 
able m cram aid from central 


In Ibe bitter aftermath of 
the GEC decision, the EMA has 
issued a writ against the TUC. 
It isalso seeking a declaration 
against ACAS. alleging delay 
| in following op EHA’s refer- 
... -u„ pc*,- 1 ^nce to i( under the recugnttiun 

government and the EEL.^ provisions of the Employment 

Small firms will get £35(1.000 1 Protection AcL The second 
in asri.stanco plus a further hearing is expected, first, iu 


Eisn.rj'io far new and refurbished 
pieimse-i. 


several ..weeks’ lime. 


Automatic forging 
results encouraging 


weather. Mr Robert 
Brooke, the company'* chief 
I executive, ■•nid yesterday, 
j H.ilf of ihe loss was due <o. 
; siimv-hiiuml roads In ihe U>*» 1 


Light bulb man warned 


BY LYNTON McLAIN. INDUSTRIAL STAFF 


Texaco drivers 
accept deal 


Steel craftsmen to meet 
on pay and jobs package 

. BY OUR LABOUR STAFF 

UNIONS representing 27,500 tjiietion workers and 30.000 staff 
craftsmen in The steel industry at British Steel: could be forced 
will call a delegate conference to. consider•' induslria) action 
of their members next month even though, there is little 
to discuss tbe British Steel stomach for a fight in mosr of 
Corporation's pay offer of 9$ per tbe steel unions. ' 
cent, in return Tor • union Mr. Les Dixon, Amalgamated 
co-operation ■ on economy Union of Engineering" Workers 
measures representative on the -Notional 

when The SSSS» fBSSfiS-tt 

™”‘S- «- 'sssos ssp-isriar.ssafi itjk 


interesi 
confirmed, ks 


BY OUR SHEFFIELD CORRESPONDENT 

THE FIRST ..f the new genera- The corporation aUn plans j jST'dSjJf 11 

lion automatic forging machine. ..'her forging operations un tlwiri 011 LJ’jj* 

developed hy GFM or Austria. GFM machine, v.hivh fnrms the. - ,ir - 
arc now being couimi tinned in ccnI repiece of a £5m. dev 
1 he British .steel indus'ry. luilial ment at lcklo.5. to lake up 

results from hoth nracl/iftcs are capacity. proved ne-fr.rmancc in V- 1977 

sa id to he highly encouraging. .„ JSS.J! compared Uh the 

Although the iw« machinw are ' n p r E ' d h gar Alle „ Balfour. «--»™ lradif! 5 P rofl ' « n 197B 

S, 'nr a rf in^.snl,-K ?t! r ll, e Sheffield-based private sector 

applied ^dWTcnng aspects of ste „ L l0Ql and engineering group, 
forging. British Slcel has one an<J ^ a b j ? f aC ior in the group's 


.'I.’r/Iinlry. when- ."OOP vehicles _ 1 - r' ^"' m " m !wonirf revert to its orieinal offer uuu 

iwere im mobilised early this MU. DAVID M El hl.F-Ji'll N. tlw ’mn* Ho >aul. Mr '' SHOP STEWARDS reprbsentinc i of 6 per rent ^Ht’mid^^Tbei manfv'irvlno 

, *ve/4- Jyadir.j cufiy.iiitci ’vh/k*^ nefnft* c»*'i;d hiiii-L-lf be piJti'd in a -Tv* arQ i un bpr drivers vesierd-iv He said. Tbev are only trying 

I The vulnerabihiy of Nalioa/i. ihe H-i.l -c uf Omr'inn* Selec* i-usiiiun ».il being called be lore {hose -il Shell BP ■inti' U BSC takes the same firm line to do this to $hnw to the public 

I F.u. to Mich [r.*se* «hm»cd th- Ounnssttw invc,::uai.ng I'glU- <u~ if he had milled ^e, {^ i n .ccoplm-* a pay deal lhai ! i vMh , lS ad " s °J J™L aD ? lhaI }* ey *** ««"»!»*»» to do 

Innr-H Tnr mntinMonrv nnimiM S... 11 . .timLi • .M MiMhm cniniii.tu-:. .7^° „V.._ L“I "T. p .!y btecl Trades Confederation at somethin* about the SSC pruh- 

talks tiniay. the ISTC the lem. It's a huge confldeaem*. 

, . . _ . , 1 . ... ... Ihwr« H*-‘ •iu« ■■ui a i/iuiuik **i I v,;„_. uil»h ftl/VUI 

-nil noi made, partly because M suh^'antia''' luh;. some uf b's 11 jv.hu jrtd Watcriuo. said tnere y fuj-jher 10 

the Guverninent's refusal '0 ‘ earlier accusations. bjd '“‘vn " a prufound conflict \ ov < en jt,er 

uf vvider.ee from Mr. Meiklejohn emuc '- 


machine at itn lcklcs works in slepl , nvcslmem programme. 

03 * The forging machine will 


Rotherham—part 


the 


nn -lar.uar;. 'Jo n>.- told the jr id trom the lamp companies 
CQiu;n: , .Tec t'nal some " iloesses replied that bo; 

h<ii ” it l 
end up in Ihe 
10 withdraw 

r Ted LvaiPnlU-f. Labour HP his accusations, in spile of two 1 
ior Htr'lepuo!. calle.1 for Mr. .jppnn uni lies, to do so from Mr. 
Meiklejo'nn lo hack hi.* accusa- Leadouior. 


5 i ,h<? • reported intiSe Financial Times for Bruam’s lamp mdustry bad ^ mistaken.' 
soarc S mnntb. .L.Natmnal dc heraic!;- lied lo ih,- com- ml ^ , «wid end 

f iexp-cied to show j slightly ir,i. In,ni -' e - clock He reluesd 1 


Tether asks for FT union 
minutes regarding dispute 


INDUSTRIAL tribunal ca*>.. 


he 


S!*»*W division-tailored in , lan(J , 0 w „ n ;. nf the 
the production of railway axles. EAE Slw , work u,ad. It can pro 
.Manning has been rut by ducc special steel bars of up tu 
nearly half as a result of ihe S metres long and a variety nl 
introduction of ibe machine, shapes and sizes The ingui 

Management .now expects an cogging operations can handle, the ___ 

immediate increase in yield of high .-peed and lool .steel and' hearing mio tile reinstatement Hr; did mil recall Mr Tether Van de Weyer producing, as <uon 
about S per cent. i»urk down to a 2.25 inch square > vluim “ r Mr. C Gordon Tether, .--king lor ihe miniile- when lie a> c«»i'«v* of Mi the 

One unexpected bonus has Mr. Graham Wise, managing. Financial Time* columnist, spent .-.ive evulvrcv. But Mr. Teliwr minute- --f the chapel relating ro 

been the substantial cut in noise director nf EAB Steals, said tiiv<. R )„*i uf yesterday in private vpv.e tr» him asking lor them the di-puti 

levels compared with a conven- cnmuiissioninc of ihe machine 1 session, it 

schedule 1 .. 

' c 

! .Journalists' chapel 

branch 1 minutes. ru»uuiain:ng ‘r.ai 1 naa reveawu ever 

Mr. Tether. fH. v.h«i wrote the too much." - i„ uro-. ide " 

Lnnthard column in ihe Financial Mr Van de Weyer agreed to 

Times for 21 vearj. claims he v. j« v? itfieSS r h» this, hut Mr. Tether cem- 

unrairly dismissed Hi- sacking Mr. Teiner commented- “ You nienh'd that he could not accept 

16 months ago followed a prn- m i»hi fmn rcvea'ed too much Mr Van de Weyers -staiement 

lracted m ranale about the control to the Fuiancal Times—that is uf evidence given to tile earlier 
of Mr. Fredv Fisher, tbe editor. a different injurr" hearing as “ gospel." 


Provincial 
news talks 
deadlocked 


TALKS aimed at ending the 
three-week provincial newspaper 
dispute ended in deadlock last 
night in London. 

The National Union of Journ¬ 
alists accused the employers of 
attempting to " fine ” union mem¬ 
bers who bad taken industrial 
action. 


biggest union with 67.000 pro- trick." 


Large-scale rail cuts 
ruled out by Minister 


. TW '- VV . 

yfj-iny 


liunal forging shop. 


had gone exactly to 


Investment attitudes 
survey to be published 


date fully a £7.09 national pay 
\\MUld h^ jcrinl 1 increase to January 1. 

then resumed in iv.o veek, aau-" my'reaction 1 , Mr. Vnu A* Wword Anal | caI | e ‘ I J O n 

public rn r an jraument over 1 hi- rhar I h:.v*- g.ven him all the ‘he?*- were ihe relevant minute?. '. t] c J)*' p * an -^ ons frora - 
produclitin of National Union uf information 1 m relation *ei mi: m lull? I JIILtinn 8 - 01 ? week '^ nd 

• office to hi* ea*e. M one time lift 3Jr. ri-’lier: “Thai »s all I Iwiv! 

complaining that 1 had revealed ever a*-ked Mr. Van de Wever j P ro .R. er supervision be given to 


BY OUR LABOUR STAFF 

MR. WlLLLAaiJRODGERS- Sec- ' Mr. Sid We^beil; general see-3 
retary for v Transport, reassarwf cetary qf 4he NUR said thtSS 
rail urUon leaders yesterday that recenr transport policy had t naffw*; 
the Goveroment rejected “any moving- fn-. tbe right dlrecrtinc: 5 
notion of major..cut* ia-the rail although it fell, short of meeting 
network” and actfipled .thav.con* a!iunion's demShda. . ilSSE 
tin ui ng support 4raa. essential-. ■ >." ,;v;•, 

Mr.- Rodgers was 1 addrie^tnjg if '■ JV-" ' -j- 

the foil executive of the National-IViOrCl - 

UntoH - of Railwaympn; at 4 its ; / ■ . “J 

, headquarters m- Eusaon v In - Tap f\l A i Tii I 

would tu.* satisfied by Mr . . response-lo. a union lnYitatton I'rVUWyj ••• 

sJrtlv £7 SvJS, ' «>r futuj. of the MOBE THAN- stm woflwri * 

Societ.. had refused lo back- ■ railways as- fbe hew-.Trajgsp.on joined- the .NatidiuiKAnd -.tbcal 

Dav ' BiU makes its way. tiaroiiBh -Par- Government ^ Officers’; AssitetSp-- 
liament.' ••- - ■ Don.. .Britain's 'I founb-UrgSV^ 

: The" BtU iHCliidoa en.allocation trade .unipru in the past Hiear* 
or £3bn: -over the aText-tew yeay^ takioe -its inembfersbip 
to suppgrtthe passenger service Women made .‘tin-2L000 of 
and a £50m. annual grant from redrnits, brhighw ' i fbe - -: tiuZb; 

this year-/to.4jelp ; finance, ngw number of .women Yaem 
passenger serYflie infSastruc^tire 318^22. ' v - /' 


trainees. 


Delay threat to new phones 


BY PAULINE CLARK. LABOUR STAFF 


BY MARGARET REjD 

A SURVEY of the investment Guarantee Department, the in 

attitudes and financing of 4S suram-c company assoeiatiems. j over ihe daily eulumn. 
medium-sized companies carried the National Association uf ^ir. Tulher tnl.i ihe tribunal 
ooi for Sir Harold Wilson's emu- Pension Funds and the Slock ijjyt he thought Mr. Mark Van do 

mittee on financial institutions Exchange is also being pub- • Wejcr. father uf the paper's XUJ 

le. City accountants Coopers fished nn Monday. chap/*!, had “ misrepresented >hc- prepared ■>< rely nn ilia nitcrprc- <<n f/jth. 

and Lybrand, is to be published Sir Harold and his colleagues ; senac ” ol the meetings which dis- ;-jii.,nr-f :nimiie%7 
nn Monday. will soon consider rheir second«cussed the disoui** when he -.vive 

Tbe study was commissioned main subject, supervision and | evidence al an earlier hear:n 

last August 3n«I presented in regulation of the financial insli- 

January. H covers corporate tulions. 

phoning and financial criteria. Papers are ex-peeled by the 
investment appraisal- cunxtrainls end »>f March from the Treasury. 

u:i investment and uses made of the Bank of England, the Sunk; . - .. - , ....... . . , - . . ___ _ 

v;.iinus sources uf external Exchange, tnc City Take-over 1 no document relating in in «> mender*, he.rc seen Bur he catiu.i Mr. raslier. and lalcr/ going on for about three months pav noliev after Julv. 

the jnmrsr.i-d »> Mr. Tether in a, aS a result iff a union conference The union said a si 


Mr. Van de VV'eyor was a v»u- Mr Pry an Dupe, a memberi .... . . . ^ 

Fmanetal Thnts— the three-jnan tribunal.I INDUSTRIAL ACTION by Post menti on shorter iours must be’ the workine WPP t u 

ny sn-Juld Mr. Van de Wev« reminded him ih.-n Mr. Van de,Office engineers for a 35-hour rerarded. as^Sh'ria- houre^rou«^^n?^fl h ° UrS 

,.in..u.c i.,4i he tMr Tefncrt w»s v.vyer had made his statement(week, a demand increasingly mMt?SolatioafoSeeSi^Sr''^P prodJJti^re ^ai se,f '® nanc ‘ 

Mr. Tel her replied: -A, ,o|nuS ^ ,0n u' 8 

Mr. WiMi.m wells. QC. »h« thm._ Mr. Dupe. _wc aH ha^. to: ptojTncm. is likely SP'THbSir**SSS£»- S'' SSS? flTSSlLT 1 ! 



and finam-ial guidance. Panel, the Trade Department.(chapel’s pan had been withheld wyy'd ■•or.ami;. pmilure 


■Written and oral evidence un ihe insurance company associa -1 from Mr Tether. He had relevant part* relating to Mr hunffei J decision last summer, 

ih- firii-nriug uf industry and non-, and the London clearing) assisted Mr Teih.-r in providing T'.;** hpartn*^ vas adjourned i 'But becaiiM* of the 


trade fram the Export Credits banl'n. 


men document relevant in the Mr. Wcsl; 


ask>:d Mr. 

I, 


Tether until lo-ilay. 


mcni's 


fo^owinst month. 

The unloo said a special con- mounting concern 1 ^abou? "S?* 
, ference in January had decided 13.000 customers and "nn . t !‘ e 

ecanw of the tiov rr n- to abandon: for the .time being a phone projects ,P,P 

insistence that agree- plan to finance a reduction of dispute. ®Cted by the 


S •• 


f a: 

i -£ 


£&:- 

:L 

im 


if 

th 




lv--: 










.‘ ti • 


Finandal- Times.r Wednesday February 22 - 




It can help youcproduce business answers 
you re less likely tdpome across alone. 

. It provides a b^k-up service, from taxation 
to travel, that feW proprietors of smaller 
businessescan Jionfally afford to employ 
- It allovvs ypu fme ; and space to see the 




It even dllpvys^js to say ’no’ to an eager 
borrower rf the balancepf advantage for him , 
lies in, say, leasing from Midland Bank Group, 
rather thgnp#chase.^ 

: - It J eadst^smallercom pan ies growing 
bigger as Jiey-grow more profitable. 

Theresas much future in Midland teamwork 
For the smaller business-as there is-for Midland 


Your local Midland manager will be glad to 
tell you about the service he and his colleagues 
in Midland Bank Group provide. Their special 
skills range from finance for growing companies 
to business insurance and pension schemes for 
the entrepreneur himself. 

For full information aboutthe way Midland 
Bank can help the individual businessman and 
his business, send this coupon, or ask for a copy 
of our booklet at your local.Midland branch. 


Please send your free booklet "Financial Service for Proprietors of the Smaller Business" 
Nome. 


Address.,. 




Send to: Midland Bank Limited, Room 23, PO Be >• 2, Sheffield 51 3GC. 


•V. 


















re. - 








<v*. 




.. 












Midland Bank 


. „ i.'.clcsp'd sarii; L imifed 


..C' 




























Financial Times 


Wednesday February 22'2973 


Sheldon warn 







Neutron bomb: PM hits 
at Soviet propaganda 


Redundancy 



BY JOHN HUNT. PARLIAMENTARY CORRESPONDENT 
THE Prime Minister yesterday UN should take a broad view of armaments and the development 


for shipyard 
men backed 


BY IVOR OWEN, PARLIAMENTARY STAFF 


accused the Soviet Union of all of these problems. of nuclear weapons indent 

Mr. Richard Crawshaw (Lab, This included proposwa .w Correspondent 


making propaganda out of «... ---- -aging 

America's development of tbe Toaceielb) said that Mr. ■ 1Jiffwho renotfneed the controversial payment a 

neutron.bomb and using it as a laghans remarks .would apP**J f 0 r confidence- t 3t L redundancy sums to ship 

» for the production of even to those interested in the hem and also for conn ^ large ^ Swafl HuQ[e 

? dangerous nuclear weapons defence of Thecountry He bulling JW* 'JP uar L 0 f ^defended last night by Lor, 


By John Hunt, Parliamentary 


he in: 


SOME OF the* lax culling options 
now under consideration by the 
Chancellor as he prepares for his 
April Budget were outlined in 
guarded terms by Mr. Robert 
Sheldon. Financial Secretary to 
fhet Treasury, in the Commons 
last night. 

Among the possibilities he dis¬ 
cussed were u cut in the basic- 
rate of income.lax, an increase- m 
personal allowances and the 
introduction of a reduced rate tax- 
band. 

Mr. Sheldon was speaking in 
a debate which ended with an 
Opposition motion condemning 
the Government for raising 
excessive amounts in taxation 
and calling for a substantial and 
continuing reduction in the 
burden of direct taxation, in pre¬ 
ference to an increase in piiblie 
expenditure, being defeated by 
•J74 votes to 24S. Government 
majority 2tS. 

An amendment weleoimng the 
start made in reducing levels of 
direct taxation and commending 
the success in controlling infla¬ 
tion and restoring financial stabi¬ 
lity was earned by 275 votes to 
247. Gov or me nt majority 28. 

The Financial Secretary came 
closest to a positive conclusion 
when he pointed mil ihul the 
briber rate band was the only 
clement in the income-tax system 
which was truly progressive. 

He said that a cut in the basic 
rale would have particular appeal 
to those whose earnings were in 
ihe £7.000 lo £8.000 range. The 
outstanding advantage of an 
increase in personal allowances 
was that it would have the effect 
of removing large numbers of 
people from the tax net alto¬ 
gether. It also permitted discri¬ 
mination between married and 
single taxpayers. 


Mr. Sheldon stressed that a 
reduced rale tax band would 
remove nn one from tax and 
would give the most benefit to 
single people and working 
wives. Those a Hitle higher up 
the incomes scale would be Ihe 
main beneficiaries compared 
with Ihe res ill is produced by an 
increase in personal allowances. 


In a reference to corporation 
tax, he underlined the effect of 
the stock appreciation scheme 
In lowering the contribution 
which this source made to 
general taxation. *’ The only- 
sensible solution is lo get the 
slock appreciation scheme on to 
a long term footing as soon as 
possible.” 

The Financial Secretary warned 
that past experience of policies 
pursued by earlier conservative 
Governments showed thai il 
would be* unwise m expect great 
results from the recent declara¬ 
tion by Mrs. Margaret Thatcher, 
the Opposition leader, that the 
next Conservative a Government 
would "axe taxes.“ 

lie recalled the expansive pre¬ 
dictions made about tbe benefits 
which the British economy would 


derive from the raising of the 
surtax threshold from £ 2.000 lo 
£5.000 a year in tWl. This had 
been-“axing taxes" in an ex¬ 
treme form, yet three years later 
the country faced great economic 
difficulties 

A similar result had followed 
the decision ol the Heath Govern 
ment to introduce a unified l:i>: 
system. Thu economic position, 
far from improving, worsened 
with rising levels iff inflation and 
the then Prime Minister bad gone 
to the City of Lundon to com- 
pljin abnut the low rate of 
investment. 

Mr. Sheldon was also critical 
nf the Conservative Party's inten¬ 
sion. slated III the policy docu¬ 
ment “The Right Approach.” to 
encourage the Bank of England 
to play a more independent role. 
This brought recoiled ions In- 
said, of the pre-war activities of 
Sir Montague Norman and 
aroused fears of pollct*-* leading 
to heavy deflation and heavy 
cuts in public expenditure. 

Reliance on such policies 
could almost inevitably lead to 
a collapse of business confidence 
and have consequences tor the 
economy and for society which 


Lewis attacks ‘hypocrisy 5 


Mr. Arthur Lewis (Lab, New¬ 
ham MV) said that in mure 
than :|A years as an HP he 
had w ii ii esse it every two or 
three months Ministers -‘com¬ 
ing here and swearing l>y God" 
that they had gut it right, 
only to admit a few weeks later 
thai inflation was still going 
up. They were all “bloody 
hypocrites." 

It was hypocritical that .Mr. 
Denis Healey, enjoyed housing, 
fuel and other allowances to 


the tune or £10.000 to £15.000 
a year. “ This is the same 
Chancellor who tells my fire¬ 
men. my carpenters and my 
bricklayers that they cannot 
vet two or three per cent, extra 
because il would be more than 
10 per cent." lie declared. 

>ir. Lewis said hnth major 
parlies were guilly of dnp!icily 
mid double dealing. •• People 
in (lie country are fed up In 
Ihe high teeth with both 
political parties." 


would be unacceptable, he 
declared. 

Fur the Conservatives. Mr. 
Peter Rets said that Government 
promises tu reduce direel lax.t- 
linn had not been met. The liable 
rale had been reduced by i per 
cent. Ini! personal allowance 
were worth less than they wen- 
in 197ft. 

With the exception oT Denmark. 
Britain’s system of direr! luxa¬ 
tion was The worst const ru cl ol. 
mnst ill-balanced and oppressive 
of any Common Market country 

Mr. Rees said he hoped 
Liberals would join the Tories 
in condemning the Government 
for failing to do anything n* 
switch from direct to indirect 
luxation. 

Ministers had resorted in the 
shabby expediency of taxing 
fringe benefits while teuwiig 
such glaring anomalies as free 
coal far miners. lie warned ihe 
Government against introducing 
the wealth lax demanded by 
Left-wingers. 

A wealth tax in the Irish 
Republic had been repealed 
after it had destroyed jobs and 
investment, and demoralised the 
country 

Looking forward to the 
Budget. Mr. Rees said it would 
tie relatively cheap to reduce 
the highest rates of personal 
rax. Reducing the basic rate 
to un per cent, would cost uuly 
n.SIOro. 

He hoped the Government 
meant something with all its fine 
words, always beard in the run 
up to a Budget. But they 
sounded more like cheap elec 
liuncenng. 

The beady days of last autumn 
where everything seemed pos¬ 
sible had passed, and the Govern¬ 
ment's Indian summer had been 
punctured by the January trade 
figures. 


cloak 

mure dangerous nuclear weapons ooience ui me »»•>*■-*■ ..arts of Im defended 

uf Its own. - thought the neutron bomb would be extended^ “ 25? ftor a com- Kluskey the . ' Covemiaen 

B “i„ 0 , Q K^ r ^c,“, r o s 4TJ1 a Mp i “drj , »bfc be *?: m 

frX "of SEKV SSL «r° S£*. M toe -Tb. « ^Z'wth! fcS? 

proposals for- the special neutnin bomb and its serious P^Sramme l wji nr „ p Ca n a _ ban f ni ii! s »ri^ actioh led fa tbei 
disarmament session nf the effects ore being used by the and discuss, saidI Mr■ B Con ; ^ f ” the -Polish sfilpfi. ordt 
United Nations which takes place Soviet Union us a propaganda >lr. Wunsion . V egman , diverted■‘td'Dtfieir Yards, 

in New York in June. cover in order w prevent dtscus- arrive defence^ tfgfgg 

in the Lords On die Secoira mu 
ine of the. - Shipbulldtti 
- - PayzoefosV> Bil 


:xew nrrn in June. vo»ei »« — —- *~71 ,- — ts.iccla'n 

His tough line emerged m sion of some of the other serious pointed out rhat RuMte^ 
reply tu Hr. George Rodgers weapons now being develops* nnSmci Sealer 

(Lab.. Chorley), who demanded Emphasising that he was atvsi- tial a ihousands of /ok-tundanev Payments} - EH 

“tha. this sruesome weapon .« to pi. J|‘» MlSr replied 


wcsiern and ZF&d&'mt 

nrirS SSSS SS.i sn&jwssg 

■intnui-hed was fearful m itself, best deal with some of the other Focus' attention on a q, ngje action were recetving^the moue 
Rut he emphasised it wa 3 no weapons now being developed." . weapon. There were- weapons on believe thm prof^ftion 

more tearful than a number of There was a formidable pro* b^..sides that fflUflt be duM tiltsjontexL to 

weapons now being developed by pect facing the world. He did witfa^ by comprefieosiv 
the Soviet Union, in particular not want .to see the world dee-'^ armament discussiotu*. 
ihe intermediate- nuclear missile, troyed by. our own terror, but :. . , • 

Hit SS20. We could not tackle nor did be want- to see us suc-' 
thrs question merely from' the sumb to someone else s terror, 
point of view of a single On February I, Britain bad 
weapon. submitted to the UN a draft pro- 

It was important that the world gramme Of action for an inter- 
disarmament conference at the national agreement to curb 


Commons succui 
to election fever 


bs 


;£all for : more 
Ulster MPs 

By Richard Evans, Lobby. Editor 
THE NUMBER uf MPs 


BY PHILIP RAWSTORNE 



sets out 




TORY MPS and Labour back¬ 
benchers look a dose interest in 
Budget proposals outlined by 
Mr. John Pardoe. Liberal 
spokesman on economic affairs, 
which, he insisted, owed nothing 
to secret information derived 
from discussions with Treasury 
Ministers under tbe Lib-Lab 
pact. 

He advocated an immediate 
cut in the basic rate of income- 
tax from -?4p to 25p. and sug¬ 
gested that the major part of 
the cost — between £4bn. and 
E5bn. •— should be met by a 
payroll lax based on the em¬ 
ployer's National Insurance 
cun i ri bn: inn! 

Mr. Pardoe told critical 
Tories thai it should he possible 
to convince leaders of industry 
that it would he in their interests 
to support such a scheme. Those 
who believed that income-lax 
was the greatest disincentive to 
the wealth-creating process in 


Britain should face up lo the 
problem 

Not ail tiie burden need fall 
on industry, said Mr. Pardoe. 
The revalorisation of the duty- 
on tobacco, cigarettes and drink 
but not on petrol, could bring 
in between £5Q0m. and £ 600 ni. 
and tiie standardisation of VAT 
at 10 per cent. £700m. There 
was also scope for increasing the 
public sector borrowing require¬ 
ment. 

Mr. Pardoe urged that the 
phasing out uf child tax- allow- 
ance and the improvement of 
child benefit should he com¬ 
pleted by April this year. He 
invited the TUC to confirm die 
view of Labour backbenchers 
that il was untrue that trade 
union opposition was forcing the 
Government to delay the com¬ 
pletion of the phasing nut pro¬ 
cess until April, 1979. 

Mr. Ucnzil Davies. Ti east: rv 
Minister of State, told the House 


that to increase the excise duties 
to keep pice with in:1adun in 
the last yejr would mean ip on 
a pint of beer, which would add 
0.2 per cent, to the retail price 
index. 

Comparable increases on forti¬ 
fied wine and spirits would be 
I 2 d and J2p a buttle rveneefively. 
In each case, this would add 
per ee.-tt. to the KPI. An irdia- 
tion-linked increase in The petrol 
duty would 3dd 3p in the price 
of a gv.lhin and lncr».ise the 
HP! by 0.1 per rent., while 4p 
would have to be added to the 
price nf y packet nf 20 cigarettes, 
which would produce a 0.4 per 
cent, increase in Die KPI. 

Mr. Davies explained that the 
revalorising of all these taxes 
would put about 1 per cent, nn 
the RPI and raise about £400m. 
The unification or \AT at a 
standard rate of 10 p.'r ceut. 
would also raise the RPI hy al¬ 
most t per cent, and raise shout 


£6u(]ni. in revenue. 

“So at the cost of between 
t.; per cent and 2 per cent on 
the RPI. it would be poss-blo r» 
reduce, for exampje, the basic 
rate of tax by about 2 per will. 
Whether it is worth putting up 
prices by this amount in ordi-r 
to secure a cut ia direct taxa¬ 
tion is. of course, a matter of 
judgment." 

The Minister complained but 
the sums produced by Mr. 
Pardoe did not add up. and sug¬ 
gested lhal The effect u; the 
Liberal Party’s proposals would 
be to inflate lhr public .*ec'nr 
borrowing requirement hv Eh.n 

But be agreed that there was 
a case for reducing tax’ further 
in the coining fiscal year. As 
the Chancellor had already 
indicated. the Government 
accepted tr.3t hoth .«l the loXvcr 
end 3nd toe higher end of the 
tax scale marginal rates were loo 
high 



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Controlled Ventilation 


UNEMPLOYMENT induced a 
raging election fever Ln the. 
Commons ycslcr(l;i>. Mr. 
James Callaglian and Mrs. 
Margaret Thatcher went into 
vintenl verbal paroxysms. MPs 
on both sides bayed at each 
other in delirium. 

Politicians, ii seems, now 
see nothing but votes in e\cry 
set of Government statistics— 
immigration figures, trade 
balances, the rcluit price index 
and nun- (he unemployment 
total. The country's patience is 
<fbt iously going lo he serionsly 
tried tiy the recurrently high 
political temperature ol tbe 
next eight months. 

A flu.»h on ihe cheeks of 
Rear-Admiral Morgan-Giles 
yesterday suggested that Ihe 
Commons was due fur another 
bout »f thr “ Red Fin.” But 
Mr. OiHagban. quick to recog¬ 
nise ihe symptoms, cooled that 
inliammatinn with a strong 
dose of anti-Brcihnevism. 

Scarcely had that danger 
point passed, however, than 
Mr. Callaghan's mildly ex¬ 
pressed satisfaction that some 
39JIQ0 mure pcoiile had Tumid 
Jobs in the’ past month, 
amused some frenzied con¬ 
vulsions. 

Mrs. Thatcher sprang fo the 
Despatch Box. Perhaps the 
Prime Minister would arroum 
for the fact thai unemployment 
was ,,1111 worse than in any 
majur industrial competitor 
country, -he snapped. That 
wasn't quite a fact, retorted 
iWr. Callaghan. "Not totally 
true.’’ 

Amid a roar of disbelief 
from tiie Tories, he said that 


di&: ceived,” • he .-dedazi&L- 
attempt to put.such a'.pTfnctp 
into effect woidd be : qn^staj 
quite incompatible in toe ca 
of Swan Hunter,” 1 :••.'.'.Vi• 
justice could jtiot be dorte 
atempting a crude. HnR.^ptwe 
redundancies and jwlnstr 
action. Expertehce^shewed t 
impossibility of apportion! 
blatne in these cases/;; 

There -woulff be, for rnatan 

• rtpresenting Northern freland at fae unomolo.us ; posmon. 

’ Westminster should ho increased workers absent at .tne fittte-Oi 
from 12 to 17, according to the dispute. .. 

report of the Speaker’s Confer- On the' intentanoti^.. sec 
eoce on the electoral law Lord McCtuskey criticised on 
published yesterday.' production by ffspSueae;. si 

‘ l*Uf Callaghan told Mrs. yards. While ■ British-’shiptm 
''- Thatcher. Conservative leader, in tng bad been dedsning. iteap 
a written Parliamentary reply in Japan it had grow* ^ flt 
unemployment in Britain had that the Government was now enormously, ; ate.prof 

been consistently higher since considering the recomrnenda- tion ro^world denwtfid. . • 

tions He gave no clue on the Last year Britain amr trt 
Government's thinking. EEC countries-‘ had- ; Wari 

Tbe indications are that there Japan -of the sefioiis overc; 
is a chance of legislation later city that would . result: ff • 
in the session but Mr. Callaghan trend continued:. 
will not want to rush. The pros- “It is distressing for- us 
pect of legislation should be face the consequences of. 9 .: si’ 
enough in prevent Ulster (ion its serfotis -as this; w 
Unionist MPs opting for an early we have had nn. .hand iii 
general election. Lord MeClnskey said-> ‘ ’’ 


the war than In Germany or 
France. “Buf since 1973, it 
has not got relatively worse,” 
he declared. 

The Tory leader, rising above 
the Labour jeers, insisted that 
li was worse than *n the U.S, 
France. West Germany or 
Italy. "It is a grave reflection 
on your Government, which 
appears to have no plaus (or 
putting it right,” she said. 

Wrong again, asserted Mr. 
Callaghan. No other country 
could boast snch a series 
of employment protection 
measures—against all of which 
the Conservatives bad voted. 

Whichever way you looked 
at It, Mrs. Thatcher rejoined,! 
other countries had done-' 
better. They had not beep 
left with a runaway money 
supply, Mr. Callaghan shouted 
above the frenzied jibes. “ We 
have now repaired the damage 
which you did,” he told Mrs. 
Thatcher. 

Pausing for the Tory chants 
of “ 8.4 per tent., 8-4 per cent ” 
he added: ”We shall go on 
repairing it and we shall 
ensure that Ihe rate of inflation 
in no way approaches what it 
was when the Conservatives 
left office.” . 

The Tories had gone in 
despair. Mr. Callaghan 
bellowed, wanning to the 
frantic atmosphere of the 
hustings. Labour was rebuild¬ 
ing the country’s financial 
stability and. he implied, would 
he quite content lo stand on 
that platform in the general 
election. 


Attack by Whitelaw 
sharpens race row 


BY RUPERT CORNWELL, LOBBY STAFF 


THE IMMIGRATION row sharp- Replying lo Mr. Rees's claim 
^■ned l:isr night us Mr. William that her policies were akin lo 
Whitelaw. ihe C.unscrrativc thoM; of Hu* National Front, she 
Deputy k:id-.:r. accused Mr. said: “ I condemn Uie Notional 
Mcrlyu Ri-cs nf alm>ing the office Front. 1 hate everything fur 
nf Hhiik- Secretary h>- his which they stand. I wish to make 
” uiumiluciurcd. artificial ;,nd that perfectly clear.” 
ih'Tnu-Jily unjustified’* on- However, it is Mr. Whitelaw** 
■dauehi again.•,! Mrs. Margaret speech, also at a by-election meel- 
Th-itrhi.-r iny tn Ilford, that can he taken 

And th..- I 'iipnsstiun leader 'de- as the nllicial Tory riposte tu 
flared f(u( -he would nut he the Home Secretary after the 
tmlhi'il nr intimidated >nlo cteing- most savage attack yet hy a 
mg Iter view*. -She teld -1 Dress senior Government Minister on 
conference in Word iliul althmiL-h Mrs. Thatcher’s approach to 
*ht- had only spoken three times iinmigratiun. 

OH ImmiarJlinn, she had been Meanwhile, the Prune Minister 
"vilified “ and treated to inaLi- himself weighed in, in a message 
eiuiis attacks. to Mrs. Tessa 4owell, the Labour 

Mrs. Ttiaicia.-r described the candidate in the by-election. The 
llniui.- Secretary's charge in Ox- doctrine being preached by 
furd on Monday that she was some Tory leaders would result 


making racial hatred respectable in conflict and confrontation, he 
as " absolute nonsense." and said, when Labour was working 
vowed to stick clearly and to preserve Britain’s tolerant 
aunchly to her views. society. 

Healey defends sanctions 


BY CHRISTIAN TYLER. LABOUR EDITOR 


FURTHER explanation of the 
Government’s controversial 
policy for impusmq sanctions 
against companies breaking the 
pay guidelines came yesterday 
from Mr. Denis Healey, the 
Chancellor- 


He said there was “ a complete 
difference between threatening 
that which is unlawful and civing 
3 warning that one will do 
something which is completely 
lawful.” 


Mr. Healey was replying. to 
questions put to Lbe Government 
by Sir Geoffrey Howe, shadow 
Chancellor, in ihe pay policy 
debate on Monday of last week. 

Mr- Healey said thai the 
recent statement of the Attorney 


General to the Appeal Court 
made it clear (hat it was not the 
Government’s Intention to apply 
pressure on employers to break 
contracts. 

"That would be unlawful and 
would not achieve the Govern¬ 
ments objective, since legal 
action could be taken to require 
the honouring of the contract." 

The Attorney-General's court 
appearance resulted Jo If 0 today 
Hail—a Croydon-based electrical 
contracting company—dropping 
Us application-for an injunction 
a?ainst the Electrical and Plumb¬ 
ing Trades Union. The union had 
made official a strike called lo 
make ihe company honour the 
terms of the IndustryV January 
1 pay agreemcnL 


Introdnci 
financial Times 


uropea 




Western Europe's energy \ 
t coal, oil. HydroJiudear, g 
• is a complex and changing 
one. Ail era of high-tost * 
energyis looming^Hiowtl- 
govemmemts of Europe 
.plan to meet die demand 
r. and at wliat price 
ect every buaiies: 


enc 


and individual in Europe-and many through out the wc 
Planning and decisions therefore call for constant ac< 
toa-wide range ot up-to-date, accurate informaapa’on 
energy programmes and dieir implicarions. 



presents it in a cpnonuous, well referenced record^Ett 
essential readiiig for anyone concerned vrith theSaf^ 
related indusmes. •. - C:- 

All for around /.5.40 a fortnight. Or evct4^##yoi 
take advantage of the special mtmdi . 

suhscrioboii offer ik !v*lnut vrtii 


Finding accurate nifomiarion is a i. 
it depends on reliable sources. 
agrceyxmX-e got dicvny 



T6!_S»ibscripQQnsDcfjc.(i^,-.: • L y"':"' 

FTBusmcssNcte’sletiers;-■ 

BrackcnHpuse, lOciimon Street, ’V: 
LohdottEOtfrtBY. 




553 *^ 


Bicase- ;] 
enrblme- 


[.fora'ene yearfoirndersiitis__ 

1 ihe IBC(^I35 dveraaSTir^r . 

fora fourniontfa naif 


Halt to short-time work figures 


THE GOVERNMENT will cease 
10 publish figures for shori-lirue 
working from the middle of nest 
month, Mr. John Golding. Under¬ 
secretary for Employment, said 
In a Commons written answer. 
Mr. Golding said the amount of 
short-tune working had remained 
ai a low level sine*’ mid-lff7« and 
Ihe cslimales were no longer 


reliable. 

From mid-February ihj S V par 
provisionaj figures indicated a 
total of -23,000 workers on short 
time. But this was based un re- 
ports from the regions covering 
all industries and services and 
was not of comparable accuraev 
;n the reenter month!v emplyv. 
ment statistics, he said. ’ 


□ CMffltt tnciosca 1 • .jj Ficase invoice . 

* I untemand chac die spcte’idfoui^'suS^^^hifcbf. 


jyl5 ^;13b overseas) applies only to sulis^riiS^oti^hatare fl 

paldb>' A pfU 30th . 197a. Tkcoverseisrirc is 

etching? rates in .mvcureency fr^y fe rat* 


rvamr. - 

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Oroniafion-' - 


NarureofHiisuwss 


Address 


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JBnancial Times Wednesday Fetoaiy 




COffiHfUNfCATKONS 


HHTED BYARTHUR BENBETTAND TED SCHGETERS 


Networks made easy 


©MATERIALS ® PACKAGING • - ^ 

Decorative Prepacking scale 


“ >*'* 6 

^ carbon 


dioxide 


© DATA PROCESSING 


REDCAR will be the site of one 
of the most ambitious projects -to 
automate steel production when 
the flew blast furnace at that 
centre goes into operation. With 
an output of up to 10.000 tonnes 
of liquid iron per day. the fur¬ 
nace will be one of the largest 
in Europe and form an essential 
part of :the complex. 

Operations will have extensive 
computer support with data log¬ 
ging and central control through 
a computer overseeing the blast 
furnace plant, and Jinked with 12 
plant processors at various points 
in the iron-making works. 

Systems Designers has won 
the contract to provide software 
and services in support of the 
British Steel project and the job 
is worth £ 000 . 000 . 

The blast furnace plant com¬ 
puter will he a DEC 11-70 and 
it will continuously monitor and 
fog performance. tracking 
delivery of ore from pelletising 
and sinter plants, delivery of 
coke from the coke plant and 
from stocks, and the movement 
of hot metal tapped continuously 
from the furnace. 

management information will 
be provided, together with visual 
displays of plant status, trends 


and production summaries on a 

S °Anofher important job will be 
the continuous monitoring of 
thermocouples within the furnace 
to give colour graph s of heat 
distribution within the structure. 
‘ Systems Designers will analyse 
the whole system and derive 
parameters and design criteria. 
It will implement a basic opera¬ 
tional system when the furnace 
js .first blown in and then develop 
the extended computer facilities, 
finally integrating and running 
acceptance of the full system. 

System software will be written 
in the Government-promoted 
Coral 66 language. 

The furnace will operate at a 
high production rate and a high 
top pressure so charging has to 
be fast and closely controlled and 
it is considered that the com¬ 
puters will provide vital support 
in achieving this. 

•Conveyor feed will ‘be used 
and the molten iron taken to 
Lacfcenby for steel production in 
320 tonne torpedo rail cars. 

Further details of the software 
design work from Systems 
Designers at 57. High Street 
FrirnJey. Surrey, GU16 5HJ. 
0276 63471. 


EMI TECHNOLOGY will be 
demonstrating for the first time 
in public its PIX remote comput¬ 
ing facility at Communications 78 
at the NEC in April. 

PIX has been specifically 
developed for IBM 360 and 370 
users who need to link their 
central computer to remote 
terminals in the most cost effec¬ 
tive way. 

It embodies a unique concept 
which allows the operation of 
distant terminal devices as 
though they were locally 


attached to the host epu and 
were utilising standard local 
software. The PIX concept effec¬ 
tively extends the multiplexer 
chaanel of the computer out to 
the remote site. It also allows 
one communications link to 
support both conventional RJ2 
devices and display screens. 

IBM 360/370 users of PIX can 
expand their communications 
network economically, ENI says, 
and establish new networks very 
simply. 

EMI Technology on 01-393 
1477, 


6 TRANSPORT 


Controlling car parks 


© SAFETY 


Chemical hazards 


IN THE next decade or so many 
drivers could well be using a 
car-park control system de¬ 
veloped by Godwin Warren En¬ 
gineering, a GKN company. 

According to the maker, the 
system sweeps away many of 
the disadvantages that affect 
most parking systems. It offers 
fast getaway in place of clogged 
exit lanes at peak parking times, 
fiddleproof cash collection and 
control instead of susceptibility 
to theft and vandalism, and 
greatly reduced operating costs. 

Known as the Computerised 
Automatic Parking System 
(CAPS!, it provides these boons, 
in essence, by reducing the time 
the driver spends at the ticket 
machines at the entry and exit 
of the car park. 

Microprocessor controlled, the 
machine detects an approaching 
vehicle. It then checks the space 
in the park, and shows a 44 full ’* 
sign or issues a code punched 
ticket and releases the entry 


barrier. When leaving the park 
Dn foot the driver feeds the 
ticket to another machine which 
calculates and displays the park¬ 
ing fee, takes his money ana 
issues change and an exit receipt- 

The receipt is used at the exit 
barrier machine when driving 
out If this ticket is valid the 
barrier is released—If not. the 
motorist either has to pay the 
displayed excess fee, or if he 
has overstayed both grace 
periods (correct fee and excess) 
he is returned to the pedestrian 
pay machine to update his 
ticket 

First installation, on a multi¬ 
storey car park at Poole Harbour 
has proved sufficiently success¬ 
ful to encourage the borough 
council to instal CAPS at a large 
central multi-storey car-rark 
serving the needs of an Arodaie 
shopping centre by day and a 
new arts centre by night. 

More from the maker at Emery 
Road. Bristol, BS4 5FW (0272 
77S399). 


WORKING IN co-operation with 
Rohm and Haas, manufacturer 
of Oroglas acrylic mirror, Chel¬ 
sea Artisans iuss developed two 
complementary mirrored build¬ 
ing products which, it is claimed, 
make the installation and 
fabrication of mirror, finishes a s 
simple and straightforward as 
working with conventional panel 
boards — and as safe in use. 

Either 12mm. melamine faced 
chipboard, or 15mm aliminiua 
faced rigid polyurethane foam, 
are bonded to 3mm Oroglas 
mirror. 

The mirror is a m etallis ed 
acrylic said to have the reflective 
properties of silvered glass plate, 
but with half its weight, 20 
times its toughness, and __ no 
danger of splintering- When 
laminated to chipboard or foam 
it o-i n be used for many appli¬ 
cations where the use of glass 
mirrors would be impossible or 
require highly skilled craftsmen 
to cut and fit. 

Supplied in Sft. x 4ft sheets, 
the mirrors can be produced in 
z range of tints, such as bronze, 
grey and pink. Used for building 
applications it should be re¬ 
garded as a combustible thermo¬ 
plastic and must comply with 
Building Regulations 1972 for 
materials meeting BS 475 
Pl 7:1971 Class 3 medium flame 
snread. 

‘ More from Cheisea Artisans, 
Unit 25, The Precinct, Hurst 
Park, West Molesey, Surrey (01- 
941 2S2S). 


MADE IN the TJ.S. for the TLK. 
market the top of a range of 
scales from Toledo is claimed to 
be a new concept in electronic 
weighing. An automatic pr©~ 
packing scale, It has as an 
optional extra the facility to 
print labels with price per count, 
instead of price per weight 

Designated Model 8300, it Is 
basically a microprocessor con¬ 
trolled scale-printer for use in 
food store preparation rooms, 
where heat seal retail tickets are 
attached to pre-wrapped trays of 
produce. The scale has price/lb 
relection to £9.99 and weighs to 
30 lb. • . 

Automatic tare, automatic 


pricing of commodities, and auto- 
tracking., zero for out-of-balance 
conditions are all includes 
Weighing Is by load instead 
‘of -the 'conventional. springs, 

which reduces maintenance. 

Readout is digital Sell by 
dates'are included, and cooking 
instructions and grading specifi¬ 
cation .can also be printed on Ifee 
label* Automatic labelling: and 
wrapping machines can-be auaeo. 

With- this equipment .an 
operator, can deal with, over 30 
prerwrapped packs /. mlimte “ 
weighed, price computed ' end 
labelled. _ _ w 

' Mdre from Toledo Scale, Fir 
Tree Lane, Groby, Leicester 053£ 
S764S5). 


Distillers CO2 


e MACHINE TOOLS 


Fast si 


turning 


9 WOODWORKING 

Automatic sawmill 


INCREASED TIMBER yield, 
faster production and greater 
sawing accuracy are the claims 
made for tbe “ Woodergetics> 
automatic sawmill system, de¬ 
veloped by Kockums Industri AB. 
Tbe company guarantees the 
operational capacity of its saw¬ 
mills, and the dimensional 
accuracy of the sawn timber (to 
=0.5 mm.). 

Using a sawmill planning 
method and offering project., 
management, the company first 
analyses factors such, as log size, 
aad type, existing plant labour 
supply and market requirements,' 
before selecting and installing ;a, 
computer-controlled saw line or 


complete sawmill for .the best 
conversion process. Staff train¬ 
ing services aria also provided. 

Tbfe sawmill equipment, which 
can be supptied separately, is 
designed in modular form, with 
standardised .electrical Wiring 
and hydraulic ~ and pneumatifc 
piping, to reduce' installation 
time! " It includes ; debarldng. 
round-reducing,' scanning and 
sorting machines- and general 
handling equipment; cir cular 
saws, .frame saws, bandsaws and 
electronic- control systems for 
log sorting, saw setting, product 
sorting and trimming. 

: ; Details from ..the company’s 
forest industries'Divfcton, Fack, 
S-826 01 Sdderhanm. Sweden.' . 


TO RELIEVE pressure on fuHy 
automatic machines, and in. applk 
cations where large quantities of 
simple turned parts are required,, 
a swing-ann automatic -may pro- 
vide a reasonably priced answer; 

From Spain comes a series of 
these machines—three models'on 
one basic frame size. They have 
round bar capacities of 25, 35 and 
45 mm, with three spindle speeds 
available on each machine. ; " 

These automatics have; two 
cam-operated - swing arms for 
facing;; chamfering or - turning 
shoulders or . grooves. For end 
working, there is a drill holdri 
with a length stop. Mastmim . 
drilling 1 depth is 59m Parting 
off is carried out from, a third 
cam-operated, vertical slides 

Typical components produce* 
on this type of machine Indudi 
nut blanks, grooved phis, bushe 
and spacers—items which it. i 
'uneconomic fo produce on ebbs 
pies expensive automatics. , 

7.. Made . by . Iralag ib 

machines- .are marketed ip-th 
U.K. hy Elgar Machine Tool Co 
Bee House. Victoria Roar - 
London NW10 6 N? (01-963 ©U’ 
a member of the ■'2* EHfir 
Group . .. ">■ 


ADVERTISEMENT. 


NEW DRAFT regulations on 
chemical hazards arc to be issued 
later this year with the purpose 
ultimately of establishing a 
notification scheme aimed at 
identifying sites where major 
hazards exist. This follows a 
recommendation of the First 
Report of the HSE's Advisory 
Committee on Major Hazards. 

Because of the complexity of 
the issues, and the growing con¬ 
cern in the general public and 
trades unions, the question of 
working with hazardous chemi¬ 
cals is attracting a great deal of 
attention.. 


With this in mind. Harwell Is 
to hold a seminar on "Major 
Chemical Hazards’’ this coming 
April. Representatives from 
industry , tbe emergency services 
and Government will attend and 
the discussion will be wide- 
ranging. 

Papers to be presented will 
cover a general review of tbe 
situation, the social implications, 
management of major hazard 
plant. legislation, location, 
reliability and emergency 
procedures. 


The venue is the Lorcb Foun¬ 
dation. High Wycombe. Bucks 
on 26th and 27th of April. More 
from Mr. C. J. Preuveneers. 
Education and Training Centre. 
Build in 3 -355. Harwell, Oxoq. 
Abingdon (0235) 2-1141. 

Meanvvhiie. additions have 
been made rn tbe Gastec series 
of gas detection units marketed 
by D. A Pitman. 

This is extremely simple, yet 
effective sampling equipment for 
the routine monitoring of 
hazardous gas concentrations, 
consisting 0 / a low-cost syringe- 
type pump which draws an 
accurately measured sample of 
gas through an analyser tube. 

While there are some 100 
analyser tubes already available, 
important new introductions in¬ 
clude one for acrylonitrile which 
measures down to 2 ppm, as well 
as tubes for methylene chloride 
and chloroform. 

The company is also to intro¬ 
duce equipment for time 
weighted average measurements. 

Further from D. A. Pitman. 
Mill Works. Jessamy Road. Wey- 
bridge. Surrey* Wcybrdge 
46327. 


ur 


lie 


% 


M? O 


out-of-area lines. Thirdly, the caller come 3 into contact in any from a -wide ■ range" to pr 
traffic record, which' the- PDX organisation is the switchboard pifle exactly the class oFjervii 
automatically compiles, can be operator, and Plessey has given -^ich it needs. Up to five peop 
used to allocate costs to depart- considerable thought termcreas- tn^tw With 

ments or to ensure that the ins. job satisfaction in this area, can - taik togettier witb an pc 
svstem configuration continues to- The desk-top-console Is simple-rid® caller in conference; exte 
meet the needs of the business, to operate and a back-lit display, sion users can set up; person 
Further savings can be §dye g the operator full informa- ‘directories* where the requiiy 
achieved by reducing operator tionr on the statusr of any. call number is accessed by.a S-tEg 
staffing in'bigger installations. Coming to her position. • . c^e; calls can be automatical 


The Plessey PDX business communication systems, currently lumergomg gSW *** 

type approval evaluation by the British Post Oxice. gives rest 

nnnnrhinitfpq to control telephone costs and Sives optimum service requires no air-conditioning or Post Office is using in its. own established calls can be inti 
opjiuuuiuuw 7 v r ‘ othei- special environment. -developments). This minimises rapted if there is a priority c; 

to every extension user. - . the possibility of the-:system . . .. and so. on. There , are. 


Company directors are painfully tbe entire exchange opera 
aware of the rate of increase and es tab lisa all connecti; 
over recent years of one of their B « b 3nd a,s,ltas 

inescapable overhead costfr-the ■ 

telephone system. It isn’t just a . 

matter of rising Post Office p 

tariffs, but one of equipment 
costs, operator salaries and ex¬ 
pensive office space. These com¬ 
bine to make up the total cost 
of providing telephone service, 
whether it is efficient or not. 


Introduction* 

{ plessey FDX j .. 




s^Mea of 
Increased 
cost-ber.eri! 
iara^ngcoi^ 


© POLLUTBOH 


_ .-'rp 

In recent years, manufacturers --- , 

and the Post Office have been . 

gradually up-grading their 

private exchanges with the result _ 

that the real cost-cffectiveness of - ~~coO'‘*' 

alternative systems is becoming TIC, 

more and more difficult to judge. 1S6a _ li,tu _ 

Tbe left-hand section of tbe chart * . r 

shows how one major maoufae- mation have been organisja izto ? 

turer in this country. Plessey. a digical format which, a? well ? 

sees the trend—operating costs as providing nigh quality speech 
in total rising at a slightly faster reprodu:tion. ensures fall com; 
rate than the improved level patibility with the concept 0 ? 
of service which conventional processor control- 
private exchanges caD offer. But heir does litis sere vtonett 
However, they claim that tbe /or the business user? The answer 
introduction of their new is that it allows management to 
* digital' exchange system, which take positive steps tc coatrol 
they are registering as *PDN.' telepboo? costs- Firstly, the ser- 
represents a real opportunity to vices available at each extension : 
improve this situation. can be controlled separately— 5 

Rather than relying heavily * <»• .i?'™ 5 

on a single, untried development, plaiting facilities to an\n.bere .a 

tbe Plessey PDX combines ^ '' orl ^ , aT l^ tn f" 3 

several recent advances in tech- limited to only the local dialling j 

oology which have already been area- Secondly, tee exchange can . 

proven. Twin processors control be programmed to direct out- j 


Traps the oil spills 


"con^®' 


AN OIL boom which was success¬ 
ful in saving the Norwegian coast 
from a major oil slick in last 
year’s blow-out on platform 
Bravo in the North Sea Ekofisk 
field, has been introduced com¬ 
mercially. 

Made by the Bergen-based A/S 
Nofi company, the equipment 
proved to be the only one of its 
kind capable of operating in the 
sea conditions prevailing over the 
oilfield at the time of the acci¬ 
dent. 

When efforts to contain the 
spill with other equipment failed, 
the .pew boom, which was still 
awaiting certification. was 
brought into use and, with its 
help, a two-kilometre long oil 
slick was quickly contained. The 
oil trapped within was removed 
from the surface by a skimmer. 

The boom is of a “ tennis net ” 
design, designed to hang up¬ 
right in tbe sea to a depth of 
about two metres. The nylon 
net is supported by inflated PVC 


PRIVATE POSTBOXES 


in London 


OS D.a. Tor personal uw or £23 p.n. 
business us.-. y,mr Mail herd or 
forwarded dulls—U.K. and abroad. 
BRITISH MONOMARKS 
BM —MAILBOX 00 
LONDON WGV bXX 
01-405 0463 

EAab. UE5 wilb the G.P.O. 


buoys and hacked to a depth of 
one metre by an opaque vinyl- 
coated skirt. 

The successful performance of 
the new boom in heavy seas is 
largely attributed to tbe use of 
a higb-strength, low elongation 
and low-weight cable made with 
Kevlar 29, Du Pont’s aramid 
(aromatic polyamide) fibre, as 

keel rope ” forming the base 
of the net This rope is subject 
to particularly high stresses 
when exposed to heavy ocean 
swells and to being towed behind 
2600 h.p. ocean-going vessels. 
According to the manufacturers, 
two earlier prototype booms 
failed as the result of excessive 
weight imposed by iron chain and 
steel hawsers used to maintain 
tbe nets upright The problem 
was solved by substituting a 
60-ton break strength, eight- 
strand keel rope made with 
Kevlar weighted with lead sinks 
to provide the right degree of 
flotation. 

This dramatically changed the 
handling characteristics of the 
boom, permitting a hitherto un¬ 
attainable dynamic response to 
wave movement. As a result, i 
water and oil were prevented' 
from crossing the free-board in j 
waves as higb as three metres.! 
The added flexibility permitted! 
the skipper of tbe towing vessel. 
“Ibis Two,” to employ purse-' 
seining techniques, using power¬ 
ful side thrusters to trap and 
bold the oil, 

Du Pont. POB CH-129 Geneva 
24. Switzerland. 


A vast range of facilities is groups of extensions. ■ ■- mum where all that is need 

available which can save time/ Plessey-has thought about tiie-is an ability to make and jrecel 
money and greatly increase the' future too. As data comnumica- internal caHsl 
chances of speaking to the perstm tions. facsimile and word pro-v "• '■ - .i ,: - 

required. Automatic recall-of. cessing networks become ; arr In-management terms - tr 
engaged extensions eliminates increasingly common^‘fesitiiris trf nieans that the communicatl- 
time - consuming call-hacks^, everyday business'life, thePDX Taquii'ements of each job ftr 
answering a ringing telephone at wiUbe able to-handle this traffic tion can be evaluated and 1 
a distant desk by using your owt and become the nucleus around, right facilities programmed ft 
telephone is useful when only a: which future office commuriica* Ifte PDX ia enable each job 
skeleton staff is present, say -at bfLdeveloped*^leaded:outmost effective., 

lunchtime, and ensures th 3 t In- m'. . ■ . .. . - In addition. It allows znana 

coming calls are. always ILXteilSIDllS IQ a ClaSS OI ment to prevent expenslye abt 
angered, and dialling long xj,- .. of tbe eystem and to exerc. 

numbers by a 3-digit code saves TOCu BWQ a high degree of positive coot* 

lime and effort ’ Each extension on the PDX over outgoing calls and tbe CD 

The first person with whom the system can be allocated facilities associated with them, • ^ • 






§mfj 


electronic office. Come in. 


Getting on the right Ikes 


Come bto the age of the digital electronic 
telephone exchange with Plessey PDX. Experience the 
.cHrieccy ofa stored programme control sys t em which ’ 
offers sn unprecedented range of lacilines aad the ■' 
capability of interfacing with other electronic business 
systems in the future. 

Plessey FDX is geared to the needs of medium 
and large organisations, providing swift efficient service 
to external callers and internal users. It provides advanced 
features such as the ability to answer a rin ging extension 
train i telephone ar a distant desk, automatic re-routing-- 
so that your calls can actually follow you round the 
building, and the means of allocating facilities to 
individual extensions exactly as they are required. 


Flessey PDX also offers managemenr.the 
ability to comprising telephone costs by recording ■ 
call details upon which action cairbe taken to irstnct or ; 
optimise call routed either dntmghowfafystaa or fima 
iodividualafaisionsi '; j • 

./ ., : PksscyTDXisgearedto- c e onum ytOo. 
Economy of opemtkm because it is highly reliable, has no 
excessive power requirement^ and jrarides highly .... J 
sophisticated netwodcfecilities. Ecdmjxnyktf sjmcc-- 


• • W 




or felse floors. J . 1 ,. 


WS. ^t^emniiedoor to the dectronic office agfc 
Whydan’tymycomein? • r r ;..''••■**> 


electrical wire&cabSe? 




Thousands ctf types and sizes instockfor immediate delivery 
«NO MINIMUM ORDER «NO MINIMUM LENGTH 
LOmOMOI-SfStana AB£RDEEMmA)323SS/2 

TRAf^Sf^OXLL CHARGES GLAOtYAXEPTED 
24HcEMEFtt5ENCYr4UWBEROl 6373567 Eat.409 


Many business telephone users 
already take advantage of tbe tie- 
lines and out-of-area exchange 
lines which can be rented from 
tbe Post Office. In many cases, 
however, these lines are not fully 
utilised. Extension users are 
prone to place calls through the 
public network at tbe full charge- 
rate. Forgetfulness, haste or 
sheer bloody-mindedness may be 
tbe cause, but the result is just 
the same—unnecessary costs are 
incurred and. with orthodox 
systems, there is no effective 
answer. 


decisions exactly where they 
belong — ia tbe bands of man¬ 
agement-_ _ 


Telephone 
'extensions moved 


— Plessey Tdecottni paicatio iBtLaaifcd __ 

Plessey ConuanmezUon Systems' limited .Beesron, Knninghatn , Ttniyd Kingdom NG9 lT^ *- 
TcIq5htHrcNbttm^iam(060^2^^^k3C 372pf \ ' ..f . 




!in three mirsutes 


However, the Plessey PDX 
offers a feature known as 4 route 
optimisation,’ If an out-of-area 
Uno exists, for example, the PDX 
can route a call on to that line 
by recognising the STD area 
code. 



To ensure that this and other 
features do not have a counter¬ 
productive effect by blocking 
essential calls, the PDX uses its 
processing power to provide 
traffic tables which give a clear 
picture of total system usage in¬ 
cluding * frustrated ’ calls. With 
the help of this information, the 
system can be regularly moni¬ 
tored aDd services added or 
eliminated to give tbe best 
balance between cost and 
efficiency. The Plessey PDX 
places the responsibility for these 


[Few businesses are static. 
.People's job fund ions change and 
' people more offices. New reypon- 
jsibililies may cal: for ertra 
facilities like the provision of 
secretarial ‘filtering’ of calls nr 
the ability to re-dinicF calls 
automatically to another exten¬ 
sion. A move to a. new office can 
cause inconvenience to everybody 
if it means a new extension 
number; it is f 3 r better if users 
can be allocated their old num- 
i ber whenever they are moved. 

1 With orthodox private 
i exchange systems, rhis kind of 
change can be time-consuming 
:and costly, involving expensive 
re-wiring and new telephones. 
Not so with PDX, because while 
all extensions use the traditional 
telephone, push-button or rotary 
dial, the facilities and extension 
numbering are controlled 
entirely by the central processor. 
Thus, changes can bo imple¬ 
mented by a simolo instruction 
from a service printer to the 
processor. 



More cost saving and cosivemeacs 


from Plessey PDX 


E6.V&LS0 



F-G-yvlLSONENGINEERING LTD 

l« Cartral Tn dinE Esbte, Slants, MCm, Enjianl 
50288 4 53764, Tefen S33IH itavefeaefc, Gacrf Sj 


Before telephone costs can be 
controlled, management needs to 
know how they are spread over 
the system. Plessey PDX, as part 
of its integral design, provides 
this information, which can be 
subsequently analysed Into 
management reports for further 
action. Tbe feature, known as 
' call information logeing.’ pro¬ 
vides information such as the 
extension number placing the 
call, the mutibcr called. lh“. start 
time end duration of the caii and 


hence •— information on the c all 
charges involved Special print¬ 
outs can be produced to list and 
analyse calls piaced by particular 
departments or extensions, calls 
to particular areas or individual 
numbers, calls over a certain j 
duration and so on. i 

Armed with tin*, management f 
can appropriate action ti> 5 
eliminate unnecessary calls, save j 
money and jncr?,->:^ the efficiency I 
of their organisation's cum mum- * 
cation ferrice. I 






































The Management Page 


EDITED BY: CHRISTOPHER LORENZ 


Japan's tenth largest 
S < ^ eoscern, Ataka aiid Co„ 
!*P,ly found itself : ort the 
b^cmpl<yToIatel973 
an oil supply contract 
Ihad goner wrong its: 
* L'ank, Sumitomo, had to 
: Ataka' could only, be 
= Sumitomo decided, by 
? with another giant trad- 
!" -■‘?rn. big enough to carry 
* >s. Sumitomo asked Its 
"ter company, Sumitomo 
to do the necessary, 

. . out that, while absorb- 
. ca might be regarded as 
’tic duty, it would also' 
king on some, profitable 
business in which the 
>e defunct trading cono¬ 
id specialised, 
omo Sboji was asked on 
. ir 31, 1975 to consider 
or not it could take 
ha and to give its reply 
hree days. •_ The reply. 
1 in the middle of 
week-long New Year 
was that it would take 
to reach a decision on 
important matter be- 
take-over would affect 
every major depart- 
the company and every 
■nt likely to be affected 
• given a chance to 
' ts views. 

getting Sumitomo 
eply, Sumitomo Bank 
ed another giant trad- 
em, C. Itoh and Co., 
same, but by now, even 
ent request. This time 
f was almost instan¬ 
ce. Itoh would absorb 


Ataka, but subject to certain 
conditio us which,, would have 
to .be discussed later. 

' Hie result was, of-course, that 
tj.Itoh' did absorb Ataka—or 
rather that xt< toot, in those 
parts of the dying company that 
it felt could be of use to it. By 
its - rapid decision CL Itoh not 
only averted what Could have 
become - the most spectacular 
business catastrophe' in post¬ 
war Japan, it also moved from 
being the. fourth to-the third 
largest Japanese trading com¬ 
pany, pushing the .aggressive 
and- t. hitherto fast -growing 
Marubeni Corporation into 
fourth place and leaving cau¬ 
tious Sumitomo Shoji. where It 
had been before—in fifth posi¬ 
tion. 

Ali this was possible, for one 
simple reason: the.existence in¬ 
side C. Itoh of an elite decision¬ 
making team, which, was able to 
make a prompt reebounendatioa 
on the Ataka question by-pass¬ 
ing thetinwieldly Tjjngi. Seido” 
consultation system which 
major Japanese companies still 
use to make most of their de¬ 
cisions. - 

“Ringi Seido” (the words 
mean “ consultation- system> 
is usually regarded as! one of 
the four pillars of the Japanese 
way of doing business (the 
others being the lifetime em¬ 
ployment system, the - method 
of promotion by seniority and 
the company union system). It 
means, in essence, that decisions 
"evolve” " from the - lowest 
echelon of a company's, man- ■ 
agement rather Oran - .’being 


How a Japanese company 


turned decision-making 
tradition upside down 



By CHARLES SMITH in Tokyo 


Kyuzo Sejima. deputy chairman of C. Itho (left) and Mitsuo 
Uemura, president of Sumitomo. 


handed down from the top. It 
also means that literally hun¬ 
dreds of people may have to 
be consulted, over a period of 
months, about a major decision 
--although, once they have been 
consulted and have agreed. 
Implementation tends to be fast 
and efficient. 

In a typical instance involving 
“ Ringi Seido ” in a trading 
company the 28- or 30-year-old 
junior executives of a section 
handling a specific product 
might draft a memo suggesting 
some course of action. This 
would be shown to the deputy 
section chief (kacho dairi) and 
section chief (kacho) of the 
same section, who would dis¬ 
cuss and revise the memo 
before stamping it with their 
personal seals (the equivalent 
of initialling) and passing it up 
to the bucho (departmental 
chief). The bucho would repeat 
the process and then send the 
proposal up a stage further to 
The hon-buebo (divisional chief). 


whose business is nor only to 
add his own comments and 
views but also tu decide what 
other divisions of tlie company 
need to be consulted. 

Having decided (if he is 
division rtiieT of the steel divi¬ 
sion and the proposal involves, 
say, a credit sale to a develop¬ 
ing country) that the finance 
section needs to have its views 
taken into account ihe hon- 
bucho will instruct his bucho 
to talk to an appropriate bucho 
in the finance division and re¬ 
port back on the results of (he 
consultation. If the consulta¬ 
tions with finance end in dis¬ 
agreement or deadlock this fact 
will be reported back up to The 
divisional chief (hon-bticho). 
who will then be expected to 
tackle the problem himself will) 
his r-xnsite number, the divi¬ 
sional chief of finance. 

Consultation at this level nf 
the management hierarchy 
represents the cTucial phase or 
the decision-making process and 


depends for its success to a 
great extent on whether the men 
concerned are graduates of the 
same univer.-ity and joined the 
company in the >ame year. 

If they agree on a policy 
recommendation to be sub¬ 
mitted to the Board of Direc¬ 
tors the Bnard will normallv 
give what amounts to a rubber 
stamp approval and implementa¬ 
tion will set under way immedi¬ 
ately. If th**y disagree, the 
Board will normally appeal to 
them to have another go at 
resolving (heir difference.-;— 
most Japanese Boards of Direc¬ 
tors being exceedingly reluctant 
to do anything sc- controversial 
a* to take sides between two 
divisional -:\hiel -. 

The Rinai system can take 
up to six months where a really 
major issue is Involved, with 
conferences lasiiug for a week 
or two at each of the main 
echelons (and with plenty of 
after-hours drinking araung the 
men concerned). 


C. Itch's “ secret weapon " for 
fast decision-making at the tizne 
of the Ataka affair rook the 
form of a special “ strategic 
planning*' team grouped round 
a former Japanese Army staff 
officer which reported direct to 
the chairman and had enough 
prestige throughout the com¬ 
pany for its recommendations 
to carry considerable weight 
The group, informally known as 
the “Sejima Organisation'* 
(Sejima Kik.mi. seems, deliber¬ 
ately or otherwise, to have re¬ 
vived some of the planning and 
decision • making techniques 
used during the Second "World 
War. It has lapsed with the pro¬ 
motion of its founder to the 
post of vice-chairman (in itself 
a remarkable achievement, 
sinced Mr. Sejima only joined C. 
Itoh at the age of 46. after re¬ 
turning from a post-war prison 
spell in Siberia). 

Other companies not blessed 
with top flight former staff 
officers as super-decision makers 


hare been slower to depart 
from traditional procedures. 
Bur the stresses and strains of 
making a living in the harsh 
economic conditions that sur¬ 
round Japan are producing a 
good deal of experimentation 
with traditional ways and the 
innovators now include the con¬ 
servatively minded Sumitomo 
Shoji. 

After Mr. Mif^uo Uemura took 
over last summer as Sumitomo’s 
new president the company 
decided to establish a “ Kara- 
bukai ” or top executive's group 
which would be given authority 
to take decisions on urgent or 
sensitive issue*, by-passing the 
normal Ringi Seido. The Kam- 
bukai. which meets twice a 
month for •'regular sessions." 
but can summon itself for as 
many “ irregular sessions ” as 
it wants, consists of Mr. Uemura 
himself, the chairman and 
honorary chairman of the com¬ 
pany and two executive vice- 
presidenis. The issues which 


are taken up by it, apart from 
lop staff appointments, include 
major business decisions (such 
as whether -or not to go ahead 
with a Mexican railway project) 
and semi-political Issues like 
whether and how to get involved 
with the Government's plans for 
“artificially” stimulating imports 
from. Europe and the U.S. 

The Kambukdi takes a few 
days instead of a few months 
to lay down general policy tines, 
the details of which are filled 
in by the lower echelons. It 
works because Mr. Uemura 
brought his new broom to work 
at a time when external condi¬ 
tions obviously demanded 
change and because the idea 
had the support of honorary 
chairman Tsuda. a man who 
wields strong moral influence 
in the company, though no 
longer any executive power. 

The Sumitomo approach to 
speeded-up decision-making has 
parallels elsewhere in the trad¬ 
ing company world—though not 
exact ones because each of the 
top companies has its own tra¬ 
ditions. and its own dominant 
individuals to reckon with. The 
end result of the reforms that 
are being introduced seems 
likely to be a combination of 
the traditional slow but sure 
consensus-seeking system wifli 
a commando-style approach to 
the tougher and more urgent 
issues. LI it woTks Japanese 
trading companies. which 
already have what is possibly 
the world's best intelligence 
gathering system, may eventu¬ 
ally have one of its best deci¬ 
sion-malting systems as well. 


MY marches on fts general, it cannot be selective 
is a maxim attributed to any large extent. However. 
on. To bring this up- meals can be provided at head 
could be said that a office and not at branch .offices 
will perform more (again without affecting the tax 
if it is adequately fed. position). f r ^fj .o- 

more employers are The tax advantages to the DCKICIAMC «r’ 
night to the ways in employee are considerable. Any ■ C.IMOI V/IMO * 
efficiency, health and meals bought outside are paid j DCMCCtTC 

f their staff can be for out of taxed - income and alKl PCNCrl Id 
and one method is- to even modest provision would 
iem with a free or cost at least £2.50 net a week. 

■h. But there is more If the meal is-free, and allow- 

in welfare—it is also mg 48 weeks’ provision a year, modern kitchen facilities and 
f boosting the overall it would be equivalent to pay- utensils. Most large new office 
ion of employees. ing an extra £180 a-year on blocks now incorporate a dining 
I that lunch facilities "basic rates alone. For top 'mail- room that can also be used as a 
* available to all agement the extra is much’,more, conference room, cinema or con- 
on the premises, then Such provision also ensures cert ball. The whole operation 
’er-can claim the cost that employees get a meal at should be professionally run. 
jess expense for tax midday, thereby improving their and if the food is Indifferent the 
And the employee efficiency during the afternoon, objective is defeated. 
n taxed on the value Further it means that -time This is one area where the 
rt- The employer can spent over lunch can- he' kept emplovee should be involved 
he dining room faci- down. It avoids employees-hav- ^ } ^ . . 

so wishes - execu- ing to search around for meals SSHEJg? esnecSlv in 
le management and outside the office or works — n^Li^memis and handling 
with different menus sometimes in inclement weather. Snmlltints nanonng 

ining room, without But employers' need to have c 71 
be tax position. But the space available for a dining .^mailer companies. in 
an of meals must be room and the capital to mstfa would not be able to 

——---- ^ justify the capital outlay, even 

rSri® - ( ;..iif .the 'necessary space were 

lewar that never ends [arguments for providing mid- 



** a '•* 


y-.y We British are a peaceful people. When JTwar is 
tover we like to consign it to the history books - and 
- - forget it. 

•‘jJS.Vj But for some the wars live on. The disabled from 
l both World Wars and from lesser campaigns, no wall 
£ loo easily forgotten; the widows, the orphans and the 
"t chDdren -for them their war lives on,Cvery day and 

r. aliday. * • 

In many cases, of course, there is help from a 
^ pension. But there is a limit to what any Government 
■ Department can do. ■y 

J This is where Army Benevolence steps in. With _ 

1 understanding. With a sense ofargency... and with 
practical,financial help. .> 

To us it is a privilege to help these brarr men-and 
women, wo. Please will yoitfielp us to do more Wo 
must not let our soldiers down- 
.f 

te Army Benevolent Fund 

jldiers, ex-soldiers and thdrfamiCes in distress 
pt. FT, Duke of York's HQ, London SW3 4SP 


if .the 'necessary space were 
available. Nevertheless. tlie 
arguments for providing mid¬ 
day lunch facilities still apply. 
One solution is to give luncheon 
voucher*} for a certain amount 


BUSfflESS PROBLEM 

A rent review - 

. The lease or a shop was 
created in 1971 for 14 years, 
at a rant of £1250 for the first 
seven.years, that for the second 
■seven years to be agreed. Is 
there any restriction on the 
amount the rant can be in¬ 
creased, which is Indicated to be 
by £2,750? The lease gives Die 
I option, of the right to an arbi¬ 
trator, appointed by the Insti¬ 
tute of Architects. What is the 
procedure for taking np this 
option.? 


BY ERIC SHORT 

each day thus enabling staff to 

buy (heir meals outside. 

The scheme operated by 
Luncheon Vouchers Ltd. makes 
vouchers available to employers, 
arranges for certain restaurants 
to accept them and deals with 
the reimbursement. The 
vouchers are iion-traasrerabie 
and can only be used for pay¬ 
ment of meals. But there are 
drawbacks to this scheme. 

The first is that the staff still 
have to go outside the office nr 
works lo geT food. The time- 
saving advantage of having a 
meal on the premises is lost. 
But even more of a disadvan¬ 
tage is the attitude taken by the 
Inland Revenue. 

The employer can claim the 
cost of providing these vouchers 
as a normal business expense 
providing he gives them to 
everyone. But only the first lap 


BY OUR LEGAL STAFF 


There is no restriction on the 
amount to which a rent may be 
raised on a review for which 
the lease provides. However the 
precise terms of the lease need 
to be studied to . ascertain 
whether the lessor bus the power 
to implement the review, and 
whether he has done so in ac¬ 
cordance with the terms of the 
lease. The provisions for arbitra¬ 
tion also need to be complied 
with as specified in the lease. 
If in doubt you should consult a 
solicitor. 

No legal responsibility can be 
accepted by the Financial Times 
for the answers given in these 
columns. All inquiries will be 
answered by post as soon as 
possible. 


j a quite content to let inflation When employers were asked 

whittle away this benefit, what they considered to be a 
9 WW ’S' | I i idjS H || Nevertheless, this attitude is realistic daily value, the replies 

L-F Y 9 kSb&’ 7 64*1 illogical vis-a-vis the provision were a little higher. 

of free lunches and the 

© t| . equivalent tax level for this Du!; value % supw-rt 

w" benefit in France and Belgium j 7 

f H If jdli S Rf iS abt> UL 5S P— stiil lOW, but n 

WJP much higher than the U.K. * 

But despite these disadvan- ' P 5 

tages. Lunclieon Vouchers Jup 13 

claims that about 35.000 40p 20 

, . employers—large and small— 50p 43 

a day of the voucher is allowed The problem is that these us e ^ scheme. But it would over 50p 19 

free of tax to the employee, vouchers can be used as cash, appear that it is not used to 

^hnvP d th!i unIikc free IunchliS vhich are P rovidc ? ood henefits - Th « Either the majority o£ 

inrome Vha k m r7rhi not marketable by the employ ent agency Alfred employers have little idea of 

value has hi-en kpnt at the employee. Although vouchers M &rk* make« an annual survey what it costs to buy a meal, or 

level S5k Then 6 .« s«pp«ed .0 be non-lrane- J^V'ln' he Knov v ou ehe r , 

3s. would buy a reasonably ferable and only accepted for ». L ' , ■ * sunplj because they always 

priced meal, now it does not meals, it is easy to sell them to SL Dr t\^ Snrteon ' , m UlP 

cover the co-t of a run nf colfeo ine 830,1116 Provided juneneon 0 f any employee pressure. 

The Revenue has sieatllastly e . a \ ■ vouchers for their staff, but the have rarely increased the daily 

ignored all plea* lonSilue this emp, 5 ecs “» them for Sr ^ er3 ' Ievel of vntUm was low. amounl paid . n]9 A9 . mess y 

3 r _ niirfhaci-: Wonr c»rr*nnrv i. mne __ u. 


limit at a realistic value. The *™*SI*\ 

standard answer given in Parlia- Lpphi hm -henn J whPrV 

ment lo requests for uprating which accept lumhcon vouchers. 

is that tiiis concession was Luncheon Vouchers admits 
never intended to enable that there is abuse. :n spite of 
employers to provide a daily it* precautions. Its inspectors 
meal for employees—-an evasive regularly check up on shops, 
answer if ever there was one. Presumably the Revenue is 


IU»)jt valu» 
of vouch-r 

13p or less 

16-2&p 

2l-25p 
2fi-30p 
over30p 


.. situation that needs to be 

oiviDdSKhfo resolved. Either the tax level 
44 on voudters should be brought 

J to a realistic level and re¬ 

valued once a year, or the tar 
concession should be scrapped 
altogether and in fairness *' free 
14 lunches” should be taxed. 


ide ourselves on having a 
.^rienced staff than most 
„ in London, . 

. ,. ■c'rfTy -T : v; juite naturally it shows. 

0 ! ’- dH *11eourGv&starguests 'j. 
i.1: v : 1 oking the spectacular M 

^ Hyde Park, we’re Jag® 
r : V.ignothing. 

i e rooms in the J&gjSk 

' ■■ ;._• •'.' : caster have 
if&V.‘t'■ • ]lii -hrooimwlh ‘ 

cectdial. -381111111 

SVxi' ^ television 

VW; ; vSil OflfelS 


... *"'**'*; 


; ■ mu i rr^-' ■n~ : aa: 




traditional English dishes and the finest 
international cuisine and in addition to 
our two bars, there’s the unusually 
- warn and colourful 

Trt*»mrVrtr5J Medherranean Cafe. 

Wealso pride ourselves 
on being able to arrange a 
banquet ora conference few 
- up to JU000 people. Just as 
smoothly as an infiniate 
mMim dnmerfortwo. 

^kss-^nsr. . To become a five-star 
^sscSeI guesLjdmg the hotel or th^ 

Ii Rank Hotels Central jgp 

•SSStlfS Reservations Office: jn 

illM M 




si mm 




■■ 


LancasterTemce, London W22TY Te’hOV-2626757 Mac24822^ 



-The Hotels for five-star guests. 


THE 

HIGHLAND 

CONNECTION 


This is vonr first step in 
expanding your business—in 
joining the industries already 
thrivingin the Highland 
Region. 

The new technologies of 
atomic energy and oil 
exploration are mingling 
with the more traditional 
industries using local skills 
and natural resources to 
produce a dynamic 
environment for further 
development. 

The development 
department is a total service 
to industrialists. We provide 
the most up to date regional 
information—in fact, ail the 
help and knowledge you need 
for an expansion decision. 
Our service is 
comprehensive—and. of 
course.completely free. 
Make the 

Highland a 

Connection 

now by _ ff fagm ^ 

contacting f f 

Gwyn Davies. 3 

Directorof Jf 

Development, 

at the address 

below. 

Regional Buildings. 

Glenurqutiart Road, Inverness. 

Tel: Inverness (0463)34121.- 
mortl Telex 75313 


HigtJand 


V, 






AiBERTO-OJLVEi i 

"■■■ ' .-COMPARY ■. 




'■■■MS 






r* aa r j. •• J 


S /..CV- • 
**h m . 

■, ' 










mm 


1 ^^ 




Philip Luckctt, UK Managing Directorof Alberto-Culvet 


"Our business is marketing, 
not motoring. To handle 
the transport dement we went 
to the experts—Camden.” 


Philip Luckett’s marketing operation is 
country-wide, highly competitive and demands a 
very high level of expertise. So that's where he 
invests his time and money. In brainpower not 
horsepower Not in the fleet of cars he needs to keep 
his show on the road. 

But in choosing the right people to set up and 
service his transport requirement he demands the 
same level of expertise as he does of his own team. 


The sort of professionalism that many.con tract liire 
and leasing companies would find it difficult to 
match. 

But not Camden. Because, having handled all 
the financial arrangements tor you, having worked 
out the best investment and tax savings, having 
stabilised your on-going costs and having delivered 
the transport mix that exactly suits your require¬ 
ments we know we've put you "on the right toad. 

Because we've been down it many times before. 


ROAD SENSE. CUSTOM-BUILT BY CAMDEN. 


J MOTOR RENTALS LTD 

RUroy House, 69-79 Lake Street . 
Leighton Buzzard. Beds. LU78SY 
2 dcjfhtinn Q5J5J J7u) 










14 

LOMBARD 


"Financial 



form of 



BY JOHN CHERRINGTON 


ABOUT -0 years aj:o 1 was in envy can easily be used to 
hospital facto? vvhal l was con- generate progress, 
vinced was a imseruble end. As Envy is. or course, one uf the 
is usual at such times my sins of seven deadly sins Out I have 
commission 3 nd omission came to always ihr.nuhi thal whoever 
mind, and amun? The items on generated- th.*i catalogue of evils 
this depressing agenda was the had a viwted intercsi 'in ibe 
fact that 1 had made no provi perpetuation «f acquired or 
sions for the payment of Death inherited weaHh from whatever 
Duties as thev were then pop- source. Its protationists will 
larly called. ’ AUhougli as a claim that simply by virtue of 
farmer my heirs should have inheritance the dynamic uf the 
sained the 45 per cent, relief original accumulator- will be 
allowed, they would still have had passed on to his heirs fnr ever 
tn put themselves to quite serin us more. Only then, it is mi plied 
inconvenience to have held on by ulniosi every one concerned, 
to mv land. can euntinuliy guaranteed and 

ilic enterprise nourish. 

<"»* a Bui atoms! any jsludy of thy 

Priori spasm subject underlines the fact tha* 


whatever qualities pass by 
At first l v.-as galvanised into inheritance 'he ability t-» 
positive action summunini; improve or even main (a in ihe 
lawyer and accountant to my bed- dynamic uf a business is seldom 
side, and trying by some nne uf them. M« - l inheritor*. ii 
abstruse bm legal manipulate m seem^ to m*\ recard their pro¬ 


of the Finance Acts, in repair the 
consequences of ni\ dilniorinc-s 
before it was ion laic. The spavin 
lasted but a short while and wj- 
overtalien by the rt\iii$:ilu«n thal 
whoever liad io pay my Estate 


genitors' isucccss as the ha si* f'>r 
a hr? pen-ion. " r 

which no serinus person could 
approve. 

Redistribiuinii of wealth has 
tir*»n yrtin? on for eenemfmns 


by deliberate legislation If il 
hadn’t been Ter those varvinu 
factors !'■'* could s*»n have been 


that 

and 


the 

the 


Duties it would not be me. I There have b'-rn varying a gen 
rela.ved. did nothin" and cie«. the consequence* uf *.va,\ of 
recovered. sin mi •. of the owners’ Foolish 

This s'liiaimn faces the owners bosses, hut only in this century 
of any btf-int-.* mIiom.* a.-sfs. !«.- 
ihev shop.-, iarm.?, lactones or 

whatever. ar. ; so valuable as t«» , , . . ..... 

make the saiisfyin^ of the t-aui- wlth P as ’ rv B i<lu.ies 

la I jyiins or capital transfer tuxes # 

on them :« burden which the IjvnR IH11^173 
owners’ successors would he mi- A-r.r asciiisijis* 

able io bear. This loads :n the There ^ no doubt 
breakup or actual destruction or minr-wav depression 
the sale of the enterprise v»vil f.jTects of estate duties cleei- 
before deaih. cither to corporate maYoil the landowners of Bri- 
husinc^Sfs or instilultr.m< such as 1 ; ,j n ant i opened the way for 
investment mens or pen si in very !ar?e numbers of jnrii- 
Fnnds none of which pay capicil vkliials \vlio*c dynamism, helped 
taxes. hy hotter times since the last 

This situation is universally war. Iran*formed farming. In 
deplored itv (hose allectert and the same way. no doubi. other 
their families, us an inhibiting businesses with new nwnet> 
fact in tiie development of free nourished as well. This has been 
enterprise—that is. they are sulendid and. however hard on 
go in? to become poorer. But it the original owners, all to the 
has been supported by both puli- common good. If there was a 
ttcal parties over the years. The certainty nf this repeating itself, 
left look on il a* s iedf-itnliu- no one should grumble, 
tion of wealth and the Fight us a Rut it doesn’t look us though 

source »if luxation from a small will. The new owners of ili-.**o 

section uf the cmumunity. ino assets are corpora! tons or ■ hr* 
rich or the dead, which has no state which will inescapably 
electoral significance assume responsibility for a v.nJcr 

People in the middle, the vast and wider spectrum of the 
majority with little in the «a> *»f pcnnoini Th-se organisations 
Capital pro ha hi} feel, as I have are not like ihe obi fashioned 
always done, that there is uc tycoon, mortal .X'ntliimt vilf 
Xoiid reason for anyone l>> be ev»*i shift ihrm. They -implv 
horn with silver spoons in their become self perpetual ins 

mouths, whether >hc> take the nnreaucractos. wuh very little to 
rorm nf land, factories, shops, choose hfruee.i ihem. I don’t 
productive assets or any sort, or pretend to know what can be 
even stucks and shares This done ahout it but it will prnh- 
undoubtedly is envy luti as a ably mean an end of individual 
motive force in human affairs enterprise. 


Those easily forgotten forget-me-nots 


- < 


, Deep pbrt" is MV of bettor thu its S^g^tSST^ 

- - happy m?5««L.M bidr it W «*tt « ; 


WHICH ABE the worthwhile which ilovvers as an annual, about of the frosts, it is most import* roots. m . lTrf>r nn hvlc me — — - v . . ... 

mbs which «a-d~ner$ are most two feet his : *. is so good that ant, then, thal you should bed course, a happy “WJ®* °° a 5 w*/mwj*' Album whose reHesed baclr as they age. dying t 
likelv to fargel\‘ There -are we must stop the seedsmen from them into hoses or damp peat heavy, slow-draxniag soto. ■ on'stems up to four feet fully-recurved Turk’s Cap. 

tSSL m°particular. whichord. dmppias it from their lists. s» ttai Mrtj arc not left ™>« humus Hence hS^rebeautUPliy «t off by rate if «rr 

me unawares. One is the sowing Those who prefer small bulb* EEL SS SL S fbeir Srang^touv-a^s, pn> 


me unawares, unc is tnc sowing muse «u« pici« »muu uu.^ «u> ,w * Z'’ enireri Their oranse-yeiiow'awoeva, y-. On light liipe soils, 'there j 

nf seeds of biennials for next should apply to Unwins of Plant them as soon as they have t h e trudlne like ahtennae.- ' -.The none better than Henryf, one o 

vear. tbe Forgei-mt-noi.s; Sweet Hismn. near Cambridge, for a flowered. with lilies which root from the 1. .2 L< . l j ove | y but nxdre; spm-. ihose lHtes which will’ Vsuaper - 

Which - thoush * are tbe besL ba nn ihP whole, these are thVS tbe unspotted wine^urple grow anywhpre. ^ tend 


Williams and 


forth. This small variety 


Pomummuiu 



in” of Snowdrops, a job best make a spectacular summer edg- 
done while chc- bulbs still show ins-plant, massed In clumps in 
’ji-een leaves. Move them. then, the from OF a border, if you 
in March, if the ground has think about it for a moment. I 
lhawvd. If you intend to buy have never seen it used boldly, 
new Snowdrop* for next year. Formnajuum is an oddity, how- 
try to hunt them owl from a ever. Other lilies are sold, quite 
mirserv in the m*\i Tew Weeks. 

Bulbs hone hr in outs may -wem 
more expensive but many more in the market, there is no point 
»-«ii |i\v loan frmn a uias* offer in complaining that the stock 
uf dried up stock in an aulumn would be better bought while 
catalogue .still in green growth in the 

Mv ihird ncjileeicd jnh is the autumn. Hardly a nursery nuw 


GARDENS TO-DAY 

BY ROBIN LANE FOX 


tfc& Matched _ ..... — 

It. is most distinctive,. If you are bothered to stake in .late sor 
able to'ignore the smelt', ,'. nier, this is as essential a Hly-; 
The Madonna Lily, the pure the scented; Regalfe It sm'ei 


white one, is temperamental, neither pleasantly nor poorl 
Either it refuses to grow af alh- lrat wfH bear more than 


or else it multiplies abundantly, 1 <a orange recurved flowed r 
Often, one stem.. Every border Is ■ tt ' 


rightly, as bulbs and at tin* dvrinc ij L . awa y? Much depends of which no garden can have TOO for n ° SoU;^ better It, a^d'ti: thumpljt 

i,me of year and this moment oD yoUr soil maoy._ Pof^ot atone, « * * .SSi fry.. -?Thc-yearly. .aa : tough W&MM 


{f you garden ort a day or the one ^ en ‘ ,D ’ bl J^ L? S^nown NankeJn LUy, fr must, however, be plank 

heavy soil, all varieties which With rSn!' l T^Sa ceawL ls not so-cheap, more deeply, wme six. tacS 

are listed as “ stem-ruotmg are nixtH from •Jg-Wth a ^icgii £, ■ h unfavourable soils between the top of the'bulb » 
likely to be bad value. These of a. ftaJJ found it to be eseeUent. tbe surfaca , It is ope oTH 


lilies. If >uu have a warm green- have usually sat in a box for base their r rause 

house, ynn should holher Sul- three or four oioaths. Lilies, un- froin the,r stcm3, ,n s 


lowers. ! favour them be- Madonna’s, but:as tong as ine.suspeci it.wouia nu 
frrnw so reliably They bulbs are not. on .poor, soil or. to . clav too; -next wee^I shall )bt. 

iSFS^tS^Si Sir« Tld^lace.^er^iU wpwr 



vm!h in thi< year'® .lulv A lily been able to‘plant them because stems will often 


the serf of colour clay pots.. 


gardeners on pea 
us .an -if v 
plant -jdxfi 
or so Lq -L 


Walter de la Mare letters 
fetch £2,400 at Sotheby’s 


ON MONDAY. Christie's had the modern prints, a Tnulouse- scenes from classical mythology, 
fi.nu* nrnlWcms disposing uf Laurrec lithograph sold for sold for £980 to JPontanaro. 
Chinese expnn porcelain. £1.400. A cylindrical ivory count* 

Yesterday. S..the‘*v’s tiad a much A di3mond collar necklace nTl'h^a^ohaS 

lw „,r »huh ,»r in “ *STjZSS*!*** 


** S b! C ^ h ,-- h London book dealer, at £950 

i»>ailed Eluo-JOO. The huvei .n»j 

\fo.,cc.ne>(f Rni.>nhni-e A morning sale of OW Mai 


the 


and 


Master 

tfltb-cenlury Continental 
Christie’s totalled 


CT'JJkM. with less than 6 per cent, 
um/ehl in. 

Tin- tup price wa« the £4/200 a dealer. Moussaieff. Roienburg 
ir.,n. H..-j. the London dealer- paid £12.000 for a ruby and 
ii a pair uf Ch’ien Lung diamond clip by Cartier. “lam* 

Oiu|*aaniiMlca-imlc«*‘ water- A Phillips sale of lead soldiers \n afternoon S 3 le of Old 
bnitJln Itirifiio and cover* which , vn d models totalled £20.500. An Masters and 19-th century Con 
had been vestured. American eolii-clor. Schcnck. paid tinenlal drawings tutalled 

other items iu <i*ll well were f or h 12-man band of the £ 43 . 701 ). making a total for Ifi* 
j pair ..f Oh’ten Lunx figures Horse Guards which cost 5s. in dav of £59.008. Tbe top three 


>f enurt ladies, acquired by Mrs. 
>ilji\ -another L »ndoR div»li*r. 
and a pair of ** famille verie” 
j.irdimeres. K’unu flsi. Both lots 
telehed £2.500. 

The second day of :i Sotheby's 
autograph letters and historical 
documents s-le added £19.417. 


SALEROOM 


BY ANTONY THORNCROFT 


Maugs gave £2.4/»0 for a series 

of more than 2‘W letters from 1920's from the toy company of 
Walter de la Marc. William Britain. 

Qjjriirb b/iughJ sj\ autograph Miniatures, objects of venu world, has been bought by Lego- 


luts ail wen 1 to anonymnu* 
bidders. A view of Mom Blanc 
and surrounding mountains by 
•lead Antoine Ltnck made 
£3.800 while a watercolour of a 
winter landscape with skaters on 
a river, signed and dated 1806 by 
Abraham Teerlink. fetched 
£3.000. 

# Tit an i a’s Palace, regarded as 
the finest doll’s house m tbe 


nmnUicriuK uf Cavafy puems for and Russian works of art totalled i and , of Denmark, it was revealed 
L'cKKj an./ Miss .Myers 20 John i-7.126 in a sale yesterday at yesterday. Spink and Son paid 
Ma«efield letters fur £5S0. An Christie’s. £135.000 for the palace on tbe 

extensive archive of manuscripts Koopman. the London dealer. Danish group’s behalf when it 
and tvpe'crlpts. e.lc.. bv .Michael paid the lop price of £l.d5U tor wa s auctioned at Christie’s on 
and Millie Hardwick, referring a late 19th-century Vicnneca January 10 
m l pvijurs Dow nstairs ami oclaannal silver gilt and enamel • _\n anonymous donor has 

other rv.--v.-nt books went for platter, measuring 12'. inches promised trustees uf Dove 
C 44 h. overall. The surface is divided Cottage. the Wordsworth 

The Snihcby print sal** totalled intu nine panels, each <wight!v U i US e U ui and library in Gras 
£72.15:;. Fourteen volumes of panned with scenes Featuring mere, enough money to buy the 
the works of Battista and ihe iJuddess Diana. Wordsworth and Coleridge 

Piranesi made £ 2 . 000 . and a A Viennese silver gilt and manuscripts lhai Cornell Univer 
Durer engraving. Knight. Deaih enamelled nef nn wheels, the shy. U.S., has acquired in 
and Devil, fetched £1.9on. Among siern. hull and sail painted with Britain. 



BBC I 


* Indicates programme in 
Mack and while. 

7.05-7.55 a.m. Open University. 
9.15 For Schools. Colleges. 10.43 
You am) Me. 11.00 For Schools. 
College:-. 12.45 p.ni- News. UKi 
Pebble Mill. 1.43 .Mister Mon. 
2.01 For Schools. College.-. 
Regional News for England /ex¬ 
cept London). 3-55 Play School 
las BBC 2 11.00 a.m.l. 4.20 Touche 


Tunic. 4.23 J.vkanory. 4.4ft 
Screen Te»l. 3.im John Craven’s 
Nov .wounds 3.15 Grange Hill. 
5-15 Paddington. 

5.40 News. 

5.55 Nationwide (London and 
South-Easi only). 
fi -20 Nationwide 


fl.OO News. Britain. l.OU News plus FT index. «m-ianl.-j-s .■ncrainni u i aduo- 10 

MS 1 Didn’t Know You Cared. 1.20 Help! 1210 Crown Court 2.00 

*1.33 SportsnighL After Noun. 2283 Hadleigh. 3J9 HsS&Tv 

ll.lft TunighL Pain: .VJong M iih Nancy. 3.30 11Tl , 

11.3ft Wcaihcr.'Ftesianal New?. Couples. 428U Michael Ren tine's 

-VII Region* a? BBC l except at Potty Time. 4.45 Pop fjuesL 5.15 
the following times:— EmmerdaJc Farm. 

3.43 News. 


HTV 


Wales — 2 . 1 S- 22 JK p.m. For 


>6.50 The W«-cJii»>day /llw: Schools illwnt ai- Yma (7i Egnii. 


"The Man Between" <liir 
ring James Mason. Claire 
Bloom and Hildegardc- Neff. 
SJM The Liver Birds. 


F.T. CROSSWORD PUZZLE No. 3.600 




ACROSS 

1 Neal sound uf puund overdue 
t 01 

4 Lej each lake a pari uf spirit 
slock l 2 . 6 » 

10 Feeler put out by worker to 
backward girl <7i 

U Wildly cxeiled by French 

caper fT’j 

12 Deserve to give listener new 
Mart (-it 

13 Guodness depending un 
promise 1 gave (4. 2. 4l 

J5 Fathead has joined motor 
club since shindy tfii 

16 Old bay returns tn disorderly 
town (7> 

2 U Notices another kind of part 
17) 

21 Single thing newsman put 
together Ifii 

24 First call for chance to com¬ 
mand 1 7. 3 1 

26 Spoken of circle artist left N i 

28 South Africa opposed to 1 old 
Indian money that’s plain iT) 

29 Strange how nutters charge 
with care f7) 

30 Rand of followers gelling 
drunk before soldiers |5. :ii’ 

21 China provides pel with 
fodder tt> ■ 


6 Melodramatic villain abuul to 
become dilfieull to digest 
(5. 5) 

7 Propurt)oil nf public speech 
having no beginning or end 

(5) 

S Withdraw in two direction- 
then give up ( 6 ) 

9 Brother Marxist bring* inslru 
men! round l5) 

14 Not the man who tuok Lhe 
micky out of flints (4. 6 i 

1 “ Search for experience f 2 . 7i 

18 Pint* tree in desert not 
maturing early (4. 4) 

19 One party the French attempt 
to worship (Si 

22 Animal seemingly unconscious 
at play ( 6 ) 

23 Drink given by detectives to 
the Queen lot 

23 Little fish found in Channel 
very often 13 > 

27 Belter Make taken up volcano 
i4) 


Solution i v Puzzle Nu. 3.599 


umvN 

1 Holiday going tu stop i5. o» 

2 Sluice scandal |9i 

3 Nobody heard wuiiian in nr dor 
(4 > 

3 i»ct\:Mnnaliv both 

cwiicii... s t::, s. -jj 



5 15-5.25 RiTidnucar. 5^5-6291 
Wales Today. 6.5ft Hctldiw. 7.10 
Young Musicians uf the Year. 
7.40-8.3(1 The Rockford File-. ll.Sft 
\<-'is and Weather for Wales. 

Scotland—1 l.Oli-l 1220 a.m. and 
2.1 S-2wX p.m- For Schools. 5.33- 
62!(I Reporting Scotland. 9.35- 
If.Id Spnriscene. 112*9 .\cu s aod 
V.'r»alhi*r .for Scoiland. 

\nrrhcrn Ireland—2.53-3.55 p.m. 
Northern Ireland Now*. 5.55-620 
**’cene Around Sis. 93 ! 5 - 3.35 Spot¬ 
light on Northern Ireland affairs 
U.5» \c*vs and Weather 
Northern Ireland. 

England—53tj-B.20 p.m. 

E:i si iNorvvicht: Look 


l.!ft p.m. |{<.-pgn West Huad!lU>-3. L25 
B->c«>n iv ties ri’-adniU'S. 2.9 a H* la Your 
sell S.IS Do'll! ilt, Soaiv Kid. SJ9 
rnw-«n>a<L-i. ft^O Butsin VW-kl 145 
17,-pjn tv j Its. *.» Th. K:rsr Rabid 
Oniy.ril UJJ8 HkVi This House IX.3B 
-bnir liiftm-VtM; Cun m emivn 
\«-ith 'he K'liiioTum S-inphnuy oreh.-^ra 
HTV Cymru Wiki-.h HTV Guicral 
S.-mo- ovcoiH • lJO-1.25 o.m tN-nawrtau 
N.-rtfidum > Drld. *Jft Mir vinwr 
4-iW.dS L'n Tru 4.94445 Y OMd 

... n n • u_- _n... „ HTV West—Vs HTV fir iwral Service 

I0.«0 A _Prime Minister on Prime t-roar: 1-28-L40 p.m. K- p-in west Head 

tines 4454-38 Hrpnri tvew 


c.W Thames at d. 

6215 Crossroad*. 

7.«n This Is Your Life. 
7210 Coronation SttvcL 
8.0(1 Looks Familiar. 
R 3 J 0 ITV Playhouse. 
in.n« Nev%s. 


SCOTTISH 


il.ei*d.v Manchester. Newcastle): Aiia'iP 


Ministert. 

11-00 Thomas Hardy—A Man 
Who Noticed Tbrnss. 

12.00 .Yiehi Gallerv * La p - m - a ">t H-jjd Keport. 2.00 

121 = . 1 Hbca-’ Vo.,ui„ W.im'Ti Hub'. 545 Pip-i j:id Krn.-ndH 

I—O a.m. Uom . NeviUe Jason s.^3 Cr.rfsruj.1}. fcoo amiiand Todae 

reads 3 psalm. 5. a H'-oort 10.30 W.-loene io oh: 

All USA Regions as lamdnn Uciiuiii. 11.00 um •<■ Town. iuo Laie 

for except af the foMowing times: Cjil - 

lrtl AiNCUA 

1.00 y 1-25 p.m. Anglia Xen. 2JO ||mi«». 1.20 p.m. suiKh-.-ru New*. 2.00 House 

North parj. 545 .-.Ir. and tlrs. (.DO Ahum panj. 5.15 KiUy lu«p j4p i.lrusiruad* 


12.45 puller U"WT>an 

SOUTHERN 


Midlands Today i Birmingham). 
Point c We.vi 1 Bristol 1 : South 
Today i.Suulhanipion): SpoD/ghi 
**’outh Weal 1 Plymouth). 


Th 


12.0ft Rryar Taylor. 12J0- a.m iae 
Pis ijueviijn 

A TV' 

1.20 p.m. ATV NrifcJ.-ft. 5.45 .Mr. *nn 
Mr- 6.00 VTV TuJar. 1040 Ladi.%- 


Day by Day: VV»-1nnsd.iv ntra U4B 

Cilice .. 11.30 -kui l hern Neva 

ICxira. 11.40 H.Mlthy Emma 


BBC 2 


6.4U-7.55 ajn. Open UmverMty. 
tftjft Gharbar. 

1 ( 1.43 Parosi. 
il.uft Play .School. 

4.33 p.m. Open University. 

7 . 0 ft Npws on 2 hcjdline.s. 

7.03 Workers on the Board? 
7.3» Newsday. 

S. 1 D Bms.- Tacks. 

D.Oti its Pmenlly not lous. 

Jl25ft Play of the Week 
1023 Arena: Cinema. 
tt.OU The Light of Kspcricnce. 
11.13 Late News on 3. 

112t5-11.30 Music ui Night by 
Arensky. 


- ich? 11 1C T)„ n,.—ZT.T ,7 ■•m. i up uoog wurq loiujw-- 

! DT‘ r; Nf,,-,h K - ,S1 in^dUnML L» 

siiVj....n h D u,ts Pollw *«"inl» F.a«n x«vi iiki Louturmmd. 

BORDER 


LONDON 


950 a.m. ScluinK I'rogr.miinr*. 
I2.IHI ('lr.ppa i:a>Ue. >2.t(t p.m. 
Sleeping Stum-s 12.31) Sounds t ,f 


TYNE TEES 

4.20 a.m. Thp Uood Worn rollovred by 

pj» 

IN 

Women Only. 545 Haopv Days. 6310 
'■>irilh.-m Lit-*. 114)0 Kte« Tbh Rww 
*i JO p.m. it-iptor ?.Mi 2.00 Honsn. li - 3S Adams oi Basic Lake. 1440 aan. 
V*~y. 5.15 I.«m oi T-j\»-n «-irh j; (c n Epflofcu*. 

■-6JO t-ook.inmrjd WcdiiLSdaj. Ill CTPR 

11.00 lh.- i«Jd i-nupl... 1LJ0 T tjr OutllVi ULOItn 

■-ran-1 Mjvcrc Dans Champitinship 1-20 o-w. Luucbiimc d4ft I'toter News 
rU.DO Border V:r> Summary. il'.adUDos. 5.15 Dynamoii the Dor Woo 

rtl (MMri 4-r 6^0 UlML-r Tclcrtsioo Ne«-s L05 

v-IlAiTilLL VriwsriMids. 64ft Bl-doob. H-ftft Ooi ■>' 

1.15 P.m. (Ihj-'fit-i Lua-atnmpt astrs and Tovn. 11-30 Wnrid Champlanph/o Darfe 

J’-,™ 1 X , -’ u v, ' Qir ''- 6.00 Chann. l Sun-s. 12.00 Make II Count. ToUlwod by Bedboic 

6.1S Dyunnuu-Uh. Dr.S W..O/1 lT. 1D.» 

• hon 1 *! L*tt \--.%v 10.12 Rising Damp. WESTWARD 

unun-r« lTT' ^ «•» Honofws Birthdays 

KiSra ^ «a s 

™ . Notts. KUO Rising Damp. 11.0ft A f*r!mv 

GRAMPIAN Mlnisur ou Pntoc Ministers. 1140 AI 

*.45 a.m. Fim Thliu. 1.2ft p.m. Sfflr Sw,n * PeatJV * J - F3lu> 

i.mmD'ju N.nc< H.-adbnon. 6.00 Uramplan for i-*' 1 '- 

H-AWcxm*' 30 Poh<x ' ,Vewa ~ YORKSHIRE 

r- n a m a r-» a 1-30 a.m. Calendar NowS. SJS Mr. and 

OlxArNALJA Sir*. 6 Jq Calendar ■Emlry Moor anc 

1JD P.m. This I* Yuur R:*iht. 540 This ta.-lmoni odiltausi. 11JJ8 Of Men and 
In four K&Oif '5.''.'ond ehano:- to w hord Women. 14JW Woorr siori^. 


RADIO 1 

IS) Sloreophome brujdcast 
6.03 a.m. *.* Iiadin 4 1.02 

■’liiun-d-.. 0 00 Slirun Dai.", 11.31 y-auj 


T1D AS VH! 

22.00-22.95 a.m. vv I.Mdiv ; 


347m 'ii ns. ft.05 Your M'd-i-<-k Oiouc. pari 4 H*.'JTrv *2i». 440 Choral BveiuuiiR. 445 

■ S- 0X0 0X5 This IVei-lr's Cnm- S14IT Time. 5X0 PM Ropuru. 5.4ft 

pusi.-r; Uto^nnOv >Si. o.55 Vtenie 'S». Screnmpiry. tSJS W«a»hpr. oropruininu 
■I'-i io 15 Vidom Tno iS.. U.40 Mid-day Coir rt’: l 'fs «VHI'» ReRlonai News. 6X0 News 

r:. iri . 11111 . ™ r - , • r, P“ r: * ,Sl u ~ 25 P-m- Wonts. . . 6.4ft *fr .Music ■«». 7X0 rtrws. 7X5 TOr 

L,'- Hi Jh ,, ai?’ n l ,Sh ’ 1 ■ Mid-day Cuii.»rt. oart 2 >Si. 2.00 Archer*. 7Jn Flu* on * tx» Lord P«-r 

2-OS Omtert ll-.u /S'. 2* in V,wiser. 8 JO Drtn? Indie Paw An Iren 
Tr - e „ |LW, I'i v ' K tT 'i M h-P- rtory: BeDismni Luxon dlVWSes his to* RspertBleot. OX0 Sdrnce Now. 040 
J.-l’' ?■ -! llt .' l Jl * i: B> - 538 Nv»ijHai. 7X1 P ,, p „ nwr( . is;. 4X0-The EsWJc- Sound kaleidoscope. ttwlher 10X0 Th t 
c ! “ ,,l * e,ta "K Sin, yl- nf ibe Jew's Harp un r-eort. 3.05 Ravel World T omjl\t. UJO Round Kwmpn Quit 

10.02 John P-.-.I iS- and Dvorak, coni-en >S». 4X5 Johann U.XB A Booh At Rwlimie. 1145 The 

uuc a j■ . , . , .. Roaciinmlii-r. rano-n >Si. 5.00 Uuildmit nuna*) World Tomghi ll.X Today 

VHp Radios 1 and 2—6X0 a.m. ttirti H i.jjrarv of reeiinls iS». 3U45 HuniLWard l* 1 PftrtUntcui U.4S News, 

ffrfd.o_i HKtuJlM 1-55 p.m. l.eiei- Bound- 16 05 \i-ws a4ft homevurd For Sc h OT, » (VHF 0X5 a.m^l2.0T 
r<- £*' l,a WL n,,h ?“■? Iron.dined- ».30 LUeUn^ Van- «»«• ^5-« P-«* 

’ l, r SJS -v-moruii Svrv.ij.i, .s. BUML afTd c..f.i«imi,-.atwn. /jo BKc BBC Radio London 

M jm heater M3<u-.TiiHi>*iri. pan I; Pun- _ n .__ ... - 

I. lie ‘S'.. 8.00 The ins IVarltivIrk-. SJ0 -Ofitlt and J4i 

r.ltc Ilaftvtostt-r Masi-nonar. pin i-. ‘■W *- m - A» Radio J. 640 Rush Hour 

1 jOUm and VHF Mtssia.-u (S». 940 The Biymlmj TaJe* ?.-■?, HoUday Sam-.*. 4.20 London Lko 

1040 Wolf mi record, low Scientifically u - 03 ,n T ' ,J1 ' n - l 2 - 65 Call In. 2X3 

S3; a kins 'lalk b? PMk-Ssor J Z. Younei. 206 Shnu-rase. 4-«3 Homo Run. 6.1ft IXOR. 

U45 New>. 1140-U.3S And Tumatii's Slop, l.isun. 7.30 in Twn 8,3ft In Cod- 

Sihutx.-rl Son; un recant, c, ' rl 1*® Lau? Nishr Landau. l2Xft-Claac 

Radio 3 VHF only—6X9-700 a.m. and ‘ l * Ba,1,a 

0wn tainaBtar- London Broadcasting 

D i n n ^ * 26 ! id and 97.3 VOT' 

rv.A LI 1VJ -4 s.-.oo a.m. Jtomlns Music. 6X0 a.M.- 

j34in,33Uni. 2A5m and YHF non-niup aovn.. iraw-l. apon. reviews 
6.15 a.m. News. 6.17 K.imims Today, information. 10.DQ Brian Ram. IXo p.m. 
6.15 Up IO tb>* Hour. 642 iVHF) FC.aonal LBC Repuns Inrjudlnc Ceura- Cal 
Nuns. 7X0 News. 74ft ‘today. 7.35 Lp » 0'a®e* Call. BOB .Viter ?-wtlti lau 
io rho Hour uonuntMii. T42 iVhm /fllehrtsL 4.00 Nrshtune. LOiu.DO un. 


t.o2 f-.ini aiiri dmiii lin'i.mwl (ii 
£»' j): 10.02 Wifh R.irtla I. 12X9- 

12x5 a.m. Wish Radiu 

RADIO 2 

6.0o ».m. Ni ws Riiminarj'. 6X2 Ray 
'•f*wr«- m( fir Th- Ear.- Vhnw <S» iin. lud- 
niu 645 Paiiv- lor Thouehi. 742 hand 
Mian 'S. uijudin,'. 347 Kaciim FnJIri-n 
and 8.45 Pann- lor Thgvshl. 10.02 Jimmy 
Ytiuna -5.. 12.15 p.m. Wassunvrs' lYai'x 
1243 P>.ie ilurray 's np. n nans- <Si 
iiKWii'V 145 Sbuti* D< vc. 240 David 
IhiAillMi 'S. Inclinlins 2-45 anu 3.45 
Soon* Di sk. 440 Woswoiters' Walk. a.U 
Spun* Desk. 4.47 Juba Duari -S' ineluj- 
5.45 Spans D-.sk. 6-ftS Spans D-“-V 
7.02 Sins Sumi-lhim. Simple »S». 7_30 


iRiemailonal Soccer kp/nal; H\w C-j- u.. s ,onal N\-a*s. 8.00 Neves. 8.10 Today NnW Kstrp i-lili Vdrtan Scon. 

I n;.and pin- uvns « ihe moj. Iril] ncio ftiadi/iAS. wcafh>.r. papers. Eanital Ratlin 
Sji-J. . Lola.ir.a m.i-vh 4.55 Snor'ff D. ■-i/ mn, s.SS Vesi.fdjy In Parllanu-ni ridUIl) 

10.02 rih No n tiN.ui.-pn 104ft .'laidim s.B3 ... is.os The Lr.uu World IPJ5 IMitt and 95.8 VHF 

Tai ‘ La! ' ; Slw-I My D-ar Mu-'i-. UDXQ News tlQX5 In 6 * 00 *- m - Cranam Dene’s BrukfAH 
iZOO-li-OS a .m. Neep CrttJln No-.e. 1040 Daily SerTiLT HO.45 Snow >5> 1.« Michael AupcJ «Sl. 12.00 

Radio 2 Scotland Only— 7.30-2.00 p.m. Mnrnnu S:urv. tU.03 :iwp 2LS5 Van. Oatv Cash wtth Cunh On DeUVcty fSi 
Wi:h Radio t ii;*»ll z .. 8.00-10.00 Spun- Tru- 4ur- 12.00 Ni-r-. 12,07 p.m. Yuu 5-M »•»- Ro»T Scott *Hh his ThDs- 
m-u.-jd Sp-.MI; SroiLid V. Kuinnns. Amt Vmirv. 12^7 tt'fcaf Uo‘ Jews. O'Ciuefc Thnrl >Si. T.flB London Today. 
-Hamli. ETA KH E?.\ SIIR ETVOI Sll U15S W-aili'T. nrnsranuuc in-w* Vl|P 740 A Ur lau Love's Ooen Line with Anita 
RADIO 3 -IS-liir.Slen.-oA VHF Lo,,Jl,na *?E» Pcmi/ial fiachorn iS». 9X0 Kicky Horne's Your 

w " 1 -00 Tru- VVurl-J ui Un • 140 The Arthurs. M-uh-r Wouidn'i Like Ii iSi. 1100 Tony 

1.45 w>mi-jn's Iluiir •: from -.nni inelwi- Mraii’« Late Show <st mcludlns H4« 
7.05 >n^ ; oa-j.iw Nc-.*-s. J2.4S List.-n With Monwni nf Termr. 2.00 «.m. Duneao John- 

o.OO Mother. 3X0 Ke;.a, 3.05 Alteration son's Night FUahi IS). 


t Medium Wave only 

14.55 a.m- ttVvfn-r Too v 
Yutir Jiigwvek Choice . pari l 







to beat 




beat West ■' At the other end Corrigan much in the osceadanL BuLt. 
in a match made a good save from Wo^ West Ger^ans fitoacb^x^r 


EXGLAND B 

whi^ras ^ar 2 better U than might who "bad & comfeTn"ai; 'substitute^ of sp^ltedattactt w&IdLiest 
have b«n expected in toe and did welt dftlng-at the feet deserved ano^er^oaL- . 
wintry condirionr of Seel. . The .defence v also .Worm missed an easy heafi 

A red DhosDhoreswnt baif/charsiea down'some threatening ctance only a few yaaU Y 
looking like a toy baboon, the sboix. At half-time it might be which. Corrigan-just mah«^ 
Sark flEMs and mittens worn by, said that the. two protagonists tip on to the bar. and h^l 
manv of ^the German \ide and were about Iere> on points, wito .another -chance- after Com# 
ball-boys to dang™ ?di« PP S2 England losing a.little 
ing in the heaped snow> surround¬ 


ing the white pitch gave an 
unusual look to tbe occasioh. 
Engfaod bad every right to be 
well pleased with this hard-won 
victory over a team which 
possessed a shade more technical 

skill. 

There was little to choose 


SOCCER 

BY TREVOR BAILEY 
AUGSBURG, FEB. 21 


from. long, range. 

With. England's, defence .un* 
constant: .pressure. 7 Kr. ,_Bof 
Robson brought -on. Bunderh 
and Dwen .to replace iFtanag 
who ind sustained a knock ,-.2 
Hill, with the- formation 're^ 
ing from 4-2-4 to 4&9./;'.. : y :r 
' This switch-provided Ep“*F 


i lurfe with im>c iu viiv'w. ; . l, . > • > . ■ *; i,;.. 7 

between the two sides in the first g e ]d f where Bongarte caught-the- 
half in terms of effectiveness in eye . . v''Fatrciough sM wlde.ui tr 

«*""* aia “ >u ? h «* After the Interval tbe'-gahie 


s,ide ^ 

The Germans showed more mtodte McDeimott sewed, with strone dribble but was. m* 
ideas but were unable to make a splendid left-foot drive after to t he "keeper with a t 
much impreSton on a comoect ^ ^ *<***■ Thn'flria! whlftif * 

i?p e ?r h rfn7 FlawaM^ Tri 

t0 Corrigan and; slipped!, ;V V' hSfv. JR 

when Flanagan received a fine Enqiand regained the fead with in defence.. .Gidnian sho 
♦hrouch ball From Kennedy, who a move started by Mortimer, class, and Mariner *td -the. 
had seemed raiher out nf Ms Hill twice almost lost-phaseasion. ward, line with great vo&it-- 
dnpfh. The Charlton striker but eventually found Kennedy ehthu?»iasiD. .All. in all. it__ 
chot wide with nnlv the keeper clear on fhe .left wing, and Trom a highly;'satisfactory’h'erfc 
to beat. Needham also wenf his accurate centre Fairclougb ance, and a sood start 
close with a fine header follow- headed borne: England's campaign to rega 

ins a corner. ‘ •• For ( ’a short time Engfand were top place in world football.. 


Hopes high for Hastings-Bass 


NO MORE successful flying start. Although freezing conditions month, were a Queens Hn 
middle and finish came out of had brought even light work to colt named Sky Rider and I 
last season than for William a halt for almost a. fortnight Niieva (New Moon, to Span 
Hastings-Bass, and yesterday when the Heather broke to allow a daughter of Galivanter. 


when I called in on him at rain 
swept Newmarket., it was to find 
that things could be even better 
this year. 

His compact Marriott stables, 
leased from the Jockey Club, 
now house some. 60 horses— 


RACING 


ST DOMINIC WIGAN 


Sky Rider, owned, like 
Manchester Handicap -wl 
Sailcloth, by the Queen's n 
■manager. Lord Porcbestei 
*,cJoseJy related to tbai high: 
sprinter of a few Years I 
■ the Portland winner Mai 
Hastings-. ..Tbe Queen, who-.annoy 


almosi three times as many .as cantering yesterday. . . _ .... , 

when he set out on his training Bass ls hbpeful that we may see through Lord Pflrchesterj 
career at the start of last season, one or two early juvenifes wfn- she would he seadlng hdrSes 
Fifty two-year-oids. a good nlng For bis Hamilton vRoad Hastlngs-Bas^Ais.term, bifi 
many of whom' Hastings-Bass and establishment .. more stouti^' Wed jiivenift 

his owners bad nr secure in last > Two who caught my' eye as Manushl apd'Contralto.- . :j 
autumn's buoyant and prnhlbl-. we .walked round the primarily ‘ Although.. It rarely -,-pa? 
tive yearling market are backed ^'Americas barn ” type stabIes, foHpw\older horses - who J 
by a team of ten older horses which; suffered worse than 'ttiost -not s^owti their -best foirrl 
which include • Ssllctotti. • Better to ,the district wheo.-^i' freak ovtr a^year^.I woufd not ea 
Blessed, and newcomer Rymer. tornado '.hit Newmarket list ignore^. Rytner ; 


,w § 


Extra £50,000 at Queen’s Cli 


THE RAWLINGS 
tbe £72.000 Grand 

inent to be held at . .. _ _ 

Londoo. from June 19 to 24, the wooden courts- have: been ofced -Als -yeprX Brtttsh season, / 
—•* ‘"■fore Wimbledon, will when -rain has prevented.'play--The-feyards at. tie Kb) 
extra £SO.OOO incentive . - - •, • r. > .^temattonat J-lnttcdsedjg; 



week before 
offer an 


to the men taking part to rhelwo- 
week competition. 

The amount Hill be an addi¬ 
tional prize for the Rawlings 
winner if he is also successful 
at Wimbledon. 

Only five times since tbe war M 

has the Queen’s Club champion outside. The who*' cbih.arid^te^^SnSQTi^b%ot£ 

eone on to wio Wimbledon. Tbe sider this tOirrnament a warm-up ner Guillermo Vilas fArged 


TENNIS 

^ 8Y JOHN BARRETT ' 


F55.000 !ast year wiU inrii 
£SL770'prl2e to die singles- W 
and ,£3^64 to 4he .su^ 
doaliWs pair. ^: . ! * •;'T 

.-^Already many.of rhe<Je 
mm,: including tbe Wtoto 
dtampion Bjorn Borg (Sw 


last successful winner of this for.Wimbledon, are sdamem that have^Bdi^^'rt^it 5 tbexjwi 
iu Id-season dodble was Jobo New- the tournament should be played tojs^we-Vflmbladon weel 
-omhe in 1967. - only on grass. ' ^ pracrice on grass. - 

Another innovation at Queen s Only Wl/nbfetfoo ' andi: the ‘ The* new '^h -inducemen 
Club this year is that all matches £90.006 Benson - and . Hedges tfiiailgb toblr toinds. 


FINANCIAL TIMES 


_ , _.. house, io, canmin 

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. '.tewi*. Subs*ripdoai..DevurtmenL-.FlnfrwciaJ "nntes^CohddiaL - 


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rWs> ; 3 '; ’ J . .; __ _ ; , ___ ____ __ 


% 


j$ : Financial Times Wednesday February 22 197S- 

~e vis ion 


Comedy 


View iroin the bed Murder Among Friends 


by MICHAEL COVENEY 


; ;by ; ;<S .H R I S D XJ N. K L E Y 


m time to time.Dae hears 
s of-a- politician suddenly 
g scathing attacks on 
;a television in general 
daytime . programmes. - in 
uLar. The . reason - is 
: invariably very simple: 
She (but we. shall stick' 
nistfcally to he) has just 
.discharged after'a couple 
rfts in hospital, 
the first time in years 
watched at least as much 
. g telly as the average 
'..and a.good deal more . 
. verage during The daytime. 

. /£r \ if' treatment was In a 
ward, the programmes 
a oa the communal set 
dayrdom win have been 
by a : sort of ocZ ' feoc 


■acy in which the pre¬ 
ss'of’the patients with the 


voices,, the greatest 
y, or the chairs dearest 
lend to prevail. - Just like 
really. - T - 
' years of being able to' 
little more than the odd 
~"*s v or current affairs - pro- 
e. -the politician will sud- 

1 -ave- been brought up hard 
the. realities of Crew®. 
J|«onr times a week, dozens 
jpPSly) of hulf-hour coraedv 
•» in which reliance on 
and/or sexual Shame is 
? and any other topic the 
r £i>w? n - afteinoonrepeats of 
[ff s Walk and Beryl's Lot. 
Ml endless succession of old 
which Raymond Huntley 
ardWatfisTJlay'gbrmleSs 


v-** ends - my hosnital stay threw up from his wife gradually last 

V ’Jf two general points about rele- summer. _ . l ,,rl 

MrilMi . vision viewing- First it seems Theatre poslers around the Moira Lister and Tony Britton 

^ Richard Heffer and Emily Richard in Enemy at the Door ’ that u lot of viewers (male emes. walls reveal that Palmer has 

ard Wattf/Sfc-on n ^ e;V • -; v (London Weekend) anyway) really, do select a played opposite Pamela Brown, 

civil servant* '' 0rm eSS , . , , ' • . channel for the entire livening. Deborah Herr. Eileen Herlie and. ance is the one pieve of acconi- wife of a theatre producer <Der- light relief was nrovided bv a 

switch from his nnrm,i a * s * “A*™* 8 P atched , on - —spent the night in a friend's “BBC 1 looks like Ihe best betiin Kwg Lear, beneath Judith plished work in Roger Redfarn's mot Walshj who utters a line posse from Equity nn the pave- 

nious'k la rarto lilstead 1 °^^emerging “ haunted '* manor on the moor, to-night" they say. having eon- Anderson Che gave bis Goneril?:). otherwise wretched production, abotil one of his shows that mem outside protesting at ihe 

this perpetual on rlJH? 'a™maLi S ! a »J The house featured a solid suited the programmes tn the iThis may justif.v. but in no way There is a little bondage. Max applies exactly to this. *' Will it product!r.o's recent presentation 

rtburger^nd *bhfar*canfL-ltteiS 8 tJSJ’coking girl ghost footsteps in P a P er ,n mid-afternoon. andif*P |a “* s - “' h >' Ton >' Bntton plays Factor blood and a couple of run?" he is asked. “Sure, if 1 to secregal. 1 <1 audiences in South 

»at shock TTencpThp n»i" S 1 not ^eed ■ No they wouidn t ^ Jlij close-ups on silently after switching on they stay with! the thespian as a Bob Hope spurious cornses to string the put it on wheels and push it Africa. Well, at least some 

■ftall rt-rtSSam u w * *or Sie. Md the ,hat '■‘■“-'L what fay. I look-alike Will. , Mae West evening out. Hariaret Courteney Sown bill." people were lucky enough not 

i nan visual _ -®F Cor ? n S lu> vJir® e * j- noise as of a heart beat from as though there were no channel drawl. Mr. Bntton s perform- is. unfortunately, involved as the The author is Bob Barry and to be able to see it. 

^ tohavehadabet^runder; ..^ s ./ Qf a . v . , ™ changing facility on the set.! 


1 T h .“ .. tack >- American 
thnller tabout as thrilling as 
a wet night in Coventry) closed 
. . . , . on Broadway after 17 "perform- 

other hand owe their very exist- ances. In the Stales it is cur¬ 
ate to and exploit the glamour rentiy on the road in four 
of war: the drama, the challenge, separate productions Marring 
the zest which it seems to have Anne Bancroft. Cvd Charisse 
brnught to so many lives. Alexis Smith and Lana Turner. 

Perhaps this all appeals London gels Moira Lister, whose 
Strongly to those members of elegant brand of louche, 
the generation before mine who* Thatcherite poise survives even 
having fought and won the war. the m . lId disaster of an unzipped 
have been missing it ever since. sk,rt '"n *he second act. The pro- 
It docs not, however, appeal to duccr fled from his box and 
me. 1 shall he happy if 1 never! when Miss Lister dashed upstairs 
again hear vun of z’ose phoney I T or a ^ in <!he wa* not ton fraught 
*y German aggzcnts coming from)t° return with the zip 
under Berman's best Nazi dress unattended, 
uniforms. : Nor was a hair (styled by 

A scrip? whlrh I do eres.ly p a ,!, c ' h ' 

ra S? ,ns 'I s , planning to bump off her. In- 

L^okmp (r)< 2 ss of which 1 caught sufferable actor husband. Palmer 
L snaUhes - 115 Forrester, in collusion with his 
evolutional? terms \i seems to a gentTedCottf.ntBarryStokes).' 

i of« Ce k 0 ^- £l ^t But- the compliment'is returned 
IJl? 8 by Forrester who has been giving 

fantasy of John Fortune, John |>r e d more than his 10 per cent, 
wells. Ian * vP, ‘ 1 a , nd ~™" A airtatn is manufactured for 

portantly—composer Carl Davis, two men to embrace on the 
is as far advanced from its fore- sofa 0 f a horrible New York 
bear as Homo Sapiens is from rtup i eK apartment. The plot 
Australopithecus. It is televi- a/dles with the revelation that 
sion s first electronic musical th e mutuallv hired assassin, 
comedy science fiction satiref!) Prosciutto (an appro- 

and the bus 1 saw were wonder- prialely ham performance bv 
fuJly entertaining. Pray for Robert Swales) is none other 
repeals. than the athletic beach boy 

Aside from these odds and hired by Palmer to extort money 



Mmm 






Moira Lister and Tony Britton 


t-nrl 


a cause or an 


SOCCER 


rrgrs snss,' ssz 

nes C )o wa,ch rS surti’no^ Elsi^Tuncr'^norkwa^bu! "uaW 1 'the wTld'cS' nTend'jn'd r3li ”^ T _ 1 A 11 j- 

ut that a large unaj ori ty Pat Phoenix is rorever- Tanner i made them fo<?l ^ olly spooky. ' 1 1 |(^1Q ( 11(^1 T* hu KI T TH DT AC V 

it in preference to the discovers that the pigeons in- Was it a Supper pastiche I . More important, several weeks VyXJJLi £ JlJJLV 4-XO DV N ILHULAb K 

BBC3; vading'ber loft are coming, from wondered; the country bouse viewing solely in black and 

iving just emerged from a hole in the roof. of. Hilda with dirty deeds downstairs were w hue proves that broadea.-ders 
myself. I write with Ogden's side, one.can'look for- favourites of his. but the period now assume far too often that The London Music Digest led acoustic, had their full Nor could Aildis do much for Benedi 

‘ling when 1 say that the ward with pleasant anticipation was wrong and there were nn everyone has a colour set. For appears to have reduced its measure of sustained, firmly the work which David Bedford toward 

being obliged to switch to. the inevitable confrontation appeals to nationalism. Leslie instance coverage of the Conteh/j activities of late—none of those drawn lines in the singing. dedicated to him “and the little the th 

?’s normal choices to the simply because one knows it will Charteris, possibly, who has ^okes boxing match by ITV | lavish mulli-faccted programmes Tbe slightly-too-EngJish re- man in the Ic.inon-soiled suit": apart, 

ds diet is approaching be written from . the characters certainly used the gbosts-as- Sport was made extreme!) con- j devoted to a single composer's strain of Alldis's singers 77ie Golden (Vine is Dry- ik integra 


St. John’s, Smith Square 


bv NICHOLAS KENYON 


had their full Nor could Aildis do much for Benedictus. was directed 
sustained, firmly the work which David Bedford towards an Agnus Dei in which 


---■ . . | , , _ | . ,, -- |, _ nuu u uiou luauc a utnuir »v*,vij-*uihshhu tx v » uuii ai m»uh h uii. i •• iui lvhi «t 

? Saint A *1™ l P_ monoebrome. and Reg beta HaJl on June 13). Last f u |jy cool, precisely etched devices, neiiher well charac- and strength by John Aildis. 

rial with the Luttendges comm en wry did ( nights ‘\ocal Digest at St. performance out of' Harrison tensed nor specially coherent. 


being obliged to switch to. the inevitable confrontation appeals to nationalism. Leslie instance coverage of the Lonten/ activities of late—none of those drawn lines in the singing. dedicated to him “and the little the three choirs finally drifted 
?’s normal choices to the simply because one knows it will Charteris, possibly, who has ^&kes boxing match by ITV | lavish multi-faceted programmes Tbo slightly-joo-EngJish re- man in the lemon-soiled suit": apart. their material dis- 

ebi diet is approaching be written from . the characters certainly used the ghosts-as- Sport was made extreme 1) con- j devoted to a single composer's s tra'>.u of Alldis's singers The Golden (Vine Dru-ik integrated Superbly accurate 

matic. It is one thing to outwards and wili carry the con- cnvrr-for-villalny plot, but the “j sl ® g because the fighters i music (though we are promi^d maiched the mood of the Singer seemed like mere dregs, full of singing, as far as 1 could judge, 

land" in a purely viction of real human, affairs story was not really funny shorts and gloves looked iden-- an au-f'aac evening ^ho EJi4a- p ;tces _ and it also made a beauti- feebly-imagined improvisation al drawn together with real weight 

rat sense from the weekly which Crossroads sb-..n’oticeably enough for The Saint. A tjcal in monoebrome. and Keg betn Hall on June I3J. Last f u iiy cool, oreciselv etched devices, neiiher well charac- and strength by John Aildis. 

figures that Crossroads, lacks. Woman's Own serial with the Guttendges commentary did ( nights "\ocaI Digest at.St. performance out of' Harrison tensed nor specially coherent. 

on Street, and This Is. Apart from this catching up heroine discovering something not help. i John s was a more modest affair: Birtwistle's undemonstrative set- Th' p shock nF the eveninc Pqfh-»Hrn1 lihrarv orant«! 

fe are the most popular on Top of the Paps and oh some nasty in the Cornish cliff-top Thmes Television s documen- four choral works by contem- of words from Sir Gairaiu h»-irin »\ ! r '*J L c rant S 

lies scar' after year, and amazingly rotten old. movies in mansion seemed-closer, but for tarv The Shoot had me more and porary British composers, plus d lh Green Night: highly The Brll, *j 1 Library has marie 

iother thing to under- the daytime (Barnacle Bill, for those you have to be Victorian more puzzled as it unfolded, not Xenakis's Suits: yet it was ex- complex verle well matched bv n r ra " ts t01alHn * ^7 000 to ass st 

by being obliged bv the instance a Bitty and derivative and unmarried. Just because there has so re- treraely satisfying. „ -h^rifloM-lv 1 co “ id actual, - v unders and. An> in t he cataloguing of older books 

Js ^ the majoriiv of filb which convineinsly-^ves the Finally it dame to me: the ^nt\y been a ven similar pro- That's not to say that each of * , ^ dll2w ^ - 1 3 ggicjon* 'S I? « l J l « dr3, 1 .| !br * ,rie »- Durham 

patients to watch them lie to the notion that aU the family inatine.ss. the plot, the gramme about a year in the life the works was a masterpiece; J”** c ' . technical difficulty which one Cathedral library receives a 

nothing. Ealing comedies were master- style, the setting, the sense of of a gamekeeper, but because only that John Aildis managed . Restraint was les> aopropnate might have gained from his -rant of H0.500 annually for 

i to mv fellow sufferers nieces) iL was oc'casionalLv, dos- humour, and even the dialosue The Shoot was Full of such dull to sustain in his singers and in «n Xenakis s viciously powerful recently premiered Transit three years, and Canterbury 


tounds more than ever 9.0th 1 ' .• : senes, London weekend s eye oemna mv tens uns was «o;' ► 

e Matthews playing Mrs. -1 managed one episode-, of Enemy At The Door, seems to douln a subtle sonnet in pwtcb 7]i n ^ r •^ ,d , JISCJS,.» nieiSf S^himi fr ^ e „-^r 
Yorkshire'. TV's new- V Wflde be one more of those modem long as you were watchingno^ults;or a (pleasantly) distor- behind it in oid«.r 

eiial is at. once the Alliance- and, until tong- after serials which on the one hand in colour. Tn the other 47 per.--- . - 

: and -the most unreal, the finish, .could not place the are full of heartstring-tugging ‘•'ont- (or perhaps it is now down I . „' 

Vi_n _ 1 - v._ Jj........ m <1 J. . j .11.1. .l-rt. ..C ___— 1 jl _ _l_«1!_ 1.. . e t/. 4 ^ nnr annf Ui.U I 


like the needs an overwhelming-passion a dense by thrusting Gloria and of Englaod and Wales, receives 
) distor- behind it in order io convince. Sanccus. to the more decorative £19.000 to complete this project. 


siping. and mooning young couple — he apparently forget how ins afrbome strafing Television producers should hi 
n a most realistically some sort of dotty.Svriter, she “bulohered the poor sods" in sent for regular stays in ho* 
iner. Unreal- because the level-beaded determined one the Polish cavalry) but on the pifal wards. 



OPERA & BALLET 


Court 


Round House 




Sonata bbc 


C.C—These theatres accept certain credit cards by telephone or at the box office. 

lOUrHESS. 836 BZ43 Mon. |o Jhur\ .NATIONAL THEATRE 9J8 ZiSi TALK OF THE. TOWN. CC 714 5051 

E«BS. B.OO. fr»„ Sal 5 1: and 9.P0. OLIVIER 'open «W*rt. Twin 7.30 THE fl.OO. D'n.r.a 9 J^ Suotr Re»ue 

I S2SB OH! CALCUTTA! PLOUGH AND THE STARS by Scan, RA ^F 

•• The Nao.ly is jTunn.nq. Daily Tel- O'Casey. Tompr. 7.30 The Counlrr Wily. l'' 1 * '!. 1 u„°i 

IA ath SENSATIONAL YEAR. LYTTELTON ■pratccniti'n Slaoa 1 ' Todav. VINCE HILL 

---- 10.30 a-m. Tamar. 10.30 and = o• I From Mon J AC K' E Tf J* ENT an ° TONT 

Vision- DUKE OF YORK’S 07rfl36 3123. P»1s. Of SIR GAWAIN AND THE HATCH 

JE -! S - 30 IJFJHSSr. WTtWBW FROM VAU9-i v'(LLE?~" fl36 


COLISEUM Credit OirdS 03-240 S2SB . “Hj CALCUTTA! 

Reservations 01-836 3161 Th /. fc N H?t , ieiiSSjA?' 

ENGLISH NATIONAL OPERA 8th SENSATIONAL T 

Tonioht and 5iv 7.30 Duke W«ebeaT6"5.1 -—.--—--- 

Cis.’lc/Giannl Schlcchi new prDtln: “Vision-: DUKE OF YORK’S OIi 

ary. .Gdn. "Plenty or wit?’ This. - - 1 Evcnmos 8.00 Mai V/e: 

Tomor. and Wed. ne«t 7.30 Don Qipvanm; QUENTIN CRISP 

FM. and Toes, next 7.30 Taua. 104 Bel-1 Tickets L2.50 inc. rlass 


Tickets L2.50 inc. ?lais oi *»e 


tonv seats always available day 01 perl- -Thu is witnout acif’ the mci! fftra- 
-----—----^-ordinary ente- a'nmen’ -n London. 


MAXIM’S ov Feydeau Tans by John 
Me r timer. 


Mns. rum. 2 45. Sita. O JM1 
U nan rHEflliAN. Du/c.e GRAY 


COTTESLOE 'small auanoriumj: Ton't- 9j ENancr sUN'M ERFI EL D. James GKO UT 


ti it) at C ! 





COVENT GARDEN. CC 240 1066 (Girden- 
charge cretin cards 816 6903 • . 

T THE ROYAL OPERA , i -.. oav tn pen lv pare. H'inunini sco 

L'TiaMMU/s.nT> TonloiL Sat. and'Tues. 7.30 P.m. Madam*i ___2033. Credit card bkqs 92B 3052. 

W/mnn nfl\/ Buttemy ' MIKE OF YORK'S. „ S1-B36S122. ■ -- 

ij V 1 J\ I Ul I V THE ROYAL BALLET Limited season from 2 March iprets. OLD VIC b^B 7616 

J *"*"*■ XT Tomor. Fr.. and Mon. 7.30 p.m. Maver- 2B . F«b. 1 Marcm. ..‘onn Gieinud ■« PROSPECT AT THE OLD V'C 

ling. 65 Amphi 1 seals for all Berts, on sale Julian Mirrhell s HALF.LIFE. A Nanpnai ^ M JT*! 0 "n’f„Thuri 

Only a part of the BBC w m. Bl h <am nil _I “SSn* 7."o 0 ^ mimt%n hS^T.wf jo 


Evrning News 


LOVE LETTERS ON BLUE PAPER by 
A-nald Wesker. 


Due to enormous succesj «L* | t' , 4irtcr to Mlny exceilen'cheap seats an 3 theatres 
AmtxiMaoors Theatre 27th Feb. da _ of pen Car park. R-sraunni 923 


A MURDER SS ANNOUNCED 
THE NEWEiT WHJDuNIT HIT 
0, AGVTHA CWRISTIE 


DUKE OF YORK'S. , 01 -836 5122. ■ ■ — 

Limited season from 2 March iprevs. J OLD Vic. 


day 0* oert Car park. Restaurant 923 ■■ Re-er.rcr Agjtn.t with .molher »"> 
2033. Credit card bkgs 92B 3052. dunit h.t Agtlha Chr.slic is stall,ng 


Tomor. Fr.. and Mon. 7.30 p.m. Maver- , 28 . Feb. 1 Marcm. ,‘onn Gieinud m 


/IC 928 7616 

PROSPECT AT THE OLD VIC 


dumt h.t AgMha Chr.slic is stals.ng 
the West Ena *c- ag.iln with anatner 
O' her n*nd snt< mjcn-Ous murder 
mtalcrics." Fein Sarkei. 1*3. News 


Symphony was called to play on sadler-s wells theatre. Raseoervl 

... . .__ __Ave.. EC1. 837 1672. Until March 4. i 


card reservation* Dinner jihS top rrice 1 * 7.J0. 


Monday night for even the most 
heavily manned work required 
only a score of players. The 
longest and londest piece. Berio's 
Labcrrintus II (conducted by the 


. seat £7 00. 


CLEOPATRA tDdar ThurL. J .a lHOJSE Dsr.mar Tnesira 8=6 6?Q7 
IT JOAN Frt. -.30. Sat 2.30 ■ ROyal ShaVesreare comijir. Ton ’1 8.DO 
HAMLET returns March 2.} Charles Wtss s DINGO "Sr lUant " 
>VE returns Mirth 6. Thun. | Guardian. All icats £1.50. 5tud:nU 


LUr even iuc UIUSI BALLET THEATRE CONTEMPORAIN , wnas ODYSSEY IN BLUE Sunday March--•• 

d work required ~ ^ "* 

Of players. The Yraumal. Autumn Field. CnoknB French. t M „!^ VICAR afcjlT anns *ACT OTORr’MfiT oS^FVbTJ8 F.«nn, 7 tHI? Wl. IrofI 


ALL FOR LOVE returns Mirth 6. Thun. Guardian. All scats £1.50. 
Feb. 23 *1 5 p.m. BETTINA JON NT I £1.CD Aa». bkns. Alowv.h. 


Third Great Year. 


7 0. 5ubs. 'Tues.-Sun ) 8.0 Mat. Sat 5 0 


•TERM MATINEES Men to Thur 


THEATRES 


GARRICK THEATRE. _ 0I-B38 4601 Th-atre Oi movement. From March 1U 
EVBS. 8.0. Wei. Mat 3.6. Sat. 5.15 8.30 | STEPS.' N^TES AND 5QUEAK5. Gielgud 


until March II- PENTA Dutch 5ure.il) at 3 Chii-ren b> Ssmor Cits, half-price 
Th-atre ol movement. Frori March 1J evreot Sals, at 2 & S. Pav at reors. 


composer), also employed Ihe ADEU p„, theatre, cc. oi-bjs ;sii. 
Swingle n group to sing, speak E ’ 9 *.'. L - dNooW , BUT > ni^ht out. 40- 


JILL MARTIN. JULIA SUTTON. 
ERIC FLYNN an ROB!N RAY 
in the 

’’ BRILLIANT MUSICAL 
ENTERTAINMFNT.- Pecple. 
Slpe_?Y SIDE BY S3MDHEIM 


■’ GO TWICE." S. Morlcy. Punch. 
GO THREE TIMES.’ C Dimes. NYT. 


and shouti Cathy Berberian to musical 6 musical side_?y stoe by sondheim 

narrate, and an electronic tape ESS? -gd %rVY' 

-most ingeniously and effec* cqnfi'^o credit card mm. Tonm^ 

lively matched with the tive IN booki ngs on ot - b& ts ii. ku j ^.o.^ «g T «,=- c «j**8| 
forces — to supply washes of ^ RY . ~„ 6 S870 credit «r« mbs. donald s ?i5. e on j£ i?1r^ .'n RaNS ,p0 
abstract sound and even more 52 B ,D ^ M ?^« Frt ; 1 .2'*i the rear r-o'UMN 

voices. _ ^ ^ ,s thSusand°tinks w^come fs h^l^pi^teV' 

Only a littie of Eduardo San ^.o.ruLou^MusiCAu- 5 r,n Times -— °t D -- 

guinetti's text—much of it from M «!?ve5 g ?JS n ? , 3 C o h HOPES’ - ,£Sil 

n i J J. _. ^ civ uunn LOAM TURNER 7.-30. MM. W1S.-.30 *N IDF-AL 


( S't rmcur. ■ Bcrj owova.._ __ 

I PALACE. ’ Dl 437 6834 

Mon.-Tnurs. 3.00. Fri.. Sat. 6 00 A 3.43 
JESUS CHRIST SUPER -t&R_ 


Spacious car park Enouirics 902 1254 


0283. Etcr-fi?- 9 DO Mat Thun. 5.00. 
Saturdays 5 and c 
TlcL«»s £1 50 to L4.00 
Pay IONE5 in 
DRAKE 5 D'-EAM 


ALBERY. S36 3878 Credit card bins. 
B3G 1071 -except Sat.} Mam.-Frt. 7.4S. 
Thurs. mat. 4.30. Sals. 4.30 and 8. 
■A THOUSAND TIMES WELCOME IS 
LIONEL BARTS _ 


I PHOENIX. 01-836 9611.. _PRAKE 5 P"E4W 

i L ° V ' 1P o'* Z i ^ 9 1.' *' 8 i WHITEHALL 07-930 6692-7765^ 

I FRANK -FINLAY id . £wo< fl jn jjf g *c i r w q n 

’ Th itiiirQ e A^?B U ¥fftwi!K C ^ 1 Paul prrtL-nts the SenMtion.ii 

j o'ssss Kf^aiRSSp * ^ Wp°™ , asA c r ,urv 

I 0o *55-i!* r S., 1 « 7.0^ Subs Evoi. 8.0.1 Now " Live on Stage Llmihoa Sea<an. 
;_ i °L_? al :. 5 _ir. d — L _ J 12-week season prior to World Tour. 


THE REAR '’O'UMN J Ptf.CAO'LLY. 417 4506 Crea.t C-rd OkBS ] WINDMILL THEATRE. CC J37’fiilj" 

A New Play by SIMON GRAY. 935 1071. Ev«l. 9. SaL 4 45 and B is. I Tw-ep N.^mry a o'TrKt 10 0 Z ' 

Directed by HAROLD PINTER. 1 " — --- 


Danle—could be distinguished 


win R7Y MUOD. JOAN TURNER 
' CCWSICER YOURSELF LUCKY TO BE 


Evw. 7.30. MM. Sau 2.30 IN IDEAL 
HU5BANO by Chtar W l.-e - We applaud 
an entertaining evening.' D Tct- 


in the Roundhouse: more came A«' E to see .IT■ AGAIN." Ci.lv.Minor an entcrta.mn a evening. a TCI. 

through In the broadcast relay now booking through i97s.__ h^ymarket. oi-s*o 9632. Evas so 
later In the evening. But the alowych. B36 6404. into. 836 sssi. Mjl Wed *NGPtD bergman 4n8 ®’ 00 ’ 
literarj'—anarchical side of the •"S^SSSSSSL COMMNV DEBFlf WEN RX 0 W LlE * r„ AM r ,4 


. Wed. MU. 3.0 
BEST COMEDY OF THE YEAR 
E.-emng Std. Award and iWET Award 
Rpyat Shako;genre csms.-wiv in 
PRIVATES ON PARADE 
br PeMr Nlch^lw 

tPernias Nor Suitable Iw Childtenl 
"HUGELY ENTERTAINING 
EXTRAVAGANZA." S. T-mc» 


O N SUNbnYS 6.00 and B 00. 
PAUL RAYMOND creMtms 
RIP OFF 

THE EROTC E"PEP"-NCE OF THE 
MODERN ERA 

1 Takn to unorm-'d-nrod linv-is what It 
□-rm-i'l-'le -jn Our nraget.-’ Evg. News. 
You mtv dr-nV and smo^e in the 
Ai-rtitprlum 


ROYAL SHAKESPEARE COMPANY 
in repertoire 


| work already seems dated; redav 2.03 and 7.30 co^revr’s the 
B erio's endlessly resourceful Z*r™° T wv®. K the "Says 0 of 


WENDY HILLER 

DEREK, D5°IS FRANCIS 

GODFREY HARE CUKA 


‘•FHAJC1E OT WAI.es. cc. 01 -9 JO 8681 ! wv'iWDHAM S.' 6*5 302 b'^“ CiVdFcjrd 


Monday to Friday at S p. 


hoxlring' Bit t n T1 c-CMW Sat.l. Men 


isuno s enaiessiy resourcciUL 5 * Tim „ 4 , wfht Srecht’c the days of ... waters of the moon 

sound-constructions carry it fer- « M 0 M F “?| TO r J 5 OT rVat STAV-Sm {KSUa.n SST 

vently along. evoking the oun^ RSC also at THE WAREHOUSE :%C- wenrv Hiller h sunerti ■■ S. Mirror, 
lufemo grandly and potently. jrgf &&& ‘{Jn^A'Sde 1 «r ma iestv-s. cc oi^m bug. 

Lionel Friend conducted Bruno ----—- E »v*- a -°o 'KFLjiy s =* JL°° an«i a.oo 


53fc . an “ ■ IZ 1 *1--, T ™J 1 . SOD ’i Thun, a Fr- Sflt. S T5 Vnd 8.30: 

THE STAGE IS AGLOW.* ENOPMOUSLT RICH 


THE STAGE 15 AGLOW.* 
Dally Telegraph 
RICHARD BECK I NS ALE 


RICHARD BECKINSa 
_ 1 LOVE MY WIFE 


VbRY FUNNY ’• Ev-.-1-ng News. 
Marr C>" ’ '■ ■ — Comedy 

ONCE A CATHOLIC 


Maderna’s Giardino Rcligioso. In I ambassadors. oi-ojs 1171 

...Ui,.v .1 _ __ EV*1 3.00. Sits. 5 and 8 


Pauline Col tins-and David Suchec 


Ia-uiiWiI Hurl 


which there are no verbal games 
beyond the title (it is not a work •* 
of piety, but it was a Fromm ’’Perfei 
Foundation commission, and U mi T 

/romm=" pious *’). U is laid out- 

like a garden, with a central A ^i to , 


;______ Evgs. 8.00 We- urd Sat 5 00 and B.OO 1 

I BASS A DORS. 01-836 1171 LEE MONT AOIJE^ELCN^LINDSA Y 

a.00- 54t*. a and 8 i<\ TEREN-l o ATHC-AH S 

SIOBHAN McKENNA CAUSE CEIEB1E 

» Ser.h Bernhardt in MEMOIR RATTIGAN RFVEA" 5 HtS MA^TTRY * 

„ w!th Ml ALL BUGGY S. Tel ■■ C.YNI5 JOHNS plivi 

Perfect. A song df trlumnh. E. News. br.llipnlly." □. Tel LAST 2 WEEKS 


"NAUGHTY BUT NICE WITH A LOT , V, 1 *"*« n 1 ** v ' f>23 6SS3 

OF LAUGHS.” Nr*t a t*ir Warld. Jm" 1 ,.’b,.,ctc4m Zdc f ND 

INSTANT CONFIRMED C"EDIT CAPO " l "'“STe.TN 4«>6 DEAD iwt #l)oi. 


BOOKINGS ON 01.913 0346 


Stud?'! tickets £1. _ _ __ 1 ...--- 

LIMITED SEASON. ENDS FEB. 23 , HER MAJESTY’S. CC 01-830 6606. 

--- 1 - "■ ! Ooesing muc; 25. 

‘OLIO- 01-437 2663. Evas. 3.00.: . , , _BRUCE FORSYTH 


’■JFEN’S THEATRE. 01-754 1166 

Evgk. E.B S»t. S.D-8.30. M it. Wed- 3.0 
ALEC GUINNES5 
BEST ACTOR OF THE YEAR 
Variety. Club ol GB Award m 
THE OLD COUNTRY 
A New Play Bv ALAN B£N*4£TT 
□ reties by CLIFFORD WILLIAMS 
BEST PLAY OP THE YEAR 
Plavs and Plavera London tcit.rs award 


ynuMG VIC STUD'hS <P» 

Dannl" n.~r.. CONE IN JANUARY 
Tgnlnht >■ B 0. 


CINEMAS 


ABC 1 A 2. Shanetourv Avc B36 8861. 
Sep perfs. ALL SEATS BKBLE. 

1 - THE CHQIRSOYS fXj 'hu\ Down IU». 


• • a iWWia. WLLU a wuvvai Min,; Thurs. 3.00. SatL. 5.aQ and g.oo If Leil-« Br,arise and A-.-xmv Nr-w'ev s c™Tir 5 i 

Fr Barnes's daughter' tamed picture- of a man driven ;d^d translatmn. has him say: h Pll n ^! r■ A«gr^M L W’l»¥^..—r« TSTff l : o ri^T T ^^ l{i{: * 

onlv two weeks: the bv jealousy is in fine contrast' That will teach her vfaat enian- instruments surrounded by a bed •• is superb.-- n. oi world. Dir-ned nv surt sheveloje PAU tu^«™wP. p[’ ienIi -- 

rt is improvising until tfr his' performance in the citation is all about — but what fRV a i' s sh tmink°of 5igland d ——- - '- m - —■ a - r - e ~-- erotica t U i-c. 4B5 A? 244 3 00p RtM^T d 'amlon-s 

_.It. ■ _-_ t ■ §T . ,—- Of hriltS. In Ihs miter SfWhrtns -unrfrni V riiuuv" Tim«« KING’S road tufa toe «■! Folly Air Cond‘t>a>u>d. Ycu may mj'-"roiKf thf nrvn oantiAr.i v v. 


“IS SUPERB.’’ N. of wond. 
SHUT YOUR EYES AND 
THINK OF ENGLAND 
"WICKEDLY FUNNY." TJmei. 


Prev'ews Irom March 16 


I ARTS THEATRE._ 01-836 2132. 

TOM STOPPARD'S 
DIRTY LINEN 

’• Hilarious ... see it.” Sundiy Times 


'KING’S ROAD THEATRE. 352 ?4Be 
Mon. ?o Thurs. 9.0. Fr-., S«. t.jo 9.S0. 
1 . THE ROCKY HORROR SHOW 

NOW IN ITS Sth ROCKING YEAR 
THE GREAT ROCK N’ ROLL MUS CAL 


THE FESTIVAL OF 
_ . • EROTICA 

Fully Air Cand'ttoiM. Vpu may 
drink ana smoke in the audi'inum. 
ROUND HOUSE 367 2 

Ton’t- al B. Opens tumor at 7 
i .-Subs. 8 D.m. nig fitly 


?num._ | ;4.4S _6.5D._ SJIO._SEATS_ POOKAEleI 

267 2564 j ciAFSlC 1. 2. 3. 4,'o«terd _ St.' (Opo. 
at 7 Tottenham Court Rd. (Tube). 636 03ID. 


fanatical monologue room- by his need to collect a ilne pare with felicitous J”® l 'Hhfrnari Hilarious .^"^""“"sundiy Tim»s i , OKtp -, M MHflnii»T~rr—7:r~^--~ the livep°^l° hayhouse co . wit nj souJiWrogs® rraT'S-so.' 6 To. OD 8 ° 3 o c 

dangers of sex and m0 ney. He is almost visibly bite' of.business: Smirnov goes ^P^nnA^itV Mond V..i?da™S!fffcW'/i r if* r ind j -mes warrington . ^Jhe j-iwm-c. -al s<p. Pen*. 


J 3: ™ E DUELLISTS i Al, PrdBS. K20. 
bv David Rabe 1 3.05 5.40 Bis 

HDVai rnum -*tn" = cT.' c' **’- F* n * 1 Oa>; YOUNG FRANKENSTEIN 

R anS A H 30 THS ‘bcab 7 11- r!IVi.r?^. S TwI ' 'AA- 1HJ 5 20. 8.50. THE ADVEN. 
"HP_ P_*JP- _ tmk ofcAR or CfiokflOv. THE |»e nrr p»rr» DrK urti larC' cmao. 

ft. B e^^ S ^ ATA 6V TO,!lQV see alto I Tr- BPOTHFR '.al 3.1S H 7So" ^ 

------ ! Ct-nL. c»""* '5—t W 1. 499 3737. 


uff'crediVorTbSriS {SStST^"l»!3»‘SJSSE 1 ™ aw be fair •»■««« Uial| tiansof Narziss <md Coktand. 68!^ “^JSJBSSB ™: !S*r%S~S*4S:'“.VSrVr. 

> V V .1 forgotten la powderHy. & KOOr* Umnln that (Milas ter j^' £2?^*£.Ag ’.SSfiaio™""'" •“ — “ —. «" mm 


■ - -- : _ „ , ENOS SATURDAY ! STREAMERS 

__.... i Evgs 7.30. Mats Wed a--a Sats. 2.45.; , dv David Rabe 

nng Crass .Rcax l TOMMY STEELE -■-—- 

Tube. TortenMuji . SALLY ANN HOWES ROYAL COURT. 7 30 174S. Evs. 9. Sat S 

J> U-ltt— Fri. and! anj ANTHCNY VALENTINE n and B.30 THE BEAR by Chekhov. THE 

HANS ANDERSEN KREUTZER SONATA bv Tolstoy See also 

, _ I "OAZZLIN-G SUCCESS RICH. COLOUR- Theatre UpstaHrs. 

In r»!« .JFIK2: FUL MUSICAL BEAL FAMILY ENTER- ~ ' .r ~ ---- 

f fully ."Ml*-H i TAINMENT.’- Evemnfl^ Nerii i ROYALTY. CC. . 01-405 8004 

lunthtime and; Goon tea;* available r:w at Thritre arid' E 1 22 d,Y "7 , ’i ,r AS"' Evening e DO. F'-dav 
—biaVible .n. Aaerfs iAIu al daers e«-eut Sat... | s .- 30 and 8 4 5. Saturdiy 3 00 and 8.00. 


c&dflen'ges The intruder ’to a bats .was n household chore—| r!uu- i ( f£ ; W 'Tncni eri rt ^ 

rlnoi ■c'Si,....™- inriN k -iint-n Smimo,, Lutyens. Inspired by Herninn 


GLV'S , 

T - wretched Pozdnysbey duel. Smiriiov'agrees, and N. P. -luntil she discovered Smirnov. ' Hesse'Tnove^tih'as spread vhcen year* * | FROM™Ay”5f 

. >,fellow traveller on a.. Simpson. > fiddling with a stab- - • MICH A€L COVENEY • JSS'e^ning* anSr d^awa^o U^l^ESEri.-.w 

• o-S^-HaK" , i 5 S -■'. • ■ . 

fcilfu? adaptation and ' . -PhirhpQfPrV 1Q7£ : quj ^ et i n cautious tandem, pro- --I-j an0 WSkIM 1 

' rit’e rivPtinT Dferform- " iwlllv/nCblCr I>:i,7 IO .PlalJo . |eeeding together in fils and starts Cambridge, cc. oi-esc sase. mpi. m . 

: n? ..^wfrh the confes- ^ ^ V1 ■ without quite coinciding, refereed -T* u ^ 0 ““ir^Towii s 45 S,3D ! pi»oe»5 “ ^ranfc 

.V - ,L™i,'fn iho ..Chichester Theatre unveiled Bennett and Cathleen Nesbftt m i by barp and piano/celesta. The - pulsating m'*?-sal.* e™. N ««»-i - i M TC Vif k F l N T T To LJ TB?A 

' . ,c E^ flS K 4 ?F^;,iwipn 4 most of ihe plans for its summer-one--of tfte-productions — The latter mark each section-end with sssTp'Scm fiz.oo^and^Loo. -mayit^ilP th! 

.**■ . ihe • crnei a , e ’,r” ■ .' festival season yesterday . . . but ARpern.PripeTa. a Comedy of Let-j delicate cadences, and converse Dinner ana wo«m ten u.zs-nc. humdhep years,- - sun 

ali , t3 ^- dr kept three big secrets. - Ftrsti'ters adaptdd” by. Michael discreetly with the rest, while a ““—'—-—-- may fair. cc 

». ights, female cnunct the theatre named only three or Red|jrave, from the siory by reilertive oboe pursues its own “JSf^s.b. m«. Thurs ajj sll 9 s° 3 q a 4 ?I 3 gor'd6n chat'fr ^p, 
. . mpoSiaWe^for as tong the four p !iurs for its 17th season Hepryjrames,. thoughts. The climate remains MIRA US „J-:“ v .sSSzSg&ff 1 

. „ >ruinaie the bedroom, which opens in May—refusing lo ^he 'other-two plaj'S announced exceedingly temperate,'but the MarSHm courtenay. dwSwwalsh a “ J s?el ?/*s 

• so fas Chekhov noted) reveal the name of the .fourth fer the season .(May 3 until Sep* writing—tike intricate knitting— a"“hew cdmed* twiiller pj** “cdi^pHnlri™," 0 - 

- Igtftvnn tWadd e about nrnrillMinn Arfitftp rltTPPtni’ InW«WMvi IA‘i n'-n. A _ n mA LUMEQY THRILLER £A» Gdn. HHwloUS. _ 


LONDON PALL A PIMM, r - "".437 7373. 
THE TWO RONNIES 
FROM MAY 25 ra AUGUST 19 


■ Chichester’s 1978 plans 


[heard in France and Germany. Hi/hSK 1 Mar? nSwaw tco o* 1m *£ ^Vd'ajo -Ss"*? t?'«."o!K.(S hwn*™ 

l it pairs, a mixed sextet and a ^n .-mun. jo^n plight ajt, ‘ I |g a * 8 00 Ma,i ' WM ' 

) quintet in cautious tandem, pro- _ _._ ana c ?a , »ri'-' B - lak *yes .n JOMM eraser 


seeding together in fils and starts Cambridge, cc. oi-es£6956. mw. » 
without quite coinciding, refereed Thur*. 9 - 00 . -rn sw 5 45 s .30 


Lonoon crlticm vct« I RnKer, Surwl'u Pr«u\< at 1 60 

BUBB’.'NG BtOTN *-•!*; AR • ■ not Sun,. 3 55 6.10 and 8.30. 

Best Musical Ol 1977 . - —.—-- 

TH. bfcs. acuptgq. Malcr trcuir «ard> I GATE TWO CINEMA iFp-mpylv EMI. 


PARDON MON AFFAIRE -V-. lEnqlHh 
'*’*' m'es.t -A Swrl'ino N-?iw Fr^rrh 
r-<im“rlv. D,r*<liy* with hv V,-, 

Robert " SmxiI'u Prooe at 1 60 

■ not Sun 1. 3 55 6.10 antf 8.30. 


1 SAVOY. 

1 Nsw uriv ewiM tonight 


01136 SSBR 


• nlcmational}. Ruwll Squarv Tub*. 

2* *-4i. Wgrlo Fi«n.«re 
ot DFP = B 1 ARMAN’S 
•UBILEE IX- 


IPI TOMB I 

PULSATING M‘l?»CAL.* Eimg. New*. 
THIRD GREAT YEAR 
S!>l prlcrs £2-00 and £5.00. 

Sitmer ana tap-once seal £6.26 " nc- 


LE'fFSTER 5CI'A»E THEATRE >930 

5 752- FTAR WARS ’U'. £i-o. urns. 

n!v E.OP 5 IS 115 Seal' h»Ule. ‘or 

6 15 4 •« 3S dw. Wt-s. IL alt prnes. 
5at. & San. COOKING ONlY UNTIL 
1«f MARCH. 


VOLIN BLAKELY ' JOHN FRASER : s: *52- FTAR WARS. ’U". fi-D. urohv 

ana pA J5l,7*“ ' ' V *S in , 2 0P SIS 8 15 c*a»< h‘Ole. <0 

FILUMENA LADY HARRY 1 1 If * 1 35 jw. W«-s. R F't Pr"rK 

•v»5.Si:I'Froii -* OOK ---"- Y - U “ T -' 

-an EVFNT TO TREASURE” D. Mir. Cr«Sf msMiJb wmw ® 1 , ODEON HAYMARKET .930 2738 2771. 

"MAY IT FILL THE LYR|r - 0 R A -T rPdlt a«*Pf*d. _. i alw p 0nd8 Vwi Rniarm ii 1 tm 

HUNDRED YEARS. - - Sundav Times. cmjlw. fjl .-;r.R 1394 PlgiwBMnn Mm JULIA iA|. S«st>. Qionv 

- - ; Evgi. 7.30 i*I* perl. Man 1 Mai thurs. ^ Iv - 2,30 5.45 9 45. Feature Olv. 2.4S 

MAY FAIR. CC 629 3036. - 2^30. ■ _ B 9.00. All seats bkbl* _ 

GORDdN CHATFR ^pnSia?t “"E.IU.^fri AN by l 'j 5P B CT “trt^ l ‘ S ©MOW LEICECTER“SQUARE .930 61171 

THE ELOCUTION OF "HibIUv EnlErtalnlmi™ d Tel Jill D J EP J A). Ssu. btms. ever, day 

• BENJAMIN FIUMKLIN . Low Prlcw. ElW 6w?n a ' 


‘ Piniwmann Mm JULIA iAj. Sen. orons,. 
thurs. i 01 7 . 2,30 5.4S 8 45 . Future Dir. 
'"" rs -| BOO 9.00. All ie«B bkble 


ODEON LCICE3ITER SQUARE i930 81111. 
THE DEEP (A). Ssu. sms. ever* day 
Seats may he hooked. Deers Open at 
’ 7s 4 .jo 7.45 


Istoyan twaddle about production. . Artistic director letuber 18) are- A woman oj ,\’o I it< sweet-toned and en Iran singly 


bad. for, pres^am. peter .pews- refused to disriusc Importance by^'.Oscar' Wilde and lucid, and Mr. Friend's iuipec- cr 
« ut liie -narrative is the,: nanies *of ,the 'two' lap £ook after Lulu. ^by-jjoel Coward, cable rendition of It lasts hardly E 


CRITERION. CC. 01-930 3216. 
Evenings B. Sats. 5JO. 9.30. Thuri. 3-CO. 


5? 3 2B* si ;p'?S l * hJnn 'f ftTte'V «!OOUEnt I STRAND. 01-816 2560. EytmlOOS 9-00 ODEON MAPRIF ARCH 075 ”2011 "ii 
{***. Gfln. 'Hilarious,” E.SW. “Wickedly: Mai. Thur. 3.00. Sats. 5 SO and 830. audbey rose aa S.% 
am using E. N, i. "SpeHq.mirb.'' Ote- NO^SHEPUEAJK- wiT Ha 5 30 ^.., I „ Z 


replete with detail, actresses who will star in the Barbara Murray^ Sian Phillips.-more than ten minutes. To one's I ”imp*«aMe • sE X Tcf t * r ' 5 ' ,lm ”' 


Evenings B. Sah. S JO 8.30. Thun. J.CO. ■ MERMaiD. 2*8 765G. . BfM, 24B JB35. 

LESLIE PHILLIPS Men.-S^t 6.15. Mai. Wed. & S*:. 5.30.!. 

iMAornhlB _ . a r ■ I flflUV MMilFC ksipvw mi 1 


--* ,,v Mmuoid niuuajg oidu f lump, hiimihw. iu viic si " — In SEXTET. . 

'.ote, and Pozdnysbey play-r-because contracts with Keith Baxter.. Gayle Hunniciilt, ( surprise. Hesse without ihe i "hilariously funny.-* n, gi wo oa. 


DAVY JONES MICKY DOLENZ 
in HARRY NILSSONS 
THE POINT 

"A WINNER D Minor. 


WE'RE BRITISH 
THE WORI D’S, GREATEST 

laughter!' maker 


PRINCE CHARLES LC*C. So 4J7 8181. 
FM?I Wwis. Must Mid Mav 8 5ALON 
KITTY riev S”0. Peru Dillv .,nc. Sun • 
2 45 5.15 9.00. Laic Shan Fri. and 


’.iuch by dedanng his them-'have not been completed. Tim Woodward ’ and Martin people seems to translate, into -*——- ”sS»u w i , iH*S , £i 25 .'s , ao r * 

, of musTc'unless 'it ' He alib kepi secret the name CH kin Serial n will star in the; Firbank: elusive, perfumed. °B.oo, r . L M5«me2 1 "sX™ i'.oo! ComD,wd d 'M^r th p e nfl"sj'^ :kc:i t5 - 9S - 


•urpMC. of the leading, actor the theatre Oscar Wilde-play, originally pro-;ciesuntly bitty and (hnroughiy M *'a'chor“s line 5,1 ' 3 ' 00, i 

lets ioVcefuily main-.hopes, will play' opposite: Jill duced in I#ondon in 1832. fey. DAVID MURRAY 1!'”^“' WmUm *» tanw '"" I 


• ,S Ti.t , ^ RTIN ^ 5 ;c CC c.? 5 ^ J. 44S v Ey S a .-°3 3 *5 6.15 9.00. Lola Shaw F 

I Mat. tuci. ZiS^Sat.SrCtqB fri. S 4 B. Sal 11 55 Scats nuhlc uc o Bar 

AGATHA THRISTIE — • --- -- 

„ THE MOUSETRAP SCENE 2 Let Sq. 'Warflour St > 4 3 

WORLD S LONGEST-EVER RUN THE PINK PANTHER STRIKES . 

26th YEAH. . Sun.-Thui 1 30 5 35 9 SS 


Mu: i end sat. !---—_ ■ 

“'S! 'flssa-jff ?, oN ,y- j ™*™« "wsa 


Open 1 . M«r. fi, 7. Prevs Horn Mar I. B. IS | 


bv Lenka danlurek 


SCENE 2 LetL Sq. rwardour St > 4 39 4370 
THE PINK PANTHER STRIKES AGAIN 
"J>. Sun.-Thui 1 30 5 35 9.SS Fei * 
Sat. 12 40 4.4S 9 45 12 45 THE 

RETU6N OF THE Pi.TK PANTHER ’U> 
Sun.Thur 3 25. 7.30. fri & 2 35. 

6 40. >0 40. 











FINANCIAL TIMES Arthur Young McClelland Moores & Co. j §? 

BRACKEN HOUSE. CANNON STREET. LONUON EUP 4BY __ ' . _ _ 11 / 1 S/ U I "T* {J CT .1 I & CO 

Telegrams: Finamimo. London PS4. Trier: 8863*1/*, 883897 . P £ AT, MARWI vlV, “ * 1 

Telephone: 01-248 «W0 T \ Arthur An< 

DELOITTE & CO. 
VV Whinney Murray & Co. CoOpei 


Wednesday February 22 137S 


Unemployment 
and skills 


Coopers & 


THE CENTRAL Statistical 
Office announced on Monday 
that ns index of national out¬ 
put had risen between the third 
and fourth quarters of last year 
from 110.0 per cent, to 110.2 
per cent. Given the various 
ways possible of making this 
calculation and the margin of 
error implicit in them all. nne 
can conclude no more than that 
output probably remained much 
the same — at a level rather 
below the average level for 
1973. Yet the unemployment 
figures, which had risen steeply 
in the third quarter, fell 
throughout the fourth while the 
number of unfilled job vacan¬ 
cies began to rise. This trend 
has continued into 1978: the 
figures issued by the Depart¬ 
ment nf Employment yesterday 
show that unemployment has 
been falling and vacancies ris¬ 
ing for five months in succes¬ 
sion. And yet industrial sur¬ 
veys show liitle sign of any 
great revival in demand for 
unskilled labour. 

There are two possible linos 
of explanation for this apparent 
drop in productivity, both of 
which probably contain an ele¬ 
ment of truth. The first is that 
the statistics arc wrong. So 
far as the unemployment figures 
go. it is wnrih noting Uiai last 
year’s seasonal adjustment 
have been somewhat revis'd, 
that there was. a similar im¬ 
provement in the irend at the 
beginning of 1977. and fhai 
there was a >harp and unex¬ 
plained drop during February 
in the numbers joining and 
leaving the unemployment 
register. At the latest count, 
moreover, actual employment 
was falling. 

Government help 

The second possible line of 
explanation has two aspects. 
One is that a very high pro¬ 
portion of the tufa) drop in 
unemployment since last Sep¬ 
tember has taken place in the 
south east region t including 
London;, where perceniage 
unemployment U lower than 
any other region in fhe country. 
Whatever the reason for this 
revival in the s«uih cast—and 
it is probably connected with 
the improvement in consumer 
demand—there has been cor¬ 
respondingly little revival else¬ 


where. The other aspect, which 
is by far the most important 
distorting influence on the 
labour statistics, at present, is 
the collection of Government 
schemes for saving or creating 
jobs. These are .estimated to 
be keeping around a quarter of 
a million people off the unem¬ 
ployment register, and the 
Government is in the course of 
taking new powers to renew 
them nr adapt them to rueet 
the objections of the European 
Commission. 

The rise in the. number of 
unfilled job vacancies must 
have a different explanation. 
It is not nearly so concentrated 
in the smith east as the drop 
in unemployment and seems to 
square reasonably well with 
widespread reports that short¬ 
ages of skilled labour are 
troubling Industry even when 
the overall level of unemploy 
ment is so high. At yesterday’: 
conference on recruitment by 
the Processing Plant Assncia 
tion. for example, references 
tn critical shortages of engi 
neers and draughtsmen were 
common. 

Re-training 

There are no doubt a variety 
of different reasons for this 
shortage of skilled labour, some 
nf long standing. some more 
recent—»he compression of 
differentials. for example 
can-fed by continued waae res 
mint. It nnut be one main 
aim of the official programme 
for ihe alleviation of unemploy¬ 
ment lo eucourage training and 
re-l raining by every mean; 
available: the present job 

assistance programme is largely 
short-term whereas the unem¬ 
ployment problem looks like 
being largely a long-term one. 
But if this programme is to be 
successful in practice, both 
sides of industry must take 
account of the sort of criticisms 
that were aired at the PPA con¬ 
ference yesterday. Managers, 
for example, must learn to 
make full use of the hish- 
ouality engineering graduates 
that will soon be coming 
our of the universities: union 
leaders must encourage their 
members at plant level to accept 
those why have been re-trainud 
as pruperiy qualified.- The re 
rival of- British industry, if if 
comes about, will not come 
abuut painlessly. 








in accounting 


BY MICHAEL LAFFERTY 


New pressures on 
U.S. unions 


ONE OF the factors behind the 
surge of European investment 
in the U.S. is the belief that 
American trade unions, with 
some exceptions, present less of 
an obstacle to efficiency and 
profitability than their counter¬ 
parts in Europe. That Ameri¬ 
can unions arc tough bargainers 
is well understood, but their 
objectives. It is widely supposed, 
are broadly in line with Ihnse 
of management, they recognise 
that high wages depend on high 
productivity. The U.S. miners’ 
strike, which has been going on 
for nearly three months and is 
now posing a serious threat to 
manufacturing industry fo me 
31 id die West, i? a reminder that 
labour relations on the uiher 
side nf [he Atlantic are far front 
perfect. Moreover, although 
the present strike stems in part 
from divisions within the United 
Mineworkcr.-,. whose effective¬ 
ness as a union has greatly 
deteriorated in recent years, 
some of the ingredients in il 
have wider implications. 

Productivity 

tn negotiating a new contract 
the American coal mine opera¬ 
tors tried lo do what a good 
many European companies are 
also seeking—to re-establish the 
authority of management in 
areas where discipline and pro¬ 
ductivity had been allowed to 

slip. In return for a substantial 
increase in pay—a 37 per cent, 
rise in wages and benefits 
over three years — thy em¬ 
ployers soughi agreement to 
more stringent controls over 
absenteeism, a new system of 
penalties for employees who 
participate in unofficial strikes, 
and a radical revision in the 
industry's health and pension 
schemes, abandoning some of 
the principles laid down by the 
liMW’s most famous leader. 
Mr. John I.. Lewis. 30 years ago. 
All this reflects the employers’ 
determination to control costs, 
increase productivity, and put 
the industry’s labour relations 
on a new fooling. 

It is nor yet clear whether 
the employers will be forced to 
modify their position. Even if 
a settlement is reached m the 
next feu days, the strike has 
highlighted on« again the 
weakness oi the UMW leader- 
ship. whose dm-piamv in prin¬ 
ciple or the pioim-HiJ tmitraoi 
uas overt urnrd by the union’s 
bargaining council '.Utile apart 
from tile special trad.nous of 


coal mining, the UMW can 
hardly be regarded as typical 
of American unions, many of 
which have a highly profes¬ 
sional leadership and good in 
lernal communications: the 
United Automobile Workers is 
perhaps the outstanding 
example. But there Is a possi 
bility that labour relations in 
the U.S. are heading for a more 
troubled period in which the 
conflict between job security 
and productivity will be more 
difficult to resolve. 

Ohservers in the U.S. appear 
to be less worried by the size 
of prospective wage demands 
than by non-wage issues, par¬ 
ticularly the attempt by 
managements to recover some 
iff the ground which they think 
they have lost to unions in re¬ 
cent years. With high unem¬ 
ployment and with the public 
image of unions generally at a 
luw ebb. employers may feel 
in a stronger position to deal 
with problems such as overman¬ 
ning and Inefficient work prac¬ 
tices. As more industries fee! 
the impact of competition from 
low-cost imports, the need to 
streamline and to modernise 
will increase; any protection 

they may obtain from the 
Carter Administration is un¬ 
likely to be lung-lasting enough 
to eliminate this threat 

Militancy 

In steel, where the need for 
rationalisation is particularly 
acute, there were indications 
last year of growing militancy 
ar the simp-floor level and dis¬ 
satisfaction over what was 
regarded as a -* sell-out ” by the 
leadership of the United Steel¬ 
workers on several key issues. 
Yet there is no sign as yet of a 
united union campaign to stop 
the redundancies a nd closures 
which have been announced in 
recent months. 

Fortunately for the L.S.. few 
industries have allowed their 
labour relations to fall into the 
disrepair which is evident in the 
coal mines. Collective bargain¬ 
ing generally takes place within 
a stable framework of strong, 
one-induslry unions, legally 
hindinc contracts and (for the 
most pan j effective grievance 
procedures at the workplace. But 
ihe strain^ .m tins .-yriem. aris- 
imi from competitive pressures- 
in industry and new demands 
rrnni union members, seem Cer¬ 
tain to grow. 


B RITAIN'S medium-sized 

accounting firms are under 
attack—probably as never 
before—as competition heals up 
among the international account¬ 
ing giants for their biggest 
clients. Tbe threat to survival 
in their present form is now so 
great That several of these firms 
have recently considered or are 
currently in process of discuss 
ing some form of merger *»r 
association. ” Hardly a day goes 
by without somebody suggesting 
that we talk’’ comments the 
senior partner of one city firm 
which has just completed one 
merger. 

The signs of the growing 
trend towards concentration are 
not hard to find. If anything 
they seem to have been building 
up to a rush over the past Iwn 
years. The latest example was 
tlie appointment of Arthur 
Andersen as joint auditor of 
BICC. .lust before that, there 
was the case of Reed 
International which dropped 
Champness Cnwper. its auditors 
of Si' years' -landing, in favour 
uf Price Waierhuuse Other 
examples involving Ihe appoint- 
; ment of “ big eight ” accounting 
I firms include LFC Inter- 
naimual’s appointment of 
Whinney Murray in place of 
Keens Shay Keens. Ransume 
Hoffmann Pollard's appointment 
of Peat Marwick Mitchell in 
place of Tansley Wirt. Slough 
| Estates' appointment of 
Delniites in place of Cocke 
Vellacolt and Hill, Lyle Ship¬ 
ping’s appointment of Arthur 
, Young McClelland Moores in 
place'of Hardie Caldwell Ker 
aDd Herdie, Crosby House 
Group's appointment of Touche 
Ross in place of Hays Allen, 
and Cooper* and Lybrand’s 
appointment as Gla.vo’s joint 
auditors, together with Clark 
Pixley. 

i These are just some of the 
.recent changes. The total num¬ 
ber of quoted companies mov¬ 
ing over to the “Big Eight” or 
other large accounting firms in 
the pa^t two or three years is 
probably at /cast three per 
firm. Typical reasons for com¬ 
panies to change their auditors 
include: the relative size of their 
overseas business (BICC. Reed, 
LRC»: a desire to have nne 
large accounting firm doing all 
audits (Ransom* Hoffmann Pol¬ 
lard j: recent overseas expansion 
(Crosby House), and a need to 
have the services of an inter¬ 
national accounting finu (Lyle 
Shipping). All together it seems 
tn amount to a growing belief 
that only the biggest accounting 


MEN AND 

Leaving the 
Old Lady 

Yet another U.S. bank is obey¬ 
ing the famous adage a bum 
going west. United California 
Bank is leaving Moorgate in 10 
days’ lime for Essex Street near 
Aldwycii. When 1 asked why. 
general manager Brian Weston 
answered me in a monosyllable: 
“Rates." By going 2U0 yards 
beyond fhe City limits into 
WC2. UCB is culling its rales 
bill by almost two-third*. 
Weston did add that it is grow¬ 
ing harder lo find suitable 
quarters inside the City, but 
savings in rates and square 
lootase costs are clearly ihe 
key to the trend. Citibank 
smarted it by quitting Moorcate 
for The old English Electric 
headquarters in Aidwych: lu-t 
year Security Pacific anti 
Chemical Bank followed suit — 
the latter also from Monrgatc. 
Who goes next? Some other 
American banks are even look¬ 
ing in the opposite direction, 
with schemes for moving their 
clerical staff down to the Eas: 

End. 

1 asked Weston, a -H-year-old 
Englishman, what he thought 
might be lost by saving farewell 
to the City. Again tile answer 
was one word: *’ Nothing." He 
believe? that better telecom¬ 
munication- arc fa*t reducing 
the persona! elcmcn’ in a 
banker’s daily round. On the 
other hand. UCB’s new home 
will bring il clover to many 
corporate cus-omerc and 
Californians in West End 
hotels. 

In asset order. I.’CB ranks , 
firth among Californian hmks: 
just along the pavement in i 
Moorgale—and staying pu»—is i 
the Bank of California, ranking I 
seventh. BunCal was the sub- • 
jeer or standard Chartered’* j 
abortive bid Iasi 'ear and. 1 
incidentally, has gone ihruu-b 1 
a remarkable upheaval -:n«*- i 
th*»n It- entrepreneur a’ h.-- i 
man, Chauuccj Sciim:iii. iut ■ 


firms can provide the range, and 
possibly the quality of services, 
which an* increasingly con¬ 
sidered essential (or companies 

with substantial overseas opera¬ 
tions. 

But the threat to the position 
of the medium and small 
accounting firms comes about 
for a whole range of other 
reasons too. In the old days 
when companies sought Stock 
Exchange listings pressure 
came typically from their mer¬ 
chant bankers. It was far 
better for the Image, the argu¬ 
ment went, if a well-known City 
accounting firm was involved. 
Some of the firms who lost out 
as a result of this were quick 
to point to ’’ back-scratching ” 
between the big accounting 

firms and the merchant banks, 
or others. 


Possible 

clients 


To-day the business of run¬ 
ning a big accounting linn is 
far more professional than it 
used to be even five years ago. 
Sensible managing partners 
compile lists of possible future 
clients, and partners and staff 
are encouraged lo use their best 
endeavours to bring in new 
business. But apart from 
Government work there is not 
that much new work around so 
the competition is tough for 
whatever opportunities come 
along. Reed International, for 
example, invited and received 
sales presentations from a 
number of the /arse accounting 
firms before deciding on Price 
Waterhouse, trftile the senior 
partners of both Peat Marwick 
Mitchell and Cooper- and 
Lv brand have both recently 
warned of a toucher an«i more 
selective approach by clii-nts.in 
Tuture. 

Contrary ».m >!hi:uinn in 
the U.S.. where the ’’ Big Eight” 
accountin': firms acnnnn. for 
instance, for around 93 pr»r cent 
nf the Fortune olHI cnmpanv 
audits, audits of ti K IWied mm. 
panies are stiff fairly wide- 
spread. fine perspective »:n 
the presenl state id I'nnventra¬ 
tion here is provided by a stiidv 
oF the 1977-7S Time-, .1.000 list 
nf inp'companies. In 1977 the 
1.000 companies had a total of 
1.039 appointments if joint 
audits are counted as two. Only 
TC.fi nf these—6 9 per rent .—are 
accounted For by as many a- In 
nr the largest firms. In the tup 
?00 companies, wilh i tola! nf 
541 audits, the same 15 firms do 
75 per cent, of the audits. 


So, not surprisingly, it is to 
a greater share of-tie quoted 
and large private company 
audits that the big accounting 
firms are now directing their 
efforts. 

Shopping lists are compiled 
from a variety of sources. But 
an obvious starting point used 
by several firms is Cnjirfoirf's 
Directory of City Connections, 
which now lists all accounting 
firms with their, quoted and 
large private company clients. 

Companies taken over by 
existing clients are also- listed 
and eagerly pursued as are U.K. 
branches of clients of foreign 
associates of the U.K. account¬ 
ing firm. 

•At a recent “sales” meeting 
of ;i group of accounting firms 
from a number of leading indus¬ 
trialised countries detailed lists 
nf clients with U K. subsdiaries 
<>r connections were discussed. 
The object of the exercise was 
tn get as many of the audits of 
these foreign cmnpanies’ sub¬ 
sidiaries into the hands of >he 
U.K. firm in the group Since 
the foreign accounting firms get 
referral fees (of 10 per cent, 
normally) on all such work, 
everyone benefits, except the un¬ 
fortunate U K. accounting film 
which happens to be doing the 
audit at present Such was the 
businesslike atmosphere of the 
meeting that national managing 
partners feft with detailed notes 
on exactly how far their asso¬ 
ciates fn. say. Switzerland had 
ant with getting promises from 
their clients to - transfer, for 
example. VJ K. subsidiary audits 
in their associates. Some of the 
clients- involved were major 
multinationals. • 

Another danger—to other 
than the large'accountants—is 
the increasing pressure for 
hi she.- <1 aiula r cl s in accounting 
.-<iid auditing. The big account¬ 
ing firm$\3ie .regarded as large 
enough to be independent, of 
anv client (though it is worth 
asking how independent 
■iidividuat partner* may some¬ 
times bel and they claim lo 
have '.lie -most -stringent rules 
tin main-fa mm?-the objectivity- 
of ln/tii partners and staff. 
Smaller accountant* are 
generally closer to their 
clients—often acting as 
trustees for family sharehold¬ 
ings—and also tend lo be more 
dependent on their largest 
audits. 

in the Iasi few years the 
accounting bodies have issued 
guidelines suggesting that no 
single audii client should repre¬ 
sent more than 15 per cent, of 


MAJOR U.K. ACCOUNTING '/FIRMS ^ 

(By number of audit appointments in Times 1.000 l?77-8)* .. 


FIRM (alp habetical orde r ) TOP L°00 TO^ 5W 

Arthur Andersen • .. 26 . . 7. 

Arthur Young McClelland Moores • 46 ••••' 27- 

Coopers ft Lybrand 73 7*' 

Ddoicces Haskins ft Sells 100 • S’. 

Peat Marwick Mitchell 126 • ■ 5P. . 

Price Waterhouse W ” ; 

Touche Ross 26 . \ 

Whin ney Murray ___ 3 4 - ... 

TOTALS FOR THE “ BIG EIGHT ” 5 5 2 ■ - ~ 

Binder Hamtyn 73 - 1 . - ** -. 

Josolyne Layton Bennett i* — J. 

Mann judd 74 V 

Spicer & Peg ter 22 . . r . - 

Thomson Mdintock •in ' - 

T ham ton Baker 2* ™ 

Tur quands Barton May hew_ 25 ’ r ’ __~ x ^—— 

TOTALS FO R THE TOP T5_ 726 ~ 404^_ 

Other Accounting Finns . , 333 . . 

TOTAL APPO INTME NT S _ ? '°S9 . 

* This is fust one measure of major British- Accountings^ firm*. 
Other factors could give a different ranking. 


TORSO* 

T* — 

12' •■’- 

27. 

48 

& . 

59 

74 

. 12 '• 

- z q' ' . 

321- ’ 







huuse is a famous landmark, 
standing high above the North 
Esfe river. Oemolitiun is opposed 
b.% the Department of the 
Envirimment and various budies 
concerned with historic build¬ 
ings. but ihe council wants lo 
decide lo-ikty iu press on wilh 
iis plan. The alternative would 
be to make Mavishank a “ safe 
rum ” at a cost of £l4.QnO—with 
which the Coal Board might 
help. The person mnsl reluct- 
am to see the mansion pulled 
down .is? Ihe owner, accountant 
Archibald Stevenson, who now 
lives in a caravan. Why did he 
noi rebuild after ihe fire.? ” l 
mu-t admit niv fire insurance 
was exceedingly small." he says 
sadly. 


a firm’s fees, and this too has 
brought pressure on smaller 
accounting, firms to relinquish 
audits or to merge. 

Such a limit poses no prob¬ 
lem for the major?—except per¬ 
haps when it comes to Govern¬ 
ment and nationalised indus¬ 
tries’ appointments and assign¬ 
ments. 

The big accounting firms are 
better equipped to carry out 
research into accounting 
sta ndards. they ten d to have 
berter training facilities and to 
attract the' cream of new 
entrants to the profession. 
Those who leave after quali¬ 
fication to go into industry or 
commerce often keep close con¬ 
tact with their former firms. 
Indeed they are one of the 
largest single sources of new 
clients for most accounting 
firms. 

Vulnerable " 
areas 

Joint audits are one of the 
most vulnerable areas fur the 
smaller accountants When they 
occur they are ' generally 
regarded as the beginning of the 
end for the old auditor, if only 
because work will have to be 
duplicated in at least some 
areas, with cimsequenr Ineffi-. 
ciency. The typical outcome of 
the appointment of a major 
accounting firm to a joint audit 
is the resignation, probably a 
few years later, of the smaller 
auditor. Of course things do 
not always work nut that way. 
Take Ready Mixed Concrete. 


complains that of the top "A 
grade ” posts, she has only 14.6 
percent., while France chalks 
up 10.5 per cenL, Germany 18.5. 
Italy 18.1. and even 1 iu! e 
Belgium. 13.6. 

A remedy that British diplo¬ 
mats- suggest, among others, is 
that when it comes to making 
room for the Greeks. Portuguese 
and Spanish, non-British Euro¬ 
crats should get the. chop first. 


1 comprehensive- '• service «jb 

contpapy required^ '- ^ > 

Nevertheless,: i£ •. preseni 
trends continue there jaif&gkpd 
reasons to.' 

typical medlum^ized'3cffphfitth| 
firm^—running: :v ‘frpm>VthosE 
below .the’top-'15-. 

-vriil i^dually'&^hTtheip :Targ t 
audits. It is difficulfti)7esliiQ0 1 
•how. many, firms, arferin-jhis cate 
goty bur-there 

least 200 out: of .tfo>6jQ0(Mdc 
accounting- firms regike ie&'Tx 
the'HJtVr-.' •r - 




for insiunce. where Coopejrs add 
Lybrand and Kidsona have been 
doing tbe audit jointly; for many 
years ' or Richard ’ ‘ Chstaire^ 
where Peat Marwick Mitchell 
and James Woriey hive been 
joint auditors for 33 years, tn 
both cases the company has no 
imentiou of concentrating -the 
audit in. one .of the firm's 
hands. ; 7;77 

Of course, - some modi un¬ 
sized accounting firms are jo- a 
strong position : through 
specialising in. partUttlaiv in-.. 
duslries or types of: business. 
Exa moles .include’- —Moore 
Stephens' ^pedsdisatioff 
ping business. Baker. =SiifjOh^s 
expertise in ' iLloyds ’• und«'- 
writiiis and -Tnsuranoe 
general. Viney Merrlts* piriictiCtt 
in forensic .work or Cork Gully’s 1 
importance’ in the Insolvency 
field. Again there are sigtis. 
thai medium-sized auditors are 
becoming: less of a push over , 
whan ra ”company“'*dkr^lb' 
appoint a. big accounting firm. - 
Last year the Barker ahd ( 
Dobson Biiarrt saw its attempt ’ 
to appoint Price Waterhouse' in 
pi ace ' Of ; . ^aonell FltzpatHdi. 
voted ’ down by shareholders 
after Pann«:H’s decided to write, 
to shareholders saying it was 
wHIing to stay on. However: in 
an Identical situation at Howard 
Tenens Services the Board's 
proposal to appoint Touche Ross 
in place nf existing auditors, 
Gomins and. Co., was approved 
by shareholders without opposi¬ 
tion- The Tenens . directors, 
wanted the change because they 
felt that Cnmlas and Go. -was 
not bift enough to provide the 


sipafi ciiefits ^ 

V On - 

these flrjhs *wiil' aiftrevfe SU£c&§ 
ful '8i& 

-particu|rfriyr. lfr tbey'Jiappen' j 
. iotj 

■vfhere-,-;a . .major to 
I.JjranpfL^, //CaseST ,iq 

- bniintf. tp. bg. few^miaL.'far 

- ■.-.'It-'-- - ii. .* . ’ --./.I, 


■firms : v &a?S;:-^xSeasq 

'national: twt>vorta.\ 


orfitiir^ *1 sq- seeto^qa^kif^. 1e 
cepr ln a fejy..i6.oTatEd casi 
/of . hsgh. raifos r .nT.j^ 
'‘nefs Afi {tkff ai(d4S:].liicfie:H 
portioir of* "small clients. .. 
■J.. ' ^Ntrao rd i tiary; itifing'' 

.fMi - ' maiiy :'medfum T.^ji 
accouriHi rig; firms do riot.;seetg: 
he aware • how 
ha’re.’changed. ’ ® 

devote JEfftfe. hr. no ^atteptiqir 
r e. tfeyel opmejlL Wd. s« 
ja2$igjjfiS £, - when :^tn^ Jf 
rtdfent^ATSfany appear E to ex 

ft ifi^*>We-wontf ’ pfirfeSi 
day^.yheha 
form' hR pabllbhy J Vifasfshuhi 
and ail wtward effoh^ tq-'^e 
■oew‘- efidn is" were cphslfi^ 
jubeffiftal:- ; I;'"'- 

.: dearer-. ■ flie • roedium-sb 
fiTmsifave’imaSeandsa 

'"-probiemSl- They THv*:’ got 1 
behind in the big rush to bu 
up accounting units capable 
dealing with .the needs of mu 
pa tional cUBnl&.But there, ouj 
tp . J)§y n»xvy_' jhstapees^ 
involyiRg large quoted-^ 
parties—^here their r'serv? 
could:have advantages over r 
“Big Eigbt” etoL To starV^ 
fees are likely to be fax cheaf 
partners and staff raudh ifii 
accessible, procedures less ri 
mented, and the gem 
approach more personal and;) 
bureaucratic. But if the sra» 
firms do not soon realise tJ 
own 'possibilities aiid learn 
Adopt the tactics erf the accot 
ing giants. they.-wJli liaye o 
themselves to blame. V.-.,: 


-Pi-rsimally. I wcfoinie 
annjhiT l)ai:i<tli invasion!" 

pushed up net income in the 
puit two voars frmn S2.7m. to 
in forge purt by selling 
off 3u loss-miiking branches on 
the 'Vest Coast. So it looks as 
though Lord Barber missed a 
good tiling when he failed to 
get Ban Cal: but Chauncey’s 
mettle will lie fully tested fhis 
year when fie has to pul the 
new assets m work in a 
depressed economic environ¬ 
ment. 


Unsure shell 

If Ss-mi i-sh naiinnaliSlsi can 
drag their eye.- away fru:n the 
Devnlmiini Bill, ihcy mighl well 
look at whai euiild happen ti'- 
day in a mtiuuincnt uf iheir 
hisiury. Si'Vi-n miles outside 
Edinburgh <iand.c ’.lac.Shank, an 
18-nmmcd man.-mn built in 172-1 
by William Adam, father uf 
Ruben Adam, hut the Mid¬ 
lothian liMiict fii’.iucil want a in 
serve a nntid- to pull it down 
as dangerous. True, the 
Georgian m.ignifl-vncp »f Man- 
bank wa.-’ marred by a fire in 
1073. if id -ifb-idenrc caused fit 
run! mining ha 1 - n«ii improved 
mallcro- But tile shulf of Ur- 


French with tears 

The .Itinior British Commis¬ 
sioner. Christopher Tuyendhat, 
is not playing the Brussels 
numbers game hy the rules. 
That, al least, is the feeling of 
H.M.’s diplomats in Brussels, 
who are seething abnut Tugend- 
bafs appointment last week of 
a French man. Gerard Imbcrt. to 
head the Commission's banking 
and insurance division. Imberl 
replaces a Bank of England 
nominee. Robin Hutton, who 
has returned to the City: the 
British Government had come 
l«» regard this post as an estab¬ 
lished slot Tor a Briton, 

Tuqendhal-says Imhert was 
appointed simply because he 
was the best man for the job. 
although there were rivals 
sponsored by the Bank nf Eng¬ 
land and the Treasury tbtifli 
happened to be -named Cooper, 
which may have been mud- 
dim g>. Hubert has risen 
through the Commission ranks, 
and Tugendhat. as the commis¬ 
sioner in charge of personnel, 
is keen to improve the careers 
prospect.* iiT his Eurocrats, often 
sure at having national appoin¬ 
tees “parachuted’’ in- over 
their tu.ads. 

Be that as It may, Britain 


Counting heads 

David Steel, the Liberal Party 
leader, yesterday scored off 
colleagues uf all persuasions 
when he told the London 
Society of Accountants: “The 
unending activities of poll 
ticians are the rca-nn ai-cnun 
taney is a growth prufo»sion.’ 
Or perhaps he was just remind 
ing the society to show a proper 
sympathy for West mins tcr- 
whicb is currently grappling 
wilh a chronic shortage of 
accountants in govern mem 
departments. It happens that 
a Press communique was sent 
out yesterday, by Whitehall to 
announce that 17 civil servants 
have passed various parts of the 
Institute of Cost and Manage 
ment Accountants cxamlna 
lions. Hats off to the team 
from the Royal Army Pay 
Corps which is drilling civil 
.servants in the accountancy 
arts. 


Silent majority 

On the train from Waterloo to 
Winchester at the week-eudi a 
denim-dad teenager was filling 
tbe compartment with the 
sounds, of Radio J fnm> tils 
transistor radio. After.. 20 
minutes he turned to a com¬ 
panion and asked: “ What’s 
your favourite station?” An 
elderly woman sitting in the 
writer with a book spoke first: 
“It's the nne you get out at.” 



rr>i£RE arE Uimts teSvhat t& human mind ca^'ttikb&^Fdr. M 

JL years qf bravay ia .Bomb jjSpwaU.the I 

coules .iach time hft 'sbes a ^ be 

each tidting^watch-'* jn:obable explcsion. T '.^ ' ; . -. '•: 
Soldiers,; Safiqris and Airmen ail risk mental breakdoiyn equall 
war and m keepuig thc peace. Therelare nearer t 

than-.CV^i^vAden or.Malaya.i.f ;;." 

We dwjV-oureehTC Sotely ^o ffHS^wclfare bf ’these brave inch 
' wdmen^&'ho; tried ’. t(y .fiivF \hcy a 

We hdfjr_ - item 1 at home/ and;. We fun ‘our. 

Gonvatescent Homc. f or some, "\Ye provide' work in a shdi 


.-TOheoaber ifla wiih a fcgaqy, really ur; 

and the debt» owed, by .ali of as. J r . 

BVfrefhqrr^y cpublr— 


Observer 











piascial February 22* 1578 


FINANCIAL TIMES SURVEY 


Wednesday February 22 1978 



utious 

proach 

ects 

licy 

chard Johns 

. Sast Editor 
,VE an idea of Katar 
my readers must figure 
elves miles upon miles 
arren hills, bleak and 
ledwitti hardly a single 
vary their dry mono* 
irfcMne: below, these a 
jeadh. extends for a 
f a mile in slimy quick- 
■rdered by a ridge of 
1 ind seaweed” Urns 
traveller William Pal- 
tis first impressions of 
ate in 1863 when its 
velahnod derived—as it 
' very recent times — 
-ling and fisheries, 
the bleak" topography 
he same, both the face 
e of Qatar have under- 
pid change after three 
•f petroleum revenue, 
leculiarly unblessed by 
ocept for its unseen 
on resources, the 
remains one of the 
- places on earth. Like 
■ irwtig capitals of. the 
ia looks like a vast 
ite, bid by comparison 
Dhabi or Dubai—and 
ne graceful features— 
fee an ungainly urban 
still awaits implemen- 
l master plan. 

;rhaps is typical of 
icept in one vital re¬ 
ts ambitious ind us- 
i programme — the 


:Emirate has. proceeded with 
relative. caution and delibera¬ 
tion on its development path, 
taking its time and concentrat¬ 
ing on essentials, under its 
canny and wise'Ruler, Sheikh 
Khalifa- fain Hamad al Thani. 
Unlike his peers.'in--the Gulf, he 
is not concerned that he does 
not have a prestigious airport 
terminal. His approach towards 
the disbursement of oil re¬ 
venues has been very much in 
character with Qatar's reserved, 
almost Introverted^ but very 
prudent personality: T A penin¬ 
sula jutting prominently out 
from the Arabian .^mainland, 
Qatar remains something of an 
island unto itself, still the most 
anonymous and least known of 
the oil producing states of the 
Gulf.- 

Qatar's petroleum resources, 
however, have inevitably drawn 
it into the mainstream of politi¬ 
cal and diplomatic life beyond 
its immediate Gulf environment 
The State’s indigenous popula¬ 
tion, which is estimated at little 
more than 50,000, is rated 
third in the world in terms of 
per capita income of $21,400. It 
is still classed, somewhat mis¬ 
leadingly, by economic fore¬ 
casters as one of, the four 
members of the Organisation of 
Petroleum Exporting Countries 
which will be in endemic sur¬ 
plus for the indefinite-future. 

Perspective 

In this respect Qatar should 
be put in its right and modest 
perspective. It was the first pro¬ 
ducer to join OPEC after its 
establishment by the .five 
founder members, but its pro¬ 
duction is less than 2 - per cent 
of the total and proven reserves 
proportionately only . a- little 
more. At present rates.of: out¬ 
put tiie oil- wells will rent dry 
by the turn of -the century. Oil 
revenues, now running at about 
$2bn, are more ^ than . enough 
to cover budgetary, spending, 
which is limited by .absorptive 
capacity, but after aid_disburse- 






Under the firm leadership of its Ruler, Sheikh Khalifa, Qatar is 
treading a prudent path in its development policy and relations 
with the rest of the Arab world. Though oil resources are 
limited, the commitment to gas-based industrialisation is total. 



mentis and contributions, to 
various pan-Arab projects the 
State's fiscal surplus last-year 
would only have been in' the 
region of $250m. 

Since the oil price explosion 
of 1973-74 about 15 per cent, 
of Qatar’s income has been spent 
as aid. With only limited 
resources available and big 
long-term commitments on the 
domestic front, Sheikh Khalifa 
has made it a policy to distribute 
funds through multilateral 
channels, justifiably resisting 
importunate calls on his ex¬ 
chequer by individual lesser 
developing countries. The heavy 
calls made upon the Arab pro¬ 
ducers by the summit confer¬ 
ence at Rabat in 1974 would 
have been mainly responsible 
for the fact that the outflow of 
grant aid by Qatar was the 
equivalent of $225m., or 12 per 
cent of total revenue in that 
year. Its share of the $2bo. 
capital of the Gulf Organisation 
for the Development of Egypt 
was set at $400m., the bulk of 
which would have been dis¬ 
bursed in 1977—amounting to 
20 per cent of one year’s petro¬ 
leum revenue aud 10 per cent 
of GNP. Qatar, too, has taken a 
stake in the Cairo-based Arab 
Industries Organisation, the 
project designed to give the 
Arabs and Egypt in particular, 
an arms manufacturing 
capability. 

Even if Qatar wanted to 
remain in isolation from the 
cross-currents of the Middle 
East, it could not. As it is, the 
commitment to GODE highlights 
what the Emirate feels to be its 


vested interest in President 
Anwar Sadat's survival as 
leader of Egypt and the con¬ 
tinuation in power of a 
moderate regime in Cairo, the 
hub of the Arab world. Sheikh 
Khalifa’s known concern on this 
score reflects the more intense 
and meaningful preoccupation 
of Saudi Arabia that the con¬ 
servative forces should predomi¬ 
nate, For his part Sheikh 
Khalifa is known to be appre¬ 
hensive that if Mr. Sadat were 
to fall and be superseded by a 
radical successor, the conserva¬ 
tive regimes of the oil produc¬ 
ing States, including his own, 
would be endangered. Relations 
with Egypt are dose and good. 
Thus, Qatar-like Saudi Arabia, 
Kuwait and the United Arab 
Emirates—secretly wished Mr. 
Sadat well with his peace initia¬ 
tive but had the same misgiv¬ 
ings about the rift in the Arab 
world caused by it and fears 
about the possible consequences 
of failure. 

Questioned on Mr. Sadat’s 
initiative and speaking on 
behalf of the Government, Mr. 
Issa al Kawari, Minister 
of Information, predictably 
stressed as conditions for a 
settlement Israeli withdrawal 
from all territory occupied in 
1967 and the restoration of the 
“ legitimate rights ” of the 
Palestinians. He added, "The 
State of Qatar is of the opinion 
that the failure to reach a 
peaceful settlement wilt plunge 
the Middle East into an abyss.” 
Sheikh Khalifa recently felt 
sufficiently concerned to sum¬ 
mon Western ambassadors and 


urge them to tell their Govern¬ 
ments “to take further steps 
to put an end to Israeli intransi¬ 
gence and to increase their 
efforts in giving more momen¬ 
tum to peace efforts in the 
area.” 

Since the ending of the treaty 
relationship with the UK. in 
1971, Qatar like the UAE has 
performed a considerable feat 
in orientating itself to the out¬ 
side world. Traditionally, the 
Emirate has tended to look in¬ 
wards to the Arabian heartland. 
As in Saudi Arabia, the puritan 
Wahhabite sect predominates, 
although Qatar is more liberal 
and does not apply the Shariah 
law in fts full rigour. Neverthe¬ 
less, the influence of its much 
more powerful and stronger 
neighbour is bound to be felt 
—for instance .the closure of 
Doha’s only licensed restaurant 
and recently drafted legisla¬ 
tion restricting women driving 
cars may have been not un¬ 
related to the Kingdom's feel¬ 
ings. 


Freeze 


Qatar is bound to feel Saudi 
Arabia’s weight as the world’s 
premier oil power. At the last 
OPEC conference it fell into 
line with Saudi Arabia In sap- 
porting, however reluctantly, a 
price freeze for the first half of 
1978 at least, having fought for 
a sizeable increase at the meet¬ 
ing which it hosted in Doha a 
year earlier. In retrospect, that 
seems to have been something 
of an aberration. With Iran opt¬ 


ing against a rise and market 
conditions being what they are, 
it could be argued that Qatar 
had little choice but to join the 
“freeze alignment'’ 

However, in general geopoli¬ 
tical terms Qatar has a common 
identity of interest with Saudi 
Arabia and, indeed, with the 
other conservative Gulf produ¬ 
cers, with which it shares the 
common anxiety over ** Gulf 
security’’-—the concept mean¬ 
ing mutual protection against 
subversion. Qatar is participat¬ 
ing fully in the general consult¬ 
ation and co-ordination in the 
region. Harmony with its 
fellows would be more or less 
complete but for the residue of 
historical rivalry with the ruling 
house of Bahrain, which has left 
lingering the dispute over 
ownership of Huwar Island. 

While Qatar is as security 
conscious as its neighbours, 
internally it presents a picture 
of unruffled tranquillity. In 
Sheikh Khalifa it has a formid¬ 
able Ruler who took virtually 
full responsibility for the con¬ 
siderable degree of modernisa¬ 
tion and development achieved 
before he deposed bis cousin 
Sheikh Ahmed in the bloodless 
coop of 1972. Not until his 
accession was a full and proper 
Cabinet created. A man with 
a prodigious appetite for woifc, 
an acute financial brain and an 
ascetic style of life. Sheikh 
Khalifa is very much a chief 
executive who misses little or 
nothing of what goes on in his 
realm. 

It was characteristic of his 


caution and deliberation that 
not until last summer did he 
appoint as Crown Prince and 
successor his son Sheikh 
Hamad, who is also Minister of 
Defence and Commander-in- 
chief of Qatar’s Armed Forces 
(an unextravagant but efficient 
military organisation number¬ 
ing some 20,000 men). Pre¬ 
sumably some consultation with 
the elders of Al Thani ruling 
family took place. Yet there 
again Sheikh Khalifa remains 
unquestioned boss of his proli¬ 
ferating tribe. 

Now there are said to be no 
less than 700-800 male members 
—all of them “sheikhs”—of 
tbB family, a privileged group 
which in itself constitutes a fair 
proportion of the 50,000 or so 
indigenous Qataris, a quarter of 
the 200,000 total estimated 
population. Like the UAE, 
Qatar is heavily dependent on 
expatriate manpower, which 
now provides more than SO per 
cent of the workforce. Statistics 
for the private sector in 1977 
(including the petroleum 
industry, though it is now 
nationalised and also admitted 
to be less than fully 
comprehensive) show Qataris 
filling only 5 per - cent, 
or 1,500 out of the 30,000 
jobs accounted for. Conversely, 
they are said to account for 
about two-thirds of 20,000 or so 
posts in the fast-expanding 
bureaucracy. 

The Pakistani presence is 
75,000 or more, a fact that has 
led the Government to tell con¬ 
tractors to recruit elsewhere 
and also led to the appearance 
of South Koreans, Taiwanese 
and Thais working on projects 
in Qatar. As groups Indians and 
“northern” Arabs each prob¬ 
ably number 20,(HXK25,0(H). In 
addition to an Uranian con- 
tin geut, - there are an estimated 
5,000 West Europeans and 
Americans fulfilling mana¬ 
gerial, professional and tech¬ 
nical functions. Despite the im¬ 
balance, there seem to be none 
of the social strains evident in 


the UAE and Kuwait. Notably, 
the relatively small Palestinian 
community seems well-mter 
grated aud contented. 

Dependence on foreign man¬ 
power and a proportionate in¬ 
crease in manpower can only in* 
crease as Sheikh Khalifa deter¬ 
minedly pursues his policy of 
industrial diversification. 

Clearly, he will in no way be 
deterred by this consideration 
as he alms to create alternative 
sources of income—nor for that 
matter by the explosion which, 
wrecked Qatar's first NGL plant 
last April. As early as 1969 
Qatar's first fertiliser plant, 
now undergoing a doubling of 
capacity, began production 
using associated gas as fuel and 
feedstock. So. too, will the 
second NGL plant, the petro¬ 
chemical complex and steel 
plant now being constructed at 
Umm Said, which will become a 
major industrial complex in the 
nest two decades. Beyond these 
projects, meanwhile, Qatar's 
ambitions extend even further 
to light industry. 


Criterion 


By any criterion maximum 
exploitation of gas associated 
with production makes sense 
even if the economic viability, 
as well as social desirability , of 
major industrialisation may be 
open to question. However, as 
it relentlessly presses on Qatar 
can be assured that production 
can continue—together with the 
generation of vital water and 
electricity-—long after the oil 
wells have run dry thanks to 
the existence of the enormous 
reserves of unassociated gas 
which are known to exist. It is 
too early to assess just how 
successful Qatar will be in 
sustaining economic activity and 
growth deep into the next 
century. At least, it can be 
said that Palgrave would be 
astonished by the transforma¬ 
tion of the Emirate if he were 
to return to-day—and even 
more so in 20 years’ time. 


• • , 4 * 

J 





e 





British Ban k 
of the 


QATAR INSURANCE COMPANY 


THE FIRST NATIONAL INSURANCE COMPANY IN QATAR AND 

UNITED Arab emirates transacting all classes of insurance business 

Established in 1964, Qatar Insurance Company hasgrqwn steadily to achieve a current annual 
premium income of TOO million Qatar Riyals. During Ws time' tiie company has been responsible 
for the insurarce of many major projects both irtQatar and Saudi Arabia, giving it a unique 
combination of international expertise and local know-how; 


HEAD 0FFICE:: WE BOX N0.666, DflHA-QATAR. CABLE: "TABUT TELEX: TAMIND0H 4216. 
fSBAHCHES--AT: BElRArDUBAfc P.O.jffOX SO. W66, RIYADH-P.O. BOX NO.4084, SAUDI ARABIA. 





















Financial Tiniss V 


Wednesday Febraars .22 &878 





QATAR H 



Economic 


a 



TEYSEER TRADING COMPANY 

TEYSEER CONTRACTING COMPANY 
TEYSEER INDUSTRIAL SALES 
TEYSEER C.C.M. 

TEYSEER AUDIOVISION COMPANY 


TEYSEER IMPORT AND MARKETING 
COMPANY 

TEYSEER SERVICE CENTRE 


TEYSEER IMPORT & EXPORT 


Agents for Suzuki Jeeps. Pick-ups, Saloons, 
Buses and Motor-cycles. S. F. Goodrich Tyres 
and Mobilcil Products. 

Tel 321883/4—328285 

Industrial. Civil and Construction Engineer! 

Tel 26222 

Cranes, Heavy Machinery Etc 
Tel 323327 

Construction. Commissionins and Maintenance 
Tel 321440/5996 Telex 4144 RESSAN DH 

Radios, Televisions. Recorders, Electronic 
Cameras Etc. 

Tel 22367 

Building Materials and Sanitary Fittings 
Tel: 321883/321884 

Automatic Car Wash S Service Centre 
Tel 22335 

Cement Importer! 





TEYSEER STONE CRUSHING 
COMPANY 


Aggregate suppliers 

Cable: YOUSR DOHA. Telex: 4192 YOUSR DH. 
P.O. Box 1556, Doha, Qatar. 



(•li-fir) 




QAFOO QATAR FERTILISER COMPANY 

Qafco doubles capacity 

^efactori^^emanaged Stheir products marketed by the leading 
industrial group, Norsk Hydro, a major fertiliser producer ,or more than 70 years 
with wide experience in global marketing. Through regional sales officesand 
well-established agents, Norsk Hydro takes care of Qafco s world-wide exports 
of ammonia and urea. 


QATARIS AND foreign resi¬ 
dents who lived through die 

economic boom which followed 

the oil price explosion of 1973- 
1974 have recently witnessed an 
extraordinary spectacle. Berths 

have actually been vacant at 
Doha port where waiting times 
at the end of 1976 were three 
months or more and extended 
to lesser, though lengthy, 
periods up to the autumn of last 
rear. There could be no more 
vivid evidence of the level 1 m3 
off in the rate of growth which 
reached its peak in 1976 rather 
later than in the other produc¬ 
ing States of the Gulf. 

The slow-down, undoubtedly, 
has been brought about delibe¬ 
rately by Sheikh Khalifa and 
his Government whose disburse¬ 
ments of oil revenue dictate 
almost completely .ihe pace of 
economic activity, as well as 95 
per cent of export earnings and 
almost as much of the Slate’s 
finance. Petroleum accounts, 
too. for over 50 per cent, of 
GNP. Application of the brakes 
gave a jolt to some in the mer¬ 
chant community as well as 
foreign contractors and consul¬ 
tants. Yet it would be a mis¬ 
take to conclude that Qatar is 
in the midst of a financial crisis. 
Rather, having proceeded more 
cautiously than the other oil 
producing States and avoided 
some of the traumas erqieri- 
enced by them. Qatar has 
realised ’there are desirable 
limits to growth. 


GOVERNMpiT FINANCE 

(QRm.) 


1973 


1974 


Revenue .. 
Oil .. 
Other 


1.719.7 

1.615.8 
103.9 


7,31&8 

74152.9 

265.9 


tiflS 1976 & 71 % 

/provision al) Qtodget) 
-8^48.1 


7434.7 

TifiSiS 

510 


Expenditure 
Current 
(Grants) 
Capital 


Net lending and equity participation 


1452.1 
1,128,5 
(370.4) 
223.6 
183.0 


2,463.9 
. 1*829.6 
(552.OX 
634-4. 
9992 


balance of payments estimates- 

(QRm.)__ 

" "- 1975 


projects algeadr.iit ^i^ : - V 

■ Determination to-prCss. aheiaj 

with - industriaii^QOb ? v : al 
costs Is fuudameutai d^spi^ till 
great problems. eiwatetodsfe 
the fertiliser 

four years is at lastjOperafinl 
at soemthing-l^ thlL-C^EKitJ 
and the setinieto .suffiereff-Wti 

the NGL 

Government intend? to rebttili 

as s oon -&S- poss&I fe.- jBEfl rneagjtf 
and o btaining a retariioa ags 
dated gas being ; ftared - • 
going. , to : waste : l§ IdJbrioo 

imperative.' 

madd'the deCisioii tijat a» muc 
as poSsUfla staoTdd,beutili§£ 
for prpeessin gMfuel^pd -fig 

^- stock in the. erc 

• ' • though^ tee viahiEBE- of^a pr 

TT-utiiifling flared safe, on such a ject Ufe® the ^ steri^inBljs 
.basis. to' doubt.'.and ■ 'tfia; 4 ?tegCMnn 

Mr Issa al-Sawarlr Minister faces the. prt*tonJiCa$a'' ’ 
of Information, said: “Reports G6ing^beytm%^.v3P. ‘i 
7^-of delays in. payments are the Govennn^Js -. F 


4*432.9 

2*418 

(89221 

1,489.1 


8,810.8 

8462.0 

548.8 

"5,8944 

3415.8- 

(3p6J> 

2,468-3 


8,138-0 

810.0 

7.319.4 

3.827.4 
(431.0) 
3492.0 


1,766.8 24344 : 3,721.0 

782.3: —2,092.3 


935.9 


1 Merchandise trade 
Oil exports (fob) 

Other exports (including re-expo rtsj 
Imports ’ (elf) 


2 Services and private transfers 


g entrant acconnl sarpins (1 minus 2) 4,442 


4 Capital and official transfers 


5 Change in reserves (minus sign 
indicates increase) 


__ W. to/.** .Hgfii.-r-- ^ 

1,333 5,670 have anv liquidity problems and tfc£ private .sectOTwm.>__ 

8,443 contractors do get thebp money, pate, . At 
2*7 ii, due time.” Indeed* - cash is with;. the .assistance of JPreu 
—3,060. flowing to them again—even if - consultants, is sfudyihg ^ 

-oov •>?« there are some concerns under- for a range of projects am 

- 891-Sl-rs taking work for the Government fog .sot onlyVfKe 

4 > 292 ^0 were still awaiting fulfil- ethylehe:-fenir jfee petrOchej 
-2,074 —3,031 ment of obHgations di^mding. cai.,^aim^& r ^^^5uil® 

-“ as far back as the last, summer, materials (for. which Jbe Joi 

.. _4Hwin U.r Kuwtri.—liiiil «inM' inAiAl 


201 
-L800 


■ . JJ jar U.U' oa MM.. —— —r luruutao A«n..« 

otntt —i 261 At the same time Mr- Kawan market werald r 

— z,3«8 re j ecte d as “sbeer speculation” vide a im)fitaWe^tijet) bcta 




((( Norsk Hydro 


Bygdoy aile 2 
Oslo 2, Norway 


{((, Norsk Hydro 

Norsk Hydro (Far East) Ltd. 

G.P.O. Box 948 Hong Kong 


No official policy pronounce¬ 
ment was ever made but the 
decision to cool down the. over¬ 
heating was apparently reached 
in the summer. At the end of 
last July the Government sus¬ 
pended progress payments lo 
many contractors, local and 
foreign. Concern about con¬ 
tinued inflation—even though it 
has been running at a level 
much lower than the dizzy 
heights of 1975. (when a study 
by commercial banks showed it 
to be running at 4S-4 per cent.) 
would have beer, one factor. 
Anxiety about revenue, as oil 
production plummeted in mid¬ 
summer before the realignment 
of OPEC's price structure. 



indicates muuucf , - rejected as. sawi apcvioouvu Vine a ptwu ag w hu uctj ucuji 

--- . -. ._hv the suggestion that the. rate of foodstuf^ and oft^ con^ih 

Source: IMF Staff estimates based on information provtd Y expendituro . is ■dowuog^pd&' QatarhlroatjyliasA W 

the Qatari Authorities. . down. He pointed out that the established cement plant s 

• budget for 1978 has been set. at. flour mijL. - ; ".; - 

would have been a second and whit* '^ as ^ e i ie ^ profitSra^Se""QR 7 - 32 bn. -• 

more important consideration, bringing m aft* last year. • lfflpflCatlOIlS 

for a reappraisal of priorities last April. Hie fertiliser plant aspect 10 -nf^rpmalns^ome- griqihicb -ImpHi&tlenSj She 
In addition, the Ruler may predominantly owned by.j£fi »«ual Khalifa catrpursue■ his M 

have wanted to remind the local state ran at greatly fed^ 1 ktiSWIhg.t 

business community where the capacity, because of technical analysis f ? f the'State's economfc'ifntuM 
source of bounty and economic difficulties for the greater part-- version: shows _ nbt depeHdent upflai tfae^hni 

activity 0 r^ides. Authority and of the year and can have made ^ ^ antitee^ssoda 

fiscal control is stiU centralised little. If any profit despite Itg The for gas;produced from.-them.-1 

and concentrated in the person recovery m the last quarter. . from the QWHgJ-fSpSJ; ta»«d nte U«e nm^asawfa 
of Sheikh Khalifa to the extent Nevetheless. Sheikh Abdel- JJJJ . ^^Sedrlcite and ghs reserves, to pa rtjcni STjii 
that even now he signs in per- ^ bfn Khalifa al Thant, the haftSm for senior dvit In tee Jmge . stroctnre # 

son aU chequ^ worth s0Q of Ruler, who isnorttwast; -trf- Ihe perto 
QR200.000 (nearly £26.600) or w of pj naiice and Oil, says^fliat the ^fedostrial which promises te-ihe one 

more. Moreover, planning, even ta 1977j revenues of about and the .biggest -fields evm- dis 

down to the smartest project is QR9blL (ab0 ut the same as T m 5^J P whkk hSSes ered- These-fitomi^terPro) 

his decision, Veiy much the ^ previous year ) exceeded «»•*«**■* 

chief executive, he has been expenditure of about QRlbn. P SJ^vSSflcati'6»"for iaflusti^fo-weH as es 

cautious in the harbounng of (52 60m.). About 10-15 per cent. plans for an- thfl roqulnwieirts of water 

and allocation of funds which wm|ld been transferred to : electririty^for a century 

are not, as some casual obser- increase the official pablshed ensuring the future .tf-jjf 

vers might suppose, particularly reserves handled by the .QMA being and as A viable economic/ediftfl 

abundant or limitless. 1Bd .the rest would have been' Ster ffie^bil wWfrtn- 

In the wake of the oil price dd€d . tQ ^ Government’s , -•>" 

explosion Qatar, having been in mpahmsed asset s. The sur- r Sticki^to - '■ - 

the black to the tune of a contrasted with a deficit of Jgj*®^ 

modest QR184m, in 1973. QR2.1bn. forecasted in the Qaterfe this-pear gpiflg.tetug^ r * • /-"iV.'-.-i 

recorded in 1074 a fiscal surplus budgeL >v- '• --- \ * • — 

js£A-segs£ Tz ' • . 

?“» ^ =w:isi - 


that year the Governmenrs “““ nf __ 

accumulated assets (excluding oreatesations to pa/- gggjggg j _ 

the reserves held by the Qater bulk of Qatar’s Trade with ILK- 

Monetary Agency as cutrency ^button to the Gulf -— 

r r L« of $lS "‘i Organisation for the Develop- 
fhe e exchange rate then “prevail- ^ 55^9 

in ^he amount would have been year. As in lffT6. domestic dis- ■ - -“ 


20C 


1976 


Exports 


£249m;._ £1 


Imports 


£86-7m- 


£1 


n: 


of 







_.no other airline 

ofiers businessmen so wide a ran 
of services in the Gulf 

Being the national carrier of four Gulf States makes it easier for us to offer the most 
comprehensive and convenient timetable of direct flights to the most important cities of 
the Gulf- no less than 16 departures from London Heathrow each week, all in the spacious 
^y,tj . comfort of our TriStars. What's more, we operate regional and domestic air services 
=vV“■ J'f linking all the major trading centres in the area and are intimately involved in the 
development of hotel and travel services. Add to all these facts the five-star quality of 
Golden Falcon service, and you’ll appreciate why more discerning travellers choose to 
fly by Gulf Air. 



GULF AIR 






GFS 


maf-i r ^ r * - - 

Comer of Piccadilly & Berkeley SL. London WiV 9HF. Reservations: Tel: 01-4091951. Telex: 23591 A/B GFRK! G. 
Birmingham, 021-632 5931. Manchester. 0? 1-832 95F7. Glasgow, 041-243 6331 or conlacl your local Travel AgenL 
London, Guli,'Lor.d*n ssrvicw operated L”. jaiccianon v.im Bruiih .Air.vayi. 


-i«rnifi»ntivTamTf iTbad not bursemeuts fell far short 

be?n for the grant aid extended funds earmarked for expendi- 
to the Arab confrontation states ture. 

following the agreement at the Iiast year, meanwhile, the 
Rabat summit conference in Government borrowed in the 
1974, and other assistance ex- international market for the 
tended for the most part on a first time, when last summer 
multilateral basis. The surplus "the $350m. syndicated loan was 
was also reduced by subscrip- finally arranged by the consor- 
tions to various pan-Arab pro- tium of banks including Chase 
jects in which Qatar is par- Manhattan, the Arab and 
ticipating. In the 1974-6 period Morgan Grenfell Finance Corn- 
grants and aid in various forms pany, First Chicago, URAF. 
in about QR 1.72bn .—about 13 Wardley Middle East, Banque 
per cent, of total spending and de Paris et dex Pays Bas, 
7.8 per cent of total revenue. Bankers Trust International. 

At the end of 1976 Qatar’s Lloyd's Bank International, the 
declared reserves—those held Kuwait Foreign Trading Con- 
by the Monetary Agency—were tracting and Investment Com- 
QR468m. and constituted only 6 pany. and the Qatar Nauonal 
per cent, of the Government’s Bank. Of the total sum. 550m 
assets. After discounting gold has been artocated for QataA 
holdings and Qatar’s reserve second NGL plant, 5100 m. for 
position with the IMF, 50 per the extension *o JJw easting, 
cent, of the balance was in fertiliser plant, StiOOm. to the 
deposit accounts and 46 per petroehenural Pro ject. and 
cent in bonds of varying $100m. to the steel mill. The 
maturities. The latter is total cost of the projects 
deployed by the Qatar Invest- involved is something like 
raent Board and is divided into QR5.42bn. (31.4bn.). In addi- 
a number of portfolios believed turn, the Government will be 
to number 10 in all, or funds, going ahead J®°? 

spread across a variety of cur- for fo e destroyed NGL 1. 
rencies and handled by a xmm- Overall, suppliers credits are 
ber of foreign banks. The high important a role as 

proportion of bank deposits, foe Euroloan, 
however, shows that Qatar’s 
accumulated assets, which are 
by no means large in terms of iivt-vMUJ 

rising current expenditure . . , • . 

development programmes, . r ^ ls “ 

should be regarded as a cash “*5 S7Mm. Whilst toe Govern^ 
reserve rathlr than as an ®ent evidently had in mi*4 
alternative future source of easing futeie liquid!* pnfe 

lems, it did not borrow out of 

Last war a decline of 11 per necessity- Equally and probably 
cent in*oil production cancelled more relevant was toe question 
out-the 10 per cent price of establishing Qatar’s credit 
increase set by Qatar at toe standing and the policy toat the^ 
beginning of the year along company concerned .(three- of] 
with the majority of members them . wito . minority foreign 
of OPEC. This contrasted with participation) ■ who are the 
a marginal rise in total OPEC actual borrowers, with the Gov-, 
output Nevertheless, despite eminent.guaranteeing the tear* 
the fact that exports fell short should finance the - projects. l— 
of what had been expected the of their own cash flow. Sheikh 
Government did not reduce the Khalifa is also aware that in 
premiums on its quality crudes inflationary .times it is cheaper 
which are reckoned to leave to pay for expensive projects 
them over-priced compared with through credit rather toajrca?!* 
the similar varieties produced payment As early as 1969 Qatar 
bv neighbourinc Abu Dhabi. embarked upon the existing 
'Qatar also lost income from fertiliser plant, its first .mafot 
NGL plant at Unm Said hydro - carbon • baaed project 


its 


: . 


V- 


ItfS 


IS COMMERCIAL 
«* 







■ .-?-vv."V : 


4 


Ready to serve yodr Total Bankinj 




- 3 • "T. v"* y. % . -j e . ’■. n" *■ \ w .’ ^ r‘•*^’ r m ‘ 




P.G. BbX 3232 . . 

TELEPHONE : ' -321010'- 

. ! TEL^ : V^51 TEJARl 


. T ^:.byle^dingQatari 
institutions, business men and 

'.^fitizens; - V-.. 





i 



















v*., • '• -vL • !•. • 

■ "S-. ...... “ . . ■ ■, 


# 



t&ianml Times 1 Wednesday 



February 22 1978 

QATAR m 



growth 



* 

c 



down 


coming months of 1978 
eems set to enter a 
: slow growth, which" in 
.. these days is referred 
ecession.” . In the past 
ths the Ruler has sub-: 
. ■' cat' back-the rate of 

eflt' pending,. for a 
af reasons discussed in 
ewhere in this siirirey. 
wn that lie is ahxious 
se cfoser control over 
his State is developing 
'everyone else in Qatar, 
een'worried about In- 
Jt it may also be thailh 
State came alarmingly 
rerspending. 

' er the reasons, the 
• cut-back, is certainly 
cause a dramatic 
Q the growth rate of 
“ports, estimated, last 
■ave been' running at 
: ‘ which some 5230m. 
i Britain. It may even 
.. terms of quantity, as 
to value, Qatar’s 
: i 1978 win be almost 
sharp contrast to the 



should at least be kept regularly 
stocked. 

The other major requirement 
for success is a good service 
operation. In a severe climatic 
environment, where machinery 
will suffer from heat dust and 
saline humidity, and in a society 
where people are not mechanic¬ 
ally minded and will mistreat 
and neglect to maintain mach¬ 
inery, good service is vital. It 
is also precisely because people 
are not mechanically minded, 
and because merchants have 
traditionally shied away from 
making long-term investments 
in facilities as opposed to short¬ 
term investments in stock, that 
distributors tend to have very 
poor service operations. Agents 
that are exceptions to this rule, 
and principals such as Komatsu 
in Saudi Arabia who have estab¬ 
lished their own service opera¬ 
tions, have invariably estab¬ 
lished leading market positions. 

Another interesting aspect of 
the hostile physical and social 


r wuwflUU, m LUU . _ _ r --«r 

12 months ago. when - e,r businesses. Overall it a common fault among the env ’ ironment is that the mech- 

r» uHifmn r._ _seems that, hsvine nuiTp nmfitc trnimMAH —__ __ _ aniral nrnrlnptc that fall 


— ogu. wueu ■- .. - .—;— . - - .— «.umiuuu muii among tne . , 

e waiting for several *?«“* that, having made profits younger generation who are anica} P rod «cts that sell well 
ire’ they could unload, '5®*°™ wildest breams of often much more impressed by are often those which are. either 

ears that Doha port is *“ ° r se ven yeans ago;' most travel and by making deals than cheap 31151 discardable—as 

somewhat below merc “*bt® ate content to see a they are by administration)- and Arabians believe Japanese cars 
return to more normal condi- which groups have taken on a to be — op PJC '* pntin " a,,w *>*""»« 
tion *- lot of new agencies but have 


well be that Shaikh 


to be—or exceptionally strong, 
as are Mercedes vehicles. In 


- new agencies out nave " “ vcmucs. 

The slowdown, of growth will owners who are disinclined to Ara ”ian conditions a small car 
—* *-—i=— j - driven fairly hard and fre- 


1 members nf sem t0 underline the feet that, delegate and so are being — — - 

nily to Chants St despite its phenomenal per throttled by too many small fluently will last only a year, 

he ai capita income and the amazing decisions having to be referred Quile apart from their ob-l 

Lre ' taZd 1 f 00 ^ <* »» yean.: in; abs£ to the 

lan the other ruline llrte terms Qatar, remains a very The process of making a T™ a, ! u ae “ vei y nave to 
of the A«hilS smaU market - It is' a striking decision is complicated by the P ay a maJor role in the distri- 
Manv of^the fart in six years from 1970 fact that Arabian merchant bu !®. r ' s advertising, because 
furthermore are t0 1975 delusive, only 27,000 groups seem to have rather u ‘? tl1 recently the only form of 
in their hu«in*«: 801(1 in Qatar, which shorter cycles of rise and oth er than boards 

rOn^dsdejandM ** c l lne - mn d ° Western S® 


rapSsenW 8 ^,-^ ^ ~ ' 55 ?“FmSSS."S o 1 ?. P^ationVhi^ isVoTtotail 

th? TnwS ComDenSatmi? society which thinks and lller ? le * relatively few and nc 
•aW eiSer *£2 °. perates more in^rsonrt w , de !f "•* new 


baling either as con- 


mouth. And even to-day. with 
a population which is not totally 

not 

__ personal JJ ‘ ,1ULUiar,y WIQe, y reaa news- 

as sutmiier* nf sn*iB From the exporter’s point of than in corporated terms. papers, very limited time for 
view, the major compensating Among the bigger trading f dl ’ ert,s,n S on television, and a 

- fJSSSr \ factor is that Qatar is somewhat houses in Qatar at preset thf * arse part of * he Mket "«<* 

l, m 2? an i neglected by Western business- dominant name is Ahmed j 0es - not speak Arab ic, a pro- 
e some members of men and is-much less competi- Manai who keens a reasnnahiv ducts . reputation is still much 

,Sr W h. 0 haV ^' tive -tSie- other Arabiait oil low profile but has a good well- m< ?r , . rnportant than f* 1 ® formal 

dar businesses of a States. Furtheftnore fiS-.fn paid and loyal st J a J k pubI,Cit> ’ U 15 given ' of 

:yp ®’ see ™. content this respect .Qatar is exactly the generally long-term orientated course - aecoU7, ts in part for why 

as other M3ddle Eastern in his approach to business At 3 f ! voured bra, ? d ™}\ establish 
11181 countriesl companies wiH find present Manai is building a huge SUC i a t pow , erfuI Position in the 
in^ fi h if ? ra S e £ t ^ lat 01?ce I* 1 ** established and very modem mainlenance JP arket ' a . nd "tain its position 

■ ?- ^ Jetain *:•*"** de P0t to service the GM models SmSS.il ! he face ° f superior 

v if! JSi 1118 ?. aiice 'pf-:the market for yeafe, he sells. ”“ pet,tol ? J „ 

1 -in the/traditional regardless .of whether their . ^ 11S P° ,nt ’ Jinked with the 

1 lti9 M® 111 iato a decline or TTYnailflincy importance ofgooddelivery and 

msiness to express their products are .superseded AjA F <tUUU1 6 service, is well illustrated by 

tiian they^do in by-better models-from competi- Two other fast expanding n e *' S '° r wi of wbat Probably 

- nal democracies of tors. This is because Arabs axe groups are owned by the voung S, a l ara b gge . st raarfc eting sue- 

. . • strangely undisernninating in and energetic Shaikh Kbaled SSrv^S*h? ra .° h t0 . r 'P ars ' *J' be 

land there are the their buying — being little in- bin Mohammed bin Ali, who story als0 shows that in a rather 
is :that merchants dined.to moke carefiil compari- has the. Khaled Trading Com- unre ^ u,a ! ed a,ld freewheeling 
caught with big sons of quality aiid.price—^while pany and KEMCO {the Khaled ™“ mercial environment such as 
their hands, while at. the'same time i>eing fantas- Electrical and Mechanical Com- kata , r ' one ““ ", eL awa 7 witi 
"found themselves tically brand conMous. pany). and his uncle, Shaikh pj ^ c H i (ves _wm c ' 1 the authorities 

f agencies ordeciin- To break into/the market in Ghaxrim bin Ah*, who is known . m9S ra j sht , ltaJ{e exce p- 

ite large-scale deals, the' first place^the exporter’s as a major land owner. Shaikh H on ™ in P 30 " dev «opttl sode- 



in Qatar 


Jaidah 


name 


Jaidah is the Qatar representative 
for such companies as: 

Halliburton, Baroid, Hughes Tool 
Company, Drilco, Lincoln USA.. Shell 
Oil, Ingersoll-Rand and many more 
Why ? Because we are able to 
provide comprehensive service to the 



oil and other industries in the Gulf, 
thanks to Qatar's strategic location and 
our experienced international staff. 


If you are in need of any of our 
services, or the right representation in 
the Gulf, give us a call. 


Jaidah Motors & Tracing Co., RQBok 150, Doha,Qatar, TWe*42»DH, fell26161 (5 lines) 26166(3lines] 


ties. 


j -—O- UiV 1UOI piaw U1C MlWtLGl O ““ “ _ _ 

ants will now have priority must fie to.get a good Ghanim, who like Shaikh 
-oser watch on over- agent, and 4tr is worth taking Khaled is good at hiring able 
j^ome, who were in a some time over . making' the management and delegating oCtVICv 

profit enormously choice, because once signed up responsibility, is building a ln , M r . 10cc 
..lortages caused by it may he very difficult to shopping centre (for which ® na J»ob Oman Al 

he past three years, replace him. In particular the Jas h a nm als, the Bahrain depart- “^“Saot agent since 

the passing of the exporter must be aware of the went store, has the manage- k . « int ,° a ™ a ” £et domi- 

.•fits once -made in ways Jn which -the • different tnent .contract), and a Ramada £ y P el and Austin by 

hotel accorumoda- trading groups are progressing: Inn hotel. Apparently the hotel up . a * 00d se . rvice 

" ng. materials and which' merchant houses have management company was par- and a re , y ,ar 8® 

But on the other lost their .'dynamism and are ticularly impressed by the fact st0CK of spar ® pans. His cora- 
s the .consideration trading on their names alone; that Shaikh Gbanim is the first pany announced that should 
Riding slowdown will which new merchants give an ma n they have dealt with in anyone br l n £ tbeir car in for 
of inflation, which outward' appearance of having *he 'Middle East who has lea ve^ir in 


Khuff Gaz the source of 
energy for Qatar Industry 


— -A ^munvu, nrnw* vuyrvoiu uppcoiMiVC Uk uaviug - nuv# nab . , , -— 

> cut the alarming-adopted Western techniques and approached them having * ara S e for lad« of parts, 

many merchants,- being extremely energetic, while aJready carried out soil surveys Person would be paid QR 80 

o$e ipvolved incon- tn reality tha'partners are not Q^site. per day. Naturally, the word 


optr.iuvoiven urcon- m reality ina partners are not - .7 -'• 

£ finding that they inclined Jo 1 put in tedious - ; “Among the other well known w Pt ? C s ? uWl **!*? 

vL. _ -__v_ —a ..j _/a.!.* t__ . i ■ « . ... W flS All IQIC DOA^f . 1 AH AlfhorVffh 


^ uiaL uu-y jncunea put in leaious ■ me 0 

itiu” 7 money back into routine hard work (this being Qatari names. 



Ali bin Ali, 


was an idle boast: so although 
in most cases the company had 


*'3inna Contracting and.Trading Company 
, nnbetonwerk Koch KG) 


Shaikh Nasser bin Khaled and lu mOSl ““e™®.company had 
Jasim Jaidah are big and well ^ at . * te cu ? t0,ne " 

established: Al Mans and dec,de . d l .° keep a 

Sultan Saif al Essa (running ‘ ® f “■« Jn lt * sarage 

Al- Nasr Trading) are well '°" g * r S rf n ^ ces / a Z J JUS ' 
established, and in the former ** £ 

case., very big, but not notably s ^ ar f pa ^Sf cust01 P er s their 8C 
aggressive any longer: and Dar- B w _i? heme *** 

wish, the name that virtually WjJUy »tt*wUve to taxi 
Monopolised business in Qatar r”J ers wbo ^ ouJd normally 
inTtbe 1950s, while exerting con- , I raODey ^ben their cars 
aderable political influence as ^relaidup.butwhocouldnow 
v^lLis now undergoing a resur- S” 1day A 

8en<Se after a period of decline. 50111(1 froin 

The original company, Kassem “SJ ™£ELi U ? t luess ‘ A 
and Abdullah Sons of Darwish - • To r ? inforce lts good reputa- 
Fakhroo (owned by three 



N .' • "i;: /*/:• ' 

;. ; 'C\*rr“'*.' 


" *• .v»-' 1 

_ , -V V . --V • 

! Vi' 


£I; .W 

Gas Flare U'ne to Well-Head Treatment Plant. 



... 

Coating S. wrapping 30’pipelines—’.Qatar 


**muuoo townea oy enree “ I \ZT~Zm ■ , t— 

brothers, Kassem, Abdullah and ratroduciny 

Abdel-Rahmanj has been par- new Corners, and began pay-| 


LOING CQNSTR UCTION 


tiaMy split, leaving Darwish JJLQ^ 00 
Engineering, the Oasis Hole], ^ f ° r * K the - in 

Qatar National Tours and the Zoning themselves at the air- 


JSULTANTS 


ixauonai lours ana me -. 7 , 

Darwish Travel Bureau with the „ d the hotels and giving 

original owners. Darwish Auto- S®? J g00d to P°!: 
•»«>’ - — - « • .... sible customers. The taxi 1 



iCAST BUILDING 


ADING DIVISION 


BER DIVISION 


BAAIN ADDRESS: . 

PQ BOX3008 
Doha # QATAR 
Tel: 32T560,320618 
Telexr 4368 DARBI OH 


EUROPE: ; 

D-7800 Freibarg, 
Tullastrasse72, 

WEST GERMANY 
Tel: 0761/5151 
Tdex: 772729 kOCHF D 


mobiles (Fiat) and Qatar Cold customer f- P® taxi 

Stores with Abdel-Kahman, and driv 5 l j also hept well! 
the"Modern Home department stocked with £eugeot brochures. j 
store with Abdullah. Kassem’s Thanks to these methods, and 1 
company, Kassem Darwish * , f 5y ®* ein 'Vb Jc h ln ’j 

Fakhroo and Sons, now has the '' olv T d **“ «« being shipped to 
trading agencies- and- has J* alak,a aiQ d then driven down 
. recently established its own t0 Qatar oa the “™P®ny’s own 1 
- methanital and electrical son- transporters (rather than being 
1 tractors 1 and a prefabricated shi PP ed round (he Cape), A . 
housing factory. " Mana gradually took over al- J 

Apah from the basic require- ™ a I? t *, He 

ment for a good agent, the keys Zu r S'** 1 * 1, 1 ? e, P ed by the , fac1! 
to success in the markets of- P 1311115 mechanics were.trained, 
Jatar,/-and the rest of the !" ®“JE®-* ^ Peugeot cars 
Arabian Peninsula are, first of without being ex- 

alU. : detivery,. Arab buyers w.Sffi.lKSr, 1 ? - ^ at 
extr.enjelr impulsive. They, will 3? fjll? c, 1 ean H lce 
ask the agent if he has. sa>. a in 

particular car In stock, and tlien , J^ at t a h r a Tban 11 used ; 

if .he hasn’t will not place an S c ‘.„ By 197 ® ^ eo®P a ny had 
order bqt Will go away dla- ^ ar « ^1 

appointed, forget the matter for a ATld 

a month, and then cwne. in again “ ? f ce L of fierce com- 

witli the same . question^ In f f°. m ^ Japanese, 

other words,- once, people have "£&’?£!? a i p ? eent * 1 
made up. their minds to buy mar ? et sb*™- Most Goveni- 
romething they want it tmmedi- - l !! en JL e ? )atnat t f taff f ,n dud-; 
ately. If they can afford it,’ i 08 .^ ache « and doctors), seem 

M to buy Peugeots with 


Gas station, constructed on turnkey basis—’“Qatar 


ZAKHEM’s trace is felt all over the Khuff gas 
development scheme, from the well-head at Dukhan 
to the consumer point at industrial area, Umm Said, 
through the many phases they have executed. 

H The four 100 MRASCFD well-head treatment plants 

■ The flow and distribution lines 

■ The main 30" pipeline from Dukhan to Umm Said 

■ The distributioo stations 


A highly sophisticated project is added to ZAKHEM’s 
record of Previous achievement in Qatar, as welt as 
in other Middle Eastern and African countries. 


wA 


they can 

therefore,' rt pays to maintain }® ^ 

large 1 stocks, (as A1 ghanim the ^ terest ' fl ^ e car loans they are 
GM distributors do in Kuwait), a lot . of tbe taxl 

bur If this. is impracticable It drivers have renamed loyal. 
is important that the distributor Michael Field 


ZAKHEM INTERNATIONAL CONSTRUCTION LTD. 
ZAKHEM MEOGULF LTD. 


PD Box 3603 
DOHA, Qatar 
Tel: 25031 
'The4472ZAKFEM 




PO Box 4938 
BEIRUT, Lebanon 
Tel: .344391 
Tlx: 20575 ZAKHEM 


100 New Bond St 
LONDON W1 
Tel: 01-40B 2112 
Tlx: 27745 ZAKHEM 








\ 


P0 Box 41196 
NAIRDB1, Kenya 
Tel: 2B981 
Tlx: 22062ZAKHEM 


POBox151D 
SHARJAH, UAE 
Tel: 23214 
Tlx. B1B1 ZAKHEM 











20 


PiT.gT.rB.1 Times Wednesday February-ffilSTS 



Contact us foryour:- New building construction. 
Extensions/additions, Renovations, Maintenance 
work. Leisure facilities - swimming pools, saunas, 

gyms. 

Meet the team. You can contact us on any of these numbers 
and get the benefit of their experience. 



John Fox 
General Manager. 


Richard Butt 
Asst. Gen. Manager.. 

323739 

nos. 


Graham Gardiner 
Const, Manager. 


Enquire about our supply and install/fix/erect service for our 
Agency products listed below:* 

- Roofing materials. 

- Automic door/gate openers. 

- Fire casing - insulation. 

- Portal frame buildings. 

- Concrete additives, applied finishes etc., 

- Supaskid, Supacom, Supalite units. 

Stocks are available. 


Anderson 

B.W.N. 

Cape 

Conder 

Feb 

Lesser 



CCKUUalK£ 


P.O. Box 1991, DOHA, QATAR, THE GULF. TELEX; 4400 


BI9MN grarao=3cy=» 


QATAR IV 




Banks 




as a fiscal issue aid redemption of cur- abfeB at the «d of December 



QATAR IS probably the last meat, and It 
Gulf Emirate 
British 

plete with interbank agreement a monopoly 
on interest and commission current 

rates stilt flourishes. But things it does all the Government’s lation 

are changing. . albeit slowly, commercial business. and df£ ^ of iicrease during 1976 gl.3m. interest free ro tea 

Change is being stimulated Ike Qatari Insurance Com- However, the U»A ow ■ t thsmaphrea OnitnV & 

pamy by compention from the w of morcd IBS was 


are adequately' housed tb 
Qatar Government has set u 

SLwSSS S HSrSsrx mist srzrza. »:*****■ &&&&?£# 

' - «£•' «—-S *■« of some basic — 



lossy new 

nimiuni?lt^r ' toVti^businesTtbere’are'five agency baa just started a deal- toes on variousGovernment-pro- business. 

irtnn frnm t ho At) nr agencies to Qatar: Arab Com- ii house for the banks and jectfi, and second to ooapensa- borrower. Is: 7 .pet -eenL 

Competition from die 40 or ^naes J ^ gso offers them a central risk Gto payments made to Qataris top rate Is S^;per .cent 

BahtSTh^iSybe^fS to office. « does Sabfa Instance, analysis. Every two months the after land purchases... of the escalation^r«^ 

tte l^er^eSer of Sldit bus^ National Insurance of Egypt, local banks report their cnsto- ■ was aJso dao to 

as SLt (be Qatari American Life and Atlas. It is mere’ liabilities m codeV^e Different 2S?.2?SS?SSS® 

imoorter has been recommended unlikely that further insurance agency tots up the individual . ... prime areas can pe-as high.< 

to try a Bahrain offshore bank- companies will set up in Qatar, account's liabilities to all the -The business picture during §260 square fbo£.;n 
ins unit by bis supplier, who although not all Qatari are banks and reports back. 1377 Was quite different- The And as eisevraeyB iaTtfae G& 

may be a client of that bank at happy with QICs monopoly its founding law gave the year started buoyantly, a spill- the land" and L hertislSg /spefeg 

home. This has been especially position, particularly for marine agency powers to set reserve over from the rash of develop- tj 3n has resultedfin-,h nupflj 
true in the large capital goods business. It is unlikely, too, that requirements, liquidity ratios, ment during 1976. Money supply of .iinlet propeitS^^ioine^, 
field. It may result in rather more foreign banks would be to determine interest rates and increased during the first nor Doha still awaitfag^fte wuur 
more competition between permitted (or want) to set up other conditions on loans and bat slowed in the second half of fion of various serrfra&fAt |j 
Qatar's 12 banks after the new in Doha.V* The margins are good deposits and to impose credit the year. Advances to the private pg^. 0 f the boomrV ih^ 
interbank agreement has been enough to tempt an international ceilings on bank lending to the-sector took longer to slow down, bedroomed WestemQstyieryS 
completed, approved and signed, bank ” comments one expatriate private sector. It also has the r-«nd the port had it 9 busiest command' .ai • reintpf Pay 

probably before the end of this banker, but another observes authority to audit and examine (as yet unquantmed) year since $ 3,000 ■: month!? Thfa ip 
month. that the local banks could prob- banks to ensure the soundness toe oil price rise. The difference b reaking ,-but Qatari aandfflr 

Qatar's bants have also been not --- --— — 

involved in the recent exchange * • , 

boto 1 ^efore b and l Ste? I the C r? ASBKtailC6 functions are’ being handled jjy-to a desire on toe Government JjJ2 y to^ b^to^mackeTS 

valuation. Speculation about a The Q atar Commercial Bank the Ministry of Finance. side to reduce toe jrate of imSa- ^ ne xtnpswtogiu tobAnsfej 

further slide in the doUar w wholly privately owned but As the banking business in tion, which was running at over * .<- 

mwards toe end of January managed under a technical Qatar is still relatively simple 30 per cent by the end of 1970.. Tbe sector. -mi 

produced heavy selling of assistance agreement with the —and because toe interbank Leading _ banters Jn Doha now bankers.re^rt;v'isgp)tttitg feet 
dollars into Bahraini dinars, Chase Manhattan, which was the agreement exists — it needs put the Inflation figure between ^ managing its money* yi 
then into Qatari riyals and lead manager for Qatar’s recent relatively little active super- 10 and 17 per cent. 'some > of toe b^er..-trad] 

Anally into UAE dirhams before $350m. borrowing. All the banks vision and management yet . Government payments are Borises 1 even basing, a treasur 



the three monetary authorities present monthly balance sheets 


suspended their foreign cur- 1° the Qatar Monetary Agency, 


s Qatar is still very much a cash now coming throng normally, m'ftwt if not in name. The. 
. economy, one banker points out, depending on the priority rating dosing professionalism ^ 


rency buying operations. After which is gradually taking on and at the end of last year some of individual projects and on QQjjtxact procedure lzf Qatar 
the slight revaluation, which more of the functions of a cen- $144.5m. worth of Qatari riyals whether or not there are any y teapoastofe tor’iWaJl 

realigned the three currencies tral bank. The QMA was set up were in circulation. Given an queries outstanding between ^— - - - - 

as one dinar-10 riyals or 10 in 1973 with the traditional estimated population of 180,000 cfient and contractor. * But 
dirhams and one dirham—one powers of a full central bank, that means some 

riyal, there was a further flurry However, lack of both staff and is lying around __ w 

of activity as money men took premises has inhibited the offices. The highest denomi- certainly the land speculation, n{n2a j] V oiettv accnrateTvV'c 

ote, at just under $130, which started in 1975 as develop. SX^no^^l^hcSS^ 


population Of 180.000 client ana contractor, Companies that used to be’j 
some $800 per head j bankers report that the buM- a proprietor who kepT 
aund in houses and. ness boom has died down and H aTaYW ^ J sheet in fife " Q 


advantage of the varying agency from exercising its full nation note, 


interest rates between the three powers. Until this year the is toe most popular. There were ment took off, has Cfime to a 
States, mostly buying riyals to QMA’s business was confined to about 650,000 of them in dr- virtual halt .. - 

lend in dirhams. • V v ’ 


DoifiaThoM 


The 12 banks operating in 
Qatar include two Qatari banks, 
five regional banks, three 
British, an American and a 
French bank. A farther liceuce 
has been granted to a group of 
Qatari nationals to start a 
thirteenth bank, but it is not 
known when, or whether, this 
bank will commence business. 


New avenues 




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MECON 



UCTORS 


Offers following services to Main Contractors 

undertaking Turnkey Projects: 


Installation of Mechanical Equipment. 
Electrical Equipment 
Structural Steelwork. 

Piping for Chemical/Petrochemical Industries. 
Instrumentation Systems. 

Thermal Insulation. 

Corrosion Protection. 


* Heavy Rigging/Erection Services. 

* Supply and Installation of Airconditioning and Ventilation Installat ion. 

* Fabrication and Machining Facilities covering more than 2,000 Square Metres 


can provide fabrication services to clients’ requirement for piping in carbon 
steel, alloy/stainless steel to API/ASTM/BS/Other specifications, structural 
steel, pipe supports fabrication and si milar work. 


* Non-destructive Testing, Radiography, Ultrasonic Testing, Dye Penetrant, 
Magnetic particle testing. 


* Assistance during commissioning of Plants. 

* Engineering Services. 


* Detailed Engineering. 

* Shut-Down Services for Chemical Petrochemical Plants. 

- MECON is a wholly owned subsidiary of Mannai Trading Company. 

- MECON has available a large crew comprising coded welders. Pipe 
Fabricators/Fitters, Structural Fabricators/Fitters, Industrial Electricians, 
Instrument Technicians, Riggers and other skills and a well-knit team of 
Engineers, Foremen, Supervisors to work in collaboration with the Inspectors 
of the Main Contractor/Govermnent. 


- MECON undertakes lump-sum fixed price contract on definitive scope of work 
for erection/installation works. 


- MECON’s equipment covers fleet of vehicles, heavy vehicles, welding equip¬ 
ment, cranes from 5T to 300 T capacity, necessary portable accommodation, 
tools, tackles and minor plant and equipment. 

— MECON is at your disposal should you need their services. 


MIDEAST CONSTRUCTORS 

P.O. Box 3325, Doha, Qatar, The Gulf 
Tel: 321530 (3 lines)—Cable: MECON. 

Telex: 4293 MECON DH 


. THE BIGGEST battery of toe stations, three of vaiying ages, tion npiig normally runs about toe fast sizeable contract tf 

} 15 bi R£est turbines in toe Gulf is completed and working and Ras twq months behind that of the awarded in' Qatar to a S< 

nan-owned 0 / tne Qatari Govern- b e j ng installed on a small spit Abut Tontas with Phase I com- turbines, asditisexpeotadtimt Korean, xampany. It ..w 

of sand, Ras Abu Fontas, in plete. Phase n searing com- the. foar distinatipn units , qf : jeCiii that Qatar, iff comi 
Qatar to sene the smallest pletion and Phase HI just phase H should be ready by with the-other Emirates 
population of all the Gulf States, begun. Consultants for the Ras January next year.—The unite toe Kingdoidvof Saudi Aft 
There are around 180.000 people Abu Fontas power and water are being, provided . by. Weir is lookup Lto toe. Far.East 
in Qatar and the Government complex is the British partner- Westgarth.^the seawater pumps certain contract warfcjwtier 
is spending S515m. in three ship, Ewbank and Partners, who by WeU Pumps, as before. The has - become, disenchanted 1 
phases to instal 12 turbines with first came to Qatar in 1974, with contractors for the ; rest of toe westem contractora. 13ie ta 
distallation units to produce Charles Haswell and Partners work are the sane as foT t»mpletion-data for.Hiase 
60fl HIV of electricity and 40m. supervising the civil works. phase L .' l\ ' • ’ * toe largest part .bt'.toe tt 

gallons, day of water by 1980 presence of Ewhank The eompletl^ of phaae It ^ -r-T--—; 

In the next six months Qatar’s throuA aU three phases of wtil add 200 MW to the statlorfs Phase m consists of she 
director of electricity has got j^ s Ab Fontas is one of toe capacity and a further 20nc bines, each with" a i 
to add 95-100 MW to Qatar's “ gallons of water, aday. Tho.ifflMdtr of , » MW. and 

existing power supply m order as & v hole reflects distilled water is being Wended distillation units-Avtth x 

to meet the annual rate of Qatar's catholic nurchasins brackish water irbm capacities of gallons a 

growth in domestic demand. which can also be seen tmderground wdls in toe sonto each plus two black start 

That is more than Qatar’s elec- , 0 ^f e ^ uroiects. The now ^ atar t0 - * certaiii bine generator; .tFout of 

tricity network supplied in the p has » t f r,c &hn of taste before .beingt-ma£n : turbine^- hre .to be 

20 years from 1952 when the F onta s was started in 1975 when put hito the- public! 'V?atPr plied by KridtWe^ CWbn, 
first diesel generators were ^ 4 0 ; nt venture between a sdPPbr. The total cost of Hiase other' two by Jlit^flbishii. 

instaUed to 1972. West GraS c^tracto^d , 1 ^ 

The Electricity Department is Qatari con^any gnahUw- Na—ij e^iecte^^ 
situated in front of this first started « the 

power station, whose construe- work. The turbines for Phase Work started on Phase IH at tofr^ame 

tion was commemorated by the i were supplied by toe West the beginning of this year, witb^^ 8 ? 0 ? ^ 
creation of Electricity Street, German firm Kraftwerke Union, toe South Korean contractors: ;;'T2ie; I : 3?78 StaM budget 
downhiU from Grindlays Bank but toe associated distillation Daetoa responsible' i^:;toe : Mfled-<wer orexter 

and Cable and Wireless. units came from toe Italian SIR foundations. This, contfact; at^toe ^ater 'dStilSUtioh neti 



This rapid rate of increase in company. The two turbines are a rough value of' gS^^vws'Lfhe sewage:.,yro^ 
toe power and water supply of now producing around 100 MW. • . . coNTOit^-o^ 

Qatar is not only due to the and the average production of i ■ - . .^wniwwawTiwT^a^ 


The distillation system used 


country’s increase in wealth each of the distillation units is 
after the oil price rise of 1973 4 m. gallons a day. 
but is also compelled by neces¬ 
sity. Qatar has no surface water 
at all and limited supplies of V^<tpd.Lllj 
fresh drinking water from 

underground reservoirs. The ^ ^ standard ^ aeaning- 

mvtor one - when a product called 
tncity supply is tne major con- gelearde EV is used as the 
strain! on all other forms of 

cnemical toe distillers' capacity 
''ThL nTtt^.f,?«. 0001,1 reach 5m. gallons a day: 

rnifw* Tbe intake pumps were 

G f?JL S “Whed by toe British Aim 

different from tfiose of tiio mu. „^.i-,i 

countries where the turbines are k . 

work was dime by the- British 

22ESS«L3f d contractor Parolle (ReyroUe. 

dustnalised comitnes p^k pargogj) ^ toe switchgear 
demand is normally in winter and txm9&irmers came from 
when the temperature is lowest the Swe6i ^. company ASEA. 
because the elecorie^ « used (AU te6 companies supplying 
for heating. In toe Gulf peak ^ Abu Fontas ' have local 
demand comes when toe am- a g en ts.) 
bient temperatures are highest ’ 

as electricity is used for cooling. The distillation units are 
The variation in demand be- usually attached to the power 
tween the low point in winter stations la tbe Gulf beranee they 
and peak in s umm er is tremen- can be powered by the waste 
dous summer Qatar’s hast ftoni toe electricity gcn&r- 

Electriclty Department noted rorWae^ This raisestbe 
that peak demand was 237 MW. effitteucy of toe power station 
It had fortunately planned to eO per cent as opposed to 
capacity to supply 250 3fW, but ^ wnaUe^h of 30 
the margin was uncomfortably w | 1 “ c toe tor- 

close. The winter demand in are powered by gas or 
1978 was 50 MW. But . since 011 to an oil-rich Sate, 

water is in demand aU year efficiency of deration is still; 
round, although with an increase ootf^derad desirable, 
in auxuner, desalination capac- Tfie power generation part of 
ity is inevitably related to the Phase n at Ras Abu Fontas is 
base demand. This Inversion of scheduled for. completion in, 
the former norm places a strain August this year.' Four further 
on the turbines which have to turbines &re being installed, one 
be cooled—a difficult problem of which is available for genera- 
wben the ambient temperature tion. The second is undergoing 
is around 48 degrees C. How- reiiabiSiy .tests, the' third is 
ever, it makes for ease of main- being commissioned and toe. 
tenance in winter. There is a fourth is under construction, 
problem also with the under- The turbines for Phase H were 
ground cables, as the hard rock supplied by Mitsubishi of'Japan, 
in which they usually have to be Tbe factors influencing toe 
laid is not a very good disperser choice of turbine supplier not 
of heat The cable trenches, onty indude price and reUabl- . 
therefore, have to be filled with lity, but also availability—Ras; 
material brought from else* Abu Fontas is on a very tight' 
where, schedule. 

Qatar now has four power The construction of flistilli 



The first and most 
modern children's shop 
in the Middle East 


for a complete rang.e of 
children's accessories 
sad clothing from new born up 
io sixteen years (boys or gibs) 


P.O.Box 3 2 Pi - 1 , 

Doha, Qatar, 

CrfblDs; BAB YC A fit 
Tex : 4 ’ 30 CP\R E OH 
Te!»?phon«: 24303 




Y. 































lancial- Times Wednesday February .22 1978 


QATAR V 


Towards better 





V \ 


1 © improbable dreams Like its :■ Bahraini, sister com- In machinery and training to radishes, cabbages, cauliflowers 
■, of nil money,-, the pany.: it fishes along the. coast get better returns. It has been and beans. And if the produce 
igncuitane in the arid of Saudi Arabia. Qatar National estimated that owners of rela- in the vegetable market is 
>f the Gulf seems ihe Pishing'also, at the; request of lively well managed gardens representative of the gardens' 
sable of a±L The visi- the Governments, operates one can get a return of about 5 per output generally, these Qatari 
var files in over a long fishing vessel whose- catch of cent on their holdings, which vegetables seem to be on an 
nd- and rock, which lamour and other- popular Gulf in no way compares with the American scale, large and 
;e north,into the : Gulf fish, goes straight-to-the local returns from the traditional succulent Other kinds of veget- 
■ bles nothing so much market . .. business of trading or the new ables have been grown, success- 

afeed side;-: of -a pan- Agriculture in Qatar is largely business of property develop- fully on the experimental farm, 
/•yet. from that un- done bn smallholdings to the raent The ordinary Qatari has but in some cases the Qatari 
. soil - come enough north of- the capital, Doha, to date shown little interest in public has yet to get used to 
to meet the needs of. These smallholdings are known cultivation within his own back- them. These vegetables are 
: oittedly small popula- “ English asgardens w yard beyond perhaps a patch of produced over the winter 
and are regarded as -such by alfalfa for the animals and the months, and a variety of melons 
an 1 per cent., of their owners. The number of traditioual date palm for shade are grown in the summer. 
00 plus square miles gardens reached- a! peak in as well as produce. Those who Experimenting with fruit trees 
dtivation by a people °f over 450 .but has do own fertile land on any scale continues, the grape vine seems 

tddtion of agriculture, dwindled to nearer ;270 to-day and so have grown, gardens for to be able to adapt to the terri- 
an 3 per cent of the with 111 avera £ e size of 10.5 themselves are largely weekend tory. 

- itivabte. Qatar’s first hectares. While the results of farmers. The gardens are used Lack of marketing knowledge 

:aJ £ann. was set up in tbis market gardening seem as a source of produce for the on the part of the farmer, 
560®, and the attempt more 013111 admirable .= to the domestic table and as a place abetted by the personal whims 
' the country seif av ***e®. Qatari consumer, its for Friday picnics and seem on plantings of the landowner, 
v certain-basic foods ^ uture & the present: form is seldom to be thought of as a make for seasonal shortages and 

:t close to the heart aoubt£ul - The system 'of land commercial enterprise. gluts, leading to wide fluctua- 

-iuler, Shaikh Khalifa tenure » .^d management and, ^ land ^ very seldom tions in price and a consequently 

• al TbanJ. Nowadays “ ost r cntIc ^ 1Jy ' water use are £armed by owners, and the same lower return per crop. Lack of 
production is put at 1 “ fr0 “ favourable the type of absentee landlord system local packing facilities prevents 

. .000 tons of fresh fllture of agriculture, in Qatar. as prevailed in Britain of the exporting from being a serious 

- over 3,000 tons of oi'j,;, - 19th-century exists today in answer to times of glut, 

• animal fodder, and ZMUUY Qatar. The gardens are either although Qatar does export 

' 6.000 tons of fruits * mv A . - ^ run by managers or, in the case so* 11 ® of Its produce. Cultivation 

h* treS* Me - are of about a third of the total, is limited to the October-May 

bitants of Qatar awa ^® _ o£ 0115 *?*!. ^ ^ by tenant farmers. The farmers period because of the harsh 

‘ Devel °P men£ - Prognunme. Palestinians iwun one wi luc icuiiraiitiuxea cau uceea 

per tnan rne th r0U gh Food ar^Agriorf- distingllishfid public 42 degrees C., with very high 

st warden countries ? re ® r 8 an * satl0n °*. school exception) who employ humidity levels, and these 

, sr e araen cminxnes. to- undertake a study of the around l0 five labourers, months follow on a period of 

uc -LeoMOT, whole problem. Water is-the mostly from the Indian constant, desiccating winds. The 
, ;nt Qatan budget set major constraint on fjadevelop- sub-continent. mid-summer heat and the 

37m. for a variety of ment in Qatar and a report ^ , d which they work salinity of the water combine to 

..-ijects, including the -Integrated Water and Land ls s ca tt« e <l ^ a “rie" of "burn- any produce that 

^Ofpuotfar^s and Use" h« recently been pre- t prc ToZme »!ch2 touche, the ground 

SS f .e n ^ nn the pancake) which over the ^ . . , 

>ject js going ahead While the Government is invest- centurips hav** accumulated ^rtTlctraint 
>■ business * mg in vasttiesalfoation edacity SSely deep of ^ UUSirdl111 

> set up a yogurt (linked to its electricity simply dayey so iis_ j n their unused The absence or presence of 
; re are also poultry programme) it has Iimited v and st ate these' patches are quite water, and its quality, is the 
rearing, schemes, rapidly diminishing natural fertile, but the Gulf style of major constraint on Qatari agri- 
veying for possibly water resources. The Govern- irrigation, periodic flooding of culture. The country has no 
i has also been ment - is planning to reduce the growing beds, together with surface water at all and only a 
this year, as have domestic consumption of this the nature of the soil and the limited supply of fresh water 
• the use of sewage water, which is used, toi give harsh climate quickly exhaust underground, principally in the 
d of well water for “flavour” to desalinated .water, the land. In’the past gardens north although there are a few 
and reserve,its use for agiicul- have simply been abandoned as brackish wells in the south, 
ptar s most successful tore alone... _■ " ."V./ their vield dropped because And sinc ® the mid-1960s Qatar 

j 'the food industry is The conclusions of : the -FAO over-watering has made the soil has been drawing more water 
L fishing company, report, after setting out all-the saline. The rate at which out of Ihe ground than has been 
1 joint venture with factors against successful farm- gardens are abandoned is also seeping back in. Peak rainfall 
isidiary of Imperial fog fo Qatar, are moderately influenced by economic activity is a lrtt Ie o ver 50 millimetres a 
ie company, which optimistic. Work is now being .elsewhere. ffiost of the year. The rapid rate of deple- 
of six trawlers, has done on the cost and time scales- labourers can get much higher fion of the northern reservoir 
-fog for some nine necessary-to; implement its wages ;fo town during : upturns 111 particular could accelerate 
its- last- year -fend,-' proposals. Given better" 'Staid-' ia-the* construction cycle. its deterioration, as drinking 
y. 1977) exported'of land and water minage- There is very little fixed water - particular reservoir 

- h of ‘ slirimp, and ment, Qatar’s food production capital on the average Qatari >s m the form of a “ lens ” which 

- net surplus for the could be considerably increased, garden, although it must be floats 0D a deeper reservoir of 
.-ghiy 3400m. ': The However, the owner/of the pointed out not all forms 0 f saline water; as the sweet water 
.7 of Qatar has a 15 gardens will have fijit to be Western' mechanical farming fiets t " awn . °“ saline water 

- ke fo the company, encouraged to' taka' farming are suitable. The FAO study nses ; bQt in much greater pre¬ 
fer cent and private more seriously, so that they will suggests the total value of plant 
elders take the rest, make the necessary investment and machinery on a typical 








RE-5IMFINQ LflNb AND 5Efl 


Bos Kalis Westminster has been working in foe Middle 
Hast for the last forty years. Today BKW has a work 
force of over7,500 personnel and is proud of its history 
of continuous international expansionanddevelopment. 
The Group’s specialist activities include civil and 
marine engineering, hydraulic works and dredging, 
land and submarine pipeline construction, railway 


engineering, rockdrilling and blasting, oil terminals and 
off-shore services - all supported by foil research and 
survey facilities. BKW is now a leader in international 
contracting, offering clients throughout foe world the 
reliable and attentive service expected of a technically 
and soundly based group. 


bkw middle east ltd 

P.O. Box 5457, Doha, Qatar. Tel: 010 974 325524. Telex: 4062 
In association with:- 

Qsns Survey Projects Lid, P.O. Box 4403, Doha. Qatar. Tel: Doha 322409. TbC 4052 Osins DH 

Bos Kate Westminster Overseas lid, P.O. Box 3168, Doha, Qatar. Tel: Doha 26826. Ttc 4364 Dredge DH 

AND P.O. Bax 1168. Sharjah, United Arab Emirates. Tel: 23473/23563. Tlx: 8102 
EtodrFalfMdde East} lid. P.O. Box 3306. Doha. Qatar. Tet 28950. Tbc 4404 PH 

member companies of the bos kaEs Westminster grotqt 

AN INTERNATIONAL TASK FORCE 


It has been estimated that the i 



•; ^beroflTieHongkongBank Group 


ij^hqjut tbe Middle East 





# Project Finance 


r ^B^^^ding^ 

Onfiia jAfeab fewilrates : ^ 
siepl^ne:Du^221126 1 ' 7 

HJete^S^S^Afeirdub, •. ^ 

-.j 




. i '.f j'.’.'-V-’.’. 


farm might be around $35fi00, 0051 °/ * ater v * cn | 

just under $25,000 of that in os I 

machinery such a s pumps, the ' 

boreholes themselves aud ^mall 


duces QS0.60-worth of vege¬ 
tables or other produce. Qatar 


items of farm machinery. Vir¬ 
tually all investment on the 


wiih : occasional assistance from 
the Government, and, unless 


in water. The country is spend¬ 
ing over $500m. on the asso- 


^ Ptot « Bus Abu Fonus. uu- 
dn for fo n ately rather far away from 
Tenant farm ers themselves do main agricultural areas. 

have ^ 05811 Calculations have suggested that 

to tavest in new machinery or ^ use ^ des alinated water. 

i r ■ ser *? us re P airs * injected into the underground 
rf 5 5 t as , J?° formal a ^ r " reservoirs, would cost around 

cultural landing agency. around QR 2.00 per cubic metre. 
Laported farm equipment safcb p , eaucaUon aJ cam- 
as- mechamcal ploughs are u hii ^ 

«pf» "* «, fSr!fSWJSKLS 

will be to use less water, Drip 
wfic ,iwir.T irrigation will be one suggestion 

ra? 0 ^^nnpra^ml 1 dnm' made t0 1116 farmers * though it, 
t00 ' has its Advantages (the 
“? ene ™&iS St <»Pitai investment needed, for 
™ od . e ri ♦?Jf 5 ^S r T Jr° r one ). as will the use of wind- 

to ShOitW gTOVring CTOPS 
tively cheap labour from the and ^ ^ of t0 j^g- 

plants from tou ^ the ground 
labour-in ten- ^ genera j tre^j w jii be to- 

sive oasiness. _ wards more intensive use of the 

.^ mra-crops^ovra at prfr land ^ concentration on low 
sent fo Qatar’s gardens indude bulk high YBlue crops, 
tomatoes, - carrots, onions, « T 

lettuce (almost all cos), U»l, 



CONTINUED FROM PREVIOUS PAGE 


farther desalina tion units at 
RasAboud power station. Some 
S25.7tn. , was set asade for 
further work on the mains 
water distribution stations, 
extending the main pipelines 
from the desalination units mid 
building. - and pumping 
stations. Completion of the 
Doha Dim Said water pipeline 
was expected to cost around 
¥5.4m. Some- areas fo Doha it¬ 
self are still supplied by water 
tanker, and the budget allocated 
jqst under 313m. to expand 
water.distribution with a 
further : $ 2 m.-pius for the con¬ 
struction of reservoirs at Has 
Ahn Fontas and Gbazafa with 
associated pumping stations. 

While Has Abu Fontas was In 
Its design and early construction 
Stages^ . Qatar's ’first modem 
power station at Has . Abu 
Aboud, which is' rather nearer 
to the Capital of Doha,, was 
expanded. Five package-type 
gas turbines, were added to the 
seveo/ exigtiBg turbines,' which 
were producing around 100 MW- 
Cbnstraction^work started in 
1974 add wds completed for the 
summer of 1977. 

-These basic projects were 


befog carried ont while the rest 
of Qatar’s business was also 
expanding, with the consequent 
impact on the port at Doha. At 
its peak, waiting time outside 
Doha port touched 120 days, 
necessitating close co-operation 
between the port authorities 
and the managers of the Has 
Abu Fontas project when 
priority ratings were decided. 

Qataris in their own houses 
do not pay for the electricity 
they consume, and other users 
so far are paying on a flat rate 
per unit. The authorities, how¬ 
ever, are considering a scale, 
particularly now that industrial 
consumers are being supplied 
with power. The Industrial town 
of Umm Said, where the fer¬ 
tiliser plant is, as well - as the 
NGL plant, and where the steal 
plant will be built Is on a 
different tariff; There were 
plans for Umm Said to have its 
own power station but this is 
now being rethought The 
question befog posed is whether 
a new power station- should be 
sited sear its fuel or near its 
users. . 

D.T. 



Trading 

Organisation 


Proprietor: Sultan Saif al-Easa — P.O.Box.28, Doha, Qatar. 

A long established Organisation, whose overall facilities include the transaction of general 
mercantile affairs and services in machinery and engineering, Alnasr has kept pace with the 
needs of government departments and the international companies involved in 
the long-term development of Qatar. 


ENGINEERING GROUP 

ALNASR MACHINERY DIVISION 
Tel: 24451/2/a Telex: 4401 MACDIV DH. 

ALNASR PLANT HIRE 
Tel: 87248. 

ALNASR CAMPBELL ENGINEERING 
Tel: 323971. Telex: 4401 MACDIV DH. 

ALNASR CIVIL DIVISION 
Tel: 24451/2/a 

ALNASR (McALPlNE) CONSTRUCTION 
P.O.Box540&Tel: 329194. Telex:4551ANMACDH. 



i 

% 
















F inan cial Times 



QATAR 


Weanesday Febraaiy 22 1?78 



Oil’s limited 




AS MUCH as any other pro- 
ducer—perhaps more so—Qat«* 
is very conscious that its oil 
is a wasting asset. Thus, despite 
the growing. squeeze on its 
financial resources, it has not 
been unduly concerned that its 
production- in 1977 fell by 
rather more than 10 per cent. 
The decline was larger than that 
experienced by any other mem¬ 
ber of the Organisation of 
Petroleum Exporting Countries, 
which overall recorded a slight 
increase. As it happens, lest 
year was the first during which 
Qatar enjoyed complete mastery 
of its oil resources. Some 
failure in marketing and the 
relatively high price of the on¬ 
shore crude were certainly 
factors accounting for the re¬ 
duction. Yet the Government 
appears to be less concerned 
about the level of output tbaD 
the receipts for what was pro¬ 
duced. 


a day compared with some Petrole um Piodue- 

j ^ssaarss 
s syvJviE s 2£ susysa 

woSd lihe.tp.see - 


T>„iotivPlv but Gulf has con tractate ;bu 
another 40,000 V 5 ?* Marketing another 15,000; b/d^reduein^l 
Inexperienced ^J5!£™S*S offshore . 

■business, the StateifSen Joe amount). Bhcpqrtsr,ate«riuu5n 
suffered one setbu* «hen toe 2S0.W 6 /<i . 4u$ 

. 00 , a the tot quarter 

; pulled out of its "“f f 25000 urease, in tee secand whCT^ 

purchase at toe rate o ^ subishi-' raises- ate 

Government would iikejto see ‘r* Services Company b/d. Notwithstanding the "> ? 

^ 

Siting slightly too Mft* riving 

SfS 55 # 2Su$tw&% 

SrcStslllphurcontentQGPC ” ld „ ^ 

evidently not being tempted L iqnefaction- J 
Suffer aw discounts. Among Island .,‘- -Rnder 
Se customers are know^ to 

__Am; -arin Hess. Sumi- nhoW "MaT-tiri>''t-A.'r» 4 w£'l 


ehgireerirg 


Installation of heavy mechanical and electrical equipment S Fabr, “'^" 
facilities for structural steel work, piping • Aircondmon.ng vent.lat.on systems and 
maintenance services • Instrumentation systems • Thermal msulet.on and corres.o. P»- 
tection • Technical services for commissioning and shut down of pwmr. water sratrons. 
petrochemical, cement, fertilizer and other industrial complexes • Operanon arrf man¬ 
agement of sea-going vessels to provide supply and maintenance serv.ces for off shore 
JTend gas installations • Pumping installations including des.gn, supply and repair/ 

overhauling facilities 


TRHDinG 


Automotive sales and service 0 Heavy construction equipment 0 Over'and mteramt. 
nental transportation - with clearing and forwarding serv.ces ® General engineering 
goods and construction materials 0 Household appliances and consumer goods 

R1RRKETIRG 

Market intelligence services 0 Direct sales against government tenders O Sponsorship of 
international contractors 0 Manpower management 

H Complete Service in Qntar 

MANN A1 TRADING COMPANY : P 0 Box 76 DOHA QATAR. 

Tel :26251. Telex :4208 DH. Cable :MANNA». Codes: BENTLEYS (2nd Phase) 


Qatar was the first other pro¬ 
ducer to join OPEC after it had 
been established ‘ by the five 
founder members in 1961. But 
it is a small one (already over¬ 
taken by the LUC in volume 
terms), whose share of output 
is only about 1.5 per cent oF 
the cartel’s total. Moreover, its 
proven reserves are strictly 
limited at about 5bn. barrels, 
according to current estimates— 
rather less than two years of 
Saudi Arabian production at its 
present maximum allowable. 
The life of the fields being 
exploited is set at little more 
than 20 years and offshore capa¬ 
city will probably start declining 
as early as the middle of the 
next decade. , 

Thus, it is understandable 
that the immediate concern 
should be more the erosion in 
the purchasing power of each 
barrel than last year’s fall in 
output For political reasons 
Qatar may now be aligned with 
Saudi Arabia and the United 
Arab Emirates on the oil price 
front Its feelings on this 
score were spelt out by Sheikh 
Abdel-Aziz bin Khalifa al 
Thani, Minister of Finance and 
Oil, in an interview with me 
earlier this month. He did not 
rule out Qatar itself calling for 
a resurrection of the short¬ 
lived “ Geneva II n formula, 
which In 1972-73 adjusted the 
price of oil to a basket of 
currencies. 

T. 1 QTT nnt-niit fmm Qatar’s 


year for a production pro- ^^2e«2y so that the staff 

gramme and a ° to on secondment can retain their 

Qatar would be prepared to riehts from the parent 

go along with such a plan which J^^£fcomrfen»tfaii paid/ 
would have the effect of sup- protracte d bargaining, 

porting prices m the market £ less ^ Une net 

In oil politics 1977 was both bfmk vaiue y^s $30m. foe QPC 
an honorific and a testing year ^ for she. 
for Qatar. Having hosted the practice, the agreement 

December. 1976 conference, t the operators in a prefer-, 
which resulted in the traumatic ent jgj position for supplies and 
OPEC price split Sheikh Abdel- ^ yes qgpc a secure outlet for 
Aziz, the young son of the Ruler, ^ gre ater part of its produo 
was President oE OPEC for the Uon For ^eir services in pro. 
year and took an active part in ^ding staff to operate the fields 
mending the breach last June ^ deal gave the companies 15 r 
caused by insistence of Saudi pgjjts per barrel at 1976 prices, 
Arabia and the UAE on sticking w ith an escalation clause to_ 
to a price rise of 5 per cent, in pgygr future increases. -This 
contrast to the 10 per cent vou i<j mean that the QPC share- 
decided upon by the others. holders and Shell would be re-- 
More important, in February giving 16.7 cents per barrel— 
Qatar took full possession of its tlie i a tter also getting the 
oil industry with the signing of equivalent amount for NGL 
an agreement whereby it p ro duced with Its- te chnical _ 
acquired Shell’s remaining 40 ass j s tance. • • 

per cent share in the offshore About two-thirds of Qatar's, 
operating venture. In the pre- reserves lie in the onshore 
vious autumn it had finally Dukhan reservoirs, where prq-’ 
bought out the assets of the duction caparity from the 1 
Qatar Petroleum Company, the formations is up to 280.000 b/a:- 
former onshore concessionaire no expansion is in prospect, but 
owned by British Petroleum, development drilling is contfnu- 
Shell. Compagnie Francaise des ini; together with a programme 
Petroles, Mobil. Exxon and f 0r water injection. A new sys- 
Partex. It had taken 25 per tem for gas re-iniection now 
cent participation in the two under implementation is sche- 
operating companies in 1973 and duled for completion by the end 
K .J_ J -1_t. on nor non! thir mar - QPPA’S Onshore 


ucuau - 

party (ownedV/by/the 

Petroleum De?eldpn^>43aF 

ranilritV pany^ of’ japaB,/^ : ^dgej 

V-f 3-Pl j who' axe: partners s&JSB&X 

•-■'a* an estimated Lfflm.. 

Karris, recoverable reserves bility for it._ : i . ^ 

SShore JTlbout half those Under- 

on-shore but installed produe- concluded In; : 19^™BKEat 

SSr^acitv is considerably ttte West 'Gennan. cwi^ei,^ 

370.000 b/d from She been: explorlhg^’.^ge/g 
S fields being exploited - square km area : 

Sim assasaasays 



nperanng compaui»:» m uuioj iui avui|hvi..» ----- 

raided its share to 60 per cent 0 f this year. QPPA’s onshore, 
early in 1974. branch is also engaged m ex-- 

ploring the potential of the nqn- 
ITnlrlina assoriated gas field In the KhutF 

nUlUlllg zooe bei 0 w the oil-bearing strata 

Under the supervision of the and will be responsible for its 
Department of Petroleum development Associated gas 
Affairs the Qatar General was fully ■ harnessed before the 
Petroleum Company has respon- State take-over, although the 
sibility for implementing the natural gas liquids which were 
Government's policy. It is, in fed by pipeline to the NGL 1 
effect also something of a hold- plant—wrecked in an explosion 
ine company, owning the Qatar last April—is now being flared 
Petroleum Producing Authority, again. However, the stopping 
the National Oil Distribution plant located at .Dukhan re- 
rnmnanv which is responsible mains Intact, 
for iSternri distribution, the Proportionately, last year's 
Qitar ^Fertiliser Compeoj reduction In output wes 
(Which has a foreign minority greeter onshore ttan off- 
tinidinoi the Qatar Petro- shore. Compared with the 
h ° S’ ^rnpanv (86 per 235.000 b/d recorded in 
v , nd the Qatar Gas Com- 1976. the average was just over 
pan/<?0 pe^renLV Vested in 200.000 b/d. of which 1W.000 
it also are Qatar’s shares in the b/d was exported withi the bal- 
Arab Maritime Petroleum ance being used m NODCOs 
transport Company, the Arab refinery. The fonner J onc ® s " 
Petroleum Pipelines Company sionaire holders lifted the 
fSUMED), the Arabian Ship- 130.000 b/d to which they were 
buildin® and Repair Yard, and entitled under the takeover 
Comnaenie Peu-ocheraique du agreement but did not exercise 
S a Joint venture with the option allowed for them for 

Substantial 
gas reserves 


.Ko ^'o&S % 

have been drU 1 °^^ el ^ D f,f^ SteSitial.^au^te^ 

for U.S. wells. took-an 

would depend on (be t he 'east‘ 3 df .tbe 

oil and the development of new Q Japanese' cbiice^malre 7 ? 

techniques. For the t^ne ^emg pr gvioustr f 

the big preoccupation of QFPA. ra ted' at some JlO.OOO .b^d^ 

-is the project for collecting the a r/ eirtraorain^y; _salphM t 

associated gas. transmitting tei of M;per 

to the mainland and the-con- jy T [. Tatter- 'HadtfiL' .'.a 

struouon of the separataoa. tingulshedj _ Egyim^.^eolo 

plant. Shell is undertaking the i S: ,senior .a^iser to 

programme on behalf of t °® Department'- rtf /Fetroh 

Government having reJinquished Affairs, says that -it wilT.fb 

its 30 per cent stake in the y ear or nvore before estimate 

NGL H venture. . , : - oil; m- wgli as: gas. reserves. 

Compared with a production be revised, idd calculate 
rate of 245.000 b/d for 1976. accurately. Cdre LahptttfbQe 
the offshore average" last yew .undert^hraTSligg’gLDift 
was 230.000 b/d ". Nearly two- ntr rlopd While SclenIISc i 
thirds, or 145,000 b/d, was ac- .ware has been -contrart^ 
counted for by Shell under .the aKess. the.-offshore poten 
entitlement allowed in last Sheikh AfcjdelrAziz is c 00 * 
February’s takeover agreement, that o^ore commercially vt 
Other buyers of the heavier ml -discover!^will be m 
36 degree‘API grayity/slightjy Yet,. 4 /is, to : 

more sulphurous .irude weref tlsat. 

Mitsubishi,' Union RheUrfsdie.•.JKJSSS^ 
AmenuJa Hess. .Sumitomo;;. .T*ef--. increase jn ftituye income.. 

rofinai and -Charter/Fprj 1977 .... r,. ;/■< t 

Amerfaar'. 7 - /^;^? V X 


LAST APRIL Qatar suffered the 
worst disaster to hit a gas-pro- 
cessing unit in the Middle East 
when its natural gas liquids 
plant at Umm Said was des¬ 
troyed by an explosion.. While 
the Qatar General Petroleum 
Corporation and the insurance 
assessors continue to argue 
about the extent of the loss, 
technical experts still have no 
precise idea about the cause of 
the blast that wrecked the 
Facility. The mishap caused 
anxiety and misgivings to others 
involved in the industry, quite 
apart from the underwriting 
□usiness. 

As it was. since its start-up 
in 1975 NGL 1. as the facility 
was known, had been plagued 
by technical difficulties. Output 
this year was expected to run 
at only 38 per cent, of rated 
capacity. Yet assured of re¬ 
covering the full replacement 
cost of $70-S0m. (the range of 
the argument in terms nf value) 
anil with civil engineering work 
on the parallel facility called 
NGL TI already haring begun, 
the QGPC Is pressing ahead 
with plans to build another 
NGL 1. Bids were invited in 
December and an award is ex¬ 
pected early in the spring. 

Like other petroleum pro¬ 
ducers Qatar is trying to make 
up for lost time in fully exploit¬ 
ing gas associated with oil out¬ 
put that has hitherto gone to 
waste. With NGL I on full 
stream, the by-product from the 
Dukhan onshore operation 
would have been utilised. At 
present all the associated gas 
offshore is going to waste. How¬ 
ever, that is now being har¬ 
nessed to provide feedstock tor 
the Qatar Petrochemical Com¬ 
pany’s plant and natural gas 
liquids for NGL II. Aa a result 
of the loss of NGL I total utilisa¬ 
tion last year was no more than 
35 per cent. In five years’ time 
there should be nothin* -Left to 
flare. 

In the meantime, as It pur¬ 
sues Ms drive to Industrialise 
and generate alternative sources 
of income. Qatar .can be 
reassured in the knowledge 


that it possesses considerable 
reserves of non-associated gas. 
Within the Dukhan field there 
are some significant pockets and 
below it probably a much bigger 
potential in the Khuff Zone. 
Most exciting of all are the pros¬ 
pects set by the North West 
Dome (which Is actually to the 
north-east of the peninsula), 
where reserves are officially 
estimated at 72 trillion cubic 
feet. 


Central 


Associated gas can be pro 
duced from the Dukhan field at 
the rate of up to 250bn. cubic 
feet per day. It is gathered at 
a central plant at Fahalil where 
the dry gas and liquids are 
separated. The “lean gas" Is 
distributed by pipeline as fuel 
for the power generation com¬ 
plex at Ras Abu Abboud (which 
has taken supplies since 1963), 
the Qatar National Cement 
plant at Umm Bab and the 
Qatar Fertiliser Company, for 
which it also provides the feed¬ 
stock. The liquids, which were 
being fractionalised at the 
NGL plant at Umm Said, are 
once again being flared and are 
brightening the night sky over 
the Dukhan oil fields. 

Full production capacity for 
propane, butane and natural gas 
liquids presupposed a total flow 
of gas amounting to 340m. 
c.f.p.d. The maximum rate 
would have meant, presumably, 
feeding into the system the un- 
assoctated gas reserves under 
the Dukhao field which are 
under development by the Qatar 
Petroleum Producing 

Authority’s onshore branch. 
Ethane-rich gas separated from 
the methane was being flared 
but is destined for the Qatar 
Petrochemical Company^ plant 
now under construction and 
scheduled for completion in 
1980. 

That will now have to come 
from the gas being harnessed 
offshore to.. supply NGL 4£ 
Achievement of maximum capa¬ 
city nf NGL II presupposes a 
supply of 240m. cfpd of asso- 


CONTINUED ON NEXT PAGE 


J_ 

i V 


J 



















'5 &<*' •" ' . 



Financial Times Wednesday February 22 1978 


QATAR VII 


projects 


eaPat^Umm^ SaiA^rfvii aa 2f*SS ^ FCO } las (45 per cent) and urea There are 50 Norwegians (280 produced locally info •* second French concern—somewhat com- 

Wfe 1 airSSi 10 lo 165 500 *°nnes (50 per cent.), in all including families and generation - products (al- parable to Norsk Hydra’s 

. n +Sr 90 pe 5. cen4 ' capxxty and its Although inventories built staff In their camp) out of a though as .vet no final decision participation in QAFCO in that 

«i°v proidenis." which up in' 1975 as the market pay-roll of 700 staff of whom has been t3ken as to bow its location, much nearer to the 

3uiS^^rf l ^!Sr,^T^ h perssted one *om or other became depressed QAFCO re- 140 are Qataris. exactly it should be used), big markets of Asia and the 

0 It is dSSrtSStie of SL nearIy ,<Mn L ye ?f a£ter cor f ded J a net profit of QR32.6m. Corrosion was another prob- H“ der tbe rearranged corporate For East fits in well with the 

oiraS stua r“P- seem for foe time (after depreciation) in that year , em ^at was fuI]v structure the State has 84 per company's marketing plans, 

r^f beh * to fce » w « plant from sales of QR121.8m.. and £?ted m ™r And^SI «“* of shares, held by foe Moreover, in an interlocking re- 

started with. a number of a modest dividend of QR2l.6m. However with foe plant now Q atar General Petroleum Cor- lationship QGPC has taken a 

advantages in the supply of wa s paid- In the following year run^n ’smoothly QAFCO is P oration ' 3,1 d CdF Chimie 16 40 per cent stake in Compagnie 

foed and feedstock. foe ^ ^ter part of production X^r^dfof vrith the^rten ** cent Petrochemique du Nord 

tion^d tiMttkSfy Partioipatidn of foe man- «!»*«* but receipts were sion wUI double pnJduc- . E » J ”ated cost of the com- (COPENOR), which is building 

S!^2La^f ager-marketer and designer- down t0 QRlliAm. hecause of tion caj , arfty t0 1 800 tonne _ 0 r P lex IS QRl.<6on. ($458m.). a petrochemical plant at 
builder of foe plant and access tower prices. While mechanical amrnon f a oaqo tonnes of made “P of a basic contract Dunkirk. Fourteen Qataris'are 
.* wSiSteStoex breakdowns persisted there was ^or^m^^OTO^tonm^jif price of QRL62blu an escala- under training there, as Che 


rcS* 


^mS 3£«£ =*s=r *st£ op 7£ “ ■i” s d sasu ■? p,ant 15 

ve plagued foe fertiliser have higMdtfvted many of JSS??2S?2! manpower to 900-950. The SHE? 6 f QAPCO will have an event 


urea. This expansion, however. 


industrial project, ' the mg and runmdg, soptoticted Fta«“.”Stt Tr ?“*.™ lS5? «f ftSS teSi .S ^"”JL2°5 


Jnauscriai project, tne “**> iuuiuub Financial results for 1977 are r-. -r—T Technio <rf France fnr the erhv- ^ -.— 

meat has also embarked industrial projects in the Gulf. no t y et available. But the pros- ^ant T1979 ^NoS leae plant - Copped Rust^of w^mploT^ ^alSed 

nESSSSXg?* Att investor pette now leak very much ^ohasn^H^perS .‘ft™*- — 3fS S-3S? Sn. 

v_ save _ a design oapansty of brighter. *■__ tbe construction has P 0 ^ *b>lene (LDPE) unit. Tor- tbe ensineerins. sum>rvi«:nrv 



bs noted foat tha *» TC a design oapafiiity of “«S"W'- for the construction, has ^ Llir - tbe engineering, supervisory 

*’s foreign nartners in 297 ' 000 tonnes of ammonia and „ entered into a management oi 1 ®!* { br „ the -, powfe 5 and technical expertise will 

ntores are not suffering 330.000 tonnes of urea annually SUDGrAGStcr agreement lasting until 1994 umts, Md come from Egypt, Jordan and 

troxysms of anaety ~ V th 198 ’9°° «onaes of am- i^staUation of a new super- and is also sole export agent faci?Si^ Syria ’ ? rtth serious recruitment 

* 3 moma gooug- to make the opti- heater brouaht production of for QAFCO. In return it re- k- 65 - . 6 p a f lt beginning this summer. Ecbo- 

i it started production in mum amount of urea and foe amnmiia r m 8 »s of wives a fee based partly on JS«? ,eduled f0 be on stream by in g his coun tcrpart at QAFCO. 


y installation ot a new super- ‘ } >p -w-sr- rapiiiri»c thp . 3CUU “ a ^'-iwuueui 

moma going-to make foe opti- heater brought production of f< T QAFCO. In return it re- KehediSed S be^n cfr^m hv be § mrun S this summer. Ecbo- 
lon in mum amount of urea and foe ammonia to 85 per cent, of cwl ' es 3 Iee based partly on T^on on SLreain oy mg his counterpart at QAFCO, 


an»^?n« S? With ca P® dT y “ d urea 21 per cent, current price for nitrogenous been set at QR936m., two-and-a- into low-density polyethylene at e ? perience t0 maintain foe | 

ang« wnce 1969 With hecause of the technical diffi- fertilisers is now 20 per cent half times that of the first a design rate of 140 000 tonnes pIant p I° pe 5?' HlS conapany M 

s authored capital now Performance improved above foe low point at S13M60 phase. Main contractors are but with actual output "of sei L ms . . t0 take 8 wutiously 1 

in 1375 to 47 P« r cent and 51 per tonne according to destina- Howard-Alattiyah (civil works). 145.000 tonnes perhaps rbiiii" to optIn l J ® tiC r,ew ' f f 1 

irtT^iSrpSSS! per cent ' respectively, despite tion. QAFCO says that not only Davy power Gas (engineering 150,000 ronnes. P Fid? capacity proapect f. for QA ^°p at 1 

w*ter shortages and an irregular has the stockpile of 50,000 tonnes services and procurement ser- should be reached by 1983 a 4“* whe " the ma L ket “ 1 
» 22^S«!i n^Snlri supply of gas because of foe accumulated at the end of 1978 vices for foe ammonia plant). „ , de ^ ed P"ce warfare in | 

Srek H^dr? foe^an? “arked reduction in foe flow of al! been sold but also estimated Costain Process Engineering Bsl^OCC ,s tbe order of | 

vorsK Hydro, the mana . . .. (pnn tpmftffil ] v production for 1975 — which and Construction (ammonia Tbe da - v - ft 

e plant and marketer of . In 1976 am- Norsk Hydro had been doubtful plant construction). Chicago u Hie Government decides He, at least, believes that foe S 

ice, 25 percent.; Davy QUtDUt nD to 163 = 00 about selling on a forward basis Bridge (ammonia storage) and a<* t0 Process the balance of best time to invest in new f| 

ja 5‘ lts desi ^ er “J SSSiSSStSf«nSvl with the record of ** p,ant in Chi J' oda Chemical Engineering the LDPE and go on a stage capacity is at the low point of 1 

3 per cent; and to^ (3oper^oftrap^.i.>) miod and ConstnJCtjon Company further with the manufacture the supply-demaod cycle. While Sj 

. Bank. 2 per cent— aad urea to ^,^llonnes(b3 p or ^ Norwegian company, (urea). of semi-finished products, it CfD Chimie hopes that the pro- m 

Q® 3 ® 111 *- In P er d 1- '- er * tlie appeal of participation in With a policy’set in foe direc- may market the ethylene abroad cess for LDPE (currently about M 

QGPC has subscribed a serums oreaRno'ivn in steam- tbp pro j ect was t j 10 way io which tion of maximum utilisation of directly, its future is currently S500 per tonne) will rise, foe 11 

of redeemable prefer- heating system resuaea in am- j t witb global marketing hydrocarbon resources it was tefoo considered within the cost projections appear to have ^ 
res. moma siom^img to 137.69a strategy and its proximity to almost inevitable that the context of a study commissioned made no rash assumptions on « 

the Far East, where most of Emirate would turn its b ? foe Industrial Develop- this score. According to other jf| 
foe urea is sold. attention to developing ment and Technical Centre and sources, these show that after m 

Mr. Knut Andersseo. manag- petrochemicals. The Qatar being undertaken bySerete, the a loss in 1981 of about QR60m. M 
ing-director of QAFCO who is Petrochemical Company dates French consultant, which is The project should be in the 3 p 
on secondment from Norsk back to the agreement reached «(® e d at laying down Qatar’s black thereafter showing a gross fl 
Hydro, confirms that tbe big by the Government in 1974 with industrialisation pro- profit of about QRlTOm. in 1985 |js 

advantage is cheap gas—“ at a Socidtd Chimique des Charbon- gramme. from sa ies of QR630m. li 

defined price and a good one ” nages (CdF Chimie) and 111 Hm meantime an inevitable In petrochemicals Qatar has §1 

—without revealing what it is. Gasocean of France. With its and - 15 hoped, commercial by- taken a bold step where other §5 
Like everyone else involved in initial capital of QR240m. the product will be some 50-60.000 oil producers of the Gulf states la 
industrial projects in foe region. Government originally owned tona£>s ot sulphur annually ex- are hesitating. In terms of com- §1 
he acknowledges that main- 80 per cent .of QAFCO, CdF traced from the ethane-rich gas petition its incisiveness, born 11 
tenance will be a continuing Chimie 15 per cent, and Gaz- ^ x P m Hie offshore fields tbet out of resolution, may pay in 
problem. The big problem is ocean 5 per cent Gazocean feed the pl3nt after being extra dividends in the long » 
to find qualified engineers, pulled out when it became clear stripped of the lean dry gas term. « 

supervisors and operators with that Qatar wished to transform component at NGLIL QGPC has For QAPCO, as with its other 

the right degree of experience. “ first generation ” ethylene agreed to supply at a “low 1 *— heavy industrial projects, the H 

but again unspecified price— manner in which Qatar has 

ynu some 380.000 tonnes annually of involved international expertise If 

g 1 _ ethane and 27m. cfpd of residue in equity participation, as well Mg 

■ •J eas to be used as fuel. as management and marketing 

t.3 CdF Chimie is to operate foe responsibility, should help make 

plant for an initial period of them viable. But an adequate 
five years and market the return can by no means be 
CONTINUED FROM PREVIOUS PAGE LDPE for ten years. Apart from ^ured. 

foe sale of the licence of the _ - 

dated gas from Bu! Hanine, known for many years. No one process, another benefit for the K J. 


THIS SYMBOL IS 
YOUR ASSURANCE 
OF QUALITY & 



IN THE GULF 


"57©3LVO 


;[|{^ IIWCSRAW| LOHAiiyS ^ W unsters 
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Crane 

Fruehauf 


lib 




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Maydan Mahzam and Idd el as yet is prepared to put a price - 
Shargi fields, compared with a estimate on the reserves there 
rate of about 250m. cfpd genera- —though it is said to took * 4 pro- 
fed by current rates of oil out- mising.” Nevertheless, a num- 
put- ■ By 1985. however, it is her of wells have been, drilled 
reckoned by QGPC that with and 11 will be ready to trans¬ 
foe start in the decline in pro- port 350m. c.f.p.d. of the non-. 
Auction of those fields and the associated gas to the Qatar Steel 
need for more gas re-injection. Company’s mill in time for its ] 
the amount available for NGL II scheduled start-up in April. The 
will only be about 190 cfpd. pipeline carrying it will a!so| 
The balance required can connect with Ras Abu Fontas, 
easily be made up from small near Wakrah where the new 
pockets of non-associated gas power generating facilities will 
offshore at no great extra cost absorb more later. The gas is 
Originally. Shell was to have dry and suitable for foe steel 
been a partner in the QRLTOm. mill, but none will be mixed into 
(542501.) venture with a 30 per tbe system distributing asso- 
cent share in the Qatar Gas ciated gas from Dukhan because 
Company. At the end of 1976. the fertiliser plant would not 
however, it pulled out because be able to accept the high level 
it could not be guaranteed the of nitrogen in the Khuff gas. 
return on its proposed invest- With a relatively low calorific 
meat (hat it wanted. But its value the latter is suitable for 
affiliate, Shell International fuel but not feedstock. 

Petroleum Maatshappij BV a ^ 

(SIFM), remains as technical rlbSvl 

adviser t0 'J^SSJSSSi For ® e longer-term future 
sxble for sp Qatar’s greatest asset must be 

and materials^ Actual cash flow ^ Nortb West Dome . The 0 ffi- 
prolections sh cial estimates of reserves there 

as^ssa?”fisas •»»*««™->> «**• **. 

JSb”TloarSd su? Khalifa 6 al Thani, Roister S 

r ,, ^ wi, a fr r^ 106 » ch^cteS ^^5 

OR 25 to._a 14 6 per cent caution put the chance of that 
inverted. amount at “ 50-50 -. On foe 
l^any projeS. of other hand. Dr. Taher Hadidi, 

cd^e, certain assumptions senior adviser at the Depart 
%££% b“ made. For Qatar’s «*« Pefeoleum Affairs says 
n thev are that annual tt at one can now talk in terms 

£■« aa 

?m OZEFi umfpniTf MveredL^He 

r S? mS 

rsh.ssi 

m fte awrience otTIO. t Tha gait can 

NCT. n was d “.‘8" e ? “ be more precisely ascertained. 

1 5?'ii2^S5lSm Despite the survey work so far 

ust over 400 tom for ^opane; undmiter . ^ wells 

together with 5« r 'j *™ drilled, the sheer extent—700 

for .butane and natural gaso- miles _ maJte5 precls0 

- rSL _ —^ Mnr f assessment difficult at this 

expected to be ia twin irunnmg beyond that there are the ex- 
ra .harness wifo mod as wie possibilities raised by the 

g“* employing 250 people fact th at th e North West Dome 
Mam con^ctore for NGL n at ^ po Jnt of a stmc- 
are foe Mitsubishi Corporation m that curves dowD through 
tor .foe offshore gathering sy* tfae whole length ^ Qatar 

2“ ^n™ 511 “ME Peninsula. As yet no well has 
meat fa QR 636m. award). Sa^ dril!ed dovm t0 the Khuff 

2? Z 0 ™ int0 ac mshon of 

foe offshore gw field to foe what ^ as «Q ata j 
mainland^ (523.7m.); .and the ^ At ^ ^ least how- 

oSSS^CheSSTFSm P 7 ie«.riSe ^ wn ^ 51,13 that Qatar’s 
£ pfil 5.® eri JJ5 long-term future as a viable and 
and Constriction • for- the on- prosperous entity depends on its 
shore processing complex gJB ^ could be en- 

' 1 '*■ ■■ sured for a century or more by 

The existence- of the Khuff J y 

zone . gas reservoir below foe _ _ 

Dukhan oil fields has bees . KJ> 








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'.'v -' 

. ■. _ »■ 


m-M ? 

wl- ia' 


'fe. 5 ■ ■ ^ 


- ***4H'-’ 



imuan- 




Ttoliday Inis. Beach Club and aV5 a rinn ( . Bahrain 




Count on CJLT 
for experience.. 


X. 


mm 


*. v, H 


...that backs technical ability 
with local know-how to get even the 
most difficult jobs completed on time 


W Pipeline and Process Plant Constructors and Civil Engineers 
P.0. Box 11-1036. Beirut Lebanon. Telex; CAT 20616 LE 
P.O. Box 105, Bahrain. Telex: 8436 CAT GJ 
P.0. Box 121. Sharjah. U AE. Telex; 8014 CAT SH 
c/o Incoles Lid-1 Gt Cumbeiland Place. London VV1 H 7AL Telex: 21128 





































QPRIQlUll 


24 



ISHAQ BIN 

HUSSAIN 
MAHMOUD 
& SONS CO. 


ISHAQ 


P O BOX 554, DOHA, QATAR, THE GULF. 

TEL: 328139/22668. TELEX: 4432 ISHAQ DR CABLES: E5HAQ. 

BUILDING CONTRACTORS 
ALSO 

General Traders specialising In Plumbing and 
Electrical Supplies, and Aluminium Fittings. 
Suppliers of all types of Plastic Bags, 
specially printed when required. 

Fleet of Heavy Transport comprising over 40 
vehicles with a maximum load of 25 tons and 
including shovels and dumpers. 
ALUMINIUM BRANCH Telephone: 22668 

CARPENTRY WORKSHOP Telephone: 25700 

STEELWORKS, BLOCK AND TILE FACTORY. 


QATAR Vni 


l^aacfel TSmes Wednesday Fe6nrs^'22 



New steel for 


it h ns prospectus issued last summer, investinent.. tipadror&j^ .t^.tMa 

orientated plant conceived since training in Japan. for ^ t^en into account tion of ^ bound S bwause of ail positive -sorts._ 

the 1973 oil price rises, and 0nce it j s fully operational.-* 0 ™- m 386,000 tons oD?wide of the epin-offe through- 

almost the first pLant of this m lflW . the mill will consume gj 30,000 tons of m WJShSiS assump- Sff-Zvmy over -a period Mibrt* <*.„*** 

type to cone on stream in the eoo .000 tons a year of iron ore JgJJ® jJ fj r technical reasons will be vearT^sS^ a' caicalation te which-SSN ^kff^waiaUe 

Arabian Peninsula as a whole. pe u e t 5 —initial contracts have * . cut from the ends tion ft? of the levels almost inmossifcle to 

Together with Qatar’s other big ^ Iready be en concluded with dfed back into on y 120 1 per eeiat. of the tev^s «J4helgfl«njW ^ ^ 

—rios-two fertiliser plants Erazil Md Sweden. Prom the It « this that **““* lfl7S;:fe 

on stream and another direc t reduction ” Midrex" pro- tile Terence be- optimistic for Qatar, 

construction), a natural cess tbat this will go through furnaces* capacity of On the .basis th 


Tins© gsod reasons why 
Hitrau Mtemationai 
slffiiSdbevour 

dsoT 


feiMiisig choice to 


□ We’ve been specialising solely in The Middle: 
East for nearly 15 years. In fact we pioneered direct 
overland services to the area back in 1963. 

□ Over the past 3 years we have made a detafled 
study of the developing transport options available 
between The UK, Western Europe and The Middle 
East We’ve put men into key areas of The Middle 
F-a^t to follow and assess test shipments by new 
routes and to develop our own f aci liti es including 
a vehicle fleet based in The Gulf. 


menr wiu nave -c^uac- lu uv-very 

find itself Deconung aepei«u«=m win oe smau miniums ux it**- . . much i 0W er transport - vl.. -about the same asjaw PJcased -ft 

on Saudi aid, these heavy Indus- manganese. ferro-silicon, lime of gtee i should, on cheap), water (“f*”®J*®(revenue from 15,000 barrel a b^.vy- mgU 8 to e^,or^^^igi 

tries are going to have to yield (bought from the Qatar Cement costs, Qa Substantially to 52.50 per 1,000 elecj ^ ^ ^ at current prices. p emn 5 ^rrrgdn^te^gatarfs 

profits and foreign exchange for company) and clinker. These JJ| e ™ ice in Saudi tricity (at a fairly standsud wst- e state cannot 

Qatar, because the State’s od materials wUl be fed through ^iTof s£el imported from for industty of 1 cent pv recei , e ^ese.benefits .ft™* *5%S^Sg&fg: 

production has already reached ^ electric arc furnaces with ^ Faj East, but in a kWh), port charges and a site efcfcer profits- or bin^p of.MJJwB^ggjgwe 

a plateau and it will not be very a combined capacity of 416,000 ?“™^: nte ftj ew a senior Qatari rental at a rate- yel: Jo ^ foreign .exchange— from been-to 4®- 

l 0 °7 J _ b u e ,l 0 r L!£fi' d i5I ZHIZ "W'S official, said ^D^vdo^t Sfit W '** 2 ?^ 'S8£*ltS3£ 'SSSlSS 


avaloamy exceeu uie »cvw « mar emerges wm . T ndustr jai Development uo« “3 n should reach fuM 

oil revenues. through two continuous casting JJJ® . r « ntTe sa id that he the construction cost will .. j^aaise there are fiiBt ™ ore thin ^anything^ 

s^asrsiaaa saMjc ss-“ sAsrg 

quite easily. The company is will then be fed JroiLj > g I£ a du mping area for steel $87m. beeri made up erf 850m. of A■ ■ ier 

owned by the State along with rolling null which will produce of their *• poUcy ” of pre- now that..tUB. Qatar .ter 

stPPi nf .Tanan (20 ner different sizes of reinforcing .. rfOOT i n nment of the W PI 


I avoidably exceed the level 
I oil revenues. . 

The basic details of the Qatar machines, 

_ ____:#,«J WlllAte aon TnneT fir iriHM: - . . «_^ *1 +++ Tnrai rnutiK will auauum lv _ ; a ■ u_- J lyp-, 

,Tlhe financing of ..QA^O 1 m -.bpera^ it.fc 

been made np_ a£_ 850m. of - D0 ^ : ler 

capdtaL 870m. of Government plant is.starfing to per 

. Jean, 860m. of form as 

Kobe has a TumKey con- ior construction purposes. Be- in ( ^° e ” or { be a!> advantage that On the revenue' lids therefore, pyobahly rathe 

tract for the design, engineer- cause there is obvious added . _| C _, nueht to enjoy in culated that 331,000 tons/year share _ of the t . _• ■ ^hthhistic to^^ten.vtauthei-stee 

mg^equipmem supply and com- value in producing rods rather absence of of rods selling ^' 5 Sf IL -i? BU 1 uii?£ ;BliU reaaina, almost fpUtfapa 

mrssfoning, plus a separate eight than billets, the companywUl ** ^ptg^peraUons - the and 55.000 tons J ^ciiy:n^^M;^ 

vear management contrart. The aim for 100 per cent of tts 8 c J noniiC s 0 | the QASCO plant exported to're-reUmiB ^ U?**'J ■ a980 * m ^ any. serums 

actual building and civil sa les being in the form of rods. ®° ok ite rosv Temporarily where in the region ^ f ® 11 - ia " perfptMHce. v eouli 

engineering work is being done t nf i ea virm aside the questions of ton should between them bnng ipaa should be redicaUy i‘affecl;’ 1 he.-idate__oi 

by the Taisei Corporation of The eventual °*JJ 4 *' ^^ent of loans and interest in 5115m. This wcul d &ve a the end of 1986. whkdirlhe .Qatar. Qraamwn 

_— +ha morirotinp nf all billets is supposed to run at pay __ aM > n „ntc nrnfir of £23m.. of which $16m. ftmirps aiven above, Wtnch <*+**■** fnr a main 


owned by the State along wim rolling nun wuh. as part of their “ poUcy" or pre- 

Kobe Steel of Japan (20 per different sizes of reinforcing ^ deve i opm ent of the KeVCDUC 

cent.) and Tokyo Boeki U0 per rods (referred to as bars ) _ World as a whole. _ •_ 

cent.). Kobe has a turnkey con- for construction purposes. Be- *u e advantage that On therevenu 

.. • «__ .__ip nhtfim i p enriPn u *’ uu - . _milataH tnaf A-i 


□ Our Management team has probably gbt more 

hard-eamed years of Middle East freighting 

experience than any other company in the UK. 


Call our 

Export Shipping Department 
on West Mailing (0732) 844444 

ASTRARS lOTERSiJCTiaiaJIfc 

At home in The Middle East 


A 


SfickfleEmt freight Tennmil fddingtaa NfcY&MtMilling E« 3 t 
Tet v!733> M4+« TtotecSSJM 


uur \ 0 , IP c*inns of ton should between them oring should be repaw arouim —Mjo^aUvr ;*affect’ .date oi 

Taiser* CoVoralTon of The eventual oujut of rods/ ^vmg a«de m $u 5 m. This &vea end of 1986. ‘.Bijt the profit. S&dS&TSw.^QIaSMD 

Japan, and the marketing of all billets is suPP^ed to wn at .^ es ^ operating accounts profit of $23m., of which $16m. figures given above, wt*?oh ^■ start hopipg.for L .a„majd 
steel not used locally will be 386,000 tons a year. This; fio ■ g ’ lant run roughly as out- would accrue to the State. Once together-with the sum set aside contribution to. its jeyetrae 

handled under a ten-year con- together with dl ^ 0 utp ut a n d ^ These caiculations cumulative profits have reached fe de preda^n represent the from ^e plant . 

srs tsr&ss: “——-«■«- - ae »“■ 


Urban development 


The professional freight forwarding Agents. 


DOHA, THE capital of Qatar, 
must be one of the most planned 
for towns in the Gulf. Two all- 
embracing town plans have been 
drawn up, one for the existing 
town and one for new urban 
development on reclaimed land 
to the west Roughly half the 
population of Qatar lives in and 


around Doha, about 95,000 
people. Most of the develop¬ 
ment to date has been in private 
housing at one end of the scale 
and grand Government buildings 
at the other. 

As Doha did not suffer the 
sudden rash of development 
spending that hit the other 



wealthy Gulf states, and there- complicated land ownership 
fore did not experience an in, patterns Compton for J^ 

migrant population explosion as a .^ uire f a^mSe 

they did. the town is changing risen as high as $260 a squm» 

r-SSsSS Smwsm* 

r« f crs 

r S ™ir? g h l v thp three ring under construction, as well as 

SSSS 

»nd V?-T»SS 

the others ore very near com- sUttons "Lpifolsn 

pletion. 



YOUR EXPORTS. 


TRii^-CEXPEDITION-.. 
■THKNPEX-PcR-VISV-.;' 


T3ND“71 FORT 


p£?.n:r.Ci; 


' GST CAKcb.rrSOVTW. ...TAST. 

■'ro n si• ? ■ ■ ? pi,xe:ic-,cusx.o>"s,cocur.s. vxp.* i on. 
COM?ftSUC:5ilVCR7v%-CV UF.C’4*pP.V SSKVICES. ■ 
£::T5‘.:ty r'»roo”cv',xr*... iO. • 


ALMANA 

Can help you do your business in Qatar 



ALMANA 

BOULTON AND PAUL 


In association with tha English 
Company of Boulton & Paul Limitod 
of Norwich, we fabricate all types 
of structural steel work at the most 
modern works found anywhere in 
Qatar. 





! 




n. 




V 

k 

}m 


a 

3 U 





TRANSPORT 


This company is under the manage¬ 
ment of Korean Express of Seoul, 
with over 50 expatriates with tech¬ 
nical expertise on all types and 
kinds of transport. We have more 
than 50 heavy trailers, some with a 
capacity of up to 400 tons, which 
can carry all types of loads to any 
point in the Middle East. 


SKYLINE TRAVEL 


We have a full staff of experts ready 
to handle your every query or re¬ 
quirement in travel, tourism or air 
cargo to every corner of the world 
out of our modern offices in Doha 
centre. 


MANCO 



Our mechanical, civil and electrical 
subsidiary has over 350 expatriate 
technicians ready andfully equipped 
to carry out any type of project, 
either as a contract team or inde¬ 
pendently. 


1NECO 



Specialists in all types of industrial 
insulations. 


ALMANA TRADING COMPANY 

Brings the best of world markets to the Midde East 

PO BOX 491 DOHA QATAR Tel 262S6 (5 lines), 27000 and 325177 
Telex DH 4221 MANCO, DH 4328 MANA Cable ALMANCO 

AGENTS FOR 


AGENTS FOR 


CITROEN 


Branches in 
DUBAI ABU DHABI 
SAUDI ARABIA 



centres. There is a 10-year plan 

!^ 0IL *. *. overall in existence to construct 300 

The consultant with overall hQusefi # year a shorter 

responsibility for the plmuung tgrm laD for 2 ,600 houses to 
of the existing town is the fee ^^ 4 ,^ over the next 
British partnership^ IJeweiS^- three years . A pre-casting plant 
Davies, Weeks Forestier-Walker £(jr concrete panels has been 
and Bor. The general idea is ^ up ^ Italian company 
to maintain a mixture of resi- ca01 piete this contract, and it 
dential and commercial accom- ^ ^ }een est ini a ted that each 
modation in the centre of towa: jj 0USe> about 190 sq. m. in floor 
the consultants have drawn up ^ ^ around $54,000. 

regulations to control construc¬ 
tion which are enforced by toe a — n lf p 4 m f q 
M inistry of Municipal Affairs. ApPHLdlilJ 

One of the most ambitious .. . .__ 

private sector developments, a Since 1965 the Engineeru^ 
shopping centre, is sited in the Se^cw Depjrtmenti which is 
predominantly residential outer responsjle for _ Uie Phys“*f 
area of Doha on the outer ring construction of the hous^h^ 
road. The development is by put up some 6 ^ dwelling 
Shaikh Ghanim bin Ati al Applicants f prJhe^odel housK 
Thani who is building, at an numbered just over WOOI in 
estimated cost of $ 8 .5m., 80,000 19771 and f ftere««e *roh- 

square feet of mixed retailing cants for firehouses.'The model 
space in a one storey, cruciform houses are tiiose bmlt by th 
shape. It is without doubt the Government for Junior staff and 
most modern retailing complex below; seruor staff 
in the Gulf, stocking all the land and a housing l°auto 
lines normally expected of a build as they Pjease- The 
department store (except fumi- Government’s housing loan 
turc) but majoring on food. scheme, whereby any senior 
The design of the Doha Centre Qatari Government employee 
—its official title, though more can obtain a loan of up to 
popularly known as Shaikh $129,000, interest free, to build 
Ghamm’s new souq—is by the his own home, is administered 
British design consultancy, by the Qatar National Bank. 

Fitch and Co., which is also Probably the most urS®* 1 * 
responsible for the interior. One public project for Qatar is tne 
entire “ arm" of the building, deveiopment of a new airport 
around 20.000 square feet, will to replace the eristing faculties 
be given over to food retailing which have become naoiy 
in the form of an up-market strained by the growtii in^mc 
supermarket. since 1973. Aj ubsId ^ n ^ 

The Doha centre is being built George Wimpey, W™P®y 
by MidMac and it should be Asphalt, ^ .J“* I T1SL S* 
ready for trade by the end of $ll- 6 m. conrt^ct to resuxf _ 

March. It will be managed by runways oi the t 

the Jashanmal group, which At one stage a co:P h 

runs ten department store style si te ■ ^,, 5 ^ 

=■ SL 1TAS 

store, the first time in its 60-year ^f n ^ ril J P ^’ 1^1 Qatari 
mding history ^at the cot ® pAny> is’constructing a new 
Jashanmais have taken up y^p hnilding, while new 
management only j^vais and departures lounges 

Close to h|s new superstore, ^ being designed and 

ShaI ^ G fi^S m nf S Doha's ?™ contracts should be awarded 
up the first of Donas new . 

hotels, a Ramada with 350 bed- later ^ 
rooms at a probable cost of Last year also s«r Mas 
S46m. Doha has always had an major road network nearing 
acute shortage of high quality completion. Phm* one.o£ the 
international standard hotel road to Umm Bab (where the 
accommodation, which even the cement plant is situated) was 
doubling of the Gulf and Oasis completed, as was phase two 
hotels' rooms did little to of the road to.Umm Said and 
assuage . certain roads within Umm Said 

The West Bay development town and industrial area.-.It is 
has been on the planners’ books expected that phase two of the 
for about three years. The first Umm Bab road will be com- 
planning document, complete pleted very shortly—Qatar is 
with coloured maps and now almost completely linked 
diagrams, by the American con- into the Trans-Arabia n High way 
sultants William L. Pereira network, permitting traffic by 
Associates,‘is dated December, road down to the United Arab 
1975. The reasoning behind the Emirates as well as into Saudi 
creation of what is virtually to Arabia and so, eventually, 
be a new town on new land through to Europe. 

Includes the difficulties of .. t* nn 

upgrading an existing town with *■ • 


For further details write or phone: 

Trandex International Ltd.. 33 Thurloe Sq.. London SV2 2SD 
01-58-1 2531(80 lines) Telex: S1702ITRANDX G. 

Cables rTROTEGUT LONB ON SW3, . 




Jv. * 


i Tfn^ 50fl-prus pages . 

ire packed-with advice Ofnbbw ro^ 
behave,^ tbeTavaUahility. cfialcondi. a-._ 
brief pplfticib'ind ecowirOttaswy. or 
each QiHf+jcoiintry; addresses _sind: 

. telephbneintnjibers of .hqjete, '• > *. 

- restadrann^nightriuhs, ajrllqe.oraees,:.- 
^Hpping Ugencies, -shopsf:fl_ospitals. ^, 

^entbassfw and major coftipanlw 1 - 
. in fact/- a U» ostany eft i ng * a business • 

- person cotdS-vrant to ktwiw..- 

•injwteifwbW a>ip^o/the Guff- , 
.wll' find this guide- nvraluaWe..- ' 

-Ia^- E»ettis.-Mp8Blnn 

• 7 : v' - oriitht) Middlemost-. * - 



7 Trade & Travel Pubficatiom, 

poses + 8 pagM eeeUona7^aibBl^4.ln^, , ^ 

^ - c *■; *■., ■ f 1 ■ >•,. /own zzzaAS-.. ™. 2 *■,* •.***■! *. • • i\ . m m 

■ - Piles CI.T5 r post*p«Mi aaiywtiew-. in -Ua warid.: i.. . 

• - - = ' ■.i : i-. r\.f-. r, ~ 



forailtyP esof F i l in S 



Fbi*^s : 

phon^AlteHivJ6tt#tOn3f?d6$Ei; 

ROBoxm^^^ 

Cioha^Qatar. -■ ;.v. 






• Apartof ji; 

Theroute to " 




A fast trerapt^tw&ja. wyat^ 

■East. CRC nrarnda .mSd hsulaaa oHieav\rEf7titHTIfflrtdndsbodS U 


re 300tons in wa*^t and up - to aa'Ipi^ionai'L' 2 & ? >:’f! 


P.aBox C4S% Doha, Qatari 































22 1973 



of an Irish 


BY GILES MERRITT in Dublin 


0 SURRENDER" is the 
tie cry of Ulster's militant 
ilists. and in the wake of .the 
visional IRA's massacre ®f 
'people in the La Main Hotel, 
-'bombing outside Belfast last 
lay night it is a chant that 
ice more growing la volume. 
;r six months of comparative 
" 1 the Provo campaign of 
orism in the Province has 
itenslfied and Mr. Roy 
on. the Northern Ireland 
eiary, must be weighing the 
ices of a Protestant, para- 
tary backlash that could 
k off sectarian warfare. 
ie worsening security plc- 
also has political unpliea- 
••• Oo ooe leveJ-rthe more 
ghtforward one—it means a' 
cning of Unionist intransi- 
c. On another, more subtle 
it is a forceful reminder 
British policy in Northern 
nd cannot be allowed to 
In. the. short-term, the 
. gertce of IRA violence 
fore makes discussion of a 
cal settlement much more 
jit, but in the longer-term 
Jces it more vitaL 
at, at any rate, is the view 
ieing expressed by a cross¬ 
in of hon-Unlonist polili- 
in Ireland. In recent weeks 
fuely sensed interest in a 
of federal solution has 
nly crystalJsed Into formal 
rations by four major par- 
i the Republic and Ulster 
the issue of federal re¬ 
ason will he actively 
ned. The Fianna Fail 
tiinent of the Republic is 
idy the idea, with a view 
oducing a White Paper: 
hie 'Fine Gael and Labour 
:tion Parties are to draw 
icy documents centred nn 
lism; and In Ulster the 
/ Catholic Social Demo- 
and Labour Party Is still 
ig its own proposals for 
rated 32-county Ireland, 
er's three Unionist parties 
lot yet taken much notice 


of this phenomenon. .Their eyes 
are" fixed on-ihe coming British 
General Election and the pos¬ 
sibility'of a vConservallve Gov¬ 
ernment which, they feel, might 
be more sympathetic to them. 
At the same .time, they also feel 
fairly secure With Mr. Callaghan 
in power, fof his-Government 
has brought. them the prospect 
of Ulster’s Westminster repre¬ 
sentation being increased from 
12 "to 1 ? seats and credible 
reassurances that there is no 
question of military hr economic 
withdrawal. 


Little heed 


The Unionists may therefore- 
continue to pay little heed to 
the federalists? bandwagon as it 
begins to roll faster in the 
Republic during .'.the coming 
months. But It la 'precisely the 
more comfortable relationship 
of the Unionist MPs at West¬ 
minster with the British Govern¬ 
ment which for; th.e ' following 
reasons is fuelling support 
among all but the Unionists in 
Ireland for an .equitable federal 
solution:-* Integration of 
Northern Ireland into the 
British political system is, of 
course, anathema to the anti¬ 
partitionist Fianna Fall Govern¬ 
ment In Dublin. But increased 
representation gbring the 
Unionists greater- ;• bargaining 
power at Westminster—and 
making British policy on the 
Irish question even more vul¬ 
nerable to the needs of Govern¬ 
ment whips—is creating grow¬ 
ing resentment elsewhere. 

It was nn accident that Dr. 
Garret FitzGerald, leader of the 
Fine Gael Party and formerly 
Foreign Minister in the Cos- 
grave Coalition Government, 
who had insisted Britain must 
remain in Ulster for the fore¬ 
seeable future, changed his tune 
last week. Announcing that his 
party is undertaking a *.* shadow 


White Paper” based on exami¬ 
nation of a. federal system. Dr. 
Fitzgerald said the aim was in 
find a solution that would enable 
the Irish people, meaning alt 
the 4.5m. people in Ireland. “ to 
govern .themselves, without any 
involvement by Great Britain in 
Irish affairs." 

The .smaller Irish Labour 
Party announced that it, too, is 
reviewing its Northern Ireland 
policies in a similar light. And 
the SDLP arguably rekindled all 
this Interest -in the federal 
option with its publication last 
year o£ the “Agreed Ireland” 
document that eclipsed its com¬ 
mitment to power-sharing in an 
internal six county settlement. 
To these four parties,. which 
represent almost SO per cent, of 
the island's voters, must be 
added the not inconsiderable 
lobby for an independent Ulster. 
For if, in tbgir federal pro¬ 
posals, the southern parties can 
come up with suitable guaran¬ 
tees for Northern Ireland's self- 
governing autonomy the sup¬ 
porters of independence might 
well side with them. 

The emergence of a. pro- 
federal front in Ireland is a 
significant development. It 
might seem easy to dismiss it 
by pointing out that all four 
political parties involved are 
Catholic and that it merely 
underlines the sectarian nature 
of the Ulster problem. But it is 
the first time that the two main 
parlies in the Republic have 
begun to signal a common 
approach to Ulster. 

On the detailed aspects of 
federal re-unification the two 
probably, disagree more than 
they agree. Mr. Lynch is less the 
architect of a southern takeover 
of Ulster than is thought, but he 
remains sticky on the subject 
of amending the Republic's con¬ 
stitution. Persuading Him to 
drop the south’s constitutional 
claim to the whole of Ireland 


should be easy enough, but 
liberalising Its strictures on 
divorce, contraception, abortion 
and adoption would be more of 
a problem. Dr. FitzGerald, in 
common with more progressive 
elements of the Catholic Church 
iiself, believes the time has 
come for a new constitution that 
would allay Protestant fears. 
The Pruiestam Church oE- 
Ireland has called for a similar 
'* Charter of Rights," while in 
the North the SDLP leadership 
has lately been insisting that 
southern politicians must 
speedily clarify the. guarantees 
they would offer the Unionist 
majority. 

The sizeable hard core of 
Ulster Loyalists will naturally 
ignore all these blandishments, 
but there is a growing moderate 
centre In Northern Ireland that 
at least appears ready to listen 
to a serious proposal from 
Dublin if ihai- would end the- 
killing. A poll last month 
showed 47 per cent, of Northern 
Protestants favoured a special 
relationship with the South. 

■lust as much to the point 
the combined support of Fianna 
Fail. Fine Gael and Labour lor 
federalism could have a formid¬ 
able effect on the situation, and 
on international opinion. The 
two main parties are. after all. 
the two sides that fought the 
1922-23 Civil War over accept¬ 
ance nf Ulster’s creation. If 
after almost BO years they make 
common cause on federalism il 
will be harder for Britain In 
insist that Ulster is an internal 
U.K. problem — especially if 
the Republic’s somewhat woolly 
“ legitimate aspiration" to re-' 
unification is transformed imn 
a set nf concrete and reason¬ 
able proposals. 

Just whBt form of federalism 
is under discussion? At the 
moment there are many more 


questions than answers, but in 
the first place it is worth noting 

that *■ CedeuaJ ” is .a misnomer, 

A more accurate constitutional 
description would be condomi¬ 
nium. fur there would be a 
protracted handover period dur¬ 
ing which Ulster would be the 
joint responsibility of London 
and Dublin. Britain would also 
be rxpecied to guarantee 
Northern Ireland financially — 
not just during the constitu¬ 
tional interim but during the 
ensuing harmouisatinn period 
.while the economic and social 
services structures of a fede¬ 
rated Ireland were bedding 
down. 

Britain should, it is argued, 
thus subsidise a federated 
Ireland for some 15-25 years. 
But Uie federalists' argument 
is that even if that meant 
annual cash transfers of. say. 
£750m. ar to-day’s prices, 

British taxpayers would find it 
cheap at that price. The British 
subvention that currently 
balances Ulsters dwindling tax 
receipts with rising public 
spending is about £Jbn. a year 
now and in the coming financial 
year will be heading toward 
JEI.obn. The suggestion is that 
the British would prefer a fixed 
sum to the present open-ended 
commitment to shore-up Ulster's 
snowballing deficit. 

British cash 

Without British cash, how¬ 
ever, the iederai plan would 
find few takers even among 
Ireland s staunchest nationalistx 
Although the Republic is now 
embarked on an economic 
boom, and is aiming for a dash 
for growth that by end-1990 
will have pushed annual GNP 
up 40 per cent to nearly £ 8 bn., 
it cannot on it-; awn afford any 
type of re-uni fit-anon. It has 
been calculated that if Ulster's 
U.K. levels nf social spending 



The La Mon hotel bombing and fire will in the short term lead to a hardening of Unionist 
resistance, but in the long term will it make discussion of a political settlement more vital? 


were reduced and Ireland’s 
increased, so that the two met 
in tile middle, the Republic's 
tax burden would be increased 
by 6 U per cent. 

In this argument, the shape 
of a federal Ireland is probably 
the least of the problems. There 
is the old idea of re-dividing 
the island into the four ancient 
provinces of Ulster. Munster. 
Leinster and Connaught. Alter¬ 
natively. the creation of a 
Gael »c*spea kin g self-governing 
area in the West, it has been 
said, would counterbalance the 
Protestant enclave of Ulster, 
and the rest of Ireland would 
make up the third element. 
More practically, an acceptable 
arrangement might be for the 
federation to consist of two 
self-administering areas based 
on Dublin and Belfast. And it 
has heed put forward by some 
observers that as an instance of 
good faith the Republic should 
offer to cede Co. Donegal to its 
new Ulster partners because 
that would make administrative 
and economic sense. 

How representation in the 
overall federal authority would 
be apportioned is clearly a 
crucial issue, as is ihe scope of 


federal administration. More 
mundane, although just as 
tricky, is the question of unify¬ 
ing and streamlining the 
T'.irthern Ireland Civil Service 
with that uf the south. These 
problems, and many mnrr that 
arc th" result of what Mr. Mason 
recently called the “ separate 
traditions." will occupy much of 
the studies that the political 
par*:-**, in Dublin are conducting. 

There are nevertheless con¬ 
siderable built-in advantages to 
the federal principle that make 
it more than just a Dublin pipe- 
dream. When Mr. Don Cnn- 
cannnrT. who" is Mr. Mason’s 
deputy. visited a Dublin 
» Just rial exhibition this month 
h* urced industry on both sides 
of tho border in link-up in joint 
v sutures. At present hath Ulster 
and the Republic tend to look 
to Britain and Europe for their 
trading partners, with the result 
that their combined £lbn. a year 
market for engineering products 
is 70 per cent, supplied from 
o.jrseas. Yet often an item is 
available on the other side of 
the border. The two economies 
are not quite as complementary 
ao U Kitmeriines suggested, be- 
- • both grew up in parallel 


as British adjuncts, bui there 
remain glaring cases of wasteful 
non-i'uuperatiun. Harland and 
Wolff shipyard has had nn bust- 
□c from Ireland's extensive 
offshore nil search. Southern 

* and northern electricity sur¬ 
pluses are not likely to be 
puoled. Steel -‘melting and petro- 
i...niica! projects duplicate one 
- >-:her. The list is long. 

Backed by EEC money and 
support, a few co-opera live pro¬ 
jects are under way — notably 
the £50m. Duuegal-Derry trans¬ 
port project* io counter the 
economic effect* of what was an 
artificial partition. 

Mr. Lynch, for all the furore 
his recent remarks about unity 
caused, agreed not long ago that 
what he ha> in mind is “ creep¬ 
ing federalism.” U he has a 
game plan, it is probably made 
up of almost imperceptible 
moves that, to begin with, would 
make Ulster part of an econo¬ 
mic federation. Right now. 
though, along with other sup¬ 
porters of federalism, he must 
be wondering uneasily how to 
separate his plans from the 
Federal Eire .\'nn (new Ire¬ 
land) that the IRA is fighting 
for. 


Letters to the Editor 



ification of 



sector deposits which .are not of the Law Society advertise- 
closely related’ lh' amount to ments featuring a character 
public sector spenl&ig. The called *' Whatsisname." 
authorities are concerned with S. P. Best 
“the broader monetary- aggre- 29, Church Hoad. 
sates." attd M3 is most easily Royal Tunbridge Wells, Kent, 
reconciled with aggregate hank -■ 


’ |jr. streets 

President, 

^codemiL ‘’ _ __ 

BJr.~-Acheson : <of Ken- assets rr and thus’with domestic 
rJed Chicken Lmakefrtwo credit expansion. /. 
f fair points In His letter ’ The ' question ' of., the role 
ry • 16>-: replyl 8 g to. my played la this «mtest'4>$r build- 
• of hJs % standard shops in# sbeieties and othPi.iHsa-baok 

. ^ . financial Intermediaries.baa long From Mr. S. A. Gregory. 

fasciq to‘.be effective— been 'debated. We are con- Sir.—Registration is the prin 


Registration of 
engineers 


buting towards the wealth of the 
country, something that can 
always be recalled with a sense 
of pride. 

Instead, as it is at the preseni. 
To pay tax for the first time at 
34 per cent, feels like a mon¬ 
strous douche of cold water 
Remember that njd sons —‘‘It 
ain’t what you do it’s the way 
that you -do U."? .Can we not 
have some legislation sprinkled 
with a little imagination? 

Peter G. Mitchell 
Southside. Fife .Street. 

Keith. Banffshire 


catch the eye^-must it ceiled with .forms near cipal topic within the field of 
be obtrusive,.'and who money which have- sonic of — the Finniston committee enquiry 
itects, for'heaven’s sake, h u t not ail — the characteristics about which your correspondents 
about the uglification of 0 f money The banks may not have written, it is snmetbins 
ettt? ^be-unique in' their cteaftoo of which is still inadequately 
fed, V nevertheless. rt^deposUs: but they are '^more defined and, not surprisingly.- 
lie'_vihiaT-preWem.tlret ttL*»ttoafcPftr- in poorly, understood. .The pros Ationmn 

~ Tor;*hefti' 4 »&t a,add* eons of registration do not UpCUIll^ 


Saturday bank 



must appear .every- on tbl3 fac £ wher^s the multi- JTVcomplain* that the Finn s- 
^yhat Is appropriate pj ier f or ot her kinds of bank and { Dn committee will not be seek- 
-bujy-r -Aventte is -financial iSermetfarles depends his opinion. U is my purpose 
^-. equally *o ^ wijSnSS hold dejoslts function to assert that the 
Dorset ’ inatihi- reverse w? true and to provide 

ittoST- of £- him with the means of giving 

ijp! of Arts, - made bv his opinion. Sir Monty biraself 

sprees « .*» for his 

Jj...Jtae..^me nUKtiitions. committee to hear all people 

Bankscreftathe commodity having to do with or interest 
in which after institutions work. professional engineers and 
Others miy activate — churn engineering. He has also 
up -rrv depositsi which.add tq declared his willingness to 
the totfeJ flow of credit — but gather statements and opinions 

they do not create the means of going somewhat beyond the 

payment - which axe generally lim its set out by the Govern- 

acceptable. In the case of build- meat in the ‘ terms of the 



„ 2 Finance Director ,. 

Si* * fiytund Newcastle 
i ftf***- 


* 




fit; 

i * * 






M 


in g societies, they lend. when_ enquiry. 

_ they receive deposits, to ; reduce The procedure for this wide 

Tie Group .of- Scottish Qi e total of bank deposits only-opinion gathering is the holding 
Directors agrees with marginally (when, for example, of regional meetings. The 
• of fte “tttlp- fljgy themselves suffer certain Council of Engineering lnstiiu- 

aslng As&oGtation ttep- leakages).- Tie liabilities which tions’has undertaken the task of 
> that Lex is wrong.'in flnanclaL intermediaries offer ^organising these. Already some 
there ts-no »rasinie ^ m 00 oy (assets of course in have occurred—in Manchester. 
vbv.Tlessees shou ld no t hands of the owners of with an attendance of 400; tn 
funds) are imperfectly liquid. Bristol, with an attendance of 
They may he “ money at one 500. Id each case there has been 
bhnRrZteai *remove ” — and we must con- adequate time and opportunity 
Maer the liquidity of the eco- for' every firmly-held view to be 
fn thp nrnfltlmi lo® nomy as a whol&— and for some fairly presented and attentively 
and -tlilS the ted of (official), purposes .this■ is the li.stened to by the large auflt- 
__ . measure which may be mosT ences as well as by Sir Monty’s 

cond sort are an aJterna- useful. : ‘ team. For the Midlands the 

MMSxT.Eftw ■ be „„ May 

. and cover a consider- 359, Teehey JJatte. Bebington, aj 6 P-m. in Birmingham. 

?c of assets from eodi- Wirral, Merseyside. Gregory. 

iornr vehicles and plaint •; . The University of Aston, 

lipineqt.- to. long-term * ^Hmningh^i- 

.) ownership of properly. A/Jt/pHlCHKT oriff--Go 3 ta Green. Birmwighon*. 

jbup of Scottish Finance. AUyClIJMug «HU., . -- 

believes that finance . - c ^ • 

iarses "should be written fnp TirOl 6SS10DS 
nroflt and lnss accounL lUC Jr 1 


From .Mr. R. Morgan. 

Sir.—I Feel that the chairman 
of Barcl.iys'Bunk and his Board- 
room colleagues can forget aboul 
Ihe re-opening of their hank un 
Saturday mornings.-. While.they 
will be lying in- thMr- ; -beds ,1 
doubt if they will find sufficient 
volunteers, rushing from their 
homes. :to open- the branches at 
9JO nr probably 0 a.m. 

With the present salary scale, 
even double time for Saturday 
work would not be a sufficient 
inventive to obtain -the required 
grades-of volunteers. The pro¬ 
posed 4 per cent, or even O' per 
week (tess Income Tax in ’both 
cases) indicates that the Board 
of Barclays, In this case, has 
tittle financial knowledge. 

R. 0. R. Morgan. 

*■ Red Roojs." 55. Usk Road r ■ 
Pontypool. Gwent.. 


Air freight 
costs 



ewery. 

Road. 

V 


profit and loss account. 
issets should not be set From the Chnirnum. 
balance sheet. A note British Legal Association 

counts should describe gjj._j entirely agree with the From-Mr. J. A ! icftoIs. ’ 

/ of assets which are expressed by Mr.. P. R.: . Sir,—You published a letter } 

ind should state the pennington-Leigh (February 16) I February 11) complainins of 
- »asins charge for.each and we havc M told the Royal.the unsatisfactory manner .in 
-■ xt seven years, and the (- 0 mmission on Legal Services, .which our freight was handled. 
lUtstandinq thereafter- pressure for the learned It was not until I inquired imn 

'Any- profesrions to ' advertise comes the cost of sending a parcel 

from a number of sources and. measurliiB 32 inches *10 inches 
for an dxpressed variety of * W inches to the U.S. that 1 
reasons: most of them mis- reaLfy appreciated the reason Tor 
L-bieVOusiy. Inspired attempts to .your corropondents concern, 
damage such professions in fact- The cost of air freighting my 
and 'm the way in which they 34-lbs parcel from London to 
are- regarded by-the public. .-Georgetown. Virginia, would be 
If our critics succeed in fore- in excess of £40. When you con- 
iot* advertising upon an un-.suder that the cost nf shipping a 
SStiiS professfon and solicitors passenger like rnysclF weighfne 
gt.irt to cooiDfite inditridualiy in lbs from London tn Npw 
?Ss °d^SmS on rkdio- York is only.about IBS. u mms 
jiT-and TV it will verv soon be 'that the air freight cost is absurd, 
the *?“._* y*. "^“K^dSscern.v/ 1 realise that, passengers do nnt 

room 

Laker to introduce 

_ r. and. honest deal-. 

para-Iegi] ^ng into, what anoears .to. be an 


fining 

5 k. Graces. 

jL^jt ! >Var. D. E. 


Folkes 


13) raises 


■ ji ■ : w VTEr , I ettntputt for the nuhlic to discern v * naiiw mat pa»wnw« «u m 
* ^ ? point about the place for me puoiii. i o .^ et piLrered jrt t7te s3mc wa> . f 

* 08 society deposits in p S2rti*rI*lSn Q or who freight: but clearly there is rnor 

t supply, in my.yluw ’S&ALSSfflT fipSS lor » Fr=dcli 0 1 . 


imagination in 
taxation 


& : i 1 ; 

U*-’ 


tlOn Ml uic mcHuw j. j\ 

stic of money as most P 1 * 1 ^ wvplven), 

^rS^toger^t^ iAou^nStnn St Peter. 

he compares boIUht* ?%£*& 
eposits wft fljos* “ that a strong and independent _ 
whose main concern is profession is our best safe- 
nlxsion of pajTnents. gnard, for poor and not bo poor, 
d he said right, away and for all Irrespective nf colour, 
efinition of the money raqe or creed.- against the 
,ich one adopts depejnds destruction of liberty heralded 

^ " -com- Erom Mr- P. MUdieil - 

trade Sir,—Mr. Dayls (February IS) 

__ _ .jhlsses the. ■point of the tax 

oing'ful than M3. In While agreeing with -'Mr. ^argument completely. . 

5 -a hybrid. We may Penoington-Leigh about the need Ifi there was 'a lower .tax. hand 
*? concerned with the for advertlslns by professional-of, say, 10 per cent, then a 
t : pply as a means - or Institutions (among which I do person paying-rax .for the first 
v «r \h<? vMUUuunitjr — not number, the branks) I have time might eveti be pleased 1 u 
»** Hu do, later alia, public some reservations as'to the style' know that he or she is coatri- 

i ,* ■ • 



Subjects for 
TV 

From Mr. M. Bond. 

Sir,—Mr. Michael Tbompson- 
Noel has drawn = attention 
(February 15) to tht tignifleant 
proportion of “canned pap” 
which now comprises televised 
sport and also the fact ■that some 
1-3,3 per cent, of total broad¬ 
casting is devoted to sport being 
more than the total lime given 
to light entertainment,, drama 
and music. 

Surely BBC TV has a greater 
rqle to play than to pump out 
mindless entertainment .which 
makes no Intellectual demands 
on the viewer. There is a whole 
universe of knowledge almost 
completely ignored by TV yet 
this medium is unsurpassed at 
its ability to.transfer this know¬ 
ledge in an interesting and 
dynamic manner which books 
and sound broadcasting can 
never hope to emulate. For 
many, including the lonely, the 
acquisition of knowledge is a 
pleasure and can .engender 
feelings of self-respect and 
responsibility. 

The subject X, have in mind 
are mathematics, logic, .com¬ 
puters. accountancy, engineering 
techniques, nuclear, physics, law, 
statistics, ethics, thermodynamics 
and so on. The Furor nf presen¬ 
tation could *bc similar lo that 
pioneered by the Open Unlver 
slty with the-BBC. 

That the BBC should have tn 
transmit a test card seems like 
a policy of despair. The extra 
cost of puttin? out a'repeat nf 
one of the many- excellent lan¬ 
guage. decorating, conking . or 
drpBS-mnkins courses must be 
.minimal, and with t.5.m. unem¬ 
ployed _ some new afternoon 
courses' dealing with the prob¬ 
lems of starting a new business, 
carrying out. market research or 
how to Invent, raiaht prove help¬ 
ful; ' 

By giving the -fourth channel 
to I TV the majority who want 
undemanding entertainment will 
be well catered for. {earing the 
BBC with two channels (n con- 
centiale on nvcellence and edu¬ 
cation which would be of 
onnrmnnc fwnefii fb thp country! 
5L G. R Bund. 

744 Chelsea Cloisters. SW3. 


GENERAL 

Labour Party national executive 
meets and is speeled to discu.->s 
demand i»y party’s Home Policy 
ikunmitiee tor refiaiionary Kuilget. 

TUC General Council meets. 

Steel workers' pay talks resume. 

Prime Minister speaks ai Parlia¬ 
mentary and Scientific Cnnimiiiec 
annual lunch. Savoy Hotel.-W.C2 
. Mr. Eric Varlev. Industry.Sec- 
rotary, ends three-day vi«H id 
F rance Tor talks on industrial 
collaboration. 

Mr. Edmund Dell Trade Sec¬ 
retary. ends three.day talks in 
"Warsaw with Polish Government 
Ministers 

Mr. Stanley Clininn Davis. 
Under-Serrct.irv. Trad»». »ddr* , **e« 
Royal, \ernnantical Spritdy sjm- 


To-day’s Events 


liosium on Government White 
Paper un future airports policy. 

N’egou'aiing conference Tor new 
International Wheat Agreement 
continues in Geneva. 

Accounting Standard*: Commit¬ 
tee menu minor lessees to estab¬ 
lish pniciiu-ibituy of new draft 
siandard (le.'ilinu with treatment 
of leaded assets in company 
accounts. 

Financial Time-: two-day con¬ 
ference. Business with Spain, 
onon- in Yladrid 

I>»iirlnn I’hnnihcr of Cnmmerce 
«em‘n:ir. Makine a Gate for 
Finance, till. Cannon Sireet. E.C.4. 
Id a m 

Sii p'ter Van reck. Lord Mayor 
nf l.nndmi rfrei'r*. ParJisimentary. 


delegation from Korea at Mansion 
House, E.C.4. 

PARLIAMENTARY BUSINESS 

House or Commons. Scotland 
Bill. Third reading. 

Hnuve nf Lords: Debates on 
profit-sharing: and on report of 
Working Group on the Library. 

Select Cnmniiticcs: Natinnali*rri 
IndiNtne-. t sub-committee Hi 
Subject-.Central Electricity Gene¬ 
rating Board report and account v 
Witnei*«i*s- CF.GR (1045 a m.. Rnnm 
S>. Esnenrtiiurc fSocial Servui** 
and Emplovirient <uh-cominittec) 
Subject' Employment anti Train¬ 
ing Wiijacssps- Association or 
District Counfils: Association of 
Municmn! Authorities: Association 
of I'ouniy. TViinirib »4.:!« n »n. 


Room lGi, Science and Tech¬ 
nology. Witnesses: Mrs. Shirley 
Williams, Education Secretary, and 
Mr. Gordon Oakes, Minister of 
State fa p.m.. Boom 151. 

COMP WV RESULTS 
Carrington Vtyetia t full year). 
.Inhnvnn Mitihey and Co. (third 
quarter results). 

COMPANY MEETINGS 

Bond Streni FahriCb. Leicester, 
II. Cnimirviidp Propertiec. Win- 
che<ter Huu**e, EC.. 1105- Englinh- 
Chma «-l-ivs. Hide Park Hotel, 
s\v. fi.tfi I.hi-s Foundries, 
IJi*rhv. 12 McCorqiindalc. Basing¬ 
stoke. 12 45 N mMi- Slone. Newport, 
Isif nf Wight. 12 13. 

OPERA 

Royal fhiern prod notion Of 
Mad'I me lliirn*rdv. ( ov«*m Garden, 
'V i- 2 r:t«i n m. 




Bluntly, the arts in this country- 
theatre, music, film, opera, literature, 
art and bailer- need money if they 
are going to survive. 

But this is'flora charity 
advertisement 

ABSA - Association for Business 
Sponsorship of the Arts - exists to 
encourage the growth of sponsor¬ 
ship for the mutual benefit of both 
business and the arts. 

We regard sponsorship as much 
more than mere philanthropy. 


Many of our member companies, 
like Philips IndiistrieSiMidland 
Bank,Imperial Tobacco, and 
Marks and Spencer, are already 
testifying to the benefits of their 
involvement with a whole spectrum 
of cultural activities. 

Arts sponsorship is one of 
today’s most exciting and worth-* 
while forms of promotion. 

Find out more now. 

Whether yours is a large or small 
business, return the coupon for - ' 



further details of ABSA its member¬ 
ship and its services. 

Association for Business 
Sponsorship of the Arts 

I To*. Association for Business Sponsorship I 

j of the Arts, j 

3 PieiTepont Place, Bath BA] 1JX. 1 

[ Please send me full details of ABSA. J 

1 Name _ I 

j Company _ ■ J 

I Address i 


This advertisement has been donated bv 
PHILIPS INDUSTRIES 
in support of ABSA and the Arts. 


► 11 


L 


_l 


















Financial Times Wednesday February 22 1918 



DIVIDENDS ANNOUNCED 


Securicor 32% higher at record £4.5m. 


BOC_ 

British Car Auction 


RECORD ure-1ax profits or H -Bni. 
up m per cem on the previous 

year, are reported by Securicor itinEY Tft pnu 

Group for the year lu September INUCA HI GUH 

SO. 1077. Security Services, the 

j^tfd subsidiary. contributed Company Page Co 1 

fd.sm. asaIns) the -ecurity . --- —r 

division accounting for JIS.S4.ni. A *t ul * » ec s- _ J_ zo _ 8 

(£2.60m. I. BOC 28 I 

1070.000. or which GBiiJNU uus Br.mh Car Auec.on- U __ 7 

earned by Security Services. In- British Enkalon _27 1 

eluded under this division are the i ail H ” 26 V 

earninss or Chiswick Gar.,=e and Br,tl ™- Und -“- 7 

property and hulef ••ervice.s. The Brotherhood (P.) 27_ 4 

K? f “P, acquired Richmond Kill Camfo'rd Eng's- ' 26 2 

Hotel in June last year. • ^ --, 

Group earn in as per 2>p \h.ire City Offices _ _ 26_J 

are shown to have risen from W2p Drayton Commercial 26 7 

to H.fip and the total net dividend ■ - - -„- 

is stepped up fmm I I2214.ip to EMI __ z '_“ 

w Hh 6 lin>,, Paynuni of Kursaal 26 8 

n.OoSSp. The Security Services ^^ 
final is 1.32l7p nei for" a l.nssrp 
fl.iSOjlfip) total. 

■Wr. Peter Smith, chairman. ,... .. ., llh n.,nh w.-m 


1977 H24.3S1 ahead at £1J21.9M. 


Current 

payment 

Aquls Securities .. '0.43$ 

City Offices ....- ...2nd InL Olio 

Muldram Investment . U3 

PetWand Idv. Tat.. 3.1S 

Rutuflex . 1.13+ 

Securicor . 0.1*6 

Security Services . 1.32 

Websters Publications 

2nd int 0/34 


INDEX TO COMPANY HIGHLIGHTS 


The second interim dividend Wesl Coast Trust . 

per 23p bbare is ti.95p not, lifting . 


Date 

forte- 

Total 

Total 

Of sponding 

•Tor . 

last 

payment 

drv. 

year ‘ 

year 

_ 

o.ns 

0.67 

0.6 

April 7 

0ii4 

1.72 

L.54 

April t0 

1.13 

1.83 

1.05 

_ 

2.33 

4.05 

3.4 

__ 

0.44 

l.U 

0.87 


0.S6 

L25 

1.12 

— 

US 

1J99 

1.78 

Mar- 23 


— 

1.2 . 

April 3 

0.5 

0.75 

0.5 


midway deficit 


Page _CoU 
~ 26 ~ 8 
28_1 

26 7 

27 _1 

26 _1 

n 4 

26 2 


Co mpany ' 
Macktnntm (Sc otland ) 
Manchester Ship 

Meldrum Invs._ 

Norfolk Capital_ 

Notts Brick__ 

Pentland Invs._ 

Rotaflex_ 

Securicor Croup_ 

5mallshaw( flL)_ 

Webster (S.l_ 

W. Coast Invs. 


Pag e Co l. 

~17 _ A 

28_ A 

“i* _8 

27_3 

~27_1 

2 7 2 

__26_ A 

26_1 

727_3 

26_ A 

26 8 


the Total payment from 1.54p to Dividends shown pence per share net except where otherwise stated, incurred a £S.97m. loss. 
1.72p. ' Equivalent after allowing for 6Crip issue. fOn capital Given- 8 COI L t - 1 ” ll ®? 0 2. 


AFTER LOWEBinterest:. charges rentals of" around £Un. per 

of £8m_ compared with £9.31 m. tije annum. 

pre-tax deficit at British Uad Co. FoJJowins the conclusion of the 
was reduced from £2.4m. to company's. French development 
£2.02m. for tho half year -Hr Sept- programme and~-the lettins of its 
ember 30, 1977. For the whole of London head office a surplus of 
the previous year, the company per annum is expected. 


After a difficult period, for retail 


Lisp. 

iUro»? in-.-om'- 


1577 

i?r<. 

iji.iifi.' 

Pro-UK profk 


m.«4 

WJ8J 

Tjiarioii 


«a.siT 

4WJRS 

EsrraMnUBarv 

croiit- 

sji. wr 

-i't 00: 

' To can li <»r 

reserve, 

- Debus. 

lr<»ni 


■ Equivalent after allowing Tor scrip issue. tOn capital Given,-a contjnuatnm oftrading, compounded by the poor 
increased by rights and/or acquisition issues, t Plus supplementary economici conditions, thatgnctOES gunner. . subsidiary Dorothy 
fl.on3767p for 1978. state that.a return to profitability Perkuis enjoyed a marked upturn 


reports tha i livnrt •!-■«. - "’Lrf the pre-tax t*»iiil. although start-silencer systems to the IK. 

bv £7 im dfirin" e, Th Ca «ofr U P in Eiirop-. arc gradually motor industry and development 

\Tthounh Ihu h?c i being eliminated. Meanwhile, of this new venture is going 

in so nip 1 SXJXL*? £?**.'£ -Meeting .he group's labour- according to plan. 


capital r’5:tvo : 

Accounts of the company's sub- 
sidijij in Zambia have not been 
consolidated: however, the dix i- 
dend declared by th3f com pun > 
has been included. 

Rotallex 
advances to 
over £Hm 


ISSUE NEWS AND COMMENT 


Menzies scrip package 2 

SUCl 

and £4.6m. profit forecast ™ 


can now be envisaged within a in the second, half. This retail 
shorter- time scale than seemed business Is. earning a good return 
likely Iasi autumn. bn Investment and. given reason- 

The company's property ..port- able retail conditions vDI make a 
roiio remaiiKpredommantly free- major contribution to revenue 
hold. ‘ with early reversionary next year, the directors add. . 
prospects and with a substantially W. Crowtfaer and Sons t Brick- 
improved pattern of debt makers') with Box Corrugated 
maturity . Containers continues to be very 

First half results do not.reflect profitable. 


John .Menzies. the Edinburgh looks to have continued into ^Tme‘orS9“(Wo“attri- 

bused wholesale and retail news- January but bad weather in scot- hutable^deficit jumped ■ from 

agents. booksellers and stationers, land and tho North has disrupted diX 5L, „ mr oog. Aaain no 

is proposing a scrip package of sales in February. Wholesaling, int ’ iTn dividend Is to be paid— 

Preference and Ordinary shares, which generates around wo- d pa^ncnt was 0575p net 

With the package comes a thirds of turnover, also showed i n rJ^Lf/r [079.74 ' 


the . fundamental Impact - of 
success fa) refinancing and -subse¬ 
quent property sales, the directors, 
say. ‘ 

After a tax charge of £65,090 
f£2.037.000 relief) and a minority 


See Lex 


AFTER RISING lT7o.nuo to With the package comes a miras oi turnover, susu snuncu . resneci of 1973-74' ' ' 

£690,000 at midway pre-tax profit group estimate of pre-tax profits a furUter advance in thc wscond The^roup has sold a funher AFTER 

nf olm-trif li-hl and Fnr ihn rpar In faninra 9S nf half last Y63r blit DUrCins WdY _nrxrvi- _■_ 


L 2**1 

£175.000 


id Ordinary short 
package comes 


in some reduction of net cush 
balances. Ihc group still h.-is 
adequate cash reserve* fnr irs con¬ 
tinuing growth. In view or the 
continuing high I.-vel or annual 
investment in vehicle- and equip¬ 
ment, {he directors no longer 
consider it necessary to provide 
for deferred tax in that regard. 

Gw pros-peels fie -.ays that hear¬ 
ing in mind the prr«vm cxlcnt of 
the group's opcniTinns. both at 
home and ovcr«eus. and the in¬ 
creasing scope Tor nmuress which 
the breadth of iltnse npomrions 
now a fiords, he Teels there arc 
grounds for optimism that pro-- 
perous growth will be maintained. 


lnteiisin- qualities isnqie 70 per The group's direct cxporis, par 


Peak £0.4m 
for Aquis 
Securities 


1lw . k-— j- - - - h l| n , aP „; ns mav me group nu suiu.« nuiu« ai^iujk a tviuuti increased 

for the year to January 28. of half last year but margins may ^ pp rlJei lnler ^ t payn r, eat of £716,101 

£4.6um. compared with £3.1m. for have been squeezed sugntiy as a . .■ .. K n v. n _, mmp of rcahsa- vainer raoirni nm.i» nM -of 


rrrn U p result of a ocw wage agreement S“L ? - «... 
“have an d ranch higher incidence of dis- i 1 ® 051 "* a 

rtiption among newspaper pub- pn ^| s 

issue Ushers Group profits m the 


w imub . |/. T ho at least £3m. 1 Contracted sales are expected. Gross rentaf income was n.07m. 

SSiftllISS de priding upon y thc level of any l.wlrh one exception involving some (£0.93m.>. and. after property 


1977. 

Gross rental income was £1-07m. 


2k per cent. t:ix vh.ivgc the “A" Profit* earned Iasi year and su hsidiary. After tax and pro- 
-tun- ai «4,» -tan.l on a P E of tho.s,,- ai rr cntlv hein= earned are acquisition prolils of £33.500, 
4.2 and livid 3 |H-r cent., while a cliroct re^uh nf inicMnicm (£H^»U0i Trom the total of £32.2«0 

pohckvs implemented aTUr the {hp at^hiiiHblc profit of the | 


Preference share for erery four 


1 he iirdmai'i share■ 

far i-j|(i|u< 


arc on -imi- 


first rights issue in 1073. sr0UJ , emerges at £«S.tt 

The £l.7m. rights issue in June (£4t>H.fi00). Earnings per she 
1077 gave the company a firm arc shown up from 5p to 6.7p. 
capital base and enabled it to Mr. Michael Frye, chairma 
Ciller inti* new borrowing says that changes in currem 


.1TL Fgjo IjJJiJ posing a one-ror-one scrip issue 

Famines ner Jh- re oF 2 ~'P Ordinary shares, 
n rrom 5 d P io fi 7n Thc new Preference shares will 
io] F^vc P chairman CSrr F a fixed anuai dividend of Dp 
'dneoV i»L to be paid half-yearly on 


Turnover 

io:- 

i :s 

•lll'ltl 

Profii before tax 

1.520 


S-.-urily 1;vi-inn 



Hianct division 



UK in . 



^t-.-rseas ;as 



V.» prnhi 

i :4'. 


Minority orofiii 


5'.-; 

Ev. fa ordinary d'.biii 


_ 

Available . . . 

. . i.-ui 


Prcr diva. 



Ordinary ilivs. 

ud 

nt; 

Retained 

l.r.l'l 

l.n'lll 

- Restaivrt due t« ■ 

. n.i>u- * io .i- 

■mill). 


capital base and enabled it to Mr. Michael Frye, chairman. 

enler into new borrowing says that changes in currency l J ct \ 1 1 .° ^5 

arr-imgemcnlx wifh its bankers, rates reduced Ihe operating profit April l and October 1. First pay- 

thus laying the foundation Cor by 137.4IW against a £l23.ont) “lent is due next October. 

further expansion and increased increase Iasi time. Year end t' 1 ®. proposals are im- 

proiif ability in Ihe future. .Mr. conversion rates cut reserves by Piemen ted, subject to an ®GM. on 

Citroen remarks. EI7.IO0 f£l76.3H0 increase). 3larch 20. the group Intends to 


Watmoughs’ 
£0.4m. rights 


only where they are particularly gross contract prices of buildings 
advantageous. Short-term debts and land sold totalled n.aftm, 
repayable within one year will (£187.000). 


then be reduced by. some £30m. 
from £66m. at March 31. 1977. 


These completions will produce (£159.555). ;- 


After tas or £218.657 (£173.363) 
net profit emerges at £202.062 


ment is due next October. - p r inH n a croup U'aimoughs a. net. surplus on-property dls- Minorities of £A922 (£4'^44). a 
If the proposals are im- /u 0 |^ ng5 j j s i n tending to raise posals for the fuft year arid credit transfer from retained 
Piementrd. subject to aa SWI.011 £435 opo by wav of a rights issue, revenue losses wUI be offsert earnings to cover ner interest 

\lnrrh :<U. trip L'rnun intpnas ra ™ - . . -■« . __.,_ _r __.j _ _ ___. 


increase 


THE FUt-ST Ic 
irufrcni year 


few iitonths of the (11.27m.»—as reported on Decern- a severe deterioration. 


Cunifnrd her 23. Tltc net dividend 


llic group 


i.-'-.i Engineering eoiilinuc to justify raised to 3.37p (3.35pt per lOp su-engthen 


in; polic.-s lur iivt,-..i- • 
crpc-ndirnr. and d.-t rr-d i.tx. 

• comment 


thv diredor-' eniiudenco ahoul share 
.‘:® , .'.'li Ihe future Mr. Lionel Oilmen. . "’il 
' 1 thv chairman, tells members he highe 
M-twir,!; cvpecu to report further were 
increases in safes and profits m •*» .' 

1W77-7S. onion 


wide, and lo develop 


w Despite an industrial dispute at bc “ n 

Only about 3 per cent of the 2:5 a major customer which lasted traded 
per cent rise in Securicor for -cigral week- all of the plants 
Group's turnover i-. due lo pn-v hi thc croup arc working at a 


Jlarch -0. tne »roup uitencis» to -j-^ e issue will be on thc baais of against the lax surplus generated charged on an investment 
propose a final Ordinary dividend 0Bje .f or .f (mr | 0 Ordinary bolder^ by. these sales, so reducing development of £19.4S& LE35.S73) 
in ie>pect of last year of ai a price of l52p per share. In attributable deficit. - \ *• and an extraordinary credit of 

n0 ^- ...... „ the market the shares closed 5p - Gross rental income r'.fpr tho £23.492 (£aLX72 debit) leave profit 

On this baste the group says Wgh e f af sip. half year amounted to £7.4m. at £24CUW? f£W0.696). 

lhal the gross income from four nev . ordinary shares will compared with £Sm„‘ reflecting .Basic earnings per share are 

V r „5“, ry # 5 har *irank for the final dividend. Which properly dMpovais. However, new given at USfSp rO.Tfio) and fully 
he -».ap- wft/i the aotmiortM directors are forecasting af lettings and rent reviews already diluted-at (K83 r (0.76p). 

Ordinary shares and preference .j^jp per s hare. This will make included increase rental income A final dividend of 0.445i4flp 

fine the eauivalcnf inronie would 3 toIaJ ««>«* d,v ’ id £ Dd , f , or 1Q ^ by 1730.000 per annum. . ■ . CMTSp) net per 5p -hare b to be 

w f-i i.f et l u,valCTl1 Inc0tll ° wouia year ending December 81. 19f>. . The Kensington High Street paid and takes • the total to 
ntlfin-s- in the ne.i ch ar es are St 3 ' 5 >* per share-an Increase of developmenL the next phase of 0.670149 agmnst 0.6p. A sup- 
^1/in .fLri nn Anri 11 53 P er cen1 ' over the dm(ieT,d which is now financed, and the plementary payment of O.OD57fl7p 

rin »hP trading Front the croon pa « f S. r - J w' 8 : .u ■ Aidersqate offices to be completed wil lalso be paid following change 

si n & ‘aftKa?a =. ? n , ** ns Should produce additional in ACT. . 


up is continuing to existing Ordinary shares would rank for the Gnal dividend, which properly dl* 
Its management world he 2tf.3p. Uitfi the addifional tbe directors are forecasting at lettings and 
lo develop additional Ordinary shares and preference ner -hare. This will make ^mi.t.T.tort ir 


Group's turnnver i-. due lo pruv in thc croup arc working at a 
increase?. So thc lal.M figure- higher cap:icily than they were 
are reflecting real uiowllt. The .'«t fhis time las t year, he says. 
major growth area of ihe group The company i.« now progress- 
is thc special delivery pan el - r- j, K . l . e ); m t)ic expansion of ns 


major growth area «r ihe group The company i.« now progress- PfO^EGSS 
is thc special delivery panel - r- j„» llV ); , n )j,c evpansion of jjs _ _. - 

vice, which accounis for around existing nvituilecturing eapaciiy L-<. 

30 per cent, of (.■ K. sale- tor m order to .ihsurh 'he new pro- IJ \ V > 11. y 

around £S0m.i compared wifh 27 d Ui; t ranges. Ai Henier Hemp- * " 

per cent, in the previou- >var. stead long-term tnve-lnieni plans APP » 

and more in term- of proiii- In ; „v nvarlv fompkted and Ihe I STf I/bilC 

the finance division a lull-year en-iing foundry should 1 his year v/HIvviJ 

contribulion from ihe Fnrtl begin »o make a < oniribuiion to ‘ 

dealership of over iTClfMlrtO hcipeif -he ■.■roiip'- profit*. CfJ.Yl l.\L lAH the steady pro- 

liH profit- bj nearly a Ihinf Kir The direnors are pleased with ire-* made at midway, when an 

the oven-pas operafion- haie yvi the initial prog re** being made improvement from E4.i0.OOO to 

to raake a sigmllvanl vontrihu'ien by Gilict. Pre-Star and To which £523.0011 was reported, pre-tax 

—renresenlin'.' under a tenth <•{ i.- n<*w «nnolvlna exhaust and profit- nf City flffii-cs Co. fim-hed 


(nil) had of the anticipated gradual cu>- On the trading Trent the croup On rhis basis !he ex-rights yield 

not con- nomic upturn in Ihe U.R. and says that Christmas trading had j s 7 J p er c gnL The Treasury has 

Europe exceeded expectations and' this ive ' n ils consem to the increased 

Accordingly l»7S results are had led to the better-lean- dividend 
expected to show further int- expected profit*! estimate. While the directors believe that 


expected lo show further im¬ 
provement on thc 1H77 record. 
The outstanding 30 per cent. 


While the directors believe that 
the resources and facilities 
The outstanding ofl per cent • COmfneni currently available to the group 

interest in Infcrlumen will be Around 48 per cent. oF John are sufficient to meet its current 

•mu* *°sj 3 j u * •S’^gdaioO- and henries' equity is held by direc- requirements, they consider the 

will be paid m two instalments. , nr „ ...j immpdinip f.imilv hut the rime ri»>ht tn enlarge thp nroun’s 


one forthwith and tho other 
interest free in January next. 
f>n capital increased bv the one 


nearer two-thirds. A scrip issue expansion, 
of preference shares is one means The nevi 


for-ten-rights ivfitie and as then 1 j,y u-hicb money can be fa ken 


the^^^esourc^i* 1 * and facilities BCA jumps 62% to 

currently available to the group _ _ __ 1 

£0.7m. and gomg weU 

tors and immediaie family but the time right to enlarge the groups .• ■ O 

total family stake is probably capital base to assist its future A 6i pER CENT. Sump m taxable per 25p share for a 45p‘ C4p > 
r,o-.rnr twn.u,irrt« a scr.n issue expansion. . flamlBRs from £443,145 to Fri5,670 total. - 

The new capital willI P^Tde a waa achieved by British C&r Aue- Total assets less current ttabili- 
balaneed and ucxibje stxuctute to j jai1 croup far the six months to ties-at* end 1977 were valued at 

nil nnrcmiill tpa nvpr tnfi r__ ... ** __-_>. -_j __■ _•_ 


• comment 


fiance ihe ref urn on the overall authorised capital. Subject to 
investment with the Ordinary that meeting approving an to- 


This iii/i iT.-.jtNityjr iipptnr.\ m o ;iuiiter of record only 



dinonc m which Ihe group had been anticipating and ihe payment io full is March 20. 

operated for most of la<» year -hare price rose ISp yesterday Advisors io Watmoughs 

fnfartex designs and assemble- u, SMCp. Rcliitlinc had a very Singer and Friedlander 
''Chung systems (mostly rnr t-om ^ 00 d Cbristmab and the boom brokers are Cazenove. 
mcrrial pronerries) and »irh i h«’ ' 

ecunomie-or rhe I'.K. and Eui-nno m , - rb/W 

sas Yearhngs back to 8% 

and u u h new develonmcni a O . _ 

rarity, /-omivfizion has been THE coupon rate on this weeks has raised £|tu. through four 

lough Desr>iie this, sales volume batch of yearling bonds is up variable rate bonds matt 


The half-year figures could have 
been better but more than 
£109.090 was “lost" in rbe two 
weeks shutdown over Christmas 
and tlte New Jfear, the directors 
state. .... 

Normally the .company works' 
over bank arid public holidays h> 
sustain thc flow of business and 


West Coast & 
Texas Trust 
advances 


LEEDS CITY COUNCIL 

£7,500,000 

Medium Term Loan - 

Managed by 

Hill Samuel & Co. Limited 

and provided by 

Banco de Vizcaya Coutis Finance Co. 

Hill Samuel & Co. Limited Mitsui Trust & Banking Co. Ltd. 
The Nippon Credit Bank, Ltd. 

Introduced by 

R. P. Martin & Co. Limited 

December 1977. 


f 20 ncr eenL „ Af1er M Tilth week s issues are: London 
V7 1 ? UarJ * > T- l r a,l;n = W* 1 - Korouuh UF Enfield f£Lm.), Tun- 
tlttinnh delcriorated, bin prod- briA . i(1 Wells Borough Council 
ahilf.y was helncrl tea ftehrrnms ,i; m .). London Borough of Laro- 
or management and financial con- j, e th i£inu. Stirling District 
'™ ls - . »Wpe»»- io have oounci? (£lnt.). London Borongb 

been held un'il the fourth qunr- flf nalfiel ' ( £i m .). Cbester-le- 

fer. but then t ame under nre.ssure Street District Council f£im.». 

3-s thc effertq nf srerltnsi bn- Lanark District Council (£4m.l. 
?T3123f nt WOrke< ! throu!?h - l'est Valley Borough Council 
£160.000 turnround lo a lnading Arun District Council 

exchange >o<» of SJj. 400 offset the London Borough of Uil- 

gams From a fir>t-rime co-frih-i ;| n i;don t£lm.). London Borough 
iron from Kiemsfra and rhe in- P r Hounslow tftmA, Metropofitan 
creased profit from Interlumen's Borough of ' Solihul t£jm.), 
move to a full subsidiary. Strong Cheshire County Council (JUra.), 
demand .or new product--, -aic'i Middlesbrough Borough Council 
115 tuhetrack sj-stcru has helped Castle Morpeth District 

sales, but trading condirfons are Council f£inU, East Hampshire 
still tough, and rhe group may he District Council film.), South 
in for i fla'ier period ibis year. Herefordshire District Council 
The shares yienj i.9 per cent. Etterick and Lauderdale 

-df .ilp. Thc p'e is 7.4. District Council f£Jra.). 


MANCHESTER i*n l SS ,1 «».n ^ 

GARAGES—90% {.%uctrons proceeds ..— 47.7^.000SB.te^WW Net asset 

Manchester Garages’ rights ot£m*raJw 7&5p (82 - 3p ^- 

Issue of 32m. new Ordinary IQp Pre-tax prom _— 7tsAn onaos. 

shares at 21p each has been taken Taxjrtoa . :aMiW ' 


lilSp per lOp share. 


given almost doubled at l. 1+p 
(0J8p) and the dividend is 
stepped up from 0.3p to O.TSp net. 
Net asset value per share is 


.'L „ im&on lxmaonjwrousu “ in 2S7fl38R sh»ros Wrxrnimury debit ... i.719 - - 

.he m- 0 r Hounslow i£jm.), Metropofitan U P as Atmbaubie . ssosm mt.hs 

lumens Borough of Solihul f£|m.), per cent.l. The 320.402 shares not • 

Strong Cheshire County Council (£t?ra.), taken up have been sold in the m rommGflt • - 

ic .-». n -1- r-—market. v/uiuinv'<* 


MID-SUSSEX 

WATER 


Excluding acquisiuons, we stated _ _ —— _ _ * 

62 oer cent- improvement in tax- *787 Sill I 
able profitsfrom British Car / iJVv 

i*TpS 5 -SSh^SSS anew k **mrmr* 


Meldrum Inv 
finishes with - 
£387,500 


LauaerdJie "niun -a pen cem. 

•)• Unti**writing has been. com- STmip teop a strong'IbvEStnwant '.-T 

raring . emt for •»•*£.hjMr 


ItivEStmebt .-TriiBtriWS. 1977 y#as 

macginatty-aheadfronf £359,MC»ito 


parable period 


S W-^^. 4 . T\io-.vear bonds carrying a pietetf ror an otter tor ^ sale ny marginaTly^ -Ahead : f£fraS 23S9.MB?to 

. \V ebster coupon of 01 per conu at P3r. and tender by Mid-Sussex \\ate r Com- arm jotpipe ra £3S7^0B. :per. #5p 

e ». * due Febrtraiy 20, KSO. have been W or ll^m rper cem. 

talk fO ^Jm issued by IsIwth Borough Council Redeemable Preference Stock. :5 m iSlSonfS& 

Idllb XU. *.-4 in. r£.’ni.) and Eastbourne Borougn «»S3. w tfSer--rim;' ; A ^at dlyiilew^Qf4323p;IKts 

Samuel Webster and Council i£lm.). Brokers to the-tssue are Dennis heaw commercial vehicle market n^; riotar to (1.6fe). 

’ub.-.-j'arj Of Grand The London Borough of Tower Murphy. Campbell and ; hall i aS t suomietis hlreafly'beJ^ivn»n'g-'Jw'Lend a^Tfiyalue : r $as 

n. re pari* pre-las Hamlets has raised £Itn. hy wny detans will be available t o pay off. Thre market ha^con- higher at. 57^p (iiajrK- ■ ■ t*. 

.\n from c;.4bi. in 0 f io; per cent, bonds due Feb- to-morrow. tributed around-a tenth of'the . 

Ihn l-o-.r 1 ri luilnhnr 1 ....... io foci n. ... _n.. ii.__ n..._T_ • .- •• • • /.. . - ‘ • A V' * - •'MV. 


Brcwets Samuef Webster and Council i£lm.). Brokers to tl 

Sons, a sub.-i-J'arv of Grand The London Borough of Tower Murphy. Car 
Met repo! it in. rsp.ir:.- pre-tax Hamlets has raised £Im. hy way details will 

nretiS dvwn from e;.4m. tu 0 f ip; | 1C r cent, bonds due Feb- to-morrow. 

£:iJRoi. for <hc yer<r lo October t. ruary 38. 1981, at par. 

ly.. on of £24Jl3m. against Kyjc and Carrick District Coun- ^ _ 

£!1.9Sm. cil ha< raised £Jm. by way of MIDLAI^ 

Aef profit emerged a* rLS2m. Itfc per cent, bonds at par and 

umpared with £l.r.Sm. affer tax due February LG, W8S. pi HCPC 


of £1.54m. f£172m.i. 
I.I.viJfnJs ab»nrb 
i £ 1.10m ). 


Ordinary Four variable rate bonds have 
£L2Sm. been issued this week. .South 
Herefordshire District Council 


Crown House has a lot going on behind 
the scenes -at the National Theatre. 


KMisMlnUTpAJ 
£50,000 :f 
at lialftjuxie; || 

Malta hotel ancf 'c&fao ov&idrs 


r lU . '*>V 


m 


m 





L •- 'Lorn Ion’s famous new theatre on the South Bank is one 
m ■ 0 f many outstanding recent developments where the 

■; v- engineering services ~ electrical and mechanical - have 
been installed by Crown House Engineering. 

Some others where either electrical or mechanical services 
■WmS' have been or are being installed, are the new Nat West Tower 
• jj||gp \ now rising in the City, t he Brent Cross Shopping Centre, 

and Sr. Thomas's Hospital - 

MKr CHE are winning more and more contracts, not only in Britain but in 
the Middle East. Africa am! Austra 1 ia. 

If ‘all the world’s a stage' Crown House is increasingly there behind the scenes. 

We play other parts too. Our subsidiary Dema Glass, is Britain’s biggest 
_ manufacturer of finest quality hand cut crystal glass through its well 

{ knonn ■Thos.'Webb’ and ‘Edinburgh’ brand names, 
’'i f adclition Dema distributes annually more than 100 

^ y .,1 _~ ! -,^^-s^Lr million assorted glasses over half 

sw ™- =— L jirEIH- of which go for export. 

To find out more about what we do 

'^ rr Patrick Edge-Partington at 
" 2 Lygon Place, London SW1W OJT, 
Telephone 01-730 9287. 


at par. la lest profits. Moreover fleet safes ^ - W- •; * ^ s vTCt 

ick District Coun- . n.ow account for 4& -DOT <?ehL'-6f ly|frCj|^:|;A|rnL. r. .& 

■C’ru- by way of MIDLAND RIGHTS the total cars hantti«<k «niipired 

onds at par and with 36 per .-cent* : a year affo. . OCfi A Aft 

i, LH8S. ri Prices have beep; risfiBg-in ,the XSUiUUU' ' -.*fe 

rate bontLs have '■wji.j wake of tuEher new-chr prices,-’; ;r i^«s 

lis week. South The a migration for Midland and so cotoinxBSfort haii been-; n f I15J rltllli Q 

District Council Bank's $D8.4jn. rights issue closed IntreaSmB;faster than the number fll U<|lU£UXC^i 

veKierday and ihe initial market nf rehfrjri! bahdTlpd For fb^fun Malta hotel anfl caklna Ow-Sitfr* 
mm g reaction was that the issue had rear n.Tsm. now looks possible. Kursaal Company reports texaflle 
hcen successfully subscribed, with On that basis tnc shares at pro flts £50JMMJ“ higher at £233.«ia 
■llinn a ,pve i° f acceptances nf possibly stand on a 'prospectivefulfytaxed for the half-year to November so 

F| ■■■ Bum around 83 to S7 per cent. n'e of HA and. assuminc a maxi- • * 

However, the final results of the IJS?-ESS^h^toM^oEr 0 " 11 ’ ’ Turr, ® rer £l.7m. <£l.4m.) 
issue are not expected to be an- lth around threefo d ve . . and. Mr. Elric MaeAdie, chairman, 

nounred until towards the end of says that hotel profits were below 

this week. budget although above last year's 

Midland shares slid a further UldyiUO le«*L Casino earnings were aTso 

3p yesterday to 333p compared ^ . • - - hitther: j 

nkis one w 'tih the rights price nf SWip. But f AfTimPrOlSI I ne S®^ 3 that tbe company can- 

. . most of this fall occurred after the vyiiiurviviai, not expect much from the seen fid 

S Where Cue application fist had closed and Drayton Commercial firveshneat half unless there is an unexpected 
I kin-tm some hanking analysts thought Co. lifted net revenue from £1.07m. surge in business. An interim 

1 — Dtlve that the brokers would have no to £1.23 pL for 1977 after tax of dividend of 5 per. eenL, less tgx, 

problem in placing thc shares £0.82m. compared with aJ.TSm. , has been declared compared wfth 
not taken up. The final dividend ts'3.JS75p net O per eenL tas free last time. 


However, the final results of the 
issue are not expected to be an¬ 
nounced until towards the end of 
this week. 

Midland shares slid a further 
5p yesterday to 333p compared 
with the rights price nf 33np. But 
most of this fall occurred after the 
application list had closed and 


■tvantw tftVse over 


ilfe don’t wan* w 
your rirra, old. man; 
JUSt vn., a _ 



A boss - secretary team, as bj every successful = 
partaeistiip.i 2 eeds to be carefuHy matched by 
experts. . . ? 

That is whywe, at SorarxSecretaries, wouidnever 
dre^crfsend^youansg^alicanha ^^ 


/ur secretary 'T V dream erf sending you an applk^^ 

, >^v' first met you and taken stock both of your 

# W y individual personality and ^pedicular n 

^ —!— t • nf thp_ tnh.That WTI'O' manairo l-onn vr 


Crown House© 


\bu may no! see us, but wefre there 




individual personality and the particular needs i 
of tiie job.That way we manage to keep round, • 
pegs well away from square holes. 

H you want a secretary vriitf s right for you, 
we’re the people you need to contact 
We also pride ourseives on having the best 
temps in the City. ■ - * 

Telephone Bridget O’Brien-Twohig. ‘ ? 

Joanna Dyson or Elizabefc Beltcm oQ01-606161Lr 




mm 


good start and the indications arft vertftjle - Unsecured Uban -Jitock 
that overall the year will be very was converted Into 122.299 


Yparlinpq hark to 8 % advances- • 

/nrt" »"ih n™ 1 ^dWelnnmom S 1 CdritUgb UaCIi III O /O -TOtsto the flow of and Altar tatoran or mst« 

rarity, eomniriltknt has heen THE coupon rate on this week's has raised £|m. through four-year J«ause tJere is demand for tins agalnsl S5J32, pre-tax revenue of 
louqh De-^r-ite this. <.dos volume batch of yearling bonds is up variable rate bonds rnatunn!, West Coast and Texas Regional 

rn-c around 10 per ten:, and. ex- from 7; per cent- to S per cent February t«. 1(182. Buckingham- hope that such a 1 o" uv yp Investment Trust, advanced from 

clU'Ifnu France, where condition-' The bond* =tre is.sued at par and shire County Council has raised £33515 to £6L933 for 1977. 

were longhe-d. fhe volume sain due on February 2$. 1979. £tm.. and Borough of Thames- ON*®* 1 fi J“ c „£r?S Tax took £30,633. induding 


j i 


i - 


& 


4s# 

.i 

IS':- 


Cp-KCipN >^4 j 













r.-i; .' J( . •.; 


&i ' ••'.• V v- '• • •' ‘ ‘ * • v f' •• ;*7 V • ■ ' 

, \C<, ... ■ 

V ij ft •'; '-Financial Tunes Wednesday; February 22 1978 

‘ y % YfiLxkJ l ' 



•'-t • 



Capital sees »■ 


Brotherhood 
off £0.17m 
at midway 

final dividend payment ss 3.175p TAXABLE PROFIT of machinery 
net for a 4.0op (.'Lip) total. and power plant makers Peter 

The net asset value per share Brotherhood Tell from JTl'JO.OOQ 10 
at Oecemher 31 was 148p (l29-3p). £320,000 In the September 30, 1077 

half year on turnover down from 
£7J24m. to £5.09ra. 

Tlic result is after interest of 
£34,000 (£106.000) and subject to 
tax of £166,000 f£255,000). Last 
p'ear there was an investment 
rite off totalling £ 102 . 000 . . 
Directors say that the subsran- 
tlal improvement in order intake 
yPJjr ,n tJie six months has continued 
J and will be reflected in deliveries 

Given reasonable conditions ■ 

over the coming summer months, ThBy will give an estimate of 

-.... . p*-u. 27 Mr. Maxwell. Joseph, ihe chair- t be ful1 year’s result when dectar- 

M^'tWdi''. ^ of Norfolk Capital Group. |ns the inrerim dividend in AprIL 

—Mar. 8 sees no reasfin whj( 3377.78 Last year a L62.>p net tnienm 
re .^_ S i aT ^ J® Analo-lniemational (oVeai. Truw Ku» 2 * should not be another good year was paid, followed by a 4 . 1 .ip per 
impgnied by co ntin uing curbs jnolawon,. Benson.Lonsdale ...Mar M for the group. 50p share final on profits of 

josts a»d Inflation. -. PaMaai iMnariw ...-.. \ D7 l 3i Members are told In his 411.39m. 

p"h 2 annual statement that turnover 
“ to date is ahead of last year. The 
directors are continuing their 
constant endeavours to contain 
the inflationary rises in over* 
heads and while, interest rates 
are unpredictable, there is every 
hope that the extremely high 
rates endured over the past three 
years will not be repeated. 

As reported do January M. pre¬ 
tax profits leapt from £100.206 to Kenneth H. Mackinnon. the chair- 

. • i_' 1 . £* 51 . 81*7 for the year to Septum- man of Mackinnon of Scotland 

mid The last uavniMt’ . Finney her 30, 1977. on turnover of says that against the improving 

1 in 1975 The eroun is non- M an ‘ £fi.47m. (£5.17m.) with the flow of production, the sales pro- 

ed by AKZO of Holland- 60 £!?®f* er “I? c ^hroker Chari ion .Seal group's hotels antf properiies gramme already exceeds the 

• DJmmock and Co. would during both making contributions. Earn- directors’ estimates. 

the period rroni 1 mid-October to Iniys por Su share ore 2 02 p <04 Rp) As reported on Januarv 20 . the 
nitdrFebruary. • have &ho>in a and the dividend total is raised company recovered from a 
marginal improvement in value, from 0 . 2 p to 0 -flp net. £62.332 loss to a record pre-tax 

?* A Statement of source and profit of £421,523 for the year to 

dH ed application of funds .shows a October 31, 1MTT. 

Government Securities index over decrease in bank borrowing less Mr. Macktnnon states that the 
tne_ same period. • cash balances of £752,597 dramatic improvement in proiil- 

■ „** ™* service-was launched, (£ 329,819 increase). ability, which occurred mainly 

in November, 19<6, the value of a professional revaluation of during the second half, demon- 

an Investment in the fund has fixed assets was commissioned by straies the wisdom of going 
W, D. Crane, chairman of increased by SOB'per cent- (2i.« jhe directors to lake in al] the ahead with the last phase of the 
ogham Brick, lold share- per cent, after allowance for acquisitions and improvements planned development as was done 


27 


'IlOWIMQ A- SHARP reduction 
its. pretax loss "to CSSUMtf in”' • 

• SS22 ■-«*#■ BOARD; MEETINGS 

i ended 1077 with .a. £2.15m.- - ** 

Tcir against £3-52in. previously Tt* iduou-us - cwnpames haw' iuhuhmi 

wes for the past-three'nrears 01 B®?** nxc^w id xbn siojt 

v total'£1-1 R2m “ Bschauxe. Such nwrtlnKs aw uuiallv 

' tri.Ksm. - IibW for ihc onipto or-conrtfcruiTdfri. 

- /irectonj. say that: although the . *>«*«.: .qfflri-"* twik-BrienB am mi arail-- 
4 ja' .disapptjintins. the pre-tax Vdaitwr'^Evtitewte cems/mcd aru 
ult' has -improved in. a year sfunvisiuo* 

se fibre industry have reported today 

■senmR results. -~imnrims—Apex . fTtiwanm, CUjUpiuw 

he:outlook, remains uncertain -pRg". n»itlCT : Fwhmns. »im TdxkIck 

? 0 f n si^ uini! a,oork,de; 

of persistent .over-supply, or - : • 
es. both worldwide, and in the : interims— DATES 
■ they say. cvnparl 

i be 1B7S result could be better. 52S4 _ 

i^be predicted increase in con- . v ^'£!? ttaw * '•Ma* 001 ...Mar. e 


des for 1977 Were iip from w1S£Xd CJass ‘"-.^“ 


.to- £50Loam. . a nd 1: the ; Amended, 
b i p > trading 1 loss was -£775^)00 . 
rTanLL^before associated com- 
- V profits of £400.000 (£320.000) 
interest : of £l-.77m. (£2.03m.). 

. fter a - tax- dharqr fff £5,000 
15m. credit).- minority debits 
' 223,000 (£9,000) profit emerges 
2.3Sm. (£ 4 .Ultn.. after extra- 
nary -losses fit £t.74mj.. 
ie net loss per'share Ls'shown 
' > iSp). Again no dividend will 


Money 

Manager 

Service 


Mackinnon 
sales above 
estimates 


In his annual statement. Mr. 


fotts. Brick 
it by 

ad weather 


pro 

than 


■rs at the -AGM that “ apart capital gains tax al the maximum since Ihe previous valuation in some two years ago. 

-appalling weather, I would rate), while the brokers' own 1975. which resulted in a surplus Although the build-up of 

iasi.se the difficult trading index . of. short-dated ^ securities or £4.179.682 over book value, ductivity was slower _ 

tlons which we are currently has risen by 14.01 per cent, over The new valuation was fncnrpor- intended, the company has now 
■fencing."* - . 'the s-ame period. _ The Money sled in the accounts and One in- begun to achieve somethin? like 

‘have resulted in stocking- Management Service provides tangible goodwill of £459.088 the level or productivity foe 
very substantial scale by portfolios for those: in. search of i ,- rftten off. This demonstrat'd which the development was p[an- 
iBy all brick manufacturers, capital and those m search or that the croup’s net tangible ned. 

“I can confirm that our income, and it fe:restricted tu assets represent 6 Up f 2 fi.fipi per Neeoiiatmns with ihe Scottish 
on is quite exceptional.* in investment in short-dated stacks sh^rc. Development Agency hare been 

we have virtually working and money market instruments. At an EG51 fo he held immedi- brought to a satisfactory 
i only in the yard. 


i 15 » 

? it i 


in 


Pentland 
investment 
revenue up 


March 14, at noon. 


in. j. 


R. Smalkhaw 
expects some 
improvement 

Profits for the current year al 
Sttaallshnw (Knitwear) are 


e. cannot expect to remain 
y immune from the effects 
i present market conditions, 
ularly as they are causing 
VjfK - Of our competitors drastic- 
iiU ! .,i reduce quoted prices, said 
* rane. 

1 January, both production 

jtf; V -ales vvere satisfactory'and. For 1977 Pentland Investment 
**“ «. je end . of . January,-. Abe Trust reports, net-revenue ahead 
was ahead of. the com- from £639,606 to £752,1)20. This 
>e period in 1977. The bad was struck after overseas tax of 
er being , experienced Is £45^4 (£37.861), corporation tax 
to affect both production £129,143 (£121.493) . and' imputed 
tiesL said the-chairman, aqd iair £308.139 (£27j.492J : .;:: ^ 

apy forecast f«r"ihie. neitV. .Earnings ; per. 25p. share arc tJfpe ,{ ed t0 "show'some Improve'- 
onfhs very underlain. . ... g ive n afi. 4.flp (3.40p) and Hie mon , on record achieved for 

1976-77. Mr. R. F. Smallshaw. the 
chairman, tells members 
Recent months have seen an 
increase in demand for fully 
fashioned knitwear but orders for 
cut and sewn knitwear have been 
more difficult to obtain, he sa.vs. 

Afler a depressed third quarter 
sales improved during the year to 
September 30. 1977. enabling some 
of the ground -lost: to be 
recovered Full time taxable profil 
was £266,623 (£104,191) on sales 
up from £2<9ftm. to £3.74m,—as 
reported on January 2S. The 
dividend is raised to I.5p (ip) 
par lOp share. 

At year end. net liquid funds, 
reoresented by bank and cash 
balances were down £31.120 
(£104206) and bank Joan and 
ow drafis slood higher at £370.598 
(JE239A13) 

Meeting. Hinckley, on March 14. 
af ndrin. 


... . to a satisfacioiT con- 

afoly aDer the AGm’. "proposals elusion, slates Mr. Mackinnon. 
.for a .share option .scheme For who considers the advantage ta 
Senior executives will be placed he gained by the introduction of 
before members. this long term finance, with re- 

Meeting, Norfolk Hotel, S.W., payment spread over 20 years, of 

considerable importance to the 
company’s dewfiopnieni. 


During the year, bank liability 
decreased by £49.550 (£529.536 
increase). 


fib* 



Securicor 


TURNOVER TOPS £ 100 m 

SECURICOR GROUP LTD. SECURITY SERVICES LTD. 

Results for the year ended September 30,1977 


;7 

1977 

1976 

1977 

1976 


£000 

£000' 

£000 

£000 

GROUPTURNOVER 

100,828 

81.806 

96,952 

79,261 

NET PROFIT BEFORE TAX 

Security Division 

3.541 

2,688 

3,541 

2.688 

Finance Division 

979 

738 

356 

250 


4,520 

3,426' 

3.897 

2,938 

Tax 

1.275 

1,208 

930 

___948 

NET PROFIT AFTER TAX 

3,245 

2.217 

2,967 

1,990 

Due to outside shareholders 

1,424 

. 956 


* — 

Extraordinary items 

20 

I 

38 

— 


1.801 

L261 

2,929 

1.990 

EARNINGS PER SHARE 

14.9p 

1Q.2p 

19.4p 

13.0p 

Final dividends recommended 

0.9568p 

0.8567p 

1.3217p 

1 J833p 

Total dividends for year 

1.2533p 

1.1221 p 

1.9987p 

1.7805p 



MOTE: The results fo, 1976 have been restated due to changes in accounting policies for overseas development 
expenditure and deterred taxation. 


Group turnover increased by 23% to £lQQ.8m during the year and group profit by 32% 
to £4.5m.Now, as last year, our dapacity for continued progress is likely to relate to the 
general economic recovery of the nation and particularly to the maintenance of a 
responsible approach to pay and prices. Nevertheless, bearing in mind the present 
extent of the group's operations, both at ho me and overseas, and the increasing scope 
for progress which the breadth of those operations now affords us, I feel that there are 
grounds for optimism that prosperous growth will be maintained. 

. -PETER SMITH 
Chairman 


DUNTER-INFLAT10N ACT T973 

Treasury have given consent to the'declaration by- the.following 
sanies of dividends of the total amounts specified 1 For; ..the 
cial years ending on the specified dates. . ' ... 

Coatbridge. 


innon of Scotland Ltd.' 
•gamated .Distilled . > .* 
iduets Xtd. -• **. 

si Properties Ltd, 
-allshaw (knitwear)'tCd; 
’d Guarantee (Holdings) 


Glasgow. — 

London W1 
Hinckley 

Dewsbury - 

tryside Properties Ltd, Billericay 
iated Paper industries -Ltd. London EC4 , 

Sylhet Holdings Ltd. •' Washington 
■ive Engineering ,Co Ltd. Isfeworih 
nt.Television ltd. . London Wi- 
h Sugar Corporation jLcd*v~. Peterborough £3,925.182 


' C6QjaaO V 3.U0J7 

• £49.530-- 3t.V3i3i « 
£883,030 , .-30. 6.77 
£ 28 . 40*? 30/9.77 


-• £14. til 
£ 135JJOO 
£393^62 
- £ 1^.200 
£$45,613 
Q.696J98 


Hull 

London SWV' 

■ • .1 
i • 

Glasgow y 
London VV1 

Birmingham 

Bolton 


/Discount Ltd,.: 

Iated Fisherifcs'-Ltd. 
harsis Sulphur & Capper' 

Ltd. •• • • * 

3 roperty Holdings Ltd, 
e Tool Engineering. 

•Idlngs) Ltd, 
utst Dent Ltd, 

Published by the Treasury as'required by the above Act 


£492.000 

£798.887 

£104.000 

£55.673 

£40.075 

£259.438 


30. 9.77 
30. 9.77 
1.10.77 

31.12.76 
30. 9.77 
30. 9.77 
25. 9.77 

30.11.77 

30. 977 

31.12.77 

31. 378 

30. 9.77/ 
19 . 777 


What does 



Jr 


JVing® 5 haxson 

LEmKrU . 

57 Comhill «3 3K» 

- Gilt Edged Portfolio Marwccment 
4 Servin 'index 21 JtJB - 

r«rtSn1i« t Income Offer -17 j(5« 
Bid BT.Bfw 

Fortfollo II Capital Offer 136.Bg 
Bid 136.23 


The Grindlays Bank Group has come a long way from its beginnings 
in the 19th Century. In 1978 we are a major international bank 
-a world leader in certain areas-but we work hard 
to preserve the traditions that put us where we are today. 
Although the Group is now. represented and active all 
' around the world, we have not forgotten that it is people who 
ike^jur business: our own specialists and managers in heai 
inches working alongside other people-our cui 
success of this team effort can be seen 
iples of the Group’s activities - as the; 

They are th&result of pe< 

That is what Gri 



Summary of Accounts 


5? p 


Year ended 30th September 

1977 

.L/v.,' • 1976 


Turnover 
including Exports 

£-12.340.362 

£5.154,423 

=£■9.846,151 

'.£4/102,081 

+25% 

+26% 

Profit before taxation 

Profit attributable to shareholders 

,£1,040,376. • 
£900,039 

: : £764,959 
. .• £495.356 

+36% 

+82% 

Earnings per share 

Dividends per share 

18.78p 

3.49p 

10.61 p 

■-iWf ■ 3.1 Op 

+ 77% 
+ 12% 

Shareholders'funds 

Equivalent per share to 

£3,563,197 

74-36P 

£2,833,293 
59.13p 

+ 26% 
+26% 


Extracts from the Review by the Chairman, Jffr. Tony Holland 

-. Trading Review 1976/77 . 

As anticipated, the improvement both in sales and-tiding profits continued 
throughout-the year and.-.for the first time, the Group achieved pre-tax.profits 
of over £1. miUton. , . 

The pre-tax.profits'pf £1,040,376 have, been achievecf without the material 
unrealised exchange- gains which occurred, in 1975/76.; Thus,, this-year's 
increase in profitability has been brought about by an increase in the volume 
of trade in the merchanting division allied with an upturn in the demand for 
men's suits from the mail ordertrade during the second half of the year. 

1 consider the Group results for 1976/77 to be very satisfactory. 

Prospects 1977/78 :~- v 

Buslness in the merchantlng-tfivision remains satisfactory ps<'does-^demand for 
the products of all'sections of the' clothing division, anct sales are presently 
running ahead of last year. However, I do not deem jtprudent to make 
forecasts but the directors view the outcome for 1977/78'with a measure of 
optimism, notwithstanding ariy unrealised , exchange-Josses, resulting from 
the appreciation in the value of sterling, : which have occurred since 30th 
September 197.7.. r -. 



THE GROUP PROVIDES BANKING 
FACILITIES FOR 71 OF THE U.K. 

TOP 100 INDUSTRIAL COMPANIES 
SOMEWHERE IN THE WORLD. 

Two of our corporate banking team In 
London discuss the financing of a project 
in the Middle East with the Finance 
Director of a leading British contracting 
company. 


$ 


- Copies of irhn Report arid A ccdo'rtts.\ a&:-'a*f&tdbfe\frpni ~.f he. Secretory*-' 
T fit-,tip pro ft.- Kttgqur. Group Ltd^7'.S Wofftipk -Lop'cfpn, fy.J'Al 3 ACL 



23 Fenchurch Street, London EC3P 3ED. 


v( 


1 






BOC faces hard year 
with no earnings growth 


© GKN/SACHS JUDGMENT 

Surprise defeat for GKN 


BY A. H. HERMANN, LEGAL CORRESPONDENT 


FOLLOWING the most damaging 
strike in the coup's history, the 
current year «iW be difficult for 
ROC International and the earn* 
ings growth ot recent years will 
not be maintained. Sir Leslie 
Smith, the chairman, warns mem¬ 
bers. 

Demand for the groups pro¬ 
ducts should increase during the 
year hut it Bill be harder to 
achieve a reasonable profit level. 
The squeeze on margins will be 
most noticeable in Europe, and 
the region's profit will be affected 
by {he four week strike in the 
I'.K. gases division. Willi lower 
margins a more selective view on 
investment ruay be necessary. 

Overseas some improvement in 
profits is expected but the recent 
strengthen ins of sterling will 
reduce substantially the reported 
value nf overseas earnings, the 
directors say. 

Though the company is in¬ 
sulated From the worst effects of 
such uncertainties as inflation, 
currency movements, and political 
see-saws, a temporary check on 
growth and expansion is inevit¬ 
able. and the consequences of the 
strike will be felt for years to 
come. 

Many customers and a lot of 
money was lost by it and those 
Josses place in jeopardy the 
security or jobs and maintenance 
of the'company s I K. investment 
programme, the chairman says. 

Fixed capital investment in this 
country during 1976-77 rose to 
£3G.Sm. (£25.1 m l out of a tot 3 i 
of £72.6m. (£4K.Stn.J. In the 


PacJHc area £l9.9tn. iH0.4m.i was 
spent and £7.fim. I£3m.) in the 
rest of Europe: £2. 6 m. (I3jni.) 
was invested in America, exclud¬ 
ing Airco; «.3m. (i£3tn.j in 
Africa and £J."m. (£L5m.) in 

Asia. 

Net borrowings. including 
finance leases, were £lOnj. down 
at £ 1.13.6m. after £39.Sm. from 
rights issue. By year end borrow¬ 
ings represented U4.8 P^r ccnL of 
total capital employed which was 
well below the gearing level 
which could be reasonably sup¬ 
ported in the Ions term, the 
directors say. 

The absolute level of borrowing 
will increase substantially during 
1M7S and there will be an increase 
in gearing. Facilities have been 
arranged with I be group's 
bankers to ensure adequate capital 
for its foreseeable needs In 197S. 

Sir Leslie describes the Airco 
stake as providing access to a 
major source of technology and 
managerial skills end strengthen¬ 
ing ability to compete on equal 
terms with international competi¬ 
tors. a good return is expected 
from the Investment. 

.The UK. strike occurred des¬ 
pite the- huge investment in 
modern equipment and processes 
and efforts to provide employee* 
with detailed information and 
explanation, an invitation lo 
participate and become involved, 
and a continuing process of 
improved wage;, and working 
condition-?. 

However. Sir Leslie comment; 
that, though (here arc lesions to 
be learned, there 1 ? little point in 


attempting to allocate blame. The 
L\K. management will do every¬ 
thing possible to reassure 
customers, to minimise loss and 
avoid cutting jobs and invest¬ 
ment 

By 1977 total employment 
within (he group was down to 
40.900 from a peak of 42-S00 in 
1974 and the group expects fo 
maintain the current level over 
the next year. 

For the year to September 30. 
1077. on .-ales up 10-4 per cent. 
at £G79ra. taxable profit advanced 
lo £S2.2m. (£73.fiio.j a< reported 
on December 22 . The net total 
dividend is stepped up to 3.13-»p 
(3.65n$p). . 

On a current cost basis profit 
would have been reduced lo £65m. 
after additional depreciation of 
£17m. and cost of sales of £11 m. 
and addins a gearing adjustment 
of £11 ru. The effect on the balance 
sheet would be lo Increase net 
value of fixed assets by £73m. 

Revaluation of plant, distribu¬ 
tion equipment and vehicles dur¬ 
ing ffie period lifted the net book 
value of assets by £27.lm. 

Working capital at year end 
showed a net increase of £3Q.om. 
(£om.l. Deposits at .short call and 
cash and banks balances stood at 
£32.3m. (£ 2 .>m.) while bank over¬ 
drafts and short term borrowings 
were ahead from 119.4m. to 
£37j»m. 

Capital spending projects 
totalled £ 6 ->.lm. (£28.P5in.) v of 

which £25.im f£S.44m.) had been 
authorised but not committed. 

See Lex 


CHRISTIAN SALVESEN 


CRN’s FINAL defeat In its long 
battle to acquire the West 
German Sachs group disappoints 
hoDes in both the I7.K. and 
Germany that the merger would 
mark an important advance in 
industrial co-operation between 
the two countries. 

In Germany especially it was 
hoped that the merger would 
facilitate the diversification of 
Sachs and the expansion ijito 
overseas markets. Sachs is the 
nation’s leading motor car com¬ 
ponent manufacturer and dutch 
supplier. 

Allowing the Federal Carrel 
Office's appeal against the 
merger, the five judges of the 
Supreme Court nf Germany 
revoked the favourable decision 
of ihe Berlin appeal court. 

They did not however accept 
the main ground Tor the prohibi¬ 
tion advanced by the Carte] office 
—that the additions] financial 
muscle sained by Sachs as a 
result of Us merger with GKN 
would lead to increased market 
dominance. 

The judgment says that the 
court found other grounds for 
the conclusion (hat the merger 
would increase Sach'<s dominance 
in the clutch market- but its 
detailed reasons will not he 
known till later when the text 
of the judgment is eventually 
released. 

The verdict came as a con¬ 
siderable surprise especially us 
the Cartel Office had expected a 
ruling enabling it to prohibit 
on the basis of added financial 


power conglomerate mergers 
which do not automatically result 
in an increased market share. 

The draft Bill for a revision 
of the West German competition 
law, about to be finalised in 
Bonn, provides for legal assump¬ 
tions which will make it easier 
for the Cartel Office to control 
such conglomerate mergers 
merely on the basis of the size 
of the parties involved. 

However, the decision of the 
Supreme Court will he used by 
the adversaries oF this revision 
of the law as an argument that 
it is not really necessary, an d 
that, as the outcome of the GKN- 
Sachs case shows, the present 
Jess strict law is sufficient to 
enable the Cartel Office to coo- 
trol even conglomerate mergers. 

The critical question which the 
court had lo determine was how 
lower courts should assess the 
probable effeel on competition 
of such an increase id the finan¬ 
cial strength of an enterprise. 

Stressing that the decision 
went far beyond the interests of 
the parties directly concerned. 
Dr. H. Pfeiffer, president of the 
Supreme Court, emphasised the 
important position which motor 
car manufacturers held on the 
German clutch market—the 
sector on which the Cartel Office 
concentrated its attention when 
banning the merger. 

The car manufacturers can 
restrict the supplier's freedom of 
action by determining their 
quotas and by operating their 
own quality control. In pointing 
to this, the president had seemed 


to indicate that the court recog¬ 
nised the power of the buyers 
and wot/Id take it into account 
when considering whether the 
financial strength added to Sachs 
by GKN could in fact lead to an 
increase of Sachs’s dominance of 
the German clutch market. 

Il was the president’s remarks 
on the strong position of the car 
manufacturers which bad led 
manv observers to expect a 
favourable judgment for GNK. 

Obviously fearing that acknow¬ 
ledgment of the car manu¬ 
facturers’ market power could 
defeat its main argument the 
Cartel Office introduced iu Us 
appeal an entirely new argument, 
namely that the acquisition of 
Sachs would eliminate GKN as 
a potential new entrant to the 
German clutch market 

Counsel for Sachs protested 
against the introduction of a new 
justification for a decision taken 
by the Cartel Office on different 
grounds. He said this was con¬ 
trary to the procedural rules. If 
allowed, it would enable the 
Cartel Office, simply by shifting 
its ground, to cause endless 
delays in the judicial review of 
its decisions. In this way it could 
kill any merger, even when not 
authorised to do so by law. 

GKN submitted through its 
attorney that they had an oppor¬ 
tunity to enter the German 
clutch market when thev 
acquired oontrol of Uni-Cardan 
but did not do so. On the con¬ 
trary, they restricted this com¬ 
pany’s operations in the clutch 
market 


Financial Times Wednesday February §2 197$: 


3. NatWest 

C# Registrars Department 

National Westminster Bank Limited has 
been appointed Registrar of- - . : . t 

CORNELL DRESSES LIFTED 

Ail documents for registration and. .... 

correspondence should in future be sent!©: 

National Westminster Bank Limited 
Registrar's Department 

PO Box No 82 . - 

" National Westminster Court- • •.■ y+ 

37 Broad Street 

■ ■ Bristol BS997NH. ' ' 

Telephone Bristol (STD Code 0272). ‘ ■ •; T f 
Register enquiries 290711 , . 

Other matters 297144 


PETER BROTHERHOOD 
LIMITED * 

INTERIM STATEMENT ... 


Sticking to what it knows 


Turnover .-......... 


Unaudited results 
for the 

sis months ended' 
30th September 
1977 1976 

£000- v £000 
5,089 -7,235 


Year. 
vended: 
•' 31st 
March 
-VT977- 

jewo 

13,5a& ■ 


Heavy dredging costs hit 

BY JAMES BARTHOLOMEW ° 

FOR SEVERAL years now Chris- £9 .dm. trading profit. cold store also began operating at ]\/j ntlAnArif-Ay QUin OYlfl I 

Iian Salveccn has appeared to be Much less survey to l. with the Boulogne ast October and could IW_■ AL III IJHV ■ j^lll II 

(un Miivescn ru* jppeareo to ue . f hindsight « as the ves- be the prelude to more expansion A. * -*-•'*-** W-/***i»«* 

one of the major private com- ture i|]to housebuilding, contract- on the continent. u . . ... 

panics most likely 10 go public. j n ^ an( j building materials in the However the balance shoe has WHILE the -Manchester Ship On the property side rents are tar. the growth in revenue will 

Its annual repons and accounts, late sixties and early .seven ties, taken this spending in its s.ride Canal Company will have to go well up, Sir. Red ford reports, be further restricted, 

of which the lyu-si tor \»77 has At the time, other companies told and over the past year the credit on f arin ^ jK-avy expenditure on including income from some of In the year, the percentage of 


Trading profit ... 

interest payable --- 


Redford reports, be further restricted. 


and over the past year the credit on faring Jivavy expenditure on including income from some of In the year, the percentage of 
elirnnre has eased so markedly ffredgin? works. Mr. O. K. Redford. the industrial buildings boughr in investments m Australia was re^ 


320 

490 

166 

255 

134 

235 

iill 

162' 

5 154.' 

V I3-T. 


"477 


uic p'mhijv wucwiki makers ana anotner n^m. ior i*duui ui uiv « ure , ” , —.—; -p -, v .. n luvesiineoi m slucks reEiBiereo 

seems right. But the company Hawker ’Homes which had sub- banks have been keener to find red ra w b y dredging costs of tation of sheds and quays at No. 8 jn the Far Eastj including Japan 
repeated yesterday that it has ^^ 3 ] | an d st0 cks in Scotland, sound borrowers and meet their compared with fl.oflm. in dock, ilanchester, renewal of at the aame increased from 

"no present intention'’ of going But in 1977 the pre-interest profit requirements. Consequently the . .. . . pipelines at Stanlow Oil uocks 261 ^ nnt> t0 35 per cent, 

public and the incentive to do so D f the entire building and pro medium and long term lending nf Mr. Redford says in his state- and repairs to the slopes of the i nc j ut jjng UJC companies with 

has. if anything, diminished over perty division was onlv £2 4m. of Salvesen had been increased by ™ent 10 shareholders that ship canal. Those repairs are major p ar East and international 

the past year. wsich £12ra. was the profit on «|m. and the overdrafts have although the channel as a whole now costing some £400.000 per opcra tions this climbs to 47.1 per 

Christian Salvesen was treated land sales. been correspondingly reduced, improved during the second half year. cent, 

in ts43 bv n Norwegian expatriate In its current state. Salvesen The ratio of current assets to of the year ihe company has con- The resurfacing of its container Mr. Stevens says the figures are 
as a >hinr>ine a-’enev. In ihe 1850s would probably not be the most current liabilities is now a healthy tlnuous problems with Brom- terminal and additions to repair however not strictly comparable 

ii branched out into shipowiling popular of stock market issues 1:1.9. borough Bar which lies at its facilities for van carriers at because of the higher level of 

before ->oin- J in Tor whaling in f 'f its five division, food services. .After shotvmg some uncertainty seaward end. Manchester Docks are hoped to be cash held at the December 31 

the 1 SMK This continued a-= its property, seafoods, marine and over where it .should be heading He says that in 1977 more completed tn the next few- balance date. Bank deposits and 

major activity until the stock of oil sen ices .in order of import- since selling the w haling interest, material, mainly sand, wax monihs current accounts stood at fl29m 

whales in the hi-h seas be^an 10 ance .only one is m a reallv Salvesen s course now- seems a dredged than in any year since Thp es , imaled balance or un- compared with £0.54ra. at year 
fan as a rewl!' of m 5w?m£ ^eatthy industry. Admittedly that lot more clear.. It will develop the 1950s and early 1960's. in end 


completed capital 


in end. 


The major, and most successful, downhearted, believing as it does only individuals allowed to have companys sales force was tionai increased pen-inn tond L. rr « ini i er mmiremenr must be 

outlet mined out to be the cold that most of the activities in shares in the company in fact, strengthened and strenuous contribution* or £l.09m. over 30 CQncer n 

storage and transport of food, trouble have either reached or The Church of Scotland has just efforts were nt3dc to explore years and £3.55m. over 37 years tHp directors however believe 

Salvesen already had expertise in passed the bottom. And further under a fifth of the equity because possible new fields of business. as r rom January 1, 1975. to meet lhat ,.^n er , 2 ui p 3 more flexible 

cold tt oi-agt technology and great things are expected of the one of the family left his shares Involvement vyith certain unfunded liabilities in its pension investment policy bv effectively I 

arrived on the scene jn the early food sendees division. Lst year 10 it in his will. OtheT investing trades, particularly in India, schemes. lo worms deaJin® costs but it mav 


stages of ihe Frozen food boom, the group invested £l2.Sm. in fixed institutions have to be content Pakistan and Bangladesh hare ■vieeiin'» 
Having vigorously pursued this assets, a large portion of which with a mere 450.000 shares been extended. The Gulf of . * 

growth industry, food services went into buying a cold store at obtained through the conversion Mexico and New York were also 
flow account for £5.3m. Of the Bourne in Lincolnshire. A new of some preference shares. visited. _ 




New Issue 
February 22.1978 


This advertisement appears 
as a matter of record only. 


NORCEM 


NORCEM 


DM 50,000,000 

53/4% Deutsche Mark Bonds of 1978/1985 


Offering Price; 100% 

interest-. 5 3 «% p.a.. payable on March 1 of each year 
Maturity: March 1,1985 

Listing:. Frankfurt am Main 


Deutsche Bank 

AMiangesaUschaFt 


Hambros Bank 

Limited 


Den norske Creditbank 


Swiss Bank Corporation (Overseas) 

Limited 


Algernons Bank Nederland N.V. 
Amhotd and S. Bleichroeder. Inc. 

Bank fQr Gemeinwirtschaft 

4Vacngp5»fhchaH 

Banque Generate du Luxembourg SA 
Banque de Paris etdes Pays-Bas 

Bayerische Varainsbank 

Caisse des Depots et Consignations 

Creditanstatt-Banfcverein 

Den Dan ske Bank 

tB7lAmic$cisUib 

DGBank 

Oruu^ha GrAMseKcnatWhank 

Euremobiliare S.pA. 


Giro ten trale und Bank der 
bstemrictilschen Sparksesen 
AVJiengcvdlichan 

Hill Samuel ft Co. 

Limited 

Kjebenhavns Handeisbank 

Landesbank Schleswig-Holstein 
GirozemraJe 

Merrill Lynch International ft Co. 
Morgan Stanley international 

Limited 

Sal. Oppenheim jr. ft Cie. 

PHvatbanken 

Ahunscb-luib 

J. Henry Schrader Wegg ft Co. 

Limited 

Society GSnftrale de Banque & A. 
UBS-DB Corporation 

J. Vonu>bet ft Co. 


Bank of America International 

Limited 


Amsterdam-Ratterdam Bank N.V. 

Banca Commerciale ltaliana 

Banque Bruxelles Lambert SAL 

Banque de rindoehine et de Suez 
Banque Populate Suisse SA. Luxembourg 

Bergen Bank 

Christiania Bank off Kredrtkasse 

CrddltLyonnais 

Detbttick ft Co. 

DiJJon, Bead Overseas Corporation 


European Banking Company 

Unufld 

Graupement des BanquierS Phv6s Genevois 


Kansallis-Osake-Pankki 
Kteinwort Benson 

L.n-.,iea 

Larard Freres at Cie 


B. Metzler seel. Sobn ft Co. 
Nordfinanz-Bank Zurich 
PKbanken 

N. M. Rothschild ft Sons 

L-i-iitrf 

Skandinaviska Enskilda Banker* 

Svenska Handetebankcn 

Union Bank of Switzerland (Securities) 

L-Trttd 

S-G. Warburg ft Co. Ltd. 

Wood Gundy Limited 


Andresens Bank A/S 
Bank Julius Baer International 

Limited 

Banque Frangaise du Commerce Extdrieur 

Banque Nationals de Paris 

Bayerische Landesbank 
Girozorrtrale 

Beriiner Handels- und Frankfurter Bank 
Commerzbank 

AKiietigemhctiiiti 

Credit Suisse White Wekf 

Limited 

Deutsche Girazentrale 
- Deutsche Kommunalbank - 

D reset nar Bank 
ALWnSweiMtiia 

GenossensehaftUche Zentraibaitk AG 
Vienna 


R Henrtques Jr. Bank 

*>neeijka& 


Kidder, Peabody International 

limited 

K redie thank SA. Luxembourg eobft 
Manufacturers Hanover 

United 

Morgan Grwrrteil ft Co. 


Nordic Bank 

UnulBd 

Postipankki 

Salomon Brothers International 
Sodftto G^niralo 

Trinkaus ft Surfdiardt 

Verains- Und Westbank 
nMqwedan 

Westdeutsche Landesbank 
Girozentrsle 


schemes. lo w»rins. dealing costs, but it mav 

Meeting. Manchester, February mark a mnve towards a more 
38 at noon. Hherqi O.K. exchange nolio- 

leading to eventual abolition of 
T the premium. 

janan move -in irts method ^ which 

* oversea*: investments are finanreri 

f • mav. therefore, assume added 

10 restrain si^^nce." he says. 

Di-avton's accounts hare been 
TA-j, nuMlided by the auditors* Conners 

L/idylOn 1 mSt and Lyhrand on the non-conrnl'- 

, anre with SSAP R. which deals 
Following its dlversirficatron nf ^-tth Ihe treatment of Advance 
investments away from Australia coninration Tax. 
to Japan. Drayton Far Easlem Armunts show’ IJ.K. Investments 
Trust may not be able to increase at £t n7m i £0.B9m.) and o^rsea^ 
future dividend payments because inreshnen*s down from £4.7m to 
°* lower yields availahle. Mr. f 2 77m. Net ciurmt •>wets are 
D. R. Stevens, chairman, says in shown ahead from £399jSI to 
his statement with accounts. rj 2 m. 

He said it was anticipated that Scottish Amicable Life Assur- 
the diversification would lead to anre Society owns fi per cent, of 
a reduction of Income, and adds shares and Dravtnn Commercial 
that if the tendency for sterling Inre^ l nt * »1 Commmy-ffJt ner cent 
to appreciate continues, particu- Meeting. 117. F»ld Bro-^d Street, 
larlv against the Australian dol- F..C.. «n March 10 at 12.15 nm 


Profit before tax .-i^. 
Corporation tax (52%) 

Profit after tax 

Amount written off investment 

Profit after tax and .extra-' 
ordinary item ... 


Turnover, is Influenced by delivery dates" oF. individual 
contracts and does not reflect the level df activity in ttie factory. . 

The substantial improvement i/r ‘‘order intake during; the 
six months ended 30th September; 1977 has continued arid Will; 
be reflected in deliveries for 1978/79. ..... 

It is tbe Director s’ intention to contfnoe their ■practice of 
giving their estimate of the year's result, when they announce 
the Interim Dividend in April "! ' ' ■ 


^ A.C£ MAGHIHERV <fKn.D!HeS) LTD. 

(ImI Investment in Research 
. . aids growth prospects 

HlgbPgbts-: from the= circukned-itatefnefJt of Chobrudri and 

Managing Director, Mr. H.Y. Gdtt\ FOS/FRSA: 

★ The growth prospects for -our chdmical engineering ..subsidiary, 

.William Jones (Chemical Engineers) Ltd.; lock veiy promising. 
Indegdr'^oUowfng an exceptional rwearclr and- dCveippmen’fc 
expenditure.'-'We have already dbcamed .contracts substantially 
exceeding-ffie: whole of. the previous year’s intake.^., • 

★ The maricct So far as the U:K. construction Industry'Is concerned 
: .has marginally improved and jr would: appear to ui chat the 

. decline in this.area has been arrested.-. .We have: during the 
- -year --designed a new type of personnel hoist, -the market for 
which, vriII lie very largely outside the construction industry ; anjJ - 
we fwvesofdour first unit- : V; •• • ■ ' > V-/.V ; - 

if The trading profit for the year ended 30th SepTember'. r l 977, is 
£320,787 compared wr^i £ 4 D84i94 for Che previous .year. ; 

★ The Directors recommend a dividend of 3383p pier share payable 
on 6 th April. 1978, and this is the maximum increase.permitted 
{1976 3.029p). 


This announcement appears as a waiter of record. 


Februaryj - ^ 

’• --A.** 


HERON 


HERON CORPORATION 

LIMITED 


j - -.- 


£ 17 , 000,000 


Secured 8 year Loan Facility available in domestic mid 
external sterling .' T • : " 

Arranged mid managed by 

BARCLAYS MERCHANT BANK LIMITED ^ 


Provided by ■ .- 

Barclays Bank Group • Lloyds Bank Group - 
Midland Bank Limited - National Wistmiristpr TiiriVYV^ 


«... 

-• •; t 


























i ’nines' WednesSay jfeliruaty 22' I 37 g" 

ilOS AND DEALS I 


at 


MINING NEWS 





lefence document 


- a ^, has written ‘•with a director on the "Wlcfall refer the orooored mercer I 

Siuo re SSAJ® 0 to tetwwn DaleS^and* Federated 


CAIL to be allowed to 
min e NSW coal 


BY KENNETH MARSTON, MINING EDITOR 


JOSEPH STOCKS & SONS (HOLDINGS) LIMITED 

(Provision Merchants and Importers) . 

An unchanged interim dividend: of 4% has been declared, 
payable on 4th'April, 1978. In the hall-vear ended 30th 
September, 1077. turnover was £18.600.139 (£17.136,258) and 

trading profit £256,720 (£264.503), after depreciation of £55.343 
(£4S.S62). investment income amounted to £10,149 (£552) and 
profit on sale of assets £1,756 (£2,821), making total £268,625 
(£267,878). 

The results of the two operations acquired in September. 1977 
have not been incorporated in these results. Mr. D. W. Ostcn- 
feld. Chairman, says that sales havo been maintained over the 
half year, and." We look forward to continuing progress." 


e>uui> vrigrau. nave Known, o t tne prospects for Chemical Holdings to i 

Sf^»J?,^ t tf ted K 0 ^ er / or S 0 Wx ^ faU Group, recently sold Monopolies ConSsston.* 
■mpany unfil March 7 and at 25 per cent, of the company’s **wMutua» a. 

ame time attacking the Ordinary shares at some a per tt . , . 

u defence document issued share^ below the value of our V'^BtOIlfl lEKGS 


kubg time attacking the Ordinary shares at some £1 per 
tt defence document issued share below the value of our 
eck. offer.” 

iet, through financial A spokesman for HOI Samuel, 
rs Joeinwort Benson, argues advisers to WigfaD, said last 
-a 45 per cent, holding by night- that a standard holding 
srs and their supporters is statement would, be sent out to 
elf no. defence against a shareholders to-day and that a 
ircially logical and flnan- more detailed rebuttal of the 
generous bid." The docu- contents of. the; Comet document 


20% stake 
in Sekers 



2 rciauy logical and flnan- more detailed rebuttal of the Vantona has bought a 20 per operations. . 

generous hid." The docu- ™e Cwnet document cent stake in Sekers Inter- last October the NSW Gowera- 

on to say of Wigfall would follow. national, the ladies’ dresses, ment announced that CAIL would 

of a profits tr*DmcnAfc> « furnishing and upholstery fabrics not be invited to apply for the 

»t for 1879 there appears to -“ARRISONiS & group, which was known as West lease vArich wouldinstead be 

? xwson for CROSFXEED • Cumberland Silk Mills up .until issued to the NSW Electricity 

^1 foreMpting- such massive Raaanime "±h»- Harrisons -nd ^875, Vantona, a manufacturer Commission. The latter would 

«* m dividends, other than TteSZZu. J? distributor of household own at least 51 per cent, of any 

f Shareholders’ short-term__ Invest- ♦prtno* fashion fahrirs and intm- vonh>n> 


0 **** °® :u £ ra £ t “ copper operations. The position be a good way of ensuring the 

hard-lme attnudo of the New shows no immedJate signs of objective of more processing 
Government towards improvement. Prices have within Quebec. But tins reason- 
roe ^ «wm. tons coal deposit m the remained low and in Bethlebem’B mg is rejected by the Board. 
LCo *' 7 ^ r ^Yp. rt b. coal area and Coal case, additional complications At present it is thought that 
and Allied Industries. The latter, force • arisen from the unusually the provincial Government is 
which has proven up the coal cold weather which caused pro- carrying ont an eval ua tion of 
reserves, is now to be Invited to ductlon to be curtailed from Asbestos Corporation, the results 
apply for the rights to nine a December until mid-January. of which would deter min e the 
total of 406m. tonnes in the area, Bethlehem, which was subject scale of some future offer for a 
sufficient for more than 40 years’ to a takeover bid from Comhtco controlling interest. 

-o per operations. last year, is constructing a At present the group is engaged 

inter- last October the NSW Govern- molybdenum circuit to recover In heavy spending on capital pro- 
aresses, ment announced that CAIL would that product from its Iona mine i ects - although its earnings per- 
fabries not be invited to apply for the • form an ce has been sluggish. Net 


ment Tnist. sh^iertJfioates'for w i ok,t ^ veDture 

JH and C Ordinary shares and the 


due *5 cash consideration in 


develop 


bought .the 1438.000 Sekers shares) A possible explanation of the 


woo uuc LU men MndflAnflAn fn yocnnot uumu/kj umumuuu vi uic 

esterday, has not increased valid ^ tnm ®riJtamua Arrow, which now Government’s attitude at that 

off«r—two Comet before^hnuary Sl^hzve represents the surviving interests time was-that CAIL was subject 


Cool response 
to Quebec 
asbestos plan 


income in 1077 was $Can2hn. 
(£3.66m), a scant advance on the 
1976 profits of $CanJ20.4m. 

Last year $C22.8m. was spent 
on equipment replacement and 
plant modernisation as part of a 
plan to reduce the exposure of 
employees and the general popu¬ 
lation to airborne fibres. A 


uif or Its oner—two Comet before Jormar^ JH. havp represents roe surviving interests! time was that CAIL was subject tote QUEBEC «mmo Asht^frus J8U , airoome nores. a 

n U £1 ° m cash, for every S SaSSs wiu ^me^ of oJd Sater Walker Securi- to a joint take-over bid from the Corporation ^which*!54 £«? further ** be spent this 

K Kl'r;-- .'^ll—apart from saying j£ oSfsteesTflS ties. The-price 1 paid for the shares Australian Howard Smith group ow *d by General ^DjmSI? of on environmentaJ measures. 

VSgfaH. shareholders will c has not been disclosed, {and Rio Tinto-Zinc's 72.6 per the U.S, is resnandtne eocrito to group’s .exploration pro¬ 

gramme has increased proven 


"S*™ loutrcnoiaers Will p taj-_ 

to their promised- interim 


5Vr-.-fi worth 3p per share if 
* ; . • wept the offer. 


fty^av has not been disclosed* and Rio Tinto-Zinc's 72.6 per the U.S., is responding coolly to lfte group s . exploration pro- 

Nmi ViimM A spokesman for Vantona said cent.-owned Conzinc Riotinto of the provincial Government’s Sramme has increased proven 

Jast night that the holding has Australia. The Government move, policy of takeover. A statement reserves to 226 . 2 m tons, enough 
Ssue wifl t n been bought as an investment and now dronued. thus forestalled a artomoanvin- the announcement for 2o years production at the 


despatched 


been bought as an investment and I now dropped, thus forestalled a accompanying the announcement 


its about the prospective expected that dealings will com 
uity ratio of the enlarged racnce ob February 27. 


show a “grossly exagger- 
ad alarmist picture." 
holders are reminded that 


NO PROBE 


that Vantona would not be seek- «rh e move also created con- The Board may formulate Although Asbestos Corporation 
ing representation on the Board siderable concern and prompted alternative proposals for the » not ™ ore “an lukewarm about 
of Sekers, “unless asked/* the nsw Government to work Q uebec Government to consider, the sales prospects m the first 
Setters* shares ended Ip higher on cuidelines for foreign invest- 5 ut , ,t 1,13(16 . dear that it was half of this year, it expects an 
yesterday at 22$p, a price which ment in the mining S industry * 5 . rraJ £ c °mnutted to obtaining improvement in demand during 
puts a value on the whole group within - NSW. The lengthy delay ll ' e *?* st Possible treatment for the second half. It is confident 
of just under £i3m. hnd held un nlans announced last the shareholders. about long-term market growth. 

An atfomnt m cam «h 0 _ U Asbestos Corporation is the especially in the asbestos cement 


DUDLEY 

MetropoFrtan Borough 

Floating Rate 
Stockl982 

forihe^epunihsfrom 
22ndFebmajxl97B 
to 22nd flutist, 1978 
the interest rate on the above stock 
vv?3 te s-3125% per arvaim. 

Morgan Grerfdl&Ca Ltmfed 


OLDHAM 

K^ropolitaRBonH^ 

Floating Rate 
Stockl982 


for the £sx monlhs from 
22 nd February, 1978 
to 22nd August, 1978 
the interest rate on theabautfslock 
win he3-ai25 c .i psr annum. 

MorganGrenfefl&Co. Limited 


An earlier attempt to sell the November for British Tctroleum 


Corporation 


about long-term market growth, 
the especially in the asbestos cement 


holders are reminded that Mr. Roy Hatiersley. Secretary Sekers holding by Britannia to a to UiS with Australia’s Oak bridge ‘ il £ e ? roducer in scc \ or ' J°I "pch about 85 per 

^sbareholdeiv-a reference of State fo r Prices and Consumer Mr. G..M, Miller fell through last m build a new coal mine &\ Stable Corporatlons 0ut P m 


Dominions Trust— Protection, has decided not to December. 


ewman’s Dutch expansion 


an - Industries, the fast Mr. Bartlett described the and t 
industrial group which option scheme as.insurance. On £20m. 
■ ctober bought Dover the one hand Newman will have 

ring, is hack. on the had 18 months of managing Ardel B. 

on trail, hut this time ont- before it needs spend a further __■ 

U.K- £5^m. on baying out the rest of „ 

'llan Bartlett, chairman, the shares; on the other the 


to December. Clarence. 

The latter deal called for BP 
# to pay SA43m- U2am.) to pur- 

7l%nnriiAM chase a 50 per cent stake in the 

(Ban SI OH project but Oakbndge would 

»•CkakJA retain management control of 

the project and would .be the 
the and sales in 1977 amounted to operator. BP would not acquire 


B. SUNLEY 
—WATES 

Bernard Sunley 


y announced that New- option protects its current minimum Australian' ownership 

1 spent £2.4m. for a 3L2 interest by dissuading, possible M Hi u?°] 7 of 51 per cent, compared \vitb 

L stake in Dutdh-based outside bidders for the Dutch the Federal Government’s 1976 


k “ ahy equity in Oakbndge itself. 

NSW guidelines on investment 
in new mineral exploration and 
development now announced by 
ini'ac^man, Mr. Pat Hills, state Minister for 
Mines and Energy, envisage a 
Er -.Jiff* minimum Australian' ownership 


d fasteners group, Avdel company. Wat^^ to ^ver Bgmre of 50 per cent. . 

onaL At the same time The acquisition, comes only a mana^PTnwfr UKe o e Jls However, existing mines will 
has laid out £205,000 for month after Newman disposed of n r ta«c»i ,»»» not be affected and a gradual 

n which expires In June, two subsidiaries, thereby reduc- ai JS B S' e nf rot «|h build-up to Australian majority 

the remaining 6S.8 per ins bank debt by £U5m. By las* that*ter 8 a comm?Srfon ownership will be allowed in ven- 

___mnnth u. mat, tor a commission, wates was __ _. 


Wales was to takT over its 5 E ure oI 30 « nl - - ... 

manuemnt However, existing rames will 

Mr%. a Jesse], chairman and }? 0 L^ e o ^^TSf-tSSn* 1 SjoriS 
managing director of BS1T, said StiShlnwin browed ff vin- 

that for a minmicriAn Watoc u-nc Ownership Will tie 3110 ICQ in 


* ---—- - nanageme nt 


the shares. In the mean- month, according to-Mr. Bartlett to run ihe^u^av f teres where this is not imniedi- 

■wman will assume day- Newman was “back in the black t? 0 n to tee ^ect that an?henefits a,e, y possible and where the 
nanagement control of on current account" The £2*m. } t0 SbSumrt InSwEte ventures are of exceptional ralue. 

paid for Avdel has in any case USSie ^rSS^SS S Foreign portfolio holdings will be 

ting the move Mr. Bart- come out of Dollar earnings. Some tKbrr^Ss wouldbeMassed to left alone unless there are *’pro- 
that the future for the 55 per cent of Newman’s earn- 00515 wonJd 00 passed t0 . nouoced growth tendencies." 


that the future for the ?5 per cent of Newman's earn- 
“in international rna A^.-uws-are • -generated overseas. 

te major markets. Export CHARTERHOUSE 
■ narpnMv - STAKE IN MORCEAU 

« hS’S r rod«S»*a t ; 


Sunleys. 

He said that under the agree- 


nouoced growth tendencies." 
BroMlly speaking, prospectors 


melrt, BSIT experts to rerei^tiie would haye a prlma facie case 
realisation- of its investment in teamlntog lease(for^.a viable 

the homes operation, amounting fin ?. oS B a S« 

to about £7m. matic. Otherwise the State win. 

The ** m ana nine out ’’ aeree- preference . in granting 


It has production units ,, . J ^ The “ mana^inv out *’ aerrpe- Z 1 ' 9 ? preterence in granunjs 

JJC, Germany and the ment has been drawn up over a casing leases to 

distribution, subsidiaries ff three-year period, although it higher Australian participation. 


, . 4 •, Japan, Italy. Australia. SS cou, d'be concluded earlier. The 

KfKtPSR *** Switzerland. Esti- unusual deal is principally 

5 1 * mover for the year to designed to prevent BSIT from 


* mover for the year to . T xr ._ v _ . 

;j,:, >3 will be approxxmatdy J^retertmn). having to sell its ioss-maktng i-fj _, LLJL „f 

V' «24an.> and profits are Charterhouse has made a financial homes operation at a time vrben |||£ DRYTHGIlt 

^ be Urn. (£2m.). Last facHuy available to tee company - lt could not expect to achieve a ■ - A V, -., _ : ' r , 

jEs . sales amoiHjted-te .asd witt. J3B represe^ed' Oft ’^fed good market price. IF THE increased price of plaU- 

-Vad orofits were* SiJmriBoard of ISoTceau, Notiingbami .. num bolds and costs can-be con- 

—. - ; ' • - J ' lie assets were given as Wd contoactor involved in the THOS. W. WARD [a^fd South Afrire s Impafa 

fire protection of buadings, chemi- Tfaosl W. Ward of Sheffield P»»tinum might be awe ro 

■ - icM plants and oH rigs, f announce the sale for £175.000 of increase its dividend total m the 

• _ Charterhouse also.'announces the last remaining fixed assets of current year to ^nen June, so 

SS that It has acquired iTO per cent. Marshall Fowler now part of the Fac.tiiere havebeen t\> o q aartfriy 

mmmm—mmim—mm—mm of the' equity of Boidanger Frferes, British Ley land Special Products dividends totolling 40 cent^., the 

one - of the largest electrical Division. total for the full year to last June 

retailing groups,- in France. The sale to Daraall Shotblasting was 70 cents. ■_ ■ 

Through its French subsidiary. Company, a subsidiary of Loyne, The chairman, Mr. Ian Lrcig, 
Charterhouse said, it is to get encompasses the Marshal] Fowler has pointed ^out, however, that 

a seat on the Board. Boulanger, engineering -workshops in Leeds there is not much '..room - lor 

.which is based in northern which have been vacant for manoeuvre at the current rate 

France, currently' has 15 shops approximately two years. of capital expenditure which wfii 

' be Rl5m. <£3.8m.) this year com¬ 

pared with an average of R7m. 
in recent years: Furthermore. 
Impala will become .Cable for tax 
from this year and. should reach 
the full 55 per cent, liability -by 
■* * • ’ June. 1979. . 

- - .•••■* Mr. Greig added that a rate or 

oderate assistance : S2SS 

'■ calendar year against 650.000 

t England Minimum also purchased a small number conditions were fairly tight at 0U "^ 5 T ,n 
* Rate 61 uer cent. of local . authority bills. The the dose and final balances were June 30. Both Impala and 

;«»** «> 5*s« a? _SBtars «*g j * sl see 


having to sell its loss-making 


Impala may 

lift payment 


good market price. IF THE increased price of platl- 

\ ■" num bolds and costs can-be con- 

THOS. W. WARD 

V —-*— ' u A ,K 1 a t 11 

Thosl W. Ward of Sheffield Platinum ™ight be abie to 
announce the sale for £175.000 of increase its dividend total m the 



DNEY MARKET 


oderate assistance 


? England Minimum also purchased a small number conditions were fairly tight at ^ ^ 

* Rate 61 uer cent. of local authority bills. The the dose and final balances were £ uae 30 - • ^7Li»52 a - 

1 rZLri s iorai amouS^af help Vas probably taken at 5j-6 per cent. Rustenburg are selling ., their 

e January 6,1978) . _ tKah the market required 'In the interbank market over- platinum, at S205 per ounra‘ com- 

jly of day to-day credit however, and banks are expected night loans commanded 5}-S per pared with-5152 as recently as 
'• better than expected to cany over surplus balances, cent at the start, and touched __ th . 

London monev maAet There was a net take-up of 6-6} per cent, before easing to Mr. Greig’s comments on the 

Kii* Treasury bills to finance yester- 5-5 1 per cent in the afternoon, market for platinum are reported 

^ market was (Jay an(J was made for Closing rates were in the region in Farming and Raw Materials 

slight shortage on the a small amount of gilt edged .of fi-61- per cent on Page.35.. *.-• 

this was relieved- by stock sold by the authorities on Short-term fixed period interest Y>r ,_ (yyT rnri v . ' 
assistance from the Monday. rates remained fairly steady in |>fc J HLCrfUIW ll> 

igland. The authorities Discount bouses paid 5-5} per calm trading. iTOi? 1V1T norilfC ' 

snail amount of Trea- cent for secured .call. loans Rates in the table below are lux, DULUnUMj 

I The Vancouver group, Bcth- 
lebem Copper, has announced a 
1977 net profit of $ Can.940,000 


from the bouses, and throughout most of the day, but nominal to some cases. 


Sterling 

Certificate imamne Autoamy negoaawa -»ou*o . i uuoFflyr-aw -nwo; boom w™ uwt , r , t c «Vith 

efdapotiu depotiu ^ondT^ Depotita Defveit* depbeit Blllt* BDle* B0J«* compared With 

_Z_—:____L-_. -- ~~~~ ___$Can.L7m. In 1976, but, reports! 

— . 8 - 6*4 — — — , . 8 - 6 ... — — — John Soganich from Toronto. 

— — ’ 578-614 — ■ — — — — these statistics- do not really give 

— 6 -e «4 - Mia as* **** - - - a H?- e “d * 684 * 011 of toe financial 

I GSe- 6 l 4 6 I 4 - 6 IS 6 S 8 - 6 I 4 6 Ib- 65 » • 65* r . 6&-B7B «rV 7-7 1 g position. 

6A-6A 6A-6W — e^t-iiss 6a*.7 .. . .■ «-• . 6|f b^- 65* 7-7i s The profit was derived from 

: 6ii-6Tt f T 8-7i8 gs*-7 7J}ia . T-7ji . 7*8 - .pH investment and interest income, 

2ft* 1& ‘V* 71 ^ 71 « tsT 7 & Z . ~ ” **** MI " a legacy from the good earning 

a2'7iS ^b.s 2 77*-a 8itI?S IS — .-”. ' z - — years. "Continued low copper 

B ™J 1 - bt^b - _ — _ _ _ prices, a six-week strike at the 

■ - .: ■ --r 1 rr ■ » ' -—V ■ - Highland Valley mine, combined 

settles and Bnance booses seven mum* notice, otters iwB'dnr fa efl. <’■L omwntenii local aottorttr mortgare with higher operating costs, 

' three rears nw-ioi per cent.: four years 181 per cent^: five vears'TBFxsf per cent. OBank bOl rate* in table resulted in mine operating losses 
a for prime paper. Borina rates for Zoor-nmntt bank tfer<ate.; tomsooth trafie bias 7-5i per cent f or second year in a row ” 


0 


6H-670 

6iW-7»a 



hjetl 

Antbortty 

deporiu 

local Anth 
negotiabla 

bands 

Ktnsnoe 1 
BouM : 1 
Deporiti j 

6-614 

ftjsaa 

a» 

6T8-7lg 
668-778 
75*-Sl» 
8.81* 

67^64 

6-0 U 
eu-ais 

6V7 

714-711 

77r8 

BT 8 -9 

68^61« 

634-688 

7-6I« . 
7-8fie 

754 . 71 , 

611-778 



C<u»p>ay!kmark*tlJ 
Dopotita f dapbtit 


Trauwy 

■mi a* 


xarentens local aattortty mortmre with higher operating costs, 
nor cent. ®Baitt M3 rate* in tadie resulted in mine operating losses 

for the second year in a row- 


B scHkw rates for cme-montt Treasnry Mis 5Uii-5lij£ per cent; two-month ss7 3 2«ssa oer cent; and ttrawwoth 

. Annvximaie selling rate for one-montt t>ank Dili* 5 is is oer cent.; tvo-montli fiSu-S per cent.; and tfirce- Wia «r. eryan neynojas, oera- 
cent. One-month trade UUa 01-7 per cent.; two-month «-T per cent.; and also three-month 8* per cent. lenem s president. 


■a Base Rates (ptiUlaiwd by (he Finance Houses Association): 7 per cent from February 1.1378. Clearing Bank 
(for small asms at seven days’ notice) 3.per cant Burlap Bank Rates tor leading, a per cent Ttaasary Blits: 
■ rate? of discount &S730 per cent. 


The mine has been, in short 
subject-to many of the same 
pressures which have depressed 
earnings at . North American 


At! 


>0V' MACKINNON OF SCOTLAND 

0 



During the year our nunavernatfitap £*£34,000 to = 
fSJBOJIOO providing os vitii sGrebp Ttafing ftoCr of £827,094 
compared with £292,452 last yean OnrrxoJabdareathig account 
of ttationataonnied to£42]p23, wtichhaco hcsctagainstalossof 
£6^332 last yean . - . 

Thia really dzamatK xm provemeta tn rear Companys 
nrcfiaMny, which occurred mainly during the latter pact offhc 
fiBanrial ywir cfairly {femumiailes the ggnam nf opt jpwn^ahend 
with the test phase of our planned dcvdppmcnt as wc did some rwo yean 
ggp- AlihMt^ i the hnild-qp of prodaoivitv win slower than we had 
traded, we have now cluriy negus machine something liis (ho 
ievdctfjBodnamiyfdr which thegerctapment wssplmnied. 

Yoor iMreanrsarcprnpuang to pay a dnSdad oT 1.65 pence 
per abate. Tbaris the mashmun pamfssUeJby the Trasniy under 
iurmii Rn wm mwn policy. However Iconsderthat far the 
dWdend io he four and one-half rimes covered is Tayntirfacnay 
I am pleased, that onriKE<JOatioBs with The Scotmh 


Produc er of 

copper * molybdenum * gold 
silver • lead * sine ■ abrasives 
specialty industrial products 
pollution control equipment 
titanium slag 
iron and iron powders 



(turnover up fitua 
nfflirm to £2.? nriffihn. 


I consider that the advantage (o be gained by the quradnethm of ttla 
haig teim finance, vrith'iqgym gg spread ewer 20 yean, is of 

iorward to the success of the Aswcy*a assfcdniaa with jinr fhwip. 

Rnalb; haring dmsgone jorraf the way iwrttrds ariiieviog our 
potential fat Itans af prodeowUr, I am very pleased to lake iftia 
- opportunity io thank most sintardy all members oCthe Group’s 
management, staff and workforce for the bahl work, aufansiaan and 
loyahy op which our con tinning sucasa depends. 


:KINN0N OF SCOTLAND LIMITED, KRKSHAWS ROAD, COATBRIDGE, ML5 4SL 


QUARTERLY 

DIVIDEND 

A cash distribution of 15^ per 
share (a total of appro xi mately 
55.000,000) was voted by tbs. 
Board of Directors to be paid 
March 20, 1978 to Eennocatt 1 
shareholders of record at the 
close of business on February - 
23,1978. 

' F.i D.‘German, Se c r eto r y 

kennecott 

COPPER CORPORATION 
162 East 42ndStra0l 
No v York, N. Y. 10017 1 


b this the,i 

challenge of 
our times? 


Ignorance of the true purpose of modern businesses, particularly if multi¬ 
national, remains widespread and continues to breed fear and hostility. 

This ignorance can be attributed to many causes, Eut most of the blame must 
lie with industry itself and our failure to communicate. Whatever the cause, 
the consequences are plain to see in all industrial communities. Doubls as to 
the morality of creating more wealth; increased bureaucratic control; fear of 
multinational operations; increased reluctance of able people to make their 
careers in industry; the rejection of financial incentive and differential rewards 
and so on. It is, perhaps, the challenge of our times and affects us all. 

. In no area has more effort been made in recent years than in 
communicating with our UK employees.The effort has included the provision 
of detailed information and explanation, the invitation to participate and 
become involved, and a continuing process of improved wages and working 
conditions. It has been backed by a huge investment programme, partly 
financed by overseas profits, in order to provide the most modem equipment 
and processes. -. , 

Despite these efforts, we were hit in October 1977in the UK by the 
most damaging strike in our history, the consequences of which will be felt for ^ 
years to come. We lost a lot of money and business and those losses inevitably 
threaten the security of jobs and the maintenance of our UK investment 
programme.This is economic reality and is stated without emotion of 
any kind. 

W* th the consequences of the UK strike a major factor; 1978/79 will be 
difficult and we shall not maintain the earnings growth of recent years. There is 
an air of uncertainty everywhere. Inflation continues inmost countries; 
currency exchange movements are erratic and unpredictable; the steel and / 
chemicals industries remain, for the most part, in the doldrums; the political ! 
see-saws go on. Fortunately, the Group is insulated from the worst effects of ■ 
these uncertainties but a temporary check on our growth and expansion Is 
inevitable. Disappointing, of course, but best to face reality. 

With over 100 companies operating in 43 countries, the BOC 
Internationa! Group’s activities include industrial gases; medical gases and 
equipment; welding and cutting equipment; vacuum and cryogenic plant 
and equipment; chemicals and metals; computer and oilfield services. 

The 92nd Annual Meetingof BOC International Ltd., will be held at 
The Chartered Insurance Institute, 20 Aldermanbury, London EC2, on 
Wednesday, 22nd March 1978 at 11.30 a.m. 


The contents of this 
advertisement are extracted 
from the Statement by the 
chairman. Sir Leslie Smith, in 
the EOC international Ltd, 
Report and Accounts for 
the Year ended September 
1977. 


Trading profit Increased 10.59f 

to £101.8 million - £623 mlffion of It 
from operations outside Europe. (Pagsl). 


Jf f* 


im^v- 




Return on capital down to ? 

17.7K-^decrease for the^first time In 
eight years, (ftge 11). 

investment up SS.1?i to a record 
£72.6 million - over half of K In the UKand^with 
, ——-even more earmarked for1978. (ftjge 13). 

Bgrorts up to £60.9 mfflon from 
£48.8 million. (fage24)L 


BOC prutfded fobs for40,900 peopfe to more 
than 100 companies worldwide, paid £156.6 mllDon la 1 
— - — wh iles (fage 5) and contributed £242 million to J 

pension and welfare schemes. (Page 29). 


Tor The Company Secretary, BOC International Ltd- 
Hammersmith House, London W69DX. 

Please send: Annual Report and Accounts and/or BOC 

Ptople’s Report (Delete as necessary). J 


Address. 
























Financial Times Wednesday February;22 i97g 



lilac 





BY BERNARD SIMON to Johannesburg 


BLACK businessman have in 
the past played 3 negligible role, 
in 5outh Africa's economic 
development In spite of the 
maze of restrictions vhtoh 
stifle their efforts, however, toe 
country's 35.000 Black entrp- 
preneur? ere slowly making 
their presence felt. 

Spearheading their drive to 
participate more fully in busi¬ 
ness life is fhe S.OOO-member 
National African Federation of 
Chambers of Commerce 
(NAFCOO. formed m I9f>3. 
Only m toe past few ye^rs has 
NAFCOC be^run to ratch to* 
eye of CnvernmeTit and White 
business leaders. Most notably, 
the organisation, under th° 
leadership of »?? urban* and 
respected president, Mr. 5am 
Motsuen^ane. has been a major 
influence in persuading toe 
department of FJural Relations 
to relax some of the restrictions 
which strait jacket. Black busi¬ 
ness, particularly m the urban 
areas. 

These curbs stem from 
Pretoria's stubborn insistence 
that Blacks linn? w cities and 
towns in the “ White ’’ areas 
are oalv temporary sojourners, 
destined some day to return to 
a distant *' homeland " S* while 
homeland residents wishing to 
set up a business are gi' o n 
numerous financial and other 
incentives, prospective traders 
in the city townships—where 
most of toe roughly Kfihn. sp**it 
by Blacks each year is concen¬ 
trated—are faced by innumar¬ 
able and often insuperable 
obstacles. 

Before May 197fi. urban 
Blacks were allowed to operate 
onJy 26 kinds of business cater¬ 
ing solely for township resi¬ 
dents' basic needs. But many 
restrictions have since been 
eased and the open list now 
mcludes 6fi types of business. 
However, there are still many 
others which make th? Black 
entrepreneurs life frustrating 
and complicated. Urban resi¬ 
dents may n«i. for pyainpte. 

set up any kind of mamifV- 
■turiisg p*?nt. and vhite th e y 
are now allowed to $pll 


BOSV 88V TIA0INE fTOJE 

APP5W! • 51011W OttPKUJtf „ 



lm 


^ typical Black store in 5«mnln. 


eleefrica! 3pp!>?nre5. they are 
not permitted to repair toetn. 

A malt can rmw own nio r e 

than fine bfijjne;?. but on.lv on 
the same =ito -\pd in any c 3 :**. 
he 1 ? prohib«i? rl fr om delncnng 
goods outside I he township.?. 
Expan?mn is furtoer limited h>- 
renzlat'ons whirli restrirt busi¬ 
ness premises t n a maximum 
are? of 3SP sn'i-te? nietecs. 

One of the biggest obstacles 
is the E-lacks' inability tn 
acquire freehold title io their 
premise-'. Tb*.- means business¬ 
men are often unable tn pr.v 
vide acceptable security for 
bn^ds or other types of finance 
needed m iimdernisp 2 nd ?-.. 
pand their operations. 

The limited range and -man 
etz? of most E-lack businciio- 
have raised thorny questions 
about competition from sophisti¬ 
cated White nier«*hants Black 
traders' jn-ib’IU 1 ' to buy in bulk 
has meant that their prices are 

general iv higher and the variety 

of their stock: ■-njalier 

th.occ m " White ' rite- 'upt-r. 
market? a r c ?u!t. abr-ut 

toree-qijarters ,f Black cs* 
dweller? pnreha;.*-. 31 ? made 
outside the townrltep?. 

At present. White bujinc" 


men ate nci allowed tn trade 

m the to'vyiships. but several 

i-npipjiiiP? ha-, e urged that they 
po allowed ip d° r« 

The Minister of Plural F.ela- 
»ir*n-. and Pevelnpmcnt Ur. 
Connie Mi tide r. ." a cd l??t week¬ 
end ihal hr t* considering 
alinivins White °'vned chain 
Stores t n operate in P!i r !. town, 
stop* Ur Mulder* nnnounre- 
inent come.; in the- wake cf the 
Johannesburg City Council's 
approval of plans by a .group 

nf White. bu'unesarnen to build 
3 lar pc -.hopping complex at 
Flip-print i>n the outskirts of 

Jnwfl.''! 

.Accord'ns tn a Johannesburg 

%undar newspaper report. Pr. 

Mutdor l s advocating a policy 

of • free frad*" in th° Black 

town -hips a* part nf his live-year 
plan to improi p the quality nf 
life of hi ban TSlicki. Tho Gov- 
omment may aj=n fie prepared 
in ea-.* fnrih e r the re?irictionr- 

n.i urban trader? although 
there 1 - no indKaiinp shat the" 
■AIII he all-vved to s e I UP bU.'l 
ne-* in White " area - 

Rlrtvc-. to 4?b'”V White S 1" 

ii»d<- in the town-birr ’vithnui 
sp'mr Blacl-/. simuar tishls in 
rpiecentral business district-. 


ar*e strongly oppo?sd by Black 
consumer*and business groups 
Mrs. Sally Motlana. president of 
to*r Black Htoisewtves’ League. 
$aid that Flacks wnuld not 
riPfivB any benefit from Dr. 
Mu Wee's plan. “If the Govern- 
merit wants to uplift the Black 
man aqd improve his quality 
of life toon it must allow 
proper free trade.” she said. 
The Housewives’ League 
attacked Ui p proposal as "•tn 
esrriise to let Whites into Etark 
areas to exploit the Black 
people under the guise of up¬ 
lifting them." 

NAFCOC is bitterly opposed 
to letting Whites trade in o r 
near toe townships and i f 1 = 
fighting the proposed Klipspruit 
development. A mass meeting 
pf Jnwpt.o traders, who fear to^t 
*uch a development would spelt 
di?3tt.er tor their own bus 1 - 

nesses, hav cnpdgnyind the. p rf| 

rn?aJ ’ Our mem hers are rv 
cnfiretned.” says Mr. htofsucn- 
yzn*. " White business interest : 
seem determined to exploit in 
an unfair and even underhand 
wav the severe restn'ctmus 
under which Black businessmen 
in the urban areas suffer, w? 
will not stand tor it.” 

Th?re are at present probably 
only thr e e Blac^ enterprises 
which have the potential te 
be*x>oie mator forces in South 
Africa 5 business comicvn'iv. 
These are the African Bank. 
Afribani. the African Develop¬ 
ment and Construction Com¬ 
pany and Blackchain. 

The African Bank, in which 
leading White banks have a 
minority share was formed thtec 
yea r: ago. and ha; 50 far bad a 
rather disappointing record. Tt 
has three tranches—one *n 
5oveto. one at Ga-Rankuwa just 
north nf pr»iofia and the third 
in Umtata m Transkei. 1 In 
term; of a Government direc¬ 
tive, jho bank must set up » 
branch m a homeland area ter 
each n-ban o Qe opened 1 De- 
pn-.if< bj October I97T totalled 
nnjy f>3 /m . axain;t the break- 
even tariet nf Losses rose 

fxntri Ffir.nnn in J37fi to 


E165.000 last rear. 

The other two companies Bre 
ei-eu le?s veil established, 
African Development and Con¬ 
struction. in which Roberts 
Construction has a 49 per cent, 
stake, has only just started work 
on its first project—an alcoholic 
drinks outlet in Soweto. It 
hopes, however, to win further 
contracts for buildings in the 
urban areas. 

Finally, Blackchain has been 
set up to develop modern 
fhopping complexes in the Black 
townships. In association with 
NAFCOC and Afribank, it 
applied last year for a site on 
which to erect a R3m. super¬ 
market in Jabulani. Soweto— 
another reason why Elacks 
oppose the White Klipspnilt 
Development so vehemently. 
Blackchain proposes issuing a 
prospectus to raise funds as 
soon as the gn-ahead is received 
from the authorities, and is 
confident of getting the money 
required. 

NAFCOC ha? meanwhile an¬ 
nounced that one of its high 
priorities this year will be the 
formation of a development 
mrporatton to sponsor business 
projects both in the urban areas 
and toe homeland's. It is hoped 
to raise funds on both local and 
international capital markets 
for this purpose. 

The low standard of education 
of most Black businessmen has 
meant that training is also being 
given close attention. NAFCOC. 
with the help of a grant from 
Anglo American, appointed a 
full-time education officer last 
year, tn organise short courses 
tor Black entrepreneurs. The 
University of South Africa’s 
School of Business Leadership 
offers 15-month correspondence 
courses in more advanced busi¬ 
ness skills, while Standard Bank 
arranges fortnightly business 
lectures in Soweto. 

But no matter bow many 
teaming ? r bemes are devised, 
th* full potential Black bu?i- 
p«s will on!v b e realised when 

ih* discriminatory njrbs ?tn- 
P«\'ed by the Government are 
lifted. 






1 ’0^ 



' - 1 . > ■' • -'j v 


,yi * ^ rjj 



; y - -o-: 





\ f 1 



What the Alexander Howden Group 

is aiming for. 

We're aiming to consolidate and improve our position as one of the largest and 
most efficient insurance groups 

We re aiming to develop new markets through our Insurance and Keinsuranee 
Broken. Underwriting Agencies and Insurance Companies. 

Wc rc* aiming to continue our polio? of planned expansion and aeuuisiliun where 
we see opportunities. 

Were aiming to add to our reputation for effective solutions to insurance pmhleim 
for clients all over the world. 

And -as our doubling of profiLs and camings per share in ihe las! four vears h;« 
shown -our aim has been pretty good. 



Alexander Howden Group Limited 

22 61 liner Street. London EC5M 2SA. Telephone: Ul~fc*S 0505. Tele.x: 552171. 


WEDNESDAY 29TH MARCH 1978 

The Financial Times proposes to publish a surrey on Commimlcadons, 
The provisional synopsis is set oat below. 

INTRODUCTION The impact of new technology an communications^ 
-new possibilities and new markets. The effect of computers and micro* 
processors. 

PUBUC TELEPHONE NETWORKS These are be gi n n in g to changeAp- 
computer controlled eschange equipment (stored program control>. 
Eventually all telephone , networks will be completely digital; -generar 
trends. 

PUBLIC TELEPHONE AUTHORITIES These exert very great influence 
ort the speed of change and oh capital investment in new equipment. The 
effects of Government financial policies. 

MANUFACTURERS They, are facing many different problems-and 
challenges stemming from the new technology.. 

WORLD MARKETS Already highly competitive, the markets for tele¬ 
comm unications equipment are likely to become even more so. \. - - 
NEW TRANSMISSION METHODS Optical fibre, satellite; transmission, 
microwave and waveguides will replace traditional cables in' some appli-* ' ■' 
cations. The implications for undersea cable manufacturers. ..... 
MILITARY EQUIPMENT Defence Authorities are commissioning a new -. 
generation of battlefield exchange equipment like that based on the UK\ ; 
Ftarmigan system. 

MOBILE RADIOS These, and man-pack units for the battle-front, have 
recently provided an important worldwide market Imptications of .the." 
US plan to develop a new generation of equipment 
AIRBORNE AND SHIPBORNE EQUIPMENT The development of direct 
transmission from satellite to mercantile and naval vessels. 
NAVIGATIONAL AIDS Radar and radio direction finding equipment. 
DATA COMMUNICATIONS Increasing demand for the use of public 
and private networks. Prospects for a public switched network. .\V' „ 
BUSINESS SERVICES • These are gaining importance rapidly. Paging' ' 
systems, private exchanges, mobile radio equipment Telex, Reuter and 
other services. Manufacturing trends and implications for public licensing •' 
policies. . 

THE HOUSEHOLDER Beginning to have an increased range of com¬ 
munications at his disposal. Teletext and the “computer in. the home,**- 
Citirens* Band radio m.the US, transceiver and radar equipment for. 
yachtsmen, etc. 

TERMINAL EQUIPMENT Development of the telephone handset, 
answering devices, telex and facsimile transmission machines and data 
storage devices. • ■. ..-y - 

OVERLAPS The demarcation line between computer and telecommuni- 
cations equipment is becoming increasing blurred. Implications for.’ " 
manufacturers and buyers. _ 

For farther details of the editorial synopsis and advertising-rates . 

please contact Peter Minett. Financial Times. Bracken House, 

10 Cannon Street, London EC4P 4BY -.Tel: 01-248 SdOOExt. 70T6 
Telex: S85033 FINTIM G - • 

FINANCIM.TIMES 

EUROPE^S BUSINESS NEWSBWER 

Tbe r.^weni asfl mbBowoo dates r>! Jtjnr-ys la Oie Ftaaartal Ttinw »tb nuMaot to cfcanw - 

Al ihe dlscTPOim at Ow. Editor • - 





- 4 : - 


FEBRUARY 


This year marks not only the •• 
centennial of the beginning of the. •; 
Kensas University art collection’but- • 
also the 50th anniversary of the ■ . 

inauguration of the museum' on : the • 
university campus. 

This year also celebrates the opening 
of the new Helen Foresman Spencer 
Museum in Kansas which is . 
honoured in this issue and-'now.. . 
houses the very fine University 
collection. 

Other articles discuss, Inigo Jones, 
Titian, Goya and Luman Reed. 


7 SINGLE CQPY.mG v OR 
(postage todytted) PIPFCT FROM 
THE PUSL'SWSkS 

Annml ptinnt UK. £21JDO. OversSM 

£24.OQ, 'J-S.A. $49 .OQ fromr A(wl|p, .ftrackem 
Howe. 10 L <Unnon Street,.Lcwlon EC4& W, 
Telephone 01.248 8X50.■ 

P?e«e enter s «bKrfption>fisr on^year (12 
monthly isDUesl to Appttb ■'Ha^aane, com- 
menring yHtH .the . . - - v-.-lHUe 





























































I Mi 


Financial Times Wednesday: Febrn^iy 22 1978 


m 


INTERNATIONAL FI NANCTAI, AND COMPANY NEWS 



U>HTH AMERICAN MEWS 

ijiales and U.S. ca; 

Cmcome up - BY JOHN vvnrtES 

t T ^ • J| NEW. LINKS between the U.S. 

indu «ty aod foreign manu- 
facturers look- likely to be 
BURBANK,- Feb. 21. cemented this- year following 
INCOME of Lockheed Cor- “«® T ; announcements by both 
at ion in the fsorth quarter ™n e wcad -Motors and the Ford 
1977 rose from S7.4m. to ^ otor company.. * •• • 

***** from. . AMC.. which is'fighUna hard 

dm. to 8890m. to remain part of the Detroit 

ne-year as~a whole, net-in- scene despite steadily' falling 
. te advanced from S38.7m. to sales, has continued the scries 
n?Be . .fcnnr ofT -leasing declarations which 
®“5‘- >?J??r 7bQ - began a few weeks ago suggest- 

veed attributed the higher mg that an' association with a 
^.profits tqvsqtfd results foreign: manufacturer is im- 
. jrded by nearly all of its minent. - 

incr ^ sed Mr. Gerald -Myers, the coin- 
*° d a pany's president and chief 

'rnwri t S«u Cat A' executive, announced in a news- 

roved result does not paper interview yesterday that 
esent a trend, said i,ock- .an " affiliation with a foreign 
- ' car producer would definitely 

alsn sald u ex P ecls lake place this'year! "As a result. 
.1977 respite will again the company confirmed to-day. 
ive a qualified 'opinion .the' foreign company's cars 
i its outside auditors due would- be produced alongside 
.. b ce rtain ti es. origin a ting rin AMC models In-AMC plants and 
- years..including the reali» distributed through the Ameri- 
■n of deferred charges on c «*n manufacturers' dealer net- 
TriStar jetliner.'• ■ work. 

said that although'pro-Atcording to AMC there is 
on .?-' rate . s . B J e being■ more -than one'- prospeeiive 
eratea, its 1978 ' first partner in .suchi'an affiliation 
ter earnings will he sob- and until a concrete agreement 
iaily red need by -the emerges- from current discus- 
and -a- balf month-Iona ilcms no- identities will be dis- 
• ? by machinists fii the 1977 closed. 

Wi > h r V rT However. Mr- Myers latest 
irst-stenn effect on aircrart 

' eries. .... —--— 


car makers in overseas talks 


pronouncement comes just two 
days arter Peugeot, the French 
vehicle manufacturer revealed 
that it is discussing the possi¬ 
bility of a co-operative venture 
With AMC although the focus or 
the talks was technical, “with¬ 
out any commercial implica¬ 
tions.” - 

Speculation has also linked the 
name of Fist Italy's major 
manufacturer, with thaT of AMC 
.hut neither has-publicly con¬ 
firmed that any talks are under¬ 
way. Industry observers have 1 
also considered one of the 
Japanese car companies as a 
prime candidate for a link, or 
takeover of AMC. hut nothing 
specific has surfaced on this 
front. 

Meanwhile. ■ Ford's president. 
Mr. William 0. Bourke, revealed 
yesterday that the company is 
negotiating with Toyo Kogyo. the 
manufacturer of Mazda cars and 
trucks, to buy m a mini front- 
whcel-drive transmission ■•id 
axle systems for use in new 
front-wheel-drive cars Ford is 
designing to replace the sub¬ 
contract Pinto and Bobcat 
models in the early lSSOs. 

Predicting that an agreement 
could be reached by the sprint*. 
Mr- Bourke said the purchases 
would be made as a “cost sav¬ 


ings and investment conserva¬ 
tion move. He stressed that 
Ford was not taking any equity 
stake in Toyo Kogyo and- that 
Ibe purchase agreement, if it 
goes ahead, would be an arms- 
length transaction. 

• Under existing agreements 
between the . fwo companies. 
Ford markets . the Japanese 
manufacturer’s small pick-up 
trucks in the U.S. under the 
Courier name. 

. The two companies also share 
a stake in an automatic trans¬ 
missions manufacturing com¬ 
pany whose output goes pri- 
family to overseas' markets. 

Terry Duds worth adds: Fiat, 
which already has extensive 
interests overseas, and recently 
began exporting its trucks to the 
U.S.. refused to comment un 
possible links last night. But 
the Italian company is known to 
have received a number of over¬ 
tures from AM in the past, and 
to have rebuffed them all. 

The company's present manage¬ 
ment u believed to be against 
establishing a manufacturing 
unit in the U.S., where the'scale 
of manufacturing i* quite unlti.e 
that of Europe. 

It has also been wary of 
becoming attached to an organi¬ 
sation with as many evident 
problems as American Motors, 


MEtV YORK. Feb. 21. 

particularly since it is channel- 
ung'a great deal of managerial 
effort into the reorganisation of 
IVECO. the holding company for 
its commercial vehicle interests. 
. . Speculation, about a financial 
link between American Motors 
and the Peugepl-Citrnen group 
was firmly quashed by the 
French company in Pahs last 
nigbL A Peugeot spokesman said 
a financial agreement with the 
troubled U.S. company' was 
neither foreseen nor foreseeable, 
although the French car maker 
was holding discussions with 
various U.s. companies un tech¬ 
nical co-operation, including ex¬ 
change of motor parts. 

•'The company saw “no 
reason" for taking a financial 
stake in American Motors and 
still les-, fur selling a participa¬ 
tion. although the two com¬ 
panies had held general discus¬ 
sions on exchange of com¬ 
ponents. 

Peugeot -Citroen is interested 
fir buying more parts from Ihe 
U.tv to niak<« use of the price 
advantages brought about b> 
specialisation and high-scale 
production. It is also interested 
in U .S. technology for mastering 
the problems of extreme cold 
and heat, since the French group 
is dependent on export* for hair 
its sales. 


Creusot Fall m demand hits ? 

Loire credit r . , T . ^ 

for Phoenix Firestone Tire profit 



Addressograph back to dividends 


y A. Anderson, chairman . . ‘ ' 

£f e J s di 1 sposal . Addressograph back to dividends 

y ; .the productive'• lag -."ttS ofiallc^ . CLEVELAND. Feb. 21 . 

ar^lffTS muftis 6 will ha OPERATIONS Of G. D. Searles ADDRESSOGRAPH - Multigraph share compared wjth an nporat- .against restated net income Of 

■d-‘adversely by a lower P reducts groups, particularly ihe maker ef business machines Ins loss of S950.0IHJ. Id the year S5 «m or 70 cents a share, after 

production rate and the consumer-pharmaceuticals and is resuming quarterly dividends earlier six months, a special sales had risen by 4 per cent, to 

on this year of the S-34 optical products, registered a payment of 5 cents a charge of SS.Hm. made a final S586.2m The 1977 Joss rollccied 
1 anti-submarine nrndi/c- fourth nuarter and annual in share for the second quarter of net loss of 862m. Revenue was an SIL.2ui. hiss from writing off 
r^raiTimr P Rt *977-78. The last regular 8313.1,i. against $279.flm assets oF discontinued ..pera- 

the-TriSlar remain the Iiv r,Uimerl * v divid e nd was of 15 Results for the second quarter tions. an Slim loss .‘n r one turn.* 

uestinn ^L^khend? «J n ^ SC 0 cents in April 197*1 but the group and six months of fiscal 1*7$ costs of relocating operation* 
Some analysts have IwmlHi riSl?»M d i» has s,nce P aid ®P ecial dividends include a charce of S64S.Q00 and -87.6m. on changes in account 

■at an Slfch SwaltLri dnnf- ^ SSS!?2Si? , lL'3- l J of 10 cpnts a sharfi in November which is ,he net effnet of income ing methods 

y-Pin ■ American. World Lr°«i° cfiK 15 ! 197a and November 1977. from a licensing fee. anti the din- Mr F%»y L. Ash. the chairman 

s on whether to huv as iu.ffiu'aD rvf ipLlt 3 Profit fnr the latest second posal of a plant and the costs Tor said in September that because 

,s 30 Tristan is the kil * * prev,n “ s,y ' APDJ report!, quarter was equal lo 52 cents a relocation of headquarters of' the charges ,ak ? n in 1977. 

e ' viability of the ypar results taclndvd share, with total net of $4.3m. facilities. “substantial operating progress 

nn]e 7 ■ . e an Income from continuing compared with a net loss of The year earlier three months shbtijd be achievable without 

is “ 0 ,'ne ahead on a operations of S35m. or 68 eents 8708.000. and six months periods were re- further unusual adjustments.” 

•W«Mt vnreirm nt (ha a share, and a net loss from Revenue increased-io 8164.1m. stated for accounting changes .Agencies 

’ ‘-ru. pootoanv exoectx dij»«mtinued operations or from 8144.ini. adopted ai fiscal year end. - 

Hers fnr this n*r/.nt-*m> 863.83m. iacju ding a.$S!la loss For the six months, oet profit For 1977. Addressograph re- . ix-e 

Txt tmV vppr nnT^i. o^ disposal of assete. reached S6.4m. or 760 cente a ported a net loss of 810 3m. |\211101131 I JTP 


QIQg ■ iiiiuiul- ijiuu cvauiiuiuR CMiiipareu wun a net loss or i ne year 

is “Dins ahead nn a operations of S35m. or 68 eents 8708.000. and six men 

■WUpat version of the a sljar e* and a n *t l ® 55 f rom Revenue increased to S164.1m. stated Tor 

’ ThTcmnoInv ^xoeete. ^continued operations of from 8144.1m. adopted al f 

HerR for'this nerr.ni-mo 863.83m. iBcJudlog a'.&59m. loss For the six months, oet profit For 1977 

v' as .tliis year. and will 011 disposal of assets. reached S6.4m. or 760 cents a ported a i 

to handle the develop- ' ' 

-sis of the three-engined 

out any major strain or .. 

r n “" s ' M d r AMERICAN QUARTERLIES 

* backlog at the encT.o'f ^_ : _ '' — — --- 

as JB4.14bn. compared ARVlN INDUSTRIES ; ENGELHARD MINS. &CHEMS. LUBRIZOL 

458bn ;-> a_,_^\ear ago.. W7T • . 1 Fanrtii quriar im un -_... -_ 


n. during 1977 the com-' F * tr » °- u!,rter . 


Fwrth Quarter 


National Life 
talks off 

JACKSONVILLE. Feb. 21. 
NATIONAL LIFE at Florida 
Corporation said it has called 
off merger lalks with USLife 
Corporation. 

USLife had proposed lo pay 
about 824 Sin for all of National 


’IE. d ^. Sl ' 14bn u in - nCW Revenue . 114.0m. iOI.Om.j Revenue. 2 04bn. I.99bn. s s Life of“Florida's approximately 

and follw-orrbusiness jMe, profits ...... 5.0m. 5J2m. | Net profits. 20.75m. 29 . 67 m. • J«enue . 130.0m. HlXlm. ^ ® r , wr p° s * nt?sl?ndin- * 

reian customers out of Netp M ershar c... 0.74 0.7S: Not per share... 0.95 0.94 1 Net profits. 14.0m. 12.0m. “'^ti^a^Lfc said some of its 

’LB uSS'im long-term 460.0». 400.0m.I n 7«bn. 6«bn. ; N r l°* r shlra " «•» “S' u,p 

- 3SS 5 ^r„: »jS: ^- 

52TS.'8m. Trhhi SlSff^n^TlAltiB iER • : - •• : y. ;GT. WESTEKN UNITED . Net per share... 2.98 2.52 

natter 1 earnings per • pvw* amner wn : rint ourtv ivn ivn i 

Wch• went down from ■ % ; s s. • caffwav qtorpc 

s :to 49' cents, were Revenue.. 3615m. 2495m.|Revenue .. 90.6m. ttoJm. 1 SAKEWA * bTOBES _ 

it- il4ni. shares- out- Nqt profits ...... lUm. ojm. j Net profits *23 ib. .ml mm mr 

;compared with 12,7m. Net share d,l... ~ 0.38 0.23 -Loa* . • s s 

:year earlier.;. — -7*----■-'Revenue. 3.6bn. 3.3bn. 

■er share lor the full T>EERE ... I IC IffDUSTRlES . _I Net profits . 32.0m. 32.0m. 

from'.$3.10.'to S3.71. ei«t pmimr v ivw wn ' Pmrtb Qiwitw jot 1976 ;Net per share... 1-22 1J4 

ied oq . 13.45)1.. shares. V s s . { .s s i Year 

1 -Witb 12.2m. shares a Revenue -7S9.9m. 605.Bny. Revenue . 4S9-6m. 442.6tu. Revenue. ll.Obn. 10 . 0 bn 

- . . .. ;: -v Net profits 4S^2m.. 40.23m. Net profits .- 21.4nr. 20.7m. Net profits. 102.0m. 101.0m. 

y. ‘ .V."- ■■■ • Net per shaft... 0.80 067 Net per share... 1^2 . '1.32 Net per share... 3.93 3.89 


CLAY MONT. Feb. 21. 
PHOENIX Steel Corporation 
-.said that Creuso,-Loire S-A- 
ihe French concern which con- 
' lrols Phoenix, has made S7.5m. 
in short-term credit available 
to Phoenix. Terms were not 
disclosed. 

. Separately, the troubled steel 
maker reported a net loss of 
51q.9m. for 1977 compared lo 
a year earlier net loss of 
S29.2na. 

Phoenix said Creusot-Lolre 
“has indicated its willingness” 
to convert the S7.3m. ]n debt 
into equity securities iu 
Phoenix “provided satisfactory 
terms can be reached.” 

Phoenix said Ihe funds will 
he used for working capital 
purposes and to rednee bank 
debt.' 

APDJ 

Burlington reverse 

Burlington Northern expects 
first quarter earnings to be 
. well below the S43.7m. or 
$3.45 a share iu the 1977 
period, chairman Louis W. 
Menk told securities analysis, 
reports Reuter from New 
York. But a 17 per cent 
increase is looked for in 
' originated eoal tonnage this- 
year lo about 60ra. With the 
additional coal traffic, railroad 
operations should reUecl in¬ 
creasing profitability. 

Diamond Shamrock - 

Diamond Shamrock expect 1 * 
first quarter earuings to exceed 
(he 827.5m. or 72 cenis a share 
earned in Iasi year’s corres¬ 
ponding quarter, William H. 
Bricker.. president, told AP-DJ 
in Los Angeles. A boat It) per 
eenl. of total corporate capa¬ 
city was lost because of Ihe 
coal strike, which will affect 
first quarter earnings b.v about 
10 lo 15 cents a share, but 
continued growth in the nil 
and gas and specially chemicals 
areas should ensure a higher 
first quarter net. ■ 

Bridger bid revised 

Borne Oil has mailed Its 
revised offer to purchase all 
the outstanding shares of 
Bridger Petroleum corporation 
for $12.60 a share. The offer 
expires on June 21. AP-DJ 
reports from Calgary. As 
reported yesterday British 
Columbia Sugar Refinery’s 60 
per eeiii.-ow tied Fairuealfaer 
flas subsidiary withdrew 1 its 
SI2.60 a share offer for Bridger 
after Rome Oil indicated that 
principal shareholders of 
HridgcT had agreed to tender 
control of the company under 
the Home offer. 


OVERCAPACITY'in the industry, 
weaker demand in North 
America and Europe and a 
foreign exchange loss of 811.9m. 
have hit first quarter earnings at 
Firestone Tire and Rubber. Net 
earnings for the quarter are down 
from 41 cents a-sbare to 13 cents, 
with the total net at S7.4m. 
against S23-3m. for the compar¬ 
able quarter. Sales, however, 
edged forward from S97Sm. to 
81.06b n. 

The company said that demand 
in North America and Europe 
was ” less than robust,” adding 
that production costs in domestic 
plants were higher because plants 
were operating 1 at lower levels 


. AKRON. Feb. 31. 

than a year earlier -when they 
were replenishing inventories 
depleted by the 1976 strike. : ‘ 
A month ago. Firestone dis¬ 
closed the possibility of a cut? 
back in the workforce at Us two 
Ohio tyre manufacturing plants 
at Akron. Mr. Richard M. Riley, 
the chairman and chief executive 
officer, commented at that tiimt 
that Akron was among the 
group's higher cost, producina 
plants. 

Last year. Goodyear Tire am* 
Rubber halted production of car. 
and light truck tyres at Akrom 
and also drew attention to high 
cost and low’ demand factors ia 
the decision. Agencies- 


Savin settles with Ricoh 


SAVIN BUSINESS Machines 
Corporation has reached agree¬ 
ment in principle with Ricoh , to 
settle their dispute over royal¬ 
ties. 

Under the settlement Ricoh 
will pay Savin SISm.. of which 
$3.5m. represents'the price being 
paid by Ricoh for all of Savin's 
stock and royalty inierests in 
Rapifax Cornoration. Kapifax dis¬ 
tributes facsimile machine? 
manufactured by Ricoh. 

Savin said Rioch will then 
nwn all of the slock of Rapifax. 
The remainder of the SISm. pay- 
ment represents settlement of 
various oiher contract disputes, 
including royalties. 

The enmnany said the settle¬ 
ment requires that the com¬ 
panies reach new agreements to 
replace the existing agreement 
under which Ricoh now raanu- 


VALHALLA. Feb. 21... 
faciurc5. and Savin distributes 
exclusively in the L'.S.. the 700 
Series of Liquid Toner, plain 
paper photocopiers. . ; 

Savin will continue as the ex¬ 
clusive. distributor-in. the .U.S. 
nf the 700 Series Liquid until 
September 30. 19S3. the com¬ 
pany said. 

Savin trill have the option ip 
continue to dismhute Ricoh- 
manufactured liquid lonef 
copiers iin a semi-oxehKive basfs 
after September 30. 1983. 

Although Savin said its distri¬ 
bution rights on Ricoh-maDufaP r 
tured liquid toner machines wiH 
continue until September -10. 
1983, Ricoh may from July IPSO 
start lo distribute its own dry 
powder machines '( non-liquid 
toner* in the U.S. 

Agencies 


McDermott and Babcock finalised 

NEW ORLEANS. Feb. 21. - 


J. RAY McDermott and Co. and 
Babcock and Wilcox said in a 
Joint* statement Ibat their nego- 
liaiting committees and directors 
have approved terras for Bab¬ 
cock's merger with McDermott. 

McDermott owns about 49 per 
cent, of Babcock shares, most of 
which were acquired in 1977. 

The companies said the mer¬ 
ger agreement is complete and 
filings of the proxy and regis¬ 
tration statements have been 
made with the Securities and 
Exchange Commission. Proxies 
are to be sent lo shareholders 
shortly. 

According lo ihe terms. 
Babcock holders will receive 
one share of new McDermott 
$2.20 cumulative convertible 


preferred slock plus one share 
of new McDermott $2.60 cumula¬ 
tive Preferred for each Babcock 
common share. 

The convertible preferred 
stock will be convertible initially 
into one share of McDermott 
common. 

The terms or the securities art* 
the same as those announced by 
the negotiating committees in 
December, extent that ihe annual 
dividend on the straight pre¬ 
ferred slock is $2.60 rather than 
$2.50 as previously planned. 

McDermott and Babcock said 
their respective shareholders are 
to meet on March 20 to vote on 
the proposed merger. 

Reuter 


I IC INDUSTRIES 

' Fourth Quarter 


—*"1-1 Fourth Quarter 1W W7h 
S _5 

-1 Revenue. 3.6bn. 3.3bn. 

_I Net profits. 32.0m. 32.0m. 

m& ;Net por share... 1.22 1.24 

S i Year 


• •• 


U.S. $100y()(HM)00 


MEDIUM TERM LOAN 


^ALCAIM ^ 

Alcan Aluminium Limited 

Montreal, Canada 


- T • Managed by 

Atom Dhabi Investment Company Kuwait International Investment Co. S.A JC. 

IBJ Internationa Limited. : . The Taiyo Kobe Bank Ltd. 
rab and Morgan Grenfell Finance Company Limited The Bank of Tokyo (Holland) N V 
Iran Oversea^ Investment Bank Limited The Nippon Credit Bank, Ltd. 
UBAFBankLimitedAInionde Banques Arabes et Franfaises - U.B.A.F. 

. • • • Provided By 

AbirDhabi Investment Company' .ThcTndustrial Bank of Japan Limited 
■ The Taiyo Kobe Bank Lid. - the Nippon Credit BankXtd. The Bank oi'Tokyof Holland) NV 

'1 :•-Iran Overseas lavestmenl Bank Limited-- : Kuwait International invcsimeniCo.S.A.K. 

Arab Bank Limited UBAF Bank Limited Union de Banques Arabes et Francises-U.B.A.F. 

Associated Japanese Bank (International) Limited 
The Bank of Yokohama Limited The Mitsubishi Trust and Banking Corporation 
The Saitamh Bank. Ltd. The Sumitomo Trust and Banking Company. Limited 

Morgan Grenfell i Asia! Limited Nomura Europe NV Partnership Pacific Bank NV 

• The Tokai Bank.Limited The Commercinl Bank ^Australia Limited' European Arab Bank 

The GulfBank.K.S.C. Kuwait Pacific Finance Company Limited Libyan Arab Foreign Bank- 

1 • Union de Banques Arabes et Europeen.es-U.B.A.E.-s*Kwie Anon>mc 
Uban-Arab Japanese Finance Limited 


General Agent 

Abu Dhabi Investment Company 

Paying Agent 

Union de Banques Arabes et Fran?aises - UJB.A.F. 



Highlights of 1977 





Year ending 31 December 


2977 


1976 

Total shipments of aluminium products i'oo 0 tom) 


Iy*53 


1,5*5 

Shipments of fabricated products \Ooo ions) 


968 


955 

Total sales and operating revenues i JS.S. S millions) - 

S 

3 >ozS 

S 

2,656 

Net income ( U.S. S millions) 

S 

—02 

S 

44 

Net income per common share' U. S. 5.> 

s 

4.98 

S 

I .14 

Dividends per common share ( U.S. Sj 

s 

z.zo 

s 

O .40 

Capital ex pen diturc (.U.S. S million*) 

s 

*33 

s 

I3S 

As at 31 December 

Working capital <_U.S. S millions) 

s 

909 

s 

774 ’ 

Net fixed assets and investments 1 L'.S. S millions) 

s 

1,702 

s 

r, 60 S 1 

Long-term debt L'.S. S millions > 

s 

749 

s 

S37 1 

Common shardiolderb' equity l L’.S. S millions'* 

s 

1,424 

s 

1,268 1 

Number of common shares outstanding thousands) 

4<M47 

40,447 I 

Number of employees, at year end [thousands) 

i 

6 r 


60 



Extracted from the 1977 Annual Report 


This being Alcan’s 50 th anniversary year, it 
is gratifying to be able to report results for the 
past year which established several new records. 
Consolidated net income of S 201.5 million, or 
S 4 . 9 S per share, reached new highs both ftt 
dollar terms and in earnings per share. Sales 
and operating revenues exceeded S 3 billion for 
the first time. 

With improved earnings, the dividend rate 
was increased from the 1976 level of 10 cents per 
quarter to 20 cents per quarter for the tir>t two 
quarters of 1977 , and to 35 cents for the last two 
quarters of the year. Dividends for the year 
were Si .10 per share. 

We estimate that the growth in alumuniura 
consumption in the non-communist world in 
1977 was a modest two per cent, following the 
good recovery in 1976. Last year’s growth was 


strongest in the United States, fairly static in 
most other major markets but weak in Japan. 
Alcan’s sales of fabricated products matched the 
growth in world consumption but its ingot 
sales declined, so that total shipments were 
down by four per cent from 197 G- 

Canadian smelters returned to more reason¬ 
able levels of profitability as compared to 1976 
when operations were alTecicd by strikes. These 
and other Group operations benefitted from a 
strengthening in world aluminium prices which 
contributed ro better operating margins. Most 
geographic areas of. Alcan’s business realized 
significant improvement in earnings, particu¬ 
larly the United Kingdom, AusrraJia and the 
Far East, while profits in Continental Europe 
and Latin America remained strong. 


Jftth February 1^78 


XBT,' AU Amounts are in U.S. doUc*s ^ allqtmuiitits ate i*i ihmi tons ef jam founds. 

Co?i« Use full Repon and A««usik available ihonly from AUan Aluminium Limned, c, v« Publkaiions Dvpi., S«:Qum Ruad, Banbury, Oxon OXi 6 TSf. 































Financial Times Wednesday February 22 1978 



ITALIAN BOURSE 






av DOMINICK J. COYLE IN ROME 


iho: 
of I 


Expansion 
pays off at 
Elsevier 


PRICE movements on the Italian bored losses by a factor of three Bui the January account has providing new jobs fur 

Stock Exchange have heen su to two. and voluine has 1111 * seen a rever^l in the near- country's mounting total of 1 By Charles Batchelor 

consistently downwards in recent proved. chi-nnic downward trend hi unemployed, ( AMSTERDAM. Feh. 21. 

months that dealers right n»w Uailv , urilMffr !s cl , rPL . ni!y equiiv price, which has prevailed S|a Lania> whose recently•DUTCH PUBLISHING companies 

arc hard put to explain away the runmns at 3,1 average of L5bn. 1,1 months, and this move- slaie< j philosaphv has since been had a good >ear in 1977 and 

Midden and perhaps even in nominal \.tUic. .Wit much, of ,m ’ n " * 1 ‘ ,s continued in 0 e - ,, n rf nrS£;< f generally by 

by inutf international ru ^!' v - .. . . Italy's three big trade 

standard.' lull more ih.m treble Fixed-interest securities, w federations. has alsu 

reach a new u ia j which crei atled here in the particular. have mainta 1 ^ companies can no (oogev 


iemporar> — reversal of trends. ( 
Vet the Taci is that the ftledm- 
l»anca index did 


Gervais-Danone recovery 
slowed by price controls 


BY DAVID CURRY 


PARIS. Feb. 21. 
tar?-movements and changes in' sluggish growth 1 in 1 gJT. r*ta* 


aOVEHN^NT-imposed ^ pnee JgJ—^=1* 



over a cold summer. Turnov 
was 6.4 per cent, higher at' 
shade below Frs.7bo. - 


197S high on Mutt day. fe\vcr ih;*n Jj (1 n jays, of iart summer when recent advance, even innre so sa jj| et j with surplus labour. J strong international bias and; ®^'^ ervai ^*P a p®^ 
?** t ra dins days from Lhe years market gossip lurned more on bonds with indexed merely because the union, will [one of t: 


Mill 1 nci - wt *ivm uiviy uii rv, . .1 4 - #K •» i.iiv umuin .. - -V- t - 

ihi? prosper n f some brokers This reflects, in pjri. ine n0l <nr a j ji? a ^ have not tojlishcrs of scientific journals. r *> 

go ins bankrupt than on "good slower -than anticipated retiue- ^aie) accepted the principle oFi ported an 18 per cent, increase 


low oa January 10. 

The Mediobanca index which 
rinsed nn Munduv at 32.83—com- buvs" for the future. 

pared with a base of 100 17 years ± broK , r , lvjve . inflWl , ta , tbe 

SnVt^ianoiJf li le P v" t "and me Mil. and for * Kg cnnlained and even gradu- _ 

up on *ne Jamur. iu ie\ei. a a wh „ e c ^ Rn their C [ erks WL . nT na aJ!l . re£ j u£ . PtJ The market has ear " 


he < Elsevier, a company 
international 
the world’s largest puh 


lion in Italian shon-term rates |abnur n]0him> .. ah 01 row 

indeed a , mJ ' , at ? * naturally, has been unexpectedly 

indeed, that t he level n f inflation i> #wect mus j c t0 .**i,h M w 


than^on^the ne-irM! correwoSl- slriko in |,r " KSl J'Satnsl what been helped.'tno. hy the Govern- At the same 
n-dax-s trarnn- r mSrnhs a-J- lh,i - v s:,lrf M ' a> * 1 fa ‘ ,m ' e nf Uie ment’s decision 10 increase the has been hel 
’ ■ ‘ 0 " , B a * . ^uvemmeni u> hike measures lo rale „/ luxation of bank deposits, couraging sic 


in its profits and sales. 

It cave nn precise 
on the basis of Us lfl“6 re.suM 
'this would produce profit in lBn 


Yet the more 


At the same time, the market 
helped by some en¬ 
signs nn the profits 
fundamental front.” Fial has reported .mother 


of FK23An. C<l03Sm » nn sates 
rtf Fi 5515m. The company fore¬ 
cast further increases nf 14 per 
cent, in htiih nrnfii and sales fm 
the current year. 


This trend of generally upward revitalise the Stock Exchange. ....... 

movement iu prices in recent Right no-.v there is actually nn rcre-dnsVnr the improvement in good war. Olivetti has done well 
weeks it a*, of course, been Govern mem in Rome, other »hjn nvirkcr sentiment ire much less in 1S77. although tfnal rU-laiis] Nederlafidsc Ijagnladunif 
interrupted in tile uccasiunal Si?. ilruiio An«lreoui's minority aiianiiliable. and at bottom they are still awaited, and PireMi is (NDUt. a major newspaper pun- 
hiccup. and in fact minus si a ns Christian Democrat admini-fra- ,j iav oven turn nut he Co rf Iu- known to be climbing out <»f it* usher with substantial centra 1 
prevailed in the majority of lion, which runiinues in ns rare- ^innarv. Nonetheless. Milan miseries. Major state-private orinting interests, said 1977 nei 
marks yesterday on the Milan taker capacity. Yet the bourse brokers have been impressed sectnr emups like Mnntedi*on prn fii f 0 se more strongly than 
Bourse, which is hv Tar and has managed in rise m a 197S ^ iib ihe rereni cnimnents rt f Sic. continue in finaneb] diffiruHies. l e ypeclt*d to FIs. 10.3m l84.HKiu.) 
■tway the most important com- hich. Luciano Lama, head of the hut these have now become * !n , f rom Fli 7.1m the vear hpfnre 

ponenf nf the Italian evvhangr. X vnh less than 2 per cent, of Commimist-iIominaH-d trade acute, fhal the mark el expects I Sa!eX rosp rn FIs 4l5m 
The Mediobanca index. '.-Insert r.jmiJjpV !a rj n j. now ■j«nny into union t'.fllL. that for the iinme- some positive recnnsiriu-iinit, ) from FIs. 531 rn. Thi* 

la't night at 32 58 Yet on Men- the Stuck Exchange, tin- Italian riiaie future wage levels may mores bv the incoming 5 " vl -' rn "i includes for the first lime the 
day. for example, gams *iutmiut- bourse remains a {bin market, h.tte to Like second place to merit. 'printing company Vlasveld 

in 19 m 
of sonic 


5 . closed—set the course or nie packaging sector wasig 

The group is one of tbe largest Arc* half of the year will no. be per to the good ■ 

in ihe food sector—it controls wed. In 19JS tha group FrsJ ..74 b iL, while the b«t-n 
almost half of the national beer chalked up net profits of f ormance catnB from the -ft 
,„ s market through its Kronenbours Frs.46.2u). following a Fr55Bm. glass aet j v jt] es< drawing tfotajfr 

_ ‘ . ,t a nd Kantebrau brands—and is-loj* the year f th on record output in- the Fr^pt 

figures, hu>; alsu France’s biggest concern in Tbe main priority of ine ftolor industry to show a « 
“" the glass packaging field- recovery prnsnimme has been to cent /mprovement 

Its ftiher main interest is in escape from Jon great p rs4igbr ,_ w- 

Hat glass where it and St. dependence nn calpe Altltou'’h croup figures tft 

rinbain dominate the n.thm.l s^ne .fib^ ^ 

fnl Provisional figures show that of. those in the food sector. With- pany profit trt W7 will be- 1 

i sales last year improved by <ome fh-This area the beer- -interests ,n , 

10 per cent, in absoiufe terms were designated for sustained JJ 11 

from FrsU.TSbn. I£l.25hnA. expansion. • „ fh 0 t^ iQTrt aSviriPS ■*' 

However, correcting for mono- Food, in fact, showed the mnst their .l»<b activities; . 


optimistic 


By Michael Blandcn 


Varta indicates higher profits 


includes 
• printing company 
‘ - which was acquired 
1 Vlasveld had sales 
i Fls.35ni. 


BY GUY HAWTIN 
VARTA. the leading 


FRANKFURT. Feb. 21. 

West satum measures at the group’s diary, where sales soared hv 


EUROBONDS 


New sterling issue from FFI 




Herman battery manufacturer, tmdn Germun works, led to an ISJ^ptr. cent., exceeding even 
has indicated improved priinprui'uincitt in profits. 197S's 16.8 per cent. Assuming, 

for 1S77. According tu it.- In the starter battery sector, that Varta Plastic has been 1 


Stake in Stevin 
changes hands 


BY MARY CAMPBELL ' . i : 

THE announcement uf a new choose to buy these bonds when station^one mky .«s«i 
sierlin ' 1 Eurobond issue provided there is such a wide variety that theis a 1 united.pool 1 
i interest for the London market of dontesric Is.wes. outstanding lands whit* value^no«nym 4 
! . j AirVinw'ih several which vi^ld w^ll oVtff y point .above &U €l&c* SccojQd* 

'‘dealers alco reporied'higher than more. This is even after allow- .and investment houses have i 
dealers ai-o reporieQQ si *“•* . . sel jj nr , group dis- incentive to go out and sell^h 

dollars aC Lh^ sector rematnfd it on the new issue which Eurobonds (which does not exi 
ISIS, “ D-R'Iarks could be po^d >m » inve*.o S “UJe _«se_ O f f Jhe.. d™«. 


nn 


FFI domestic Bonds) in tbe form ef the .Fe 


..... By Jeffrey Brown --- . 

1 executive hoard, earning, will European >a(cs crew by 7 per through very iittle real re,trw- ■ c^mf two.fifths or the capital red-hot. dollars lousy, as one . _ »hnc«» «r ii« «iihsidiarv' Which thex* earn on each bui 

INCREASED PjKJtJTS J®" cover ; »n 9 pproprite dividend, as. .-pin. Thu croup benefited from tilling, its turnover is likely to f ■ r / ulch based ini emational dealer phrased it. is the way, SL ue , s nd J lstria | and Commercial sold- Third and. perhaps n* 

ported U* ihe “ft well as allow l.»r a siren at he 11 - *hv mainlain-d improvement in I 9,bs D ^l b -‘ni. contr;jClors stev , n Group, has jibe market continues. Hnance CotroraUon) is pavable appealing is the explanatu 

Ihe imernalionaI lonsortium l ank jns (>f thc com p an y*s financial car >:«!•■«. although bnsint ss did } u TiMi9.t4m. been acouin'd hy Antillian pold- The new sterling issue is for f 0r ei on investors amss P of las Ei ve n in the . comment of "hi 

wlu.se main subsidiary s the .resources. m.t fully live up to expectations World-Wide capital investment. imr NV of Curacao Finance for Industry (FFI), 10 torei^n m ^ - 

Lond<m-t>a,eu JiucrnaUonU AicM-| Varta s < lflK . intn t which i* ihrniiahout the rest nf ’he last year amounted tu DMHOni..; A seven-line statement issued 
c^n t>anK. "... mjrjies nu hard continert!. Turnover in (he diy in per vent, up un I976’s figures simultaneously in London and 

The hulk of investment spending ] Amsterdam late yesterday after 
-DM41m.—was allocated Vo the nnnn disclosed only that AntiL 
1 - dunicstic market 



: nmvided ihev set tbe Inland portfolio manager in-the wad 
which raised one issue ot3 this t0 se * nd a p pro x'al of'this' of the last FFI-issue — be-^a 

market lute last year. to KF1. In order to get such that he did not realise that .the 

terms inriudc a }•* P e C cent. aD _ rova i f be foreign mvestor were.any domestic bonds aya 
coupon on an il-year final hac lft „ e , lbe n evenne able anyway. '.{v 

David Ren wick- adds fix 


addition 10 tins. hmvevYr. 'tl.e j T'tITh,!? 

group report* a proHt of Ci.34mJ DV.2.lJbn. (6f.04hn.l The riiu- 


from the London opjratlon, 
which disclosed operating earn¬ 
ings of i'2.34ut., partly offset by 
looses un exchange rate move 


,,. German-Nordic Bank growth 

dend was t-s per cent. »»r U\l. C7 

per DM50 share. Group nei BY OUR OWN CORRESPONDENT FRANKFURT. Feb. 21. 

profits rose heavily from 19/os 

DM34.Sm. to DM48m.. and the DEUTSCHE - Skandanavische deposits at satisfactory margins. 

which opened its dnnrs Growth <n short and medium 
business here only two years term lending was limired by 


a “ ™ final approval, Ihe Foreign & i 

nnnn aircuwu imif »,i« uuui>u.. u.. «n ii->ear anal . - as to et lbe -Revenue 

; fian is com rolled by fbc Heerema 1 maturity (average life slightly t 9 ». P pnt that he is non-resident, 
family and lhai the purchaser 1 uuder nine years). Tbe lead ■/jke most of the outstanding 
had nu plans to “intervene" in manager Is S. G. Warburg and L nnric Wurubunds aru 


arising front changes in the 
value of assets du e lu iluciua'.lons 
in exchange vales tu bring the 

l °The P maj^r 6 wJ!?fbul\on ^ue' J* ar J nt wfiSlvl? '' 

nn) Ih» T nnHnn r,.. .-.-aTtnn i DMJP.Jm. lo D.M 41 . 3 m. f.,r busi 


Earnings per share improved ago. has taken a significant step tough competition to 40 per 

I from DM(2.70 to DM19.50. inwards establishing itself as the cent., the volume of hill- 

However. during the course nf leading specialist io Scandi- discounting business was mam- 

metils tu Icave "li pre-tax profit' ,asr Ihe group was radi- navui in the Federal Republic tamed at a high level. The 

or »v 07 m Ically restTucted into three in its an on a I report, published bank this year started dealing 

The group chairman Mr.I ^‘parate companies each with PHlay. its manageniem disclosed jn certificates nf Indebtedness 
Agusun ?' Lecovreta coimnenis) LS own separaio manaaement and that it, balance sheet total grew and thi>. coupled with the in ! 
in^his annual statement that the ovvn exchange quotafion. (i> some «« per cent, to DM crease in foreign husine-s.l 
pi-afir “ rep resen Is tn fact x suls The three concerns arc Varta. 1 03bn. The growth rate, said pushed up loans 10 hank., h> 

stantial imprj\cm*'ni in ihe j Bu>ch-Jaeger and r.F.AG and the report, was rather faster than 150 per cent, to DMfiOin In this 

tiuauly uf mir London turnings• eac * 1 '' c producing rts own anticipated. cmitext the bank led a i-unsur- 

since ‘uperattnE profit wc-n up- bahince sho*»i and paying its uv. 11 Ihe n»»w iiank. the joint off. tiiim uf uiher German hanks to 


Port of Spain: Oil-rich.Trio\d 

plans to “ intervene" in I manager Is S. G. Warburg and domestic* bonds. Eurobonds are and Tobago, which last -^a 

ihe day lo day management oflthe issue is being done on the unsecured Loan stock; Tbe raised- S15flm. from, the ES tt 

Stevin. ... [same basis as the European ln -,jiff eren[ . e j n vield between the markets in the form of a niedijL 

'vestment Bank Eurostorling'E uras t er iin« and the domestic tern bank JoarL i& oow plana; 

issue which l * - - - 1 —‘— ‘ 

bonds have 

management ... . UMiBt , „„„ _______ „ _ 

w»U be no separate underwriting. :savjn£ , in trouble ihvoired io placement via Deutsche . Ba 
group. getting clearance to have interest is expected before the- enflH 

The big puzzle about the FFI paid gross. • - this week wittt.theproceeds^ 

bonds in particular romafns There are perhaps three fac- scheduled for general devef 

why Eurobond investors should tors explaining this - bizarre mfcnt purposes. • * •: 


On the open market last nighL 
a 40 per cent, equitv stake in 
Stevin was worth almost £20tn. 
Last December the comoany. 
which has expanded rapidly by 
acquisition since its formation 
in 1970 bv (he merger nf three 
nld-esinhlished Dutch construc¬ 
tion grnuns. raiseti around £5.5m. 
hy way of a rights issue. 



hy une half including a yrewth 
in fee income by two-thirds." 


dividend.. Tu-day''s report cover* shoot of Buyeris'.-he Landesbank place a DMHOsn ceriiti-art- nf 
Varta AG. Gtreiuerjtrale and the Skandana- inriehtednes- i„ue hy S'.v**dish 

In 197rt the hattoiv manufa*- vUka En>kilriu Bank, reported Mati-h >*n the domestic and in- 

turer saw sales rise by 6.5 per a net profit uf DMSSO.tWt lernation.il markets 

hnnl- lionirlafinn 'cent, to DMIRttin. hut lack nr ts]$2.UMi i?wmparcd with List The hank ha- alia* been in- 

■j 1 a ud m ii\]uiu<uiuu •information makes ti hard tn year's DM76.000. creasing its activity in ih*. new 

According to lo-doyv report, issue business of mainly Nordic 


ISRAELI STOCK MARKET 

investment becoi 


ies a 



game 


IN A REPORT published in;estimate last year's overall sales 


yesterday’s Financial Tinto. the 
headline indicated that Overseas 
Development Bank, uf Geneva 
had faded Tin* is n«»r the ca-e. 
The hank will go into liquidation 
follu-.unj an Appeal Guurt jtidg- 
men I Iinhidding ihe withdraw.il 
or it* hanking liccnc* 1 . hut all 
creditor*, of the hank can he 
j-emid immediately 


increase. Ihe cutnmerciul e red it h usines borrowers. It aeind :i- undre- 

To-dav's shareholders' circular had developed as- expected with writer in thc placement of seven 
savs that European turnover in the loan portfolio up hy major bond issues. <ix Swedi-h 
the ha fiery sectoi went up by DMISOni. nr 50 per rent, m and nne Finnish On the foreign 
only 5 per cent, owing tn the DM540m. The rise wa* equally exchange.*ide it ha< hint: no and 
i-nntinned dilYiciiltie* uf the divide*! between German and expanded it* dealing op.*ratmn* 
capuai equipment < t *e»«.r. A new Nordic .•uslmners. Fiinlieminn:. <pe rtnlisin? in spoi and fnrw'ir d 
range of halteriev *•«« intro- Hi* 1 l»*pg term .-orporate port- markets for ihe Nordic eurren 
diiced. however, and ihi*. corn- folio n-.*e h> 80 per —mi., all ores both in Europe and ov*w- 
1 'iui*»"d with Micee«ful r.t 1 inn;- 1 j- refin.-tpi-ed with matching term sea* 


BY L. DANIEL IN TEL AVIV / ' •- 

PLAYING the Stock Exchange market 3s a safe lax haven, since companies concerned, - it is particular share was already 0 
mav be said 1 1 » have become the gains on share dealings, tike pus tiled out by the director of thevalued* and. advised against 4 
most pupil la t occupation of those on linked bonds, are Exchange. Dr. D. Ottensods*ri ing^ it Tij'en, =on; the morrow 
Israelis though the downturn in exempt from taxation Funds Bui neither this nor repeated ahother '30 poicits." 

1 he market recently has cooled earmarked for investment in wanting* were heeded, with to . . listened to 

enthusiasm equipment were also diverted to undiscriratnating encouraged by th . 

. . ni tim,i D»P share market, and real-stale the Likud Government's declared 2^5?”• “ ■ 

Radin niw? mia- 0 prices renuiinert nhnnxt <inanant intention to tise the stock market eaeperts- - . - 

a *m .he Tel \m Exchange. .. .. . . ..When the inevitable a<t ; 

roeht - of . quotatioos to n 


11)2 


wliich used to he confined to a 


ih ret--minute late afternoon spot. As early as April, 1977. the Stock Exchange authorities ■ E&tfc iiffl?2Sn' to° s£ 
n.c.v Heines pn.mtnoiuly on ihe warnP( j (he public against indiscrinlinate.buying liot ra a Q y a sinaUer investor Who. 
Il.hr^f “oVivin^unThi stick backed by knowledge of the assets or earnings bought at-th e height.of the b 
! E 'S'a m prospects of the complies cooeeraea- - ; - 


Report from Number One Wall Street 


;»3»ask 



A major bank. 

Ar 56.'38 G»mhill. in the 
hc.irt ot’rhc fin.tnci.il Jt<rncr that 
I. 'iij< >ncr> cull rhe Uir\. v.inJ* rhe 
Irving'*. L- »nJ< .n 1-r.mcl‘i i»Hicc.Tlii* 
brutvli i* .1 »mii»r comnicrcinl Kml- 
in it* i*wn nglw with current ts 
thut iv <w vxcccxl fl.T Kilt* itt. 

'Wir iniv*i»>i> in I_. ’IkIi >it" -uv* 

( lci-.cr.il Mnn.igcr lame-* M. 5r.-w.tr 1 . 
“i* r. 1 serve the need* • 4 c.>q>.«r.nc 
Nii^ino*. K»rh resident nnj 
tt. 'it-ri.-s(Jcnrr 


center. "VIere in pTnnWuri l.«r 

.1 nuntlxT ot •»» h »J rca» »n*r -*uv* l-.uucs 
W.Scimt.m, rhe Irving’s IVccrnr fur 
Hur**|V. rx>iJv-nr m {-r.ink-furr. 


U H.-iu s. Su/iuur-iki. Wc fV'lt/cur. 
hile’iuiiHrtuii t ■<,r[’tir,in- j*io/i. 


An international 
presence, -rjuv. any us. 

c..«mpnny with annual sales i>f $100 
million plus is to some extent muln- 
n.truinal,"sivs Wirokf Suinnirski. man- 
;iger < if the tunjpc Ansi. ‘‘Anil N *r 
am oimptiny doing husinevs a bn tad. 
the Irving u abn.»ad. 

“We have branch ofliecs in 
Lj .ndon, Frankfurr,1t.'kvo. Singapore 
and Taipei; representarive olfieo in 
Paris. Beirut.Teheran. Hong Kong. 
MolK*ume. Buena* Aires. Caracas, 
and Riii de janciro; and affiliate finan¬ 
cial insriruhi ins on all continents. 

"The Irviiin pan idesu wkle 
ranee of services tv' corporate 
uisn uners abnmd- Our principal 
business is financing, both shorr and 
nieJiunt term, in anv major eurrenev. 
Many companies also come n» u> 

K»r the r.inid movement ot tun J> 
across national Karders. h:»r foreign 
exchange transactions, fur nionev 
marker and investment infumiaii.inr 

5ulimirski sums up rhe Irvings 
sfrengtlt this way: "With v*urptis^ in 
Vev financial centers and wirh an 
experienced New V»rk based >rarf 
that rr.iv eb around the globe r«* 
attend to the neevl> * >1 cust* »mers, 
wc are well placed tu a»i>r your 
conipmv, anywhere." 




Jvtu.v* Vi. wc IY.-*i,/. 


Jilin, v M. iMcu ,nr. v uc /’’cm,/, ni. 


For resident o -mpames. a ripic.t! 
assignment might be u • expl. >re 
a direct mvormctir program in rhe 
1.5. 1 n’tng speciali*r> in l.undun, 
working with their Counterpart* .u 
Irv ing hcadvjuarftr.* in NewVork, 
pr* »vide ctiun*el and .i»sj*rjnice mi 

such altcntarives a* .iCv|Uf>irion. j« lint 
venture * *r establishing a vie n> *v. 1 

»*per.iti. m. 

For non-rest Jenr o •ntpanics. 
assignments might inju..!e pru-etding 
a comprehensive aiulvsj* of rlicvonn 
pa nv* ovcr>e.i* * mgani-itu »n. sale* 
wlunie. mvenror. p. .lie. and con¬ 
trol; reporting and I'tivigcnng net 
assets or li.ibilir-. p.*-.ir*. m in foreign 
currencie*: eval: taring c.tpir.il 
v .\fVJtJjriirc pr* -grin.* .inj s. >urce> 
of 1. ii_-.il nn.inctng. 

" n.trev -.-r toe i**ignnKittV *a\s 
Stcwarr/'oiir client kn«that ar 
the Irving:hexII rind the experience 
.un] 1 he vominr'iiieut r, ■ get rhe 
j* ib d« me nghr7 


"It is .1 niajtir financial center in 
•1 c> *uncrv uirh .1 wrv srahle eamomy 
anj .1 strung currencv. Manv muiri- 
n.ititinal coqsorati- ut* are represented 
here, including * «\ er 200 American 
* me*. Ft. *m {r.mkfurr we al*o have 
easy at cos r* * clients thnnigh* >ut 
t jennan v.a* well a* in Switzerland, rhe 
Netherlands. Fvlgium. Luxeinhourg 
and Au*rn.i. 

“Ar.iur I r.mkfurr F.ranchr civs 
5c.in!.in."uv * »tter .1 hill range * it 
commercial Kinking services. Among 
’hem i> foreign exchange. Our de.il- 
ing ro. >m maintains ilailv o intact 
wirii intemauonai ire.iMirers ol minor 
corpx.rari.in* tn t iemt.inv. We keep 
diem abre.isr o| up n» the minure 
d«.-\e!. *pmenr*. a * well a* longer Term 
! iinda mental*!’ 

l ■ompkrnenting tlti* pcrxonal- 
:re‘d service. F'nmklurr Branch ^lisinh- 
urc* t<* it* e(Moitiers rhe In ing * 

B EtJuu l?C Miirk'tTrcrub; 

which is published h\ the Economic 
Hc*eareli and Planning Pivisinn in 
N ! e‘.v V *rk and available in both 
bigiish -and l iemiatt. 


g 



0“>cta n v. 0 ,-.-. 

Uh.yf '"'j \: .•••*■ 


1 Vx 3 .jp.-v ’jf. 


\iH \KTIK MW OPj>. i>a\k 

: ‘'- r > •_ ;. 1 .' 


itft. t-'iou*; a i>i^'-raii 


- * . iM. 


ihuugh manv »f th'ise whn have 


Those who entered tbe marls 
the beRiunfRg oF 1977, when 


•'fiterud rhe arena over the pa*t dexpite the -Hi per cent plus ihe tnajot' instrument for. een'ena--- md«c wks 100 '. 

12 month® would repudiate the }n ,Mtion raising capital, for -, industry, naQung to complain aboo 

<Iesi-nn 1 nm _whmh. umii>r laihnur. had relied 


desi-npimn With repuru ol huge profits, whteb. unriur Labour, had relied ^d a y*s- 1^*. <tHe'inflation. 

Whereas, until late ISTij. ihe spreadtnu uk« a bush tire, wage ntainly on the GnvenKneot for f QJ ; 1077 was 425 per ceot,)’. 
Tel Aviv Exchan-J*.* was staid, t-arnerv h^gan lo sell old ears or invest inept capital... . jt is a different story for f 

with trading in th.- larjt-lv non- u a |, even soldiers put tfietr The fires of indiscriminate vvhoi bought ai the peak, at 
speculative fluv.-rnnu'itt index- uteugre >avtngs into the market, buying were fanned by the uyei^ vrijl take game tjene for the t 
linked minds dmiiinaiitig the a nd huge- crowds congregated nmhi emergence of imtxpertencsd xnkn io . xpgaip tbe .confld 
marki-t. the picture has ['hanged daily round the Exchange, in all and unlicensed porttniiu mart:- which : is needed to ixrtptemen 
radiciiliv since then in ifirn, y f thin, the " new investors" agers ^ or “ (nvestittenf consul- Govern me nt's/plan to encot 
trading in these hun.ls aco.iinu-d paid little 01 no attention to lanls.” The quandary of the^ rnnre industrial.eDterpr^ES 
Itn fiH.l p*'r cent nf turnover likely dividends. As early as traditional investment advisgrvpublic. Nevertheless, in the 
■in (he Ilnur (77 1 j«*r i-i-nt tn \|u‘i|. tfl77. the Stock Exchange fh p bsnks and (he i(J-hroker«ge ditfons of continuing 30 per 
lM 7 n> and short-tvi-ni I'.iiii-rnint-ni :mirmrilie* warned the puhlic firms who are tnernbv.rs uf thq p| 1 (K -inflation, new issues 
not*'* f».r a turthi'i 2 ;*«-i cent, against indiscriminate buying Exrhaitiic. was summed up by rmne tn attract a bieh ra 
iiviifi ’h:,re* .in'! mtneriihh' ntii hacked •»> knowledge of rhe one of them (hits. over-subscription,- - feyen h 

•1,-i-i.iiUiri-N aL'i‘'iiiiiim-.' ‘«>r ■■nly assets ur earn ins ur*»*pects nf rtu* “I' wtmiH.tvIl a clii»n» ihat .ti.- speculative ones.- ; 

;„*r t-f-tii. and :t2 jut «'i*nt --- 7 ^:—:— .— . _ , „ . r . . 


rirsp-'divch > Ihi- pusitmn •» 
i-i-v.-r'Ctl in 11*77 w !ji**i shai 
I'uiixtthe tinrI: >.f bn*in.*s* 
—Kgs pi-r .-.•ni,—and ■■nnvwr'iM* 
'* -, li*.ns tin 7 1 p**i ivm a-':iin<‘. 
2 *f ( nnr c-nt fni* ind**x-lmfecd 
hr >»rls anti 0 7 per cent for short 
term nnipx 

EqualK -pivinenlar -.vir »lv 
«- v n:«n*ir.n of ihr vidunj.' ni «n-l 
'ng D.-atings nn ‘tu* ijmr 
'’hasc/s-.ili.. •;•>(> cnnnu.q j> one m 
•'ui'ii-:i*i in ih.- ijnadu. p-i.-*u;pj 

rose from l/4.5H0hn. in 11175 in 
/to ati-ihn m l.97rt. t* bn-' with 
:hc mllatinn. nut snared *0 
ItlXOfiSUn in 1 S 77 1 inil> rr:i«hn 
which aned ’*» arurajv (SJ-’L'u :<i 
the heginnig nf 1«7 k and l £ IS am 
mi the last quarter .1 that war. 
riiSi'.Mi'adhv tiirnugh.-u' 1H77 *» 
a round If70in a day toward- th. 
"no ut la* 1 ?■•«!. wild ih-.. recurn 
-cachjng lEKfliip The index nis- 
frnni its base ni Hit) -i l>..<-i-nib»-i 
j:i J97H. ,0 a high 2rtt> i» I 31 
N'lvcmhcr IS77. :ts ^ result m 

he hcaw and olten 
111 m 1 nal^ buying The index 
•t:tn*ls current i> at th* 

'.■qii 1 valent of a reverent 

laving f}p;>J|\ si*j ip •( Nm-'i.|ii[i{>t 

• the indi-x «■;..» | 1 -VI*.-| III a tja.-r 

f HU: up i».M-vtidvT l*. |m 77. and 
* fin r«-nij’ vs» 

At* Uiose figures indicate, th*- 
*hiH sharH'd in the last quarter 
if lR7fi Liie in the concern to 
'.'h'-Miai'd the value ul uapi'at t»y 
Hhi ul'i- cent, linkage tn tbv c**s» 
ut living index, linked bonds 
»uraricd the bulk of capital 
iurinu 1973-7H. with the result 
•ha> many share* were badly 
undervahied in the light nt 
Israel's 40 per wilt, per annum 
’nilaimn rale. The rt-adjiisiinent 
nf share values from late 
.iin\ar<Ls began tn attract the 
jltenimn uf the public at large 
»s|u«pially Qs new Gov*»rnmeni 
linnd issues had ln/rnme less 
»i 11 active smcT* the linkage (fm 
.*H hut in.-dHuitmtai inv*»s|nrei 
was suc*'«**sivly reduced tu 4H) pci 
i-m und 1 hen Sy ;ntr n*tv 
Hc;i(irt* ul iiii.ni 1 > licmy matte 


easily 

Ml 

>h; 

i*f dcitliu-gs 

l»t* gat' 

J»» r»- 

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l.*i 

Ci* *c(T'*rs Of Ih' 

;»<»pi|l' 

• Mull never ti.* fiu - ** 

tiitci 

iMi'll 

in ' 

hf 

umi'Im.*! 


At 

»h* 


am** nine. 

jhnll, 

U> (Kill)ill 

-.vn 

i-Th ol Imkcil 

linnds 

'.Mill** 

Up 1 

Ini 1 

■'(teiiipiion m 

1077 

isn't 

of 

Ui» 

—■HtyojhPf with a 

■111**1 :* 

ll*l -*' 1 

■i iipni liiir i,l 

1 rh. 



ii ol nnrtei 

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unun 

r It 

m 'hi »•»•/ 

■m.'ii . 


s-tuund its njy lulu iltu .shate 


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.g, 






1977 


issued Capital : : 

Retained Profits . a 

Subordinated Loans 
Deposits 
Loans 
Total Assets 
Profits before Taxation 
after Taxation 


0:£OGG- 

•io^oo 


l\£000-.^ 

. 

-- 

\ 55%4S0 J ; ’ 

= --T^d . 

' : . 581,154 r _V-^j&7.V 

. 5 . . 3,04&4;:^^988^ • 

M 1 , 42 a: . ; \U88;" 



Shareholders ?;'x./ 

Fuji Bank . . Daiwa Securities ^.- k 

Mitsubishi Bank ' 

Sumitomo Bank ' Yamaichi SecUnties;.' 
TokaiBank .r 




* * • r 1 * . 


7/8 King: Street L6nijoRjEG25/ 















Tlm^.^edoesday Febiiiary 22.1978 




33 


NEWS 



at ammonia 


a 



3 


l^Uik 


II CHARD RQLFE 

ATIMG the strong" perfor- 
.ySentraehem. the leader 
local- chemicals sector 
i which 1CI andDe Beers 
ai Corporation each hold 
3 oL, has produced a com- 
advance /or the year to 
sr 32. 

turnover' is ' up from 
:o R59Qm_ (SL79bn.J and 
3ing income ahead from 
to R75.9m, (S2S0.3m.). 
have hardened slightly, 
trading profit figure .has 
lick after a big increase 
■ovisiorrfor depreciation, 
las been raised from 
to R43.3ui. Adding this 
rgins are ahead by about 
it the gross level. 

v because of expenditure 


on the Coa]p I ex venture, in which 
AECI holds 80 per cent., the- tax 
charge is down froth" R15.7m. to 
fU0.2m., but a .sum of.. Rl6.3m. 
which represents tax savings 
from investment allowances has 
been taken to non-distributable 
reserve. - So the net" attributable 
figure is up from.' R3L3ra. 10 
■K37m. while earnings per share, 
reflecting last year's, heavy rights 
issue to finance ■ Coal pi ex. are 
down from 29.7."cents to 24.9 
cents. 

The big rise in turaover is id 
some extent duello "Inclusion 
during 1977 of the ^figures from 
SA Nylon Spinners^ which added 
about R85m. But the higher 
profit, according to the Board, is 
largely attributable to a sustained 
improvement at the-group's No- 


JOHANNESBURG. Feb. 21. 

4 ammonia plant. In► general 
terms, this seems to have lost 
money during 1976 but to have 
swung round into substantial 
profit last year. 

Cover For the dividend, main¬ 
tained at IS cents, is down 
sharply from 1.65 to 1.38 limes, 
but the figures are better than 
generally expected, al least up to 
the time of the Sentrachem 
results. The shares, at 200 cents, 
yield 9 per cent. 

Scope for increasing the divi¬ 
dend looks limited in the current 
year and possibly jn 1979 but 
provided the R260m Coalpits 
lives up to expectations fand the 
Board says all its plants come on 
stream during the last quarter of 
1977> profits should improve sub¬ 
stantially over 1979-80. 


JAPANESE NEWS 


Bank of Japan sees 
no problems after 
collapse of Eidai 


)ost for Asiadollar market 


F. LEE 

JGAPORE Government 
Dunced new tax con¬ 
fer operanuns in the 
liar markets in Singa- 
ie move which was dis- 
the Monetary Authority 
ore (MAS) m a circular, 
will lead to increased 
in" the market, and. 
Singapore's competitive- 
major loan syndication 

the hew measures the 
eni.. concessionary .tax 
ncome earned by the' 
rency unit ot banks and 
banks has now been 
to more areas of 


sly only income earned 
ted ureas in the Asian 
rket were taxed at a 
ary rate. Of 10 per 
gainst the usual 40 per 
orate tax." 

jnctsslons are oh loans 
■ private placements to 
outside Singapore: 
r-confirming of letters 
for offshore third 
■ade transactions; and 
-ring of offshore third 


■ade transactions with 
letters of credit - 


‘1 

a 


he 
.,1 m will 


new concessions 
take. effect 
1 

con- 

tax rates will now be 
o five additional areas 


-y Hi* 1 

»#4 W froini. January • 

;It.* J the -10 per cent, co 


of activity in the Asian dollar 
market. 

The first is transactions jo 
A sian dollars io the hank 
markets. These include loans, 
placement of funds, . hankers 
acceptances, bills and certificates 
of deposit. The second is the 
managing. underwriting and 
selling of bonds, debentures and 
certificates of deposits (fixed 
rate and Boating rate)" in the 
primary market. The .third i»- 
tbe trading of these instruments 
in the secondary market, the 
fourth, provision of advisory’ 
services in the Asian" dollar 
market and the fifth transactions 
in currencies other than the 
Singapore dollar. 

In addition the MAS. has dis¬ 
closed changes to bring about a 
more realistic system under 
which banks apportion thei 
operating expenses, in their total 
income from Asian. dollar 
activities. 

Some banks with large Asian 
currency departments and exten 
sive banking activities have in 
ihe past complained that -they 
have not been able effectively to 
enjoy the ten per cent,tax rate 
and they have not been, able to 
charge fully expenses incurred 
in their Asian dollar activities. 

The new concession is expected 
to help Singapore secure a bigger 
share ,of ■ the - loans syndication 
market -against ■ its-majo#-.rival 
Hong Kong. The British colony 
currently does not tax income 


SINGAPORE, Feb. 21. 

from offshore loans at ail and 
hence has been able to attract 
the bulk of the loans syndication 
business. 

Singapore-is unlikely lu follow 
Hon 4 Rung in removing com¬ 
pletely tax on nffshore opera- 
lions as the Government view 
that lax concession is not the 
only means to Tester the develop¬ 
ment of Ihe Repuhlie as an inter¬ 
national financial, centre. Other 
political and social economic 
factors ii feels are equally im¬ 
portant- Also, the Government is 
heiieved to be trying to avoid 
Singapore being tagged as a lax 
haven as it wrjli create ribs lades 
in its negotiations nn double 
taxation agreements with other 
countries. Beside?, the ten per 
cent, tax yields s*od revenue. 


THE COLLAPSE of Eidai Co. 
Ltd. is not likely to affect the 
Bank of Japan's credit policy 
in general or its official discount 
rate in particular, bunk officials 
said. 

Il is wrong to assume that 
Eidai’s failure will increase the 
possibility of a further official 
discount rate cut from the 
current 4.25 per cent., they said 

The central bank believes 
measures should be taken to pre¬ 
vent Eidai's collapse producing 
ill-effects on customers who have 
bought its pre-rahricatcd houses 
or on Us smaller business asso¬ 
ciates. they said. 

Eidai's collapse will not have 
widespread repercussions on the 


TOKYO. Feb. 21. 
Japanese economy because the 
failure was due largely to the 
company's excessive expansion 
before the 1973 oil crisis and 
failure to deal with problems 
properly since then, they said. 

The Japanese plywood indus¬ 
try. in which Eidai was the lead¬ 
ing manufacturer, is one 
indusrry suffering a structural, 
recessmn which the Japanese 1 
govern men i i-, trying to help 
rationalise, they said* r 

• The outstanding pari of the! 
SlOm. Eidai convertible bonds | 
baa become repayable at 104 per 
cent. or principal amount, 
together with accrued interest 
Reuter 


Pioneer Electronic dips 


PIONEER Electronic's consoli¬ 
dated net income in the fir.it 
quarter ended December 31 fell 
24.8 per cent, to Y3bn. (S11.2m > 
from Y4bn. in the previous 
year's corresponding period. 

Consoliduted sales dipped O.S 
per cent, in the quarter in 
Y54.8Hhn. (S205iu.> from 

Y55.34bn in the first quarter -if 
fiscal 1977 . Net income per 
Curacao depositary share (equal 
to veil common shares) fell to 
Y352 from Y479. and per 
American depositary share (two 
niininoc sharesi to Y70 from 
Yfttt. 

The company said overseas 
sales rose 5.5 per cenL from a 
year earlier lo Y33.54bn.. or 61.J 


TOKYO. Feb. 21. 
per cent, of the lolal against 57.5 
per cen'n: but domestic sales 
dropped 9.4 per cenL to 
Y2I .TJbn. 

“These figures reflect the 
sluggish stale of the bi-fi audio 
market in Japan and the sharp 
rise of the yen's value." the 
company feaid in a staiement. 

Expected consumer demand in 
the first quarter in Japan : »r 
hi-fi stereo products, normall> 
•he peak for demand, did noi 
mareriaiiM:. it added Hi-fi stereo 
audio product sales in the 
quarter thus fell 13 7 per cent, 
to V3fi. lShn.. fin per cent, of sale* 
against 75S per cent a year 
parlipr. 

AP-DJ 


MEDIUM TERM 
CREDITS 

Abu Dhabi 
guarantee 
on loan 
to Sharjah 

By Francis Ghil« 

THE EMIRATE of Sharjah Is 
raising a 5200m. medium-term 
loan Tor eight years. This is 
a private operation being 
organised by the Banqne Arab* 
et Internationale d'lnvesiisse- 
menl. The spread is not ax yet 
disclosed but is certain to be 
modi lower than the li per 
rent, which the Municipality of 
Sharjah concluded Iasi May. 

The major reason fur such 
fine terms is that the Emirate 
oT Ahu Dhabi has provided a 
guarantee. This is believed to 
he the first time Abo Dhabi has 
granted a guarantee to another 
member of the United Arab 
Emirates for a medium terra 
loan or this kind. 

The amount or the loan is 
considerable for this borrower, 
representing at least six limes 
Sharjah's income from oil in 
1977. 

Shariah Is known to have 
borrowed about $f 2 niu. In the 
international financial mar¬ 
kets so far. but the real figure 
is higher as the ruler has 
given his personal guarantee 
Tor on undisclosed amount uf 
foreign borrowing. 

Just signed iu London are 
three mrrfiom-ienn loans: 
St7.5m. for Bengratlska Banka 
for live years carrying a spread 
or TJ per cent, flead manager 
is firindlays Brandts): -S29m- 
for five years carrying a spread 
of 1J per rent, fur Rnyui 
Moroccan Airlines guaranteed 
hy the Kingdom of Mororru 
(lead manager is Amex Rank); 
and 83Hrti. fur Ihe City nf Sao 
Paulo fur eight years carrying 
a spread «f 2 ! oer cent 


Doubled profits 
at Eczacibasi 



BY METIN MUNIR 

THE ECZACIBASI Group of 
Istanbul, Turkey’s third biggest 
privately owned concern, 
recorded unconsolidated pre-tax 
profits totalling the equivalent of 
S15.5m. in 1977. according to 
preliminary returns, a group 
spokesman told the Financial 
Times here. 

This was an increase of 110 
per cent on the previous year, 
and was attributed to increased 
capacity and sales, a continuing 
strong demand as well as higher 
prices. 

Eczacibasi. manufacturer of 
pharmaceuticals and saniiorv. 
ware, had a high growth in turn¬ 
over as well, which went up by 
52 per cent, to S143m. in 1977. 
investments totalling 825m. were 
realised. 

it was tbe beat year the group 


ISTANBUL. Feb. 21. 

had enjoyed, but a better one 
was being awaited this year. 
Targets in 1978 included turn¬ 
over growth of 7S per cent, to 
tbe equivalent of 5254.5m pre-tax 
profits growth of 167 per cent., 
to 541.5m., investments 103 per 
cent, to $52m.. and assets 28 per 
cent, to 8166 m. 

Eczacibasi Group has recently 
set up a L300m. (S15_5m.) com¬ 
pany, IhiTEMA, which will enter 
into tbe-manufacture and market¬ 
ing of construction and sanitary 
material. The group owns half 
of the equity, the other half of 
which bas heen sold to Eczacibasi 
agents. 1NTEMA will make 
investments in eight fields 
including a 839m. enamel com¬ 
plex. and S13m. gypsum and 
gypsum products plant. 


Garanti expansion 


BY OUR OWN CORRESPONDENT 


ISTANBUL. Feb. 21. 


GARANTI. Turkey's third big- 
gest privately-owned bank, is to 
double Its capital to 600m. Tur¬ 
kish lira (S30m.) the bank said 
to-day. 

The doubling of the capital, 
the second to take place In two 
years, is to be paid for fully 
by the end of this year. 

Tbe bank's control was 
, acquired by the KOC Group, the 
i biggest privately-owned one in 
I Turkey. Iasi year. KOC controls 
!55 per cent, nr tbe sharps and 
jSabanci. the second biggest pri¬ 
vate group in Turkey. 20 per 
cent. 

Under the new management 
the bank has started to expand 
its deposits last year grnwng 
hy over 22 per cent to about 
the equivalent of SSBOm. 


The Garanti executive said 
that the capital increase was de¬ 
cided upon in order to accelerate 
growth. Garanti's capital would 
be equivalent to those of Yapi 
Kredi and Akbank, tbe two big¬ 
gest private banks in Turkey. 


THE ARAB Turkish Bank, estab- 
iisbed last April us a joint stock 
company, has started operations 
in Istanbul where it is head¬ 
quartered. 

The Libyan Arab Foreign Bank 
holds 40 per cent, of the Slbm. 
issued capital, which has been 
fully paid up. The Kuwait Invest¬ 
ment Company owns 20 per cent, 
and two Slatc-owoed Turkish 
banks. Turkiye is Bankasi and 
Andaolu Bankasi. 20 per cent, 
each. 


C Industries setback 

ES FORTH*' 1 SYDNEY,. Feb,.-21. 

NG THE - depressed .sorics and manufacturing divv 
he Australian motor sions. Although a quicK’ - recovery 
ustry. LNC industries Ls not anticipated for fhe vehicle 

_58 per cent setback In market the directors- anticipate 

*r the December half an improvement th: the second 
i of the motor vehicle half- . J 

Shop centres 
lift Westfield 

By Laurence Stephens 
• SYDNEY, Feb. 2J. 

AUSTRALIAN properly de¬ 
veloper Westfield's concentration 


dropped from SA4.6m. 

. on an 18 per ceaL 
sales. ' 

ini dividend, however, 
etf at 6 cents a share, 
lift -of 10 per cenL 
increased recently by 
ie. The result con- 
a 53 per cent, gain in 

3T 1976-77 but is in 0D shopping centres, which pro? 
ne lower profit fore- tecte( j j t f rom t h e depression in 
last annual meeting. the property market in recent 
.rectors said that yearvias again proved a sound 
ties in the year .to polity, with net profit growing 
were the lowest for’as^ per cent, in tbe six months 
and the result .was to .- -December to SA1.39m 
(tJ.S.S1.59m.). 

. This improvement was attri 
buted to higher returns from the 
group's 13 local shopping centres 
tbe Shore Motel in Sydney and 
a full half-year's earnings from a 
shopping development in Con 
□ecticut, U.S- 


ely affected .by higher 
related costs, as well 
igthenlng of the Ger- 
Japanese currencies, 
rased the cost of im- 
tbose countries: 

. performances were 
• the parts and acces- 


TED EURODOLLAR BOND PRICES 
MfD-DAY INDICATIONS 




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in 9Jpc 1991 

1968 . 

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Hydru-UUcLji-c type 1U57 ... luJ 

1C1 wpc WS7...• 104J 

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Norsk Hydro s;pc 1589 .. ‘ I04j 

Norway 5iPC U82 ..*. -164 

SheU UPC 18S8 .. . IDS 2 

Spain 6, pc 1334 . 102 

Sweden G}pc 1984 . 1034 

World Bank 64 pc 1BS7 . 1W1 

FLOATING RATE NOTES 

Bank Of Tokyo -84 7C*iaPC 89 

BFCE 18S4 7pc -— 9*4 

BXP |1W3 7pc .. W5 

CCF 1963 Spc . 9»! 

CUMK 1984 7:pc .- Mi 

CrediUPSiail 1884 Hoc 99 
Crvdil Lyonnais 1982 Spc.. 9fll 
DC Back 1954 7 is it, pc B9J 

C2B 183! 7|pc . 10U1 

ImL Wsimnstr. ■SI 7l5upe 894 

LloyitN 1BS3 Tipc . 1991 

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Midland 19S2 Spc . 101 

Midland 1837 7Ui6DC . Mf 

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Sitl. and Chrta. S4 7 Ukpc 99; 
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CONVERTIBLES _ M 

AznL-rlran Express 4iPv ’37 w 
Ashland Spc 1988 .. »4 

■Rabcock* & W|)co» "Ipc V7 W M 

Beamcv Foods <5oc 3992 9H 
Beatrice Foods 44r>c 1892 1W4 

B*vcham Clpc 1082 .... 97 M 

Borden 5pc 1882 M i®* 

BroadvrBT Hale 4ipc 1987 70 *6 

Camatum 4pc 1987. 78 75 

Chevron 5pc 1888 . HM- >!£* 

Dart 4|OC W87 . 7&} 7S* 

Easunaij kodak 4 }pc 1BS8 JB «1 

Economic Labs. 4ipc 1887 7B SO 

Fln-srbnc 5 pc ID88 . W ! 

Ford 9pc IKS * . SI* PS** 

ffeneroj Electric 42pc 1587 7W 811 

GJIk-Ue 4{pc 1987 ..76 7H 

GooM Spc 1987 . W8 11« 

Gulf mud Western 5pe 1988 78 *8 

Hams 5pc 1992 . 137 IW 

BooeyweU ape 1986 —. 534 654 

ICIflJpc 1902 .:. K7 99 

IKA 8pc 1997-... W 92 

tnchcauc flSpc iaB 2 __ DC* 19U 

ITT 44 pc 1W7 .. .. 734 774 

Jdsco Spc 199? - 192 193 

Komatsu Tipc ISM .. ~ HI 112 

J- Ray McDermott 4|pc "57 143} 14.14 

MaisuBhiia 6!pc itto 123} V241 

Mil mi Tipc l»fl .... MS 197 

J. P. Morean 4}ne 1987 B3 84 

XabLscn Upr 1958 ...... 8ft - Ml 

Owens nUnote 4j»c 1BF7 .. 197} M91 

I C. Penney 4I-pc 1987 “4 if 1 

Rerlon UTK 1967 ... M3 187 

Reynolds Metals io c 1SS8 K Si 

Sanrtvlfc «ipc 1PSS . IW1 lt«i 

Sperry ‘Rand 41 pc 1887 ...... 81 S3 

Sovribb 4ipc, 19R7 ., 73* . Tii 

T<*aaco 4}pc !fl*R ...:... » 73; ‘ ?7? 

Tnchlha filnc T9S2 . 1M; 1(H: 

L’nlmi Carbide 4{pp 1882 Mi 924 

Warner umhert 4}pe W97 78 S# 

Warwr Lairtwn 4|pc 19B9 33 7S 

Xerox. Joe- I9« . 76 78 

source." KWder. Pcahodr Sei-urlbcfi 




vaccomDuter? 


- As soon as he realises die steel doesn’t 
quite meet one customer's specifications. 
Because it’s then that the computer would 
start examining all the other customers’ orders, 
to see if this particuJar piece of steel fits anyone 
else’s requirements. And if it did it would be 
re-routed, fast, before it readied the end of the 
line. A simple idea, but totally eftirient. Like 
all the Sperry products. 4 

Their agricultural equipment at Speriy 
New HoIland.Their fluid power products at 
Sperry Vickers.Their guidance and control 
systems at Sperry and Sperry Flight Systems. 
And their consumer products at S perry 
Remington. 

Therds no doubt one of these divisions 
could roil your company a bit.quicker in the 
right direction.To find out that and more 


about Sperry Rand Corporation and all the 
things they make, tick a box or two, cut off the 
bottom part of the ad. and send it to the 
address below. 

Please send me inlbrouuon on the following: 

.. Compuier Equipment and Business Systems 
. Guicbntejnd Control Svsienib 
Agricultural Equipment 
.. Hydraulio.md Pneumatic*. 

. _ Consumer ProductN H Annual Report 

Sperry Rand Limitcd.7S Portsmouth RoacLCobham, 

Surrey KTU HZ. 

Name__ 


Position. 


Company. 
Address_ 



JL 

. T 

Halting machines do more, so man can do more. 

■ A 


























34 


Financial Times 


WALL STREET + OVERSEAS MARKETS 


+ FOREIGN EXCHANGES 


Dow 3.4 weaker at 34-month low 


BY OUR WALL STREET CORRESPONDENT 

holiday- contend with a Government state- after stating that it has reached owing to the continuing uncer- 

viP.. 11 —»——.v »Un» fUd aonnnniir rrmm Wi. <.<^aoivianP u-iiU n mvinr nil fiFrrt fOinll' fin £)iCh3(l^C 


NEW YORK. Feb. 21. 


FOLLOWING THE holiday- contend with a Government state- after stating that it has reached owing to the continuing uncer- activity ahead of the HanLhen. 

lengthened week-end. Wall mcnt that the economy grew bv agreement with a major oil firm tamty on Foreign Exchange Bank ltln results, due on rnaai 

Street suffered a fresh setback only 4 per cent, in real terras on a West Pembina farm-out pact, markets. *'" d parear hoi> 0 kod« and 

in active trading to-dav as in- during the fourth quarter of 15*77 fell 21 cents to 82.31. .Uujor Uie mica Is were mostly bhanshw • Banking bgures. 

vestors Se iSnSnSf instead of the originally reported HARIS-Marker*»«*•". however. BAbF gaining espect e d_next Tuesday, 
apprehensive about weakness of cenL rate °£. STtJ i vth * 

the dollar and prospects of large- P Te f ^lf or the +en most 
scale power cutbacks by Utilities fctiyely tr ®4£^ i ** oc * s ^ ere 

due to the coal strike. LtiUties. reflecting concern 


The Dow Jones Industrial 


the first day of the new Account, 
which lasts until after the elec- \?i!££d JDMLJfi 
lions. Dealers said that disa 
raent between the Socialist 
of the coal Communist Parties continued to 


Volkswagen ad- 
in Motors. Cnni- 


about the impact 

_strike on these companies, aid sentiment. 

w f ^t ?np f I rt rfSn° Allegheny Power System shed l Carrefour advanced fo 

J 3 -£ e V , Cl S S ^ to $10 and Consumer Power ,1 to Frs,1.320. CIT Alcatel 23 to Fra.S4U. 

:«-month low of dowm 522 .. Paribas 4S t0 FkA : M an d 

™ on the day. The mSE All Actively traded American Poclaiii UL5 to FrsJ20.0. 

Common Index ended 21 cents Motors rose 5 10 MS on a nub- 

lower at S4S.U9. while losses out- u«hed report that the company -howin" ** TiLh ITT General 1 , lrtnr ,„„ 

numbered gains by 940 to 4S7. is planning a combination with gSJ£" UiUew. \\v-»-»■« on Monday - 

Turnover expanded to 2ljS9m. a foreign car manufacturer. 


isa-ree- mcrabank added DMOJiU in Banks, jialhesuu i 0 SHK12.40. HK Li 
1st "ard hut Bayern Hypo came hock an <j Swire Pacific lost 5 ee 
Iliad m DM3.50 and Bayern Verein wpre eac h tn SHKB.BO and SHK3.S3 1 


strengthened on ... - Hong Song Bask shed ID cents 

tn SI1K17.00. as did Jardioe 
v Lund 
cents 

. _ , , each to SHKB.60 and SHK3.53 res- 

DMUiO down. Engineerings .icrc p CC tiv?lv 

lower, with n^ uleh,jff “ -S-shuv^c TOM ^, arfa , t mainly , ost 
... ground, with expori-arientatcd 

10 M pf^nfes hijto The ‘JSSJ™ 

. . latiue Authorities sold DM7.4m. 

Forewn stocks abonuufca cowj noJn{aa , nfpa p Cr , aga insr dMUol t J,° «Bom shared 


SWITZERLAND — Pricer- 


volume came 

re . fSllkn.). 


jrjtk Hvdro _ 

Turnover expanded to 2159m. a foreign car manufacturer. ant j DeuLsch Bank outstandingly inter Among Electricals. Vehicles and 

shares from last Friday's level THE AMERICAN 5>E Market Value j™. W r ", lds and Copp „ s , vcrc trwtwj/ SnSSy £ VS S Cameras. Sony fell Y40 to YI.7S0. 

OF 1S.30U1. Index closed 0.00 easier at 122.S6 . teadv r st ?« ed a tevhmcalraijy town --»,« 

Analysts noted the dollar's drop after moderate activity - Volume ‘ BR ^ SSELS _ ., he downward u^-nme Foretcn demand! 

yesterday in Europe to record 2.14m. shares, against 2.1/m. on lren d persisted m slack condi- he ££ it by £e SS? 35 to 

levels against the Swiss franc and Friday. tinn* ■ 1ULW “ ,ac *'•» 

20 


the German mark, reflecting 
Diountins concern over U.S. eco- 


OTHER MARKETS 


Uon< 

Cockerill 


receded 


to 


Matsushita Comm nnien don the 
sumo amount ro Y1.06D. Toyota 
Motor Yla to YS03. and COuon Y7 
to Y440. 

Some shares were adversely 


TUESDAY'S ACTIVE STOCKS 


SMMi# 

lrad «1 

Amor. Ti>L and TcL ira.JtW 
American Mninrs ... rrn.;nn 
Allwhw FWnxr ... JliSKj 
1 ins'imcr« Power . CIS.Tt'it 
/'■•mmomrlfli Edison ? 11 -TOO 
Savin Bu<nw Mdi. ^np.eno 
AIlKiicnr /.Ddluin ... 

Tamna Electric . i*s,ro*> 

Cut/ Siai/*' l.:nl. ... iin.M» 
Florida Power 150.3(*n 


cwJT Canada easier 


price 

urn 

4 ; 

1!) 

•I'y 

hi 

cm 

CIS 

1W 

I3J 

30* 


+ 1 
— F 
-? 
-t 


Stocks on Canadian Markets dis¬ 
played an easier bias yesterday 
following a reasonable business. 
The Toronto Composite Index 
shed 0.4 to 1.007.8. while Golds, 
after recent sirength, relinquished 
lfi.S to 1.&S7.9. Metals and 


nnmic policies and the economic 
eff‘*'-ts of the coal strike. 

The slock market also had to 


Sw.FfK2.510 among otherwise 

B.Fre,770 and VielHe Monlagne J2 [IjJSJursofa forthraodn^capiud a^iedby the Eidai business 
to B.Frs.1,338, hut L-CB recovered 01 d cspiwi |aJjurt , p u ji MS i, losing \6 to Y63. 

26 to B.Frs.94S and PetroKna \ v. __. „, ses nrpdnminaied ^"ko Sleamship Yl2 to Y160, and 

„„-A.0 B-,,™. . AIler , 

Against the-trend. Montedison, firmer opening. Golds reacted to 
Anirand ImmobUiBre all finished « l ?« e f aslcr on balance-in line 
above the previous day's levels. «:»» lower Bullion indications. 

a I thou ;h off opening highs, while ', d . s 

investors out of the market for 
the day on account of their Sank 
holiday. 

De Beers, after rising further 
to F5.73, retreated to R5.63. down 
7 cents cm the day an local and 


AMSTERDAM—Shares remained 

in easier vein in thin trading. 

Dutch Internationals, however, 
were steady, with Rojal Dutch 
FI.0.40 harder. 

Most Shippings and Publishers , 

were weaker, with KNSM down Italsidcr and 
over Kls.2. Resisting the down- notably higher 


Finsider were 

..... ___ .. with respective 

Minerals declined 5.2 to 790.0 and t rend " u ere OCE Grinten. up rises of U2.io and L5.73. 

Banks 0.34 to 240.S3, but Utilities Fls.t.30. and Naarden. Flsil.00 nONG KONG—Slightly «?«Mcr 
rose 0.93 to 161.47. higher. in the absence of buying in:eiv<r. 

Nurcen Energy lost ; to 8131 GERMANY —Stocks started Small London filing depressed overseas selJinc 
on reporting reduced annual earn- firmly hut finished on a mixed some leaders, but dealers expect industrials were easier-inclined 

inps. Trans-Canada Resourres. note,! operator* haring held back little markei movement or inauslr «aw " er e easier mcrniea 


Indices 


N.Y.S.E. ALL COXXON 


Rises and Falls 

FeP. 21 , r«K 17 


J< fv>>. 16 


NEW YORK —DOW JONES 


F.+-. 

L-l 


F-' 

17 


I 

i K 


I 


*v 

to 


IsHi-k 


Hi”! 1 


43.G? 43.9Q 43.34 4 S .i4 


r.-h. 

21 


Frti. 

li 


K.*.. 

IS 


F*b. 

to 


Vet-. 

14 


Vet-. 

U 


.'rin-.t -'•in(iiiaf 11 


et.o/ 48.ee 
.l.l'7i. 1 f2 , l,2,’7S« 


lia-it-I .. 

Uimjb. 

Fall,.. 

I Ih-hnili!*.*. 

>e» Ill'll,.. 

New . 


1.863 ; 1.8Z3 : 
487 ! 656 . 

940 | 676 , 

435 ■ 481 
IS 20 1 
114 65 


1 848 
369 
1.040 
439 
17 
10S 


Hint* 


Htali 


MONTREAL 


loiluslrinl... 74S.51 752.69 755.29. 751.63 765.16,774.45: 336.15 
. < • ' ■J.'J ’TTi 

H’lneB’n.l**, 88.59 39.fia: 89.34, 89.61; 89.64 63.77 1 S3.B7 

Tramp-it...., 203.0 1 203.84 205.50! 205.5b' 207.98, 209.86 Wg'.fcO 
i . ' ■ iLor> 

L'MIitlea. 102.84 103 JO- 103.55 105.90 104.53 104.97 113.67 

• i : ! I .2S&TI’ 

Tra-lini; vol, 1 i 1 i 

lW» 1 ! 21.890 18.500:21.570 20,170.20.470- 78,810' — 


749.51 Uipl.70 41.22 

ill li '78/(1 1:U iS> >2^ Mi 
oo.aS ‘ — i - 

} 

. IJW.Sp 279.88 15.23 

-i». 1 CD i /7-2i89i / li.tiJSii 
' 102.84 1 165.52 10.53 
(21.'2,78>/£»)/«,-cS. i3g,4Mi 


Frt-. 

i 21 


FeK 

jj 


IV-. 

17 


*'•4 

lr 


liil-iV 


Hi” I, 


In.lu-i ■ini 


164,52' 165.71 165-Sfr 162.50 )6t.47 -I 

173.19 172.48 172.42 171.74 id/.hb 


1SB.U2 ll'i: I'.'l 
I65.t» .A- I'-'i 


TORONTO C- ini-mu- 1007.8 1008.0, 1007.7 1002.0 1067.4 -ls-7. 


“61.0 ii- tVi 


JOHANN ESHITEO 

CaM 


209.5 213.8 

205.5 • 204.7 


21D.7 211.6. 
2K.I 207.5 


214-7 fl/iiS. 
214.4 .4,1/itf 


159.4 ._4!>l 
ICT.l •--.l i 


* Hams of index clianuM tmm Aumibi 34. 


tart. dir. neM 


Pet-. 17 


Fet-. IO 


FeI-. c‘ • t«r K-ja ■*ppiv>'..> 


V.W., 

:-i 


Fry. j'1377-fs TV77-73 
vi-Hi» KUili . *».-» 


6.13 


S.94 


6.98 


4.46 


r-t.. 

81 


l*n-\- .I'llI- i-i Iwn- iH 
I--U1 • HibIi 1/"" 


STAN DAB-0 AND POORS 


Foh.: 
21 


Feh. 

17 


Fet-. i Fob. > Feb. 

W • 16 I 14 


Feb. 

15 


"ft'TT? -jinre L- inpilWQ X» exlmar Jc —•. 90.16 


Australia'* 1 459. jj 4tl.l6 479.45 MS-to 

<3,l.<75.Mbr2,17 

Belgium •:> 91,46. 93.cl tw.1‘4 h.'. 44 
* t0;l|7i-l?'liJS 


Spain 
Sweden - 
Switzer I'd 1 


9i.i y — ioa*»' ‘w.ob 

; ] lAvili 

5c6.K0i4tB.6H >w.*% 
i 722l3i ..o.-Mi 
•5l4J£' 1 5K5-7 ' K50.& 
iU.2/7? i.i.ii 


■ 5W.61 


514.4 


9&.ri 


Hi”ii U-« • High ; I>.vr Jranee 


! ln<liMtrli-«> 86.43, 
{Composite ! 97.59 


96.81 96.94 97.79: aB.01| 9B.31 119 -j 2 96.45 i I54.&4 i i.t>3 

■ ’ , i»S,-Ii77. 'JIC/IS. .Il.-I,Tii :10r,££> 

87.9E 88.08 88.85, 99.04. 89.8G 1 107.00 . 37.59 1 125.65 i 4.40 

_;_•: 1 <371/771 'gin.Tgl fttil'ic- -t-ci*) 


Germany-:;' 

Holland 


:2.l 

Si».i 

CL-.2 


W132 . «.C0 
ti;6i ie-2 7o> 


il.B M.4 
.7.1' n. 
W9.9 Fll*' 

cVl. 1 : 1 95.2 
'4,Oi 


l.iJi 

■ 10i6> 
lli.3 

■ 1U.AI 
"ic.h 


Feb. W 


Pet-. » 


Vet.-. * \e"r »si" mj-pr .-x.. 


Honff Rons' 4ly.6l. 412 j08 0.17 ScaM 
^ i • UL* Ua/l 15 


In-t. -iir. i iei(l % 


5.33 


5.17 


5.22 


3.97 


<.:» 


tn l P.'E llan.. 


8.57 


8.77 


8.69 


10.94 


l,in • lion. B--U -1 rieM 


8.26 


8.30 


8.18 


.65 


62.26 > 62.au. 75.71 64.97 

io, l;7ii (2g'!ii 
ivi ofcU.01 3?l.'*a S.«XuA 55*1.417 
iSW. . i'J4; 11' 
Singapore £«.9! 270.29 t-12; 

it. * It'S!,IS: 


Italy 

Japan 


HiJKva jW Oawr daUtf 1X11 Oaw values 
MU' eM-tpi iSYSR All Common _ 311 
Maiidr'nts unO Pour* — 1 U atm Toronto 
:m -] iH.i-1 <nc i“si uumM ousea on iv'oi 
KXLlartm-s Duittli 1 4"o Irmuunnjs 
■ J'n I nos . 4>7 Utilmes. «• t'lnai'Cr artrt 
.*v Traru&rri. ••■‘Srilaey mi Oro 
. - tfeUi.*" SE SI 12/TI i““> U"U‘-und<en 

SE I 1 is • --n Hans Boors-- UK1. 
<••.» Cwnmerrbaiik Dec.. 1968 <v-» \m.s’er 
dam. luouMridl W.» i a S>Hoi'« sen* 
(value :;t-■ w ■ i'l* Milan 2'1/ra im- Fokva 
K--w SF 4-1 mi 'h* Srrans Tin-*' 1903 

(i-iClojr. i>i» Madrid IB 3n/l.'-**—*njb 
a'lrt low lor lo«f oniv <«•-. -Jmarnnlm 
In-iusiriai i 'l‘. to* 11 ■ Swtv Riri- Coro 

"»• i'lwiilanl* 


OVERSEAS SHARE INFORMATION 

NEW YORK 


Inv. s Prcni. at S2.60 to C-82 : {% IBITo) 
Effective rate tat LM50) :i6J% (37i%) 


Stock 


Fob. 

21 


FM.. 

17 


AhlxO^ (Abs. 

.»/Mi\-mk«-ia|-I» ...< 

Aelita l.neA. <-"**• 

Air Pri'iliii-la.: 

Ain-.. 

Al‘*n.\l’ir>iinlm,i 

Alt-** .i 

All-Client Lu-JI.J 

All'-jfiieuy IS'wc" 

AUlcI i.'lii-ml'-e)..' 

Alltel Sii-rv*. 1 

Adis I’lMlliiit-l*...! 

A MAX. 

A mem-1* He?-...., 

A met. Airline. 

Aint-r. Hr*ii-ts .... 
Amor. Hn.n 1 l 1 . 11 H.. 

Amur. Cua . 

A mer. •'vMintnl-l 
Amer. fc'Jei-. f’o«. 
Amor. E'.|ilt-'s...' 
Amer. H--nii-l'rv-.*- 
Amor. >1,ill-ill .. 

Amer. ?Ii>t-ir>.... 
Amer. 'ni. Ha*.- 
A mt-r. ■Sia/i'lanl.. 

\nn>-. M.-lis. 

A mV. Tel. A Tel. 

\mi-H-k.. .... 

AMP. 

A M I*. 

Amin-. 

Aii'-1i-*r H-olnns. 
.tiiheui 1 ttwii.. 

A mil" btwl. 

A.?. * .• 

Acttmeni OtL. 


52'r . 
15lji 1 
335? I 
241, | 
59 SB j 
22 

33 ii J 
59Ja 1 
19 

35 i a j 

19 

241 = ; 
311, ! 
22 ; s . 
9'a 1 
441 , I 
361* j 

36 • 
24 lj I 
23 

32 
27i B 
18'2 I 

401? 1 
54 lg . 
29 

eoiA • 
20;s; 
26 

245, ! 
221? • 
26rg • 
261? , 
26 'b . 
SO,a 1 
8ls 1 


51 is 

15i, 

33U 

24 
38-'-. 

22 la 

39 U 

19A) 

194 

3540 

19 

245 3 

324, 

25 4« 
91? 

437j 

364e 

36U 

244, 

23 lj 
32 1 * 
E74, 
184, 

.‘ al « 

41 

36 

284* 

6 OJ 9 

aai, 

161, 

24i, 

22'* 

26-i 

284, 

964, 

SOI; 

8 i; 


Hloefc 


Feb. 

Cl 


Fet*. 

17 


St.vk 


Feb. 

a 


V-.I-. 

17 


C»rai nu Glass. 

CPU lnt'n'iloruil . 

<-ntno. 

Crr«-Uer \mi.: 

<-r*in nZolU-rfoi-li 
l iinnuins Kinnnei 

Cut-MViahi.. 


461* 
441? 

25:3 

24 '2 
29 '4 
32i a 
17 


461? 
44 ^ 
261? 
24 V; 
29i, 
32 
17 


Dana.' 

Riri ln>lii«iie9..' 

IMtona..... ...1 

Pomri-ly Inter...; 

Uel nut EiliswH-.. 

UUnii«Dil iSliamrk' 

Du-laiihnne.• 

Lllpiial Kuuip^... 

Dmney il'alI 

Dover LV*rpn.' 

U.tw CheiriK-aL—’ 

Dirsfer...,.. 

Dn Pont...lOlig 

Dymn Inrtuir rici.. 131? i 

F«iple Piclicr.! 

j Kan Airline-. 

Entt man Ki-ialt... 

Uaion...- 


2I4 4 
361 4 
231? 
23 la 
5U 
17's 
W«8 I 

27 U ! 
ii; a 1 
391, I 
327 a ; 
391- 
239« 1 
38*4 


16i : 

6<a 

434, 

344s 


224j 
36 j?. 

Z3I* 
23 
59? 
171 j 
164a 
271, 
12 
39-', 
331, 
40 
234* 
39lo 
103! 3 
13ic 

17 
65? 
4.31- 
34 £ 


| Johns Manriiie... 
l4»Inivi>n Johr^aj 
(■fi-hn'*'n i.«'iur**l. 
| ■luyliaunia'-ttn-'-- 

K.Mar, turn. 

, KMUvrAluiiiioi'n, 

, Kawi.-r (oilu-tnOr 

: Waiter steel. 

Kay. 

K<:aDe,'itt_... 

I Kerr lli-Oee. 

' Kl-lde Walter. 

: Kintl-eriy t.lurk.. 
. 

Krai,. 

Kroner L-.' 

be* t Mrnut-. 

Liihrlla .fi-ud... 


30 

66 M 

SVi 

50>! 

23-1 

2B>4 

4-i 

ZlU 

8 

2149 
403s 
27=4 
42 *? 
20 
42 Ir 
265, 

2 B-i 
2614 


30:<* 

66s, 

20>s 

23:, 

28 

4i, 

22 

22 
40', 
274, 
42-b 
201 3 
43 

26 ; i 
28 1 
271, 


s'l-x-fe 


Fel*. 

21 


Kcb. 

. 17 


Re* iou. 

lie* holds Metal’. 
iJri'iwW, K. ■(.. ..- 
l>ieli'-<-ii Menvll. 
Ifu*-it'**-ll Inter 
Ifolnn A Hm: 


40 *s 

54 U 
20’s 
501 9 
291- 


41 
26 
54 i? 
201. 
30l» 
29*4 


.* < i«vk 


Feb. 

21 


Feb. 

17 


569a : 
13*5 I 


..- 

A-l< Inn-1 Oil. 

Atl.lI.rhlteM. 

A tit.- IHia .. 

'Vt. 

•Mt'-. 

A oil I'nwCu'-ir. 

Halt It*' Ele- t... 
Kant Aino-ii-a... 
lUfik-. it 7r ..N.Y.. 

Snrl«r Hit. 

H«virrlnivisiii , -I.. 

Jk-tiriei- F-'-(. 

Bi'.-t-iitltl'-lieuaon 
!&:(! k Houefl.. .. 

U-Mi.h-. . 

Jk riffiier t'-iif- 'H. 
Heilil-h--!" i?le«*i. 
llle-l i. I'et-ker... 

B- 'rilIU. 

II-■ iy V«s'*k'..... 

B-'-n leu. 

J*- -riT W'nurr. 

Bronift lut.! 

Pnt^fn ■ 4*.- 

Bristol Mterv. 

Bni. INS. \DK 
8r.rkrnvlilllw. 

BniH'ti f.-lf.. 

tl*i*-i ni« Krle. 

Bn-M. 

... w«i..•».... 

Jlllrlliltft-Ml Mho 

Buri'-iijjlu. 

<. Hni| l<*:i( ru*i|. 

t min-linn I'ni-lli-.*.- 
(.mui Knu-li-lpli.. 

L'amniii-n....... 

Vnmer x • lenvrai- 
Unit Hnwle.v... 
<lsirr|iillorTra«!* 

cite. 

CV* ■*!«*? VWpll...' 

tentml A a. IV...; 
tenntatcvil..^....' 

I t-’l All-rad.. „ 
1.1 in *>»eM AolMtta n ■ 
Cheuifral BL. A V.J 
1 beevebrgh P*-n>t.: 
t.'hr n ir I'r'lfuii.. 1 

1 WU-zc* Bn*lue. 

I'hnmtnllnr.. 

t Iirialer.......I 

* laemnrs. 

Line. Mlineri-n....' 
«. i| i«T»*('- ..; 

i;u let ."irri lit. 

«. lit' inreiffnKp...- 

L.' - i L-t’a......' 

Phfip.^ ....,( 

.\i*nwn..,; 
C’-i'mibta tins...... 

C-il'ini''M Put....: 

('•-ni.IiiHr.ijoi in' 
iMnihu-tliw, Em*.- 
t'ui 1 M 1 'lii'll Kf|...' 
t''r)'e'i|i F«ttr>.m 
(j)iii'n-*lh Oil Mu'' 
tivi'in. tfnu-'.l’te.' 
{ivi'.r L*(.*rseieii. v 

(.■ im»*. 

t .■n.Kd.ii-um N,Y" 

•.'.■I’.'l Fi’«|.. 

t'.-ltr'.l N«l. t-9*. 

*. i-n-.uRt*. i- W-ti, 

1 ■o-.in'-uinl li if. 
t --•ut ..lensvi t*i!„ 

1 . ..rln-n'.il 'i<ie, 

1 in—! lUm... 

• ■—i^r Inni*. .... 


16 If i 
273? 
441? ' 
23 is ; 
10 

IB ! 

44.3 

251? 
21 ! 
345b . 
26 ■ 
34 • 

23 r, 
36-ig ; 

171- 
3399 , 
3 

20*8 . 
iaij 
397s 
23*9 | 
29 r e . 

26 U 1 
10 i B 

13 >9 . 
303f 
l«a? : 
261, j 
145, . 
165, | 
32*6 

51- 
371, : 
60 11 . 
32 

14 ? a [ 

lOi- 1 

27 I 
11*4 i 

15 j e 
49 Ji ' 
439 j ; 
361a 1 
15i( > 
207a : 
51 53 i 

27 

38»s 
20 ia ; 
3JA, 
45»( 1 
1659 1 

121 ; 1 

2 i 3 1 

18*1 ; 
29I« ! 
46’, : 
12* 
351a 
1914 
10^4 1 

28 
15ia 
15ig 
32 

15*9 , 
27 1 , 1 
3 1 ? I 
33U > 

a:, 

19* :, I 
22 :a I 

24 ' 
0+-; 1 

22 i« 

29 *8 
27'? • 
151 

23 a 
42 


161., 

S7U 

44*4 

24 In 
10 
177g 
44 J , 
36 
211, 
34*, 
Zb 
34 
25*9 
37*:, 
17'i 
337* 

2‘g 

201 - 

25 
29 Is 
23*, 
29*5 
26*9 
10 

13.1, 
30ifl 
14*, 
27s* 
14*3 

16>i 

331, 
Si? 
3fiS» 
60 is 
38 U 

15 is 

10 <4 

28U 

1218 

16 U 
49* 
43-9 
38*i 
151- 
Zllo 
31 ia 
27i a 
2875 
201 * 
323, 
43*1 
16*4 
I2is 
2> 

19 
IBIj 
46Jj 
121- 
361, 

20 

11 
9778 
15Ss 
151- 
32U 
15*4 
87 Sj 

ai- 

33i? 

87t 


F.. G. k n . 

K) Fnsa Vat. if*-- 

Klim.. . 

Kfifcnw-a K/c-trir; 

■ KntrtyAirFr'iiilit' 

’ Eirtlftrt-.. 

I K.M.I. 

■ h'na'Wutni.i 

‘ K.mnrk..' 

! Ethyl .' 

: hxxen. 

Fnin-bild LiMivra- 
j Fed. L'ept. M.-rei 
1 Fir*-i*t#/»ie Tire. ■■■ 
I I’ll. Xnt. H-ratiin. 

Kl-M Vnn.. 

FlinrK'A, .. 

Flon.Jn I'.vtrjir__ 

Finns. 


19 Is : 
15 ! 

28U : 
30 >« ; 
38as : 
29i, : 
S'-Z 1 
23 

251 1 I 

191* 

4411 : 

25*8 

34*3 

14 

£s 

167a - 

201b 
30 u ; 

31*3 


1915 
15 ‘4 
28 
SOif 
33*, 
28>4 
34* 
23 
26 
IBi* 
■WI., 
25 

55 

14i» 
24'. e 
17 

201- 

30'= 

32 


1 -l?tfC"l I Gr-aip.. . 

Lilly IK!!. 

LJ»l-.*» ln*lu*l- 

0 '*;Jf 1 ice.l Atnr '11 
Imii- rMr In-i-.. . 
U-il* l’lnn-1 Ll.l, 
L-ut'lana Lau-i... 

UItI-vI. 

I L-ji.-ky .-J.-ne.-. ... 

I 1 L"l»e- Viina-l f it 

illan: . 

JUey W. H. 

: Jlirr Hnn--iir..„. 

I Mar-'. 

1 .Mfljalu.in On. 

1 Marine Mldiauu. 

I Marshall r»W... 


271- 

38i? 

ss 

20 5 ? 
34 1 ? 
13 J* 
5., 
JO I, 
36 5 -. 
2?:') 
3s»: a 
4ZJi 
15 

281 j 


271? 
38:, 
141i 
IS*, 
IB 
18<? 
201 - 
54l-v 
15 :* 
5.; 

10*p 

56n 
29 ij 
353c 
41*; 
15 14 
29, s 


I K-mi Uucb 

) II7K.. — , 

Husr* 1*-^’. 11*4 

1 llj'lrr -y-b-tn.... 13 1 ? 

; >a 1 e"-ny' r- rnre-.. . 

1 >t. J.*' Miimmlr 
I nl. Illtdif Pajnr. 

^HtttK Fe ln*I» ... 

I >mil Int'itl. 

I Awn I in In . 

■4.-liHu div-tln- 
•Teiiiui'iljeraiei.. . 

"i'l. 

-VT-fC >Vl[1T. 

Mr-. 

.-se'rJr' lln*«r 1 <-st 


F.M.t.. . 

Vnni M'fer.,. 

! F-'ivnimt Jlei.. . 

i rnnt-..-... 

Fihnklin Mini.... 
Fni'|Mrt lllneml 

t'nittnut . 

Fs.'iua In.is.. 


20*b 
41*, 
J7an 
29 U 
758 
18ia 
251? 
9*4 


S0*» 
415, 
I7i 3 
30 'a 
7*, 
18'i 

231- 

9*4 


, May Dert.n.~ 

! MCA.. 

I MeDemi.ni. . . .. 

; Mt-llenneM L'-.u? 

1 lliOnw Hill. 

Meni.ire. 

Menk. 

Mr ml*. Li iteL. . 
'Itsa I’eirvieuin.- 

Mr. SI. 

MionAlin-asMic. 

Slobtl C'-rv. 

M-in-«nl'j._. 

M-.n^nnJ. 1*. 

M**i.*n>ia. 

M urphv«*U. 

NiiM'ti- . 

An fen Cboni ieii- 
I Mauvnal tan. 


21*, 
32 Jg 

24 

23!, 

17i, 

So.? 

S3i_ 

14li 

36!n 

25i, 

45*9 

581; 

47 

39 i, 

36 

54 

49'., 

26 i? 

14s; 


SliA 
32*B 
24 *s 
28*, 
17*, 
267; 
S3i, 
14U 
36 
25 1 = 
46 
58 m 
47*i 
39i, 
56', 
541; 
49,; 

26. t 

15*« 


j CA-ntairii-iJ- . 

I Se-Sirm. 

-■nr* tt-H-l-wk. .. 

i SKl'i.". 

I Ml- II Oil. 

-li-llTmii’l-.rl... 

'■luiinl. 

Mjiir •><■.• t ••'!■.. .. 

Snii|-I4eil\ Pal . 

.tinj-.r. 

xiiim Kline .. . 

.. 

Mill i'.l-.w i».. .. 
S.’ilii.-rn ( al. fc.l. 
-■.-ti'liem » ■>... . 

Slim. A.il. !«•—. . 
-•'illmm |-■.■ln.■. 
t-i-iil Irei illial! 1 - StV 


3675 I 
26 

3775 : 
341 * • 
41; . 
5 . 

13 

66 K . 
i6ia 1 
12'; 
20** . 
6*f 

19-i 
20*4 
121, 
241 = 
32 
29 
5B*$ 
281; 
531 ? 
11 

135; 
47 if. 

I-i 
24 s- 
261, ' 
161? 
29 
32 'r 
461- 


55 
JJL- 
lli{ 
15** 
36-4 
261? 
27 it- 
34i? 
4U 
5 

iZ.e 
66*1 
16*, 
13 
20** 
6-'.- 
20 '4 
2H, 
121 ; 
245, 

32 L, 
29 : : 
58 >: 
28*,. 
34', 
11 

50 : ? 

47., 
1 1 
24 s? 
26'. 
16;, 
29': 
52-. 
47 


14V—|ir.«nii.i 

M-lv..| 

V. n.-j .- 

4>i 1 on j. : 

A-ntfh K«lw. . 
l...4.Iicn’4- 0 h'(9b t94 

1 "v. r"..-a' j- el ■» 


17h 

0*4 

44 m 
151- 
1SU 


ir. e 
0*1 
44'£ 
16 
13 
194 


| l‘.s.£W Day bills., 6.464 i 6.42't, 


CANADA 


, M-it-.M Pniiei. 

‘ \-.,I...BaaU- •• ■ 

1 ' |.-iii Miiiriinlnm 
; Ma"inii m-.I... • 

. \-ie-i'-t.. 

1 limit .a M. nrrcHi 

Itinl- N-tinS* -jiisi 

•U'l"- liruiun-ei - 
] il.-ll li‘l-|.h>.|n-... 
'll- 1 -A ail lei 1ml-. 
■UP < run- In . . 

H-.4-.T1 it. . 

Hum—.. 

I -ll-JalV l-.iVi r 

, 1 .iii.d*. i|i,ii-..„. 

. 1 111 in.in 4 . ■••■ii hi .. 

j 1 n:ii"h is ?,in.t 

| C«H Ili'I'I'liM "i'i 
t r.in«./.« ?i>.iii-t.. 

: *. in. lii-iii.'... 
f .'ii. ?-. 1 . in.- Jin. 
1 .in. mii .,-1 1 ill. 
taiitn- i,i'K..v!i.. 

trill' \il-*al"'. 


I ailli'nii-i . 
‘-■'•■f Itni-'n, 
■?|»irv lliii.'li 
-(n-nr Kali-). 


r._\.F. 

finnneir.' 

lien. Amer. 

U-V.T.A.• 

l ieu. Cable...' 

fiff. Dynilines... 

fii'tl. blfvi n.-j ..—1 

Cicmeml Ff’idn....! 

timer"I Ai ilu.' 

DeUeml Alin.nn.,.1 
'itn. Put*. Ctil....- 

<>ru. 5U;n«I. 

ficnl Tel. fleet,.. - 

lien, lyre. 

liCUWi . 

Or-.'ijji* Pm.ini-... 

deity nil. 

'TiMeite.- 

b-e-Irv-liV.f.• 

ti'..lye«u-rin?.; 

(illll-i.- 

fimt-e I'. R-. 

tit. At lata PaeTen. 
iin-.A-inh Ib'U...' 

i.reybinin.1. 

fiiiii *c IVfiem...; 
Ciulf OIL.• 

Helihunnii. ( 

Hauon Minina_ 1 

Hnrnlwhivxer. 

Hntri* i>pn 
Hein/ 

, Reublem. 


10 >0 
SB *4 
9’4 
341? 
125. 
371* 
44*i 
26*? 
S75fl 
57*0 
19 1 * 
2SI- 
281- 
22-a 

Si- 

237; 

150 


11 

357j 

9*3 

24T 3 

12*4 

38*t 
45 
267 3 
271 8 
57*, 
19 Lj 
25*8 
2813 
23 M 

5*fl 

34 

1525, 


.I 


84.*, 
19U 
16L 
27i, 
241; 
8'6 
26*4 
13 l s 
HU 

241 1 
S87, 
361; 
15S 6 
421, 
36m 
Z67-, 


24 r a 

19 V? 

161? 
27lj 
24 fg 

81g 

237? 

13l a 

11:- 

24i, 

sai 3 

361? 
151 j 
42*, 
35 
26; B 


j Nat. Di-tiller^.. 

I Nil win- trail. 
1 A at it* on) Sleel.... 

(\au .■■mi,'-. 

! NC11. 

j Neptune («•;■... . 
j Set En^lnnil Kl. 

• Vew F.HK>'«n-iT?) 
1 Nimpra Jl-hfitV 

• .Via^nm r-'haire... 
) X. 1- IfKlust-ie- . 

; .li.wimii'dra 
I Vi.rth Niii.Ua,. . 
1 .\ 1 i 1 n Mne- P'"-r 
; Ntlnrtf'l Asti-iii'. 
; Ntla>r«a( Knn.">a|- 
J Neri'.ii MtTi'.n .. 
•.K'-J.lenial fV-in.! 

Oljiliy JIuiIil: ... 

Ohio fi*:r »'0 .. 

Olin. 


Zl'i 
13 
E9is 
36H 
401; 
137; 
22', 
54,'. 
141, 
9'- 
15:* 
26', 
34i, 
25 *: 
23>- 
22 

17 
21'; 
37*5 

18 
15-m 


ZlU 
1314 
30U 
36 
401, 
14 ‘ 
2 3 If, 
347; 
14 is 
9‘2 
16*3 
26 so 

55 if. 
251-- 
23 is 
221 ? 
17 j i 
211 ? 
37*, 
1B'4 
15*4 


| lirrtii’.' 

. < l.|.t.*lH'aili--i liia 
Mrl. >>ll III.,Ml,*.. 

■ M.|. « 'll "It.- ... 

■ -1 ,i:l 7 1 I-. I'li.sil.. 
M. rliii= Dm-.. . 

. -illllMlha T . .. 

— •Ill. . . 

Pisn-l-nail-l. „ 

■tj'liii'. 

' 7>'-iillli-'l"i„ , . 

• li-kimm-.. . . 

I li-ii'lvnr. 

Telex. .. 

I T i.-ue'.-. ." ... . 


22^ 
23 
15»;. 
53i- 
231- 
25 1 , 
37 i; 
46 
66 
35,1 
13:, 
50.-.- 
35-.- 
55s, 
22'? 

8', 
33 >1 
72*4 

3 b, 
29 Bg 


23 I; 

24 
15!; 
33*, 
23 

25 »; 
37', 
46 1; 

67‘j 

36h 

13:-i 

51 
35l; 
o3 
22i, 
8'? 
33 >; 
7U; 
3', 
29*g 


F-b. 

Cl 

11 

6 

24i? 

16 s e 

38 

IS 

1SI- 

6*g 

54 

21.0 

15 
15i(j 

r-3;25 

55's 

16 
9'C 

10 
25Sg 
-.20 ; 
16ig 1 
17v 6 
53 
3.30 
9 


Feb. 

aa> 

ii'j 

6*s 

2470 

16*4 

138*8 
18 
194s 
65i 
53Sp 
2 L 1 b 

14 ■*» 

15 la 
1 3.25 

351? 
161; 
9i? 
10(- 
25*, 
tZOii 
16:, 
277; 
= 51*4 
3.25 
9 


■ini. Ill . 


' "ill 11 el.. 

'.■ ■«' Hailnar-i.. 1 

1 -ll-.IIUH-l 'ill-. 

1 '--.-tn l;.-. ••wx-;. 

'.■"-4*1" Itb-li.. . 

11, III lain >1 llll-s.. . 

H'lln- VIbill-.. , 
It-Mlle |Vi l.llei'llt 
Li.-iiiliii.-n Un-i=i 

1 i-itiiini. 

' Ilia,mil . ... 

I tn..’.a>V. A|a-I>..-|. 

I K-.'nl M.-ia-i- Cull.. 


18l a , 
25*i . 
23 : 

J6*B - 
7 1 

3 1 * I 

58 
77*t 
55*8 
251; ! 
147, I 
12'i. , 
I7U 
72»; ! 


IBi, 

26'., 

251i 

16 5g 


9 

57>; 
78's 
bbl? 
251? 
14 ig 
13 
17J* 
»72l. 


i-ii-i 


Hewlett hnnS.nnl 

H"lhJny luni..' 

Hiwna<i"kp„.' 

Honeywell.i 

Hvoti-i--- 1 

Hot C-irp Atni-r.i 
Nnf- Oas. 
HuntlPb. A'Chm! 
HirfbPI # K.F.I.. --I 

l.t', lo-lunncs...: 

I.YA. 

ltia , :r* ,, l 'Rml -1 . 

Intend Steel.' 

Insilcit..' 


lou-moit En-snt;.'. 


63 J; 
15 

33 i, 
43J; 
li: 4 

2«i-. 
24J, 
10 
111 , 
24 
35», 
53 1 ? 

34 

18.J 

7 


641, 
lSij 
33*; 
431, 
111 , 
Z43, 
24; s 
10 i 
lib 
24: fl 
351? 
54‘a 
34 
13 


itiA-'M* -bar.. . 
Jti^t-niCornlna... 

J '.tr cii* lillti ,.?».... 

I Pseine i’i a--.. . . 

i rn«-(ii- Ll"5ntlK.. 

I Paai. Pll r.’i U.... 
J I'miAniir.'fM .41- 
! Parker Ha uni tin. 
j P-.nr-.Tiv Int. 

| Pbn.I't«.a Lt. 

I Pr-nny.f.C. 

Penn/rtU. 

I'a-r.plej Dnu:. 

Ppi-ple*. Gw.. 

Popiif>._. 


211. 

58>; 

21.' S 

2*:? 

zo 

20a; 
4-4 
22*, 
20 h 
221; 
64i-j 
291- 

7'i 

331; 

24i a 


217j 

58*4 

El*i 

24 
19-4 
20*8 

s 

22*: 
20 b- 
22U 
54'-« 
29*, 
71- 
33>b 

25 


; Te—«n. Pel 
. Te •.«■ ■■. 

'. Te\HRuii . . 

; T<;~n-> iu>li<i. 

; Ti-.ht oil a 'a*. .• 
T.-MI. I 1 1 III i‘: .. 

Jl'i me I in-. 

! I iiw." M:n..r .. .. 

' 1 1111 k 1 ; 1 1. 

. TrHfle. 

■ Tre:i»iiu.ncii. .... 

j Tranu'-. 

• Trail-. Lni-.it. .. 

■ rmii*« ■!.' InCmi 
J Trull- W..rt.l.% u-.. 

• Tieiellet". 

1 lri Ct-mioenul... 


9i, 

251; 

16i; 

65 

29)4 

19,V 
35 
22*8 
43, P 
32:. 
13;, 
18*0 
35 
23«; 
J 2 i? 
28 
18 S 3 


9*4 
25 tj 
18*; 
65*4 

29*, 

19i<; 

35*i 

22i, 

45*t 
S3 
131? 
19 
35i? 
25 1 5 
121.4 
281? 
1850 


iVrarn Tel.wl.Hiii 
‘i'll! "al t >'liaw'<i. a 
Ib-Ur?|ii, tan. 

H-.iH|i!;vr . 

H-.iiat Oil ■ ,'. 

H'l.l—.n Lktjv Miii 
Huilr-gi Hu, .... 
H 111 I -111 '.*i1 s: i.in- 

I.A.l. 

[ Iiihim.-i- .. 

Ijij pi-rial '-'il. 

|UL". 


26 

14 
37V; 

5 f; 
1391, 
38*, 

15 in 
J7 jfl 
41 
17i 8 
30on 
Ifllj 

16 


26 

23<a 

27 

5on 

30 

38*, 

151? 

17i? 

42 

17i a 

30*4 

IBjg 

16 


in dull trading. 

AUSTRALIA — Industrials con¬ 
tinued in easier vein, although 
Mi nines mad? a somewhat 
steadier showing. 

Most activity centred in Gold 
stocks, where Central Norseman 
improved afresh to 3A9.70. before 
slipping to SA9-70 for a ner io«s 
of 10 cents. Consolidated Cold- 
fields added 5 cents at S.A2.43 

Uranium is^ue Pekn-Wailsend 
put on 111 cents to SA5.36 on fur¬ 
ther a-sessmeiir of the resnfL*. 
but Puoconlincntal retreated SO 
cents to SA3.uO and Kathleen 5 
cents to $.41 JO. Australian Oi) 
and Gas rose 5 cents to 35 cents. 


Dollar firmer 


G QLfrMARKET v j* 


jMkJtt"-. 


; Kfc'20 


■n 

M2 


to*mr 


-8Z 



-102 

-n 

n 


Vf\- 


FRENCH 

FRAMC 

sssessr 

npa»n>«0nii« 


1877. 


The dollar gained ground in .the rtwderaie trading, influenced by 
foreign exchange market ye.ster* the improvement of the dollar. 

day, partly because of interven- _ 

Mon by central banks. Heavy 
intervention by the Bank of Japan 
before European markets opened 
helped to dissuade tbe market 
from pulling any further upward 
pressure on the yen, which closed 
3T Y238.47J against the dollar, 
compared with Y338.9Q previously. 

Support for the dollar by Euro¬ 
pean banks was on a much smaller 
scale than in Japan, but also con¬ 
tributed to the U.S. unit's im¬ 
provement. The German Bundes¬ 
bank bought at least 850ni^ and 
the dollar improved to DM2.04.15 
against the D-mark, from 
DM2.0265. Intervention by the 
Swiss authorities was also 
probable, and the dollar rose to 
Sw.Frs.l33S0 from SwJ'rs.LSISo. 

Morgan Guaranty’s calculation 
of the dollar’s trade-weighted 

depreciation since December, 1971 Q . TF c 

was 3.18 per cent. New York CURRENCY RATES 
banks were dosed on Monday, 
however, and the only comparison 
is with a figure of 4.SS per cent. 
on Friday- The dollar's index, as 
calculated by the Bank of England, 
rove to HU.6 from 90.3 oo Monday. 

Sterling's index, on Bank of 




1978 


SEP OCT 


DEC JAH FEB 


io'ii.: - - r ;... * : :-1 / 

\ve\' ■ ■- 

L Iflr*..l’SlB03 4 -181lBiSl8a.l8a9 ?i 

»oemng i ...v-iil8lUrl88.-gWCn5-a^t 

I :;f 


‘(£#3.217t 
rtrterti’u llx'«;S 181.45 
(.^95.324 


8i 

_182.25- 
(£93.189) . 


(Juki Coin MV .| „ J ij 

Kruncrrcn.i.;! l{i$I891i,lSi^" 

I £98ts-«7l* }f£jiT.98> : —1 
SewstoVipiii.ISliTte 59i< «a7l<:694iVr. 




O'ljm tPliia..'... 
'{/TfiernsI'JbV. 
Kruserwnil .* 




[Sl86l s ; Ia8l2f«18 < 7-10a 
rt£»e&T.' 


X'ivSn4T'BnsiS67U-39‘4 ^JSTi^SBV-^ 
. ,-i.mii-80lzFil»9i*^Oia)- 

eagit-Mi^r 
iVg85-9B8- ~~v 


FOREIGN EXCHANGES’ 


- Fete ti 


: Hank- 




7H»Jen ■ 




.bmead. -.j-, Ctoai-ijl- 


Soecuu 

Drawing 

Rightn 


Fttbriutn 21' 


European 
UOItCh 
AwNmn* 
Kol+tlaiy 2l” 


.; 

___ _ l Ji. dollar.I 

England figures, fell to 05.7 from caqaaiaQ.; 

63.9. after standing at R3.7 at noon Atmrta ... 

and 60 .S in early trading. nSSTvISne i 

The pound touched a best level cJSSitamik 
of & 1.9320-1.9530 yesterday, but Dutch gali'ieri ic-'/uiau 
fell to S 1.9410-1.9420. Tbe Bank front* : f£°9™ 

of England may have given some 1045^4 

support to sterling whirii finished i^esa 

at $123443-1.9455, a fall of 95 points 98.4727 

On the day. Knwllah Imuu;; 5.65254 

Gold fell Sli to S1S0J-1S24 in r^rfan 1 2.24445 


0.630041 

1.22480 

1.36898 

17.9770 

39.1691 

6.50859 

U.B0126 

2.70130 


0.640823 
133449B 
U9650 
18.5476 
39.8143 
659858 
2.54599 
2.74615 
8.00068 
1063.28 
297.011 
6:64403 
100.111 
5.75352 
2.28601 


5 BW Vi ark-SWl.JKlO-TaM! L34**tftte 
iKmiresi...-'' 

AjiBWeiUivm-f 41s* 427-4-58 -I tSMsaa7 
UtiiwIhZ. .j . 81 V S2.0tyB3.HB 4^-E2-(i' 8asn.'’ 
CofienlwRi-a'^ 9 dO.WtlO.Bfi 48>S4j-1tu& 

Frankiutt. ,f .8 ,3^S-5.9S'“i-5J7i^®‘ 

Li?hod.IS ?.77.4fl.7a.Sfl .17T.8ff.7Clf 

StedHJ_' 8 ;15BJS-JSTM-W&Stlarj|B 

Milim....-Ills l,65a-l.W8.:i,8Sto-ESfe 

Oslo« i«LM<’-nU7.;tfLivaM 
Pnrii r.. - .i ■ 9»zt.*.s2?-ff4ai ; li2jttB*!sS 
U i B.K-S-814. 

Tokv>_I 4'4 '.488470. .. 

VIWfM. j SJs S8^0-2S.8& 

Zurich--....I l*fl! 3^6-5^84 



mates «iwn are for-couwtRrta Jrinca 
FimncAa) franc S83I3-82J5. -V ..'J*'*- 


EXCHANGE CROSS-RATES 


ret>. Zt .FiaiakturliAiru' \i<rb 


2.M1630 




42.40-50 

2083-& 


MOTES: urtrvtf* ffflcro {x.-lnu 

cxcliid- j or-.mimu. Belstan dicWeuds 
arv call") ivif&holdms lax. 

• DM.91 Jciinm unless oiru-rt-.u^ sia'ca 
V Pias.^Du Oenom. uoh-ss iiibrnii>c siJit-d 
^ Kr.lllU dennm. oii|<=^s oiherwivs sated 

'-rs-teli . 1 ,-nom aud Btjrer sJurva- 
unless oihennse staiwi. 8 Yen SO denoru. 
unless nihprvnse si alert. 5 Price al lime 
of suspension, u Kionm. ii SctaiUlwts 
■ Cenu. ,/ Dickiend after Bending ngnis 
and/or scnia issue, c P».r share. I Franca 
■j Cross, dir h Assumed dividend alter 
seno and-or rusMs tssuc. frAHer local 
■axes. a»i‘i tax rrvs. n Kraucs: mdudina 
limlac rtiv. pNtTO. 4 Share split, s Die 
and yield excluda- special p^mtear. 11 r-di 
eaiwi rtiv. « Unofficial iradina- o Mkinrliy 
wijlrters only •» Meroer peodnx. * Anfced 

• Bid 1 Traded, f Seder .- Assumed 
■cr Ex ituliia so Es dividewl *e Ex 
seny is*tw va Es alt. * (oierim since 
increased 


Fnukliirt..i ~ 

\r» Yi.M-fc..i 4S.05-C4 
Pan,. 

Unia^W*.i , i?3.8&-5itlXA B.6W6- 

Lamalnu. l^44£sW»; 936^71 

Anwf^ro..te*7.?rd*»! ; 46.7^0 


Uniaaelb 1 IaokUiu jAiuat'd'iu . Zurich 


63S&395 !3as*9-977 02.7M6 

3J346 S5 4£l6044 

B.064-0B8 a j50&-a7D6i 31fi^ft£9 
62.07-5* ' 14.48-63 


62 .iu .20 - > 


111.4060 
64.t7 JS 
26224-74 
17J743 


Argentina: 
Australia .J, 
Utazll....... 

Fintaod 

Oceece 

HongKonsr 

)r«u 


. oth Eft wnciters 

Notesi *‘ 


1300,1804 


(.8884-1JISRAtutm 


67.50-37^0 
4-.Ii 
58.8 

e:e<y«.sn 

liaisa 


Kuttaiv.....; (L54M.548 
La ixarab' rwlO J9A-10.8® 
4£8i-4.8et 



7.iin.-h.' SJ.fiTWlSl-aSa&JMS 36JJi4-W9(S.73B8-74S73.&«2G*574'«3. 


I .■'. S. it, 'UnunUa U.ai. S^= ML73-77 Lwn-niiau .vul« 

Lniutdiait S :a Men- York = U9.49-61 ijnr* I 5 m 11 ilau Bo5,40-70 
Mierllns ia Milan-1668J6-1659.76. 



u^hntt:: *x 
MSjUraztL.::^ 
SJ^CaH^v. Llli] 

... 

Fofte.*:. 8J&.S 
.G^rnmnjij, 

'8M«. 


l .s..-, .. ^ 

(Vmsdn. 

r«f.:- J... 

f-S. ■ent*.| 60.45-88. 


•. -' -js*w II i ’ PujuS.Wt? 


EURO-CURRENCY INTEREST RATES 


1 

t^f*. il ! 

liuuuiluii 

Dofhr 

; uiiii.u 

C.b-IAxuii GuiMere 

amen - 
rrnnu 

-M. Gernuu 
IHMf-tt 

tSlivrt term5rj-6ta 

1 itnvs Dutkvl 6ij-b7a 

Ut-DtU.{ 6».7i| 

Three ui>>m.b)i.| 7te-7ia 
3"Tx nu.mctM. _,i 7rg-84i 
Uuevenr.j Blft-Blft 

6v«-73, 

6J,-7i« 

firg-7/; 

/-7S0 

7iB-7J» 

7*-7 ti 

634-7 

6it-7 

£V7? b 

75«-7r fl . 

77B-B10 

0's-Sl 4 

54e-6t»e 

6i,-5i 2 

51ft -Bi; 

l®-par 
• *8-par 
.k-SMr 

l 

llK-lbB 

3te-34fr. 

- 

3-3l« 
Biastse ’ 
Jip3li 


Race given for Arsenttia is a tree rar 
' - ■ '• "V 

FORWARD RATES- ;i * . -V 


New Vwlc 
JCidilrtai. 
Arose'dam 
Bnrwlii-i- 


. tMa moutb 


lfl.B2c.ptu-JW'-ilt! 

par-0. 10 '<• die 


rfl.iu c.rmj-rifr 
O.dflepsr-JMB 


pm-Ji c. (Ut^igi 


Cnp'tihgiK!81^-10l4 bie dii 1245*86} 


h6 l-.’illn 


FVanJiCnrUii, -*; pi .pm 

Euro-French deposit rates: two-day UU-iOJ per cent.: seven-day U-U6 per cent; Uehon..:.. 6o?Xa0 a? ilii.. 
une-mnnth 13-134 per cent.: three-month UVtf-lSUir per cent.: stxmlofnb 123-13M* Us4rW..'..tW-iaoe.dfii 


ThweoxiBtt 


l'c.-4ia]4c: 

M- 91.1 


per cent.; one year iSi-Ut per cent. 

Lona-rertn 

Bii6-8*ns per cent. _ ...... __ __ _ _ 

The foil owl n* nominal races were aneted for f .onrinn (foliar certhka'eo of denosff 
ene-mopth B.93-1.03 per cent.; three-month 7J2-J22 per «»nL: six-month 7.45-7.53. 
cun.: une-year 7.7S.1SI per cent. 

* Rates are nominal calling rated. 


(4h)4Se:pt. < fe< 

'attUOTD'Wr 

150-21(ter« 


i year 13M2J per cent. / .\Jlb,n_-„..i7-13Mre rtl» '• ‘ iZ’i-SZ Urt .ti 

Eurodollar nepo-ois: rwo nears Tfeie-tfli* per cent: three rears ore dl*-"'9>ll} 

mu.; lour veers rlwSfltf' percent.: Hve years S5ia43ti6 percent: . (%rut ;4in - 61 , die-. 'ilHi-teieJt 


r Shan-term rares are call for .ateHto*. US. dollars aod Caoitdlatj doflara. two Sfi-nitrath forward dDUaX n -W-nJ0c-' 
daw notice for cuUders and Swiss francs. f -;’ 7' 13-nionth. (T.tem3Sc-pm. •- : 


GERMANY ♦ 


l-Vh. 21 


TrCST 

Urn. 


+ ur 


i Lhv. ,Vul. 

sli 


MiG .' 

Allleru Vvisicla .. 

BM tV—.. 

BASF..1 

Utter.. 

Hater. Hyr-t.' 

Iti ter. VeiwnMik, 
fJilulnt.Jie.l.ivri'.. 
tAnufn«F7iwnfc.- .( 
LV'iii.i t>u"ii,n.... I 

Umiiiler tSeu.-.: 

D».nnsH.1 

thsliliU*.| 

U.-aiivche Unuk....; 
O-c-diicr Unnh^..' 
U'cKt-rH- If Zell at. 

te'llell'allD'UU!. 

fJovd......-, 

Hn-i«ner...^.• 

Uocvtivl.I 

. 

H-.Tien. 

halt un.t du.-. : 

Kaarnimll.] 

tvnutluH. 

iv 1 .1-kucr Dm luu.l 

KHU.. 

Kmp]t.' 

I.Hide. 

Ijawevabmu tLU.' 

Uilllimi-H...._. 

Jl.tX. 

Uniiucsmxnii... ‘ 

Melixi^er.' 

'I'lUi.-ln-itor KuuH-i 

•'e-Mtiiwiin.j 

I'lv-iar*-aiu I'm IO-.-.S 

)?I)'-|||11V~I J.'li.'l.! 

■N-lieini”.I 

>lunei it . 1 

Mi -1 /.iieki-i ....: 
IfM ~*l< A .li.! 

'nrin. 

\htn . 

VwvlRAtt --,t Hh.J 
.. .1 


IB 


89.7 -0.9 I - 
492 *-2 .10 

230.5 -0.6 1 20 

140.5 + 1.41 17 

140 .j 16 

ab0.5—3.3: 2U 

322.8— 1.3! 20 

215 ;-u | 

BB9.3 -rO.8; 
78.3 -0 J8 1 
dI2.:-l - 

271.5 -4-0.3 1 

164.5- l.a 

310.5- 1 

450.9- 1 

152.5 ^4.5 
205.5m —5.4 

114 1 .. 

2S3 1 + 2 j 
129.9 -^0.9 ; 
H4.8 —0.2 I 
118.D'. \ 

158 i-r 2 I 

297.5- 1 

206 . 

92.5 -Z.b I 

177 | 

97.5.—1.6 

243 .' 

l.a50.; 

111.1-0-4 I 


1.8 

4.3 
6.1 
5.7 

3.4 
3.1 


T.2 


3.1 

5.1 

4.3 
PJfi 
4.'. 

1.3 
29 


TOKYO 1 


Feu. 21 


’Frtwa 

Ven 


+ or 


1 Div. ViaL 
* % 


318 
440 
592 
ahl 
al2 
52. 
&U5 
obi 
1.180 
>s 10 
1,*4Q 
620 


12 i 3.2 
-d I 5.5 


16 

4 

10 

9 

20 

20 


12 


200 l-a-1 1 

1/4 1-0.9 ; 
241.5+0.3; 
p40 3 ! 

113 ) . 

111.8' — 2.3 . 
^12.8-0.7' 

259.2.: 

a»9.2—0.4) 
252 :-2 1 
!«*.?—O.I 
186.5 + 3 < 
I >8.2 +0.7J 
303 ! + 3 
211 t 1.5 ■ 


6.1 

4.4 

4.2 
2.9 

3.3 
4.8 


6.2 


3.3 

1.2 

4.2 

3.0 

4.0 

2.2 
1.7 


Aeahi tiiast>., 

LciliJD... 

L'Mlv/. 

Obm-w...' 

Lhn Min-ui Prtuij 

Fuji L'buto. 

Hi tactile... 

Homta llotprs. ...I 
Hmine Facd-.... 

U (Pih-—...J 

! Ilfl-Yokwka... 

Nm-t-s--1 

i-I.A.L..<2. flU 

j Kan mi btent.Pw.. 1,030 

j Komatam. 1 417 

h'ltMOa.; 273 

K,m «n (.Viwii >3.-43.500 
-tUUHJHiiUi 1 ml... 385 
Mitauljisbi UaiiK.J 279 
.UitauU+ljiHeavv; 14 1 
AliiMihlabl Lorp].; 415 

Mitauil 4 Co—.. 315 

11 ilaokoe hi .........1 521 

K'PU«n'aA-..iI./30 
Klppoo SUlunii..- 615 
.>teaaa.U«emv....| 796 

Fiou«n 1.360 

•Mayo Uuteu* j.. .j, * 06 


;+1 

cl 

ta, 

+ 60 
-5 
.+20 
-22 
._.l 


14,8L2 
12 1 C4 
26 1 2.1 
20 I 8.8 


7 * 6.2 
lb 1 J.8 
20 ! 3.0 

10 ; 2 .i 

11 \ 5.4 

11 4.4 

14 ' 3.9 
13 | o.l 
20 ( 4.£ 
10 2.4 


AMSTERDAM 


*1 


Fn.-r 

F:>. 


Lnv-..\| 1 . 


T.1S.V. .. 
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f.U. 

r AiciiO. 

riii. 

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t’liitf' ,-r.. 

rniUer.w.. . 
I'niwi Hnii»-a»ri>.. 
I'ni-*n f'nrMiJe.... 
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r.nn.n f.*:l Cull'. 

I nii'ii Pnciln*.. . 


30 
23 
19-t 
21f; 
23 
14.., 
36*, 
55 fi 
13 
37* 
6*J 

47it. 

42 


30*? 

21*i 

19. a 
21 
23 
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37.V 
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13 
38 

6;j 

47*ii 

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lillml-l Nrtl.I.aH.-.. 
l«-'|'r‘yFl|<-l.|Ti,- 
h'url'l Kli-mIIU ts. 

I.viriu'l Fin I. mi j. 
I*4-Uli- I i«iii. • |i.' 
Mi-'nnlTn lll'».ill. 

'Ih-ti 1 IVriui.'ii 

‘4 i-l 11 lyre. ... 

Jl'aftlt' l.'.TJ.II , . 
.'■-.-nin.lit Mm.-... 
>.'-lVII lii+i-^v.. 

Illl.Tl-ll, . 
A'iiiui-- '.i)lI,»- 
>til'i.*il IVir’iii. 

. Fna-Uia *.' n i-{» r IJ. 

! l , lli-ill.-i , CII-liram■ 

: l'n:t. 1 nil IVi'm. 

J I’m in- . . 

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j l*'ai-" I'a* A iij!.. 
j I Mnrurl ijiint 
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101 , 

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154, 

14 

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151 ? ; 

25i u ■ 
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4.95 ' 
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31'j 
223, 
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26 
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ln'L HirvinUi 
Iiiil.3lm.t-i. tiera 


19:, I lull. >luiu\ “*L<-' 

I - . . 


22' 

24i«' 

35’, 

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30j 3 

27'; 

15 

23;* 

41*, 


lu 

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■ lilt Kerliliwr.. 

! Ini. T.-I- + ■Id. . 

* I DViTJl . 

I bC‘1. 

IF liiieruntl'-nni. 

lim tl'allei.. .. 



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20 .‘fl 
141? 
371} 
271* 
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291-. 
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14:, 
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274* 
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[ I'luiip JI'jITI'. 

■ I'hlHp, I’etival'n. 

J Ffl*i*iry._. 

I Pltri'.-r Hmn. 

( Fllt-l-ju. 

I Uvl A OK 


17 i, 
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19 

56s« 

26 

363. 

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231, 

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) Cub sen e Ekrv M 

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‘ I"i»r*v. 

tjimhe- Usi.-. 

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Knvtt'.'.n. 

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241, 

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7719 

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24U 

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20’, 

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23.; 

22ii 


173* 

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191, I'S.H..-. 

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1‘. T.vl:ii-.'l-'"a*--.. 

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j 'TntiierJ.'v-niniii.. 
j tl amor-i^iiiiLen.. 

• WH'te-'lnn'mi-iii 

: WVHs-FaR-.-.; 

j We'lrni Usni'irp' 

i UV*iem .V. Amer 
] i‘“*eni fni-n 
i "’cuinah-*: Elci l 


561 

28U 

371? 

184, 

24 

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24i 4 
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23 1; 
774, 
22 *.: 
25'* 
16i* 
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30t 4 

24 12 
33 


71? 

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27T t 

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32 

251; 

33*i 

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14L, 

183ft 

261, 

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30 

231; 

16', 

171; 


7*i 
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251* 
34 
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33 
26 
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161, 
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1 li'a+l SimiT. .... 
j 111- 1 .ViK 1 -111... ... . 

! W-'»-*JUt, -I L nii,' 
j Ifi’fnl Tniri..j 


061 , ■ 
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101 ? ; 
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1.60 . 
271? I 
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35:3 

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0.88 
191? 
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261? 

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16 


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tt l-e-.-iiniii Kiwi 1 


23-1 
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81?: 
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25 14 1 
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2.31 

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167* 
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101 ? 
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tii-i-1 '!•—... 
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i'lsMiki-n. 

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duiirm l-’Uvi'nl. 
ti'-i n-i 1 
P imiiuN .) .LWti'i 

Liiriif .m.1 -I (• ..( 
1 «i'l |Si».,i»l. 
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thinivr I *.« F. «A 
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445 1 —I ,\aLb O.s 
79.4 -0.6 .A144. a.b 
< ,.4 rO.3; aB, 0.6 
tO.3—1 UP 3.7 
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104 .3 ~u.a 
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2o : 7.6 
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32^ 4.1 
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32 

11 


3.9 

3.4 

8.2 

0.2 

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-3 


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+ 1 


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kl 
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aekmui l*reiab_...i 870 


st/1/.eWo_1.060 

■6wy-.-.,1.740 

Lawlio JUiniie—.. 245 
Falaoila Claeimu,-. 1 alB 

U>K...<1.460 

fell"..-I »U6 

OiLio llanne.| >t ,5 

lOhidEieit Fftw'r.'l.lOO 

InK.laj , 261 

liihV" Slntmmv. .; ijs5 

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la vrtln Mi4«ir.■ 895 


-24 
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LB 

1.4 

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1.6 

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4.9 

2.8 

2.7 
0-7 

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4.6 

1.6 
2.2 

1.9 
0.7 
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18 

4.9 
1.7 
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1 


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11 1 22 
lo : *.H 


(-20 [ 30 f 1-0 


AUSTRALIA" 


K0V21 


Ai«rt. 9 




-r 


ACM lb 1 80vent)___ 

Ai-TOW AuntoUW_ 

AilW MjtrtrTpSR. iDdUfl &li- 

Ampol KsplorHUoD-_.... 

Ampoi IV ml aunt-- 

Aaaac. JEnemte..._^_ 

1*019 FeperSl.^—^ 
Aaaac. Con.- Jn/lu«trtea-.~ 
Aim*. FomutemiMj-inw«n„ 
AJIJ..... 

AmlmiCou....;.„.... - ,.. 

Au-u Uli i* Gefc...K..„....J 

UlueMetHi _ 

BwMteinvIlle Uopuer_ 

Broken Hill 

bH South .u..... 

Um-iiou United Brewery ?. 
l>. J. Lkiten___ 

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{0,76 

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11^5 
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it.08 j-4.6S 

n .06 ,+ 0.01 

iLv.8 *+002 

1J.45 -[+li>'5 
tO-35 j+fl.06 


10.97 
U. 6 
16.26 
10-85 
n.db 
tl^S 
ja.76 
(2.45 


t+OAIl 
1-4UD4 
{-0.i 5 i 


BRAZIL > 


■ • 'TlMr. l -(-or iWrlT 
FvG. il’ Cna f — /Urns 
—4 


A.terfto—.......... J.24 

BaacoBrer.UBEj--3.66 [+0.10)0.18 
BelituaHiiehH UK 1.80 j+OJB'fl. 12 '■ 
o«rtr*ms i 


LawnA.mer. ru'...' 3.30 u.Wifl.20 


aomkt rtuOPJ.i -4^6. (*. 0 .fl.. J .. , 
LnipI>E...^.._J 6 .OT +0iit2C< 
Val+)c.L).>+ BH LTOJ+O.O^fl ., 


Vol ■Crjja^m.' Shares; 35Jtrr. l 
S ource:, -Rio de Jaaelro SE. ; 


OSLO' 


!-o ja 

l-v. « 
1+O.iB 


Ucazinc KtonnV-i....j 

Contain AuairMw...^.- * 

Uuukiri Rubber (Sit_ 

lOltJ 


.I&lO- i-d. 6 

mia 


Bscoll 


1-2 

i-l 


•a-1 

-2 


-15 


1U 

11 

a 

14 

lu 

U 

20 


Klder 

BJL itKfiwtrien___ 

^Q- Property Trwjt...^_ 

Uamerstev___ 

Hooaer.. 

‘■<J-I. AllKlm.fi. 

luUjr-Uopper—... 

Jenniuea fnduslr(fes.._„. 
Jmw 1 David)... 


1.1 [ U;rw»nl Oil ..... J_ 

v 6 j Meuux Ksplonrtion_..^„. 


2.4 

4.U 

4.1 


Source \n)rn Rnciinrim. Torvii 


BRUSSELS/LUXEMBOURG 


IV'. CL 


Fm.-v 

F—. 


Kr-." Vi-> 

'el ; 


39.6 *■ 2 
106.5-1 
55.2 -0.8 
195 +1.4 

158.8+1.3 


ia 


y.8 

2.5 


46.2 * 4.4 
2u , 7.6 
2 U ; a.l 
V34'1.3 


AH*'i.4.255 

v«|. Ur'. Ltftliti.... l.^^-r 
Uefciri -t." .1.<4 f 

v.-*».!(. i.+nieni... 1.162 

LAVkurfi .I *7 » 

>jui.+. '..'. 4.31 > 

(iin.-|nai«, ..5.950 

•'n"rii|iw Nni. &.x2j 

''-fa, fuii'i-Bm.... l.Bud 
vevhen.11.1,36 

llarfa+ei).4.5+0 

liileii'.iat.1.793 

niclielUuin.b.SOO 

l*t K.-.VH. r u«i|p.. J.180 

i'»in .- 4 . 1 *. 0 

l*eti«l)iifl .;3.970 

>* Oi.-ii lMiu,'ie..;4.940 
■v■ i.m-ii u+isld'ie:i.970 

x-litiH.i,.vS 

.j 4.490 

Iiaut+Hi Ki+-t-—i4.a8S 

Glib . } v48 

Lu U 111 .. 1 , lui._• 710 

Vieuie Mom mile l.o38 


_& - ' - 


IO 

•+4 

,-20 


60 

112 

90 


+.2 

6.3 

7.8 


-SO 

.—2* 


i+6 

15 


(.7 

1.2 

7.0 

u.9 

o._ 

6.7 

7.9 


!1 Ft 
4 3u 
1170 
.130 
! 60 
I17J 

..1+4 

'_'403 1 3.0 

lo 300 ‘ 3.9 
—4U Iea.*t. 3.4 
;+iB H74 ; 4.-. 
j—5 !1 <m 
i+lu iI4u 
•—15 i435 
1—5 LUJu 
+ 16 1182 
+ *6‘1 - 
+4' | 60 

'-12 1O0 


■U ver bnitMnuiD.. 

•Vevv...;_[ 

Aii-IMfau LiitaenmUnuai..1 

AurUi Rn+eo H'litnea taXi 

■JaWbriiUpt.,.*_ 

Oii/»«retu.„... 

Ulter Exj+iraiioa. 

I k+ieer | 

Heck) it 1 Cufmaa 

H. L. l ?leisii. 1 .:, I .;..;., I .' T :.:[ 

>xiibtartR Minim*.,_} 

IVnlPiOb..; . I 

'Vertwn M ininu (30 reniA- . 
W -*4w.-.rtla«.....J 


11.40. 

U.29 

tttlfi 

(1:90 

ti.B8 

n-ae 

t2J22 

to.va 

12.03 

(0.29b 

(1-28 

(LOl 

;oj« 

to.16 

(i.ee 

tLCO 
12.30 
AtOJOA 
f 1-69 
(1.82 
tO.Oo . 
10.17 
tl-40 , 
r2.66*d 
lvf.76 
10.19 
"1UC9 
tOSo 
f l.lt- \- 
11.63 


p-.'. S 
h+0-01 
Ad.W 


ttstcarV 


pKGT 

Kroner 


+.OB j Uly. 

■ “i •<' 4- 


ueiwen BaaA...-..{ ' 93 . 0 L- 0 J 5 1 -9 
B 0 rtvgeani.:.^_. 4 >.4 


Cm<i ithaok^.^ 

Kreditkawen-1| 

hOf+kHyrtrpkr.rl. 


lOTtoj+ l-, I U 
Slb^_'„.VZO, 
107.5)+ 1*5 l'. 11 
135 j_X 1.12 


Jh»eUr«ii.r....; -^f 86J2Si+J^ fc8 


JOHANNESBURG-'. . r. 

• - NIKES 
February ?1.. . . -.. RwkL 
Aacto AXDertwn 0©nwC J".. 4 M 3 

Charter Coro*oUd*u*i - 1 3.74 •• 

hKast Brtciotnew —V (?_«> -=*. 
Nlshora —2.W -* 

Harnmr ——J ttfld c 
Kinross .... 


-u. 6 

i-OJl 

+fl.U2 ; 

Ird.OS 


i-MSJBV 

him 

+-3.0T 


PARIS 


ivv I'l 


■ Price t +oi 
F«v j .,'F^vj 4 


0.4 

7.1 

6.6 

O.w 

6.+ 


3.4 

7.5 


riiUni.'I'l 1 'Ji... 1 
ITlllll-s (f l.lvi... 

39i5 -^>!s 
25.a.. 

31 ,IU.6 

liiin'vi) IVi t 

ImiIIIIV .Pi,.i.-i., 
ij.-iviii.-.Pi.r,... 

*1 iii-i. (hdR.1 

M/IWltliRi. 

'f'.-i iii'.rv Pi .in ■ 
r.iko.iviii.ist-.' 

r|.i_yi,_.l 

VfkuwIfvs.Iut.Slj 

V.u_tlniiiVu.HRUk> 

1 

c4.7t—lo 1 - 
lba.3 - 0 SI Ii25.fe- 7.9 

115 . - : - 

129.7-0.1) 14,0.4 
123.8 +0.4 (AOU 1 0.1 
343.91+03; 19- f.b 
137.o,+1 27£; 4.0 

92.0-.- 30 0.8 

l't-B'+O-llA'i.-l b.9 
40 J+0.31 20 { 1.2 
423 !—a.S 32 • 3,8 

i 1 i 

COPENHAGEN * 


! 

Pnee 4 - ur 

Ulv.flkL 

Ke'-. Ji 1 

Knnier — 

W j hM 
■O 1 * 

VmieivtMiiwii.. | 

1411b|. 

11 1 7.8 

Ullllll'r-tr'VjlW .. 1 

4ZB ; -4 

16 j 3.6 


1J4 |. 

12 | 8.9 

Hull Aaintic I."., i 

231 

1‘d 1 a.3 

rin»n*.t»nkeu....i 

ll&H[ + J4 

Id !|l.a 

f'+. Kn'aaeric-' 

32b .. 

12 | a.7 


Hniuielfhaiits.' 

i.N’ih'nH.'KraL; 

Nvnl K+t+l.' 

uiieliirmk.. 

l*nvm,wiils........ 

Fniv-ins/WDh. 1 

biijib. Bcreii'f'i'ii 
3UJ1TII.-,... .. 


741s; 

134IJ,. 

0fia»2i+i 3 

269 1 . 

89 i + U 2 

158i.j. 

1431+.. 

374 +h 
lB5te' + 2l| 


jlO.8 

8.2 


SWITZERLAND 


Fen. 21 


Pilot- 

Kn. 


l + « r l 


Uiv.iVliC 
■i I-i 


f +20 

i -r 3D 
:-35 


i-lo 1 


5.3 
2.8 
Lo 
2.2 

3.4 
3.2 


1U i 3.8 
3 I 3.5 


Aluminium _..... i 1,340 

libL! -A‘,.. 1,770 

Clb» Cielciri Pr.aCi 1^)26 
Do. Pt.Uerto,.. B80 

L*o- Kcb-._* 636 

Credit fintree-_3.610 

Kieetrowatt_[1J115 

PiHctoer iCi».aj*M;_i 7h0 _ ,_ 

Hodman PCCerul SB.OOOi.. spvi 0.6 

Du. /nkih<i.. m .{8,87S -+ZS jo ‘ 0.6 

IntenoiMB_13,900 

1dawU(Fi.K*ji...U.alO (—35 
Nesuo (l-r.l'Wi... ,3.680 + lo 

D-v Ue«.'2,550 

necil ton-B.( f jsm. 2.450 
Wredl 3/P/f.IOiJt 298 
*UHltw. (Ki.irui. 'rt.UOO 
Uv. Part Certh..| ol9 
Schindler UvFKA 330 
Stii/er Civ iy.ltH.,1 387 
dwtaselrfy^TV)..., 864 


— 10 
+ 10 
i+4 
—25 
-27 


.« 20 J 5.6 
' 20 {-1.5 
i-tw. ; 2.3 

! :I5 .15.3 
id; s.o 

26 1 1.6 


3n in? Iiaiik(K.Kft)i! 417 1+4 


III 


4b 

» 


3.5 

1.3 


: 14 I 3.6 
'8.07; 4.5 


dwhe fKn.F.iCUi,.5,175 

, Union bank.. 5.470 . 

4.2} Xuripb Id*._11,900.-25 

4.5 1 I 1 


10 

40 


Utfil* ...... 

j .VrrUtuvvhaM'i’* 

- »»r UqiMt. .. 

-Aquiunte- 

dlC___ 

•M«,.\euet>.+ 
■M.S. Gerv-vJ*,., J 
v-'niTviiiur _'.... 

U.G.fc.;—._.' 

o.l.l. 

Die lSWi>ailrc_.... 

Club Med iter™ 
Credit Com IVof 
LirtQM’4 Dari»....J 
Oumet., J 

Ft. ViSlruleaw—| 
iJco. LkpcMetimi, 

I mein . 

Jnvfjiier Bore 1 .- .. 

Lara rye J.'..J..'! 

L'Dreai. 

Ueuromt-.. 

AiAisotra Phenre... 


! 784.2;+122 +1?; j.x 


*23.5 +6.3 i4i.lt 


2-ro. ■ I. J. I6.*l 6.7 


a 13.11+2.6 i 24 
498 ;+l '12.fin 


IdA.'il na 


496 
. 331 
it 3+0 
X66 

*40_,-, — 

t4Bsca-i2 - j 12 ; 4.0 
838" +6.476.4.1.1^. 
107 J+ L5.'JXri0.4 
64.B> + 1*3{ 12 12LS 
*57. f +4 '.} 16.06^3.6 
99 ;+oj M.JiiM.aJ 
1772L+0.B j <*.3^ 4.-T] 


+ 7 

J+f. i^/.6U0J3 
U 30 5760 1 4.5- 
i Bf.BiS.ri 
1+23 1 D-fjs'.aA 


Kloof ___’&?4. 

RusteDbura Platinum• : 1.113 

5l Helena_;__ 

Sbothvaaj -• •-•.««, - • 

GoW Fields 5A- _ - j5LSB \ 

0mnn CofTJ-OTaiiwa. .4- *Mi.\ 

. De fleers Oe/ened ^— „..'jLv)it 
-: BlyvtaurttfffiCh v . 5.T5 

1 i P** RAn< t 'Pty; +■.-' ass 

-O.J» 1 b-ret- Slate G*u»w .__ SflfStt'.- 

President Breed._ 

rreyrfeuf fiteyn 13^0 - 

suiroftieiu ; . ato ‘ 

We««mi ....._ . 4^9 

Went ©rteftmtrtti. ju.+fl - 

Western HotoiifK.-•__ 30 JH) 

Wesrem Deep - 1 r-.+v^.. TiM.. ' 
- IMDWSTRLALS ■' - 

ASCI -. a. - IMS 

AiwfM-AtBex. - Indusirtaf ^ jfl 

RarJw sand -. %*» . 

CWA tmessnmitB i-.Kt.__ 113*' 
Come .k'kiiuicr - OKT 

De Bean (Mustrial ax,- 

Ednars ConsoMaied lev. i«" 
Wgars Stores . —....... i3Ukk- 

BhieeBaady sa J 

Federate Voutsbehyisimsa :7 

Crwatemoans Store*; 1.75 

Gtfi^ttao ■ Assurance- tSfiV-1.60^ 
Huietts i;.;..;. . 2 . 1 a 


3 

MLOI 


6.3 


v,b 

2.6 


51.3,1+075, jJSoiIm^ 
*4.L+o.i-/ — ; — 
149.0:+8 !16./*;U.2 

,-gS i-J ,'is.sri 

1.230 i + lO ij 1.331 is.6 

740 (+6 ; u9.9i 5.4 


Hla+wun "U-_[ 1 .IOJ 1 + Z 1 

Hotawwv..^ • «KL9—2, 

AlvuliiMm.: laB.ct+4 

FanSar-...;{ id® » ' 

Penbmo..-.—..1 

™TKkl*HicartL. _ j 
l^ujseoteCttownJ 

Poetam __ 1 

Kadio Tffiiiaique.1 
Kettuute.. j 

SU Utfhnlp v 

bki 


I , U8.9| 6.4 

il AZibl.p.t 
’-li 12.6) M 

.eU.4^;is 

> Ui.J/'s 

f i+o.01 '1 


o 

3.6 

206 UO.tfl -.7i| 
273.11*2.6] 16-J. 6 A 1 
loo - j*. ns? - 

j35.3 l r 43.2 2&.Aj.7j6 

487j«-ll [-24 i-'bvl. 

64-.ZU0.7.;-«.i'I6.6 

128.41-1-- Hl4Jfi?(0.8 


Lta _ 1 :rs- 

McOrthy. Koduuer _fl.W_ 

KudBank ■ ' jai 

,a«i rtjosuirs-.' i. 3 ^s.. 

Premjer aWUtny ^ _$. 25 . 

Proiiiri*-Ceaieiic-..~..^— ' 3 ia' : 

wtrt'aa- -HxHdJnBs •.. u@- 

Rand Min*» Properties 
flentbrandr Crdop -SAS 

RMca : .... ;1 oas"' 

Saae Holdliigfi __.-„• 1 , 49 , 

C- "G. Smith ^ogar 7 .40 

Snrec. fl.ad;, 

5.4 Breweries IvK • 

Tiwr Oats aad.NalLiattLVJfJB 

Datsce vr : ; -v.. 

SecnriUesRaJMtSOiSJ, 

^^I^Vvry'3 


Spain l: 

PAmatyrst: 

'■ “rrl-V H 


Bancft- KKno i *2S5‘- * ■ 

BahcoVLilairt>cb'(tOBfW ; 
iftatico 

Bahwi,Eatjiiy- T ^.;;. ■ •' 


BiUlCD.': 


Ir ilwtTCTKd„.„!L420jfl)^_ 

i5=s=d aWiL 


3Ufe _ 

r*5temftvHUvutCj 554 )* 16 jaZ.»}.5JW 
Inpmson Brawlfc - 33GL6;-^7]li,,i6!lO.& 
U«inpr„; ,..J- *-• J i+r " 


STOCKHOLM 


20 ! ZJ3 


11 

11 

12 

12 


7.9 

7.7 

3.3 

6.4 


VIENNA 


«■* • w . ''t " • 

lift 

c 

L. , 

c 

vn-iffiii-iHif .. . j 530 ' 

lo 

2 fl 

Pur'iu.^+, 1 ... . 265 1 . 


3.5 


+ 3 

81 

■Xiiu'ith.! 90 



'r.-v'f IfnlRifvi... 1 192 Z 

./ 

3.7 ■ 

\ ..11 VIni,ini .it . 143 

1 J 

Ml 


40 1.7 


MILAN 


fW'.il 


Pn« 14- or :Uu. V.u. 

Lre | — fCire-i- i * 


.'r Kata'. 

..Pnw. 

.Knete 

■H* 

AO A AotKrjOl^ 
Alta Ia va LlMKrbt 

Adas UtyooOvrfc 
WUflmt 

286 

.187 

taw 

,il? ; 
••'79.01 
125 . 

^8.7 

L+L9i 
+ 1- 


150.0!+2.5 { _ i _ 


Aims.. 

tntrl*--jl538 1—6 

.|1.99S '—27 ; 15a; y.8 

Om. Prlv._;l fill t—27 t liu' 9.3 

Piu-ikter.{ — : — 

lUuceineui.i 11.370,-330, 2JC* l.B 

(Uiahter.l44.7&Tl2.7Si' — ' - 

AWIu1«ikin,.._.J 31,800 -580 1.410' 3.B 

MouiV'li-.ii..i 154.75' +6 00, — 1 - 

CmtfliPriv . ‘ 86S.0! — H.Gr. - - 

Pm-lilAC«'....'2.215 i — 15 i HO 5.0 

I'trrlll .il.051 


24 ; , 8G rjA 


654 '—26 ; _ 


... . aflj:. --- 

HicL.CiiU ffSttVL T8J : 

«3litr»T'Poplar .-L_i ..?= - 2£t - . .> 

aants»‘.S«ntthiter-;jsaV. .Kfe.;-.-' 
lBoimo ttojumi. njwi) . 220 . . 
BUCix Vtusya ' -B2 ' - 

_ Baieo zaraiBwarioc; W ' 


Nr. r ft.? Banuy. AdOalueht - ZJm* hBXrZ 
—l-^T-'i^heoiat wuaa :v3AS*„ 

-WjICJC. -7;,- 


3.2 

5.0 

4* 1 


IBO^df—6*. 
207; i+i 


CwdO— 

UeiiuKM 
iftjariis'B’iKja.f? 128 
2iVsson,*B1(Krti! .146 

ff«aerafn..._ J v..,.,J 

Gransw (I reel.i 

H«DlleisblidkeB_J 
AUmhoo,.._i 
Mn O.Hi Do/usU;..' 
Sandvrk A.ta... 

3.K.r. -b' Kta.... 


\lii- 


335 

94 


290 

130 


——!. 34.j4.5 


6 "; 4-J 

t 1'. .6 f'-a-.v 


Oracwlm .. -^227 ? 

& jf . ■ 

, F«ta- S3 ' 


7k*. 


48A)l+a6 




K tf.lw'' 


213 • *^-6' : 5»3l83t2!£21; 

68JP-.L5 i 4.a f,6 


■flouKl Rovkitrtn.. i ISO. i+rt - -. ttcOctfr 
IkOrtwW 'w'-Kicv . 


i-dvr. the, so*-/.'. 71. .— 1 : ': s 

























35 








..Times IV&dkesday February 22 1978 


\Ni) RAW MATERIALS 




v i • 


afair’ to 
me trusts 
dear land 

irretln* Moir 

INSTITUTIONS have 
ifairiy blamed for rising 
lues,” the Committee of 
i "Unit Trysts, claims in 
ilssions to the' Ndrthfield 
into agricultural land 
ip. . 

ases by institutions 
ot exceeded 25 pet cenU, 
land changing hands in 
r.. 

* important, they pur- 
tly tenanted farms, with 
. sceptiims. and the-price 
ted land has not risen as 
the price ^ of vacant-, 
m land, which has -been 
3y properous fanners.” 
roperty unit trusis also 1 
lat “it Is increasingly, 
iat the institutions win | 
he main providers of let 
.s heavy taxation and ; 
protection, regulations 1 
to militate against the | 

andlord. I 

icular, the trusts believe 
> are “almost alone la; 

a position to provide' 
2 m fixed equipment so 
to increase the indus- 
oductivity and profit* 

ommUtee of. Property 
sis represents 18 trusts 
1 by i,500 pension funds 
itles. Their combined 
need £550m.. of which 
>m. is invested in agri- 
and. 

■usts 1 deny accusations 
are draining profits out 
lustry. 

>int to a steady invest- 
fixed capital improve- 


Bacon report ‘underplays 
role of import subsidies’ 


BY'CHRISTOPHER P&RK£5 

THE BRITISH . fiieat industry- 
reacted frostily to-' yesterday’s 
: charges from the ••‘Price. Commis¬ 
sion that UJK:. bacon curers are 
“poorly organised.' and ineffi¬ 
cient.” The Bacon and Meat 
Manufacturers' 'Asaciation felt 
, that the Commission’s report 9 did 
□ot give the problems caused by 
monetary compensatory amount 
subsidies on Danish baccn the 
prominence they deserved. 

Mr.. John Locke, director of the 
BMMA, commented that it would 
be naive to assume that British 
curers _ would havtfTeither the 
confidence or the. ability t© 
revitalise their Industry while 
they were saddled with these 
subsidised imports:* T- •; 

And he felt the Commission 
had-done less than credit to the 
improvements In the British in¬ 
dustry over the past -10 years. 

Urging the home industry to be¬ 
come. more .ambitious '-and com¬ 
petitive, the Commission calls 
For Improved-overall quality ** to 
equal or surpass the Danish ex¬ 


ample," presses For improvements 
In handling and refrigerated 
transport and demands “more 
imaginative market develo¬ 
pment." 

“Structural reorganisation will 
require a joint effort," it says, 
perhaps with some temporary 
backing from national organisa¬ 
tions of the farming and food in¬ 
dustries. “There are some signs 
that efforts of this kind have 
already started, but their scale 
is still small.” 

Restrictions 

' The Commission appears to 
have satisfied itself fairly quickly 
tbat no-one is making excessive 
profits out of the bacon market, 
and suggests only monitoring 
price margins on the price 
leader, Danish. 

However, it insists that it is 
in the interests of the consumer 
that a competitive market should 
be maintained. 

** Decline in the share of the 


market held by U.K. producers 
must prejudice tbe development 
or effective competition and thus 
expose the U.K. shopper to risks 
of lower value for money, the 
report says. 

“This decline will almost 
certainly continue unless 
vigorous action is taken to arrest 
it. In this context it would be 
inappropriate to recommend 
restriction of margins in bacon 
distribution." it concludes. 

For the rest, the report is 
mainly a review of the techniques 
and recent history of ihe industry 
and goes to considerable pains to 
praise lavishly the enterprise 
and vigour of Denmark. 

The Commission comments 
that in all sectors r.i the trade 
except multiple retailers, margins 
have shown comparatively little 
movement over the past three 
years. The multiples' margins 
have gone up from 15.9 to 17.1 
per cent. 

* Report . price 70p, is? arnjfable 
Jrom HMSO 


Soviet sugar needs assessed 


. zme 
e cut 

Edwards 

,N the U-S. domestic 
zinc of 1.50 cents a 
* announced yesterday 
ork by Asarco, one of 
g U.S. producers. The 
, effective immediately, 
reen 29 cents for Prime 
zinc and 29.50 for 
igh Grade. 

.aid tbe reduction was 
due to the availability 
intial quantities of 
iced imported zinc, 
halted a rally in Lon- 
Exchange zinc-prices 

ket moved up in early 
'llowing some heavy 
cash metal by one 
—-articular. But values 
n the afternoon after 
i announcement and 
dosed £35 up at 
• tonne after touching 
levels for four and a -1 
»n Monday. 


BY OUR COHMODrrtES,5TAFF 

RUSSIA MAY need,to buy i,n. 
tonnes of sugar on the world 
market this year, according to 
M. Maurice Varsano, chairman of 
the French sugar 1 company, 
Sucr£es at Denrees. : 

In an interview with World 
Commodity Report in;Paris. M. 
Varsano said Cuba was. unlikely 
to ship more than the .contracted 
amount of 2 . 6 m. tonnes to the 
Soviet Union. He said the fore¬ 
cast 7.5m: tonnes Cabin crop 
was likely to be reduced by 
adverse weather and the Cubans’ 
jdesire to fulfil their quota under 
the International Sugar.: Agree¬ 


ment would probably preclude 
extra shipments to Russia. 

“ It is important for them to 
do so and to be able, in five years, 
when a new Agreement will be 
discussed, to show that they were 
not too ambitious when they 
asked for such a large quota in 
Geneva/’ 

M. Varsano said the Russians 
were already buying in small 
amounts. 

The market is. for the time 
being, a little sleepy, partly 
because of anticipation of the 
Russian buying and partly 
because China is withdrawn from 


Indian sugar export plea 

| BY OUR OWN CORRESPONDENT CALCUTTA. Feb. 21. 
i THE INDIAN sugar industry is central government the industry 
1 expecting a record production of has pointed out that since 
155m. tonnes this season (ending export quotas allowed to 
| next April s has been pleading individual producers nations are 
• with the .Government to allow usually with reference to tbeir 
isome' sugar - exports 'a'*,'!.current past performance. India's claim 
| production is much is excess of to getting a substantial quota in 
; the normal domestic consump- future years would be adverse!y 
jtion at around 4m. tonnes:' India affected if export performance is 
has been allowed , a quota of allowed to suffer now. It also 
700.000 tonnes this year nnder pleads for a longer sugar export 
the International Sugar Agree- policy since substantial capacity 
meat, but the Government has has already been licensed which 
refused to allow any exports in four years would take the total 
because of depressed., inter- capacity to 7m. tonnes. Present 
national prices. • . installed capacity is 5.4m. tonnes 

Jn a.‘ memorandum -tp.'jhe but it-will be increasing. 


tbe market during the new 
year celebrations.” M. Varsano 
said the Chinese had bought 
500,000-600,000 tonnes of sugar 
on the world market since 
December and were likely to 
start buying again in tbe near 
future. 

The Sucrees et Denrees chair¬ 
man did nor think it would he a 
good idea for the EEC to reduce 
its sugar beet area in view or 
the current world surplus. 

He said the threat of large 
stocks for export by the EEC 
had not materialised this year.' 
Out of 3m. tonnes about 2m. 
have been sold. The lm. tonnes 
remaining, is “ not enough to 
disturb the market,” M. Varsano 
claimed. 

In New York, meanwhile, 
statistician F. O. Licht, in bis 
first estimate of the world sugar 
balance for 1977-78. put produc¬ 
tion at 91.292m. tonnes and con¬ 
sumption 85.696m. tonnes world 
sugar market sources said, 
reports Reuter. 

He estimated initial world 
sugar stocks at 28.104m. tonnes 
and final stocks 31.308m. tonnes 

London traders said the report 
was “slightly bearish" but added 
that the surplus was already 
reflected in current prices. No 
significant reaction was discern¬ 
ible in futures values which 
maintained the higher levels 
reached during the morning. May 
sugar closed £1.925 higher on tbe 
day at £116:225 a tonne. 


.vWV-.-.. . - 


No platinum 
price rise 
planned 

JOHANNESBURG. Feb. 21. 
IMP A LA PLATINUM is not at 
present considering increasing 
Its. producer price of S205 an 
ounce. Mr. tan Greig. chair¬ 
man, said yesterday. 

Mr. Greig said Impala as a , 
1 producer takes the view (hat 
: (be producer price must be 
moved as infrequeuilv as pos¬ 
sible 

He feels tbere is scope for 
further price increases later 
in the year but not as things 
stand at present. 

Mr. Greig added: “ I am 
concerned about Ibe sharpness | 
of the rise in (he market price I 
because we do uot see any . 
corresponding underlying I 
I growth in real demand. 

"Certainly we would be | 
very nervous of pushing up j 
our producer price until (he 
whole market has consoli- j 
dated, and the market has by I 
no manner of means con¬ 
solidated." j 

At present the market has 1 
four different factors in mind. 
They are pressure on tbe 
dollar: broker estimates of a 
-S250 market price: the specu¬ 
lative flight into gold and 
other metals: and a curtail¬ 
ment of supply whicb (he 
market lends to over¬ 
emphasise. he noted. 

The curtailment of USSR 
supplies is very noticeable but 
it Is difficult to determine 
whether this is a sort of a long¬ 
term hiccup, he pointed out. 

Our Commodities Staff writes: 
London free market platinum 
prices cased yesterday to 
$233.5 a troy ounce (£120.10) 
compared with the four-year 
peak of $235.5 l£ 120 . 4 ) reached 
on Tuesday. The decline reflec¬ 
ted profit-taking attributed to 
the decline in the price of 
gold, and the rise in the value 
of ihe dollar. But market 
sources claimed the undertone 
of tbe market remained firm. 

U.S. soyabeans 
for Russia 

WASHINGTON. Feb. 21. 
THE U.S. Agriculture Depart¬ 
ment said that private U.S. 
exporters had sold 200 000 metric 
tons of soyabeans to the Soviet 
Union. Some of the consign¬ 
ments had previously been 
reported as going to other desti¬ 
nations. 

This is the first Soviet pur¬ 
chase, of U.S. soyabeans during 
the current marketing year whicb 
ends on August 31. 

Soyabeans are not included 
under the five-year U.S.-USSR 
grain supply agreement So far 
this marketing year, sales of 
wheat under the agreement total 
about S.5m. metric tons and sales 
of maize total about 6.4m. metric 
tons.-' - - AP-DJ 


HORTICULTURE CONFERENCE 


Fruit import taxes 
under attack 


HIGH COMMON MARKET im¬ 
port charges and other obstacles 
to trade in fruit and vegetables 
came under fire in Harrogate 
yesterday from Mr. Henry 
Jamison. president of the 
National Federation of Fruit and 
Potato Trades. He told a 
National Farmers’ Union confer¬ 
ence on the future r,f British 
horticulture that he approved of 
tbe EEC principle that Com¬ 
munity produce should always 
be given preference in European 
markets over imports from out¬ 
side. 

“ But nut to the point where 
common sense is thrown out of 
the window." be stressed. “When 
good quality produce is not ade¬ 
quately available from Com¬ 
munity sources, there should be 
completely libera! imports from 
third countries.” 

He singled out all-year-round 
charges on imported peaches as 
an example of what he called 
‘'ridiculously high tariff rates" 
on produce which is not. in 
season in the Community. 

When Italian and French 
peaches are in season, tbe 22 
per cent import tariff is justified 
to protect European growers, he 
said. But not at other times of 
tbe year when EEC peaches are 
not being marketed 

“Such tariffs protect produce 
which does not exist. They bring 
no benefit to tbe grower, they 
make the Community look silly 


BY OUR COMMODITIES STAFF 

as an international leading body, 
and they push up prices to the 
consumer.” Mr Jamison said. 

The Common Agricultural 
Policy also failed to operate 
effectively in the internal market, 
be added. While it established 
rules demanding that only high- 
quality produce was marketed, it 
failed to follow through with any 
serious effort to sell the crops. 
“ It would he benefiicial to all of 
us," he suggested. “ if the Com¬ 
mission were io switch some ex¬ 
penditure from intervention to 
sales promotion.” 


Plaything 


Mr. Jamison was fiercely 
critical of the EEC’s system of 
reference or minimum import 
prices governing the fruit and 
vegetable trade with non- 
Comrounily suppliers: There 
had been attempts to manipulate 
the system to impede tomato 
imports, and even now there was 
talk of changes whicb might 
result in further charges on 
purchases from abroad of 
peaches and grapes. 

“The reference price system 
has become tbe plaything of 
politicians," he charged, “and 
is often being used to proteci the 
inefficient or uneconomic grower 
—to the desirimenr of the con¬ 
sumer and in the long run to the 
detriment of us all. 

“ The demand for unreasonable 


grower protection, brought on 
by the probable extension of the 
EEC to include Greece. Portuga-l 
an-j Spain, is something which 
will serve only tu bring the CAP 
into greater disrepute.’’ he 
claimed. 

Rlr. George Sheard. deputy 
director of the Glasshouse Crops 
Research Institute, warned horti- 
culiuralists that producers using 
coal, oil or natural gas to heat 
their glasshouses had no long¬ 
term future. 

They had to find alternatives 
to fossil fuels, he said. This 
would inevitably mean that part 
of the industry would have to be 
moved. If it was unwilling or 
unable to move, then it would 
probably die. he said. 

He suggested thai waste heat 
from industry could he used. And 
he also assessed the y^oicntial 
value nf solar, wind. Tidal, wave 
and geothermal energy to horti¬ 
culture. More could also be done 
to cut down preseni levels oF 
heal loss from glasshouses. 

Mr. Sheard stressed that there 
was no need for panic action. “I 
hope the glasshouse industry 
will look ahead and move lo 
secure its future. Now is the 
time to take action, not in 15 
years when ihe problem is upon 
>ciu." he said. 

0 The British Growers' Look 
Ahead Conference continues in' 
Harrogate to-day and to-morrow. 


Glasshouse advances can help farmers 


BY A CORRESPONDENT 

TECHNOLOGICAL advances in 
commercial horticulture in the 
U.K. during the past few decades 
have been at least as impressive 
as those in agriculture. Output 
of the industry has increased 
correspondingly, the estimated 
fanngate value of all products in 
1977 totalling £704ni. 

Horticulture has one great 
advantage over agriculture, in 
that much of it is carried on in 
a sheltered environment in which 
most of the relevant factors can 
be controlled. Great advances 
have beeD made in the Pre- 
germination of seed, precision 
seed sowing, humidity control, 
heating, ventilation, and control 
oF pests and diseases. Some of 
this work will eventually be of 
benefit to fanners in open field 
cultivation. 

Work at the National Vege¬ 
table Research Station. WHles- 
bourae. Warwickshire, and at 


some of the experimental 
husbandry stations indudes the 
intensive production of seedlings 
in pear blocks in which both 
plant nutrients and herbicides 
can be incorporated^ 

Another development is known 
as fluid seed drilling, in which 
seed is incorporated in a gel to 
ensure adequate moisture, 
speedier germination, and good 
placement. The automation of 
peat-block techniques is parti¬ 
cularly impressive, with mach¬ 
ines available that can deliver 
seeded peat blocks at rates up 
to 40.000 an hour. Automatic 
planting of these wi 11 revol u- 
lionise field vegetable produc¬ 
tion- Problems arise in the 
handling of blocks as tbey come 
from the machines at high rates, 
but a promising development is 
the linear production of blocks 
in what is called the bandolier 
pattern. •- 

Biological control of-some of 


the most notorious pests is 
another striking advance, made 
necessary by the development of 
resistance in red voider mites 
and white By to chemical sprays 
and fumigants. 

Biological techniques have im¬ 
proved greatly, thanks to work 
at the Glasshouse Crops Re¬ 
search Institute, the ADAS 
centre at Starcross. Devon, and 
elsewhere. 

Nutrient film technique, the 
new name for hydroponics, is also 
being increasingly employed. 
Some problems remain, however, 
and present use is mostly 
confined io the growing of 
tomatoes and cucumbers. 

The likelihood of using waste 
beat from electricity generating 
stations is receiving some atten¬ 
tion. but as any extensive adop^ 
lion of this would involve relo¬ 
cation of glasshouse enterprises 
it is a theoretical prospect at 
present 



flODITY MARKET REPORTS AND PRICES 

ArCTTATC 10 clos * on Ii,r Kerb 31 # s3 a,,t>r *.f i.m.~ -fun. f+ 

”1C I /xjL-O subdued day's trading. Turnover 11.523 TIN l>R1i-uil { — 1 1 ncITu-inl- — 


.Mify on ihe London Metal 
h forward mewl. martin* 
bin* io £641. falling back 
• advancing, helped hr some 
Comes started firm and 
k but London moved: ahead 

m. £”cr| 'V-m. ,f-+-or 

«kl : — . L'nofflcW 1 I — 


9.5 4-6.5 628-9 ‘+4A 

a .5 +5 641 .5 +4 

9.5 1*5.5 — j- 

9-.5 ’.+4.15 619-20 i+8-25 
2 .5 ; + 3 63S-.5' 1+6.71 

9.5 +4,5 . - | .. 


io close on the Kerb at (As:, alter a 
subdued day’s trading. Turnover 11.523 
rdunes. . • i 

Amalgamated Metal Hading reported 
that-in the morning cuJi'wirebara traded 
at ssas. . three months .£638. «ft. 41, 42. 
42.5. 42. -Cathodes, 16IS.5. Kerb: 

WtrcbaK. three mgniM £842. Afternoon: 
Wirebarv ibree. inonnw IW.L 42.5. <2. 
41.0. Cathode*. laig- Feb. £S28j. three 
(norths-4630.5. Kerb: Wire bars, three 
norths £642. 42.5. *3, 43.5. 

TIN—LKlIe ebansed 00 balance. The 
Pu r me lower’ ovcrrtgbr but forward 
metal in London advanced from 16.120 
to £8.18# helped by the movements of 
sterling and baying against European 
physical business. In the afternoon there 
was Tending of March dates and the 
backwardation narrowed. Forward metal 
cased to BUM and closed on the Kerb 
ac £8.140, - Turnover SM9 tonnes. . 


.trailed 01-351 3466.Three month Silver 263-6-26&0 
rtoad, London SW10 OHS. . __._/ 


a.m. 1 + nr| f+oi 

Tl\ OtTVwl • — *1 lWffh-Ml- - 

Bleb Grade k ■ t' f • r 
[Wi........ 6206-15 —2.5 6160-75 -25 

i montlo. 6160-75 +22-U 6135 45+5 

Senienj'i. 6215 ■.. - ■ . 

Standard: 

Csah6205-IQ -6 616a70 -U.S 
dmrtvn*..: 6160-5 +» 6136-40.+10J 
dcutam.t., 8210 —5 : — 

Strait* K.. 1 t»1670 i— II , — - - 

New Yo rk.. - _ .. “556.00 - 

Morning: Standard. ca*h. IWM. throe 
months tt.T4fl. 55, 60. Kerb: Standard, 
three months £6.170. 75, 80. Afternoon: 
Standard, three month* £6.270. 00- 70. 65. 
80. 40. 33. 30. 35. - Kerb: Standard, three 
months ftS.U0- 

LEAD—Steadier alter Monday's fall 
wUb forward metal moving in tbe morning 
rlngg from £292 to £295 as selling pressure 
was reduced and as continental buying 
came In. is the afternoon the orice fell 
back, influenced by the rlnc market and 
Closed on the Kerb at £290.3. Turnover 
9.975 humps. 


offtake in both South American ana puini:. w.er wun u4 traded *r the 
Middle. Eastern nualiues. lower levels. Aclt reports. 

WHEAT | BARLEY 

COCOA \ erlUrlarV + OI Yesterday'r. -f- ,.r 


World Commodity 
Report 


f your business interests demand, 
ar information on any-of the 
i’s commodities, just clip your 
less card to this advertisement and 
n it to the address below: we will 
you a sample copy. • 


to: 

:riptions Dept (WCR), 

icial Times Ltd., Bracken House, 

innon Street, London EC4P 4BY. 


I a.in. 

LKAl) i OBI,-ml 


1 + of. p.“'- 1 +** 

1 — Unofficial! — 


The marker traded In a narrow nuim? 
wiih producers and consumers inactive 
mull conimiuioo-bonse sborveoverns 
steadied values late in tbe day. reports 
Ciil and OufTus. 

v ., w ,' tfvi,vW 

I iXXM Clo>e — • LVm 

ho. o Con V • 

Mbit*.1559.5 61.0 U 20.0,1591.0-58.0 

ilav.1450.c-60.0 , + 7.0 : MN.M0.P 

JalV..1459.0-41.0 1 + 2.0,1442.0-53.0 

befi..145Q.O-31 0 + 3.0 143B.0-24J) 

l»«-.1407,0-67.5 . + 2-5 ‘1409.0 1409 

Uairh.1590.0-91.0 -*-8-0 -1&2.0-91.V 

Mi>v.1&75A-W.0 +30 \S70.0-rt.n 

Sales; 2JX3 <2.164 ■ lots rt 19 tonnes. 

International' Cocoa Organisation ■ U.S. 
cents per pound y —Dally price Feb: JF: 
124.15 >122.691. Indicator prices Feb. 15: 
15-day average 128.48 1 125.67 1 : 22-day 
average 129.12 * 129.57'. 



— • 


| — 

83X15 

—1.16 

70.60 

-~CLS5 

84.40 

.-1.0 

73.10 

,-o.a 

82.60 

<-U.70i 

78.00 

—0.7D 

65.30 

r—0.60 

60.60 

1-O.Sfi 

?. 7 - 7 9_— 085 

83-20 

1-O.M 


WOOL FUTURES 

LONDON—Turnover increased sUghily 
but prices hardly changed, reports Bache. 
iPence per Kiloi 

’ kifinuinTi"I lwi.itii\ +T.r Busin.-*- 
Crtva-i 4V.,.i| Uiy« — law 


PRICE CHANGES 

Prices per tonne unless otherwise 
stated. 


Business done: Wheal—March S3.00^4. 20 . “c 
May 84.40-35.45. Sepr. 33.0IKM5. Nov. Dr 
85.96-M.00. Jan. 8S.tb-SS.4a Sales: IBB 1 U 
lots. Barley-March TOaS-IUO. May Un 
73.1O.73.S0, Scot. 73JO-76.50 Nov. 80.66- J u ' 
53.15. Jan. S3.20-83.75. Saler 221 tots. — 

IMPORTED—Wheat: CWRS So. 1 W 5 
per cent. Kcb.-March S8.73, Trlbory. U.S. j 
Dart Northern Spring No. 2 14 per cent, bn 
Ftb. S3.Ml. March *2.M. transhltxnent cm 
East Coa-ii. U.S. Hart Waiter ord. uo- toi 
quoied. .UutraJUn wheat unouoted. EEC 351 
wheat unauoied. 

Moiac: U.S. French Feb. and March \S\ 
100 . 00 . iransbipment East Coast. Souib 361 
African IVHow April 69.00. Kenya grade 371 
three AprO S120 lob. 


llanb.P52.D-56.D —1.0 — 

Ua.v...„.1254.0.37.0 ■ . — 

July......J235.Q-57.0 . — 

itdober.258.0-42.0 1 .— — 

De.tnilw_1242.0-44.0 - — 

lUtr*..1246.0-49.0 +0.5 247.0-46.0 

Unv_[246.0-48.0 .* 247.0 

Jul y..{24 6 .IM8.0 ■■ .. . -_ 

Sties: 30 <rtU tots of 1.500 kilos. 

SYDNEY CREASY—Oos^ «la order 
buyer, seller business. *a!es»—Micron 
contract: March 342.0-342.*. S42A4JW.5. 
107: May 044^-344-6. 315^-344^. 16: July 
35I.0S51.5. 532.8-231.-'. 12: Oci. 334.5-393.9, 
358A556 5. iu: Dee. 360.0361.0. 36^8-362.0, 
15: March 385.03*5.3. .•W6.5-365.3. 21: May 
367H-JM.J. 36S.8-16J.0. 27: July 369 0370.5, 
371,0-370.6, 24. Sales: 222 


Frh. 21 4-01 . 11 .mill 

. 197E — «*<> 


Melals 1 I 

Aluminium .£68□ >.t‘6B0 

Free -Mnvkefc (daitSOtt-6S .#B30 

t"of>r*xea«ti W. BaniXBZB .5 4- 4.5 iLb35.75 
6 months deuito. l£641.2Si-4.0 L648.75 
Caih Cat boda.—,.:jC619 £> ■ * 6.25 L625 
c moatbs dou du—.£6S2.25 -5.7y,t63B 


U.S. IWarkets 


Soyabeans 
and metals 
move higher 


NEW VORK. Feb. 21. 


«toe lKSiTETsre PRECIOUS METALS finished strong no 
^86 conunued weakness ol the U.S. dollar 

—.14^^317 ' rllh Commussloo-hcusc buying. Copper 

--^Ml-» + 5.5iC317 cndi|1 h|sJjw . m specuJa , !ve short-cover- 

<si noon ,n>: following the imroducjlon or addi¬ 
tive Market mrj.Jsi.85-2.0-Sl.82-2.0 u on3 j siuckpihng lesiblatlan in 

Platinum trov oc..'£105.5 I. U96 , Congress. Cultec closed higher on trade 

Fiee ftm-lr t . Jtian i —0.4,til 1.4 j buying. Soyabeans ur» firm on rumour* 

tJuhAirtlveri76IUi.'6125-30—2.0 .>132.5 ol Sonet purebav .s from Bracil. Bache 
Sih-er Tiw 359.4 1 *0.5 <ta9.5n reports. 

4 month*.. | Z64i. *0.7 J63.45|- Cocon—March I32.S5 ilSli.LV May 12J.55 

Tin Ca«h.—X6.165 I7.6ito.057.5 M24.0ili July I79>0. Si-pt. 119.90. Dec. 

> niontln.iIB.137.5 4 - 1D-Di-6.027,5 Htt.90. March H4.5j. May M3J0. July 


L • £ ■ C 1 X 

t>*b. Z88 .5 +0 ;285,5-6.5_=-4. 

i mom hr.. 293.6-4 +7.5; 291-5 +3.5 

Seu’im'ni 288.5 + 8 . 

^ —_ ' ... .|_—_. 

Mwnlng: Three months C93. 92. 92j. 
92. ELS. M, 93.3. Kerb; Three momlu. 
E64. 95. 94.3. 93. Afternoon: Three 
<aoat&» £285. 94.5, 94. 93.5. 93. 92. 93. 92.3. 
92^5. 92, 91.3. Kerb; Three months 
091.6,. »L 90.5. 

ZINC—Higher although prices retreated 
to tbe afternoon. Forward metal moved 
Id tbe moral rip nogs from £342 (o 
£346 in asvnpatby with copper and lead 
» borrowing of cash tram one particular 
quarter' helped to underpin (be market. 
But is tbe afternoon news ol Asa era's 
price dot depressed the price to a close 
on-the’■Kerb of ISC. Turnover 2J.0,o 


COFFEE 


Barley: Unquoted. 

HCCA—Location calami spot pn-.os. M FAT/VFGFTABLES 
lUier milting wheat—Rumbenude 90-Dfl. IVUlrt. 9/ v L-ViLiri 


On a day of wildly fluctuating values 
London Robusta* recovered soma firm¬ 
ness after early luscws in the nearby 
pn-rtii-'ti.s. Drexel Burnham Lambert 
report,. Rosier demand in the -rising 
oiarkct pushed March above ihe £1.769 
level once more. 1 hough earlier it had 
fallen to 11.960. a new low for the year. 
At the close more short-covering caused 
values 10 finish £20 <0 £40 higher 00 
balance. 


CUFFEB 


Ye-iordaV'' 

| Clo*e | 

lii (*r wane! 


4- ot Bd>ines6 
— Done 


( A-m- 

!+■ oi 

l+iii. i+ nr 

| OWLini 


Unofficial 1 — 

' L' 

1 C 

r . a 

. 3434 

+ 9 

240.5 +3.5 

i a4S-6 

*8.25 

242.5 ,+ 5.5 

244 

-r9 

j , a(M( 



50.5-31 ! 


llkirb-11791.0-1702-9 

Uav.11682-0-1564.0 

July.148 5-0-1497.0 

Se4S ember...;1456.0- 143BJ) 
Novemtwr .. 1380.0-1696.0 

4nmatt_ft 563.0-1566.0' 

Hindi....|1320A-152S-0 


+ 19.011710-1860 
+81 J! 1666-1556 
+ 34.5| 1498-1460 
+ 24.0' 144S-14I6 
+ 37.611400-1570 
+ 37 A'1662-1K6 
+37.5-1320 


WHY OPTIONS ? 

t C.CJ5.T. Market Report supplement explains, how 
sptions helps reduce the risks involved in commodity; 
whilst retaining the high profit potential. Eae " 

• recommend which options to take and advise levels 
110 “ trade against . 01 Thte supplement and the next 
tes of our Market Report will be sent free on 
Ring 01-450 6541 or write: to:-— 

'.S.T. Commodities Ltd 

ham House, .35 Seething Lane, London EC3N 4AH 


PANY NOTICES 


Morning: Cash £243. three momhs 
£242. 43. 44. 45. 43.5. 45. K»rb: Three 
months C45. 49. 45. ,\/lcrn«infi: Ca«h 
Eflij, - three inumlv £244. 43 3. 43, 43. 
G S, 45 . 42.5! 43. Kerb: Thrw: morilM 

£ 2 Ci. 4L 

* rim la per pound. t rm previous 
unofficial close- 7 SM Per picul. 

Silver 

' Savor' was’ axed i).5p “<■ odnee higher 
(Or spot ■ delivery In tbe London bullion 
market yesterday, at 259.4P. U-S. cent 
madvalcnts of tbe fixing levels were: spat 
SMJc. down Lie: tbreertonpi SOSc. 
down lc: slr-momb 522 . 1 c, down Lie: 
And E-month 543.6c, down 13c. Tbe 
me»t ooened Ot 23St-*594o <5044J08CV and 
dosed'«1 259>38Kp «3B5-506 Jc<. 


sale.-,. 2.WM |3J37 - ' VilS of 3 nvrnie^ 
ICO loUfcaior prices for Feb. IT: 
cents pur pound*: Colombian Min 
.\rabicas 199 00 ■ 199.56 ■: tinw*.-«hed 

Arab lea-. 194 00 • 195.00 ■: nther Mild 

Arxbjcns 196.SJ M97.33i: Bobusta^ 173.50 
*-4imci. Daily arcrape ISfi.10 <1S*.42>. 

LONDON ARAB I CAS firmed on light 
dealer shori covenno. Drexel Burnham 
Lambert reports. Values were up 10 
S 1 . 2 J higher at a steady dose. 

Prices no order buyer, seller, change, 
bnsmesa >—April 2M.35-O4.50; 2M.5fi-293.eo: 
16. June 1S4.Sfi-S5.00: lM55-L«!4.oe: 2«. 
Aug. 17o.25-ij.40: 17i.T5-175.0B: 15. OcL 
163:40-65^1: 1bj.63-IC5.50: 4. Dec. 13.00- 
1WL00: 159.50-159^0: 11- Feb, 154^0-158.00 
nil; OIL Sales: 74. 


Other milling wheat—Humberside 90-Dfl. 
Glouccskr 9U.40. Feed barley— HutnU-r- 
stde 71.ID. Gloucesier 69.30. 

The U.K. mnnerary co-effiemm tor the 
week bcgrtining February 27 will increase 
10 IJlfi. 

EEC DAILY IMPORT LEVIES—EEC 

Levies and orenuum-. dTccuve for Feb. 
SI arc a> fxllows in umb uf account a 
(nnne. Id order, current levy plic> Uarcn. 
April and May premiani-- ‘with previous 
in bracket.-'. Common wheal—$6.29. ml. 
qIL 2.73 - 57.05. ml. n>L 1.99*. Donxni 
u-heai—115JO. ml. oil. 13.19 (11320- nit. 
nil. 13.191. Rye—75.72. rtl. nIL IJ4 «75-7J. 
nil. ail. 1.341. Barley—79.66. nil, nil. 
0.67 1 79.66- nil. oft, 0.S7 1 . Oats—72.92. 
nIL nil, ml iTS.ffl. nQ. nil. ntt». Maize 
(other iban hybrid for seeding>—7SJO. 
0.50. 0.50. 1.31 >75-80, D J. OIL IJ4>. Buck¬ 
wheat-All oil i an nlD. Millet—77.79. 
nil. nfl. nil *79.47. od. nil. nil 1 . (Train 
sorghum—61-49. 2.68. 5.69. 2.« iS1.49. 2.01. 
3.01. 3.9Si. 

Flour levies—Wheat or nnved vheai 
and rje flour— 10.43 1 133.31 1 . Rye flour— 
117.65 (117.63*. 

SOYABEAN MEAL 

Clipe — iv.nr 
Lperwitin*- 

Febnativ. 104.00-I4.0-2.0 

April. 10S.BO-QS.9 —1.10 105.80-06.63 

June. 104.10-04.2 +0.20 104.1044.00 

August. 104.60-05.0 + 0.50 104.60-04 AD 

(.ictober. 106.00-06.0 +0JS — 

DecemLei... I06.6S-06J1 +0.26 — 

Frimairv ..... 106.60- 08.8 + 0.50_ — _ 

Sales' 19 1 TS 1 lots Of 100 ionnes. 


SUGAR 


RUBBER 


51LVRH Bullion 

H- w 

l-M.K. j+ 

per- Tisini- 

lltiv off pricing 

: 

i-Uwe — 

i|»4'. v .*ii 259.4|. 

+ 0.6 : 

259.85p ... 

i month*.., 264 p 

+0.7 

264.35r +0.05 

5 month*-., 269i» 

+ 0 .fi ' 

- 1 . 

i£ owntliH.1280.Ip 

+ 0.7 

— . 


STEADIER opening os tbe London 
physical market. Fair interest through- 
out ibn day. closing qotet. Lewis -and 
Peat reported that the Malaysian godown 
price was 204 (202t cents a kilo buyer, 
Uan-b. 

\to I jl'etteniaT*- Frrvtnuv | Buainefi 
R.S.S. 1 1 -I/+- t-ireo ! di-ne 


VNQUE 

50NALE 

PARIS 

nots (»ue ef- SU575 
try 1970/84. The rats 
applicable far the *«- 
betinning 21 ic febroary 
by the reference Agent 
■7- 


' UNILEVER LIMITED 
NOTICE « hereby wren due 
RECORD DATE for INTEXEST^AY- 
AN.E ON THE 3rd APRIL, l«* 
the Company’s Debwwore Stocks 1* 
the lDtfi MARCH. T»78.. Traraters 

rece i ved after th* date of bmmMa- 
<U7 the 9xh March. 1978 will be 
regiscersd ex inwrest. 

- • . Secretory 

j Parc Sunlight 
■ Wired, Mariepida.' ' 

; ■ 2UI February. 1978. 


LM 6 *-Tumover 217 <lS5i tore r*f .1IJN 
ounces..-Moralng: Three months 294.1. 
4— r-tferb: Three months 28L2. 4.1. 
Aftera'oon: Cash 259.6; three nwmha 264.S. 
4 .C. 4 . 5 . 4.4. 4.3. 4 4. 4.3 4.1. -L 2 . Kerb: 
Three room ha 2M.4, 4.5. -4.6, 4.7. 4.9. 
65. 5.1. • : - - 

JUTE 

durdee— 4Kdet bat Rrm, Price cart 
f ux. for March-April shipment: BWC 
an. BWD £288. Tessa: BTC CBS. BTP 
8W. -okMU good* castav Quotations 
a and t U.K. ter February sbimesu 
I (Km -KMacb XU.17, That 5TJ0 per NO 
wri t Man* :£M3I -and £7^4. Apri> 
June 00-45 and S.&L ' B ' twUb: £23.71. 
£29 JS and £SL2l tor tin respective ship¬ 
ment periods. Y*nw and cloth* fUoffir- 


COTTtJN, Llvarpni—Spot and shipment 
sales .vnmwicd to 718 louncn bringing 
tbe total for: the week 10 sib tonnes, 
reports F. V. Tattcrsdll. Renewed pres¬ 
sure fof supplies brought an enrauraainj 


linn'll -J 
April.... 
Aju’-J nr' 
Jft Sc t ..l 
Uct-ltor: 
Jin-lli; 
A iw-J no 
Jlv-^rp. 
Uro-Do.-: 


46.50 46.76 
47.00 47 JS 
47.35-47.fi0; 
49 2 +49.25 
56.8i-5U.aC' 
J2.45-52.80 
64.10-64.25 
&6 6 ■■•'b /O 
57.25 57.50! 


45. UM6.J0 

46.70- 46.7b 
4/.I0-4MS 
48JO-48.B5' 
5U.40-BU.45 
52.09-52.09 
55.6S-55.6J 
56.16-65^0 

65.70- 66.80 


46.50- 46.36 
47 .W 

47 JO 47.18 
43.25-46.80 
su.95 50 4. 

52.50- : 2.15 

54 10-r3.86 

55 70 : 5 55 
57 30-57 00 


Sales: 178 i370> lots at IS twwe> and 
four at 5 loans. 

Physical- closing prices (buyers), were: 
Spot 46.35P (4&5J: March 4Sp <4f.7S): 
April 4845P (48J). 


GRAINS 


LONDON FUTIINES—(6AFTA7—Tbe 
martlet opened anohonsed to* 13 higher 
m\ old Crop wheat, bow nod spot lim&l*- 
tlon and there was practically no buying 
lmcrest throughout tbs day. By the 
close values had lost between 10M15 
points. Old crop barley saw Large-scale 
spot Ifouldadeo un well In Prom ol tbe 
render and bv me dose losses of 65 
points had been resisiered. Now croon 
were ernerafty steady bin in symputhy 
wilb old crop itosed weak between 50-70 


LONDON DAILY PRICE for raw sugar 
£107 m<&> a wnae ctf tor Feb.. March 
shiisnent. iVhue sugar dally price was 
fixed ai £114.50 f£113>. 

Good support was apparent tremertardy 
at the opening as ^rort-covering was 
snmutoted by ranflrniaiiou of recent pur¬ 
chases by the USSR. By midday prices 
were some 200 potnis above previous 
dosing levels, reports C. Czarnikou. 
Later. New York quo rations confirmed 
the 1 rend, and tbe marker consolidated 
ai the higher levels, although final prices 
were sllghib - nc-Iow ibe beat. 

*ujjnr i • T 

l’ret. .Yret’irtayV 1’revitxj* r Bm-mev 
(.imim.i 1 l>«w- , t 'lose [ Iron-- 

tiinn. 


llerrb . 110.26-10.50,106.95 09JW 111.00-09.ZS 
«*v.. ..U6J0 I6.:&l I U. 2 +14.55 116 . 60 -14.75 

-Ini.: 119.96 20.P5JII8J16-18.ID 18U.4D-Jb.D0 

lict.-122.50-i2.75 1.0.76^DJ5 U3ji0-5:.20 

Dee. .->1 lffi. 00 -S 6 . 2 U I2S.B04US! IB.4D-i4 A0 
March JI29.68-2S.7Sj 129^9-28.50'180.00-29Ml 
M*y....l182j(5-a2.75|16t.75^1^ilfi 1.75 

Sales: Z£57 (2 J8D lots of 2 tmaes. 

Talc and Lyle ex-refinery price for 
granulated Darts white sugar ms £343.40 
fsame> a uok for bane trade and £173 
mm for export. 

(BttMatlooal Sugar Asre&meni—indica¬ 
tor prices (U-S. certs per pound fob and 
stowed Caribbesn pan! tor Feb. 28. Dally 
price S.38 »s,23); X9day average 3^3 
(8.58). 

EEC IMPORT LEVIES— The following 
iranurr levieb for white and raw sugar 
are effective tor Fab. 22 In umta or 
account per lOO kilos iprevioitj in 
brackets): Wftjro ->ugar idraaiorad and 
iron-denatured t: 24.49 *34.93', Raw sugar: 
2DJ2 i20.4S>. 


SMITHFIELD • price' in pence ner 
pound'—Beef: Scottish killed aides 3V0 
10 53.0: Ulster hinduuamrj W.O to Sl.i). 
fiiregoancrs 40.0 ro 4_*.8 
Lamb: Eugb-sli small 54.D in JS.O. -.mail 
■ high qualiD'i 6fl.fi. medium 49.0 t-i 55.0. 
heavy 36.0 10 4S.0: Se-otlj-h medium 44 0 
IO 35.0. heavy 311.0 to 16-.0. Iinporied 
frozen: NX PL new season 43.0 io 46.0. 
PM new season 44.0 t«» 45.6. 

Part: EhiglL-h. under 100 lbs So.o ro 
43.0. 100-120 lbs 38.0 to 42.0. 120-1GQ Tbs 
36.0 TO 4L0. 

MEAT COMMISSION—Average fatstock 
prices at rep rose ma tree marketE on 
February 21. CB cattle 64j2p per kg. 
tw r+L26v UJC. sheep 13J1P P cr kg- 
esL dew (+2.8K GB piss «I.7p Per R& 
1w (+1.21. England aod Woles—Cattle 
numbers down 2.9 per cent., averase 
prtce 84J2p r-B. 16 ): sheep numbers up 
3.3 per cent., ararase price iriJp c+2.i«: 
ois number? down 5.7 per cent., average 
ones «1 .Sd * + 14'. Scetlaod—Canto 

numbers dp 3.7 per mil., average Price 
83.92p 1 ■‘-0.77-: sheep numbtrs up 
per cent., acerage price 12?.4p 1 —7.S>: 
pis numbers up 17.7 per vcn:.. average 
priL-v ct.lp i + 0.6•. 

CO VENT CARDEN -pru.es in sterling 
per pachas-' except u her? iHtorenw 
slated'—imparted produce: Oranges— 
^pama: Navels 240-3.40: Jaffa: U4S.B: 
CA'Orus: Ovals approx. 16 kilo« 54'Ws 
24O-3.20'- 20 kllas 3.00-.'. 50: Egypti+p- 

Baljat 2 80-2.70: Moroccan: 2 60-2>0. 
temp— Italian: 11)0 *120 3.80-3.49: Cyprus: 
2.30-3.0*. CnpeiT-oft—Cyprus: 1.7 kiloi 

2.40- 2.60. 20 kilos 2.60-3.00: Jaffa: 20 kilos 

249-3.70. Sours—spauia: Approx. 494b 

2.40. Satsumos — Span la: 3.20-3 J 10 . 
Mandarin*— Spauia: 2.SB. Apples— 
French: *Wb Crsnny Smith Category 1 
5.80-840. Category n 4.50-5.00. Golden 
Pell dims 440-5.68: 20-lb 72/100 Red 

Dobdoos 240, Start CrimsoD 2.99-3^0: 
j rouble pack, per pound. Golden Ddictous 
0.10-0.14, Gnuurr Smrtb fl.ll-0.i~ Italian: 
Per pound Borov Beauty 0.73. Golden 
Delicious 0 . 11 - 0 . 12 -': U.S. Red Delicious 
6.50-9.00; Oregon: Nctrtovrns 9.00: 
u'ashiugfon: Golden Dcliatwis 7.5o: 

Eastern States: 9.W-S.40: Hongarian: Red 
Delicious 7.08: Danish: Spartans fl.l0-0.il. 
Pears Italian: Per pound Passactassane 
6.1 7 .BII: South African: Clapp's 4.6«. 
Williams Bon Chretien 6 . 1*0 piurus— 
Souib Afruan: Gavioias U.36-D & Red 
Arc 6.25-0.3. Kelsey 0.4m. Grapes— 
Californian: Red Emperor per pound 0.36- 
0.57. Bananas—Jamaiian; Per pound 
0.13 Tamrt — Per s kilos. Canary: 
.'60-1.20 Helens—South Ainran: WhtlC 

4-S's -7.00: Venezuelan: OS's 5.Hfl. 

Cueronbsrs—Canary: 206-228: Duuh: 3.00. 
Cauliflowers—Jersey ■ 7.SO: French: 7.50 
Potato — CanafT: 25 ktlos 7.M: Cyprus: 
4-flO. CClery—Spartsb; IS 26 s (.B4S0. 
Capsicums—Kenya: Per pound 0.30: 
Canary: 8.36: Ethiopian: 0 . 33 . Reaches— 
South Albican: 31/24'a 2.56440. Grapes 
—Sooth African: Queen of tbe Vineyard 
4-20. Ben Humah 8.70. Onions—Spaslsh: 

2.40- 240: Dutch: 440: Polish: 140-140. 
Eoalfaft protfirto— Pota a c*— Per 5Wb. 

mm»(Redi 1S6-L70. Leriuc*—Per 12. 
Indoor 140-140. Cabbasc—Per 4-bag 
Prime 0.704140. Bflfiiroot—Per 28-Ib 048- 
1.09. Curat*—Per bag 2$-Ib 0.70-1.00 
Onions—Per fifi-lb 048-140. Swedes— 
Per lug. Devon LOR Apptoc—Per pound. 
Cut's 9-13-0*5. Bramley’n 9.11-0.16. 
Spartans 0.194L12. Edward Vtt 8.12 0.14. 
Pears—per pound. Conference fl.1041.14 
Cornice 0.1241.15 5 proa It— Per MHiad 

0.0MJS. Parsnips—Per 26-Jb 1.99-1.80, 
Tends*—Per 2Mb I 4fl Rhubarb— 
Per iMoud 0.2M.22. Cucumbers—Per fruv 
12.'2 (Ts 3.M-3.60. 


'Volfr*rn'£L01b.4ctl|S142-4B .'16b HI *; VIV5. Sales. 7.U loss 

Piuiunm.*550 ..S600 j^jy 

.. •' i 2 ii.an. .sih-v .»■ 

i. nromn • I'd Hi .SSBSi . >450 censer— F.-h. .77.30 ..7ii »«i. Mjrch 57.49 

• ■Ipundnui.C501 -10.0£819 March 57 4fl iJT.Ooi. April 37.B9. 

Lin'ewl v mrt*,n...MT7 * 4,0 .'257 May 3S.il). July 73-76 S,-pr. on.,7fl. Dn-. 

I*»lnr MeUjran.S54B-- *5.0 *312 ifl2.n0. Jan. 02.30. 3lar-.b 83.50. Mav *4.5(1. 

i (July 65.50. Sepi ui.59. Pec. *>S Oil ieu*. 

J J Sale*:. 3.7M tore- 

Seeds I I Cpltoo—A". 2 . .March 55.15 < 54.55i. May 

Lof-ca Philip.1*405 I.*392.5 I 58,60-56.Hj ijfl.lOi. .fob' 5740-57.S5. Oct. 

Sinubeno'U.S.»....|8244z ' .. . >S0Q ■ 33.75, Dee. 55.05-39.25. March BflJD-fiO.'Jii, 

I May 60.5U41.W. July b0.7Wl.58. Silos. 
Orainic ' 505.000 bales. 

■ . I . -Gold—Ffcb. 161.50 <179.7(1., March 161.50 

_' - * (180.001, April IS3.00. June 153.70. An*. 

w™ 1 * Fulu res—£70.6 Uo.65 C73.5 JSS ^ 0> 0cf 10I T0 pec. ]B340. Feb. 

;,. QQ 19640. April 199.50. June 182J0. AUB. 

T-o-5 A»|i.IDO# 1-X9B -mjo, on. 2OS.50. Dec. 211.50 sens. Sales. 

” De * t i 1 9400 lots. 

-,£84.25 tLartf—Chicago loose 20.75 (same'. 

ao_hmum rotor, s ..■ ? New Vwh prime swam —iib traded 

Lugiisli .Milling.|tf94w> I.'C93.6* ,22 25 non*.'. 

Lbwa MnnimL...|fil,Mff .*• 17.0'£1.61S inaize—March 226!-22b7 <228; >. May 

future May.I Cl.4594 * 7.0 £1.4944 23u;-S3fl: July 230-229:. SePL 227*. 

r->ffet- i unite*... ' Dec. 22li:-22dl. March 2^4-!. 

May. £1.563 -»• 21.0-121.746 '■ SPfalinun*—April 2ai.00-236.su -2.13.7fl-. 

Lidtwa-A' Indrt... 66.4r ' 65.0b'. i Juft 2.!D.to-24ii su • 537.6*-. Oil. 243.50. 

JnleiJ ABC_ *437 .^437 '244.70 .Ian 'A m . 98-214 W April 231.W- 

frubbt-r kik>.'46.B5n lift.25 45.75i. i 232.1". July 25".10-2.7h :u) Sali-s. 1440 

-i"I £ K.48L..<525 +5 . S56O-/0 ! '“is. 

Nijsi iU«»i—... £107 'L £ O'" 114 I • Silver—trh. .Vij.iiV - imi.sili .'.tonh 

1V.«.|rn|M o4. kil. 1 .. 271n • ■>(.!„ I M4.I19 >501.M>. Apnl 507 70. May .711."in. 

- --- **1L.. “ ' ,lul< 819.60. Si. pt. 52b.38. Dec. -VS.im. 

Nominal, i Unquoted. aSeUrr's quota- Jan. .'4l.Hl March 34* M- May .137 40. 
V®®; c Crnts a pound. PBx-iank London-' July jn:i.30. S.-p» K3.20 P'-t. jSj.in 
Hull, q April. »Feb.-March t March-1 s.?iis. SaV< I W» tots Handy and 
APTU- « Feb.-April. if March' u April- i Harman -spoi bullion t afl.ioo >7MiP'. 


Seed* I 

Philip.IS405 I.8382.5 

binubeuo-li.S.J.... 1 8244c . s240 

Grains ; , 

Bprlej- EEC.. • J. : 

Home Fuuim— .'£70.6 U).65 C73.5 

Maw _____ i I 

French No.4 AmiXlDO# 1 _£9B 

Wheat ■ i 

>u. i Itod ripringj£B6.75.'_,004.25 

hio2.H«tlWiot«ri : ;. • 

Engtlali .Hilling.|K94wi I..>£93.5* 

Con* sL"[iirom....|Cl,546 •* I7.0'£ 1.613 


Mar. ; May. i Per ton. 

INDICES 

financial times 

heu. 31 rI'eh. aJ[ilouUj a 4 rt> li.sr ace 

284^4 |e 23^ s | agg.36 j 271.83 

(Base: Jnly L IBSI=1B11» 

REUTER’S. 

l-el-. OTTKoj. 33 Month 

1369.3;'138 B.S! 1405-0 ] 1639.9 
” (Bom: September 18. lSWl=lffin 

OOW JONES 

Tio»r Kell. •; I'wlk 1 SKjuUi i'-ni 
Jreie* 21 , 17 « e » 


. ulMi l>4(|254li 22 .-.'i-217G.7555 7.7 — — 

Soyabeans—March 5S2.3S0; i57AJ -. May 
5X6-DSS fjTS: -. July 5JO-.7WJ. Auc. 394. 
Sept. 397. Xdv. ii7!-3en. Jan. 5921-593, 
March 5B9. 

iiSoyabean Moat—.March 132.40-233.20 
(149.90). May 137.29-1KJ0 U5J.lfl». July 
lani-UO.OQ. Ang- lfiO.QO-l6fi.50. Sept. 
139A0, Oct. 158JD-156.S0. Dec. 1H0J0, Jan. 
Ifll^fl-HriJSO, March I6i.M-183.00. 

Soyabean Oil—March 21.66-21.70 (21^9». 
May "I JO-21 ^5 (21.13), July 21.40-21-55. 
Aug. 21-35-21-25. Sept. 21.00. OCL 2flj0. 
See. 20.45-20A0. Jan. 20.45. March 20.45- 
•hl.iO. 

Sugar—No 11: March 3.75-8.76 iS.tiOi. 
I Mar 9.114.14 -9.0S>. July fiJK-flJts. Jiepi 
19.36, Oct. 9.67. Jan. 10.15 nom.. March 
10.37. May I0j3-in.bfl. July 10.60-10.70. 
Sales. 3.2S0. . 

Tin—3il.un-J59.0ii asked >j3<>.3u asked >. 

. **Vlt»eai—March 24U-2&4! iJOSi-. May 
VCFf-2CSi i2»:i. July 27fl;-2T04. Kepi. 273t. 
| Dm. J821-2S7L. March. 2i«l. 

1 U'tXKIPEC;. Krb 21. ttRye—May 
I l"7.no hid ■ in?jli bid'. July I<i5.0« bid 
■ insert ask, d >. Oct. lfiii.jil bid. \ov. iufl.29 
1 asked. 

1 t"rQalS—Mav 73JW hid <75.S" bid' July 


I'uiuri^isl'tiiaYEl'iM'allas'hi ‘ “- 1 " bid ito.S" bid' July 

'.“IHJTr **».l»M7-B»S34jegg 5 .BB ; T3 ^„ bld ,~ ;o ^V-Ki,. Oct 72 Uil bid. 

{Average 1924-25-28=j00) ttBariey—Mar 79.HII bid 'TSCU.. July 

___ '7SJM bid >77jn asked', yet. T7.S0 bid. 

MOODY'S ■ ^Flaxseed—May 2H, 50 ■ :i3.00 hid■. July 

--—- : 217.80 bid iJId.OOi. Oci. 223.00. Nov. 224.00 

un-t-L 1 K J| ’' *',«'• !SrtHh \ra. issked. 

aiooovk , - 1 ( *• ; »vo | hC" s*vWheat—SCWRS t3 3 per oral, proicin 

. , .. _ i . r- - -. -- corneal cif SI. Lawrenic 152.36 1153211 *. 

-pieConimtv 098.7^O8.4iBB6.7 881.1 cenia per pound ex-warehouse 

(December JL Unless ntbcmi&e stated. * Ss Per troy 

• ounces—100 ounce tots. tOdcaso loose 

SB Per 100. lbs—DepL of Ag. prices uv- 
tloos day. Prime 3(cam f.o.b. NY bulk 
¥■ rank Cbrt. 7 Certs per SS lb bushel ex- 

xarcboa&c. 5.000 bushel lots. 8 Ss per 
iroy ounce lor 50 onnee units of 99J per 
GRIMSBY FISH—Supply fair and»««- deUvered NY. '.Cents per 

fmir pfich jtar IHW ounce tx-u-areMttsc. ii New “ B “ 

a ™ Bd , CW _ t>er . ““ “ ^‘Icomract in ss a short ran tor bulk low 

aide iunprocessed'. Shelf cod £3.29-£3--0. j 0 f ioo short ions delivered f.odi. «,rs 
cedlipgs £5.6fl-£2 JO: large faaddocl: I(.oo. I Chicane. Toledo. M. Louit and Alien, 
medlrtn £7.00-£3.40. small £2J0-£?.70: large < *“ 131 r B9 ]h husbol in store, 

plan* r..io. medituti and small C 2 M.l-.70. \ ^ lh fu-.rit-l cx-uarebou^c. i? Ci-rn* per 
lane skinned dogfish fS.OO. medium ’7.fH»;, & ib hushi-l < K-n-arehouiw, 1.000 bushel 
lemon iops £7.5u; aanbe Zl.75-E.flfl. I luis. V. 5C p<: r ronne. 












38 


•Financial Times Wednesday , 



Eauities a 


« i 9 



y easier 



other small trade 

Gilts react after early gains—Rise in Golds halted 


Account Dealing Dates 
Option 

‘First Declare- Last Account 
Dealings Hons Dealings Day 
Jan. 30 Feb. 9 Feb. 10 Feb. 21 

Feb. 13 Feb. 23 Feb. 24 Alar. 7 

Feb. 27 Mar. 9 Mar. 10 Mar. 21 

* “ New lime ” dealings may lake place 

from 9J8 a~m. two business days earlier. 

Buyers again tacked inspiration 
in stock markets yesterday and 
the general lack of imerest was 
seen in official markings of under 
3,000 for the third successive 
trading day: they amounted to 
4.762 as compared with 4,204 on 
Monday and 8.0S7 on Tuesday of 
last week. Buyers were about for 
British Funds during official 
trade, but a rise of n.24 further 
ro 74.07 in the Government 
.Securities index did not fairly 
reflect the market which turned 
easier in the inter-oRice trade a.nd 
left quotations with net losses 
to 4. 

The ratio of fails to rises in 
FT-quoted industrials widened 
from 5:4 to 9:5 and the FT 
Industrial Ordinary share index. 
0.1 harder at 10 a.m- irended 
lower far the rest of the day to 
end a ne! 3 4 down at 454.6 which 
was ha'f a point ui> on the 3 pm. 
calculation. Looses in the con¬ 
stituent 'harfs rarelv exceeded a 
cminlp of pence with JCI closing 
3 off at 34Ip in frant of to¬ 
morrow’* fourth-omrter figures. 

EN*>wbere. *i'a tiered features 
uyuaJJy hi need on company 
annnnnr»*n«'nis and an the cur¬ 
rent sperulpf'”e favourite*. John 
Menzies inrmod IP to 306p on 
the company'* profit Forecast and 
capital proposals. hu> F.ockware 
dropped Ifi to IhSp on reports 
of the ct.'up’* rising imnert costs. 
WisTa’l also featured with n drop 
to 2 !On heTore rallying to close 
only 4 off at 221 p awaiting news, 
which ramn after hours, of Comet 
Fad io vision's h'd intentions. 
Genera 11 v. however. investors 
were still showing reluctance to 
take a view in face of current 
uncertaint : es and the nauefty of 
stnk’ht investment husmess was 
reflected in more activity in the 
Option market. 

Onlv five of the 4fi ernuns and 
suh-spetions of the FT-Actuarips 
showed ouot-ihie uains. Looses 
averaged a half of 1 per ten*., 
a* *p \lt.share indi>v iflRftfi. 
while *sh»nnines were denressed. 
off 1.9 ner cent at 429.86. on 
vanue advorse rumours. 

Late Gilt reversal 

Further gains in British Funds 
were erases! and in many cases 
renlaced by losses of i after the 
official close of trading yester¬ 
day. An explanation for this lare 
reversal was difficult to pin-noint 
but both ends of the market 
experienced selline pressure in 
the free of which buyers soon 
lowered their limits F.arli<»r. 
quotations of all maturities had 
made Gradual umvard progress 
when a small in-titu-ional demand 
had found little stock on offer. 
F.rvns extendin': to * among hieh- 
cojinon tone* and ? in selected 


shorts were P arCd marginally, 
usually by J, by midday but 
throughout the afternoon the tone 
had appeared sound, the Treasury 
forccasl of only a modest im- 
p rove men I in economic perform¬ 
ance this year unless there is a 
Budget stimulus finding no 
reflection in sentiment. Coroora- 
tions presented rare Improve¬ 
ments ranging io J. 

A foliovv-ihrough of the pre¬ 
vious day's institutional support, 
albeit on a smaller scale, which 
reflected the need to obtain 
investment currency for the 
purchase of U.S. securities lifted 
the premium lo 834 per cent. 
Demand faded at the higher rates, 
how ever, and later offerings con¬ 
nected with both Australian and 
Far Eastern arbitrage account 
finally brought the premium back 
to S 2 J per" cent., for a rise of 
only 1 nn balance. Yesterday's 
SE conversion factor was 0.7289 
(0.72941. 


notable only For renewed Gnn- 
ness in Scottish A which 
hardened It more to fiSJp. 

John Menzies good 

Stores were highlighted by a 
jump of 18 to 306p. after 308p. in 
John Menzies following details of 
the Board's capital proposals 
accompanying the dividend and 
profits forecasts. Elsewhere, de¬ 
mand in a restricted market lifted 
Wades Departmental A 4 to 4flp. 
after 42p. Still reflecting adverse 
comment. Grattan Warehouses lost 
5 to 113p among Mail Orders 
where Empire cheapened 3 more 
to I45p Fr ?°.mans ‘riscd initially 
\o l'40p but rallied to close 4 
hardc- m balance at 24$o; the re¬ 
sults are due next month. Of the 


penny to 61 p ahead of to-raorrow's 
interim results. Other bright 
spots included West Bromwfcfi 
Spring. 2 dearer at 3&p and Victor 
Products, a like amount up at 
92p On the other hand. Spiras- 
Sareo, a good market of late, met 
with selling and gave up 4 to 25Sp. 
while C. M. Firth shed 2 to 30p. 

Interest in Foods was again 
largely cortcenirdared no com¬ 
panies with tea Interests, this 
reflecting publicity on the Price 
Commission’s demand for imme¬ 
diate cuts of about 5p a quarter 
in the price of tea. Brooke Bond, 
at <5‘p. regained 4 of the pre¬ 
vious day’s loss of 24 in an active 
trade, but 4. Lyons eased a penny 
to 96p for a two-day reaction of 
3. Cadbury Schweppes were also 


Banks easier 

Quiet conditions prevailed in 
Home Banks and prices drifted 
tower on lack of buying interest. 
Ahead of tn-ninriow's preliminary 
results. Barclays gave up 5 to 
31Gp. Midland were a similar 
amount off at ."t33p. Elsewhere, 
Wagon Finance hardened a penny 
more to 9 Op, 11 ilb sentiment still 
underpinned by last Friday's 
record results and proposed 100 
per cent, scrip-issue. 

Marked up a shade at the out¬ 
set. Composite Insurances were 
unable to attract follow-throuch 
support and subsequently closed 
little changed on balance. Amnnj 
Brokers. Sedgwick Forbes 
hardened 3 to 323p; the annual 
results are due next Tuesday. 

Notable m ovemen ts i n 
Breweries were confined lo 
secondary issues. Revived bid 
speculation lifted Davenports' 4 
to 93|>. while Greene King. 21Sp. 
and Young Brewers’ A. 148p. put 
on 3 apiece. Bellhaven Brewery 
picked up 2 at 45n as did Burton- 
wood at 14«p. PI*tillers typified 
conditions in Distilleries, closing 
a penny firmer at 167p following 
a quiet trade. 

Buildings continued to plot an 
irregular course in thin trading. 
Wilson (Connolly) were firm ai 
12 fip. up fi. following renewed 
demand in a thin market, while 
Bryant Holdings added 2 at 54p 
as did William Whittingham, to 
32p. Further consideration of the 
Board's reassuring view about 
second-half prospects helped 
Orme Developments pick up a 
shade to 54Ap- Marchwiel. how¬ 
ever. shed 6 to 2&4p following 
comment on ihe results, and 
losses of 3 and 4 respectively 
were wp n in Rnwlinson Cansfrue- 
tion. Sop. and Taylor Woodrow. 
Stiflp. 

Ahead or to-morrow’s pre- 
I'minarv figures. FGI drifted lower 
in mnfiorate trading to finish 3 
off a» 341n. after 33Rp. Elsewhere 
in Chemicals. TT'ckson and Welch 
firmed 7 to 523p. 

Television conrerns wPre again 



leaders. British Home shed 3 to 
17Sp. Mol her care 2 to 152 p. 

Awaiting developments on (he 
bid. Henry Wigfall encountered 
further selling and reacted to 21 Up 
before recovering well to close 
only 4 down on balance at 224p: 
Comet Radiovision improved 3 to 
llop. Elsewhere in the Electrical 
sector, leading issues to give a little 
ground included GEC. 4 cheaper 
at 253p, and Thorn Electrical 2 
Inner at 350p. Decca remained on 
offer and gave up 5 more to 4l5p, 
with the ’A" similarly cheaper at 
4(>5p. Rota flex, however, held 
steady at 51 p following the results. 

Interest in the Engineering 
majors remained at a low ebb. 
GKN eased 2 10 277p after the 
previous day’s late flurry of 
activity; news that tiie German 
Supreme Court had ruled against 
the Sachs deal came well after 
market hours. Tubes drifted off 
to close a similar amount down 
at Sfifip. Elsewhere. F. H. Tomp¬ 
kins advanced 4 to 21p Mlowing 
the announcement that Mitchell 
Snniers had acquired a 21 per 
cent, stake in the company. Cam- 
ford Engineering responded ‘ 1 the 
chairman’s optimistic annual state- 
mem with a rise of U to «4jn. 
while Peter Brotherhood rained 
3 to I18p despite the setback in 
the half-vearlv profits . 1 -ihnsnn 
and Firth Brown hardf»n**i' a 


a penny chcapter 53p on further 
consideration of the company’s 
decision to dose its Typhon tea 
packing factory in Birmingham. 
Among recent takeover Favourites. 
Filch Lovell and J. Blbby lost 1 

apiece at 66 p and 205p respec¬ 
tively. Tate and Lyle, however, 
closed without alteration at 192p 
following the full report and 
accounts. 

Holds and Caterer* remnned 
neglected with Lad broke losing 3 
to 177n. Against the trend. F"f* 
saal edged forward 3) to '.top in 
reply to the chairman's interim 
report. 


BOC down 

Miscellaneous Industrial leaders 
continued to drift lower in thin 
trading. The chairman's warning 
that the group will not maintain 
the earnines growth of recent 
year* unsettled BOC Internationa! 
which closed 21 lower at fi4’.p. 
after 63'.p. Reed Internaliunal 
turned reactionary again. ln«ine 
3 at 10fip. after 105p. on renewed 
nervousness ahead of next Mon¬ 
day's nuhlication of the troubled 
Canadian subsidiary’s results. 
Glaxo. 5S7o. and Bmriicm. MOt. 
|nsi S and 5 resiw+tivclv. "’bit? 
Roofs shed 4 to Ififin. RN*where. 
Rockware stood out with r> fall 
oF Ifi to iaSp. after M7p. follow¬ 
ing reour»s that »he increased 


import cost of glass containers 
last, year amounted to £ 6 m- 
Campari gave up 3 to IQBp, and 
1 . C Gas shed 8 to 340p; the 
former's interim results are due 
next Monday. By way of contrast, 
Charles Hill or Bristol at 113p. 
after 115p, recorded a Press- 
inspired rise of 3 and Mitchell 
Cotts Transport added 4 at 53p. 
Securlcor. 66 p, and the A. 64p, 
rose 4 and 8 respectively on the 
better-than-expecled results, while 
the associated Security Services 
added 6 to 76p and the A 7 to 
75p for a similar reason. 

Motors and Distributors con¬ 
tributed few movements of any 
consequence. Lucas Industries 
eased 3 to 263p, while losses of 
4 were seen in Fodens. 59p. and 
Abbey Panels. 46p. Lex Service, 
which reported interim figures on 
March 17 last year, encountered 
a reasonable two-way business 
before dosing marginally easier 
on balance at 65p. Manchester 
Garages finished a penny easier 
at 25p despite the success of the 
rights issue result, but the 
increased interim profits left 
British Car Auction a like amount 
higher at 42Ip. after 43fp. 

Details of the proposed divi- 
fionrj.boosting rights issue took 
Warinoogrs up 5 to Sip in other¬ 
wise featureless Paper'Printings. 

Scattered offerings and the con¬ 
tinued lack of support took 
Properties lower. Land Securities 
stood out with a fall of 5 to 208p. 
while English gave up 14 to 36jp 
and MEPC a penny to llSp. News 
of the acquisition of Ahern 
Estates failed to help Great Port¬ 
land, which were 6 down at 306p. 
while Stock Conversion, 242p, and 
Berkeley Hambro, 98p, lost 4 
apiece. British Land eased a 
penny to 33$p following the 
interim statement, but Acquis 
Securities contrasted with a rise 
of that much to 17p on the 
increased half-yearly dividend 
and revenue. 

Oil leaders steady 

British Petroleum edged up a 
few pence to 758p in small 
trading, while Shell fluctuated 
narrowly before pndinc without 
alteration at 500p. Elsewhere. 
Oil Exploration met with a 
revived selling and reacted 8 to 
22 Sd. Sicbens (C-K-) were also 
dull again at 266p. down 2 . and 
TricentTOl gave up a like amount 
at 144p. Charterhall lost 14 to 
22 lp. 

Investment Is Trusts had little to 
commend them. Western Canada 
Investment, at 835p. gave up 10 
of the previous rlay’s rise of 15 
which followed the agreed offer 
from Scottish Eastern Investment, 
wh:l“ losses of r. were seen in 
r.iM<mia Investments. 222p. and 
Camellia Investments. 2n5r>. 
Financials contributed a few firm 
snots. Lament Holdings edged 
Forward 2| in 19!n following Press 
comment, while R. Kitchen Taylor, 
74n. and London European. 1S». 
put on 2 apiece. On the other 
Innd stock iohherc Akruvd and 
Smllhers felt to 223 p and 


Fashion and Genera] 6 to 144p. 

Shippings presented . a drab 
appearance on vague rumours 
that a private company had run 
into financial difficulties and was 
seeking Government aid. Furness 
Withy, in which a substantial 
shareholding changed hands re¬ 
cently. closed 13 cheaper at 27Sp 
and Lofs lost 14 to a 1977-78 Tow 
of 301p. P. and O. Deferred gave 
up 3 at I 0 tp after a reasonable 
two-way business. 

Textiles had the occasional 
small gain. Bond St. Fabries 
hardened 1} to 35tp helped by 
Press comment, white Sekcrs In¬ 
ternational were a penny firmer 
at 22 Jp after news that a large 
share stake had changed hands. 
British Enkalon. however, eased }p 
to 1 Up on the annual loss. 

Greatermaos “A" remained on 
Offer in South African Industrials 
and lost another 5 to a 1977-78 low 
of 105p. 


Golds mark time 


South African Golds failed to 
arouse much interest as the 
bullion price eased *1 to $181,375 
per ounce. Shares opened on a 
quietly mixed note and prices 
thereafter moved within narrow 
limits with the Gold Mines index 
U2 easier at 160.0. 

U.S. interest in the afternoon 
was negligible and heavyweight 
issues were barely changed. 
Mediums continued to attract 
selective local buying ^ with 
Libanon again active and finally. 

3 cheaper at 553p. Winkelhaak 
closed 9 firmer at a 1977/78 high 
of 684p. while Presidpnt Steyn 
hardened 5 to a 19</-78 high of 
784p. 

Among the more speculative; 
marginals. Grootvlcl fluctuated 
between I42p and a 1977/75 high’ 
of 146n before ctesinf at thej 
latter for a net gain of 3. Wit 
Nigel closed only a pennv easier 
on balance at 62p. after 38o.- 

Dc Beers were a feature m 
.South African-registered Ffnan 
cials: the shares were finally 2 
up at a 1P77 / 7S high of Slflp 
owing to U.S. buying In the Tate 
trade after touching 313p. Anglo 
American Investment Trust closed 
a poin r better at Ft?? reflecting 
its substantial holding In De 
Beers. 

Other South African Financials 
to improve Included “ Amqold?* 
which rose 4 to £I 6 J. and sen¬ 
trust. which put on 2 to 197n. 
On the other hand. Anglo 
American Corporation dipned thp 
same amount to 273p in front of 
to-morrow’s interim results. . 

A Good two-wav turnover,was 
reported in Platinums which 
clocert a shade easier on balance 

The only notable change' In 
Conperc was the further fall of 

4 in Messina to a 1977/S low Of 

7Sp. • 

Tfip rpcen t st re n art h of the 
bullion price was reflected bv 
Gold Mines of Kalgooriie. which 
advanced 5 to a 1977/8 high, of 
72p in an otherwise neglected 
Australians section. 


FINANCIAL TIMES STOCK IN DICES 

■ 11 _W-.-vrs—.-K 37 - r Fcd. .i ftb. J X tw 


Iw rimm unt fiec*-— 

Fixed Interest. 
IndosMal Ordinary.— 
Gold Mines— 

Old. Dtv. Yield— 
H»ming»Y’MX<fa u >n 
FiB 1 

Deatlnp mwked—: 
Bqoity turnover Bm—j 
Bq'arty bar gain* 


Fri>- 


i Feh. 


. -iff 

a so w 

T4i7l 74.73 74. 

* I nrf ' 


77.81, 


454.6 458.' 



4,589 


. Pcb. 
-16. 

TO- 

■ -15 

Feb. ■■ 

A j»Hi 

'■•a**. 

74.71 

74.11 

. 743 a 

“6SJ3B. 

77.961 

77^4 


BUB*: 

4S&.0 1 

453.2 

9,H> 

,397:7 

, 166-6 

167.7 

1558 

lisa-. 

e.sfi 

■ff.89 



17.94 

17-95 

17.71 

1B84- 

7^7] 

*7J8 7 


'• .713.1 

5.677 

. 6;197| 

,'6.0871 

«#743; 

69.53 

80.62 

62.92 

-6RQ8 

143811 

14,617 

14,42a 



: p.m. 45LS. 3 
Latest Index *024. 


Latest Index 1R-2* •»«. . . 

vWiiS.'m. SE Activity Jttiy-Dva 1 W-. . . . . = 

HIGHS AND LOWS SvE. ACrftVl'TY 


. 

. 1977(78 

Hi ore Cowpilarion 

.■ " ;• . 

High 

Low 

High 

- Low 

GoeLSec*- 

Plxoi lot..-. 

Ini Ord. 

Gold Mines. 

79.85 

(AO/91 

81.27 
(9/1/78) 
5495 
(14/9) ’ 
174.S 
(18/10) 

60.45 

(4/1) 

60.49 

(4/1) 

557.6 

02 /lj 

95.1 

(1 

197.4 
(9/1/36). 

150.4 
(28/11/4?) 

549.9 
(14/9/77' 
448.3 
(S Srt'TSV 

49.16 ' 

(3/1/76)- 

60.63 

(3/1/76) . 

49.4 

(Sfi.'firfO) 

43.5 - - 
iffillO.TIi 

—DalHf 

GUt-Brtged... 

. lodutxtM 
-tipeL-\ibtl,veL. 
7b t&!& 

tr^i iy.AvW« 

OHt-Rilfied... 
-loiiU'Xrtafe-— 
tiporulattye... 



a ■ 


,^35.9; 

96.7 


-2^4 
I76JT 
/ 4123“ 
121 ^; 


OPTIONS TRADED 




dealing dates 

First Last 'Last _For 

Deal- Deal- Declare- SettJe- 

ings ings tion - nient 

Feb. 21 Mar. fi May25 tan. 7, 
Hair. 7 Mar. 20 Jun. 8 Jun.2i 
Mar.21 Apr. 10 Jim.22 Jul. 5; 
For rate indications see end oj 
Shore Information Servtce 
V Money was given for the caU 
'jof''”BSG International, Flten- 
Lovell. Plessey, Vraten, Coral 

Leisnre, Manchester Garages, 
Bnrmah Oil, CGSB, Brooke Band,. 
William Baird, British Mohair, 
French Kler, Newartbiil, 
International, Stafiex- Inter¬ 
national, London, and Northerly. 
Cons. Gold Fields, 1C1, Inveresk, 


Dunlop; UDT, LondHti'BiictOft.) 
BP, Mills -and AUen^'Wean 
Bellhaven Breweryi-^Mitiiai 
Bank, Hawker SiadeJey,” 
Lalng, S. Lcboff 
Property, Bair Contlla 6 dM,.lM 
Houses . Forte, - y j&titoro 
Warrants, Shell' Transport '-in 
Town and City Prop€rQ^. .'Et 
were done • in .-ICLf ;vltern 
Hep burn and OaS; -fiSd^iai 
while ‘double? were arrangea 
VioleD, LOFs, MUfe. 

BP and Cons. Gold. Kjc^s, BJifu 
dated calls -were 1 tataSE^obt- 
Furness Withy, RtritlAvep a 
ICL ... Puts H^re ;transacted 
Furness Withy and-- l£^- Wk!le 
doable was arrkngE^^fix 161; 

’. . • ' . ’ ■ 'i-. i/ ;r 


NEW HIGHS AND LOWS FOR 1977/78 


The following $ocorit»c» owoted in U» 
Share lotormation Service verterdev 
atairxfo new Hig"i end lows lor 1977-7S. 


NEW HIGHS <30) 

FOREIGN BONDS II) 
jepen 4 pc 10 A £ nk5 b> > 

W1«o n< Connon,, weMAS(i| . , ,, 

Scottish TV A . rr „ “ - 

STOKES (2) 

Menzies • J.l Waor* Ai’ , 

ENGINEERING <3F ^ v 

Blrminflhjm Pallet Tomkins U=. «.) 

Coow "'' FOODS mi • 

Squirrel Horn ..... 

* rM *' INDUSTRIALS (S) . _ 

S**cur,tv Services BtiSbcll lAJ 

°° A N V MOTORS «1) . ‘■‘ - 

P,aJr,T,,, * TEXTILES C2r - 
Bond SI. Fabrics - Sefcers InU. _ - 

TRUSTS 1ST 

Govett Eomoean»‘ Lamont 

.onrt. Aurt. in« . London A EortJOeon 

Kitchen .R..T^ BERsri) - ; 

Plantation . - 

Grootvlcl r . . . Oe Beers DM. :., 'S 

WlnkelhaaC GoW Mns. KalBOOt-Hfe- 

Prcsl d enfatCvn 


.NEW LOW^. (5t ^: 

‘ TU'OTELS tli V^v * 1 


' SHIPPING i2i V 
Land. O'KavTrefoht. P. A O. OW„ 
SOUTH AFRICANS (1) 7 
Greatermaas a :' 

MINES IU 
Mesilne... . - ... . 


Rises and Fall 
'yesterday^ 


Brttisb Funds, 

Comas^ .. Dow. and 

F ercJsn Bood* 6 

Indostrtais _ _ 1S2 

Financial and Prom St 

Oils • ......_U. 4 

Plantation •• - ' 5 

MWos : - -:... 24 


(lo Down! 

a 2 


Recent Irenes. 




1 

32 1 
113 

._4 

44 

J 


Oakbrhfoe 


Taints.' - - - ** ' * . .* ■ ~ * 3M . «r: 


LEG&K ^OTBCES 


n 'h- HIGH COURT OK JMSTICE 
Onne-rv n.vldnn Companies Coun. In 
tft* Mailers at: 

^n hOKfi nr 19^ 

DOnvi.mE r.lMPrED 
r.'n no-IT m i«rv 
nvwvoro i.rATfTFTti 
Kr> no-;? nr i«rv 
Rt^nTI-'OoTi PROPERTIT* 
rv , v n«nv,'PTR> I.MUTF.n 
vn nr isr* 

*JAR «VnF’' , »V tlVITED 
Ni> nm-tt r,f lore 
1.IH1TEP 
\n nn -,11 nr 
TF.' iftR 'Y I.IMITEn 
no iKivr? or inv” 

REI1 M-T'-'-T WVITJrn 

vn nnr.Ti or 
CQWT r * ,r i 1 . UM'TEn 
Vn IWTM nr 197® 

VAI.F^'F Tn.\p r.nrrTEn 
Vo no^ir nr idt? 

ADDrsnv rfs-ponts COMPANY 
LIMITED 
-In HOSTS of 197“ 

Bn-«MN LIMITED 

-a nnvin 0 f in->; 

Cincmo:;a limited 
No iwmi or in's 

CHF.’.«!F - ;-vcT , '.’R*\T't T.IMITFO 
Mi* i" ‘he \li", it nl Thr Crrnp.m - "- 
Ae 1 I * 114 

N'lTH'F is FFPFRV nrvFN. Thu 

P.-*r i**—— fn- »!•■> IV'nrl-H'- -,p ■tir phn' n- 
Camp^hTc h- ,h- rn-h rnnr nl 

J'l-'"- :r,^ no :hr <in> fi r F'-h-M.in 
,--c n- ■*,- cn J i'ni-— h- I]- 

:.r\v*TF Airrp-.iEv avp pi'pcf-w-s 
nv rn-.-i: i-*| n- pr--- 

•—V .-I'Tftf I .L, T,v-' 

Hi 1 '. Rnpiinn S'nn-i London. W S. and 

Iha’ >’ r P-'i'inp, nr rlir>-r*i..v 1 in 

h ■ Tv-.I-'* hr for-- rniir* s-Ivne -31 th*‘ 

P-- ,1 rn n r« nr S--,nrt l.nn<f« r 

V~\ 31 . 1 . -,n ih- ?ii:h nr M.ir-t 
197 ? ind pnv ■’r''d!-nr nr •-nn'r'hiitnr,' 
or .in’- nf «h- I'nninantiT ifiTrgiK 

!" n'npiin nr n-ipn^- 'hr P’lUnc nf ?n 
Ord-r nn any nr ’h-* ^nlH P-iumn^ m.r' 
Jirn’.ir .i* '*!■’ irni- nf h-ai-nr in n-:-rnnn 
or h- hi< Mr Thv n-mn*' .inH 

a njinr nr ’“I" P-'-1iinn will hr- r»»-n,«hr-.I 
hr -h-- nndr-rricnr-rl i»> a nr iT-d'U**- nr 
rnn-p^hiitnrr of anv nf rhn raid I’nrn- 
pir.'-'S rnnulr : nc «II--1> i-nnr m p——nnp, 
of ihe r-'-m 1 .-har^p for (be same. 

A FII.FPV 
pnrnn'Th SftMnror. 

T-,.- Town Hill. 

Hnm’nn Stn-e* 

Lon-i•,-< vi r’v. 
p.-r n-r m it fc ;i 
T- l: ftl-rr.7 Sir* F.T* sw, 

K-iiTiinr f.jr "hp Pn’l'lnn-r. 

VOTE —An? o-T«nn n'hn m-,-nd<! In 
juo-a' on ihe h-ornc nf anv or »h<- mil 
p-tn-ona to'.i wn 1 - on nr send hv oo«> 
tn th>- BhnvH-n.-.nu’-l hwipp m uTitmc of 
his in:-nt 1 on -,<» •, -In Tin* nni 1 -’- mur 
Bibip the mmi* and adHp-ss nf ih" person, 
or. if a firrn :hr n.im^ uni pAIrr.-s of 
tho Hrtii and mu« hf sicri-l hr (hi- n>-r«nn 
or firm or his or ihi-lr sd"-i‘nr ilf .mr> 
and must t» »‘rv<vl. or >r nnsvd musr 
be senr br past in •nKTn'ient rime ro 
mach rhp abqvp.namivi nni lairr than 
four o'c-JocK in ihn .rri.Ttnxin of Hie 
lTrb dav of March isrs. 


COMPANY NOTICES 



\‘o nu«a or idtk 

in Iho RICH C'UntT OF justice 
Chancery Division Companies Conn In 
•.he Maour nr POGAN GROUND- 
W0HKERS LIMITED and in die Mailer 
of TTi? Compnn'os Act. ISMS 

NOTICE IS HEREBY GIVEN tear a 
Petition for ihe vnndine-np of the above- 
named Company by ihe High Conn of 
Justice was. on tfi-» 13Ui day of February 
197S. presemed lo the said Cnnn bv 
THE COMMISSIONERS OK CUSTOMS 
A7iD EXCISE of Kins'* Be-in, Uoust. 
SMI. Mark Lane. L nodm EC3R THE. 
and lha; the said IMitian Is d.reeied 
fn be heard before ;bu Court sitting a: 
the Royal Courts of Jucttee. Si rand 
London IVGTA or ihe ZOte day of 

March 197S. and any crvdtior or enmnbu- 
mry ol the said Company d-snrous io 
Mipport or oppose ihe making of an 
<irder on the said Pennon may app-'.ir 
ni the ume of heartnc in person or by 
his Counsel for that purpose: and a copy 
nf Ihe Peri Don will he furnished or .he 
undersipied io any creditor or cminbu- 
M?P Of Ihe said Company requirinc such 
copy on paytDeni of ibe regulated ebarte 
for the same. 

G. F. CLOAK. 

Kino's Beam Rouse. 

39-11. Made Lone. 

loidon EC3R THE. 

Solii.Hor io ihe Pe HU oner s. 

7COTE.—Any person who intends lo 
appear on lb- hi-arjn« ol iht wk! PeiiUon 
mast s;rve on. or send be post to. ihe 
above-named notice >n Kriilm; nf his 
intention so to do. The notice mu«i stale 
tile name and arfdrvas of the p-.-rsnn. or. 
If a firm me r./ti-.- and addr-.ws nf th-i- 
firm and must he tinned by rh- mrson 
or firm, nr his or (horr snliniur * 1 f .iny' 1 
and must he served, or. if p>,ited. mnsi 
fi>: seer by posi in suificicni nmv i-j 
read! the above-named not l.iicr than 
four o'clock in ih-; an-.-rn-wn ef Ihe 
17th day of March 197S. 


NCCNII CO. Lro. 


Notice » holders of European 
mposIutv Receipts ElRS ' , 
c.-iden.-hig Shares <.* -.smmon Sloct 
cn the abovo-na-. m Coir.panv 


THE CHASE Mar-nATlAM BANK 
N.A . a> 1300vz.lar/. 3ir*i notice M.l 

a: » meitl-.fl wi Hie B.ard or D-rect<-r> 
ot N-chil Co. Ltd. itee Ccmpan, 1 

....lo o.i reoruar. Tin I?Vl it «•«> 
ev»cq teal a Irt-.- ouiriBu’.ion He 
made lo holders oi corr-mcn M>a>. s 
, S<i p-v. o, 1 new s.iare lor e»f» 
10 iommon snares n-is as of 
das- Faerua-v 28 th I97d. *,tn one- 1 
Irt-m Ihe 2 3rd fehruarv T9 7 b (,e 
Snares w.ll De Iraoco on the To^tc 
S' irk E* han9e e- cap^alitelion an, 
also ex the vear en<j ras'i jl, «-o 
.ik‘> Is inrenaed *o be 3A.o bv the 
Company subjen to jharenclde- . 
aop'oai and which win also be DJie 
as Ol recoro Vcbruxn :*;h 1978. 

Coupon No. ! to th; EQFs will 
re used for the purpos.- o! cla .i-I-o 
■ he iree dist-lbuiitn and w-l' te 
d-emco to wsture ■?:, tne 2 T-a Feori- 
iry 1918. Common-- no on tee I7-e 
Fch-uar,- 1978. Coupon No. 2 ship's 

-' d-Tarnrd hoi" E 3 R o -e'<--re-- 

for suT«nd;r are -a. ill noi be mu'« 
rt.-n nr-> new EDO 

EDR holder;. ,re for; n-r -n,'.-T,j 
tea; Ihr repister oi sha'cnoicer, oi 
Comnanv nl' be elcs?- Marr-, 
'»t 197F 1 r d *t '5 nrt e-m.-;«<) | 0 

-e-CD«n V—til aporr .ln--(el« M’« 2~te 
-7'. O-irlng te's nnrirr- I* #v 'I n‘! 
s- oesr V* to "•*i*fe- r-e •ran: — 

e- Char--- —l-hl'awr isamst t*.; 
■ .-rrr n • j- E-"s 

A lurteer not ce will n- o- *.l|-. -'; 

» '.oor as nra'l f.'-lg al*-r V - !j- 
-hit 1 Is "he » .'< -i?ti rate 

i Min j-.u- 0> tee n--V. I 1 -!--- St'- — 9 
,l * s —C-ir( B i—' O' -- 

sc 3IS* F h o»ed li rn-neet of cac 1 ! 
'he *-d e-.’teotf f” 1 " 

'-clc.cil lo- tee -sell,--* or oa*m-n; 
•*-*reel It is cnl. ..--on s»rh -tli-n 
—• 1 - .11, M»V!-I rr (li|.|, u >l<-- —-111 
•' n-n-ve- .-C3I-I C:-C> No. 2 

T*-- nrw shar-s vm'I rjn »r r 
siwmprti havlna s r ---nr/i d-re pn -r 
nl--- '.1 -rCh I -! '»'C • -<• — 'I r»-L- 

-p-i In a" —-r- —■ee’t, -its 

te- ••irtiw orii-.irv s^’-es. 


THE CHASE Manhattan bank 
n a 

LONDON as Deocslta-, 


NORTH ATLANTIC WESTBOUND 
FREIGHT ASSOCIATION 


NOTICE TO SHIPPERS A NO 
CONSIGNEES 

EMERGENCY SURCHARGE 
This H to ao«isc teat tee Nom Adan- 
iic Westbound i.cgM Association has 
cec cad tc- cancel is announced rm;r. 
Icms surcharge ol whlcn was to 


;:<«w Chcl'lae or March St-i l&7«. 

Tne wiercrce ha. arr.-eq at ln.» 
.cuun alto ansro-m foil convc:r.. 

Ion tc at: reisvani ard pacli.;u 

lari* ihe news and r>.uu\.,ls oi tne snij. 
.-'•'1 : uth '. 

The conference memoers cc-nva^r tr.n 
i ie cancelled emerpenev surcharue w-> 
i-«aii- valid econom.ciHv i“S(iha^ic -<<d 
i--s-tuieo o la i a->d reaionatlc mean, 
• re:c>vc» l.ssev e,oe-<em:co as a result 
o' the --<c": dochworhc's -.trls-* a' U"i:co 
Stiles AtLni-c and Gun Pews. H-«e,r 
tee T?">9?ri navv conoi'ced that tre >jr.c 
t—rr. mieicsts c .1 the t-ade. tee -eros si 
sniorers ard tne »rciroj.c.n ol rommer-e 
•njl-f ■: ad-is.iMc tc ia-r.ei te- surcharg-.. 
An-.er..-sn E.ncrt Itees tec. 

Atla-:l: Cargo Sery-ces AD 
A'/a-tn CBMln-r Line -G.l E.l 
C:ihS '.In* 

DaW Con'.a r.-rl-ne Company Llmitee 

Hje AG 

■ei-iard S—virp Inc 
S - Interjilcral S.A- 
Lin.rnd Staler Lin«-s (rc _ 

D J. K CON-WAY '.ii'-n-an. 

NORTH AT.A- -1C 'VEStS 

FREIGHT AS5 2CIA T '.ON 

j. ■,-■«{' Slrr.-r 

Lr-d-- S-V1A IT- 

rr--c Fer-jpw is 7 *. 


I CE'.ErON AKTIESOLAG5T L M EFJCSSON 


• S'-v. LOAN 19 8 fi 

« G Wa : ?l’i CO LTD jrn-.unte 
i •«;, “.rn.-i for * 

i-w' *•* Of-: :0S0D9 ? h-- 

■ or—'UPS for '•jrire-in ?n ly.u M*..n 

■ * 978 

U 5 A 600 0O-? n-mn^l -<T,1i|i«- '• for-i- 
' w«l. ronMiii slier 15te Na"'. 

i te-J 

72 G-**h»m 5»re-' 

! , .*v1.w EC2P 7*8 

I II-' 4 F--»ro,rv IT’S 


I THE* COLNE* VALLEY WATER COMPANY 


BANK OF AMERICA 
INTIS if ATiGNal 

S.A. LUXEMBOURG 


NOTICE OF REDEMPTION 


Sandvlk Aktlebo'ari 9'; per cent. Bonds 
due April isth 1986 
dollars 30.000.000-—Second 
Rede (nation 


NOTICE IS HEREBY GIVEN to te- 
Bond holders ol ttfo above (-.sue that 
the amount reiccmabl- on April 15t'- 
1978. I.e. U-S. dollars 1.SOO.OOO.OG 
was bepht Ir the market. 

Amount ouMJand-ng U.S dollars 
27 (IOO 000.00 


NOTICE 

The followlra bo'OS drawn for 
redemption on Asr/i 15th IS77 nave 
nr | be-'" orw.lrd lor DHmcRL 
J3 91 dll A20 596 598 628 

662 664 «: 769 791 792 84fi 

8*6 383 

- 16 Bonds U.S. dollars 1 000.00 

each. 

For Sanovk Alrtlelotas 
py Bank o' America Intemat.enal 
S A LuremSdurs 
Principal Paving Aeent 


NOTICE OP INTEREST PAYMENT 


Sandvlfc Ak ?■»*—'ao BBV cenL 

Convertible Bonds 
due March 15th 1988 


NOTICE IS HEREBY GIVEN lo tec 
Coupon hold-rs ol tne above men¬ 
tioned Issue teai Coupon No. 1 will 
be navaBle or. March lEth 1975 ai 
the rate a' U.S. lollars 20 6S97 or 
D.M. 46.707J nn a 119 dav basis 
subject to ,-ie t-.rms and condition 
endorsed 6* 1 tee Bond 1* whien tne 
coupon anawriins. 

-■7' Sandvlk AEtieoG-’a ?. 


I NOTICE IS HEREBY GIVEN in-! -h<* 
I 7RANS C FR 933KS pi Ort nirv and P--I«r- 
:«nr; Sltefc* w.ll -.e C105F0 Mr :ne S'r 
: onlv 7n 7te Mvreti. 19“U for 'ho e.vun-ra- 
- ?-o" el tee D'vdend War-ants aavte't on 
! 1 « SoH 1 97$ 

. DATED this twent>-se»rd dav M 

I rear-jl-i 1979 

W A COSGROVE. Secretary 
BlarKwoli Heuso 
AM-nhxm Rhad. 

W'MwL 

Hv-rtterosn-rc WD2 2EY. 


RESIDENTIAL 

PROPERTY 


N.V. E NGFLSCH-HOLLANDS CM & 
BELECGlNCS trust 
tEnslish OuUh ln«i(-i-«r.l TrusU 

Established in Amsterdam 


participation certificates 

(Issued 8y Pe-.al EvChango Aisufort-I 

NOTICE IS HEREBY GIVEN :t_j: ;n<? 
Beard of Dwcctirs cl the Trust w|Ti rucam- 
mend t- *n a roll elder* as mo l»rtn> amine 
annual mWHM lie Aarmom of a dora-ne 
ol Fls.M.COO — per ordinary snare par¬ 
able April 3rd. 1978 tor th.: roar orclna 
Dccem&cr 31 st. 1977. Th-s -s tne 
equivalent el Fls.J.Js ner ParnciBaii.in 
Certificate tend 1976 Fls.4.05 pot Certln- 
Mtel- _ _ 

m t,1B Board. 

HOLLANaSE KODPMANSBANV 

N.V.. 

. . Manages. 

Amsterdam. 


For sale 
Southern Tenerife 





In the tub-crgpicil £ird«n development 
of Charala d« Ids Oiscrano i«o attrac¬ 
tive residential/holiday bungalows each 
with li-ge lodn 2 e. two double bed¬ 
rooms. kitchen with breakfast bar io 
Imr;«. lumber-room and sirijr. 
°irt!y fumohed. Beautiful om?menul 
and Fruit garden Neared swimmin; 
pool. Surrounding wall. Sea view. 

Price: 5FR.575.000.— 

For the epmplew proper rp or sing I-.* 
bungalows w>th land by airangemenc. 

Full dcsa-ls from Boa No. IQ0.443. 
ASS*-.. 9001 St. Gail. Switzerland. 

Local Connct: Mr. Hermanns, 

Los Criatunoi. 

Telephone; 0034 22 79 I i 10. 


ART GALLERIES 


-*■- - = * GALLERY. d3. Old Boi-c Si 
A'.l. 01-329 8175. lOaln annual 
Y'ATERCC a-uURs EXHI8IIICiN. Umn id 
Feb. Mon.-Fri. 9.3D-S.30. Tours, unni 7 


COi.NAGtsi'5. 14 Old Bund bt. yy. i . 
491 7408. A Lone Exhibition oi Works 
»» r-cO-atiANO RICCI l n Britain in 
ai* oi me uoine art restcraticn 
FUND. Until B Martn Mon.-Fri. 9.30-6. 
Sa*.. 10 - 1 - 


PUBLiC NOTICES 


f ? 51 COUNTY COUNCIL 

V-m. h’lls itsur (j ;; Fearu-irv -.978 

-- Mi >v 1978 Total 
I asplLaifon- werr aOm. and ratal Pulslard- 
I ng bm. 


■ 3Y Galleries. Evhibir.on ol tne oa m- 
t C f ,r5 rl , t i‘- h = 4hd Euroaean Artists 
t.om 1700-1965 5-6. Care street 

Lo-foon W l Te.- 01-734 1526- Wcefc- 

PJtj 10 - 0 . tiU. 10-1 


SLOANE STREET GALLERIES. 1 S2. Sloanc 
Si« W .1 Mo4?rn pain'.-nfli sculptured 
and trapnics b* l-terest-ng inter national 

fntev% dC r rJn9r al an '«* Tuw.-FtL 
10.00-3.00. Sats. 10.00-1.00. 


ACTIVE STOCKS 


No. 


i 

Denonrina- 

of 

C'os.na 

Chance 

1977-78 

Stock 

lion 

marks priff 1 pi 

on day 

hich 

1CI 

. ri 

11 

.74! 

M 

4-Jii 

, Uhnnor 

. D! 

0 

S3S 

__ n 

0 

r>“,ij 

BAT lmls. 

. r.p 

s 

2S> 

— 

7liS 

BP 


8 

7:*s 

+ 2 

9C.fi 

! Bc-ifclKim 

. 2S0 

7 

ri -11 

- 5 

K 97 

B'irm;ih (,»i! 

. £1 

7 

.“•> 

- t 

S3 

GEC .. . 

, . . ""l]l 

7 

O", • 

- 4 

2^4 


ifoi.-nri Triinsriort 
RT 7. 

Sh-.-ll Tr-insporr .. 
.- Inti . 


1377-73 

low- 

325 

175 

235 

75fi 

372 

41 

lift 


r.»»c 

RthI" . 

DidSilloi'v 
finnii Met. 
Reed lnil. . 


SSn 

7 

124 

_ ., 

174 

122 

271) 

7 

171 

— 

247 

lfiy 

?.’■:) 

7 

;.»»'/ 

— 

fi:;.) 

4."»4 

2 "ii 

R 

i;j'. 

— 

s:(i 

621 

2 ">n 

fi 


- 4 ' 

244 

114 

aitn 

fi 

]>17 

+ 1 

1 !i:t 

12 » 

50], 

fi 


- ! 

1U!I 

152 

£1 

6 

I UR 

- 3 

233 

100 


RECENT3SSUES 


EQUITIES 


i= 


is ; 1 1 j I 


til-- 1- 






F5X23> 8NTEREST STOCKS 






iiKl 


V9U 

MJO 

- 1UJ 

L'l-J-J 

C1JU 

C1UU 


a a. 


v (Ju; 


L'9a»« 
539 4 


I.K. 


i .1*. 

I'.!*. 


-4u.-j 
154 J 
41.2 

. 3 ■> 


'.rr 


F.r 

CWJ 

t.l' 

F.l*. 


I 24 


— I |.-,|n 


ii:- 


'20.4 : I 


1^.' :.\nl* iiinloi : .« |i,.i.iilii. I'w. 

■v'l| i-ullvj - ->l 1--r|.-||ii. I. mu. I*i •-! .. 

.i|<«.'--iiirv»n H^i mu. IKd. 

p.l^'i.mmi-nr l-'i*5. i". L foci. 

--Uin.- .-c;- \ . 1 .- i- I. 

II". -I-c Ih-'-. 1*C_. 

>.i| ? |ni-ii-iiiil-ul v ■. l.rlwa ll ;i % naT. 

r.i(,« P'l Ih-. \nrmhii-'-i , .._. 

|r».il t U-hT-Ivi t ni inl.iv. |-.*ci. 

lUJ Tumv.li (.T.* T.U--i n>. 1'iiv. Iai. I - «va... 


I 


It 1+' 


F.T 
F.r. 
I .T. 
F'.T 

LIU 

V.p. 


28 4 
24 2 


L9c»i 


>M'- 

■*»* , 
Usl 


n.di- Inti. Mn. > 


CL-3P Ill'll nil (Ml. WJ* f.-S:.". 

i.. 

| ' ll 

IVJ. 

l-'jj 

I -*-i" 


li»-ii lull. Kill. >.\ . t, 1 * i.iuir. Iseaj 

riuu.--i.lv VuiinLL- IsPa.".... 

IIn.:, Kwt . .. 


di.-WMl -Imil' k ill.• IH liiKn. I’lvf.. . 


132 
1U5| 
luBi-i 
lai 
*9? . 
.'■97 1 
52 >4 

luuJe 
100i« 
101 
i.'98-Si 
L984j 
•SB. 
TOO 
9^0 

l»i|. 


— 1 


I — 


RIGHTS” OFFERS 


z = 

/;. limn. . IJ/ 

1‘i’U."* 1 


/Nil 

-— 




n.'j., 

65 

■ nl 

J;5 

51 a j1i.ii-* 

,13 

/.*•. 

il 1 

■--* | 

70 

nil 

— 

f-f’IHI 
10.5 i 

nu 

f.r. 

0 1 

52 

f.l'. 

23 1 

- 1 1 

.-A I-/- 

ni. 

*4.3 

10 A L'vHli| 

10 

,nl 

— 


iu 

V 1*. 

1.2 

17.31 1 

21 

F.V. 

2U,2I 

aO-3i I'i/ i 

J50 

K.P. 

21 2 

il ». 517 | 

l./b 


17 2 

»-A, JUl 1 

o4 

f.l’! 

1U.2 

lv a. -,‘i 

36 

f.l’. 

5 2 

* i! - J 1 


L-- 


| L'hl-11112 
j f'rhu 


•f nr 


-•JHI,. \l» It 
It Ainu 


-,;|i-i> H--1I.I 


l'.-(>iii IiFjiiii Ik-.iiniiiiiil Tii.|«.rlli-». 

■A - I -»«.ii-li.|tii. 


. ...i 


ih l-II.l.. I illi-i Unl '■■inn . 

l?--a ‘Inin Sf-Ii.-! I .A!>■£■-*-. 

315 .‘.In>l.iml I-inil.. 

UI Iln;ik >>| .1>i'|inui-.|j|. 

rll?|\i-ti i te .1. 

11 1 • "il-. .. 


SOi'lli -t-1 
115 : . 

10|iiii‘ . 

66 , . 

42 ! . 

43|hh- . 

ZDj'ijj ij 

40'a'. 

26 , . 

535 |-I 
19ti 
88 
62 


::::i Mir 


ReiiunvMiinn 0 i--- iis,i-j|iv last tiny l»r iIi-.iiiiu: li--r m namp duty h w*iK'ir>-B 
t>UL-d on pf'i^Dov-"!' '-nifoi - 11 Awum. 1 l ilirui.-ml aurt ymiit « Kan-cmi rtivMund- 
itjvt-r tia&vcl -*i pr -Vi-i-h j-> ne'-- «'aruin»-, • l>ivM--nri .mn , i<-M bawd i«n pniiun-'in 
or oihk-r uRnriai < -‘uiuiei lor I97*i u i;pk' i I'luurvi anunivd ! Cover uUaiv> 
ioi 1 -Qii‘i-rT.iuii >4 'h ir.~ po» now rankinu i«*.- •mi.1--ni| or r.inhuu: nnlv fur rrynmil 
dividi-nds. I PIj-iil; pru.- ro nnbiu p: F'-nn uni.-** oihi-rwi v Indicated. 'I Issued 
b> irndt-r. ':i»H.-t.«i nil.-l-'fo oi ilr-lih.iri *li.ir--i .is i “ r:elr«.’' *" Hi Ob's 

D> wa> al eepiuiitjtii.il »* Minnpjm i.-idii-r i«n-' ?s lli-mirn. 1 ii.---d. V, l.-.sucif 
in connection with r.-.,rv::ini!Li!ion mprifer nr ijIi.mii-t. riiiradvicUiiiL 1 j lasueil 
io former Pr-U r--n-.-. uniifi-'s. B AihPmmii Mt»r% lor lulh-omd). A Provisional 
or oanb-UJid aUaUncd' lettuik. > Wild warrama. 


FT—ACTUARIES SHARE 


.' 7 , 


These indices are the joint compilation of tha I^namcial Tj^^ fastitnte of Actmtii 

•and the^Faculty of^ Acfearies L \ 

__ • _ _ .. ' . • ->: :V -s- 


EQUITY GROUPS 
GROUPS & SUB-SECTIONS 


Figures in parentheses show number of 
stocks per section 


CAPITAL GOODS 1171). 

Building Materials C27l_ 


Ccmtrading. Construction (261- 
Electricals (151--- 


Engineering Contractors (13)_ 

Mechanical Engineering (TO— 

Metals and Metal Forming (17j. 

CONSUMER GOODS 

(DU&ABL8H52). 


LL Electronics, Radio T\ r (15). 

JJousehoid Goods (121 - 


Motors and Distributors £8). 

CONSUMER GOODS 
(KOHDHtABLEHlTSl _ 

Breweries (14) 


Wines and Spirits (6). 


Entertainment, Cateri ng(lfl). 

Food Mar ufactaring (22) - 

Food Retailing (16). 


Newspapers, Publishing (13) 

Packaging and Paper (15)- 

Stores (381- 


Textiles (25). 
Tobaccos (3): 


Toys and Games (5). 


OTHER GROUPS (W). 

Chemicals (20). 


Pharmaceutical Products (T). 

Offiee Equipment (Bh__ 

Shipping (10). 


Miscellaneous (54)-. 


INDUSTRIAL GROUP^d I . 


OUs(4j. 


5MSHAJUBJMMBX —- 


FINANCIAL GROUP(1M). 

Banks!®- 


Discount Houses (Wf- 

Klre purchase O- 


Insaraticeffife) QO). 


Insmnnce (Composite) (7) - 

Insurance Brokers (1®— 

Merchant Banks (14)_ 

Property (31). 


MlsceUaneousrt?- 


Investment Trusts (50). 
Mining Finance t4). 


Overseas Traders (IP). 


ALL-SHASE INDEX (673)- 


Tuies^ 3Peb. ZK W8 


Index' 

No. 


19870 
175.11 
315^8 
4Z7>» 
284.17 
157.15 
161 Jb 


182.04 


218.05; 

Z66J9 

HIM 


18^65 

210.66 


Z36 JB6 


239.46 

180 J2 

184.96 

312.09 

1ZL25 

172.78 

171.671 

227.00 


9830. 

180.64 
247j05 
239.41 
323.70: 
«9 JBb 
188.79 


194JL5 


43538 


21434 


159.99 

18030 


296.95 

14934 

33435-1 

225.76. 

310.60 

7660 

232384 

1U3D4 


18230 


18861 

269.99 


198186 


:Dsiy , * 

Change 


-*5 

■rdS: 

-13 

rft2 

-H73 


-03= 

-^03 

-o:a 

-0.7 


—03 


+0-6' 

-03 

-03 

-03 

.-9-1.4 

- 1,0 

-03 


■403 

-0.9 

-0.9 

-03 

-1.9 

- 0.6 


-03 


+03 


-03 


-03 

-0.9 

+03 


+03 

^-0.1 


-03 

-13- 

-0.9 


—04 

-0J2 


-rOS 


Est. 


Tii. 
(Max.) 
Con*. 
IreSK 


Groan 

WddK 

Iact 

at 34%) 


1734 

17.43 

183? 

1531 

20-62 

1837 

19.41 


38.64 

1634 

28.92 

22.18 


2735 

15.45 

17.45 
1732 
22J.9 
1438 
10.77 
23-76 
13-11 
2035 
2436 
2130 
17.60 
20.09 
11.49 
•99 91. 

22311 

16.73 


2734 


15.97 


1730 


2533 

1779 


1330 


2.94 

2S.00 


3At 

1730 

1739 - 


537 

6.05 

433 

4.15 

6l65 

330 

845 


5JL1 

3,82 

7J2 

6 . 66 . 


.6.27 
639 
6,87 
7.18 
■5.92 
.4.94 
"4-00 
938 
437 
7;7« 
8.40 
634 
632 
•630 
- 4.14 
5.00 
631; 
6.49 


5.98 


4:49 


5.76 


533 

534 
838 
524 
6,18 
640 
4:41 
624 
236^ 


&32‘ 

-6j61- 

^22 


dm 


BsL . 
P® 
Ratio 
CNeU 

Corp; 

7W» 


7:90 

838 

7.94 

9.24 

664: 

734 

631 


7.78 

-8.84 

731 

635 


8.20 

9M 

B68 
■835 
641 
9.70 
13.80 
661 
1401 
622 
■ 438 
637 
7.73 
.731 
1116 


5.97 

53.7 

847 


7.97 


7.61 


732 


539 


2839 


M& 

vA55- 


•2R21:,, 


Won. 

Feb. 

20 


Index 
No.. 


19938 

VSM 

33679 

43233 


28AM 

15745 

16138 


183.15 

ZL92L 

16655 

11242 


18752 

210.61 

235S 

245.79- 

18056 

18542 

.31438 

12331 

17450. 

17225 


223.08 

97:» 

18217 


24934 

24153 

12431 

43MB 

18955: 


19554 


43556 


225L35 


-19*82. 


13258 

ZTfcfl 


29557 


■FH.- 

V#>. 

17 


Index 

No. 1 


199.46 

17651 

31653 


43838 

2M.69 

.15756 

161.11 


18352 


21958 

MJd 

11291 


mx 

22643 

; 2368T 

■80316' 

1&S36 

mu 

32428 

32216 


-37622 
.172.60 
22261 


.9832 

18&9 

25029 

24252 

32699 

mss. 

kHOatt 


m.iT 


0554 


21536 



1M57; 


■mar. 

27IH 




Thu rs. 
Feb. 
1« 


Index 


No.. 


199.02 

17553 

31756 

:4ZZ.« 

.28551 

35758- 

16058 


18273 

m«o 

16775 

11276 


15676 

aa,99 

33530 

23956 

18L85 


ms 

32076' 

175JB, 

17957 

217.46 

•9855 

ia .92 

24769. 

24131 

1Z35T 


18935k 


mg 


43470 


234.75 



18273 

8875 

272.83 


29909 


RfedL; 
Pteb. 
■“ IS 


Index 

•"No.’-. 


196.46 t 
425.73 


15711 

159.95 




* 2 na& 

16772 
; 13258+ 


w 

207.47 

23413 

237.46' 

182.06 

18507 

3I3.'96; 

11921' 

mx. 

33051 


21488 

•9731 

18237 

547.40. 

S4L2Z 

124S9 

446,06 

: SS1M 


194JB 


43532 


224.22' 


35935 
±7935 
M9A1 

W6K 

123M 

307.72.-, 

>n.a 

3554: 


18227. 
- 8825 
27152 


FIXED INTEREST PRICE INMC3E& 


British. Government 

Ttie*. 

Fob. 

21 

Day'* 

change 

% 

xd'Bdjv 

To-day 

xB adj. 

: 1978 
to date - 

1 

UnderSyears 

10121 

+0.09 

mgS 

■ LB 

2 


12021 


B3H 


3 

Over 15 years.._ 

.126.98 

+0.38 

. fti# 

222 

□ 

Irredeemables_ 

MM# 

+0.38 

• 


n 

All 8Jockx.„— 

21737 

+026 

*- 92L - 

: a«- 


296». 


V' kir FCCEDlWHERESr ' 
^ . : -YIKLE« .. • 

■ v . Br. Gort. Av. GrcKg- fied. . 


Txnr' , 5jeais..V.....iJ 

Coupons 

■ ' 25 yea ra- ^J 


Medium S-jars.:.'^ 
Conpons " ffi yi Mrit:;:'- :/,. ;; 


High . 

ttopon* . 15 yeare.^m.'.^j 
& yeare,: 


Irredeemables.—, 


-Tom.* 

-Feb:: 

'■21;'.': 


mm 

i«| 


VOZ<2 r 

-TMoarfvfi 


pjjs&i: 


■&VMi 






'■^90 

'■'•It®; 

Z&O*- 




~&e*4 


saw-: 



Tu*tfiyi>ab.;ai 

Index. J" Yield. 

-Vu.'.)" % 

"Fell, 

aQ-, 

Friday'I'^iiunL 

. , fjeb.,.]' : Feht'- 

17 : J -.K • 

FAjs 

16 if 

20-yr. Red. Deb. & Loans (15) 
Investment Trust Prefs. (15) 
Coml. and Indl. Prefs. (20) 

12.12 
.67X81 12.33 
77.27: 11.70 

01435 

57.08 

77.22 

B7.li 

Tf.Ui 

fil'30 

07.08- 

7713 

e . f. ' j 

e-ilai. 
67.08 ; 



■ v-, 





• ----— •••« >nwa, nase uoten ano toww-mi CMXi _ 

SS: dJSTA uuf. a >. . ., 











































































































































!•>.!* . " .■• - ■ - - -, .V" 





Wedn^day Febcuary 22 1978 


ICE, PROPERTY, 
BONDS 


W^e^AsrowMtQE.LM. /.'^ : Wdiaa ItayrirEkeliansfe '*'.•-■■ 

• I^n , £Churchyard,E«. 08 L-MBD 112 ' Jawi tehiMB i B.CJl mafn , 1n , Norwich .Union Insurance Group 

|2£=:©■ 5f|^3 =v s £re£K'-S» 

■ iH^S r- 'HtBta,» »»««,lum, glO - 


AUTHORISED UNIT TRUSTS 

v o!SfL, ^Jsss^rssL 


OFFSHORE AND 
OVERSEAS FUNDS 


■Tty Arc.-145.9 " 

gj£fe=!3i jgpj E Si “ = 

M-M = ‘'£33®—BT"® = 

9!feB- M r gSSteszSfc SR :::; z 

-^31 E BSg5=»'-* il::::: z 

VP(LSar.4_ L177'■ -,U14 *nt Fen. Pro t* ACC 1313 . .2644 

* at Fab.21. Vdtantimrj normal§ rare. b3J'_ Z.7 “ 

. °Y Lite Assurance Co. Ltd. jfjA 2363 Z" Z 

•KSEKf. . 'm* *??* iSg££ 

S&felll Wl "-j -' *S&J*2Ez: 

4uLF<LAmi .n77 i«t« ™'1 .**T 

; FtLAee...—.nou • "“I ___-. Hearts, of Oak Benefit Society 


—4 - 


«-*••»«fissawfc-rte 

.... _ Nor. Unit. Feb. I5_ ] 


lie®. Aco._ 

■PonFeLAtt. 

UPWLAec- 

ooFeoAcc 

LPnFdAec 

■&fLAC£-__ 

inr-BnaAec 


—-| — . EoAioBood.LandoB.NW] 

.-j,-r- . Hearts of Oalc__p5J, ,, 


Phoenix Assurance Co. T Aftied copuai_.' 

4-5.Kla*Wffl]3«St.EC4P4HB. '01-6206678 HjEShEJ! — 

Wealth A**_P04* 00941 - J _ 

EbT.Ph.Au_| 7 D 6 j . I bcm b Panda 

sbT.phJsq.E.—. iMA 7i2j::::: ' *}}®yieMFu_ 

' AIL Eq. Inc.. 

Prop. Equity & Life Ass. Co* imm f w. 

» , ^S?i" d T,? , ® e V W,Ha * S - O1-4BB08D7 

MHSfi&j ffi? I f - 

Da Fx. Hnr. Bd. PdJ 150.6 t_ J1 — S prc UOA Pmate 

Smaller Co.'s Fd. _I 

Property Growth Ass nr. Co. Ltd.? te»terT.aa^; 


Abbey iBcome.._ 

Abbey Tnv.Trt Fd.. 
Abbey Gen. Tst_ 


Allied Hambro Group (a) (g) 

Hambros Hse., Hutton. Brentwood. Eaa 
01-588 2851 or Brentwood RB77) 2ZJ40B 
Balanced Funds 

Allied IN_.-.1602 6 «a|- 01 ] 

Br)L lnd. Fond B9A ' 63.7T — D jj 

Gith. & Ine_(34 6 37.U- 0 J| 

EJ«L A lnd. Dev.pl 324 =0 

Amed Capital K &2 7071 -53 


5-E I 2 Amert«aTst._ 

SMj-OJJ 5.70 British TSa. 1 Ace 1 ... 
9.31—0.1 4.0 Commodity gtmre 

4t4*( —02J 4J6 lit Far Eosl Trust. 

Hlah Income Tut _ 


tmtun no. 1 Ace 1 ... 485 
Commo dity Share.. 129.Z 
“{E««- Trust_2S 1 

■„» Tata^ni SS ErtraIncome52.fitd 4 VJ *.«P-JW-Uerue) piwi xaoaj .. . .| 3*5 FoomJcs_ .Frl 

iifto-. a«ESRi" I? II SSSfKa-:-K "Jl>J r-«.SSilgBa" W| I'a sa te=teB^-|i 

Gibbs (Antony) Unit Tst. Mes. Ltd. Aecnmitr. Fond 60D 643 5.30 ?T r ““ n Selection Fond NV Cent. Amcw cap ._ 

§1 IS 01-MB41XJ g US Rg gflSMWaB^^ & King & Sha& 5 on !l 

ss =8i is e^tjeas^Bi ■ sa-d is —«. 55 - i c ?aa c «ye-B 


M.IJ ... J 0.94 P’petunIGp.Cth. _pb.« 59.«|.J 4tt 

199 —03 In Piccadilly Unit T. Hgrs. Ltd-P ia)fb> Artm *hnot Securities-ICI.) Undted Eeyselex Mngt Jersey Ltd. 

W«de , icHsc.,aBa London Wall EC3 83SOBOT ^ a Bov 28*. st. HoMjx. Jowcr- PO BorSflL SL Heher. Jersey. lEBQOI-aMTOTOT 

SIS ,'n i ?-S Eatra Income.. rjoj R6d 1 950 Ca P-T«.Uersm-j„p]t.O 120 0|... .| 3A5 Pon&dcx—.|FrU55 LB3I . I 3.40, 

JIJjW 40^ 6 W SScrtM.JT'mo 40 la .1 3 B n , T .'■«! doalinr daie F^reh 7. Keysrlev Infl .CS72 633-017 471- 

igfl-OJJl 3 S 3 capital Fund I jSl SOX "" 374 Ea«dtlnlLT 4 UCP- 0 OIP m* .—1 338 Keysele* Enrope.. K3.B4 4Za ...1 3J80 


335 Next sub. Feb. 23. 

Australian Selection Fond NV 

3A0 Market Opportunities, no Irish You as & 
3.00 «=7. Sydney 

335 USSlSham-PCSU 2 - J .J — 

Net asset value February 16. 


Keysrlev lad £5 72 637-D17 471- 

Kejsain Europe.. £j.B4 4 25 ... 330 

Japan GtlL Fluid ... S 2102 2251 .... — 

FerseJesJapan ..£8 56 935 8.71 

Cent Assets Cbp... U30A4 *AlMl. ._ 



144,BlooznsbmySq. WCIA 2RA 


Prop. Equity & Life Ass. Co* 
) 18.Crawford Street, W 1 H 2 AS. OM 

L’SSSSfi&il S? J -: 

Da Ft He. Bd. m| 1506 1 


^ UI-MBtH 


01-3875020 Leon Htuiae. Croydon, CBB U.U nt^ayifw ^ l M at- Ki n. fcCdty— 


37-S?.f _ 


‘-i Hill Samuel Ufe Asncr. LtiLP 

— - MU Twr~ Addl.*rwmbO tL&e. Gl- 6884 fia 
— --Urdu- ’»— - 


V Life Assurance. Ltd* * m*3ab 3 uS5— 
tea. AlB»RtL,RelCate. Heigate40101. w !!r 

assess 3 S v- -.. »^,.a 

'MBdFsn.'B* 1003 1063 Z” — pSbSlSP- 

-- VH 7 33 * 31 -Z - IX 

. > ie . ‘ Pna.CttLAee. 

v Life Assurance 
ridge Road, wii oi-7408iii Imperial Life Ass.Ce. ef Canada 

^FdsSir?""I 877 ■ ,£S-2| -I - ImperialHouae.Gdldted. 71 

■FO.St.UDL. J97.7 lOJ^ .{ _ GrowthFd.Fab. 17.167.4 . 73* .I . 

b ;oys Life Assnr. Co. Ltd. Furt^^'" 

Vnfoi-dlM *7 - >5..... Fund —ES43 ; ; ' 99* . ...J . 


WBK1 


: :: : | = 


_ fbupurtr Fund_ 

Property Fund (Ai 
Asncnttonl Fund. 
Aarle. Fund (A) 
84333 Abbey Nat Fund.. 
_ Abbey Net.Fd.CAJ 

_ Irrvesunonl Fund. 

_ Inresunent Fd.(A) 

_ Equity Fund_ 

_ Equity FtnxJ (A) 

_ 'Money Fund 
_ Money Fund (A) 

_• Actuarial Fond, 

_ Gflt-edffed Fund. 

_ Gllt-Edced FcLtAI 
_ *B*tirtj Annuity 

_ OIrmacd. Annty 

. Prop. Growth 
[a All Vtber Ac. Mb 
9A11 Weat he r Cap 

7«B erw.Fd.Uts.. 

— Penrkm Fd. L'Ls. 


■Uirriann rands CAccum. Colbi__ | 

Sao ller Co.'S Fd.31.8 M.a +0JI 9J4 BTeo HY Fob. 16.. 

2 nd Smh- Co'nFd... 553 42J . L» (Acrnm. Uni mi_ 

5eoowtry.Slta.__. g.9 Mi -a* 507 Endaav.Feb 21 ...J 

Met. Kin. tc*dty._ 36.7 39.2_ 5J4 -lAceum. Unlisi_ 1 

OvorwaaKamlngs. 49 4 5U -flj 536 Graebatr.Feb.I?. j 

E*mpLStair.Co's..(1943 209* -551 57] (Aecum. Unlui.. J 
„ , . LoJuBrsliFeb.il. 

Anderson Unit Trust Manag ers Ltd. (Accum. iiuui. . .| 


GeveU I John* Practical Feb. 15_ [193 14X6J I 432 35 Boulevard Royal- Uuurcnboun: G.D. 

. ^ __ 77. London Wall R.fi2. fu jtaawr. Acegtn. Units-UB9J) 2dOA| ... 43Z Wldlmmaluccravc.JJTSlITiT 1HJR . I 

S-hldr.FOb ,7 .:.^,6 126 JM "Tg 1 Provincial Life Inr Co. LULP “ Fcb *”*« dJV ** 

J 7i ’ D “ ACCU te nll dS^5ay J£Si J itS 2=2.BUhop*«e. E Ci ' : «Ii78S39 ^ * S. Ameriea U 

Jg* 23. Grieresaa Management Co. Ltd. ft|SSK=dR& >3UH =H fflS5«2Sa^-- l"" 
joa OBGreriiain SL. BC2P2DS. 01-6064433 b—ji DMrrtVii^ u K «v< rMui-irt.tr . Net asset value Peb. 15. 

-o-4 to BaCgm.Fob.j5_risji 282 Jb4 j 438 ™i.FiHmlu HDgis.LH.9(aHbHci 

... —BJ9.9 219* .'....[ 438 Hoi bora Bora. EC 1 .V znu 01-4058222 Basque Bruxelles Lambert 

^ SSSSjSX.”'- si ■]. ?S --051 457 2. Roe Do la Reg.ce B 1000 BntweU 


35 Boulevard Royal. Luxembouis G.D. 
Wldlurea Incmmc ..8TS1I7S7 UUK . ( 1 

Prices at Fcb la Next sub. day Fcb. ! 

Bnk. of Lndu. & S- America Ltd. 

4086. Queen Victoria St. EC4. 01-830: 


King & Shazson Mgrs. 

1 Charing Ctoj*i SL Heller. Jctvcj-. 

1 Thomas SmrL Douclas. Idc ot Man 

Gilt Fund i Jersey iJIO.OO 1006*1 .11135 

Gill Trust (Lq.M. i—111660 U930{ ... 1125 

lutL GwL Secs. Tst. 


widlavea Income ..nnansr UUU . ( 671 Fjm Sterling.-.. 11666 14.711 .. I — 

Prices ai Fcb lftNext sub. day Fcb. 22. First InU - .J5178 97 17925| _. | — 


2193 _ 430 Holborn Bars.EC 1 N 2 NH 01-4058222 Basque Bruxelles Lambert 

lg.J . ... 7.59 | Prudential-(116.0 123* -OS] 457 2. Rae De la Regonce B 1000 BmsseD ■ 

So -Li 1.62 iQniUer Management Co. Ltd* Renta Fund lf. ..R.953 2.0131 834 

-L9 l-£ iTbeSUt.Exehange.EC 2 N JHP. 01-8004177 Barclays Unicorn Int- (Ch. Is.) Ltd. 

C3 :.:::: 120 • gSSSSSi™- • BS9-2 ^553.1 25 L Cb«rtnE CUM*, a HeUor. Jrsy. 0534 73741 

71* .... am I Quadrat* income-Jilt4 120-lrsj .... ( 830 i„~»— aa 7 « 3 rf ..! M t 7 


a Ltd. KJeinwort Beeson Limited 
01-8302313 ca FeachurchSt.EC3 01-6230000 

.| — Eurtnvest. Lux. F 1.D23 -5.01 439 

Guernsey ln<- 568 60.4 -03 435 

Do. Aecum--- 692 735 -L5 435 

KB FarEsst Fd ... SUS9.56 .. . 1.46 

KBInlL Fund- S1..S1Q 47 - 1.91. 

sseD - KB Japan Fund._ SUS26.51 - 0.01 0.60 


1U areswu KB Japan Fund.— . 

2.0131 *4{ 834 K*. LLR Cmh. Fd. 

(Ch. Is.) Ltd. 


__. -. .. _ _ —. . • lA LABra hL Febfi5.te85 5t2 ." "j 0J5 ]Q«mdrM«lIiieoine-Jm4 120.1uj .... | 838 Overseas Income .M9.7 ’ 523rf .. ..1 1037 

Anderson Unit Trust Managers Ltd. (Aecum. Dniui. . .(7Ul 74.S ... .1 OJS y> ii 1w Unit Mere. Ltd.* UnldotlarTru* S.-SUJ4 ni I 450* 

)S£S^S? SLl i25" AA 4 .M TS 1 GBartiM ^y* 1 ^ Vnil Mars. Ud. RellS^selTunbriSweSL 088222271 _ “* feC ““ ' llhbo “ 7n * 

AuaeraonU.T.-K55 443) —..4 437 Beyal Exchoncc, EC3P3DN. 01-4268011 Opportunity Fd_158 6 62.71 -05) 535 Barclays UniCOTO Int. (I. O. Man) Ltd. 

Ansbaeher Unit MemL Co Ltd. «»eui 1 rdhui i n*..|M* 833*4 -0-3 4.70 t. - at*. i_ |».4 -Q -3 - 5 . 7 i I'nwmwst.Douglaai.o.M. 062448se 

fSSiSSAr*^ it£ tern. Henderson AdminUtratloiMaK*! g.S id IS 

lOC.Menlhlv Pnnd.I1621M 172M I na Premier U.T. Admin . Ravl^ich Road. “Jagefield M a na g e ment Ltd. ix. c.nr £Sn.'"E« Mil "*1 


■KB act as Loud 


93 736 -LS 435 

SUS9.56 .. . 1.46 

SL-SU 47 .... 1.91 

SU526.51 -001 0.60 

510^1 . — 

SUS425 . 133 

345 19.40) . 8.76 

n paying agents only. 


*§a::..: ! W u «y* Bk - « C I -> urr Mgr*. 

'Subject to fee and withholding taxes P.u. Box 185.St Heticr Jerscj - . 0534 27561 


Ansbacher Unit Mgmt. Co. Ltd. 
lNobleSvacsviJA. Oi-ms 

Inc. Monthly Fund . pAiOU 1723U) | 


Henderson AdminbstratioiMaKzl 


03 Ptemler U.T. Admin. Rayleigh Road, 


*ys Life Assur. Co. Ltd. 
UbnjRd.E.7. - ai-3345544 

dwnde*^—1115.9 . 1ZU1_J _ 

—-- ho4.9 - 533+ojtl _ 


tl-—-- 980 

rf_„ 1C2J ■ _ 

■-97.3 1*25 . _ 

WAccum-. 773 Ha .3 _ _ - _ 

a^=EH' E ■■■ - mB = 

a^rte isliSi r Kta*iStadia. 

•Current unit vaiac Feb. IS. SX Cornhlll,ECS. ■ ■ 01-6235433 

. - - . *. Bond Fd. Exempt-01131 U339) .... | _ 

Ye Life Assur. C*. Ltd* »E 1 . 

bardS l,EC 3. ' 01-0281288 GWi, - See - Bi - tlZXh 236J0j .. .J _ 

-Airjead—I ms i —\ Langham Life Assurance Co. Ltd. 

a Life Assurance-Co. • lon g h a m Hr , HoTrn h c pokDr.NW4. 01-2035211 

h St, Pusan Bar, Harta. P*ar 51132 PlaD ~ {vw’a igf I Z 

USU.'irr Sa ) :z;;| z - <?*>**» wllSr :.:: l _ 


-' 23.) - Penakm Fd. Uts. 

-fl*... I — Com. Pens. Fd. 
JWmUIo Cnv. pna. Cap. 


Cnv. Pna. Cm. 

— Man. Peas. nT. 

— Man. Pens. Cap 

EquhyFtmd——[9S3 , -■ 100j| ""..| Z PrPttF^S^cCpUw. 

Irish Life Assurance Co. Ltd. Bde^ Soc Pan. ul 

1L Fbmbuiy Square. EC 2 . * • " ol^S88253 500 v 

Bins Chip Fob.l—166.7' V 70* .J 570 _ 

. — ProTmcial Life Assurance Co. Ltd. 

BSi 2903 .1 “ 222.Blahopsgaie.ECi 01-247 6533 

- 1 - Prov. Managed Fd..{114.4 120* ....I _ 

Ktajish^ia. ^ii3 = 


xtri 

H 


Afbuthnot Securities Ltd. (aXc) 
37. Queen St. London 8C4R1VY 01-23 
Extra Income Fd._n09A US*-03 

High Inc. Fuad_ 9.4 «U .. . 

* Aecum. Dnltai._ 523 56.9 . 

l*S% WMrwLUu.) 523 56.9 . ... 

preference Fund... 2S3 27J _ 

V Accum. Unltsi_17.9 • 408 _ 

Capital Fund*_163. 173 .... 

Commodity Fnndtt 5JA 55J _ 

(Accum. lmltsU±... 723 7BJ . 

110% WUndllB 463 503 . 

F7Q.4PrppJU.Tt 16-6 140 -OJ 

Giants Fund_J63 392-01 

(Accum. Units)_0.9 453-0.1 

Growth Fund_ 30.4 32.8 . 

(Accum. Unllal_ 35.8 346 . 

Ionian GthJd.** 1266 136.9 
•Eastern 4 lntl.FU. 19.9 213 

16 % Wdrwl.Uts.5 163 174. 

Foreign Fd.***_673 73 0 ... 

fN. Amcr. & Im.Fd.i24J ■ 26.1 +0.1 

Deal. *Mtm. *Tues. ttWed. iThurs 


Brentwood. Essex 

(jOAostraiiOD_..127 0 

5p Growth lot_37 0 

BS2SI Cap Growth Acc_370 

1032 (gjEuropean. 33 b 

445 lg>Far&UL... ... 593 
4 45 lEiFInanAiiTU 23.4 

9.45 (glHlgh lnro-oc_551 

12.08 ffilnc 6AM< . - 29A 

12.08 ffilnternalUinai_25 L 

— (pNth. American _ 319 
5*7 NA Gross Feb. 17.. 102 0 
5*7 OO 4 Nat.233 


Do. Ana. Min— 
po-Gitr. Pacific_.[ 


24« -0* 
3961 —06| 
39 3-0* 
35 a +oa 
638* ..VJ 


(1 277 ai ' d B tt ■ PO Box419. Banlc Hse. Maacbrtr. 0612388521 Do. lalL Inconi^—‘ 

-0* 235 £-3 .1 235 D° 1 of Man Tat -. 

—06j 4.17 Rldeetleld Income. |93.0 99*] ...J 925 Do. Manx Mutual ^ 

7q3 893 R®thschild Asset Mana g em ent (gi Bishopsgate Co 

..VJ 496 ■ 72^0. Gatehouse Rd.. Aylesbury. 02865941 P.o. Box 42. Douelai 


5*7 OCiNat.&3 25 03-0.1 261 

5*7 W. Wd. Feb. 17 ..m2 773.-1 434 

322 . (jo Cabol _to7 74* ..„J 338 

3*1 Cabot Extra int _[533 .563+0* 498 

jAI For lai cxeapt hinds only 

3 ^ [BBli Samuel Unit Tst.'M^sIt'iai 
&n|4BB6«CfaSt-EC2P2LX 01-6288011 


3.95 N. C. Equity Fund- tlSLO 160 0| ! 

435 N.C. &JoRes.Ttt«J 986 +05 ! 

hSZ N.C. Income Fund I ll36 B 1453 -41 J 

2.08 N.C lari. Fd. flne.mb 7B2 +04 ’ 

124-N.C.liiU-Fd.iAce.873 6 782 + 0.4 ; 

206 N.C. Smllr Coys Fd! 141.7 ISO* - 0 * • 

434 Bothschild & Lowndes Mgmt. (a) 

308 SL Swithins Lane. Ldn, ECA 01-fl28< 

498 v-bj-I Finrm iniXfl IMM I i 


!> Bishopsgate Commodity Ser. Ltd. 
5941 P.O.Bax42LDouglM.LaM. 0824-3 

ARMAC* Feb. 6_I Sl>S24b9 I ... I - 

££ CANRHO* Feh. 6 . ' £1010 . .. I - 

7-g COUNT*- Frt«. 6_| £2S3tutl J .. - 

VS Originally issued at -510 ana “£1.00. 


to J l§ Originally iMtied at -510 and ••ri.OO. 
-o* 4Ai Bridge Management Ltd. 
at. (a) P.O. Bax 504 Grand Cayman. Cayman Is. 
01-6284356 NTashlFcb. . _| Y13BS7 ( . .. ( — 


. UpydtTst Oseaa..(440 50* J 2 71 

Ian) Ltd. Next dealing dale March IS 

°j 4 ?5f Lloyds International MgnmL S-A. - 
230 7 Rue du Rhone. P.O. Box 179.121 1 Genera 11 

. 7 -,. Lloyds InL Growth ISFM3 jaBW »...l L7B 

. |Jg Uoyds InL Income.JSlTMia 31580) J 630 

"...J 2.10 M & G Group 

ler. Ltd. Three Quap. Tower Hill EC3K 6 BQ. 014C8 45SS 
0A24-IS811 Allan UcEn Feb. 21 Kl'si.47 £7H-0*3 — 

J 0 ! 5 " 11 Aost.Es.Feb.i5_.. si-sub 2(rt.n — 

— Gold Ex. Feb. 15._. S1S973 1193 .. . — 

■ - j “ Island___ 106 2 113*-0* 43.88 

«*ri 00 — lAecum Unltsi _ .... M4l 157*-0* 53.88 


SL Swi thins Lane. Ldn, EC4. 01-6284356 2T5S h t, Fcb « iu ,- ^ S55* 7 1 ■■■ 1 “ 

•'‘TSSTS.-F^daftfflJ.A 73 .i 


Rowan Unit Trust MngC Ltd. 


|(hiBridshTnu(... I 

1 lg) Irul Ttuxi._ . 


221 I tgj Do Hot Trust - .1 
1*0 I ® Capital Trua. _E 


a Life Assurance. Co. 


Prudential Pensions Limited^ 
Bol born Ban. EC1N2NH. 01- 

EquiLFd. Peb. IS_ (£23*6 Z3.77I ... 

Fxd. Ira. Feb la_p*09 . 1934) .. 

Prop. F. Feb. 13—£2420 24.95^ .„. 


wmwi.UB.MlbJ 1/M. . I LB (rtlnflTiua.. . 320 

_ . ,»fASr F ts.™Ei . a sass?ss- !?i 

I | ‘^‘SS-'SS: !85SSS i SSr.ti 

Archway Unit TsL Mgs. Ltd.^ fa He) rbj mghv'ftidT^t.? zy? 

317. High Hoibotn. WC1V7NL. 01-8316233. Intel tt lauei 

A ffi^:i^extrah 81 -^«ir.r *«-!p£rSura4«i 


15341-01 
343ri ... 

648 +o.: 
29 0u -Oi 
92.9 -0J 
273 ..... 
523 -0J 
297 .... 


Britannia Tst. Mngmt. (Cl) Ltd. 


Samuel Montagu Ldn. Agts. 

114. Oid Broad Si. E.C.2 01-5836484 

Apollo Fd Fcb. IS. ISF5420 4795 . 3.90. 

Japfcst Feb 18_SHK9J8 9EJ L30 

117 Grp Feb. 8 SI 51121 S11S .. .. £22 

117 Jersey Fcb. 8... £4 55 4 97 .... 0.84 

liTJrayi/sFeb. 25... £9.77 1028+038 — 


City-Gale Hse. Finsbury S4-.BC* 01*061066 

i® RmnnAULFaiUflU O 67 M > 175 130BalhSi.SL HcllCT, JeTBC>. 


01-4060222 Archway Fund_(76-5 

| _ Pn«*s at Peb. li. Ni 


IVi «;=: 


• ii Assurance Ltd.V L egal & General (Quit Awnr.) Ltd. 

lieWy.WembleyHAfl®.-B oi*088ff» Rothschild Asset Management 

• - JnHa.._L_. 1E1583 — V+BJH — r.rVi TnVH.] _1953“-lo£lf| 1 _ SLSwithlna Lane, Loodon. EC4 01-8284306 

’ExeciUctt. fE32.47 1£3C -0X0 _ Fhwl Ini ria'i ' 

Bosd-(1893 U5.9 . _ Do. Accum._UA7 'xoAj+oil _■ Royal Insurance Group 

Z . “ V*na eedln tiiMl —1122 1282]+0.l| — New Hall Place. UvorpooL . 0S12274422 

- '-il r SS^SSSiaazr^-.’fiS!^ z shield....paw vt* -i* - 

"-^w •pfezZlS* 1 M 3 ;;■■■ I z ^lb CemSBniw P aMliSffiLiii: ~ Save & Prosper Group* 

atEr-if * iS|H r 


Prop. F. Feb. I5..Z&420 24.951 Mj - Barclays Unicorn Ltd. (ajigiftc) 

', Unicorn Ha2S2Romford Rd. E7. 01-5343044 

Reliance Mutual Unicorn America., C 8 * 307] + 0 JJ 239 

u “‘ t5 IUUIUJ 1 . Do.Aurt.Acc _ 553 bOJ. - 0 J 2.45 

Tunbridge Wells, Kent. . 0892 3271 no. Ana. S S?Z ! 0.9 47.7 - 0 J 2 « 

ReL Prop. Bds.... ,^| 192 a ( J — Do.Capital-M3 64Ac -0J 4.70 

Do. Exempt Tst_103.1 107.4 -02 638. 

Rothschild Asset Management financial_ Z H8 mj -oi 537 

SLSwithinaLane,London.EC4 018284356 8S'fS?«iSi-So S'! Jit $%L 

N C. Prop. Doc. 30...(1143. 1ZL4J _..J _ gg-££ggg*r=-S? 1^5 "S4 S™ 

Nem sub. day IbrrtSl. SSiSSSfclSS sSd ^ J 6S 

• *r>cx Prf. A'no. TBL..{1353 ML7| __ 445 

Royal Insurance Group ^j an.» Next nhiday Fek a 

New Ball Place. LlvorpooL . OSI2274422 Do.TruxleeFundJ! 1063 1133^03 523 

Royal Shield Fd. ,..(128,9 136.4) -1* _ Do. Wldwlde Trua 43.6 46.9 b +0J 2.03 

BWln.FdLIiKL_503 60.7 -02 5 00 

Save & Prosper Graup* Do AccunL -^ 5*0 


-“■ 3 Rowan as. Pnb. 16 ) 60.0 62*. 122 7? ^ Jeraey._ 

jV RownaSec.Feb.21_ 150.0 158*3-10 4.13 Growihlniesi ...-{383 

2n > a 7 h RowanHy. Feb. 16. 50.9 53* . 7J3 IntnUPd... ..JM2 . ... 

In , }S lAccum. units)-699 73*_ 7.73 -B?£2 ”1^9 ■ 

i-S RwnAlrn-Feto. 20— 63.7 72* 424 -^ .... 

" ■■ • (A mim. rniri. , p ft mj d id Uitivsf. STsL Stg.. ,t£2.11 2 . 22] . 

_ 0J 334 IT Value Feb.17. i^*t dealing Fcb. 27 

■ -1 8 33 Royal Tst. Can. Fd. Mgrs. Ltd. _ „_„ .. __ . „ ... 

54. JertnrnStreet.S.wj. 01-898252 Bntterfle,d Management Co. Ltd. 

01-247 7243 Capital Fd-1617 . 6521 .._..] 401 p o - 8051 “O. namllton, Bermuda. 

f [« Income Fd. .(66 4 7821 _I 8*3 Bunresa Equity _B.01 L971 ... I . 

■ 4 6.90 . 1 Buttress Income _._E99 198. J ; 

M«) Save St Prosper Group Prices at Fob 0 Next sub. day March 


■ " I ala lUnivsI.STsLSig.. .£2.11 2 23\ . 1*0 

... _l V>!ac Feb. 17. «c*t dealing Fcb. 27. 


<£3472114 Murray. Johnstone (Env. Adviser) . 

[ 44 ) 163. Hope SL Glasgow. C£ 041^215521 

l'oo ‘HopeSt.Fd— I SUS2B.17 I - .[ — 

130 ‘Murray Fund_| SUS931 _.J — 

... I - -NAV Jan 31. 


Negit S_A 

10a Boulevard Royal. Luxembourg 
NAV Feb. 10-1 SUS1022 I | — 


Intel. Inv. Fund (64.4 90.9«ei . k 6.90 meomprtt -—(6*4 7 ®-M-1 

Key Fond Managers Ltd. faKgt * Prosper Group 

■2^1? 2&MilkSL EC2V8JE. 01-8067070. ji 5T** 1 *■ ^ e!e 5*- London SC3P 3EP 

Key Energy ln.Fd._ 632 " 72_M +01} A03 Shil^lSno 1 ?? 

fig E«rEquity3:Gen 628 661 -02 5.14 LwaUn ^ “ 0*-»4 8829 or (01-226 7351 

AID tgiSSfcWi - S »’* Save & Prosper Securities Ltd.? 

l in WyiDeoiae Fund- 76.1 80.S . .. 8J29 inr#eRotinnni Fmwic 

“J Key Fixed InL Fd._ 613 652 -02 12*7 f “"L,, 

Key Small Co-iFd. [07 W*| 6i76 gj • j 

8^7 Kleinwon Benson Unit Managers? liidv.'Swttill.*. .(s7i bi^. -'- l 

dj2 80.FenchurcbSL.EC3. 01-8238000 Inerearing Incame Fund • 

A53 K-B.UnilFd. Inc. .180.3 87*rf I 4S7 High-Yield...—152.7 566) 

4 45 8tR UnliFdAc _ (1002 lOUnf.J - ■ High tacmne Funda 

L ft C Unit Trust Management Ltd.? High Return.. 160* hm +o.l) 

523 The Stock Echangc. EC2N 1HP. 01-588 2800 ^ **** 

IS JSgSs&srFdSV’ ’SiS J13 SnSSL. w 

SS0 Lawson Secs. Ltd. ?taXcl ua +8* 


Buttress Income_t 

Prices at Fob 8. 1 


03 L971 ... I Z0< 

99 L9q . .1 74< 
ext Mb. day March 13. 


m ssaa 


- Capital International SJL 

31-228 7351 37 rae Nout-name, Luxembourg, 

ies Ltd.? Capital Isl FudcL. ( SUS1529 ] 
Charterhouse Japfaet 
233 •—■I 3'2f l.PatonestcrRaw.BO*. 

S3.1 3-22 Adiropa . . _1DMM* 3S5W- 

b13 *.» ^ Adi verba... ZpSSl# 3*3 

F on dak.. . __(DH3LS8 1L5S- 

56 6) ....J 6.B5 Fcmdia... .^3 

Emperor Fund. _ (51^243 Z70 

., . Hlspano.. ...|fiS037 «.«]- 


Negit Ud. 

53 Bank of Bermuda Bldgr. Hamilton. Braid*. 
NAV Feb. 10-1£433 - | .| — 


Old Court Fund Hngrs. Ltd. 

I _ P.O S&Sl Julians Cl. Guemocr- 048128331 

Eq FrJan. 31 -1483 512J .. . I 2.65 

lnc.Fd.Fcbl_056 2 ' MAS .. . I 6.59 

O12483M0 loti. Fd Feb. 15 ... [tt_5 92 03 .1 — 

010 ^ 5 ^ SmCoJU Jan 31 .|KM 149^. ..( ,322 

597 Old Court Commodity Fd. Mgrs. Ltd. 
639 P.O. Box 58. Sl Julian's Cl Guernsey 048128741* 


PensJ-Acc. 86.9 92.1 

?*US/AfC._ 1803 106: 

1 Pens/Acc 943 99.1 

i.Pens/Acc 46.0 MU 

Pens/Acn 91* 96J 

-F-teO 38! 

P.2-J253 27! 

Current value Feb. 2 


-02 — Exempt Cnsb In] L 

'■— — Do. Accum.__ 

■— — Exempt Eqty.Init__ 

"— — Do.Aocnm.__ 

u. -- — • Enunpt Find 

— Do. Accum_ 

— Exe mp t MngH 

.... — Do. Accum. _ 

..... — Exempt Prop-Iutt. 

--•■J —- Do. Accum, 


ProSJWFd.-....,, 3)5.0 

GUi Pens. Fd._93* 

DepoAPens Fd t.. .[96.4 


Life Assurance?- ' Le «* 1 * GeneraLPrap. Fd. Mgrs. Ltd 

^mmc.CbnpclAjhvrum OMMUl SflSfiK^J^Sjl V.T™ !' hrader Group? 

^invFa"} -|Vvi« I '■' ■ j ~ Next Sob. Day March !. Enterprise House. Portsmouth. 

a-1 * 1 — Equity Feb. 14_,| 2126 

rheuse Magna Gp.? ' Assur. Co. of Pennsylvania \t 

ids So, Uxbridge UB81NE <wm 38« New Bond SL, W170BQ. - 01^838385 Ftxerfliu. Feb. 14 

+ter^,„pe.O 36*1 .._J Z~ LACOPUntta-fldB33 1M*.-I - msedlmjFcb.lL 

Money „ 292 38J _ . ■ Int ITT Feb. M.... 

SS-- Ltayds Bk. Unit TsL.Magrs. Ltd. 

—-1246 . Z 71,LombardS l.RCS. 01-823 1288 ilnyd-FU.Fcb. 14_ 

inaged.... . 153 * . ZT.Z — Exawpt -- (97.9 ■ US*) __ | 735 'Mneo .3 Fcb. 14 

• , itoney Fen 14 ^ 

Westminster Assur. See. Ltd. Uayds life Assurance > M 

1 House, 6, White horse Boadi ULeadenhall SL.EC3H7LS. ;.' O14Z300C1 Property Feb 14. 

CRD 2 JA 01-0840084. MR.Gth.FWx 0 _ L26467 J. _ Property3 Keb. 14 

tezigs 0 - ffiSS@M:SI. mi :::::: _ 

Opt5Hy.Pcb.lB__ 156.4 UU _... — *Jn^.Cp 

Westminster Ass. Co. Ltd. ® 

i Hottse. 8, WNtehorse Road. OpLflDcpLFWx M.P19.9 1263) - 

J S^ fleB 4 , . _ _ _ *v. Scottish Widows* Group 

iFund—S7A 600 ) _ London Indemnity St GnL In*. Co- Ltd. POflo*B 02 .EdinbunthEei 8 aB 


Prices on ‘Febntary 1 
(Weekly dealiag&. 


...J — . . .. .’ttGlit and Wan-anL[32 7 . 36 d| -0+j -202 Financial Secs..... [6J.6 68. 

■ 02 | — Bishopsgate Progressive Mgmt. Co.? prinerteanFii—»3 n.g .. oa Hicb-uUdsnaB Fnods 

Lojil ~ 9,Bishopsgate,ECi 01-5886280 " tak S-9 " .2^ SelectinteraaL.. _|2159 227.! 

...'4 — B-gajeP r.TrFlab .21.0643 IMJI +L9I 3*3 -S^im Unllii.._Kl i... .( 1054 Select Id cone _.._.|50J ■ S3J 

BS2?un^FehM“KSi 1 In. O'* 1 -* Mo “-ttWed. rrhurs.-FW. Seotbits Securities Ltd-? 

iAccum.) Feb. H .Z hflj uul!"!“ 32i Legal & General Tyndall Fund? Scotbiu-pss 383i 

Next sub. day Feb =a -Mmch h. g,Road.BrbTOL 0272SM1 fgSg^=M W 

07 D 52 T 733 Bridge Fund Managers?(aMc) usiSSruYdsrziwi nl|-.::J IS 

... j _ King William SL, EC4R OAR 01-0234051 Next sub day JlarohlS Sec*. Ex vid.*^ [1625 17(L 

z gfl-H Leradne Administration Ltd. 

. - Bridge Cap.AttLf- 343 36^"".“. 3.0 2 Duke SL. London W1M6JP. 014885001 

.... _ a^dgeExemptr-126* .... 5.» Leo Dirt_Ml 7271-031 5.45 

.::: = K:::r 13 ^ 1SSS5!! , :.. D SS“ 

- Ween Feb. 14/li Dealing Tuen. tWed. Lloyds Bk. Unit TsL Mngrs. Ltd.? f«> adl Grow* _ __ 

• “ _- __ M __ Regbtraris D-pt_ Gonng-by-Sea. SKH ffiFr S3-. 


rheuse Magna Gp.? * Life Assur. Co. ef PeuB^ivania 

icrs Sq_ Uxbridge UB8 INE tww 3U« New Bood SL, W170BQ. - 01-4838385 

irei*y?._.ps.0 36JB_jZ~ LACOPUntta-P8S .11*5)..1 - 

Money_293T Ml ...... - \ ' 

.... _ Lloyds Bk. Unit Tst. Mngrs. Ltd. 

— rt«* . Z 71.LombardSL.RC3. ..... 01-6Z3 12 fia 

inaged... . IB* . _ Exampt--J97.9 • 203*) ._7*5 


227.8] -0.: 
S351 -o: 


SctitbiU-Q55 383rt . ... 4*8 

Scotyleld._147.4 -02 733 

scotahares-[52.0 55^ -03) 4.74 

ScoLEx. Gcb-4_U9K2 ■ 2D7*cfl __.J 2*8 

ScoL Ex Y1 A*6-_.JI623 Uo3 1 7.19 

■Prices at Feb. 8. Next sub- day Feb. 22 

Schlesinger Trust Mngrs. Ltd. (aKzl 


oi-08#B0h 4. . Scottish Widows’ Group 

_J — .. Lradou .Indemnity St GnL Ina Co. Ltd. PoaoxB02.EdinbimrhEei8sBU 


f — l8dS,Tbe Ftatwry, Reading 383)511, 

— * , ' m 

— Fixed Interest_1*43 

___ tcT * T* 1 ® Lomton & Manchet 

bdb-1 19L0- | TheLeaa.FOIkestowF.Ketit.il 

- If- . ■, ■ c*p. Growth Fund- 20W 

k W l V/trial Union Group Sa 

- « 0h * 31m 

??+? . \ ~ FtoSWeFund- ■ 105.7 

WU(a.„. i U2S . 1-J — Inv. Trust Fund_' -^0 

j: - -ration Life Insurance Co. . . • 

-TyLuw.wcsAiUE.' 01-2420082 H & G Group?? 


■.-V. •!. •* •* 


V* •— 


Slid = 


— Wjrnory.Keeaiiig 383SU, . Invjlyieriesl ..,(953 95-gj .... 

— - .MoJcHLlL.— inv. ny. Series 2— NO* » B — 

— Unhmdble-g6* , 27S+53T — lTn.CashFVb.1T _«65 1(0*1 .._. 

— Fixed Interest_p43 36*1+011 —; ExDt.Tr.TVb. 15 ...Q29 5 1 * 53 ) .... 

— • / T ' JfeLPea Fob. 15-^73 2434 ... 

~ • The Louthm A Manchester Asa. Gp.? 

— The Leas. Foli**tooc. Kent./ 030357333 Solar Life Assurance limited 


— Prices Fcb. 14/15. Dealing -Turn, twod 

— Britannia Trust Management) iHg) 
“ 3 London Wall Buildings. London Wall 

...... — London EC23C9QL 01-8380478/0 

_ Assets-164* 69.4) -03) S. 

_ Capital Ace.- 4*9 50.4 +03 4. 

_ Conun kind_50* 54.4a -02 4 . 

. _ Commodity_683 732 . 5 . 

. _ Domccric- 35 6 383 -hi 4. 

i 1 _ Exempt-94* ‘ 90 _ 8. 

Extra Income- 573 403a __ 9. 

. Far East 16 5 17 Jn . 41 

Scottish Widows’ Group Financial Secs-615 663 -03 4 j 

PO Beoc B02. Edinburgh EHI83BU. 031-6690000 M3 ^ Ipj J 


unenuaMg) Worthing. West Sussex 01-8231288 riJl l 

ndon Wall Flr*(Balncd.i-W6.4 49.8) -*-3 4*2 g^L’n'tor' 

01-0380478/0479 Da (Accum 1 -629 676 -0.1 4*2 

^T ri ' Cap '-g-2 gJ^rs 2i2-iS^LGrS! 

S3* TWsdOncomei .... 165 823-0.1 *37 i^ r S'LcZ£i 

5 fl 0 Do.(Accum •_1026 1103 -0.1 6*7 NriYiid-”" 

4.47 Fonrth(Exlnc».~.. 563 603 -02 7.90 ftS.^IItttSt 

838 Do.lAccum. 1 -f«3 664 -03] 790 S^el^ShSS: 

1% JJwTs ^ TsL Mngrs. Ltd. 

448 7280)Gatehouse Rd.. Aylesbury 02965041 UJC.Grth.Dirt_! 

2*6 Equity Accum. .—1138.6 145.9).| 4*8 -Next 

7*6 Mjfc G Group? (ji(c)(zl J. Henryjjchroi 

IS Tbi* <Sow* Tower HUl BC3R 0BQ, 01020 4508 iao.Cbeapsldc,E.C 

12 See alao StockBudianae Dealing*. Capital Fcb. 21 - 

H? American_383 414 i 3+CU 0.94 (Accum 1 . - 

H2 (ActumUnits)_79* 422 + 0 J 0 94 IncemeFeb 21.— 

45* Australasian.—... 40* 433a +03 247 (Accum Un*?) . 

(Accum. Udts)_.— 41* 441 -03 247 General Feb 15— 

Commodity- 60.9 655a . 5.03 ' tou m Umbl.— 

lAccum. Unlesi_ 65.7 70*+0.1 503 BiropeFlelxO-. 

5-55 Compound Growth 93.9 100 4 ...... 435 (/tfcumUolisi 


Exempt MkL Ldra.' 
Extra Ine. Trt 


531 Second ICap.;_ 

430 Da lAccum. i__ 

430 Tbirdflucome-'. .. .. 

5 00 Do. (Acctua ;. __ 

4.47 FourthIE xJjjc 1 ..... 
840 Do.lAccum.. 


I lnc. * Growth___L 

bnT Growths_fi 

lnTOrtTstShares_r 


Nat. High Ine- 

New Issue- 

North Ame rican — 


42C +10 
77.9 -02 
55.9* -03 


C*p. Growth Fund I 
4Rndpt RnlU 


— Throe Qiuym.' 


= £ S.«aKBI %; 

Pen. Fd.1 199* LZ — m \^JM SL ‘ 

'ep. Fd.. 178.4 ..... - - ,tax *_ 

S?2 . - . ps^zr. 2MJ 

I m. Poll 3U.4 - — Intcraatnl.Bond—. M* n. 

Kanased Bd—*_ ivi y 127j 

Insurance Co. Ltd. property Bd-™.. «ki — 

iSfimu - , B T MJ ” 

uus Bo -Z - Z American Pd.Bd.-. «3.0 

.Jan.*®! 374 o|::zJ _ 1 B5SWterffS? 

; Commerce Insurance . 


EOB8BQ OI-02G 4588 - SoSrFxdJaLP 


107 rheapaide, EC2V 6DU. 
Solar Uanagnd S-..{1235 
Solar Pro ‘ “ 

SolsrEqr 
Solar F!xd.fRLS. 

■Solar Cush S 
Solar IntlS 
Solar Managed P 
Solar Prop-tty 
Solar Equity P 


01-8060471 Britannia T rot — ctbnuri 

. ~ Professional—.14527 46) 

.... — Property Shares _Cl3* I* 

-0.7 - Shield - El.7 442 

+0* — Status Change-07* 29 ‘ 

...... — • Unlr Energy-R9* 513 


26* -D.: 
24* - 0 : 
30 *S . 


—- I 8*5 Comhill Ins. (Guernsey) Lid. 

P.O. Box 157. Sl Peter Port Go druses-. 
44.M -0J[ 4.90 lntnl Man. Fd._(1630 1775) I — 

+ 0*1 281 Delta Group 
tS-3 po Box 3012, Nassau. Bahamas. 

+031 l b Delta Inv. Feb. 14._|S127 133) | — 

- I 456 Deuischer Investment-Trust 

"l 289 Pd 6 tfach 2085 Biebergaiac 6-10 6000 Frankfurt. 

Con centra_pjm.« 2S.7H ,_..J — 

InLRcntenfonds_..|SttBJ0 7lifl ... 1 —• 

—0.23 2.90 

-03| 782 Dreyfus Intercontiueota] Inv. Fd. 

PO. Box N3712, Nassau. Bahamas. 

I 4Bg NAV Fcb. 14_ISDSU27 HE) | — 

Zo^l 474 Emson & Dudley IMJHgtJrsyXtd. 

1 vna P.O. Boa 73. St. Heller. Jersey. 0534303D1 

:;zj 739 ELOJ.CT.-[IMJ 121.71 -38) — 

y Fet. 22 F. & C. Mgmt. Lid. Inv. Advisers 
jtd. (*Kzl 1-2 Laurence PoautnryHill_EC4R DBA. 
0149(60 

(0308)80441 Cent Fd. Feb. 15_| 5US432 |.| — 

\M 2*3 Fidelity Mgmt. A Res. (Bda.) Ltd. 
“S'il 5 70 P.O. Box 870. Hamilton. Bermuda 

Fidelity Am. Ais_...| SUSMJClri | ... | — 


tPrlce on Feb. 21. Nexi dealing date March T 

Phoeaix International 

PO Box 77. SL Peter Port. Guernsey. 
Inter-Dollar Fund .(SI'SUSl 239| .( — 

Property Growth Overseas Ltd. 

28Irish Town.Gibraltar iGib)6108 

U* Dollar Fund ...| SUS8827 i . ..I — 

Sterling Fund- 1 02880 | .. J - . 

Royal Trust (Cl) FA Mgt. Ltd. , 

P.O. Box 1M. Royal Trt Hae .Jersey. 053427441 

R.T.1S11FA-J5V9U6 9S . \ 3.90 

RT.Int LlJW.lFd. [84 S3| j 331. 

Prices sl Feb. 15 Next dealing March 15. 


...J 3*2 
... I 4.99 
1-0.1 4.71 


SUS1&2S 

SUS39.7D 

SUS1215 


. 2* HdriiSytaLM 

•i.l 932 I Fidelity Pae.Fd.. 

Utility WrldFd 
Stcr. Fds 
(Intnl.l _ 

Zn'4l 2'»n Series BiPaciBc*., . .. 

.?. 2 11M 5*"“ D CAJtLAaa.il £1321 1 .. .. | - 

f“ First Viking Commodity Trusts 

_ M7 8, SL George's SL, Douglas. 1**1. ■ 

Co. Ltd.? BK&SMferl&S HI 


• ■Next sub. March 8 53. Pali Mali, London SW175J1L 

J. HenoLSchroder Wagg Sc Co. Ltd.? |rtV&bLO?rrtl&0 ^ 

c?pSiF?b.^lffBu 9«(Fleming Japan Fund SJL 

(Accum I-,109.9 113-2*1 251 37. rue Notre-Damc,-Ltuuwnbouxg 


Commodity_ 60.9 

, __ (Accum. Uni IS)_ 65.7 

H ,-5 Compound Growth. 93.9 
“A JS Convorsion Growth 43.0 
02 4*6 Conversion I oe _ 547 

vi 532 Sq5 

—4 3 00 Lyceum-Uniu)— »I3 

. , . European--46.0 

7(a) (Accum. ututs)_465 


+0J 0.94 (Accum)-109.9 1135-2 

+03 0 94 Income Feb. 21__1608 174.! -2 

+0 J 247 (Accum Units)-243.7 254* -4 

*0 J 247 General Peh. 15— 745 77*n .„ 

. 5.03 (Accum.UnitBi- 91.7 95J _ 

+0.1 MB Europe Fcb. 9_. 26.9 28.6 .... 

435 (Aecum. Unllsi- 29.4 313 ... 

4*6 "FnTTrr Feb. 21 .... 1547 159AB-U 

+13 952 -Sped fix Fob. 7,_. 3L8 2123 

-03 *29 ’Recover'Feb.7.._ll778 1S2-6 i4 

-0.3 B39 'For lax exempt funds only 


54* I *2 7*8 Ulmg.Feh.l*__..| SU540*1 | .| — 

955 3 « ftno World-Fund Ltd. 

28.6 , J.I0 Butterfield Bldg-. Hamilton. Bermuda. 

312 . 1.40 NAV Jan. 31_| SUS16439 | . . _| — 


syXtiL save & Prosper International 

0SM30SD1 Dealing toi 

■3-Of — 37 Broad St. St Helier. Jencr 0534-30301' 

ric»rK t’-S. Dollnr-druDmlnaicd Rmk 

Dir. Fxd. TnL **t—(9.35 9.94 .. J .784 

BA. InternaL Gr."i_.. . *06 655 -0.0a — 

FarEasiero-t _ .. 3329 35.99 -03§ — 

. — ■ North American"? 336 3 64 -003) — 

Sapro—;-[12 96 . 14.53 ...“ - 

7 LW. SUrUnc^raoiiiiBaMl FandA 

ChunSa Capital* ..| 2 »aG 219.W ... -1.82 

— Channel islonds* ..IMP* 147.R . -505 

. _ Commodit)’—t-11142 123 J«a ... — 

_ Si. Fid. InL 1 —+—519.0 125.91 . 1104 

— . Prices on -Feb. 21 . —Feb. 15. "-Feb. 16. 

.. — tWeekly Dealings. 

.. — Schlesinger International Mngt. Ltd. 

“ 41. La Mon* SuSLHeber. Jersey 05347S5B8L 

is ts SLAJJ....US 93 +1 9.0* 

lSW SA.0J.._..S0-81 86+001 4*5 . 

. . GiltFd..B44 24* +03 113* 

inti. Fd. Jersey-fe* M 00 +L 0 3.68 

11-980IntnLFd-Lxnibrg. ..{3947 9.97 +0.0l| — 

.I 0 70 Schroder Life Group 

. Enterprise Hotue, Porismoulh. ‘ ‘0705117738 
lalenuUional Funds 

1 _ EEqulty. _ 1034 1099) . . — 

" -l SEquiw_1132 EM* . 

mxedlatcrcrt-139.7 i486 . — 

SFlxod Inlercrt... 1029 109.4 .... — 

*»- EManagcd-1214 1293 ... _ 

• J — SManaged . _. ._. 1081 124.0 ... — 


* 4*9| . 

—Peb. 1* —Ft 


Solar Cach P 

Solar Inti. P 


^'7j - 


Merchant Investors Assurance? 


tSL-LomtonWlRWE. 01-43870BX 

".Fd- DM-- m*-*l - 

r-Insurance Co. Lid. ‘ ^ 

:suse,[towerPL,ECU. 01-8288031 Mer.Inv. Piy.Fd. .- ■ VB.1 
Jan.7_.fi63 TM) ...4 - -• 

-ar luur/MUUnd Ass. i% ' SSwp^TZZI iski 

eedleSt,ECZ. 01-5881=13 CtwvTtkroL Penx„ 23*9 

Units. ~i«.0 ^ 498t-4J| *35 Mon. MkL Pens 183* 


Sun Alliance Fund Mangmf. Ltd. Brawn Shipley Sc O 

. Soo AUlnoecHouse. Borsham. 0U9HM1 Mngra; FoundersCUEC2 
Exp.Fd.Iut Fob. a .(£155.90 160301 .. J — BS UtUta Fch.21_t219* 

Xm.BtLFeb.22-..) £10.76 1+03^ - Do.lAcc.lPeh. 21 

Oceanic Trusts (a) («1 

Sun Alliance Linked Life Ins. Ltd. 5g£Si - - fr?? 

. Sun Alliance House. Horsnam 040384141 Growth Accum.—gJ 

Equity Fund .99* 28491-03) — Growti* Income-03.9 

EWlSS^tFd._ 1OL0 20t| ..71 - High Income-Hi 

property Fund 902 103.? .1 — . tTU- - [1S3 

lnlcrnatioualFd._. 87.4 ■* 92.01-rilti — Index-122.7 

Depoelt Fund--.95.4 ■ lOOS 1 _ Om»a-P** 

MatiagoW P|||ld [97* 102.71 | - Pertonnancc-52.0 

- - ' • R eco^a ry--I 20 .B 

Sun life of Canada (ILK) Ltd. .. * 

%a*coekspurSL.swiYSEH 01-030 moo canaoa lore unit Tl 

MapfeU-Grtb-1 1341 I ... J - 2-fl High SL, Pottera Bar. E 

KarielXMungd 130.9 —i — Can. Gen Dirt--(34* 

Maple li Eqa--1 219* |—I — Da Gon. Accum—{£* 

tocBaLPtuFo-1 19*2 1 —1 — Do.lac-Dlrt_,-B3S 

Da lac. Aecum-1 


The British Life Office Ltd.? (a) (AtoWu^ulZ 

Reliance Haa-tonbrldseWeDa XL m02 3271 ^traVleld.- 

BLBritish Life-M3 49^ +0.11 580 n?p&}£? a, ~ 

BLB«lancecl-„_.to3 . 4*3 -0.3 5*0 " “ 

BLDWdeud--.JS2 • 4*3-l3 936 _ 

•Prlee* Feb. 22. ^dealing day March L 

Brawn Shipley St Co. Ltd.? uSSbSaZZ^S 


4421 +0.11 5J0 ‘AccmaUtuxal- 1037 U04 ...... 8*2 Income Units-(4*9 

4*3 -0 a 5*0 ^ Eastern-J7.9 O la -0.1 3 21 Aecum.Units_[52.9 

■S3 -l3 9J* (At^rugLUul ai -. - ns ■ 450 -03 321 Dealing day Weds 

ling day March l. l Ac CTjm .Duhfl1^:Z 65* 70.4 Z!” 4 S Sebag Unit Tst. Managers Ltd.? (a) 

Ltd.? f tt fUrrui,- -P0 B ox5ll,BckIbiy.Iiee..EC.4 01-2368000 

0 ,-D-a, bSSSS*- VSnl -c5 ^ SebagCopitaJFd. .gJL6 33J1 -DJI 3.78 

23i3»i."T« (ASfflSSrtrzJKf. S 39 £ 2 S SBi«ia«w.Fd-&8 303-03 837 

a*7] ...J 485 Japan income-gj* 1330 ...... 1*4 Security Selection Ltd. 

— Mognam___1749 lS7Ln +0* 453 15-l^UneolntInnFTeldS.Wl 

3 W3“°' , j tAecurt Unltai-ZIS* 253* +0* 4*5 JJnvlGtiiTttArc_|22* 

t4-3 "~--l Ulrdnnri f. un _n 4 Tn tlnrl Glh Tst Inc _ - 19* 


lu Scottish Equitable Fud. Mgrs. Ltd.? Unynluderostiana! Ud. 

8*2 28 Sl Andrews So-Edinburgh 031J58BJ01 

n ^Sffizz :&; as:® IM S 

3*1 Dealing day Wednesday. OJ. Bermuda lid ' 


G.T. Management Ltd. Ldn. Agts. j. Henry Schrader Wagg & C-o. Ltd. 

TW^oi^ma^Tv^fflinno*' U *“ 1 “ MfcCheaiwde.E.Ca. 01-5W4000 

tol. 01828 8131. TLX 386100 Cheap J Feb. 17.. | SUS10.49 I I *76 

Management interaEtlaua* Ud Trafalgar Jan.3!._| SUS107.16 I .. I ' — 


L Trafalgar Jan. 31._ 

Hamltn. Bmdn. Asian r d Feb. 20 .. 

.I 1.9S DarilnCFnd.- 

.I 199 Japan Fd. Feb 10_ 


Sebeg income Fd. 


Anchor Tnl fid_[STSE 4(Ssf .J 199 Japan 

G-T. Bermuda Ud • 

Bk. of Bermuda. Front Sl, Hamlin.. Bmda Ben “ 

<»> BerryPjwFT:-IS38J6 - I ... I 1.05 PO. B 

5000 G.T. aFd.——-1 SUS6J4 (.| 0*0 Mbm8 

|J5 G.T. Mgt (Anla) Ltd. Sing) 

Hutchison Hae, Hare part Rd. Hong Kong - 20, Cat 


da. Sentry Assurance Inleraational Ltd. 
Lte PO. Bo* 336. H amilto n 5, Bermuda 
0*0 Managed Fund-ISTSM71 1CT).I — 


G.T. Asia F._ 


040384141 Growth A ccum. —! 423 447 -03 536 faS^Ltjuitai-2472 

-031 _ Growth Income - 33.9 35.9 -02 536 - B2 

-h - «4p, h r lnc<MB '—&?•»« JS toS^uSiiiTZr: *8 

-J — • a”r -2a7u liiS {7t "SecondGen._150* 

z ^a z zz z :5S 

. - Performance-5*0 342 534 tTSS m7 

H Recow-20* 2*l-Oj 5.74 Drut^^.. [178.7 

ExmjiLFeb.JO-1573 S9fl -5.74 SpcdaUred Flmd* 

Ad. Trust oe—_..11344 

01-8005(00 C*n*d* Life Unit Tst. Mngrs. Ltd.? (Accum. uniat— zss* 

- \ - i3*9 Ul 

=1- BSS&=H V^fll£n?nb=s» 


187 Iri +03 4 S 75-19, Lincoln's Inn Fields. WC* 01-831603B-0 GT. Bond Fund .....| SUS12 

Si ^ 1% SSSHSCzH S3 d G-T. (Jer 

:Si i£ Stewart Unit Tst. Managers Ltd. (a) ^£?s^^ l |ao'to 
79.6-0.1 4E *5. Charlotte Sq- Edinburgh- 031-2283771 Bank at ItinucA fGBerosey 
M7 1*1 ^ Stewmrt American Fund 31-33. Le Potiet. GwwS^7 

,git “24 Standard Units—K4.4 57.« ...J 1.70 Berry Pac Stria.._- ‘ 

lcai tSi an Accum.Unit* —. Iss* 6*9 ...J - AnchorGUtE|ce. 

194*1+0.91 4*3 Withdrawal Uuiu -(55 8 477| . _4 — AnchorInjsylrt 

loil A 76 I * 0 * 1347) - 2 .g 3*0 Invest. Ud. 

J* 9 ^ -0 - 3 -inS Accum. Units-fi5.4 S44)-*q — 2. SL Maty Axe. London. ECa 


S739 TM .[ 

SUS12B2 | \ 


Singer & Friedlander Ldn. Agents 
20, Cannon SL.EC4. 01-248964® 


Jg Dekafooda--LPM25 IB a 

530 Tokyo Trt Feb. 1 . | SUSM80 


7*50).| .8*0 

ion. .. I *oo 


G-T- Management (Jersey) Ltd. Surinvest (Jersey) Ltd. Is) 

Rwal Trt. Hat, Colowbene. SL Heller. Jew P.O Box 98. SL Holier. Jersey. OSH 73873 
G.T. Ana Sterling.-100.60 U.1B) .. ) 179 American lnd.Trt..|£6J7 6.911 .. I 145 

Bunk ct Bermuda (Guernsey» Ud CopperTro*.(£983 10.04M.03 — 

31-33. Le Pollrt, Guernsey. 0431-28288 Jap. IndcxTrt 1*387 9.W>) ... 1 — 


cl ;zd — 70 A^chwGihElgcr-^039 Z ii^+UJii| 11 w Surinvest Trust Managers Ltd. lx) , 

•7[ -.4 — AnchorInjsy 1rt..j2*4 240) ,| 32b 48. Athol Street, Douglas, LalL 0fl2t 23014 


139.0aa -3* 
. 1*53-3.9 
I27.(rf . 


793 Sun Alliance Fund Mngt. Ltd. 
75 Sun AlitanceBso, Horsham. UKC 


-*« 3*0 Gartmora Invest. Ltd. Ldn. Agta. fiSSSaSSSKBf® 10J3 

- ?ij — 2. St. Maty Axe. London. EC* 012833331 Do. Platinum BCL.-I113* 119^-0*^ — 

M G«Jm?re mod HngL (Far Earil Ud Do Gold Bd.-[99.7 1049[ ril*| — 

la - 1603 fa ate biton Bay, 10 HarcourtRd, ILK one __ _ . 

090364141 HKAPac. u.tblZbec*? 2 *ij. ...j 300 TSB Unit ITust Managers (CD Ltd. 


fc.LKW Life A**■ Soc- Lt d.? NEL Pensions Ud. . Target Life Assurance Co. Ud. Capel (Jan 

tRoadfitsfaWreombo 040433377 KUUm Court, Dorking. Surrey. SOU Target House. Gatehouse ltd.. AaOdtbnry. 100 Old Broad 

S .iaajj-08) — NolcxXfe.C»p._go* 84M ... I — Bncfi: Ayiexbuiy(0298)5041 P ^..i 

-|Sr3 +o3 — NelexEq.Aconn._p5s* 109 M -0*1 ~ Man. Fund lac-I9SS 99* . - ]^ST“.Z;: 

113-7] +0-3 — N Plex Money Cap. _6*7 65.9) J — Man. FtnuJ Aec-IU.1 2271 ..... — Priew on F 

. 182LW +fl*j — Nel«c Mori. AecS* .._ J — Prop. Pd. Inc--1068 123J - r 

'209.?+0^ — NelexGtb IncAcc-fe-S . »0j J — PTOp. Fd. Ace. - 2XL0 . — Chrilol Ub 

... . Mein Gth Inc Cap. W73 50*) ,._.J —Prop. Pd. Inv_ 18*0 ... . — _ 

Portfolio Life Ins. < L Lta.» - Next mZ day Fob. S. mU Z. - : Z- 

XMwCLWtltlijmCroo. VTOTB71 . . F«g-New Canrt Property see trader SlVUm Ac. Pen. _ 67.9 742 +0* — Da Accum. U; 

l I29.9 J-1 — RafhirhQd Asset Man ag emen t ReLPIanCap-Peo... 568 614 40* — Da High Ylel 

»l*aI-lKL5 4SJ)-4 — ■ BetF!*nM*a.Aec._ 1178 124i .._. —' Da Accum Ui 

. rj»+ c « NW Pensions Management Lid. : tem^Maaiap... £9.8 wj — - Next 

J 4K<^Twee»mrchsuSC3P3HK 01-SSS4SOO SSESofp;ZL- S* l§k§ ~ chartcrhoi 

/toti+Ki :■ mi— Tmalntemattowal Life Ins. Co. Ltd. cj.iowmii 

Bd —U|.| — isew Zealand Ins. Co. (UJL) Ltd.? .. 2BreamBid*«. ecsisv. 0*40964?? cTfSLHS?* 

^nd-Z'ISl IOC*! . — ' KajtiandBoua*.SoDjhend SSI 2JS (TXaSSas) tollpInvert Fd.—J130.4 1*7-3 .1 — CJ. Euro.Rn 

■> 1.UU,H-. RflWBgaB’ SR=i.= J»» Fd - 

Eraj-oo-Thmnex.Bericc Tel34284 jtSSwTM 0- 

izxAnre..-) ' . ft*97- I __1 — . junerlcmFd._(95* 200.01 ...._I - —. . 

sStoEba?;mj rd - cmldSdFdZZ:^ - iS| Zj.-I Trtdent Life Assurance Co. Ltd.? 

DepoxllFd_|95- D 280.B( ._Z|-— . Jtintiade Bouse.Gioneoriw 049280641 5 


7.79 ManuLUe Management Ltd. vrtewauiif'i—fSa* 89*1 

sl George's Way. Sieveaago. 0438S6101 Target Tst. Mngrs. Ltd.? (aKg) 

Growth Unit*. H6.5 49 4) .. l 411 31 Gresham St.EC* Deallmrt-02 


& Sec.' life A*d Soc. Ltd.?- 

- . Fray-oo-Thamex. Berks; Tel 34284 

- I " "J Z 

Sc& Acdzi9* mil ““J — 

erFti.+-| £8166 I.4 — 


t (^nm 


prop. Fd. Ine.-1868 

Prop. Fd. Acc. —* 

Prop. Pd. lav_ _ II 

Fixed tot. Fd Inc MJ7.4 
DepUnj.Acc.lne_ 978 
ReL PUm Ac Pen. _ 57.9 
ReLPIanCap-Peo-.. 56* 
BeLPtonManAcc.- 1178 
RetPianMan-Cap... 109.8 

Grit Pen. Acc.-134 0 

Gilt Pen-Cap --128* 


mm\ 


C-pel (James) Mngt Ltd.? 

100«dBroadSUEC2N1BQ 010880010 M . J? - A 

Capita]_25* M.jj | 9.40 Mayflower Man ag eme nt Co. Ltd. 

Inroiae.._ .j732 778) .4 783 14/18 Gresham St, EC2V TAU 01-606 

Prieos on Ffcb. la Next dealing March L income Pfch .21 Hal* uud-^S 


457 lagan rd —^— 
!M N. American Trt... 
Inti Bond Fund_ 


3L Gresham su EC* 
Target CotamedRy- 


Charterhouse Japhet? 
1. Patarnauor Row, EC4. 


— ICJ.EuraRn 


•8 64.91 .„,,[ aao aayiiower m a n a gem ent LO. uo. TarseicoOTneaity. 

aJlS w"' l 7 ?° WlSGrwhamSt,^ECJ^VZAU 01-6068098 

Next dealing March L lncomeFfcb.21 —B6L3 106*d -6.81 8*9 
Mara. Ltd V l.Kc) Catw«IFeh.a._..|B8 69*3-1*1 *17 

IB 653)_1 4.72 30. Greehom SL, ECSP2EB. 01-6004555 Target Iml._ 

4.7 773 J 4.7* Mcrc.GcoFcb.22^IZ66.4 170.61 -5*1 4.79 Do. Reinv Units 

35 <3.q .._ J 8i9 Aec.ULs. Feb.S- 2061 2M.3I -*4[ A.79 Targ 

).l 5LM_1 119 MercJitt. Feb. 13 — 57* 6 lla + 0.3 L95 Tory 

c date Maroh 1. • AcrmUt*. Feb.22. 6*0 6*S+0.« 195 “ - 

lIcreErtJan*e— 21L9 22023 .... J *05 _ 

Phet? Accum. Ute. Jan ?S. [25*9 2634] ..-J 405 Coyne Growth Fd. 


Carilol Unit Fd. Mgrs. Ltd.? (aMc) . 

2 mburaHw 1 saNew.wttoopon.ton. 22186 Mercury Fund Managers Ltd. 

Carilol -16*8 65JI .—I 4.72 30.GreahomSUEC2P2EB._01 

Do. Accum. Unit*.-174,7 773 J 47? Mcrc.GcnFcb.22 

Da High Yield-W05 4*3 .„ J 8*9 Acc.ULs.P 0 b. 8 _ 

Da Accum Units ..M9.1 51*4_J 8*9 MercJnt. Feb. 13 

Nest dealing data Marco 2. - AcrmUt*. Feb.22 


01-600-4555 Target Inti. 

-5*1 4.79 Do.Relnv Unite 


4.79 Targetlnv. 

1.95 TaiyrtPrFeb.22. 
L95 TeL Inc .. 

4*5 TcLPref. 

4*5 Coyne Growth Fd. 


Gait more bveUant MngL Ltd. 

DeaUngL*02965041 p.a Bos 32, Doaglat IoM. , 0634238 

34.2) . ... J 458 International IncT-BLO Z*4| . ...I Hi 

6 *|+ 0 * 452 Do. Growth-J34* 58L*J ... J 5J 

1*9 hj? Hambro Pacific Fund Mgmt. Ltd. 

“3-3 *21 211 Connaught Centre. Hong Kong 

Ip H E2*&J±dHm Ud = 

m 2 io'I Hambros (Guernsey) UdJ 
155*3 - 3 * 408 Hambro Fund Mgrs. (C.L) Ltd. 


ama — BagatelleRrL.Sl Saviour. Jer-ey 0SS473U4 

—-j — _ Jersey Fond_(4*7 44. Wl -0.91 4*8 

— I — Guernsey Fund .[4*7 44 W[-0.9f 4*8 

Prices on Feb 2Z Next sub. day. March 2. 

063423811 

. I U50 Tokyo Pacific Holdings N.V. 

■■ J S- 32 Intlmis Management Co. N.V. Curacao. ; 
IiA NAV per share Feb. 13 SUS43JS0 


01-3482900 Midland Bank Group 
.1 3*9 Unit Trust Managers Ltd.? (a) 

.-i +59 (VnittuMa Un.iu ciw 


18.7) -HI) 4.4? 
Target Tst. Mgrs. (Scotland) (aXb) 

IB. Athol Crescent Edina. 031-2288821/2 


.9.15 p.O. Box 88, Guernsey 
1^*0 C.L Fond _ 

4.4? mini. Bond 
K) InL Eqntty. 

PL._ toL Saving* 


Tokyo Pacific HJdgs. (Seaboard) N.VL, 
Intimis Management Co. N.V. Curacao. ' • 
NAV per ahorc Feb. 13. SU53I.40 

Tyndall Group 

P.O. Box 1258 Band bon S, Eerauda. 32760 


Courtwood Houac, Silver Street. Head. TorcKEagle-12*8 

'■S Sheffield. Sl 3RD Tel: 0742 79842 TargetThatie-075 


031-2288821/2 I int. Savlogs'F 
24.71+0*1 158.1 Prices on Feto 


jjji ou«n«riu.i»*+ni/. 

37 a Commodity it Goa., 

4 JE DoA^cura.-^ 

402 -- 


5.99 Ebrtra Income Fd._|i 


Trades Union Unit TsL Managers? 


BASE LENDING RATES 

. Bank : ... 6i%M HUl Samuel.—8 6J% 

Irish. Banks Lid. 6J% C Hoare it Co.-f 6J% 

an Express Bk 6 i% Julian S. Hodge . 7-l«S» 

iank .1.. 6J% Hongkong St Shanghai 6}% 

ink lid. ...61% Industrial Bk. of ScoL 6*% 

-Ansbacher ...... 6l%- Keyser~UUmana. 64% 

«• de Bilbao ....... 61% Knowdey & Co. Ltd. ... 9 % 

J Credit Sc Cmce. 64% Lloyds Bank .. 64% 

, f Cypnis .. 64% London & European .... Si% 

f I'LS.W- ■;■. 6j% London Mercantfle. -64% 

.. Beige Ltd. 8}% Midland Bank ..64% 

da Rhone ...... .7 .%■ Samuel Montagu. 6*% 

s Bank ......... 6i%*Morgan Grenfell. 01% 

Christie Ltd.... SJ% National Westminster 6J% 

• Holdings Ltd. - 7i%~ Norwich General Trust 6|% 

/.ink of Mid. East 64% p. s. Refson & Co. ... 6J% 

.-.Shipley:.. 64% Rossminster Accept 1 cs 64% 

Permanent AFI 64% Royal Bk. Canada Trust 6*% 

C&CFin. Ltd. 9 % Schlesinger Limited ... 64% 

Ltd. -. 7% E. S. Schwab:. Si% 

. Holdings •. S % Security Tfust Co. Ltd. 71% 

■house Japhet...- Bi% Shenley Trust...... 91% 

Coates .. (|% Standard Chartered 84% 

dated Credits ... 6|% Trade Dev. Bank. 6i% 

ptivo Bank,.* 64%. Trustee Savings Bank 64% 

Ian Securities— Jj% Twentieth 1 Century Bfc 7J% 

Lyonnais ......... 64% United Bank of Kuwait 64% 

orus Popular Bk.. 64%. WW tea way Laidlaw ... 7 % 

Lawrie .! 6J% williams. & Giro’s. 5*% 

‘rust. 64% Yorkshire Bank 64% 

Transcont. 8 % 

ondon Secs. 64% 

Tat Fin. Cbrpn. 84% 

r aL .Secs. Ltd— 8 % 

Gibbs . 8i% 

und Guaranty... 64% 


erlcon—[775 


MoreyZ_1284. 

l^*raxtioiuJ-925 

Fl uml . __1235 

ttortrthCxp._- 1»* 

Growth Acc_ 229.8 

FBDx.ltogtf.cap.— 12*0 

SSKiSp: 

’TkdL GX Bond -—\ R 


Equity Exempt*__ t 

Confederation Funds Mgt Ltd.? (a) Do. Acc ujil* „,,.E 

mnwriMTsM wt?a nffi 'Prices at Jan. 3 


-381 .d = 

■id = 


•Cash value for £109 preenom. ■. ~ urtnwwwi—iw./ 454 

■ Discretionary Unit Fund Managers 

Tyndall ■Assurance/Pensuras? 2*Bl»mfleld v. f^tv 7at- 01-6384485 

J8.CtoyngcRtXid.BristoL ' 0H«32M1 DlrolDceme-[1542 2M5) -...J 528 


B Fcb. M— -- 

raascfii^: 

S-Way Pen. Fpt>. 10. 
(rteasliw. Feb-18- 
KoFa3.WFeb.i- 
noEqaity Feb. 1— 
Do. Bond. Fob. J.— 
Do. Prop, Feb. 1 — 


_ _1 52 :;n 5*5 commodity&Gen.56.6 M.9I +0.* 5.99 Extra income Ftf—1575 61 

s£SS&y-“p« M 3 Si Sl IS ««*.»* T£t - 

de-iSfrartV - 02 ^j^zrz,-; gi SJ ^ 2 » SSSSESSw i 

Trident Life Assurance Co- Ltd.? S : ^wTZZZZ^ §* 50te '.7.Z 653 Transatlantic and Gen. 

RensUdeBouse.Gtoneorier 040236641 S^-EC« 1 BR. -Sl Sl t §7 Im M-MNewboodooRd. Cbelm 

m_.-—, fu 7 T raV i Amqica n — KXU.9A 20-9* I *72 International- »6 42J +02. 3.00 RarUeanFMi Itf 

--—Krtil —1 HiIncome;+2—fNL0 -d3 9 M Da Accum-0.9 45* +0* 300 {tSSS^.-TT 0 

,^MEd.-14*4 . .156^ j — Intero*linn»JTrt_kpl.9 S3 +53 144 Kish Yield-57.7 ta5 -0J 8 60 

77 A ‘ — Basic Scarce. TrtpSSi 55| ZZJ 453 Do.Aceum.-. 594 635 +QJ 860 woeuraJ, 

~ 991 In H — _ „ EqnJty Exempt-—. 103.4 109* . 5*6 

uJdiouityFitod- 995 , ios. 4 f-oA - Confederation Funds Mgt Ltd.? (a) DaA«:umv _—.um joffl . 5*6 ^ 

SOChancayUnaWCSAIBB 01-2420282 * PrU: * s ,8n - Nelt deahafi ^ 28 . utoei . 

Growth Fund-[57.7 _ _ 396) -0*1 4.45 MlnSter Fuad Managers Ltd. SmSjl SnUsV 5 

Ci LfliwAnnH*-.- pM —j nr _ ,1 _ . .. . Ml ndcr Bse-Arthur Sl. E.C.4. 01-831051 cicoFch.21 — 

Cosmopolltau Fund lunagen. MInrierF«A.13_03* 35 U __ J 56? tA^ma Uaimi 

3a Font Street, London SW1XBEJ. 03-2358523. Exempt Dec. 3!_[34.7 365)-05| 465 Marl boro Fefa. 21 

Coamopoln.GlhFti.p7* 155) ...-J 566 ^ rnit Tn%t Mgemnt. Ltd. Kttb 

Crescent Unit Tst. Kbps. Ltd. (aMg) OklQnccaStreet,swmSIC. 01-BS07333. lAecunLUaitai - pe.i ■ 

4 Melville Crea-EdlQbazgb 3: asi-22B«31 MIA Unite-p52 37J) ....J AS9 ■ 7 

S2 e ffiSK? h *“K^ 5?! —| J5 Mutual Unit Trust Managers? (aXg) jAecnm. Uni is. j 
4*3 U 6 16.Copthall Are,BC2R7BU. OHW64803 

owa^Se.- ^3 SS H 4 I fS 

SSSSstTsStyjar .. .l Bi- TyndaU Managers Ltd.? 

DUc Income—. [1342 16U) -...4 5*8 National and Commercial ta, canynge Road, Bristol. 

EL F. bteMIluL Hi " 


iRl-ao 
Next dealing F( 


04B . 1-a 5S? Overseas Feb. 15—I5US0.99 

3.90 (Accum. Unllal-BliSLSZ 

+3JS 850 3-Way InL Jan. lfl—J5TSZ05 
I P50 *NewSt_SLHeUer, 

Vml 220 TOFSUFeb.J5 
v.-rl (Accum.Shares' 

. reo .3*. TASOP Fcb. 15— 


1060 [Bcndersen Raring Fund Mgrs. Lid. 


Mtuuerrt P O Hoc N4723. Naaaau. Ea hamaa (TVod-J.Acc Utsi. 

mawBMi japan Fd.-P4B7 1552 ...J — Glh Fund Peb. 15 

CT1| meat on Feb. & Neil deahnedate Feb. 22. lAccum. Share!'.. 

m Hin-Samuel Sc Co. (Guernsey) Ud. Vlel *y Beosc,De 


9S3tSSSSm» 5*21 HtTS ^ Dn 
653 Xntuatlantic and Gen. Secs. Co.? ^ 


Kg vsnsss 

II SSMMS 

Colemeo Fcb. 1‘ 
28 utoeum. Unite). 
Cumrld. Feb. 15 


*1^ Glee Feb. 21 — 
562 tAocnm. Unltai 
465 Marlboro Feb. 21 
f Accum. Unite’-. 
Von. Girth. Feb. 21 


ernsev) Ud. Vtilory Boose. Doogtis, Isle of Man. 0624 S5Q2B 

Gneraeev, CJ. Managed Feb. 18—[125 6 132.4).| —~ 

Guernsey Tat—_—M m 153.4)-05) 356 Uld. IntnL Mngmat. (CJ.) UeL \ 

. 53 Hill Sumd Oversees Fund SjL 24. Mule aster Street, sl Holler. Jersey. 

a aff 37, Hoe Notre-Damo, Luxembourg UXB. Fund --1 SUS100 I..) US 

1*03*24 .I - United States Tst. Inti. Adv. Co. 

....'J fin International Pacific Inv. Mngt. Ltd. ] < Hue Aldrragcr. Luxembourg. 

. tS PO Box R237, 96. Pitt St. Sydney. Aust U 5. Trt Inv fn^--I SUS954 | -..) 4.95 

.. 657 To—lir, Enntt.-TSi Imn 9 Ml i asset reo. 17. 


657 po Box 8237, 36, Pitt SL Sydney, Aust 
|2 Javelin Equity Trt. [5*91 *01] .J — 


ffj I JJE.T. Managers (Jersey) Ltd. 


2*6 PO Ru» 294, Hcqral Trt Hat. JeraeyOSM 27442 

338 Jer»eyExbrnl.Tst_UO80 11501. | _ 

338 Aa at Jan. 3* Next sub. day Peb. 2& ' 


S. G. Warburg & Co. Lid. 

30, Gresham Street, ECt 


Crescent Growth— 

Ores. Internal 1 - 

Owe. High. Dirt .... 
craa Reserves- 


Wit 

6691 


B. F. Winchester-Fund Mug* Ltd. 

OklJewry. EC2 _ 01^082387 (Accum Unilaj-Jma 20.0] .-.J 5.« gSSfuSteZ 

GreetTV T n c b ette r — P7J 17.4*5 _I 629 On pLKe b, 10 .— fllZA 1S.U.-j 3.44 ExemptJm25_ 

CtWincb'er Otoasp8.7 ZO.^.J 430 (Aecum. Llniuj-|M*4 247.6) .J 344 (AdauaUnttctT 

Bmaon Sc Dndley -ftt Mngmnt. Ltd. 


-Oi 338 As at Jan. 3* Next sub. day Feb. 28. 
607 Jardine Fleming & Co. Ltd. 

$-£? 46th Floor. Connaught Centre-. Hong Koug 

n MBTIzd if 

—- K? Jardine 6 EA.-SUS2J74 . *1 

*~ ** Jaithne FlcmJntt.] SHK&93rf .I — 

NAV Jan 31. 'EqoWutenl 5US8QM 

027232261 Nott Feb SL 

I 763 Kemp-Gee Management Jersey Ltd. 


Frf. Fcb 20.1 SL<S94B l+OOH — 

„ „ a. Feb 30- SUS2531 ...1 - , 

*■ . Gr.SLSFdJan.al .. SUS&47 J . ...I — { 
HerHnr.Kd.Feb.16 llUSl&OS U1R.| — { 

a 0 Warburg Invest. Kagi. Jrsy. Ltd. ' 

jS L CtidDl Ciuu. St Hdirr.Jjy. Cl 0KM 73741 
£?S C5tF Ltd. Jna 27. — IH'SHD 1^ .. | — 

z -“ CBSTUd.Jan.27. .R2*48 IL7ri .. . 

— Metals Trt Feb. I6.kl0.93 LL2fl].I — 

TMTFebS_EfSia .. ..I — 

TMT Ltd. Feb.S. — .(9.13 9.371.. ..[ — 


Unite)- 

I an. 25—— 


V4«- world Wide GronTh M an agemen t* 
L Charing Cnw St HeUeOcrw 0334 73742 ^ ^ W 

Kmm-GeeCaudal UBV Bdfil-lW — lua. Boulerard BoynL Uixrabourg. 

ifem£^!b!rom:|M6. t*M -13f K0Q Worldwide Glh fti| 5US2*75 ]-0M) — 


Vanbrugh Life Assurance 

41-CMaddox St. ldn. W1RBLA- 01-4B948 

Managed Fd.— 11393 - 146.71+03] — 

SS3^ Fti_2133 224. H +03 — 

l3nlFund _BBS 90 M +03 — 

Fixed lnlentFd... 1708 179m+03 — 

ssmfczzS 3 = 


Vanbrugh pensions Limited capital tb. _—pa 

41-43 Maddox SL. Ldn.WIRSLA • 01-48048=2 tofwwT*--^-96 

gsr?”“ZzBi SSf ^i| z a 25 £ 2 ±i|S 

SSSS^zB 51^3 z Fciauds’Pravdt. 

PhtiaM. PorMng 

~ Guaranteed aee ■In*. Has* Kates' table. Pt3 ~ S 


.I - 20, Arlington SL, S.W.J. 01-4887551 - 0,<23 ^ J^S^aFe^IS 

"i]-Z anron Dudley Trt.[67.6 . 717|-1 5*0 ui££2!u2&p^,|p3 S| Z.-. fig 

Equitas Secs. Ud.?iaKE> JSK^tePZpM ■ S| ZB IS ^SSiMa 

. 41Blahopegate.SC2 01-5823851 c^Jan. to Nact tfeallnc Feb. 22. u*,*, w- t C | 

01-4894823 Ito srewtee-(600 633) -OJJ 430 -Price* Feb. 15. Next dealing March 1. ^SScrrarth. 

a-M, . T „ r. ro- mm National WestuingteriKa) do.a« xwb l_—., 

Antenbam Rtf., High V^combe. 048482^7 SpiSl^SSi^S* 8 ® 1 ' “j ' 4.75 

Frasdlngton Unit Mgt. Ltd. (a) Growth inv-pSi asi - 0.4 537 

5-7.Ireland Yard.EC4B5DH. 01-2480871 gggRr ; —g?-g Sj In'? H3 Special Site.. 

-E*“ J2i5J —i fS2 Unhoraal FdjdiZ'fc* 51* +0 2 300 TSB Unit Trnsl 


^3. 23 : 

1596 7AS--- 

976 __ 560 

220* -— 560 

Z3B-2 - 525 

264X . 3*5 ------ 

1376 . 5.04 Prtews do dol inelode S premium, ex 

269.1 _ SM indicated.Yields % fjbovn lu Ian 

1608) - 900 include aU expenses, b To-d in's pr 


NOTES 

xccM whore Indicated f. and are in pence unless otherwise 
t column (allow (or ad! buying expenses a Offered prices 


[Equity St Law On. Tr. M.? faXbKc) 


—.. I SM indicated-Yields % (shown In test column).allow for all buying expenses, a Offered prices 

-1 900 include all expenses, h To-day's prices, e Yield baaed on offer price, d Eatlmried. g To-day’s 

opening price, h Dlmributian free of U*£. taxes p Periodic premium insurance plans.* Slagle 
—ail a w pretfinm I n a nra n co . x Offered price Includes all expenses except agent's commission. 
-DJl 625 £ Price includes all expenses if bought through managers. * Previous day's price, 

J in at V Net of tax on realised coital gains unless radical edgy 6. 9 Guernsey gross, is Suspendat 
’ I 1DJJ6 ♦ Yield before Jersey tax. 7 Ex-subdivision. 


_ 1006 

. 430 

460 
-0* M9 
+0* 487 

_ 5-09 


‘rust -. Yorkshire Bank 6}% 

. k1 5b llcrabera of the Accepting House* 

ondon Secs. ot% conuuRtee. 

Tat. Fin. Cbrpn. 8J% • 7-day deposits Sfe l-monih deposits 

it taiie Till S % ■ 3i%. ..." 

a PT-?u CS ' - t 7-day deptftits 00 sms Of £20500 

Gibbs . and .under vt. up ta .fia.OM 31% 

und Guaranty... 64 % and over £S5,wo 

ys Bank . J$ 6 i% 

„„ citt s UnSnUK] OfPowiS lit.. _ 

S3 Ma ft on .. Otto 5 Rate Blau applies 10 Stcrllns Iso. 

)5 Bank . 6 *% sera ’ 


— FraadlnstoB Unto Mgt. Ltd. (a) Growth inv-in* ssa] -o.ti 507 

J££S5f ,M ’ B S22 DB ‘pS^u5 - sr¥ar"eS gfliba sS . _ 

,«a SSSStZZ:zBS° ts rw- SSI+ol SJ» TSB Unit Trusts tor* 

tot Growth Fd._mj 97 * __J 256 NEL Trust Managers Ltd.? (aKg) "• 'T ia u ii ffn nn i l niii lTsiin cc&saziaa 

_ Da Actrum. (955 —J Milton Court Darting. Sarny. 3911 (brreB Get^^Mra 0 * 4 SSj *1 19B 

Z Frtouds’ PravdL Uutt Tr. Mgra.? sHgf SJIlgil SIg^SL“- ML0 ” 

■ ■ «JTSr ftr Ne wOwn firad M^mLliL SltoASS!-; 

^ &A&SSTd!?Z%i . a ^3 SH - 


-0* 398 

-02 3.92 

-03 7.41 

—02 7.«U 

+0.1 *03- 

+03 . *83 


Jrrr^ For New Omit Fand Mauaccrs Lfd. Ibi doTjSSZZZ 
-Gttsra^aed ■M/ira.-erao Kates tahie. acc RfltfcscUU Asset ttau^rairal - 

Wofiare Insurance Co. Ltd.? G.T. Unit Managers Ltd.? Baak?(a) | 

The Lena FottBStoiw, Kent 030357533 14 Finsbury OrrasECZUTIlD 01-8288131 GrouuTrt FtL 0263 34551-151 5*7 Waring StrertBeltort ' 023235231 

SSSSSKgLAtotLsifiU S5£Ei^=B ■ S *Jl Trust Sfawyfers il ^ W«-4« 

Msncbesur Croup, OJT. toc.Fd.Dn.—[2573 I67S -0.4j 208 253 H!rhHolborn. WC1V7EB 01-605&MT * Tnut Account & HgnU. LW. 

’ - ‘ M.tet^£nL£Tb*! fS Psari Growth Fd.—121.6 2331 .. I 6*1 King William St. EC4RSAR 01 -SS 4951 

rin. ■_.__ _... G. 11 Japan*G«i—(228.9 Z4LS( +16| 1*0 F5ao -u.sl I tref iMnivu,. Biwi tvwn mndl a 73 


» •• T * GT.U.S-tOen_ 113* 5 

Windsor life Assur. Co. LUL S^^tSalj^Ztol 3 

IBSSSSS: 

%l [ d Z ?G.* A. Trust to) (g) 


Psari Growth Fd.—0.6 233j .. 621 Hag William St BC4R8AB 

if K2 ArcumUnits-049 268 . __ 621 FriuraHse.Fund__|136.0 

uati+ns Feaillne.——Ba* 3*3 7D5 VWerGrth.Fiul..„S6 

a as^ssds tl b ii 

LUL King William SLBC4R0AR 

(0277)227300 91 Fountain St,Manchester 0S1-S36S8B Income Unite_lag 

3LB|—1 437 pelican. Units-[TW ■. tt4)-031 5*5 Accum. Lnm-P*« 


01-6334851 
_I . 432 

.-J 3® 
..-1 3.42 


.-USIKUh 8 J 6 VU 

ftf H|=| 


DIAS 4951 
.I 3.42 

...J 3.42 


CLTVE INVESTMENTS LIMITED 
1 Royal Exchange An, London EC3V 3LU. Tel.: 01-2S3 1101 
. Index Gnlde as at 21st February, 1978 (Base 100 at 14.1.77.) 

Clive Fixed Interest Capital . 134.6 

Clive Fixed Interest Income ... 121.45 


CORAL INDEX: Close 450455 


INSURANCE BASE RATES 

T Property Growth . 7$% 

Cannon Assurance . 4i% 

t Vanbrugh Guaranteed . 7.25% 

T Address shown under Insurance and Property Bond Table. 


t 




















































































3S 


Financial Times Wednesday February 22.195® 

HOTELS—Contimiea 


Stewart 

Wrights? 

International 

>*5, 


FT SHARE INFORMATION SERVICE 


Insurance Brokers 


1 Camomile Street Telephone 01-623 7511 
London EC jA 7HJ Telex 8811181 


AMERICANS—Continued 


**3RITISH FUNDS 


1577-75 

nijyb 


Sleek 


It orj 1 ield 
] — | laL | Bed. 


1M.‘J 
ICOl 
jr.7 1 
o;\. 

«s?k 


• Shorts ’* (Lives up to Five Yearsi 


11 njjfuri iik-pc .1 

iSLwli Sp: 7&TStt 


SVKiiur i'';pc TS£;. 


«^fo*asury.lvc7ic:.-- 
Etetttc-Tape 74-79 . 
Treasure ICktoTK . 
Swiru-rJjKto-'S.. .. 
Tr?a>nr> 9pc S8US..... 
TraKire Slype ifcrf 


IrsitUTMtopc 1S313 
Treasure 1 O'jc ISTWl 
TrejJur'9- ! iW ISSlfl 
&clu c' jpc f£3I _ .— 
SMi.WjpeWSl . - 

Exkh. 3pc !&1 . —. 

Tmr CaiuMeTM?* „ 
&.cti :3ipe - 
Tkj •‘H'OcTsy&Z — 
Txtsurywsx; - 


: h>eu?l4pc fflC . . 
rirea/ arwle JkJ»5 


Treasure Okpc'C 

E-u.'i.Sk.peiaffi . 

£.xnl>pc’& . 


iai\-U 

_ 1 

10 31 

99k ad 

+ If 
:& 

504 

104vj>id 

96Hid 

1103 

3.10 

97k rf 


455 

103'; 


10.14 

“57 


36S 

101 "cd 

301k 


883 

954 

94i a 


372 

95^3 


549 

108 A 

T - 

12.03 

104-U 


10.98 

MS-. 

-1, 

9 86 

100’i 


9 68 

96 J 


855 

100 

950 

ar 4 


3.42 

9*k 

♦ ^ 

669 



11.72 

96^e 


877 

a* 


p.48 

“A - 


12.35 

-t- ! 

674 

95 s ; 


6M 

9BNj3 

-k 

9 39 

83 


3 61 


5 71! 
631 
7 24 
510 
575! 
8.21 
6.041 
718 
B61 

6 27 
734 
938 
957 
7.04| 
948 
9.43 
951 
702 
7.48, 
986 
9.47 
706 
995 
7.57 
953 
9 6b 
7.10' 


Fire £9 Fifteen Years 


“1; ITPfJ.ur !-w i«3s 

f i j |Tr^.'i.:r i ,; ipr £1 . . 

’2'; KuLdiii:5'_Pc SZ-6 : i; 

' 7 Tr-.us'jr! Pkpe "W-Sirf 
jfca rurii:% r'-.M "S>C71i. 
iSJ; Tr«-4$u* 7',pc •=n-«s 
!?k Tr.o-pc-n "TBiR . 

5 J" Tr<.-.ir:r are,- ift-iO 
?£■' Trej J.-J iijx lSMK; . 
67!; Tre-4.-u.-i &kt!79&3 

B&ti TW4if} ll-ipcls* 1 ! 

5Sk -ur.ii r„.V, 5 c JWKS 

-"bk rr..o-J--i2-,>-’ASj - 
:£k Trex.ur Ufcv iSftl 
f 0 -; La' h. :2-s|iC ?- 


107knl 

9S' a 


1112 

9 41 

86k 


6 41 

93'-. 


915 

84u 


788 

851 


909 

64k 

-1. 

466 

70x 

T Ij 

7 24 

1101; 

♦S 

1191 

85 k 


9 83 

101k 

J- ?» 

11 71 

ID's 


837 

107k 

-u 

1200 

B9'j 

4--1. 

11 13 

10 2 km 


1191 


90Q 

9 92 
5.62, 
9 76 
938 
10.13 
817 
9 42 
1156 
10 61 
11.69 
1011 
1181 
1147 
11 84 


Q--er Fifteen Years 


lib'. 

11V. 


12'ri; 

1:<"* 
11«: 
So ‘ 
liQk 
n- 


>1 

120,1 

KL 

13>* 

334 

50 

.KJfc 

tr* 

72*. 

13s 1 ; 


t-:. 


32-4 

59 

StJk 



Trti.ur l-!'C« 

105k 

+L 

11 97 



65V4 


9.09 

a-, 

Tr;A-:r. !&?£ 

lllk 

-k 

1223 

co 

Treasur !~:t< 

117i e m 


1135 

4;;- 

Ewn.1-;3elSW 

lO^ird 

5&e 


12.00 


Treason !*p.- ms.... 

+k 

1075 

v, 


102 s ) 


1186 



49h 


6.21 

IV.- 

t'.ch.l,'-.pc -Jf, ,L-tlpda 

25'; 

-‘i 

1157 

57 

Trci/un I2kpc "Sarf 

109k 

82-d 

+ ’- 

12.04 



T -4 

10.34 

10+' 

Tie Jii/re 'SGrf - 

126L 

T*-^ 

1250 

39k 

E>ckiiueril';p;'Wri 

112' £ 

J. w- 

12.12 

IV. 

r.toenp-'wnipc 

48 


641 

87k 

Trpsriir. :.fjpc 

110k 

+ •» 

12.11 

c.i:, 

Ev'.bwtuer 10 s J*c IV. 

9V; 


11 46 

to'. 

TTe;r-u.“-i3jpc if97ri. 

BOkini 

+ u 

10.50 
10 22 

loss 

T*ea>. 15*3W 33C - 

123km 

+J- 

12 37 

65', 

TraasKryW’fc 

Sn-t 

*k 

11.09 


7Ten.-ur 'O-'jic iSt* . 

92k 

*s 

11.51 


rur.ciii-L+-'-rv 

40 

-X- 

8.83 



76k 

+1, 

1036 

40U 


52km 

+k 

10 48 

ss* 

Trea»i ir, Tip.- i. i5?r 

72k 

-k 

20.81 


1187 

10 48 
12.03 
12.03 
1193 
1116 

11 83 
8.94 

1152 
1193 
11-22 
1221 
ll^B 
890 
11.93 
11.60 
1126 
10 96 
1214 


ISTT-IS 

High la* 


Slack 


[* orj Dir. YU 

I - [ &r»cs rn OFs 


4*j 

17', 

25 

22 

21-s 

24 

Ib'-g 

22 

<0_bp 


W; 

33 

31 s : 

151 

141; 

24k 

311, 

& 

■Ilk 

19k 


491; 

13-] 

12k 


;n 

VUnt Han. L'SST.kl 

2tJkfJ 

m 


51.92 

_ 

2c* 

Morgui;.IPi I'JSLS 


$2 36 

_ 

12 

SonmSiaonlnc Si. 

121; 


.-he 

— 


'.metu.ni.33.is . 

. 15 s ; 


h?!06 

— 

141. 

OuakerCatsUSSS. 
RelianceS055 „ 

Mk 


Si W 

— 

14L 

ife 

ll';4 


15c 


Uk 

Rep N V.Corp.S5.. 


SI .00 

— 

111'’ 

RexnordSi. . . 


Mr 

— . 

141; 

Rididsn -Mrrll5] : * 

1^*B 


9Cc 

_ 

?47p 

SauftB.F.iSi _ .. 

289p 


_ 

_ 

18'; 

Shell Oil $1-... 

20^*d 


hS160 

— 

Ilk 

SmgenllQi.. . . 


60c 

— 

kk 

IP* 

SpenyRandSoao. 
TRW Ik. SI k . 

23%nf 

21 s ’«l 


SI 22 
11.80 

— 

ifV- 

Teoneco . 

281; 


S200 

— 


Su.IO".LB.Stfc?lfi 

135 

-2 


— 

505r- 

WoFUSHIP. 

654p 


SI.00 

— 

16'i 

Tesncoi&2s~ . 

17- e »d 



— 

22U 

7+melnc.. . ... 

25 


52 30 

— 

863 ;■ 

TraosaacncaSL.. 



COr 

— 

’I 

Utd.TecLSHS3. 

23 7 


52 00 

— 

m 

i & Steel If. . .. 

17yc1 


52-60 

— 

9?tp 

VrtmSftjO ... 

14km 


20c 

-- 

Ua 

Woo1mMthsS3!:—. 

12-;rf 


51.40 - 

.’«r 

VemeCorpfl . - 

321; 


52 00) — 

+H9p 

XoQuslntlOe.—. 

467d 


it- 

- 

75flp 

1 

$ 

s 

I 

li*. 


SiOc 

- 


4.4 
2 6 
2.7 
47 
55 
87.5 
85 
6.3 

S? 

47 

51 

0.9 

63 

3.6| 

0.9 

15 


S.E. LiM Premium JT'I (hurt an 5LS1.5H8 per £t 
Conversion factor 0.7289 (0.72941 


CANxlDIANS 


1977-78 
lligb lo« 


Sock 


I- wj DH. VU 
I - | Grocs Or Crs 


*13 

IS 

241; 

461 

9 

59k 

2T, 

43flp 

2b 

Hi 

lflk 
29k 
875,-» 
IS* 
27 k 
70p 
24 
2: 
17--. 
ib'; 


10,’* 

sfc 

in* 

825n 
1-L 
940p 


16^7 
3.6u 
If« 
°35p 

a.* 
11 •. 
420p 
5S5p 
b25p 
:<r. 
32? 
15 


BUJontrealSl -. 
fit Nora Scotia SI. 
Beil Canada 2Sc_. 
BowVsJleyii.— . 

Brarcanll.-.__ 

lajUrop Bk. 2 
Mn.PactlicS5 .- 
tH:^4pc Deb £1C0 
r.ul(<)ilCanO • 
Hawker Sid Cj-iu. 
iKollinjerSS . 
Hudson's EU\ 1 
HirlAOrlG f: .. 
Imperial Oil!| . 
Incu ._.... 
inL.N'atikuSI. 


Mtesr-Fer^H ._ 

Pacific Pet 5L- 


.Place 0a» Si 
RwAlwni- 

14’.; |P4»ai BIlCm S2 . 
l?f; [Seagram'7o <3'. . 
ib - [955..}Tor Oom JI. , «,•* 

9C0pl2'0]-mMs ':jn P:^c2S: <*! 900 d 

H63MI5.i 2S.E. Lisi tTemium ST'V (b 


Ilka 


SI 36 


43 



92c 


39 

32k 


54 2 


6.6 

• 15k 


10c 

_ 

0 4 

925p 

-5 

S1.00 

— 

5.6 

16 


S1.44 

— 

46 

10.» 


®7c 

_ 

56 

3f.K 

-k 

4 r 0 

— 

11.0 

16h 

1 1 1 

Sl% 

_ 

3 3 

345p 

18<; 

4Bc 
57 06 

I 

5“ 

5.7 

10-A 


65r 

— 

5 I 

26 


SI oO 

— 

ii 

Ilk 


66 4; 

_ 

3.4 

10 


5125 


64 

635p 

+D 

,B0r 

— 

8.4 

635p 

-5 


— 

— 

22 


36 4-.- 

— 

20 

53a 


_ 

— 

— 

16*s 


51.03 

— 

J 4 

17k 

X, 

SI. 

_ 

44 

■14 V* 

xt: 

Q\ 


32 

1C*’ 


he 

_ 

5 si 

9uOd 

t20 

1V?< 

— 

64 


(based an S2.177.0 per £l 


BANKS AND HIRE PURCHASE 


1977-7S 

rfi?6 Low 


Sock 


1+ eri Pi* I Via 

Price I - i .V« CirlGrt tIF. 


337 

305 

014 

595 

168 

195 


1130, C25>; 


1162 
10.07 
1104 
10 74 
10 90, 


Undated 


3r. 

*c. 


26-y h.Vvn»>N4r< 


£ 


,‘.ur Lam li.-r-rd 
i.'tni iv.oe 01 
Tle.'. i'r. -If-clv Wi. - 
l . uol l-'V . 

,Trea*un- &aw - 


35 k 

-4 I 

1138 

3&k 

T i» 

9.87 

33k 


952 

27k 

+'; I 

11.55 

' 22k 

XI. 

11.15 

22k 

! 

1155 


^INTEBNATIONAL BaANK 

35k ( 75': IffcSoiklTIC .. - 


37 |-k f 5 75 | 833 


^CORPORATION LOANS 


ICO 
94 k 
397 
112 
1W».' 

91 

CS! i 

•«:. 


in.: 

Q3*. 


°ck 


79 


l'.O 


e: 

33'; 

93 

95k 

85': 

I'.'t 

=f.. 


;4 


lbl’il 90 


Hirm Kst V»pc 79-8' . 
rrjlt4 7«pcTM]. . 

r.u 'z&c’si. ... 

twwsc isai. „. 
v,li'-»w3-jfSWC. „ 
ne.l» — 

.. .. ,L cn<.,i| V*pc78-78 

7 n i; l TV. 

il * (:*0 ITP« a.. - 

Ua.io*p6>jK' .;-78 

Do «.*■*&. 

L'.'« SwJ/jiV?. ... 
Lo- r; ;f-v ■ i-EI .. . 

I\>.V;pc-5M7 . . . 
1 >oo-kpe W-m 
Do :.\K JO All .... 
MitJj--- :-jfv L980 . . 
:eA^a:i!e5' i D7:cbO- 

Vim-.k'A-MSef 1 - 


/? 

65! 

7<n 

60' 

cu; 

515 


97 


9.54 

91k 


5 47 

105 


11.91 

135k 


11.88 

95k 


969 

92 


571 

1&4 


5.82 

981; 


10.14 

Z9k 


1208 

99 » 


652 

97 


9 8B 

95km 


6.27 

%km 


6 06 

81 


6 53 

73 


7.63 

73>; 


926 

25k <2 


11.95 

93.m 


5H 

98>: id 


9.39 

1051; 


11-35 


10 28 
1036 
10 73 
1122 
10.52 
924 
7.78 
10 62 


7.22 
10.43 
905, 
8.69 
5.63 
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360 
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415 


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£24k 


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310 

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102 


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73 

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84 

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106 

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42 

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69 

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40 

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216 

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110 

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113 

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31 

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51 


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110 

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51 
66 
69 

300 

109 

£42k 

9? 

202 

116 

40 
132 
128 

T 

100 

45 

242 


27 

422 

35 

19 

J53»a 

150 

434 

253 

53 

40 

3S 

182 

279 

137 

52 

70 

•238 


9 

35 

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65 

68 

23 s ; 

38 
99 

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55’ 

, 60 
'310 

381; 

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28 

42 
3Q 
67 
51 
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6 

22 

45 

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28 

18k 

40 

89 

39 

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9 

14 

74 

47 

88 

62 

50 

23 

80 

64 

43 
17 

124 

23 

I’ 

200 

133 

32' 


Aipim Soft n top 
Ass. Biscuit 31p- 
Aas.BriLFils.5p 

Ass. Dairies_ 

Ass. Fisheries. _ 
Arana Crop 5p 
Banks (Sidney O 
Barter AD. lOp- 

BktIAJIV- 

Barrow Miffing.. 
Bassett (Geoi— 
BadeysYoritlOp 
BejamiOp- 

[Bistop'a Stores- 

I rv> “i- kw. 


Da"A"N/V«_ 

Bluehlrd Cod._ 
teLSugarfi 

BroowBona^.. 

teadbuiySch'ps- 

(CteT'lHiUiBg_ 

Oiiford Dairies. 

Da-ATW— 

V-a-IBz: 

Danish Ben.-At! 
{Eastwood U B) 5p. 
(S^difLooOSp-l 

FJlC U ‘ 15P 


nahenA.i5p_ . 
Fitch LoreUaOp.. 
Glass OoverSp- 

3oklrei Foucard. 

Earferid'sPJBp. 

HiehgaiebJ.Sik). 

_ 

HLntcm'j\.i IOp-- 
Kraft SZ50 


Kw+kSaretop _ 

LennotuGp. lOp. 
LMoodHWgs... 

Lovell IGJ'iUHT 

LowiWm.i 20 p._ 

|IjimsiJ.in_ 

MaObewsiBi._ 

pteat Trade Sup.. 

| Mills 1AJ.)—!_ 
Msgan Eds. IOp 
Morris' DfW.HOp. 
Norfbero Foods. 

^otdinFtlOp.. 

PanoiP.) K^__ 

Pork Farms [0u 

F7fcetWJ.H0p_ 
Rakrseo Graito 
RHM ^ 


_ Foods 
Ro*ncroeM. 9 to. 
Saltatory 

Som one*_ 

SplflaL.^ _ 

Squirrel a nifjp. 

SSSft; 

Tavener RnLSOp 

TeScoSP-- 

Ltolgale_ 

Vnittd Biscuits- 
Watson PUaWp 
W haUhgt ._ 


116 

72 

56 

217 

46a? 

31 

75 

131; 

200 


140 
53 
64 
205 
170 
135 
154 
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53 


44 

38 


84 
112 
83 
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10k 

66 

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48 

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147 

125 

106 

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111 

45 

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34 

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355 

167 

58 

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108 

145 

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3J 9.1 35 
6.0 75 
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4A 8 2 2.4 
65t 72 23 


73 5 7 3.71 
25 t 34, 
1.4 95115 
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* 8:3 $ 
25 71 t5i 
— 7.4115: 

2610.6 52, 
6.0 3.7 47 
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23 4:4103 
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25 7310.4 
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5.9} 6,’ 


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35 7.4 6.9 
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21 92 72 
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HOTELS and caterebs 


41 

w 

108 

178 

14 

109 

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90 

215 

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12 

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10 

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K% Howls 2ftL. 

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to. lfijtc Cw 9186) 
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415 

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75 

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Abbes Lrt,--—- 
Abrasives intiop 

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Alliedlnvs.5p— 

Alpine HId^.^. 

11 .-SSUndwto- 
\yial MrtallED- 

ArwsonWlJOp- 

^sntLtfjareSp;. 

AsL5pne?nl»- 
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iawo Rubber £1- 

BOClnthL- 

BTB. 


20 

26k 


|Babd<WDU£l.. 

re—:— 

_ jRamac- : 

BsitAWjaT'A 

Barrow Bepburt 

BathfcPtKtlana. 

Beats® Clark— 

Beecham- 

BeQairCos. 10p- 

BenCma-.- 

:Berirfonfe —— 
[Bernini Tim po~ 

BwtobriL 


BidtiteHldo._-I 

Kfumuedfijg.- I 

asia a 

Black (Flo 

Bodycatel* 
Eogod PeL'.VWp-. 
84 BaoR+AHawies^ 
Boot(Henjyi50p. 
Boats-— 

Bar«-W.US5250- 

Bawatern—~ 
Braly Leslie Iftx 
Brady tods— I 
Rram*eriRj20p- 
Brktaendftae.to'. 

BriL SteJCwBt. | 
lini. t ' 


[toittains_ i—-V 

Es&esfl 

fewksWnta&l 
IBrownBav.Eat I 


BarndeneSp^— 
Soros Asds’o Up- 

} Imn&.lDpJ 



CanntonfwJ_^ 

CapelKKstriesJ 

CiplanProL VDp.l 
Caravans InL20p I 
Carftoii Inds | 
Cawoods- 


CdpAionlnd-Sp 

Central MfelOp. 

CentSlieenfd.5p- 


asabWh-Mp-i 
bugeWaraslO 
II raCjrtCwftlOpJ 
iCtuirffc-TJOp^l 
lories LA IOp 
IcbubhMp-^J 


39 

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119 

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23k 

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108* I - 


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&wrrCtap.CSSl.. 
Dorta SMgl IOp 
Drake tScuH— 
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■munbeeCbffi-Mp 
(DuotiKilanSOp- 
brpteInL5lL__ 


m hi 




Beepltip. 


EecL Ind. Sec—1 ■ 
Elliott FKro Wji- ■ 
Elson k Robbies. 
El*wickffp«5p 
EinhartCocp-Sl- 
SmpresoSrir.lftt- 
Eng. AOver’s lup 
Eo&Chirlaaay?. 
EsperanuLKtjj). 
Euro Ferries..— 
EvorteKldgr*3tp 
Ewe-GawpelOp 


lFatrbainlMraiiL. 


Fenner 0. H.1 J 
Farausonlnd— 
FerilctiMn30p— 
FhidlajC.'LRi—. 
rtotGasfielflp- 
Rtzsilltwl—•— 
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|F0g3i+yf&).- 

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€£.iHdESl5(®- 

Geaetner-A , .4^ 
lObW Dudley. 
}SbbCOB®'_— 



/iNLfiLpcCirrWffit 
{Ha+greaves 20p_ l 

&SteUcni- 
ttipsoi. 


_iflp 

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B oil Lloy d IntlQpj; 
Itoor+rW. 


Htokins&HaOp. 
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gnathcAaoc— 
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parttoeJtjSaf jjR 






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Wedtoesd^r Ffehraary 22 1978 

INDUST!^ - INSUEANCE—Continned 

%l ** IwM.Ss WSSI *■“'■ 



fttoM.S [c«| 


jn-a ' 

KXh Lost 


.1+ «| k* ra 

1 “ I Nrt CVr Or's 


PROPEETY—^Continued. 

I' I I !+ aH ttv I 11 


INV. TRUSTS—Continued 

l«-M-SWE 


+ . BIT |rM XT7.3 I 

**« -IN* Cw|G*-i|KE High Low) Stock 

59 ...... 25 11 6.51214 54 221; Uajrtfclrc. ]i 

1Z7 - Q12-5 LO 9.B * .78 W Martin ittP.' 

*2 V .,77 r« T-J^r. 920 Ma*Hn.*R 

11, 'J“ i! i?® 1 18 " a 


FINANCE, LAND—Continued 

ra. 1 »*. kr-iska 


50 ->a 

2 ® 2 .. 

85 -1 
49 . . 

89 .... 
S3 .... 
78 nl .... 
10 . .. 
61 *]s 

59 -i 
227aS . 

175 -1 

#?. 
27 ..... 


221; Msj«HeIimL]Op_| 54 
M Martin lUP.'Sp. i 63 
® jlaaMitlKIty 965 
13 .YMCImiabs 17 


\rt ICxTlGrtlWE 
.69 J Z2l L9I37.D 


C.69 Z2| L9 37.0 
5.98 LI 14.4 95 
QS3 16 — | 7.6 -— 

1 3 0 7 116 IE 2 


LO 8.517*225 20Q i'N;W«K SULV 


=1= if 


[rMraabclOp ....I 
(Park place lnv_[ 


ifl limm IS IW?'4SJ, J 178 -2 hi* 


13 05 0 9 13 223. £57 
3.8 LO 7.4 2Q.4 12 

TL67 10 7 2 379 Bl 

8l U M2M J3 


Fwasl-S RtiSOJ £48 
&. George !0p _.] IOI 2 


47i 2 iswL*aet.\v_ ill 


S.EfP.pcAnn- £51 . Q4.25 — 


15.84 Lit 5X'279 r 
12.89 1 3t 4.4)27.3 £ 


73 . 332 1.0 Ml? 

27 . 0.8 1.0 4 5345 

39 12.87 IX 11.2 12.9 

31* . - - - - 

80 +1 3 2 t 6.2 t 

07 13.43 * 9.8 4 


212 46 
3451 79 


c» an 

£104.900 
2B 22 


37 Smith Bros. . _.53 

1U Si!o.Pac.HK50c 8 

£271* Sum Fin. >7100. £324. -1 
900 TVwiMkLTalp 925 . ... 

22 ftstc. Select. 3h> 25ri .. 

22 We&irfEoglano. 40 

33 YdeCauolOp.- 71 +1 


Z6 5.4 8.4 
3.7 53 7J 

- b.1 - 

0.9 6.3 27.7 
17 41Z1.5 

— 83 - 
Z1JZSU2 


6.0 24.1 46 

53 a 187 139 
M 23.7 «6 756 
4 E A 79 60 

63 l » M 


AttockSDp_ 112 . 4.26 D.9j 4.4]r«i 

8ntBorneoIDp 146 ... +612 16 6.4155 
Brit-Psrora.il 758 +2 £22.10 30 4.4 JZ6 

Da 8% PL £1— 75 . 5 6% 33*11X3 — 

Unimak £ 1 —- 52-1 — — — —- 


14X8 ^ = d i‘ 

D9i h an # % asste “» a i tZ4 i i 8 a 

♦35S IX 3 2 450 Q2\ Oeft PiwhsR.. EWj+«. QUl-i 1.9 1Z: 


-7578 « 


IX 3.2 45.0 U2 

10 4.7 355 400 

11 6 .G 20.9 iTO 100 

12 35 39.6 % 

12 6.819.6 .45 24 

a AH A 199 160 


tTCfuffOiltl— 412 . - 

rtClydeFnraia 130 — 

Eode«our50e_ IOI 4 ... — 

KCA_32 -h 20.1 

LASMO_160 .... 


1 Igifft £a4Uusw!niHsm^+‘4 qu*. -Tldid- l£f 


a u a tim iwzi-wtu.’+'.wmBfciui'j+'a 

11 9714 7 418 260 USKO-Opi-lOg. 334 . 

1* 5 8 214 ^4 13 i^Mt«eul5i0r.. 19 

1? 7JIT3 326 78 CtffopL lOp 228 -8 

L2 43 296 23 8 Premier Cans Sp 15J; -i; 

13 33 364 £23» ^Uh RangerOd - £J7*. -«« 


_ _ 325 
13 370 


gg \l 3i» & & gfSaSRi ;u w 

377 i «Tn? 412 __ 4& + 3 ^- 


7.5103 635 «4 
94 153 ^1; 54 
_ ZT 350 88 

LS48 ,£66 £55 


Shell Traci Res. 500 

H0.7WII_66 .. . 

martens 1 r.K>£i. 266 -2 


tl4.2S 4.1 
4 9>. U« 


ha" 1 


6.B243 2M LI?? 


* 7.6212 

* i 4 i S 

0.7 5.636.9 Ug 
il 6 6.0 15.9 *99 
10 20 UL7 

* 4-2 * 


r«acoA»iCnv £58J a .UHVM — iBJ 

rneretrol_ 144 -2 1127 4S O.sl 


16 Htnmar_ 220 1-2 I _ I _ I — 


Do TprCnv — 128 
KvwisNat lOcts. 100 
bo PHOrd 10e-. 100 
[Woodidde .IsOc. _ 61 


OVERSEAS TRADERS 


9X>« (.African takes _| 300 


Aus A me 50c_ 
EeasSirdiSiW.!. 2050 -3 
BookerMCC.^. ZOO 1-4 
2onhrtfk lhOiiS5p 63 [.... 


68 2uihnrk-lkft£. 130? 63 

271) Eourfeidi!0pi._ 3012 .... 
150 Finlar.Jaf.50p 276 -1 

lei G:lf 6 Dstfus —. 213 -1 
£49 Gt.Ntbn.U0.— £54 ... 
276-; H’ns'os Cros £J. 350 +13 
66 Ho£fncnc<5i— 70^1 . .. 

[335 Ind.cBpeU_ 351 -4 

9 Jacks V.m._23 . 

20 J£aaics5cgar_ 11 . 

62 Loarfco__ 75 e) . 

36J; UiicheUCotxs— 43 -‘j 

146 Nigsiaa Elec. - 263 . 

7?; '.VeanVnaii2Pp 77 -1 
135 ftCsoo Zora»p . 200 ...... 

230 Dp.'A'NVlOp- 195 . 

42 SangerUJE.lOp. 47 . 

4tj Sena So gar aOp- 7 ... . 

83 jSLae Daruv lOp 99 +1 


62.75 30 5 1.4 24 2iO 
025c - - - 570 

8.25 4.7 6.1 5.8 13 

(7 08 34 5.4 8.4 525 

6 2 IX 13.91(9 4. 150 

1.52 1.2 7.7 il£7i 100 

p6S4 7.0 3 6 5.1 21 

b3 71 32 6 2 7.0 95 

2 3 22 7 6 4°0 

35 55 7.8 420 

2.2 9 2 63 49 

32 6.5 D.c 70 

- - 9.7 215 

- - - 90 

22 13 2 .4.2i 73 

1312.0 5.8 210 

12 65 (ILL 205 

35 45 6.4 160 

7.9 5J 3.6 -64 

7.9 5.4 35 102 

13 24 3 8.4 95 


. IK7 , ,,-5X29.0^2 205 Steel Bros ffop.. 3S2 

^.|W1 Jfl 504 ?5 Taj«rK«wa»P 43 

IsQUel 11 6.4143 £92 £75** Do 8pcCm.8I. £B9 
M2 ■■--LA?. tJ « m liCrtsMffc.lOp 4? 


I. 6.55 

t 34 

. 1137 

[-I h229 
L... 7 0 

. 70 

1 . 4 43 

.... e- 
+1 05.5 


po 54 7.0 3 6 5.1 
63 71 32 6 2 7.0 
di2». 2 3 23 7 6 
u2 72 35 55 7.8 
4 2b 2.1 9 2 63 
1x5.0 32 6.5 0.6 


03.5 3.3 3.512.0 

1132 5 4 4 5.4 53 
3.!P 25 10.4 55 

08*. 102 f9.1 - 
h<l 75 110 2.3 6.0 
QlO^o 313 0.7 - 


RUBBERS AND SISALS 


+*r | Dir. I IFW 2” 
- Net Cvr Grs 2 V n 




MINES—Continued' 


4.4)1*83. 1577-71 

6 4)1551 Hleh Lon 


CENTRAL AFRICAN 

1 1+W I Dir. 


Dir. 1 ITU 
.Net Prr Grt 


Falcon TiSiSw_ 

Rfaod’n Corp. U-.-p. 
Rwn'.ens K4_ 


1Z21 63J 27** l 10 (2am.vpr.5PW24.. 


115 iTang'niilaaOp_4 


Do PrefW 
racJaeCol 


-A Q50c 1.3 245 ! 
-1 0 57 43 4X 

-3 - - — 

-1 QUO IX 8.6 

. Q9*16.4 9.2 

-2 07i;c 1.416.8 


2D 10 Acmes 23e__ 

127 57 f4Niiaianlle50Tiiei 

69 EHSwifc50c. 

325 119 Connor RinfirioNir- 

72 18 G.U. Kalgoorlic »L 

112 77 Han.pU.Arex.op_ 

35 10 MrtaisEiNte - _ 

242 125 M_LN.Hldjs.50c_ 

105 10 VwnlL«eUSc__ 

2». 1 Newmetal Wc_ 

120 79 Nonh B RM50c__ 

12 4i, Mh. Kelgurl;_, 

147 87 I’&kbnCRtSAV_ 

55 20 Pacific Copper_ 


AUSTRALIAN 

5lV_.1 11 |_. .. 

nulleMTuei I 82 Lj 1 


70 -2 

360 . 

72 +5 

88 . 

13 . 

13 in_ 

19 . 


+1 I Qllc 


__ £13 575 Pancoo:l2ac_ 


107 19 8 PanneaillEsXti- 

74 555 345 Peko-WaUsendaOe. 

_ — — FowidonSSc__ 

_ 1»4 35 It+sto MintneSOc. 


1-251 


35 |WhLmi reetiic_j 


Q15c 4.0 2J. 
Q6c 14 4Z 


59 I 18 
395 240 


TINS 


18 AmaJ.Ntceria .._ 

240 Ajcr KitsmSSfl_ 

25 Bt.raiti(n __ 

155 ScnueiajJlil- 

260 Gwrer _ 

8 *7oWA Base lO'ji _ 

190 i.Topenc Com._ 

72 HoegSoag. — . 

60 Idr.f 10r*.. 

7 Ja3iar|?tf>_ 

30 Kamur.t ins SM05O. 

260 Ejllinghaif-._ 

217 Ms!a, t1cigiE;:L:i 

40 jPafiarC- __ 

| 50 Pec.'idcn LOp_ 

133 Peiaiing Sin_ 

55 Mid Piran_ 

55 aoulh Ooflj- lOp_ 

77 Sooth SjjuSMO.il 
W8 fthnKrJaranSffl- 
57 Sungin B«i SKI — 

19 ScpretneCtTp.SMJ 

42 Tan jane lGp_ 

45 Tongkift Prbr SMI 
93 (Irx'.iohSai _ 


04167c 1 0.332.6 


■rl 3.75 23 

. ... iWbOc « 

.... 1805 3.4 


.ZOl55c 8.7 43 

. Q125 f 27.8 

. <P55e 0.8 68 

_ 1023 03 5X 

. 63 *166 

. mUl2ijf 10.9 16 

-1 gl.99 43 5X 
-2 M.12 1310.4 

.10778c 14111 

_:Q13L3C IX 113 


.ZQlOc — 64 

__ 4.5 * 7J} 

. (K6EV 16153 

.Z030c ZO) 3JB 


COPPER 

78 (Mesrinn R030_| 78 


-4 (*Q30cl 1M * 


MISCELLANEOUS 


91) 9 Burmo Mine* 17i«p. 

11a 53 ColtyMinesiiri... 

600 225 Cow lluith. 10c.. 
mj 475 250 ’.onhgJlcCSl 

[S 247 169 S.T.Z.. 

ai 70 2®i Sabina Inds.'.Tl— 

41 £14 ? . 000 raraEspinSl . 
7.0 55 ?9 VinfclUawalilOj.. 

_ 160 ISO YukonCoeiCU_ 


69 —2 — _ ^ 

243 _ Q3Qc * t 

250 -2 - - — 

175 . 18.5 q3J 7.4 

830 -7 - — —| 

45 . 1.21 23 4X. 

120 . Q7c « 55 


NOTES 


7.2 Qdiu MhenitH indicated, prieei and an dlrUnda am la 
69 pence end descadnotiatia are ZSp. Eatinaled priedeamiifi 
67 ratlas nad corcra are based on lateat annual repoita andaecaaala 
69 as 6 when po+rfhle. an npdaled cat kaH-yearty Rnrea. PfEa am 
6.4 calcnlated on tfee baala of m dlatzlbatloa; bracketed flpnei 
7 3 UaBcme 10 per nL or an difference U mi "(jr 

2J dtatrlkaUan. Coven are baaed n dta trtb n tte a. 


Yields are baud an middle prices. Bregma, adpntcd wACTaf 
M per cent end allot* for reloe of declared dlslribatlenB and 
rtBbtt. Secnrittea with denomlMdltma ether than ^+U»8 m 
«nated lacfautre of the Investment dollar premium. 


A Sterling denominated securities which include investment 
dollar premium. 

• Tap“ Stock. 

- Highs and Lows marked thus hare been adjusted to aHmr 
lor rights Issues for castu 
t Interim sore increased or reanrsed. 
t Interim since reduced, passed or deferred. 


tt Tas-free to non residents on application. 


J? a Price at Urac of sospeasitn. 

9 -b f lodicaied dividend after pending scrip and/or rights issue: 
3.0 cover relates to previous dividend or forecast. 


12.1 Indicated. 

ig'g i Foreran dividend: cover on earnings updated by latest' 
"07 lntentn stalemenL 

1 Cover Pi lows for ronveraipn of shares not now ranking tar 
dividends or ranking only for restricted dividend. 
i Cover does not allow for share* which may also rank tor 
dividend at a future dr-.le. No P;E rsno usually provided. 

¥ Excludian a final dividend declaration. 

+ Regional price 
H No par calac 

a Tax Ires b Figure* based on prospectus or other official ’ 
cm mote c Cent', d D:-.idcnd rate paid or payable on part 
cf catnip!, coicr based on dividend on full capital, 
e Redemption ' it’d f Flat yield g .Assumed dividend and 
lield h Assumed dividend and yield after scrip Issna. - 
.1 PjjTcenl from capiul source* k Keiv's. m Interim higher 
ih&xv previous total, a ft.ji.ts Issue pending q Earntoga 
bared on preliminary frguret r Australian currency. 

. Di vidend and yield exclude a special payment, t Indicated- 
dividend cover relate' to previous dividend. P'E ratio based 
ua l.uest annual earnings a Forecast dividend: cover based 
on previous year’* earning*, v Tax free up 10 30p in the £. 
w Yield allocs for currency riauso. y Dividend and yield 
based on merger lerms : Dividend and yield include a 
special payment: Cover does not apply to special payment. 

A Net dividend md yield 3 Preference dindend passed or 
dctvrrcri C Canadian D Carer and P.E ratio exclude profits 
nf L'Jv aerospace subsidiaries. E Issue price. F Dividend 
and yield based 00 pronpecni* or other official estimate* for 
1071-78. G .Assumed dividend and yield after pending scrip' 
ond or rights licuc. IS Dividend nnd yield baaed oa 
provpeotua or other official c-riimains far IPJC-TT. K Figure* 
based on prospectus or 01 her official estimates for 107E. 

M Dividend and ;icld hated on prospectus or other official 
••sriniatc; tor inr/l N [m idrod and yield based on prospectus 
or other official estimate:, for 1U7J. P Dividecd and yield 
r-ased on prospectus or other official evtimaie* for 1F77. 

«} Gross. T Figute* assumed. U No sigslficcni I'orporation 
Tac pavsbie Z Dividend total 10 date ft) Yield based an 
assumption Treasury Bill Rale slays unchanged until maturity 
of stock. 


Abbreviations: nfc* dividend, c ex scrip issue; n ex rights: a ( 
all. d at capital dlsmbution. 


*• Recent Issues ” and " Eights " Page 36 


- c [This service is available to every Company dealt ia o*. 
Stock Eichanges throagboot the United Kingdom for a 
fee of £409 per annum for each security 


REGIONAL MARKETS 


The following isa selection of London quotations of share* 
previously listed only in regional markets. Prices of Irish 


previously usted only in regional markets. Prices of Irish 
isrucs. most Of which are not officially listed in London, 
are as quoted on the Irish uxchange. 


Albany Inv. 20p 
.Spinning ... 
Bert1131. ... . 


[ids'wu 50p I 280 


ShefL Reirshmi. 51 

Shiloh Spinn . . 29 

Siudnll iU'm.iB5 


Clover Croft— 22 
Craig & Rose £1 400 

[rsoniR.Ai. 40 

tllisfi McHdv 68 
Evans Fr'k.IOp 58 

Ever*.*. J6tj 

Fiie Forge. 47 

F.nlav Pig.Sp . 20 

ijraig Ship £1 .. 212 
HlgsociBrev, 1 ... 63 
I O M Stm £J _. 150 
Ho!t iJut.ilSp... 245 
N ihn Goldsmith 62 
Pearce *C. H.i... 132 

Peel Mills.. 17 

Sheffield Bnek 47 


Conv. 8*« '80 -81. £9&td +J* 

Alliance Gas. 30 . 

Am oil .. 2B5 . 

Carroll «PJ.i_ 100 . 

Clondaflrin.. 82 . 

Concrete Prod*. 130 . 

Heiton .Hldgsi 49ld 

Ins Cnrp . 155 . 

Irish Ropes_ 130 . 

Jacob.. ... .. 50 .1 

Sunbeam __ 33 -*-1 

TM.G..- 190 ..... 

L-flidare-.... 75 . 


921 

ladustTialB 
7‘nIA.Brew . 
oil A P Cement 

*•* B.S.F1.. ., 

Babcock. 


OPTIONS 

3-month Call Rates 


.I.C.I.—.J 23 ITubeInvest..! 30 


61* I' lmns".. I 7 1 L’r.ilever..—| 40 

18 jl.C.LT_ 20 I Did. Drapery..! 7i» 


E.S.T1.. 9 Invcresk- 7 

Babcock. 10 KC’A.. 5 

Barela}'. Bank. 25 i^dbrokc _.. 1' 

S^ccham- 53 Lefie! & Gen.. 1< 

BiMIn DruF.... 15 Lex Serv ice_ 7 


L T ut. Draperi'.. 

Vicitn .. , 15 

Wool north*- 6 


7 Vickeva 
5 W ool n or 
17 __ 

14 Property 


Bourn era .. 

BAT- - 

Bntbli t’ltygcn 
Brou n IJ >.-. ... 


^ ' Brii Land._ 3>* 

To iJuvJi Bank., 22 cap. Counties 5 
24 " Ixifs... .... 5 E.P.._ 5 


(London Bnek.l 5 


Intreuropesn ) 4 , 
Land Sec* .,_| 18 1 


Burton A — 13 Ilul-oi Inds _..| 25 I ME PC . 12iv 

Cadbury*..— S |Urou6iJ.. —j $1 j Peachey.. .- 10* 


Counauldt.... 10 "Mania . 7 Samuol Props. 10 

bebenhams .. 10 Mrks.L Spncr 11 Town & Citv^ 2 

Distillers. 13 Midland Bank 25 J 1 

Dunlop........ BL S'.Ell.20 Oils 

Eagle Star.. 11 Nat Wen. Bark. 22 ~ 

E.M.I.. 18 Do. Warrant 10 Bn- PW»f«u«_ 35 

Ucil Accident 17 PU'Dftl ;0 m 

Uen. electric. 1£ Plcssey. 9 t narterhall... 3j* 

GlnrC" - ... 40 R H.M - - ... 5 f.'Jf 11 - - - j» 

Grand Met. 9 Rank Ore. 'A' 18 LUramar—22 

C.LvS -A'. 18 Recdlnli... 14 w 

Guardian. 18 RpilltrK—. 4 ■ njae * 

G.K.N.22 Tcsco. 4 Charter Coaa. 112 

Hawker Kidd 20 Th<*ra. . 22 Cons. Gold. 2D 


Glnxc- . - ... 4 

Grand Mdt. 9 

C.LvS 'A'. II 

Guardian. 11 

G.K.N.- Z 

HawkerS 1 dd 2i 


5 Shell _ „..j2f 

; la L'ltramar_l 22 | 

2 4 Mines 


(CharterCona. 112 


22 jCons. Gold. 


Hoa=cf t Fraser 112 |Trun Houses. J IS IfitoT.atic ".. 16 


A si'k-ninn of Gbiionx traded in given on Ilia 
Loudon Stock Exchange Report page 


I 


















































































































































































































































































































































































































































































































































































































Wednesday February 22 197S 


EXTEl STATISTlCAVSEfiVlCES.ItfD 
37/46 PAUL ST. LONDON EC2AAPB 
Tel: 01-263.3400 . : • r - 


British steel users 




BY DAVID BUCHAN IN BRUSSELS AND JOHN LLOYD IN LON DON 

STEEL USERS in Britain have ten to Viscount Darignon. the when the BSC proposals are 
protested lo the European Com- EEC Industry . Commissi oner, fully implemented, 
mission over the effects of the claiming that this agreement The Commission has tola ESA. 
scheme to safeguard community contravenes Article 65 of the steel users that they can buy 

steel industries—the so-called Treaty of Paris. sice! at the old prices on pre* 

Davignon Plan. Tlle coun eil is also concerned January 1 contracts. But if they 

Their protest came as the Com- that the BSC proposal covers all ^Pif cu^Ss^they Save a 
mission said the plan was to be types of steel, whereas Lie l Q eir cu. toiners. iney 
modified to allow steel consumers Davignon Plan only specifies re- th m0 ”', 5!jS££« 
throughout the EEC some lee- inforciog bars, merchant bars the steel producers at the higher 

way bn contracts fixed before a nd hot-rolled steel. prices._ . . 

January 1. when guideline prices While a number of stock- • Figures published b rf the 
were raised by 5 per cent. holders. particularly those lnternadonal Iron and -tMi 

_ ... . . f in «iainless steels Institute in Brussels yesterday 

British steel users feel that specialism* in .laimess sieeis, . . Jh prude -steel nroduc- 

ihe British Steel Corporation has have reservations about the BSC showed that cruae steel proauc 

eone much further than required b comm* ton n lh - Ini f nth C om'pared P to 

Ke Che iS ‘TSlSt Sl °A W,> spee , Si ll lit week by Sir January. 1977 while wSrid pn, 

Un-b are thou passed on i'n Charier Villiers. > the BSC chair- dk*tton rose by 2 per cent, over 

h : -her Dri'-es to the users man. guaranteeing to supply the some period. 

The fiSh version of the stockholders even if BSC had to was in 

Davignon Plan, initiated by the import steel, has done much to jhe u.Ix.. where‘Steel p ™ d “ c _ 

corporation. ask* stockholders to quieten their fears {““J*ind,“5 ? S W ier cmi 

Mltheir steel on the basf* of Steel users, however, are iNetheriands it .eu li per cent. 

BSC LsJ prices, plus a margin, claiming that the prices they are 

11 aim proposes that they buy paying have soared. For example. But EEL_ officials point to 
95 per ccm. of their require- Flexiform. a Leeds-based com- higher output In five other 
men is from EEC producers. pany. claims that it will have to members States as evidence that 
The British Sroel Consumers’ pay up to £20 a tonne more for the Dawsnon Plan is having 
Council, which represents both its steel from its stockholder, sonw effe et r 

large and small users, has wrrit- Lye Steel (a BSC subsidiary). World Trade Neus. Page a 



peace 
buttle starts 


BY DAVID LENNON 


TEL AVIV, Feb. 21. 


Thatcher 


claim over 


scanner 


BY DAVID FISHLOCK. SCIENCE EDITOR 



THE LATEST U.S. Middle Easi Mr. Atherton's talks tilis morn- 
peace shuttle got under way to- mg with Mr. Moshe Dayan, 
day when Mr. Alfred Atherton. Israeli Foreign Minister, lasted 
Assistant Secretary of State, held two hours, as did his meeting this 
two meeting!- with Israeli leaders, evening with Mr. Begin. 

Bui there was nn indication that Mr Atherton described the 
any progress had been made. meeting as “friendly and frank." 

Mr. Atherton's renewed peace He said there has been no change 
etfuris came in the wake of a j n the Israeli position since bis 
fierce row between Israel and earlier shuttle and that he 
Hie U.S. over Israel's settlement expected the present phase of 
policy and the American decision negotiations "to go on fnr some 
to sell warplanes to Egypt and time." No new American ideas 
Saudi Arabia. wore presented at this evening's 

The apparent lack of progress meet in*. 

Iii-uay P«;..b:ibly emphasises the Earlj ' er tCl . da> -. Mr . Begin 
li.iuh talkin’ which lies ahead. notified President Carter that 
W.-vaiia- or ihi-. air. Menachem Mr Dayan Mr . Ezcr Weiz- 
l ,L *- in - Pnm >. M*bister, nian isi-yeii Defence Minister, 

»n\u*-il In*, inner Cabinet or wou j d j, e accompanying him on 
deputy f reiiiier and tlie his visit l0 Washington next 
Minisp.-i 1 - »f Foreign Affairs and 

mcimf. mI ^ Ho explained that he wanted 

Mr. Begin appears concerned P'*™ Jf.' 0 ? 
tti demonstrate to Mr. Atherton 

thai hi* Cabinet is united in its m^Sn^iSS^Sln 

position, a .id to dispel the im- ** v"Si? tSS? 

predion that there are sharp dif- Tfi! 

fcivuces within the Government sa/d that Jhe 

over n- poiiey m 
negniailoiis. 

the talks between Mr. Alher- 


lhp continuation of the Israeli 

H settlement programme in die 


tun and the Israeli ieaders con 
centra led nn reviewing the 
Israeli position on ttie troubie- 
snme Palestinian clause in the 


occupied territories harms 
Israel at this stage of negotia¬ 
tions. 

Some party members said they 
would consider quitting the 
coalition 


EMI'S LEGAL battles t» 
defend Its claims as the inven¬ 
tor of ihe Lull-Scanner, the 
Brst commercial version of * 
powerfnl new medical X-ray 
technique, entered a ilcvv 
phase yesterday wbcu a 
second patent Infringement 
suit was filed against one of 
Its U.S. com pel i tors. 

The suit, filed in Cleveland. 
Ohio, alleged (hat six mure of 
its paienis —in addiriuu • »» 
nine cited lu 1976—had been 
infringed by Ohio-Nuclear. 

Ohio-Nuclcar, a subsidiary 
Of Tecbnicare Corporation, was 
one of its first two compelimrs 
in the new medical technology, 
lauuchcd six years ago. 

EMI tiled against tbe second 
of ils Initial competitors. 
Pfizer Medical Systems, last 
summer, bul the action has 
been suspended pending the 
outcome of discussions 
between EMI and Pfizer. 

But Dr. John Powell, EMI's 
chief executive, stressed yes¬ 
terday tbe company's intention 
of fighting for royalties «m 
what it believes to be a strong 
claim. 

” We're determined to 
obtain recognition for our 
patents from the industry.’’ be 
said. 

Although a (otal of nearly 
100 patents—including tin- key 
patents for ihe application of 
a mini-computer tu X-ray 
diagnostics — has now been 
granted to EMI. no licence for 


THE LEX COLUMN 



***■ feD 34 ■««' ss^jstjssss^ 

came as a bitter blow to GKN. __— finding it cheaper fl^quiCfe* 


ever, it now seems tftat 


use of ils technology has yet 
been granted by the company. 

Tbe eumpany has more than 
3X5 patent applications pending 
in seven countries) among them 
ihe UJL, the US, France, 

Germany and Japan. 

Its tirsi patent applications 
on the new technology were 
filed in Germany and Japan in 
1999, but neither country has 
yui granted a patent. 

It was “ an impossible situa¬ 
tion " according tu Dr. Powell- 

Patents were granted rather 
more quickly in North America, 
but the conduct or litigation 
against infringement was so 
slow tbat it gave defendants 
plenty of scope to delay the 
payment of royalties, be said. 

EMI also faces the problem 
that some of the laicr entries 
into the market Tor com¬ 
puterised axial tomography 
(GAT) scanning are much 
higger companies, among them 
U.S. General Electric, and 
Siemens and Philips in Europe. 

More than 700 E31l-Scanners 
of various types have been 
installed so far. in about 30 
different countries. 

_ _ || claims to j id over DM50m., a figure wtueft tKrttcUy on me taiesi At. _ 

he market leader, wiih over 30 1 tnignt well have been a good bit put®/ although the second 


The group now has a month in 
which to decide whether to 
appeal to the Federal Econo¬ 
mics Ministry. As things stand, 
a fundamental part of its 
strategy in recent years has 
been placed in jeopardy. 

Control of Sachs would have 
brought a decisive switch in 
GKN's centre of gravity towards 
West Germany — where the 
vehicle market is more than 
twice as big as iu the U.K. 
Taken with its existing Uni- 
Cardan interests, the trading 
surplus from GKN's German. 
companies might have totalled, 
say, £ 50m., nr well over, half its 
surplus on automotive products. 



Hi ihS 


to deal direct with the* ferM 
and' b.v-pass 

So fai just over n2#m. of;ftos§: • 
iictg- rate stoclc is^j®s itove 
raised by .local: authorities but • 

it is ‘ reckoned 

double that amount ■ (upwards^v 
£200zn,>; has 6©en 
form of syndicated--bank loxfe 
over the hist' year. '* yis-Z 

The'/irowifeg. pdftulfl^ly 
.this" sort ‘of hnauce: fbr,ioca|'. 
authorities 7 is : nofr;;.d3fS<^;fif. 
explains ‘Spreads Gn bahfc leaBs 
are currently under- l,peE*es^ 
ever .• interbank : .,-^rate^i';ang^ 
whexeaS'Stoc^: Issue^-haye oil 


___ been done' for five.. 

Moreover the purchase price seafcmg to unwind the increase 
which was agreed just over two m BOC’s share stake from 34 
years ago now loots extremely 4a-,4d. Per oedt • a«f. 
attractive. GKN was to pay shareholders ta accepts 
DM330m. for 75 per cent, of a offbr lf one can be found. The 

business with disclosed after case may come to court -o® 5 *-'it ■ miich'-.-fiejdbflitv 
tax profits of under DM33m. in month. But the annual re P ort There ^ hb' need’ W 'ibm' BIb 

.......... 1974. By 1976 earnings were up from BOC has nothing to ^ -nonnal^ank df Eng^qo^e 

The company still claims to | id over DM50m., a figure whu* diiectly ou^the 'Anit'Instead of r¥ceiviog J aIl"sfe 

u * moneyJHn one/ 


all apparently undeterred by 
Ihe wide scope of Ihe patents 
EMI has applied for. 



price curbs 

By Christian Tyler, Labour Editor ! 

,‘MRS. MARGARET THATCHER. I 
leader of the Opposition, last l 
night attacked the Govern-1 
nient's direct control of pay andj 
prices, and attempts- to manage 
companies' investment through 
industrial strategy. 

In a speech seen by Conser¬ 
vatives as a major statement nf 
her economic philosophy, she 
declared that the next Conser¬ 
vative Government would 
restore company profitability and 
cut personal taxation. 

Comparing Britain's pro¬ 
ductivity record with that of 
West Germany and Japan, she 
said it was "quite futile” to 
attempt to preserve jobs by 

making them uncompetitive. . . , _ 

"The only inbs preserved by I concern, is planning a major stores in me North-East. 

British overmanning are German I expansion of ns U.S. nperauoos m a separale development, 
jobs or American jobs or lthrrj '- , Sh ,h, ‘ acquisition oF Peter the leading British toy maker. 
Japanese jobs " Paul, the U.S. confectionery and Dunhee-Combex-Man:. announced 

Mrs. Tliutchtr was returning in “ candy" manutaciui'or. thai u had cnnipletea the 

The two companies to-day acquisition <if Aurora Products, 
annmmeed an agreement on a a tuy and hobby manufacturing 
proposal to merge their opera- subsidiary of Nabisco, the big 
lions, wirh Cadbury Schweppes U.S. foods producer, 
offering v27.50 id cash, or a total 1: was annminced last 



expansion 

ii 


BY STEWART FLEMING 


NEW YORK, Feb. 21. 


CADBUUY SCHWEPPES, the has a base in the U.S. Us, , . 

British chocolate and soft drinks chocolate products are sold ini shares were very weak through 

- : ■ the latter half of 1977 and are 


cenL iu the first eight mouths Hs .preventing the_group njhney the ; importance ; 

of last year. determining an efficient multi- gK 0 uld not be Underesthaated 

There is no doubt that GKN -'national structure: =. r;. 
and the stock market were ex-.- The '.-■~V5 

peering a different verdict, and '“fke.It Lfflfl; ;v.:^ 

tbe shares will be vulnerable ^ in ottr w^ - Aiadtigb- ' British..,r-ianl 

this morning. They have attributabfe reveriu^de^ 

firm in the weeks leading up to n fW hich has /averaeed widened/ to -£2 .Jjbi. in' the ^ 

the Court ruling, and on some uer cent ^ rtie per months*to September. agaiS 

estimates full consolidation o£ feve?^urin° last five . £L3m: m the whole of 1976-75 

Sachs would have added over a ^ eaves open-ihe question the group stiould ncm bd on^' 

tenth to earnings per share, Jf^elhet'thWwUi-be. buy tWpSrovJfifc-trmi-v pe^seeoa 
Fur the moment, Sachs remain^ at * a u this -time' after : ha ^^^ in the^bulk o fannu: 

no • more than an associate start Much- -will presuiu-. earmnge of Borothy_^^kfc: 
(GKN bought-a near 25 bold- abj y depend on what prop^on? wh ^ ha^^^ 
in a m 1976). • Ai»in par will 'h*- in a- wnumer trading, aifd therein, 

However it would be wrong position to/consnlidafe. Wean-- ^ 
to overdo the gloom. The while the .Market seems .to be stake ..ra Brid^oviater Estale 


jnmi declaration of principles. SSlSd”tta ^ress^liead^vSh' >' Com,nlssiou -«« ^e best ivatchdo 
Mr Aiherion is seeking a formula ae l, 0 p ™ ss a,ieaa ' VIU1 ll * 
uct-epiauic to both Egypt and settlement programme. 

Israel. Assad in Moscow, Page 5 


Conservative economic tenets 
after her recent speeches on in¬ 
dustrial relations, collective bar¬ 
gaining and immigration. 

FStentlo^llTOMS I of «Sm- for *c U.S. com- jununn U»rt negotiations were 
London shp s-iid rh-it nrnfits oany. under way. Auioia had sules in 

appeared high on paper, but Peter Paul is listed on the New if'7 of S43m. and incurred a 
after inflation were too low for York Stock Exchange and it is lw *' r T J*« 
expansion and investment. intended to put (he merger propo- nianufaciunng facdiLes in Lali- 
Thc Price Commission was ualto its 13JOT0 shareholders. forma. New Jersey and Long 
taking millions of pounds out of The company's products Island. Among its best known 
profits and "competition, not the include milk chocolate mounds, products are toy racing cars. 

dr.imelle and York peppermint Nn indication was given in the 
on prices." j patties. It had sales in its 1977 annimncomem of the price being 

Calling for changes in labour; financial year of SlIHbn. and pa*d ,n Naniscn for the assets.^^ 
Iczislarion. including the Em-.net profits of ;>4.6m ($219 a Margaret Rv:tl writes: In 19#b. 


engineers 
on schools 



BY CHRISTOPHER DUNN 


pay is through 
- rculislic collective 
i according to the circumstances 
land prospects of ihe company 
| onceroed and vilhin the over¬ 
all constraints of the money 
! supply-" 

On investment. Mrs. Thatcher 



responsible, I about 1.100 employees, has plants North America, 
bargaining,; in Connecticut. California. In Iks annual statement Is*t 
' Illinois ami Pennsylvania, and Mxrch Sir Adrian Cadbury, the 
distributes Us products chairtiian. said thar there, as in 
nuliunally Europe, the main nrjrkoiing nb- 

Over the past three years earn- jecJivc was belter us».* of assets, 
! ings have been stagnant around such as ihe Schweppes name 
‘the $2Bin. mark, aiihnugh snine "Cadbury cunr-clionery and 

Schweppes drinks have struD£ 
nns in impnr>ani pro 
territurial sectors of 
live markets." Invest- 
be required^pariicu- 

Cudbur> Se‘iiv:i.'iip.;s alrcadv larly in markeiny. 


expecting"armmd 

**iw. - ..- --v from to-day’s first .quarter 

already discounting a profits figures /fafter maybe fSm. .7. • 

decline From £98m. tn £70m. or U.K: strike costs) against,. IxL combination, These favou 
a bit more [nr the year, before £16.6ra,-. " ' »Me factors will more^tiiati o 

tax and after special deprecia- V. -. set the Initial vitopact of tl 

cion. Some analysts are now Local ‘SUttgpntieS . ; r^nanci^ . ; pactoge appTOv. 
projecting a full recover>' in Yesterday iaw the issue of in Ocfope^: >tilca jncreaj 
1978, and there are signs that another small batch of •_ 

GKN is making a big effort to authority variable rate bonds, 
improve the returns on some But. whereas\ thd Town .Hail. 
of its general engineering acti- borrowers continue to come ; dPWP 

vi-ties. Meanwhile the yield is the negotiable bond.^arke* for ced; iSSh^SSoroSas- tS 
S' oer cent. relatively small.:, a mounts ,o£ : *go, .But .the J.mprovinE tre 

s, percent. fl „ar!ng rate money’ wix "the piwperty-wket, Rhi 

BOC Inti. week, they appear to have slop- : allows , 5Britid» Land ' to.^nq 

Next week a top executive ped .tapping the floatIng Tatb that S 

team nf BOC International will corporation stock market, j 'JHKS° , " t h.1 »tiSS^ : ^E 
be heading For the US to pre- During the final quarter.of has -2 

oare for the latest legal battle 19 77 Ideal'• authorities “were. reflected- in tftp.-slpre pri 
over Aircm The most fmportant coming to this market rougfily wb^^sed ^^^on F 

Of four actions oending is twice a month to raise suros-nf. half-time atafCTjent, nie m 

Air™™ own J“W! herereen £l 2 m . and £25m. Hhw, m c.plt.lintfnd U ^lA - 


Weather 


Call for chec 



BY CHRISTOPHER PARKED 


a L0 " d ”" -'■ 

*■ p r ' nt If d '' , of the British Association for the 

Even with the present low Advancement of Science, 
let el* of activity, certain type* ~ . . . , . . , 

engineer were very difficult to T l le shortage of technician, 
obiain. in Loudon alone, more ^eers. w« ."«ural. he said, 
than I.i'iH) draughtsmen were l ff^ d t *£? ® f ™ aT1 ; 

needed to meet engineering con- ll a “ l earnt h) s trade, then • 
iraciors" present commitments, a topped UP wjtn refraining- 
recent survey bad shown. throughout his career. Retram- 

Noi enough skilled people ‘f* 3 £ a ® a dirt >' «' ord 111 1 

were? being produced. Industry. U.I\. ‘THE BACON industry is con- pound, but (he re-lsil price is the Danes have a conirollinu 

particularly manufacturers of Professor Donald Freshwater, demned as "poorly irganised and about 2flp ocr puund mg her than influence m thai (hey se( the 

process plant Tor ihe chemical, head of chemical engineering at I Inefficient" in a repori from the loose bacon. (nice pattern fur bacon at a 

oil. .-reel and similar sectors. Lad Loughborough University of I Price Commission yesterday -For Lf U ikulu 10 imumvi- ur wwkly mvt»iuig m London and 

» limited appeal for school Technology, accused the U.K. | Curers and distributor* are 0Vl . r , hoiri' »l- aurket share- have muumetl a campaign to 
Iv-vere process plant industiy of back-; warned that they must change changes’.nil b^ nt-c-.^arv in the '"vrease their markel share in 

He blamed the lack oF com- wardness. It could not cope in | their ways if they are noi lu lose vii-uctine -in.? >iiarki- , in'’ Dolipio% , ' 1, ‘ n - xl vears 
iimnicatiun between industry, its present shape with highly j even more nf their market to the j 1f i Jp . h ; f pr/.riiiCers and Pr, «*.-:. Cose* and Margins m 

.-chrmls and universities and qualified graduaies emerging Danes. Denmark has 42 per cent, , hQ l t ' " Imjnrr(u(ffin and Distribution 

added ihat he did not believe from the universities. of the £700m.-a-year U.K. bacon ' “ ‘ * ' nf liacou SO 7i;p. 

market. ' These change* .should include „ 

. ..... - J T ea ta!ks 


Continued from Page 1 

Eeaverbrook 


Ihe extension 01 quality defini¬ 
tion and control to a larger 6 Elinor Goodman writes: Tea 


plan 


proportion ol rhe product in companv representatives are to 
or 5Urpa*s 


While Ihe Commission finds 

that bacon profit* are nui 

excessive, it recommend* that n ,H nH .. 

j the Department of Prices and tw^h or ' 5Urt,;,:,s rhtf mcei officials of the Department 

| Consumer Protection maintain a .. y," J. ,1 !, w n - , ,,f Pr 'C«* in ,h ^ nvxx 48 hoUfS t0 

running cheek on margins on,. . v .1 he d !/ llC , ul riirach out the Price Commt*- 

( .. , . .Danish imports. 0 llt - lliev< - nn\i»s the industry smn - 5 rccommcndaiion that 

di-sert Ihe Standard and give “Evidence has now been re-1 . . become* mor..- uniiuiious -md prim should be reduced 

ihrir support exclusively to the wived by the Evening Standard; vacuum-packed bacun appears more* cum pel i rive " immediatelv. 

’ lhai the activities nf he Evening; "appreciably more profilaok- ' Brmsh manfilecturers’ have 

\lf. Wimour opened with a News in Hu's respect go Tartan loose rashers Co*I ui abouMa p-.-i ceni of the markel. Bacon details Page 35 

*alvo against lie News’declinin' 1 beyond acceptable commercial | vacuum-packing is pul ai ip per slightlv mure than Denmark, bui Tea News Analysis Page 6 


fortune* - . 


competition. For the Evening | 
News Is in effect offering suchi 


r»l - ^ l ThT m e^!ior?L Un mast dS*5lHte W If 

Iiivu Thames lies the most a( jveriise in the Evening- 

distressed urea in the newspaper v - ratbt , r thin . h e na^es : 
imtusiry. 1. is relied the Evenlnc 


News—a newspaper which 
losing money on a colossal scale, 
ho said. 


London buses blow to Leyland 


BY IAN HARGREAVES. TRANSPORT CORRESPONDENT 


, of this newspaper, that outside, 
observers may consider it tanUi-j 
mount to bribery.” 1 [ 

„ . , . , , In some cases, he says.; 

He suggested that losses could important advertisers have been 
amount to £fim. a year, and said offered rates of less than a third 

that Uk circulation urthu News of lh0 published rale. BRITISH LEYLAND suffered muL-h the biggest 

had 'alien from a peak of 1 . 5 m. Mr. David Peek, joint executive major hlmv in another of us available m" thy 

a djy sonic years ago director or rho Evening News, traditional markel*, yesterday manufacturer*. hu.se Total 5u - 5h . 

The las; published figure fur admitted that cut rales were w*:h ihe news (hat London annual home -ciiv* total ahum ai ihe margins" 
inly to December was 55 i. 00 (.t, offered, bui said this was (he Transport is to place a large - ».ouh 


RAIN in far S W spreading to 
S haii of England and Wales 
Other areas cloudy with 
occasional rain. Hill fog. 
London, E. Anglia, Midlands, 
Wales, S.E„ Lent. S. England 
Dry ai first: some fog- Rain, 
heavy ai limes with hill fog, 
spreading from S.W. Max: 6C 
(43F). 

E.. NT.» Cent. N. England, Lakes, 
Borders. S.W. Scotland, Glasgow. 
Argyll 

Cloudy., occasional rail); some 
snow and Tog on higher ground. 
Max 3C (37F). 

Channel Is- S.W. England 
Cloudy; periods of rain, heavy 
ai times. Hill fog. Perhaps gales 
in places. Max 9C (48F). 

N.W. England, I. of Man, N- 
Ireland' 

Cloudy, occasionaj rain; hill 
fog. Max: SC f41F). 

Outlook: Rain in S.. sleet or 
snow in N. _ _. 


BUSINESS CENTRES 


Amsidm. 
Athens 

Bahrain 
Barcelona 
Pol fa st 
Bclarartc 

Bw-Jin 

Hmuihm 

Bristol 
Pmsaots 
(iuhnptdl 
H. Aires 
Cairo 
CardlP 
rhlcuco 
CoIocftL- 
ConnlurfB. P 
Ddhjin F5 


V day Y - day 

in Id-da v ""£*«■ 

•C -F ‘C 

C 0 32 UflDCWr. C 1 J 

c (0 Sfl IfeHKmnw.R .13 55 

C 28 is Mcnco C. C ' IS 61 

F 107 Milan C 3 S7 
C 3 57 Montreal S-ll 12 

S -5 13 Moscow Sn -9 Hi 

s -2 ’’SiMunich S -4 25 

C 0 32;N»-weafittc F « w 


Fa i 
C 1 M 
S -4 IS 
S W 73 
S 23, 7? 

Ps 0 '32 
S -n -31 
F 0 r 
? M 
4 2B 


New Delhi 5 M 5* 
New York S -1 30 
Osk) C -r? 1# 

Paris l-'B 3-37 
Penh S--2F-82 
Prasw? S.-S W 
Reykjavik C- "S W 
XfadeJ'o 5 » 91 
Rome S 15 59 
Smcaporc 5 30- &S 


Edinbowib c n 32(Siocfcf»(ni S -4 25 
Kranvrwt C -1 3H|Sirasljr8- C .8.32 


Cenevo 

rilaqcoW 

HehtlnlU 

H Knnx 
Ja'bure 
l.l«m»n 
London. 


c 3 ret 
Sn I S4 

s -n 21 

C 19 Oft 
C 23 77 
F 15 58 
C 3 37 


Sydney 
Tehran 
,TcJ A Vi? 
J Tokyo 
Teronlo 
Vienna 
Warsaw 


H *5 .77 

- s ta .sj 

SUM 

c. 8 « 
S 41 tc 

S -8 21 
Sn -» 2S 


smcli.' d«;il 
double-deck 


Mi-tm-e.animell Weyman, - said. 
"Thul puiiurn now lunks like 


compared villi the Standard's practice of the Evening Standard slice of its ialoM double-deck Confirmation nf tin; order by 
$98,000. also. • bus order with Sletro-Cammell London Transpiiri was in! 

After trying to hire Evening Hu said: "Mr Wimour has-Wevman. the Midlands-based mediatelv hajl-d by ih* Mid 
Standard siaff to make the News made a hysterical ouibursr. i Lafrd «roup subsidiary. lands-basied eompnnv a-, deimm- 

look like ils rival. Mr Wimour which in niv opinion must be a 1 

said, the News was Making "a scream of pain." !,=nTr';ir* \irUZTr. wit-sred 50 


Leyland has traditionally held 
between Si) and W) pur cent, of 
ihe d»ulile-deck bus markel Lun 
don Tran«p»rr-i decision to spill 

I The nrder is for !!5(l vehicle. ~ “ h SL« ff " ^ 

'15(1 of them ihe Meim-CammcU 50 rsr Hnt uf lhI 


<te * |W! " c efl, " r ' 10 The Sm ”“ 3 p ''-' paretl Hrtrehur and'Sw'ef {«'«« J™ 1 "*-'"-* ">»*« 

■ * - ■ - — Lev land 


•he Even ins Standard by setting ncpotiaie luwer rules for,,. .. r , . _... 

^ |::r.er share nf the rvenine advertUers- who placed a large *hcm fhe Lejiand Tiian 
fii'W'.-.-ayer adv<.-rising markm volume uf business with il 
■.hr",; i Li’ p afc-(.uttmg un u mam I hi- v.ai normal cguuue 
Hi'"' 1 -«>!*. praeuee. ,, 


Lev I a rid Titan 
Tbe Mcrrro' «#. by contrast, has 


the ureter bad set the pattern h-.-t-n brought through its entire 
out Together with orders, earliei for fuiute slmililc-di'vk purriiui'e* deveiojimcni siases on a shoe- 
re'iai this year f*ir 50 uf each vehicle wuhiTi Bniain Mr Tony San- stnne hudcci of XIm. during the 
worth £l7m. and [onus some, managing dirtvlor of same two years. 


l.uvomli'u 

Marfriil 

R 

F 

-3 

14 

§7 

Zurich 

C 

—I 

30 

HOLIDAY RESORTS 

ViMl-L'IO 

C 

14 

S7 

LA&PIms 

s 

W 

6* 

Alcicrs 

fi 

il 

70 

1 ocanio 

c 

S 

37 

H lamrt 

c 

12 

U 


F 

13 

S3 

EUai'ftpnat' 

c 

a 

32 

U slaf.a 

S 

IB 

68 

Konlcaus 

K 

1! 

S2 

Malta 

s- 

1R 

64 

Uatilucfle 

C 

A 

W 

Nairobi 

c 

28 

6S 

Caublnca 

s 

18 

hi 

Names 

s 

14 

57 

Cm*'Town C 

21 

■/u 

Nieo 

c 

12 

54 

Corfu 

s 

lo 

60 

Nleneia 

c 

19 

as 

Dubravnilr 

s 

n 

52 

Opona 

s 

13 

M 

F»rO 

s 

18 

64 

Rhodes 

s 

16 

61 

Funchal 

s 

IS 

64 

SaWjun. 

F 

1 

34 

Gibraltar 

F 

16 

61 

Tanmcr 

s 

IS 

« 

CftcmSHV 

FH 

S 

« 

Tengri ft 1 

S 

US 

41 

Inmltrum 

V 


30 

Tunis 

S 

20 

ffl 

luwrm-sK 

Sn 

3 

S: 

Valennv 

S 

17 

63 

lull- ti! Man 


w 

Venicr 

S 

i 

41 

l«pw>- 

C 

H 

4B 





S—Sunnjr 

P- 

-Fair 

H—flnr*- 

F 8—Post 


R—JUio. So—Snow. 



EQl ; m » Life bR oiiE rs'Xtu 



High RateTaxpay ers findit ciifficult to mcrea.se,~ 


.cr 

“'“•A 


capital on a regular, basis Kr meet ari income 
de-ficiL iSUnSatisfactciry asmai'ketl 

• Investment bonds ean .pro>'fde'%^lulton to 
; this probJenvT^yr^'fSU^?gtJtb' sp^'6Tti 1 tux. 

' rules and can be used tOLelirainate tHefjhigher ! 

'ratesoLtiiXiThe ubcJeri^ngiw'esfipeuts may.* 

.be • In- equities,' gilt=ed^fL;^tockjs _oK^jrope r ty.... 

: Alternati vely, guaranteed bonds may fee apx>rb-:. 

now*; for th^ise considering: /!iking ; 
..:: stockmarkec profits. Xor -ihe ■ pppoffuife oC . 

' recoveringtbeir capitalVw The returns avamiBie ’ : 
^' offer up to 7V2%‘.per anribm net ofatl Aitl.Tbis - 

-is more-than .double the tax-free :riui-i^7 Mv - 
.. - remaining,on^iltrcdgedstocks.-: ' ; ,;V: : . 









■ !• 75.-MR.J.CTDALTON ^ ' ;> 
THOMSON'S EotTTY : AND.i.^RRriK*SiSLft>.;> y 


Acrwe.. 




Address L 




.-• _i.. .. -.f - •\ J T; •'. 

Notawlleabjeioiire 'y'>l-;v-'i; : 


Kk>,• • -j.-. Pus. ‘i yt.VSt' ■ it 

ba lb*; UMiiaal '.TUa» Ei:i 

y .... * ■' * !(•* HHii ■ il' Ini-J m«*h*«i* Vm