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• v if, EJpifdf ngJMatsrisIs, Heatfhsaftd 
iqg'Equipment forth* Conewjction 
'Hied Trades. Northampton 5^333' 

No. 27,493 

. Thursday February 23 1978 **is P 

^KTqOarr^S^UHG.rwcB, MtfTmAMLiS; MLGIUM Fr.2S.- PEN MARX FRAMCE FrJ.O; oermamt 

The world’s most 
twist suiting cloth 




down 4: 

? T 

onal -Front's -planned 
ij fl march - through 
i : Saturday, is off—axed 
\ ■. wo-month ban on ppb- 
ssions announced by 
McNee, tbeMetropolI- 
; Commissioner. 

■JJd Yard statement said 
vouid cover the Ilford 
election .and a “ cool- 
od afterwards, 
n, imposed with the 
,»f Mr. Merlyh Rees, 
scretary* was inune- 
bbed a ** political deci- 
Mr. Martin Webster, 
■Front organiser. He 
lgt between UNO and 
iorters would still turn 
meeting scheduled to 

cialist Workers' Party 
pporters planned to go 
lb street meetings in 

.lonal Council for Civil 
thought the -ban went 
xrther than is neces- 
ireserve the peace in 
' The ban allows some 
; including the Salva- 

i flies 

in a London hospital 
of-Mr. Marcus Lip ton. 
ir MP for Lambeth 
aces the Government 
^'-election in a South 
mstituency containing 
ic biggest immigrant 
es in the country. 

t breaks 

keall relations • with 
ifter an emotional 
■Jt5 s $»gyptian cprimiafr 
m Sunday might’s -sky*- 
ie-.- with the"-. Cypriot" 
iiKurd'at Laraaca-aiT- 
break was announced 
tfter an earlier state- 
trhich President Sadat 
recognition of Presi- 
ianou. Page 4. Three 
t commandos were re^ 
id in factinna lfighting, 
re, Lebanon, refugee 

Ofr damages 

l Obote, former Ugan- 
dent. and. two of his 
were awarded £66.000 
1 libel damages against 
iimtess of ListoweL 73. 
a biography of Presi- 
t. The three Ugandans 
sed in the book of uor- 
-aiid abuse of power, 
-ts which the countess. 

- pay may be as. much 

Conviction i 

»f drugs trials involving 
s of an! urternationid 
king and .distributing 
based in Britain draw 
'.e yesterday -when Dr. 

Boti, ' last of 31 
ts to-appear at 'Bristol 
ourt,. was found guilty 
;. ijority verdict on two 
f ^-y charges. Submissions 
* ices are due to start on 

Canada to borrow 

in bid 
to boost dollar 


The Canadian Government is to borrow substantial funds on the international 
equities fell 4.7 .to 449.4.1 money markets for the first time in ten years in a bid to prop np the sagging 

Canadian dollar and cover a growing deficit in its current account running 
at C$4.5bn. a year. 

The poor staowlng.was attributed 
to rejection of GEN'S bid for 
Sachs in the German Supreme 
Court (Back Page),and a con¬ 
tinued dearth of buyers. 

• GILTS held teJatively steady, 
and the Government^Securities 
index closed 024 down at 74.73. 

• STERLING put OD 30 points 
to $1:9480 and Its trade-weighted 
index was unchanged, at 66.7. 
The . SoSar's -depreciation 
widened to. 527 per-Cent-(5.18). 

-• GOLD rose $1 to $181L 

• ZINC prices fell back to the 
41-year low reachled on Monday. 





220 > 


. mt. 

Sep Oct Now Dec Jan Fab 

Cash- zinc 
tonne. — 

lost £3.5 to £236 a 

• WALL STREET dosed 026 
off at 749.05. 

• EXPORT OtEDBPS ^aibeprd 
between- OECD countries has 
been . renewed with ^nanor 
changes. foranindefixub^fuiV>d- 
Back Page. 

• SCOTCH WHISKY has pro¬ 
vided, the Treasury with £28m. 
'Tessin duty bo far thjb-year. the 
Scotch Whisky . Association 
claims. Increased taxes are 
blamed for fallingvsaies. Page S 

• TEA BLENDERS may be 
compelled by the Government’s 
statutory powers to cut their 
prices in line_with the Price Com¬ 
mission's recommendation of a 
3p a quarter- reduction, the 
Prices Secretary has warned, 
after a- bitter-meeting between 
blenders, and Prices Department 
officials. Back Page 

At the-Typhoo tea packing plant 
in Birmingham, the 530 workers 
threatened with redundancy by 
the. closure of the plant by 
Cadbury-Scftweppes. have voted 
for strike action from Monday. 
Page 11 

State agency 
pay sanction 

Agency became the first Govern¬ 
ment department to operate the 

EEC acts 
on steel 

By David Buchan and 
John Lloyd 

seek debt 


The Government also intends 
in make its first drawings from 
the standby credit of U.S.S1.5bn. 
negotiated last autumn with the 
main Canadian banks. Both 
these moves come amid reports 

j prices. 

M. Raymond 

Vouel, Ihe EEC 

Such borrowing, he added. The 10 per cent, devaluation 
“will supplement the inflow of of the Canadian dollar against 
capital to Canada that occurs the U.S. dollar last year tmore competition commissioner, bas 
through other channels." against sonic European curren- written to both groups telling 

Borrowing on the international ciesand the .Japanese yen) has I them to cancel their measures, 
market is generally the route helped domestic economic i Producers in West Germany. 

of significant capital outflows taken by provincial and muni- activity and competitiveness. France and Luxembourg wfa o, the . fh 

from Canada, and may be eipal authorities. The last time The merchandise trade surplus, have been making similar moves I Jr .kI, 'f Z 

followed by further measures Ottawa did this was in 1968 improved by nearly Slbn. in! have also been told to stop, as! ‘L* 

to ball speculation 
Canadian currency. . 

The Canadian dollar responded 
immediately to the news in 
foreign exchange markets, rising 
about half a cent against the 
U.S. dollar. 

Canada’s currency has Bleadily 
lost ground in the past 15 

- 1968. 

against the when it borrowed about Slbn. 

on the New York and West Ger¬ 
man money markets. 

Reserves fell 



The trouble is in Canada's 
invisible account. Tbe rise in 
merchandise trade surplus is in¬ 
sufficient to cover the rising 
outflow of Interest and divi¬ 
dends and the deficit on tourism 
and services. 

Speculation against the Cana- 

BRITISH Shipbuilders said last at each case as if we were a 
THE EUROPEAN Commission I night that it had received banker, looking at guarantors, 
has told British Steel and the i requests for rescheduling of debt backers and the owner’6 banker." 
British Independent Steel Pro-1 from a,J0llt ten shipowners, most Not all the requests had been 
ducers’ Association to drop their | 0 ^ them foreign. met but in two cases, the ship- 

attempts to make steel srock-‘ This furiher indication of owner had been able to make 
holders buy most of their steel. growing problems came at the olher arrangements. In one case, 
from EEC sources and sell all! end of a day in which rumours a foreign owner was getting into 
of it at UJ\. producers’ list {persisted of liquidity difficulties severe financial difficulties. 

. in a British shipping company. One possible interpretation is 
causing the second successive that the Ship Mortgage Finance 
daily fall in shipping share Corporation, a consortium of 
prices. The FT-Actuanes ship- shipping bankers which acts as 
ping indev Tell another 1.9 per guarantor in the financing of 
cent, in 421.9. ship purchase is becoming more 

A large number of shipowners closely involved as a number of 
said they were not the company owners’ cash-flow problems in¬ 

nr >hp meunrpc \».»ro I w °JT ies - in Glasgow yesterday. Mr. 

** i-inirtu iiianni ■■ ‘ e i Bibby Line, of Liverpool. Brian Shaw, managing director 

cieany uie 0 ai. i issued a statement saying it bad of Furness Witiiv. said tbe 

The British producers associa-! no immediate liquidity prob- Government policy of subsidising 
tion last night rejected the j lems but a continuation of the shipbuilders and. therefore, con- 

present recession would in- trihttting to overt ort na sine of 
evitably lead companies with shipping markets was a lunacy, 
heavy involvement in bulk tramp Mr. Anthonv Chandris, presi- 
markets to seek debt reschedul- dent of the Union of Greek Ship- 


Commission's call, saying that 
the proposed agreements between 
U.K. producers and stockholders 
were “purely voluntary" and 

thus could not be illegal. British ! mg. 


Canada's foreign reserves fell 
to $U.S.4.4bn. in January from 

months, reaching a 40-year low 8U.S.4.61bn. in December, dian dollar has been encouraged 
on Monday of 8J.90 U.S. cents February' figures will be pub- by political uncertainties and 
from an exchange rate of $1.03 in tished next week. the serious split between busi- 

November. 3976. Mr. Sinclair Stevens, the Oppo- ness and the Levesque Govern- 

The announcement came late sition Progressive Conservative ment in Quebec, 

on Tuesday night in a news Party finance spokesman, esti- Francis Ghiles writes: The 

release from Mr. Jean Chretien, mated on Tuesday that there had Government is nut expected to 

the Finance Minister, long after been a further drop of $500m. draw more than a quarter at 
the stock markets bad closed. in the last month. most of tbe $!.5bn. standby 

Mr. Chretien had undergone a It is now believed the outflow credit arranged last autumn with, 

severe hammering in the Cana-of capital this month from the five main Canadian tanks, ; — - - _ „ ,, CJ1|4 v 

dian House of Commons during Canada, and the shift from Cana- - Totil1 Canadian borrowings on J sion's plan, which set mandatory! debf renegotiation 

lhe day fur Failing to act to dian dollars to U.S. dollars even the international Manual mar-;minimum price levels on mer-j There w not however been 

boLster the dollar. within Canada, has been sub- keLs J asi year were S7.06bn. , chant bars, reinforcing bars and; an t general reciuest to British 

How much money was to be siantial. Of $3.29bn. was in I hot rolled coil only and did not; gg D buiKs a l»wr 

borrowed was not disclosed. Mr. The next most likely move by medium-term credits. £1.5?3bn. | specify how much steel should be ' , ,UI J 

Chretien said: “It is now being the Government is to encourage Eurobond issues and $2.94bn.;bought from countries outside 
arranged and details will be u rise in short-term interest foreign bonds in ihe U.S. Cana- 
announced later. The purpose of rates in Canada. Tbe spread di an entities were the largest 
the borrowing by the Govern- between Canadian and UJS. rales single borrowers in the medium- 
ment is to assist in financing the in recent months has been re- tenn credit and Eurobond mar- 
current account deficit of the duced tu near zero, partly to kets. 

balance of payments." help stimulate the economy. Editorial comment. Page 22 

Steel made no cumtuenL 
Last December, the steel cor¬ 
poration and the association 
wrote to stockholders asking 
them to agree to buy 95 per cent, 
of their steel from EEC pro¬ 
ducers and base their charges on 
British Steel list prices. 

These proposals went a good 
deal further than the Cnramis- 

owners. wa$ still in London 

Tbe Department of Trade is yesterday following a secret 
known to be keeping a close meeting earlier this week of 
watch on the situation, but it Greek. Scandinavian and Hong 
denied yesterday that it had Konq owners abouttbe formation 
received any request from a ship- of a joint lay-up plan for dry 
owner for aid under the Industry cargo ships. 

Our Albens correspondent 

Mr Maurice writes; The Creck sh - ip0W ners' 

director of British Shipbuilders, 
said that he had been dealing 
with a steady flow of requests for 

Smith urged to resign 
and dissolve Parliament 

moratorium nn Greek owners 
debts of the kind reported earlier 
this week to have been received 
by the Shipbuilders Association 
of Japan. 

Mr. Elderficld said the requests 

request to Japan is said to have 
been concerned about l.Sm. tons 
ordered between March, 1976, 
and March. 1977. This accounled 
for about 30 per cent, of total 
Japanese export orders in that 
period. The bulk of the ships 
was in the 35.000 to 40.000-1on 

Many Greek shipowners who 
ordered ships in Japan are now 
on the brink uf bankruptcy 
owing to the decline of the dollar 
against the yen. 

Lex. Back Page 


SALISBURY. Fob. 22. 

pay guideHnes sanctions clause.iRhodesian nr a foreigner. The tution. 













itoia deaths 

r . i frican troops in- Nami- 
th -West Africa) killed 
10 black guerillas after 
- k in which two white 
died. Page,4. Soweto 
wnsfaip. near Johannes- 
■ ned two new swimming 
sterday-rone. for white 
• the other for - black 

I perils 

thaw continued in the 
ountry- floods, brought 
ils.' Page- 9 . 

ly ■ - - 

will be paid-for every 
;ir books are borrowed 
iblic libraries if A Bill 
a second reading this 
comes law. 

security forces arrested 
ile in Tabriz, on 'violence 
otage charges. 

?rmany beat England 2-1 
ch. West Germany. 

in -tender uud contract. - docu¬ 
ments. .Leaders of the construe-, 
tion industry immediately called 
for a - total embargo on ali 
Government building contracts: 
Rack Page 


• . BRITISH RAIL talks with 
tiuree-rail unions over bonus pay¬ 
ments failed. to persuade the. 

..train drivers' union ASLEF to 
callpff its national one-day strike 
on March 1; Back Page. 

• TU.C general secretary bas re¬ 
jected suggestions '• that the 
unions would-be led into, dis? 
missions with the ’ Government 
about . another stage of Incomes 
policy after July 31.- Page 11 . 

• BSC management met the Iron 
ana Steel Trades Confederation 
executive to try to win its sup- 
port for a five-point commitment 
on manning and labour relations 
in return for. an improved pay 
deal: . 

• AC JJELCO. a components sub¬ 
sidiary. of General Motors, is fo 
launch a maintenance-free 
battery on the European market 


• BOC International lost about-, 
£3m. in profits due to the- four- 
week strike, in its gases division. 
"First-quarter pre-tax profits fell 
from £j6.6m. to £l(kSm. Page 24 


in pence urfless otherwise 


95pc 1951..-£101 + -ft 

ith Invs.JS1 + 2 . 

I Oil Acreage 100 + 5 

(J.) *1* + 7 

s Drd.383 + 4 


UJpe ’93 (£30 . 

..£23£— i 

■d fS. and W.l 199-6 

J.i . 196 - 9 

i Stores.* 168 ~"S 

Estate. 96 — * 

xc Crpru .. 109 — -4 

t Cap. .. 172 - 8.. 

.. 113; —:6 : 


GKN .. 265 - 12 

Hambros Bank . ...... 171 “ 7 

Hickson- ! and Welch.,. 500 - 23 
Johnson Matthey ... 415 — 32 
Red Team Nat. Glass 288 — S 

Ropner Hldgs. .. 37 — 4 

Royal insurance .366 ” * 

Slough Estates .. 113 — 3 

Tryst Houses Forte..;. 176 -r G 

Varuona . . 121 - 5 

Wigfall (H.) 214 - 10 

BP.-. 753 -6 

Oil Exploration . 222 — 6 

Ultramar .212 - 8 „ 

Durban .Deep •. 367 — li 

Biandirand. .22S - s 

Grootvler .. HO - 6 

Lydenburg Pla^ 58 - a 

Oakbridge ..: 142 - a 

RustjPTiburg Plat.. S7 7 5 _ 

the EEC. 

The leiier from M. Vouel to tbe 
two British groups, sent on Mon¬ 
day, notes that they sought to ___ 

impose on their merchant -were being dealt with’ sytemaiie 
customers ‘'certiiin commercial. al j y . a nd on their merits. "On 
undertakings which go beyond ■ tht* whole wc are trying to look 

the possibilities available under_ 

j the Treaty (of Paris) and beyond [ 
the terms used by the Commis-i 
sion ..." | 

W. Vouel's officials said last' 
night that, although the Commie-; 
sion’s steel plans were aimed at 
curbing the growth of imports-; 

illli-.Rrit?«h'« 5iton' r,tERE WILL lie no progitss Atherton and the Israeli leaders 

n ?h2 M Snifueeii'^sSriJiUm • in thp Mif * dle P tace fa<ks failed to narrow the gap between 

comoletelv^versSed tbe Sark | wilhout 3 substantial change in the positions -»f Jerusalem and 
completely overhieppeu tue mark. lhe [ srae[i a pp roa fh to the Cairo. 

There has been intense lobbv- Palestinian issue. Mr. Moshe Mr. Dayan said the Palestinian 
ins or M. Vouel and of Viscount! Dayan, the Israeli Foreign Minis- issue was the central problem 
Davignon. the Industry Com mis-1 ter. said to-day. in the negotiations, 

sioner. to make them intervene! Mr. Dayan’s statement, which There was no indication that 
in the U.K. arrunaeiuents. 

Dayan wants change 


TEL AVIV. Feb. -J2. 

THE THREE hiack nationalist quired to pass the necessary 
delegations to ,thc Salisbury amending legislation before 
settlement talks to-day adopted being dissolved and replaced by 

a significantly tougher tine, call- the two councils sitting together ( _ _ _ ..__ 

ing on Mr. Ian Smith to resign. Thus Rhodesia would change could endanger his posi-igroups' proposals were creatin'*iPrime*'minister"’came"as Mr. nutter, or un his demand that 

dissolve the white-dominated overnight from a countrv with tion at the promised referendum.; ;t cartel between producers and! Alfred Atherton, the U.S. Assis- Israel withdraw to the 1967 
rikmiK most of -, - c * u - — =- ♦ho*l 0 in«fch«irf i .r C ut oiimin* lan{ Secretarv of Stale, flew from 

formula — designed to win Afri¬ 
can support at borne and abroad 

— because of the abrupt nature I i n the U.K. arrangements. Steel i conflicts with the" p< is Hi on taken President Sadat of Egypt was 
of the proposed changes and be-, users believe thal the British jhv Mr.- Menahem Begin, the willing to compromise on this 

Parliament and dismiss most of 76 per cenl of legislature in He has always insisted that 
his Cabinet white bands to one wbere the any constitutional agreement 

The' plans were put to Mr. blacks would command 75 per would he*put to the while elee- 

Smith to-day in a 90-minute CM j t 0 f uj e sea ts. 
session with Chief Jeremiah ' _ . .. 

Chirau. leader of the Zimbabwe Mr - Smith s immediate re¬ 
united People's Organisation *P™ »** unfavourable.- He 
and spokesman for the Nationa- ? 3id ^ 50-man white Par- 
. Iiamentary caucus bad warned 

torale at a referendum before 
being introduced in Parliament. 

In demandiog that he re¬ 
linquishes power and hands 
legislative functions to 

. „„„ over all , 

, . him tbit'he hid nlreadv enne the black-dominated transitional 1 drawn up in the interests of:the West 

teSj-moroiS^prorides for a too far in the negotiations. administration, the nationalists i safeguarding the U.K. and the j and Ara 

two-tier structure with un eight- Mr. Smith's plan, which 

have placed Mr. Smith in an 
impossible position. 

He cannot accept this without 


man executive council (two MPs dislike, is for immediate 

members from each of the four parity in the interiin-Governraent . ho t „ lh . 

narties involved) and a 24-mem- between black and white Mfnis- Putting roe detailed pun to the 
her ministerial council (six let’s, though he and his nominee ^ lecl ;^ a n t ® 

from each party). would be chairmen of both coun- he cannot hold the referendum 

Both councils would elect cils. He would recess Parliament U nt l!»j a «^ S i. ItU >! 0n 
their own “Independent chair- until it is recalled lo enact enab- 5 r3r ?, , and he , as ,u SCd j* 
hm'an " who could be either^ a ting legislation for a new const!- de) a, l6d agreement on the armed 

stockholders aimed at eliminn- _ 

ting foreign competition—and'Jerusalem to Cairo on his re- 
thus price-cutting—completely. ; n ewed Middle East peace shuttle. 

The National Association of I Mr. Dayan followed up this 
Steel Stockholders said it .was | extraordinary statement at a 
"incredible" that the Commis-; meeting with Knesset members 
sion should act in this way. The,by saying that Israc' would be 
British groups’ proposals were.-willing to consider :i division of 

Bank between Israeli 
Arab sovereignty if the 
EEC steel industries in the long-1 Arabs were to propose this, 
term. 1 Yesterday's talks between Mr. 


Middle East News. Page 4 

£ in New York 

t .Mi 


I - .Til - 

... t- 


-'.0^ ii.ij ,li-. 

»\-17-0.12 «li». 

U.W V.1'0 >ll>. 


i»i -i.'.Ooi-iii 


i'.4.:> .ii« 


present parliament 'would be re- - Mr. Smith dislikes the black 

Parliament. Page 12 

Devolution pledge by Minister 


ASSURANCE -that the Govern- now campaign harder. 1 believe it has its Second Reading 
ment would campaign lo over- that we will get the result which March 14 and 15, the Govern- 
come the 40 per cent “Yes” meets the test now written into ment intended to introduce 
provision in the referendum was the Bill," he said. _ amendments on the position of 

given by Mr. Bruce' Millaa. The Government still regarded Orkney and the Sbeilands. 
Scottish Secretary, _ yesterday, the 40 per cent provision .as The right given in Ihe Coni- 
■when the Scotland Bill reached damaging and one thal could inons for the islands to “opt 
its final Commons hurdle before have dangerous political reper- nul” of devolution if they .voted 
'going to the Lords next month, cussions in Scotland, but “No” in the referendum could 
Mr. MiIIan. moving the Third Ministers would not seek to re- have serious repercussions. But 
Reading of the accident-prone move it in the Lords. Ministers accepted the verdict 

Bill, -said anti-devolution MPs Mr. Millan insisted that the of the Commons that some 
who believed the 40 per coat, haslc structure of the Bill special provision would now 
hurdle was an “ insuperable remained as it was on introdue- have to be written into the Bill, 
barrier ” that would prevent the tion. in spite of the passing oF he said, 
setting up of an assembly were a number of “unwelcome” Government Whips and anti 
deluding themselves. amendments. Claims that the devolutionisfs both agreed that 

’• -^What this test means is that legislation was now not viable the Bill should survive its Third 
all of us who are in favour of were grossly exaggerated. Reading before beginning rhe 

tbe Bill and art- going-to cam- He confirmed that when the long haul through the Lords, 
paign in the referendum will Bill reaches tbe Lords, where Parliament. Page 12 


European news . 2 & 3 

American news .-. 5 

Overseas news. 4 

World trade news .6 

Home news—general ' ... 8-16 

—labour :. 11 

—Parliament ... 12 

Technical page . 18 

Marketing. 19 

Arts page . 21 

Leader page . 22 

UJv Companies. 24-27 

Mining . 27 

Inll. Companies. 28-29 

Euromarkets . 29 

Wall Street . 36 

Foreign Exchanges . 36 

Farming, raw materials ... 37 

UJL slock market . 38 

GKN/Sachs and European 

merger problems . 22 

Economic Viewpoint: UJL 

still competitive .23 

Business and the Courts ... 20 


Dutch wage bargaining: 

Maximum security. 2 

Private enterprise In E. 

Europe . 3 

Zaire’s search for outside 
assistance . 4 

The Panama Canal debale 

in the Senate .5 

Drought blow Tor coffee In 

Brazil .37 


Scottish banking, finance 13-17 

APHlaLHUUIlS .- .... 
Ap00hitmens Advu. 

Basin . 

■ easiness Oppts.. 

jDwvsard ... 

-Ecuomic Indicator* 
EDicrtalnmon CnWe 
PT-Atuvlea Indices 

■labs Column .-- 

Letters' .... 











Lex ... 

Lombard . ...... 

Men and Mailers 
Msney Market .. 

Salcnum . 

Share lafornudfla 

Spari ... 

Ta-day* Emu . 

' rv and Radis. 









Unit Trusts 
Weather . 

Mid Sussex Water » 

(Cammem Pass 2d) 

BOC IMI. 2* 

Dacian Holdings. 20 

Chat km BO Cpn. . . 22 


AECI . .. 20 

Atlantic Campuicr ... 12 

Bland Payne . 25 

Earns un Banking .. 20 

Ctllonc Eras. Disc. 2d 

Salat Go twin . Z7 

Ram Leading Ram 3S 

For latest Hhare Index'phone 01-246 8026 


The case for investing 
in the Save & Prosper 
Property Fund 

With the prospect of improved economic activity in 1978, and 
the continued fall in interest rates, it is our belief that the outlook 
for property investment is promising. In particular, recent months 
have already seen an increase in the level of rents paid in several 
areas of the property market, notably shops and industrial 
buildings. This increase should be of particular benefit to the 
Save & Prosper Property Fund given that, of its 58 properties, 

14 have rent reviews during 1978, and a further 25 have reviews 
over the following years. 

Furthermore we continue to believe that the area most likely to 
benefit from the expected increase in economic activity is shop 
property, where the demand for prime space is-likely to be strong. 

The Save & Prosper Property Fund is now 43% invested in quality 
shop properties and can therefore be expected to benefit from this" 

In the property market generally, demand is for prime 
properties of which the supply is limited. As our Property Fund has 
concentrated on properties of this type, we believe that it is 
particularly well placed to benefit from current market conditions. 

'Further information 

For full details of the Save & Prosper Property Fund please 
consult your professional adviser, contact one of our branches 
throughout Britain or complete and return the coupon below. 

To: Customer Services, Save & Prosper Group, 

4 Great St. Helens, London EC3PSEP. Tel: 01-554 8899 
Please eend details of the Save & Prosper Property Fund. 

I am interested in lump-sum-investment (H regular investment Q. 

Name _ _ 



Not available to Eire residents. 




— j; 



Tim^ Thms^ 


Suarez outlines economic progress 


SPANISH Prime Minister Sr. 
Adolfo Suarez said to-day that 
the package of economic 
measures adopted by the Govern¬ 
ment in agreement with the 
main opposition parties last 
October was beginning to bear 
its first fruit. In particular, in¬ 
flation had been sharply cut 
back and Spain’s external pay¬ 
ments position substantially 

Sr. Suarez made these com¬ 
ments as part nr a hroad com¬ 
mentary on the Spanish economy 
when he inaugurated here to-day 
a two-day ■•onference organised 
by the Financial Times on 
“ Business with Spain." Sr. 
Suarez, who was introduced by 
FT chairman tho Hon. Alan 
Hare before over 300 Spanish 
and Toreign businessmen, 
bankers and officials, declared 



with Spain 


that the conference came at a 
highly opportune moment for 
Spain—in the wake of the June 
elections and the first govern¬ 
ment attempt to grapple with the 
problems called by the energy 
crisis and carry out structural 
reforms that estaolished a 

proper marker economy. 

The Prime Minister reaffirmed 
that the government intended to 
abide strictly hv the terms and 
guidelines of the October pack¬ 
age of reforms, known as the 
Moncloa Pa-t. “This has in¬ 
spired and will continue to act 
as an inspiration for government 
economic decisions." ho said. 
Referring to some initial suc¬ 
cesses of these measures, he 
said: "The double aim of 
reducing inflation and payments 
deficits are no longer mere pro¬ 
positions. They have become in 

MADRID, Feb. 22. 

good measure, facts. Inflation, 
which in the summer months 
was running at an annual rate 
of 30 per cent, came down in 
the last quarter to below 15 per 
cent. While the payments deficit 
has been cut by over Sl.Sbn. 
over the vear. Exports Tor their 
part increased ll per cent in 
real terms." 

He also pointed out 
Spain's foreign reserves in 
January ibis year stood at 
Sfi.4Bbn. agjinst S3.7hn. at the 
time of the peseta devaluation in 

Despite these positive results 
he underlined thar the Mnnclna 
Pact enuld not he expected lo 
produce "miracles.’' Spain, be 

said, still fated difficult months 

ahead. However, he expressed 
confidence *n the spirit, of 
national co-operation that pre¬ 
vailed which itself was a funda¬ 
mental element in ensuring the 
success of democracy in Spain. 

Sr. Suarer. concluded his in¬ 
auguration of the conference hv 
stressing Spain's strung commit¬ 
ment tn Europe. " We have 
■sought membership of the Euro- 
pean Economic Community 
because this is the point oF de-par- 
ture for f«n struct in ? a umlrd 
Europe in which wc firmly 
believe and from which we can¬ 
not hp absent." be said, in this 
respect, he ^aid He felt Spanish 
membership could act as ji 
stimulus m the development of 
the Community. 

A more detailed analysis of 
Spanish economic policy was 
eiven subsequently by Prof. 
Enrique Kuentes Quintana, vice- 
president of the Government in 
charge of economic affairs and 
the Spanish pcnnomic overlord. 
He said that Government policy 
since the June. 19, ■. elections 
had been determined by three 
main factors—the need to accom¬ 
plish a large-scale transfer o; 
resources to exports and stimu¬ 
late import substitution to 
: improve the payments position: 

! to ensure that the hurden of 

■ the present economic crisis was 
i evenly distributed among all 

' segments of society and The 
! economy: and to develop :« more 

■ rational use of financial re- 
• sources including an end to the 
i so-called "privileeed circle." 

Prof. Fuentes Quintana 
i stressed that these policy enn- 

2Br. Alan Hare (lent, chairman and ehkf 
Financial Times, with Sr. Adolfo Suarez, the Spanish Frime . 
Minister, at yesterday’s conference. 

eiderntions could not he divorced i 
from political cunlcxtjn winch 
they had been made. They were 
inlimalclv linked to the estali- 
lisiinifnt'uf a democratic «yM*m 
in Spain, as well as being part 
of a switen l>‘ a more liberal 
ei.r.»n.->mir system that recognised 
market forces as the predomi¬ 
nant conditioning clement. 

Backing up Sr. Suarez.' s-tatc- 
ivn-nt on some initial successes 
having been achieved. Fmt. 
Eucnb»s , *>uint!ina pointed out in rari> 1P77 it had been 
cxpr-Mcd thai the pajmenis 
dcficM would ht» in the order 
nf S5.5hn for the l-oar. Instead, 
provisional figures showed the 
dt-firii to he SJobn. 

Tho once of this, however, 
vj.? a low increase in GDP of 
2 4 per con*, /nr 1977 and an 
increase in unemployment which 
now stood at 6.7; per cent, of the 
work force When later asked 
in question about ihi? scar's 
projections. Prof. Fucnte? 
Quintana said growth would he 
slower and no more than 1 per 

In a paper presented to the 
conference i International Invest¬ 
ment in Spain) commerce and 
tourism minister Sr. Juan 
Antonin Garcia Dicz. welcomed. 
ihe increased interest nf foreign 
investors in Spain. In 1977 269 
foreign investment permits were 

authorised, 34 per cent, up on | 
Hu- previous .year, and in value 
terms double. 1976 standing at 
Pts.i’Sbn. Direct net foreign 
investment in Spam was now 
ju<si he low 2 per cent. *»f the 
GDP—a figure in comparison: 
with other European countries l 
which gave no cause for concern. I 

One of the main themes nf the 
conference is the relationship nf 
the Spanish economy to Europe| 
and in*- various problems that I 
confront ii in its application for 
membership to the EEC. Mr. 
Godfre' - Rippon. leader nf the 
European Conservative croup in 1 
the European P.irihinur.r, argued 1 
in favour of rapid ncgoli.itirm. 

He said h.; would like to sec 
Spam a full member b> 19S1— 
—if nor he felt thar delays 
tended to credo public confidence 
in membership. 

In a detailed analysis of .Spain's 
relation v.ish the Community to 
date. Sr. Jose ?.1aria Jerez y de 
Rojas, d i reel nr general __ of 

ccciintercial policy at the Com- 
ineree Ministi>. pointed out 
that Sonin had not been entirely 
satisfied with, past arrangements. 
However, he cirl thtt it v.jir now to look li had 
to bo d"'!d"d whether the three 
. new anpiieunrs—-Spain, Greece 
and Portiignl—should h n con- 
«id A r n rt together, in parallel or 
separately. _ 

Finland can 
try for 
says OECD 

Finland can afford to steer to¬ 
wards a moderate growth poucy 
this year, turning its attention 
somewhat from inflation and 
balance of payments problems to 
its increasing problem of unem¬ 
ployment, David White writes 
from Paris. _ ] 

This is the conclusion or a 
report by the Organisation for 
Economic Co-operation and 
Development, which sees Finland 
facing a year of zero growth and 
a growing total of jobless. Un¬ 
employment, in which Finland 
had lost its former good record, 
was the main cost of the econo¬ 
mic squeeze of the last few years. 
Inflation, which began to respond 

to restrictive measures late last 

year tan effect delayed by a two- 
stage devaluation of the Finnish 
mark), should continue to fall 
sharply. 'Hie current account 
deficit, having been knocked 
down to just under $ 250 m. jasj 
[year from more than Slbu., could 
j turn 'into a surplus this year. 




:. "1... . ve*r waa at- increases wilV-‘be 

THE CENTRAL theme 0/ “Hm < 2fta£j»5 super- sated- for id wages., A.5 wren 
year's round of wage tiegotiattgns Ahold, ^ % e management pr^t^o^b^s jwill he^cot 

in'Holland is employment Knee “ a _ r ^lL d to, discuss thfr 

compensation, the issue which, in 

1977, led to the country’s most ex- . Any w&ieh hsS 

tensive- labour conflict -since the tmi • . «P-feductlon in the days. ---. ' “ t- ‘ 

wailias beet ill but forgotten, ^notified. An:experiment: 

Elaborating on their earlier ... r;Miaing 

slogan of "more profit—more say fhJs afflQunt&td S3 onwards .will tojpB&uc 

work" the- Dutch- trade unions ^agreement they want Afioldfor a 
are demanding “ job agreements t0 say so thou^mnpfr it jneot 

thp ri^snninfl behind the call g there Is no .guarantee there sea that woneers sriwffMi 
Jan SrSnt is mat if the gj* ^“.^dani^- *^-gZ£!%5£g* 
workers Ire prepared »«*£ unions say®ete 

L W J 

Statfjord gas "not [ 
enough 7 for industry v 

Reserves of natural gas liquids in J 
the U.K.-Norway Statfjord field 
are inadequate to provide feed¬ 
stock for a petrochemicals com- 
plex using NGL as its raw = 
material. This is the conclusion t 
of a report prepared for the Min- t 
istry of Industry in Oslo by the 5 
Slate oil company StatmL w-ilh 
Norsk Hvdro and Saca Petroleum. ] 
Fay Gjester writes from Oslo. | 
The report, delivered to the I 
Ministry yesterday by the three 1 
companies, says the NGL reserves 1 
in the field are less than pre- , 
viously believed. The Ministry had | 
asked the three to evaluate the , 
prospects or establishing a petro- , 
chemical industry in Western , 
Norway based on Statfjord NGL. , 
; If their verdict had been posi- 
I uve, it would have strengthened 
■ the case Tor building a pipeline ’ 
linking the field with Western 1 
Norway. ] 

Swiss franc up 

I The Swiss franc has more than 
1 doubled its trade-weighted value , 
J since the conclusion of the Smith- . 
! sonian agreement in December, 
1071. John Wicks writes from 
j Zurich. According to calculations 
-of -Swiss Rank Corporation, the 
appreciation, compared with a 
basket of the currencies of 15 
m^jor trading partners, reached 
iuu.19 per cent. During trading 
yesterday in Zurich, the Swiss 
franc remained very strong 
against all individual currencies, 
including the West German mark. 

W. German car rise 

West German motor vehicle 
production rose to about 397,000 
units last month, a record 
January total and the second 
highest fipure for one month, 
West German Automobile Indus¬ 
try Association figures show, 
Reuter reports from Frankfurt. 
Production in December totalled 
317.S3S aril in January. last year. 
359.221. The record Is just above 
413.000—achieved in March 1977. 
The Association said that car pro¬ 
duction rose last month to about 
309.300 units from 293.353 in 
December and 330.452 in January 

Turkey-U.S. talks 

Talks opened here yesterday at 
a technical level between Turkey 
and the l'.S. on a broad range of 
topics, the most important of 
which cover defence and econo¬ 
mic relations, Metin Munir writes 
Trom Ankara. However, diplo¬ 
matic sources warned that 
•'nothing earth-shattering" 

should be expected from the 
nicetin" The crucial issue on 
the defence side of the talks is 
the U.S. embargo on arms to 
Turkey. The embargo began in 
February. 1975. seven months 
afrer Turkey’s armed intervention 
in Cyprus. 

plover? S should in ,S l * e ■. * Agreements have been rwdhefi several-; 

guarantees on jobs. Precisely about ip per cent-, of Holland s ba nkin g. 

wha”these guarantees are. is at wor k.force!.of ar«and A8m:--.The dustxy 

the heart of the negotiations now ^rgest settle so far are getal 

under way in many sectors of m- the< 260.000 building' ^orkws. 

dustry. Agreement In principle lias also Hoogoyen^ hgro 

Some agreement ^ by 

cfipiio that HSS eec jobless up . oriAoafcrihtittfliriaI ^’actlSh^ai 


SdHot afpwr so rose/ Central rose t* jam. last “P the steel. Wdrter 

wa"e talks involving the Govern- some 2 5f; 000 T ^® HoogOvens, whick:^pa-jr„t 

ment and'both sides of industry centre o^a Wtter dfaptttt^g 

broke down 3fter one meeting^;' BTOcIs. .Tn^ figure^wMcn iB a «pedl»l: 
which lasted 20 minutes. .consists I* 50 announeed;,plans .lo--.shedraj 

The unions and employers re- u^f ^nrooe’s^total .jobs;-:.represeflfin^-^m^th 
started talks on an industry and ‘ •“Jvramwed : 1 ft per. cent. 
company basis in. December and ZEliI - depr^ed jjt^o ^ 

the agreement began 40 take with 5.6 per cent sfeet- -^ndiiS&y: .^^vD&urti 

Sl The unions, led by the Socialist ar ^?o°f witS^.7 S?4ni 
FNV which traditionally takes a ““nt of °the toUl female: .'jmcriffii? 

tougher line than the smaller Slmjtoyed list 

Christian CWV. Want detailed dia- ”o nt h. wmpSrod to 5.5 ' rper quarter. -afeo ^OWfidL,; 

cussions in industry on the quan- £EC officials +: 

tlty and. quality oE work. T h« ' figures -riiderr 

cover-all phrase includes a series ff- . hp need for a 

of detailed demands. Employers“ The Cemmlssioi-Jast. ;•^swigh■ 

1CC ^ -T— ad actiimtcomffirtfeeTnpl^ 

EEC JOBLESS UP . orefmate ihdttfltriar^actjp&^,a3 

The number of' raicmployed 

fh the European Comm on tty 
rose to &2m. last month, up 
some 200,000'from December 
1977-, Writes David Buchan-in 
Brussels. This figure, _ which 
consists only of Ihe registered 
unemployed,' amounts to ” 
per cent. cF Europe's total 
civilian work force, comparea 

the 'steel.; 

Hoogpvens, whitffi^vjuLniCt 
centre o^a hltter-dlsputejAjia 
is a special case. - iLdSt xeat 
announced; plants Tdr-^hedtW 
johsj- represen|lfig;>jm<«%^:& 
Ifl. per. cent, d.t 

mi.'. f * r 

are now our -«I«fe 

loss^f.lFls^62tff..-kdd:A fi, 

work force unemployed ..last 
month, compared .to 5J. per¬ 
cent. of men. EEC officiate 
sav the.latest figures -m 
line the needfor a 4 eh' 

jn'orrtbs. alorie ^srpdi 
loss. u f lFlSr262tff. '.."he 
quarter, -also -: aoo«6 
deficit y ■ 

.'. . The • unions .are ,se? 

cover-all'phrase includes a series ** y ,t. p need - for a '■ 

of detailed demands. Employers Tbe Commission last fro ^ l . 

must be prepared to discuss ih- W eek outlined a number., olv worKmg... Thes»-|l^&*<gyOi 

vestment plans aad market de- noss iiiie means of improving-'- maintains 

velopments and Iheir likely ,X, e s i, a re-ouf of available -the anfflhor ^of jibbw^,-^ 

impact on jobs. ' work These lridnde possible 

impact on jobs. . . work. These Include possible '^.^---- -^ 7 ^^ 

The unions insist they do not res . ric tions on overtime and goveilff - tottiagein^qtv 
want to freeze job levels and stairt WO rking, and will be dte- pro'pojsafls .wouw’-co^.wjbi 
accept that technological develop- 'cussed at this year’s tripartite and -dO-. dhtfling- JfciTO fe' 
ments may lead to changes. But con fcrence .between govern- cpmpahy , 5 basic 
they do want to avoid being pre- men t s unions and employers, ^ capacity BfA,a' 
sented with sudden demands for market ; . 

lay-offs or reductions m capacity. • lfare workers while 38,000 ; «m--^.^ k 5"»v 
If.a company pensions off some jgJJJJ ™hoSStute and agri- 
of its more elderly workers s 30 000 painter a nd 9^00 ^f P^xa, ,toye ato^jmn 4 
-before they reach retirement age rj,ruenters have also settled;The laoWmiiB. : -.- 
then agreement must be reached trades have, also ^^reafcbetT- 1 i-te; 

on how to fill the vacancies. Bn* SereemenL •> ■ Investments and 

ployers must be ready to take on s Thp waee contract in the build- ments "which wo mar. nffect t 
a certain tiuraber of people..who . indus § y was slgnedbn-Ffcbru- levels.-bu^it; ts-.wary,.qg;CQPB 
are particularly vulnerable Q ? 11 after near ly three mnntbs tjtig.itself'to,“J0tKguararaw9 
the labour market — the hand!- f - neeD fi a tions. It contains no alsa;run into probtemajC 
capped, those who have been un- fonii:i i reference to- an • agree- -Its.-price* comp.eraatron “Sept 
employed for a long time; young * t but meets many 'of 'the;=whkrh T differs iron* . the.-nasi 
people and women. All vacancies - UIlions demands on employment.:.patera--• ■ - “• 

must be reported to the local Developments- affecting;- -■ Ihe-y -Tbe : Gdvermnfntiy^sJfel 
labour exchange and private cm- number of fobs will'be diaamsed dut^f^e maihsli«£um?Megi 
ploy ment agencies must only be Jr".--., The'emplovw-B refused tions ‘wten^-jUtf^ tripartite-1 
approached in agreement With \llow the-dnions:to-,tffice pa^ : h»Sc.e dpWkfn. tt 
the works council. directlv in these discussions but been active on me sideltnes,-i 

To improve the quality of work, c ^ l0 get up employees ever.. It abaressora^,of 
discussions must be held on un- “o mrai f te ej ; ta - the'emafler Anns employers^-, reretrotions «] 
pleasant and dead end jobs-.aod ^-u thriSjeh' ^^orkS^aeme0trbat^w^ing-tO:i 

but many fear the unions will 
gain too great a say in the run¬ 
ning of business. They are wor¬ 
ried that job guarantees will 
mean keeping on a larger work¬ 
force than they need. 

One of the first wage agree- 


J £30 p.8. 

* ★20 teleprinters mean clear 

J lines, sending and receiving 
9 ★ Personal attention 9 a.m.- 

J 9 p.m., then answer-phone 

V ★ Charges on a per-word basis 
« means no surprises! 

J ★ File copies ★ Translations 

* 01-405 4442 01-404 5071 

Ert. 1WS *rtth th» C.R.O. 




Tenders are invited for'.the urgeat:supply. ai]d deJhreTy rc.i 
- to Dakar from any EJE.C. port of 5.000 tonnes of sorghum 
50 kg. bags marked A Gift Of Food Aid from the-Untt 
Kingdom.” The sorgfihm. is. to be loaded In tree snip aurn 
March 1978, and, is destined as U«K. napopal. 

Senegal. ' • /. 

The allowance for the ; supply and . transportatipn_costS'pf' t 
grain will be determined ■ bn’ examihatftm ol the tend® 
Delivery terms embodied xn^a'^Notlee of Idvttation to^end 
together with Tendering Forms may be Obtained from Dran 
B (Cereals), Internal Market IhVtskin,^ InWrvejation^'Boartl f 
Agricultural Produce, 2 West Mall, Reading. .(Tel: Ream 

583626.) ; > v.-' : -v •: 

Tenders must be submitted by 12 noon on Thursday, March 
1978, to:— '• ■' . 

Home Grown Cereals Authority; ^ . - 

• Hamlyn House, Highgate Hill. . 

- London NI9SPR. •-' Vi- >...7-rv ' 


COL^AGHI'S. 14."-otd -8ontf/StW.l. 
491 740B. - A T-oan ExtiiBHJon'of Work* 
b, SIBASTiANO- RICCI-' Wv-Britain - in 
TUNO.' Until 0 March. Mon..FN. 9-30-5- 

%'7t z z Bgi j ! ini 


To begin with, the L-1011 TriStar is noted for 
leaving on time. So don't be late for a TriStar flight. 
You may be left standing at the gate. 

Then there's the way the wide body TriStar saves 
wear and tear on your body. There's plenty of 
stretch-out and walking-around room. Even people 
in window seats can stand up without hunching. 
When you turn the air outlet, you get fresh, not 
recirculated, air. Those outlets—plus all the other 
comfort controls—are at your fingertips. You don’t 
have to reach for them. Not last, and certainly not 
least, gentle, eye-easing indirect light bathes 
TriStar's cabin. 

Your minds at rest too, thanks to the many 
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The exclusive Direct Lift Control that spares you the 
ups and downs you experience on other planes 

during landing approaches. And the Autoland 
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at some airports when other jetliners are being 
turned away—and provides the gentlest of landings 
in good weather or bad. ; 

It's also comforting to know that TriStar is the 
worlds quietest big jet, as certificated by the U.5. 
government. And that you've helped save fuel by 
flying TriStar. It uses tar less fuel per passenger 
than older jets. 

For your next trip, have your travel agent put you 
on a TriStar. It spares the fuel but not the comfort 

Arethey tripping you up? 

- Europe’s changing legal system is hard to keep pace with. 
Because few people have time to work through the mass of legal 
reports and journals published in the EEC. 

European Law Letter, published monthly by the Financial Times 
Limited, can save you valuable time by supplying an easy-to-read, 
condse review of legal developments affecting business decisions 
throughout Europe. 

Try the six-month test Complete and return the coupon below 
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Pair Trading-European Court block 
exemption ruling; Contracts-charterers' 
claim extinguished under Hague rules; 

Trade Marks-makers' mark on re-packed 
products questioned. 

EVE. 159. RMtwt StrMt. TS* 5673. A |» 
Certs wAiMn Menu. Three Speetuular 
Floor Snows 10.45. 12.45 and 1.45 -and 
music at Johnny Hwrfceiworth & Friend*. 

GARGOYLE £9. Dean Stmt. LOndotii'-WT 
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essure over 

Hungary to pay more for Soviet crude oil 



T German coalition 
t is strongly resisting 
adopt a public stance 
production by the 
ites or the neutron 
l.its deployment with- 

isure has. been emerg- 
y from ttie opposition- 
.also from some with¬ 
er coalition partv. the 
'rats CFDP). who feel 
ile signal on the 
•uld now be .made: to 

gnal Jiad-bucn widely 
am a lengthy meeting 
rliamentarians which 
ato yesterday, even in:*, 
intly in the wake uf 
i from the senior 
partner the Social 
(SFD), the gathering 
■ only a statement 
h condiHuns; 
point which the SPD 
fly anxious to stress— 
lion on production uf 
i lies with President 
cr alone. It said that 
:sion went in lavour. 
i should be made to 
eapon into East-West 
it negotiations in the 
riod expected before 

fously the opposition 
'as unanimously pass- 
ition urging introduc- 
le neutron weapon 
would increase the 
?rrent power in the 
growing strength of 
• Pact. 

sition also argues that 
.-ans cannot seriously 
•d to enter into pro- 
ess they have a clear 
advance, that the 
»uld be deployed 
y would be ru»st 
at is. in Western 
the Federal Repub- 

•mment under CIj an¬ 
il t Schmidt does not 
s away a card which 
2 " useful in bargain- 
.■' EasL But it is also 

BONN.Feb. si.- 

under severe internal' and ex¬ 
ternal pressures. 

. -David Buchan adds from 
Brussels: Prime Minister James 
Callaghan's' statement ‘ yesterday 
that the row over- the. neutron 
weapon should at least be seen 
in the context of current .Soviet 
developments, particularly the 
SS-20' missile, was . welcomed 
to-day in NATO circles who see 
British and West German views 
as crucial to any decision by 
President Carter tp produce the ■ 

The - Carter administration 
wants* to . be - assured it can 
deploy the weapon In Europe 
before manufacturing it in the 
U.S. But no one in: NATO is 
under illusions about ■ the 
political sensitivities. ■ to the 
weapon, inside the ruling British 
Labour and West German. Social 
Democratic.coalition parties. 

Mr. Callaghan gave no bint; 
yesterday that he positively j 
favoured the weapon's deploy-; 
rnent. The farmer West German j 
Defence Minister, Herr Georg 
Leber, was for it. but NATOj 
officials expect that his successor.! 
Herr Hans Apel, will take some • 
time to come to the same view. ; 

Of the other NATO allies, the 
new Dutch Government is; 
expected to come out'against the ; 
weapon's deployment and Italy : 
is loo preoccupied wi& its own 1 
governmental crisis: - 

Reuter adds from Moscow: The 
Soviet Union told the West' 
to-day it would be senseless' and I 
hopeless to try to frighten the] 
Communist world with - cruise j 
missiles and neutron bombs; 
because its scientists.could match 
any enemy weapons. Speaking at 
a Kremlin rally marking the 60th 
anniversary of the fonnation of 
the Soviet armed forces. Defence 
Minister Dmitry Ustinov—with- \ 
out specifying the target of bis ( 
remarks—said no one -should ] 
take Soviet “love of peace" for 
weakness. • 

“ Let no one try to scare us 1 
with new types of lethal weapons | 
—cruise missiles, neutron bombs I 
or the like." he told the rally. ; 

'• k. T Sr < .»• 

... H ■ IK * 

int Council meets j 


. MUNICH. Feb, 22. 

NISTRATTVE Coun-. The main problem facing ihe 
i European Patent present meeting of the Adminis- 
etini here to-day and trative -Council is the reprgafii- 
,,co decide a.number-sation of the Interna^onal 
J and organisational Patent Institute in The Hague 
^fore the rhtfiPerwiii" which has been integrated- jnto' 
pateot appiiea- the European Patent Office as: 
htter 1.- I97S. its search division—known here 

this is the second as Directorate General-1. The 
■^jhe Council'it is the decision concerns 700 employees 
—g"meeting since the of The Hague institution who are 
Patent : Convention now divided into 40 sections, 
by the U.K. France. These sections are being re- 
the Benelux coun- duced to 25 to correspond to 
• erland and Sweden, the number'of examination sec- 
' by. Austria and Den- tions of the new office. 

. «ecte& to follow soon, second important item on 

*•. r, e,,n ? r* 

industries because it appointment, of personnel pro 
:n an extension of posed by .member States. The 
tectlon to drugs, is British quota is 20 per cent of 
some internal politi- the total number of examiners, 
ies. which should be about 700. __ 

gives Left’s 
view of 

By.Robert Mauthner 

PARIS. Feb. 22. 

the French Socialist leader, con¬ 
firmed to-day that if a govern¬ 
ment of the Left came to power 
after next month's general elec¬ 
tion. France would remain a 
member of the Atlantic Alliance 
but would reverse. what he 
claimed was the present Govern¬ 
ment's policy of . greater military 
integration In NATO. 

Without going into details, ill. 
Mitterrand also suggested that it 1 
would be useful for ncogtiations 
to be held between the member 
countries of the Alliance, pre¬ 
sumably to work out a more 
equal relationship between the 
U.S. and its partners. 

While describing the. US. as 
“our - friends." the Socialist 
leader placed his emphasis on 
on improvement in France’s re¬ 
lations with the Soviet Union. 
Although be recognised that 
“good friendship treaties" 
already existed between France 
and the USSR. M. Mitterrand 
said they were lacking in real 

Negotiations should he be Id 
with the Russians to fill out these 
treaties and to ensure that rela¬ 
tions between the two countries 
became more and more substan¬ 
tial. In this context M. Mitter¬ 
rand also suggested that a new 
European security conference 
should be organised to deal prin¬ 
cipally with the disarmament 

Criticising the present Govern¬ 
ment's policy in this field, which 
he said was based mainly on 
reduction of conventional ,arms. 
he said that a Government of the 
Left would give priority to 
nuclear disarmament. It would 
also make a point of participat¬ 
ing in alt tbe main disarmament 

M. Mitterrand, who was speak¬ 
ing at a luncheon of the French 
Diplomatic Press Association, 
also took a firm though critical i 
pro-Common Market line. Under 
a Left-wing Government, he said. 
France would respect all its com- j 
mi Intents within the Community, i 
but would take step to " change j 
its nature.” 

• The parties of the Left still! 
have a.five-point lead over the 
Government coalition, according 
to a public opinion poll pub¬ 
lished by the pro-Government 
Paris newspaper. Le Figaro 

• The French Cabinet agreed to 
provide FrsEOm. I £5.3m.) of 
extra credits to aid development 
of the -agricultural and food pro¬ 
cessing industries, a Goyerniueni 
statement said. Reuter reports 
from Paris. They will be' at the 
disphsaL of the agricultural 
development office to finance 
special model projects. 

HUNGARY WILL have to pay 
S9.7 roubles {about 586JS) for 
one ton pf Soviet crude oil'this 
year—a rise of 213 per cent, 
over tbe figure quoted for 
Soviet crude deliveries in 1977. 
This is tbe first time that an 
East European Communist 
country has revealed the rate of 
..the actual increase in the price 
charged for Soviet oil this year. 
The figure was quoted in a 
recent Issue of VUaggardasag, 
the Hungarian economic 
journal, in connection with the 
conclusion of Sovlet-Hungarian 
contracts for annual deliveries 
or oil and petroleum products. 

Hungary will receive 7.7m. 

tons of Sovier crude this year 
which Is only a 4 per cent, in¬ 
crease on the figure for 1977. 
This is almost the same rate of 
growth as that fixed by a 
similar agreement signed 
between the Soviet Union and 
Czechoslovakia last month. 
Czechoslovakia will receive this 
year 17.7m. tons of crude oil 
and petroleum products worth 
871m. roubles. As tile total 
figure is not split up according 
to crude and refined products, 
exact prices cannot, - however, 
be calculated. Some' Western 
observers have estimated tbat 
the' price would work out at 
about'571.6 per ton. in view uf 
the figure now officially 

released in Budapest, those 
estimates appear to be too low. 

In addition to crude. Hun¬ 
gary. will also buy 1.5m. tons 
of petroleum products this 
year, up 200 , 00(1 tons on the 
figures for 1977. However, 
under a special contract. 1m. 
tons of crude and petroleum 
products will be purchased In 
exchange for shipments - of 
Hungarian grain and meat, 
with prices calculated and pay¬ 
ments made according to the 
level of world, market prices. 

MrJ Y. V. Stupenkin, the 
director of .the oil department 
of the Soviet State Export 
Agency, told the Hungarian 
journal that the price is based 

on the so-called Bucharest 
price formula, which means 
that the average of the world 
market prices for the previous 
five-year period (1973-77) id 
taken as a basis. However, he 
stressed that even now the 
price of ihe Soviet erode was 
-20 to 25 per cent, lower than 
that obtaining on the world 

_ He revealed tbat this year 
six East European countries 
will receive about 70m. ions 
of Soviet crude. Thus it Is 
evident that all East European 
countries will have to pay 
abont 20 per cent, more for 
Soviet crude this year. 

Hungary last year had to 

VIENNA. Feb. 22. 

absorb a 23 per cent, increase 
in Soviet oil prices and since 
1971 the price for Soviet crude 
has shown a fourfold rise from 
IS io almost 60 roubles per tut?. 
As u*e Soviet Union provide* 
well over 80 per cent, of the 
imported crude, the price 
increase has placed a grotring 
burden on the Hungarian 
budget. Tbe additional cost 
amounted to 66-5m. roubles last 
year and should reach an extra 
80m. roubles in 1978. 

By 1980 tntra-Corneron prices 
should reach approximately the 
level gf worid market prices. 
Mr. stupenkin refused to give 
any indication of the level of 
Soviet oil shipments after 1980. 


Making room for the small businessman 

Parly daily newspaper Ncpsza- 
badsag has proudly informed its 
readers about a new success in 
economic policy: tbe number of 
private craftsmen operating in 
Budapest last year rose by 149 
to 15.259. There was a (rend 
towards more employees and 
pensioners applying for private 
operating licences, the paper 
said, adding that any skilled 
worker with at least two years 
of practice could also easily 
receive a trade licence from 
local councils. 

Nothing could illustrate the 
shift of policy towards the rem¬ 
nants of private capitalism 
better than the spate of articles 
published about the new tax 
concessions and other measures 
aimed at promoting private busi¬ 
ness. Henceforth private artisans 
will be exempted from all taxes 
in the first two years after they 
receive their trade licences. In 
villages and towns with less than 
5.000 inhabitants, craftsmen will 
enjoy a three-year grace period. 
Annual earnings up to 48.000 
forints (about £1,350 at the 
tourist rate of exchange) are tax- 
free. and, in all, taxes have been 
reduced by 17 per cent, as of 

The Polish Government has 
decided to allow the lease of 
small State-owned shops to 
private people who in addition 
to their family are allowed to 
employ up to three and. in 
special cases, even four paid 
employees. Evidently the auth¬ 
orities want to get rid primarily 
of the small unprofitable retail 
outlets. About 83.000 of the 
122.000 State shops in Poland 
employ only one or two persons. 
Excluded from the new system 
are establishments selling meat, 
jewellery, spirits and second¬ 
hand imported goods. 

It is not the first time the 
Communist system has turned to 
private management. Under a 
so-called agency system, intro¬ 
duced in 1964 in Poland, service 
and catering enterprises—and 
three years later also shops— 
were leased to private entre¬ 
preneurs. Today one-lbird of 
the catering industry and all 
petrol stations are under private 
management according to the 
lease contracts. But the num¬ 
ber of the agency shops fell 

between 1971 and 1976 by 23 
per cent, and that of private 
shops -from 9.S19 in I960 to 
7,036 in 1976. 

During tbe early 1970s similar 
downward treads were regis¬ 
tered in East Germany and 
Hungary where currently 
private craftsmen satisfy 63 
per cent, and 4S per cenL 
respectively of the services for 
the population. The reasons 
for the lack of a sustained up¬ 
swing in tbe private sector have 
generally been the same every¬ 
where: local party and state 
officials have been dragging 
their feet or even shown out¬ 
right hostility instead of toler¬ 
ance, the craftsmen and shop- 
keeprs have been subjected to 
di scrim inarory taxation, and 
there has been a lack of access 


to raw materials and appro¬ 
priate equipment. 

Similar measures aimed at the 
promotion of private artisans and 
shopkeepers, and at the improve¬ 
ment of services for the popula¬ 
tion. have also been taken or 
announced by Communist 
regimes in Poland and East 
Germany. Part)' officials brought 
up on the dogma that private 
entrepreneurs are a necessary 
evil tolerated only for a very 
short transitional period, are now 
bluntly told that the quality and 
supply of services and the distri¬ 
bution of products cannot be Im¬ 
proved without private enter¬ 

PurteleL the monthly produced 
primarily for party functiooaires 
in Hungary, recently published a 
five-page article extol tin a the 

merits of the private sector and 
issued a call to tbe party 
organisations to influence public 
attitudes in a “ correct direction.” 
The periodical stressed that 
“every honest person should 
have a place in our developed 
socialist society." 

However, those who suspect 
the Hungarian Communists of 
committing an ideological sin are 
mistaken. In ihe Soviet Union, 
for example, fit) years after the 
Russian Revolution the legal 
private sector, according to U.S. 
economist Professor Gregory 
Grossinann. still accounts for 10 
per cent, of the Soviet GNP. The 
50m. private plots run by the col¬ 
lective farmers which take up a 
mere 3 per cent, of the total cul¬ 
tivated land are responsible for 
a quarter of the gross farm out- 

Budapest-Bucharest tensions 


A THREE-DAY visit to Budapest 
by Mr. Stefan Andrei, the Secre¬ 
tary of the Central Committee 
of tiie Romanian Communist 
Party.' last week has failed to 
improve Hungarian-Romanian 
relations which have lately been 
subjected to growing strains. 
Though Mr. Andrei held talks 
with Hungarian party leader, Mr. 
Janos Radar., the communique 
issued after the visit stated only 
that discussions took place in a 
“comradely atmosphere.” The 
lack of any reference to an 
agreement and even of the usual 
approving description of the 
talks such as friendly” or 
“cordial ** is regarded as signi¬ 
ficant. The Romanians surpris¬ 
ingly put out a different com¬ 

munique after Mr. Andrei's talks 
with the Hungarian party chief. 
This claimed that Mr. Kadar sent 
“cordial greetings and best 
wishes" to the Romanian Presi¬ 
dent. Mr. Nicolae' Ceausescu. in 
response to the latter’s greetings. 
Tbe Romanian version also 
stressed the mutual desire of the 
two parties to intensify political, 
economic and friendly relations. 
By the time the visit ended, how¬ 
ever, the Romanians also adopted 
the Hungarian tone and the final 
communique was identical both 
in Budapest and Bucharest. 

Meanwhile the Romanian 
Press has levelled several sharp 
attacks against Hungarian his¬ 
torians for distorting the past 
of the Romanian nation with 

VIENNA. Feb. 22. 

special emphasis on the contro¬ 
versial views about the past of 
the disputed region Tran¬ 
sylvania. In reality the cunHict 
is about the position or the 2 m.- 
strong Hungarian minority in 
Romania. The Romanians sus¬ 
pect that tiie Hungarians have 
launched a general campaign 
and regard this as a “blatant 
interference” into Romanian in¬ 
ternal affairs. The Hungarians 
claim, however, that their Press- 
has refrained from any. politi¬ 
cally motivated attacks and 
Romania has not been mentioned' 
or'singled out byname.' How¬ 
ever in Budapest one of the mass 
circulation weeklies. Uj TUjwc.- 
has just begun a series un-Tran¬ 
sylvania and the life- of the 
Hungarians living in that.area. 

Polish assurance to Dell on Trade policy 


POLAND’S PRESENT difficulties 
in exporting to the West are not 
leading to any special shift in 
foreign trade policy away from 
Western countries and towards 
Comecon, Polish foreign trade 
minister Mr. Jerry Olszewski. 

said here to-day. 

This statement comes after two 
days of talks with British Trade 
Secretary Mr. Edmund Dell dur¬ 
ing which the British delegation 
were assured that there had been 
a “ misunderstanding.” Questions 

WARSAW, Feb. 22. 

on future PoBsh trading policies 
were raised after Polish prfess 
articles had criticised protection¬ 
ism in the West'and had stated 
that the most effective, defence 
against this was further integra¬ 
tion within .Comecon. 

put. Though employment of one 
individual by anotbev is still pro¬ 
hibited (except as a household 
help), even the new Soviet con¬ 
stitution confirms the trends 
towards expanding tbe scope for 
lesal private activity. 

Nevertheless there are only 
some 100.000 private craftsmen 
in the Soviet Union with a popu¬ 
lation of 260m. By comparison, 
Hungary with a 25 limes smaller 
population has almost us many 
private artisans and shopkeepers. 

Wherever the Communist 
authorities have kept their com¬ 
mitments tiie private sector has 
shown a surprising degree of 
Bexibility and adaptability. But 
the very success of the experi¬ 
ments and the conspicuous con¬ 
sumption of market gardeners, 
or orchard owners, television re¬ 
pairmen or milliners has aroused 
growing opposition among the 
party faithful. Private activity, 
even ’ if formally sanctioned, 
nevertheless remains ideologi¬ 
cally alien to a Communist 

How can private enterprise be 
used in a bid to improve ser¬ 
vices and supply without creating 
what is regarded an imper¬ 
missible degree of social dif¬ 
ferences within societies which 
gall themselves socialist? This 
is the real political background 
against which the ups and downs 
in attitudes towards the private 
sector must be seen. The pro¬ 
gress inwards a consumer 
society, and perhaps above alt 
the growth in private car owner¬ 
ship, involving such problems as 
tlte operation; maintainance and 
repair of cars, have aroused ex¬ 
pectations which a centrally 
planned and regimented system 
simply cannot satisfy. 

Yet the rising demand of the 
consumers for more meat, fresh 
vegetables and better services is 
the single most important factor 
-shaping the political climate 
friiut East Berlin to Warsaw, 
from Budapest to Moscow. -This 
is the underlying reason- why 
regimes, more concerned with 
practical results than ideological 
considerations, have to make 
long-term concessions to private 

Bine jeans revolution. Page 6 

Firv.tavi. | DU hit-: tied C-illy cu-cPt >i»i»- 
dayi ^nd holIdJYt. U.S nit-^rlpiion SUXMiO 
l-iir frcipfi'i SWi.iW *-iir niflili per anntira. 
Second cb>t prnUM raid ill New ^orfc. M.Y. 

■nr DID IRELAN^^^^^^^^^ffi 



1970 ? 

Even during the world recession, Irish industrial exports were stiDcompetitively priced, 
sdll attracting larger international markets, hi 1977 industrial exports increased by arecord- 
breaking 4€% phis. Total exports increased by 35% as compared with 5% from Germany. 

Is this just a case of big percentages but small actual amounts? 

It is difficult to judge with a country of barely 3 million population, but surely , the capacity to sell 
almost 60% of manufactures abroad must make Ireland unique in Europe? 

Try comparing Ireland’s export achievement of £830per bead of population with tiie figures 
for long established industrial nations like Germany and the U.K. 

One can understand companies based outside tiie EEC being attracted to Ireland, but consider 
this. 50% of the overseas industrial investment in Ireland has come from European countries. 

Industrial investors enjoy distinct competitive advantages when they operate from Ireland - 
and British industry needs every competitive edge. 

- Current British investment in Ireland is some 17% of the overseas totaL There are good 
financial reasons for increasing this figure. 

P! »» 


yy L I' M?- IMAD Ef 1 G Europe’s mast dynamic industrial 

A » ■■ VAliBfcJ* base is only 50 liiinutes from London 

‘ ** by air. Any company with expansion in mind should geta first-hand picture 

fegy -» of the special advantages the Republic o( Ireland offers. Tbe Irish Govem- 

meat's Industrial Development Authority will gladly organise 
'Sai. a personal presentation and visit to suit your particular 

■■‘Aw. . P" - _ _ mf ftr. etc. forvnrv i-reric fi-uiil. wilL 

interests: fartory visits, frank discussio ns with 
overseas industrialists operating in Ireland, 
meetings with trade mikws...whatever and 

•meetings won trade unions...-whatever and 

.. ■*'whoeveryoiwanttosee. 

_’ •«7;, * f ‘-~.. The IDA is responsible for all aspects of 

.■ ** ,, 'm VvJvyw industrial development, including ad- 

mastnfn of the unique financial 
package winch the government offers 
expanding, exporting industry. The 
IDA has helped over 700 overseas 
compames-aknost 500 of them 
Einropean-to psfeJifch factories. 
It B the oriyorgaiBsafioa your company 
would need to negotiate with. 

Confidential: To Hugh Alston, Director. IDA IretauWS Bnuon street, London W1X 7DB. 

. Telephone 01-499-6155. Telex 051 -24751. 

Please telephone me with a view' to dLVUsMng an investment paikace to *uit rnv company'and a farwSarisaaon trip to Ireland. 






To the Holders of 



(National Hydrocarbons Authority) 

7% Sinking Fond Debenture* due October 1,1981 

NOTICE IS HEREBY GIVEN tint, purau n t to ihepiovtaiaai of tie Shildn»Fund for tbe Deben¬ 
tures of the abovwJescribed issue* Morgan Guaranty Trust Company m New Tork, m Piseal Agent, 
has selected hy lot for redemption on April 1,1978 at the principal amount thereof $1,666,000 principal 
amount of said Debentures bearing the following serial numbers: 

M14 3044 3533 7117 9285 11479 13778 16408 28557 S»tt 
114 3220 5275 7135 9304 11490 13837 16428 28857 32095 



38313 39941 41*60 43332 45923 f 

285 3234 5324 7214 9356 1X321 13303 18437 28828 32U8 3KH» SKH85 33975 41740 43357 4SQ34 4XEL6 


l 4100 3»HS 
L 4102 MSS 
t 4121 5880 
> 4140 5869 
I 4141 5336 
t 4142 5910 
S 4158 5032 
r 4229 5940 
t 4258 5943 
i 4262 595 
t 4263 5S93 
t 4273 6002 
i 4278 6045 
' 4281 605 
4324 6057 
1 4333 6066 
’ 4335 6075 
I 4345 6123 
4435 6126 
: 4433 6157 
4443 6194 
4452 6199 
4457 CC10 
4439 6235 
i 4404 6259 
4533 6262 
4541 6273 
4548 6277 
4573 6299 
4582 6313 
4595 6324 
4607 63B3 
4623 6397 
4630 6408 
4680 6458 
4703 6458 
4718 6910 
4720 6312 
4722 6568 
4766 6538 
4777 6638 
4795 6638 
4601 6645 
' 4811 6665 
4820 6705 

4872 6750 

4873 6757 
4896 6806 
4909 6816 
4919 6S24 
4925 6826 
4928 6874 
4940 6878 
4953 6888 
4972 8889 
4977 6904 
4988 6911 
5000 6921 
5010 6992 

5073 7068 
5099 7064 
5168 7092 
5174 70BS 
9196 7102 
0317 7103 

7872 10191 
7&BL 10210 
7894 1021 
7938 10228 
7943 20288 
7961 20290 
7969 20350 
7975 10384 
7987 1 0389 
SSL 10421 
8006 10441 
8011 10444 
£033 30482 
8087 10493 
8114 10506 
8191 10554 
8221 10631 
5254 10858 
8288 10679 
8378 10683 
£384 10704 
8416 10T20 
8438 10725 
8435 1077B 
8448 10783 
8509 10789 
8514 10790 
8520 10808 
8380 20816 
8812 10821 
8627 10854 
8639 10879 
8645 10881 
8699 30900 
8721 10908 
8740 10921 
8780 109*6 
8782 10990 
8604 11015 
MIS 11023 
8816 HOflfl 
8822 11103 
8869 11146 
8878 11173 
8902 11176 
8923 11217 
8931 11220 
8939 11223 
8948 11239 
9034 11251 
9038 11254 
9107 11270 
9123 11283 
9137 11289 
9173 11290 
9190 11306 
9202 11342 
9204 11380 
9213 11396 
8214 11414 
9231 11416 
9284 11436 

14747 17032 29549 33055 38994 38890 40487 413DO 44209 46607 48879 
14764 37055 29626 33177 37013 38897 40500 42311 44210 46678 48888 
14771 17124 29t58 331*0 3701* 38924 40503 42351 44281 46713 48900 

On April 1,1978* there will become and be dne and payable upon each Debenture the principal 
amount thereof, in such coin or currency of the United States of America as on said date is legal tender 
for the payment therein of public and private debts, at the option of the holder, either Cal at the cor- 
rate trust office of Morgan Guaranty Trust Company of New York, 15 Broad Street, New 

1 . I1 • 14 I m •.. 4 J 

I i'l ■/ 

payment^ currency of payment or otherwise in the country of any of the following offices, at the princi¬ 
pal office of Banca Nazionale dd Lavoro in Rome or the principal office of Banca Commerciale Italians 
in Milan or the main offices of Morgan Guaranty Trust Company of New York in London, Brussels, 
Paris or Frankfurt or the main office of Algeraene Bank Nederland N.V. in Amsterdam or the main 
pffice of Xredietbank S.A. Luxembourgeoise in Luxembonrg-Vilie. 

^Debentures surrendered for redemption should hare attached all rmmatnred coupons appurtenant 
thereto. Coupons due April L1978 should be detached and collected in the usual manner. 

From and after April 1,1978 Interest shall cease to accrue on tbe Debentures herein designated for 
redemption, _ 


February23,1978 _ cf new York* Fiscal Agent 


The following Debentures p revi ous ly called for redemption have sot as yet been presented for 
payment: _ __ __ 


U 14115 

To the Holders of 

Government of New Zealand 

Twenty Year Bonds due March 15,1986 

NOTICE IS HEREBY GIVEN that, pursuant to the provisions oF the Bonds of the above-described 
Issue, Morgan Guaranty Trust Company of New York, as Fiscal Agent, has drawn by lot for redemption 
on March 15,1978 at 100?o of the principal amount thereof through operation of the Sinking Fund, 
£517,000 principal amount of said Twenty Year 6\z^o Bonds due March 15,1936 hearing tbe following 
distinctive numbers: ' ( 


4401 61BB 
4443- 5161 
4460 5162 
4463 5213 
4465 5318 
4486 5342 

4504 5356 

4505 5319 
4511 5538 
4515 3371 
4520 5603 
4524 5623 
4543 5675 

4508 5700 
4619 5711 
4672 5713 
4686 5729 
4699 5733 
4727 5755 
4835 5767 
4862 5827 

4906 590Z 
4946 5892 
4954 5895 
5021 6017 
5047 6018 
5106 6120 
5111 6172 
5131 6217 

720T 7992 
7250 8020 

7253 SQ43 

7254 8044 
7267 8075 
7334 SlrtC 
7372 8111 
7513 8235 
7525 3377 
7541 8403 
“614 8436 

633 8450 
7744 85G7 
7753 8569 
7777 E5C9 
7*15 8595 
7*52 8613 
75*3 8617 
7*86 8627 
7«rt 6675 
7909 86*7 
7511 ST51 
7924 8777 
7023 8796 
7DS5 8856 
7037 3853 
73« 8996 
7076 *906 
7380 0009 


__. Principal Ansoanl 

Humber to be Bedewed 
B129 £1,000 

Ou March 15, 1978, the Bonds, or portions thereof, designated above-will become due and pay¬ 
able at the principal amount thereof in such coin or currency of the United States of America as is 
legal tender for the payment therein of public and private debts; cud will be paid upon surrender 
thereof at the Corporate trust office of Morgan Guaranty Trust Company of New York* IS Broad 
Street, New York, New York 10015, or at the option of the bearer or registered holder hut subject 
to any laws and regulations applicable thereto in the country of any of the following offices, at the 
offices of Morgan Guaranty Trust Company of New York in Antwerp, Brussels, Frankfurt, London or 
Paris, or at the office or Baring Brothers & Co., TlmitpA in London. 

Coupon Bonds surrendered for redemption should have attached all tmmatured coupons appurtenant 
thereto. Coupons doe March IS, 1978 should he detached and collected in the usual manner. 

Upon surrender of a fully registered Bond for partial redemption, there will he issued a new coupon 
Bona or Bonds or fully registered Bond or Bonds for the unredeemed portion of such fully registered 
Bond surrendered. 

From and after March 15,1978 interest shall cease to accrue on the Bonds, or portions thereof, 
herein designated for redemption. 


February 13,1978. 


The following Bonds previously called for redemption have not as yet been presented for usyment: 

31-37*0 8991 6471 6473 7645 9386 9458 10373 li ffK? 


Namibia Angry Sadat withdraws 
smggesoiew recognition of Kyprianou 

W o r BY ROGER MATTHEWS GAffiO. Feb: 22. 

TY OR pftUVl U ^ ABjQgy m ^rftonal p^i- out notes, and was not atoed bio*, to^eaefcio» blow that it 
fly Quentin Peel dent Sadat said to-day that Egypt solely at the Cyprrots. Hei alao J® S^enunatraW at 

JOHANNESBURG. Feb. 22. |pywsa?P^dent fcns^tattag*that while -they 
SEVEN South Africans and at of cjSsJeaking to the com- 

least ten SWAPO guerillas have mandos who survived tbe ill- terrorists it was Egypt that was mg, 

been killed on the border be- fated raid at Larnaca airport on defending their cause. The. . ^antirCynriot 

tween Namibia (South West Sunday, Mr. Sadat declared that Palestinian* should know that niixed in wsm , 

Africa) and Angola in the past be would not speak again to the Egypt will retaliate with ten aogans. 
four days, according to an- Cypriot President until the two 

R t i » II -| 


fly Quentin Feel 
SEVEN South Africans and 

nouncements by the South gunmen who killed an Egyptian 
African Defence Force (SADF). newspaper editor on the island at 
The incidents reflect a new pat- tie week-end bad been handed 
tern in the sporadic guerilla war OTe r. 

on the Namibian border, with jfc, Sadat had walked 

higher casualties on both sides . ^ fune ra] procession for the 
commg from fewer Incidents. ig rommandos who had been 

Atherton shuttle in 

Earlier Mr. Sadat had walked BY OUR OWN CORfffiSI'ONOeNT • 
in the funeral procession for the CAIRO, ^ 

**”**- * 25 co mm a n dos who had been ___ .. a n w > a thkk tqN fee nie Palestinian, problem Is 

To-day’s communique from the killed by Cypriot national guards- MR- it'fee heart offee Arafrlsrael 

\DF said that two South men when they attempted to U- s -*P^alenvoyforjfeeSBdifle, St fee heart or me 

r WHAT could teach 

election over-BS' milttaarrofca 

- on rSaturdsyv^O.slijc 

SADF said that two South men when they attempted to eavuy feefirodamental 

African soldiers had died in fol- storm the Cyprus Airways DC -8 East, armed this afternoon in with Recur - 1 

low-up operations to a guerilla i n which the two gunmen were Cairo from Jerosalran where he -wlution must of ^ 1 f ^ ft t»rnTin a- 

attack on Sunday, in which two holding 11 hostages and three had bew holihng talks wife fee- ^ Palestinian people 

other soldiers were killed. Seven crew. Israeli Government Mr-Athe* tiou of the Fal^^uan .peqpre 

guerillas were killed in tbe fol- the table ton is iwdertaking a shuttle be- -and the 

low-up operation, and the bodies fiif pJSiSeS 6 Sadat tw*e n two countnes in an independent stete, the -State-, 

of three more who bad effort to produce agreement on roent argued. - ' - - 

apparently died on Sunday were for ‘nhe S trea§iery a declaration of principlea feat Renter reports from Moscow: 

found, it added. ^ Sat dl my s?? would aUow a resumption of Syrian and Soviet leaders .twiay 

No due was given in fee Decision takeT by Mr. Kvp- Peace negotiations, _ . ended two days: of talks which 

anouncement about tbe location rianou had resulted in “the However 3d r. apparently rot^^ated on wag 

of fee dashes within tbe opera- martyrdom of several of my sons, f®ja e ^£ Manaster. offered In which 

tionaJ area, which runs for some and he should now pay the price,” tittle hope of progress whenhe Arab opiwnents of 

600 kms along fee border, except said Mr. Sadat- stated today feat hm Govern- live 

to say that the follow-up took The Egyptian Government has meet bad not change its stance agency, reporting on fea meet- 

place within Ovamboland — not already announced that it is on a declaration of principles. As tegs between fewhney and 

on the Angolan side of the withdrawing its diplomats from Egypt is waiting for some sign President Assad of Syria, saw 

border. Cyprus and bad asked the of Israeli movement and feds the aim was to strengthen-S^irt- 

However fee communiqu* re- Nicosia authorities to remove feat its position on fee removal Syrian in u 

peated a South African warning feeir representatives from Cairo, of Jewish settl emen ts from oocu- aqd to 1 ?S^5i 

Z'j y \I S * * * ~ A 

tbej second * sjAit 

miVmc’t in»ir 

for-fee total,of^O^JseateJl 
Janata party Aft 

candidates, - and T -tto.'-offiri 

to the Angolan Government “ not However the staffs of both Pied Sural is iwsurable odNcom- peaM 8ecurft y °^ . ine 

to place fts military bases in fee embassies were working norm- promise, fee immediate outlook peoples. .. . ‘ + . 

southern part of Ancola at fee ally to-day. Flights between fee for Mr. Afeerton’s success is Western diplomate Baud- fee 

disposal of the terrorists." and island and Cairo have been can- Weak. T 0 ^ , ^ g, 7 ^? ap - 

pointed out that South African celled and all trade, commercial, David Lenaoo reports from Tel feat the Defence Minister, Dmitry 
soldiers had crowed fee'border and other links are to be re- Aviv: A group of 56 Israeli Ustinov, attended the discussions, 

last week in a hot pursuit opera- viewed. Arabs has issued a public state- strongly suggested - that- Soviet 

tioQ Mr. Sadat's anger appeared to xaent calling for fee creation of. military aid to Syria was among 

In fee other week-end incident weU up to-day as he spoke with- an Independent Palestinian state, the topics. 

two South African air force 
officers and a civilian attached 
to the air force were killed when 
the jeep in which they were 
travelling was fired on near fee 
Zambian border wife the Caprivi 

Japan’s industry grew 
faster in December 

doubt report 


TOKYO, Feb. 22.. 

JAPAN'S industrial production in November last year, thus 
index rose In December by 0.9 restoring Japanese industry to 
per cent, over fee previous month the level of output achieved on 
rJrhialvf- ronnW ai3 ^ by 4.1 per cent over fee the eve of the 1973 oil crisis. 

QUIIOI repuri previous year, the Government No one is sure yet when indus- 

Ri^hnn Ahei Muznr*wa thp leader announced to-day. The rise came trial production will stop sea- 
of'fe? U^ited African^Narional as a surprise as advance esti- sawing and start to move steadily 
Council in Rhodesia, was quoted mates had pointed to a small upwards. 

to-day as saying the internal decline in the month-to-month q AP-DJ reports: Prime Minister, 
settlement talks in Salisbury had trend. Takeo Kukuda said Wednesday 

not'achieved a settlement and Part though not all, of the j n a meeting wirti Japanese hmn- 
could still collapse, Reuter reports difference seems to have been ness an( j labour leaders feat he 
from Lusaka. due to a change in the base on wou id like to target Japan’s 

“There is no settlement in which the^index is calculated economic growth rate in fiscal 
Rhodesia." the Bishop was re- from 1070 to 1975. The change 1979 to the 6 per cent, level 
ported to have said in an inter- {which takes place every five following a 7 per cent rate 
view with a Times of Zambia cor- years) means feat fee weighting pledged for fiscal 1978 starting 
respondent. ** Settlement talks of industries making up fee index trom Apri j ^ ^ Ky 0 flo j^ws 
are going on and there are issues also has to be altered, resulting Agency said • 
feat have been agreed upon, in this case in the inclusion of * Mr in mpe H n p 

There are more crucial issues that some new industries, for example «, fTt cSnil+bnJili 

have not been agreed upon that video tape recorders, which 
could Influence the conference one have - shown high growth since 

way or the otber-or cause it to 1975. Wl ? . hope » bo ^ “ i a P“ 

■- Tbe Government is forecasting " b ? n ad fltt a a ^ *“■ 

a further 1.6 per cent rise in pl ^ ge , t0 .*«t fl«l- 

industrial production for January He also said he would seek 
to be followed by a fall of 2.0 economic growth ra tbe 6 per 
per cent, in February, in otber cent, range in fiscal 1979 to nar- 
Th* v, words the index is continuing to SfP between supply and 

ifi ? see-saw in fee same manner as demand feat was behind stagnant 

Sf fjbvanmiUra™ S ^i la6t year. The first estimate of sales, sagging corporate earnings 

fee exn^t oiMWo the behaviour of fee index in and rising unemployment fee 
Bnein^ 7^7 airtmer/fo Tripoli, M^ch will become available *g™w 

State Department said yesterday, weelc , • Japan's vehicle production in 

Reuter reports from Washington. . Last year s 4.1 per cent growth January fell 8 her cent to 
The Department said feat continu- *P industrial production was 679.734 from 738,785 in Decern¬ 
ing Libyan support for inter- little more than one-third of fee her. but rose 14.4 per cent from 
rational terrorism made inappro- previous year's 11.1 per cent 594,373 in January, 1977, the 
priate fee further supply of U.S. growth. The index did. however, Japan Automobile Manufacturers 
military equipment and sendees, pass its previous historic peak Association said. 


collapse completely,’ 
quoted as saying. 

Libya airliner halt 

The Carter Administration has 

[ii jpM - 



to take first steps 



^ . ’ teg* Jteve becotbej "cotu 

PRESIDENT MOBUTU Zaire further standby credit and foreign Zairean-owned bank . /^roduhtf^ 

is hoping to get a little help another "stabilisation " plan for accounts or real estate. *-’rf®®’ I For:someone 7 refected sb toi 

from about 10 of his ; more J® 7S - a Precpndition of any help Lack of foreign erehange to Iwte- Jhah^ i i 

influential fneods In <* few they may Si ve - A® team buy spare parts and essentials r Gaddh£ hate- 'femfRisfratA 

tne ® ds -, “ ( a will be in Kinshasa at fee end like oil has hit a wide number 

weeks time officials from Bel- of this inontb to negotiate these of sectors. Transport is now 

gium, the U.S., France! West conditions. one of Zaire’s major problems, 

Germany. fee U.JC. Italy, Equally important for tbe particularly because fee country 

r ini (f'i , ir ,H longrr terra. President Mobutu has been unable to use fee .campaigning'Vig^pMly as 

nnmihiv b ’ lra . f agreed during bis recent Benguela railway to transport - 

possibly Japan are expected to Brussels talks to ask for an IMF copper from Shaba to the •* twAward sections.bias 

meet in Brussels to discuss fee ofGcfal to take fee No. 2 job in Atlantic ever since the Angolan ; - ^ 

pans they might play in fee fee Zaire Central Bank. Details civil war. - .oad. now her £oTitIeai Tt 

Zairean President’s plans to put of the appointment have yet to The Zaire river port of Matadi ,1 HP I RaB 9| for the excesses fee «i 
bis economy back on its rails. be agreed, but there is a gives the country an outlet to - &ocy and pointing to n 

The exact tuning of the meet- precedent. Until 1970 fee the Atlantic, but the mixed rail -I- .Gai 

ing will depend on how speedily Director-General of the Zaire and river transport system President jwn hnfa . .'L> She wRI-^nrye^one d 

Mr. Mobutu can come up with National Bank was generally an serving the port is cumbersome - , /-'V-: /■ 'fig/Ttittng;-,,after'; making' 1 , 

a detailed reconstruction plan. ME official, wife direct control and, according to official Zaire . . v .;' w. itppox 

But after talks earlier this ? ver the , use of foreign exchange, statistics, this system carried 10.6 Belgique, have used their ecqnbr y; arb t tenix 8 bed.Lv':?,. 
month in Brussels wife the import licences and so on. per cent less traffic in the first SSaK«S^i?5 'SjSS Shcre^vejfeenmany desert 

Zairean President and his Minis- Zaires economic problems are tune months of last year com- SInce V * 76 It has gape ffiatfc into tbe’GSreS' TCeS 

'"enda Reddy in . AipBira c r y - 

For Mis.; : GahfiiF ■ 1 

^result* detertafiafe^whrtl 
iffie is to remain * major p* 
ricaiforce. Thi s meaa^:^a3 

- her since she ’has saocessfa 
•-poRticiSea fee chargds-of x 

raptian ’fthd ( ' 

- • against Ser: '-By" 

-• seKttje'indin 48OTfe,-niQ( Mum 
■: strengfe - Ln cvW one . of, 1 
„: steles by Ber party wfU‘ r ap 
“ ■ jhat th^peoplc^hhv® -accep 
Rito Baa peraStM 
pushed -'over : the' ; pastj 
-mdotbs .^\_- 
For -fee Jhneta fee w«i 

- will decide whefeer or r&r 

ataftnne ; -to wiiffer-’ 

- Bnodtoap a£ beang : S. hatio 
party without a ^igtaficant 

4 .: kjwSng in the ^oufe. Its-rej 
: ‘- flehsation^’i rih" paitiament 
almost en^wdyfirocr fee no 
where it controls 3ix states, ■ 
v it ^Hccuist junket * dent fte 
‘ south to wa^ natidnal imi 
UnfertunatelyJorthe Janafc 
v3iirt-..fiifled ' to -make, alllai 
lidth kiial jpartfck, and is gt 
-A£ alone l- m -all the ; emrtt 

• states, heipedoaly by fee; 

. feat .The Congress parties 

- 'wrerihB. againjft earn bthfli 
3he : Janata’s handipp. ia .i 

the electorate is . not arottfi 
. .this ;time .in the. way .it ; 
i ast ■ March - wh en -Mrs^ Gan 
V /Wks - bundled <nrt." ~ r Qh- 
. other, hand, there . is^a lgi 
. ing Impatience- with ■Jana 
, homilies ..and its wah ilty 
f?et to grips with the botmt 
f problems: ]heritahiy^thei< 
tr • a . hankering : fot ' *; 5tc 
[•, leader, 4bd Mas; .Gandhi - 
5: won much sympathyVffcv 
'^undoubted fighting/spast 

• spite of her dictatorui;4i 
gency role and the televsfi 
before the ^hah Commisi 

1 ; inquiring into charges of at 
1 ’, of ^ower.- From -fee flwih 
yiew v of - the - oi^tonsi 
■ ' Shaft CtotmitisribnV^ly b 
, ^vfnga 'feave becofeej"fionz 
.• for .tifti 

For-.someoneV refected spj tot 

• le&;- .than; a.,, yegu?' agA -3 
rGaddhl has.: 
tremarkahle; .eapaeity 1 :^! 

. ,1 draw ciswdp. r^thongir^ie 
;.v:iifao been*sfe»e^;Shfih i afl= t 
'campaighing;/Vig^naly' as 
y champion ' Ti»bor ^ 


• her, fOriner^caftin^: cdlfeaj 
^'aad. how her political ri 

: for lie excesses .fee m 

- Agency and pointing to* n 
A', of'ite “g^nfi,^^:^Mrs:-Gai 

:■ faD^'She: wife^raw^gone d 
/• - fi^TTtinng-;; af terV ftidhirig-. 

. ippon 

aid effort, are 

ordinating fee aid effort, are near Jy Per cent, of its export Zaire's construction industry *« a-nig way:- ' j';: 

optimistic. earnings and the market price suffered—down 10.9 per cent, in Smaller, companies: ;.pajticur 

Th a jj has faUen drastically, from the first nine months of 1977— larly ;fn>the. agriculmrafrjerea, 

lr ,S h ! d S^ -j' lde nearly £1.350 a tonne in May 1974 because cement production was ksve often returned to; find their: 

w^f.L- reSp0DS !* 1° ? 1 sldent over f620 a tonne now. intmn held un to a^hSnS former : ft ridings in ameSs. 

^°t b ^hrfu req V, est f. or h * ! P are Both Zaire and Zambia are dow 0 f imported evnsum to make S it Agrfciiltnral production .has suf- 

S2 w ^ n t y altruistic. Most of arguing in favour of a 15 per sK to^STit In. fcith £red badly/ and Zaire noW.has 

0 r -i ,r0 ' WeSte - ra ceot P roducti °n cut by copper m^uflcturm* P and commerce t(> import ft COnsTderrille.amount 

countries roncenied recognise exporting nations. Mines in declinedSteerS af £oi>d -'-^**quarter of. 

5°L.° Dl ^ th ? importance of Zambia are suffering losses at because of ♦h/^ueere^n S ias ^ y ear ' for coffee 

Zaires mineral and raw material existing price levels and Zaire, fnreim evrhaS^'i^ain^ exports, fell by- 59 per cent* 
resources, but also its key posi- its problems exacerbated by ahip 50 exchanse remams avail ‘ rubber I by' 5^ per;::cent ind 
non in fee bean of Africa. To transport difficulties, is almost Wnhntu exports of palm piir-^n spite of 

those worried about Communist certainly in fe G same boat rpvprsin^h® roSS."?JSI? the faet that Lever-Brttthers is 

inroads m the Horn of Africa However, the seeds of Zaire's anrt again . back in . this sector— 

s^ssr saws f 

ragim , „„ ems ^™lture w^so^e|lec,ei i» «fc ■* J*rtried bW 

In addition. Western Govern- g" «« bomwioft zlto 

ments and private banks have a iMS° D ?J^ r l tl0 ? 1 E 1 !,® sll ^ es I n l97 ?T could no longer consider that was S383m- when IMF officials 
strong interest i n Zaire being JJJ* L°. nc «T, ed . ,u and Seyh * wmaSSm river wanted to. cp^ to S73.5nL 

able to start repaying fee money SSfif JUFn^ }^ AK o f^ es * and air transport inside fee Credit according, to Zairean 

they have lent il Zaire’s total country, and^feat- estimates,-grewlast_year by some 

i Jft«;>wetepjhe it : :Jjas ’givei 
•.Congress defectors • -in- 
*: Southern states where SfciS 
to. make electoral adjust^ 
-with its" former.MaridsT) 
; iiers arid 

peasants' -pmt . j 

ii r g < ihit ■'! — j 

entity, znuch 


“•**«* *ciu il /.aires total 1 “I, - ; country and that- anv foreism esnma«H,-srewwi-year oy some 

external debt is put at S2bn. 2“!* p ? nomic 4 develo R: companv Slfethou^ itJmtid S294mV whefl'. 5196m. v waft.the 

But as outsiders, and now even of an ^ str ? n 8 “ d do tatier^was iSrt target written into, the year? 

President Mobutu se<» it, Zaire*s management struc- “J “ w “ most welcome to gtabakaSoa. ptea. 

economic problems stem less IU ; e - ^ ^ But-if-the. T&CF pan lend .-its 

from lack of resources than from - - n spite the __dezaiteanisation * n ™ of rnanedahiiiW ?.un>) D 

'But.'if-'the. T&CF can lend-its 
aura of: respectability to. Zaire’s 

1 1 Cm f :Qjt *•-1 

tlJ f 5 «i 

f4)lK i V 

ui nfiouKH uan Ir0 m h ,|, B ,r'.- F — decrees, foreienent are HUta - UL ro ziMre's 

gross mismanagement of its t 3 a 7 pc c °f Payments deficit was. E?i,::n?r r , m being eMnomie'---management 
existing resource. under fee first stabilisation plan bac ^ ?°»..Per «?t. of Cm Mbbure ^ 

-r.-*; worked _ onV wrth‘thrn& , 'to f«™« houfi.,. <&^ SI w'TiS 

xt™ i S W iT^ e Tn teruatiooal 1976. brought down from S362m. they must sell 40 per cent back SS™nents are Juunn^t^S 
Monetary Fund comes in. All in 1975 to $110m. in 1976, foreign t0 Zairean Interests within five feSbiti In fep 
of Zaire^interoational "friends” reserves amounted to only 7™). This mostly affects Bel- ff&Sg ffSSJSrSSSSS 
tha 1 ? t . th ? first S72m .-worth by the end of 1976, S^s, and it is reckoned that Sd'and ^eroertSL^'^S 
n fee tricky political process of or less than one month's im- some 70-76 per cent of all Bet 
improving fee management of ports. A basic problem is feat gian companies concerned hare 

e ^ omy T shou ^ “ lef * 10 a bi R h proportion of foreign in one way or another; taken 2 fo?TfiSd SlTto 
J* .. In Particular, they exchange earned is never the offer up. Some companies, indent 

S e , f Pl mJ ei!t Mobutu's meet- returned to Zaire (by exporters), like the giant Belgian holding' StoSS’woaff tor 
ins of IMF conditions for a most of it goteS probably into company, Societe Generale dl 

- • - ‘' " ■ —ii' ; 

moment ;ncr foreign" 'giireiiiment 

Tf ,- : ; • ~ 

facial- TebraSrj" 23'i'&78 


call for 

le in r 

-: "T- 

u '*. 

p -,'-'. 

**-*i>*.-» ?v 

r '.. — ■*”.*«: . 
***« . — ■ . 

-... iTEB-MINE rWQftKEBS. 
"■’ -rejected 
ial by lie ^ industry's 
£■ sarm; ;^the ; Bkttv' 
?oal Operators -Associa- 
2 If/. 3A), to^snferiiitthe 79- 
“y »U.S.coal * dispute- tp 
voluntary arbitration. -. 
‘ely, Mr. Kay Marshall, 
*• l ur Secretary, tijsdospd; 
. ..* sad scheduled a meet- 
4; tie. UHW negotiating 
i';< 1 this ■ afternoon. -. ; '7V 
rsliall indicated that.he 
-itbarrange atoeeting 
adindustryand labour 
rai .for 7 pjn. this even-' 
. -it is 'not yet- clear 
: '.' T hdth sides have agreed 

Ion’s decision’to!i»jMt 
r :, U to submit to binding 
- h is hardly, surprising. 
•:.. 7 .races suggest that 'its 
aders could'hot go baek 
'rank and file members 

.at the end of sndLa'bltter dispute 
With:a. settlement on .’which the 
men.-could not vote: 

Indeed . fb*. .decision, by the 
-BCOA:tp.offer,such a method for 
settling the strike was widely 
sees, as an attempt to - present 
themselves, to the Cuter-Admin- 
-istratfon as- ready . to take an 
initiative; and think positively 
about' the. dispute. 'X- • -' 

Yesterday, the employers in 
effect' rejected any move to use 
a; settlement 'between the WWW 
and the independent^Pittsburgh 
and' Midway7 , Coal- - Company 
reached over the weekend as a 
pattern . for -'an', industry-wide 
settlement. There'-are'elements 
in -that -agree m ent --which some. 
B.COA . companies feel are not 
strong enough to guarantee work 
force 'stability which they are 
hoping to secure in the industry¬ 
wide contract- 

The outlook for an"early settle¬ 
ment continues .to he- clouded 

xtron used codes id 
mail business deals 



. ' . IES FIGHTING for manager of Bell’s agent as 

- contracts in the Middle “Snapper,” the Shah’s chief 

’ - loy many ruses to keep Procurement Officer as “Salmon” 

H ipetrtion guessing but, and- -another key Iranian as 

- none has been more “Trout." Whenever-Bell officials 

‘ I than one used by Tex- went to Iran, they were described 
ire -it won a 3500m.- asbeing “at sea. 

• order in Iran, Tbe list of codes was enshrined 

j 'of the elaborate code in * company code Book and 

ClfkV A ’extron’s Bell helicopter gave rise - to some: strange 

y - have seeped but of messages, which no doubt per- 
ie Banking C ommittee, pleated any of Bell’s'competitors 
as been investigating who may have-been listening in. 
s that Mr.-' William According to-the Committee one 
estron's former chair- message read: “We agree with 
the chalrxoaiHiesienaie Trout’s recommendation that 
federal Reserve, may Ba ® will remain in background 
- wn about possible pay- called In.” jBass-was the 

' BeU to key Iranian name, for the Bell Company 

- • ■ - - - Itself.) 

w a On another occasien- ** Trout 

.... ..HTm? Skate" assured “Bass" that 

411 was stui-wen and they were 
• "SSSL 'iotoed by “No. I” The latter 
" t SlL^?*3 ai 52'- w “ toe codename for the late 

•’ iSS ef ?T. n Sl General Mohammed- -Khaterai, 

dder in thei cmnpahj .jrah’a Air Force Commander. 
was who-was also a part owner of 

m an d- wh ich received. _^j r Taxi/the. company .-that Bell 
..m. to commission.-This 
che Committee decided 
\fr._Miller on Tuesday. 

NEW YORK, Feb. 22. 

therefore. There Is little sign 
of common ground emerging 
now and the Carter Administra¬ 
tion is ho doubt anxiously 
wondering bow much longer it 
can postpone overt intervention. 
None of the alternatives the 
Administration has canvassed 
(ranging from Invocation of the 
Taft Hartley laws to seizure of 
the mines'), is attractive. 

The one bright spot in the 
picture is a report published 
yesterday by House of Represen¬ 
tatives’ Speaker Mr. Thomas P. 
O'Nein. - After a meeting with 
the President Mr. O'Neill told 
reporters that the President 
believed it would take 25 days 
before the strike created a 
national economic emergency. 

While this generalisation may 
be true nationally, private fore¬ 
casts paint a-gloomier picture of 
local power problems. Chase 
econometrics, the U.S. economic 
consultancy, has said in a special 
coal strike analysis based on a 
statistical study, that if the 
strike is not settled by March 15, 
the hard-hit states such as Ohio, 
Indiana and West Virginia can 
expect half their industry to be 
shut down because or power 

The Chase study, however, says 
that the overall unpact of the 
strike on the economy will be 
shortlived, arguing that the 
national economy traditionally 
recovers quickly from labour 

Costa Rican 
new leader 
‘will expel’ 

CARACAS. Feb. 22. 
THE COSTA Rican president¬ 
elect, Sr. Rodrigo Carazo. is 
reported to have said that the 
UJ5. financier, Mr. Robert 
Vesco, who Is a fugitive from 
U.S. courts, will be expelled 
when the new administration 
lakes office. 

The four-party Unity Coali¬ 
tion of Sr. Carazo defeated the 
governing National Liberation 
Party. Jn an election on Feb¬ 
ruary 5. Sr. Carazo is due to 
.take office next month. 

Observers believe that the 
defeat of the incumbent party 
was connected with reported 
links between It and Mr. 
Vesco, who was accused of 
illegally taking some $220m. 
from the Investors Overseas 
Services group. 

Sr. Carazo is reported to. 
have said: “When legal proof 
is gathered, 1 will proeeed to. 
expel-him." He added, how¬ 
ever, tbat the financier would 
not be extradited to the U.5. 

Permission for Mr. Vesco to 
' become a resident of Costa 
Rica was granted in 1972 by 
the NLP President, Sr. Jose 
“Pcpe" Figueres, and main¬ 
tained during the four-year 
term (which will end next 
month) of President Daniel 
Oduber, also of the NLP. 



Muddy waters surround Torrijos 

JUST AS the White House 
feared, the long debate .about the 
Panama Canal treaty has now 
become bogged down in allega¬ 
tions about the possible involve¬ 
ment of General Omar Torrijos, 
the Panamanian leader in drug 
trafficking operations run by his 

Last night the Justice Depart¬ 
ment released details of a six- 
year-old indictment issued in 
New York, but not publicised at 
the .time. It alleges that Sr. 
Aloises Torrijos, the General's 
brother, smuggled 150 lbs of 
heroin into the United States on 
board a commercial airliner. 

Earlier, the Senate Intelli¬ 
gence. Committee '■ conducted a 
day of secret hearings in a locked 
Senate meeting room and issued 
what it called a “ sanitised " ver¬ 
sion of its investigation into the 
Torrijos family. The committee 
concluded that Gen. Torrijos 
probably" knew about his 
brother's activities but that there 
was no evidence actually to prove 

The State Department had 
urged both the Administration 
and Congress not to release this 
information on the grounds that 
this kind of “trial” of a foreign 
Head of State would play havoc 
with U.S. relations with other 
countries in South America and 
confuse talks on the treaty. 

However the White House re¬ 
luctantly decided to publish the 
charges before they were leaked 

>:•.; s .' 
*••• 12 &’ •/ 


in a different form and amid who has turned a blind eye to anotiier standard bearer for the 
suggestions that there was more his brother's alleged criminal Right-wing, said that the case 
to them, than has turned out to activities. was final proof that the U.S. 

be the case. Sen. Robert Dole, President should not “give in” to a ‘Tana- 

In the event, the whole issue Ford's running mate in the 1976 manian dictator like Torrijos." 

However, supporters of the 
treaty argued that by the time it 
came fully into operation—in the 
year 2000—Geo. Torrijos will 
have long ceased to be a political 
force in Panama. 

Senator George McGovern, a 
supporter of the treaty, observed 
last night that yesterday’s secret 
session was “the biggest waste 
of time during the 15 years that 
I have served in the Senate." He 
added that it was proor that the 
opponents of the treaty have run 
out of other ammunition. ' 

The Carter Administration is 
not so sure of this and is wor¬ 
ried that publicity of this kind 
may be enough to prevent it 
getting - the 67 votes needed (out 
of 1001 to- have the *rea:y 
approved by the Senate. At the 
last count, the treaty's backers 
were four votes siiort of the 
number needed. 

A defeat on the Canal treaty 
would be regarded in the White 
House as a major defeat for the 
President, who has lobbied hard 
for it. Mr. Carter's aides s.iy that 
this Administration badly needs 
some sort of “victory" after a 
year of rebuffs from Congress. It 
also needs to establish that it. 
and not Congress, makes foreign 

General Omar Torrijos 

of the Torrijos’ possible involve¬ 
ment in drugs has been exploited 
by the opponents of the 
treaty. They have been arguing 
that the U.S. cannot, and should 
not, trust the word of a leader 

Presidential election, said last 
night that the whole affair 
demonstrated how unwise the 
U.S. would be to trust anything 
Gen. Torrijos said. In Las Vegas, 
Governor Ronald Reagan, 

Si V its agent 
The “Pike," alias the/Shab. 

wr._Miner on ruesnay. W as apparently much taken at 

- ^mpany oflfcials will on - e stage b y -Bell's ;fims .of its 

- - ■ *,Monday..helicopters. And it was- fbe 
.- 6. its inquiries,,Commit--.“Pike” who made the ultimate 

t r have come-across the decision to buy. the helicojiters. 
. i by the company. It It was. no doubt, something of 
•; • n'with Fisfi. The Shah a Tetief to “ Bass.” It couRfcen 
' m- as tbe- “Pike,” the at least abandon, the coda* hr* 

' ^v. 

ency’s future in 


NEW YORX Feb. 22. 

ACE of heavy criticism outside observers, that it has not 
performance since it been forceful enough in dealing 
' ::ed in 1974. tbe Com-with the futures industry, its 
itraes Tradtog Commis- handlin g of a’ number of scan 
fei in theTJiS. is urg- dais, on theifutures markets, a 
. - -ess that if be kept in default on ■ the potato market, 
for a further six years, for example, has been criticised. 
• mey was set up in 1974 /The CFTC. has also been em : 
. v -ae the: self-regulatory broiled in a dispute with the 
is - then--, operating Securities and Exchange Coni: 
nodity futures market, jnj shod, (SEC1 which is res- 
■ ' >velop and enforce* new ponsible. for- regulating U.S. 
- is,.. ’ .' . , securities markets, over who 

■&e‘ terms of its original should oversee the new securi- 
the agency was ties' futures ‘ (such as interest 
, to get approval for its-rate futures), which:some mar- 
. operations by Congress iets are .offering. 

tr_- years '.of' existence 
rover, been punctuated 
: sms from the futures 
■hat it has hot built up 
rtise'to deal with the 
y. problems and, from 

' The SEC - has suggested. that 
it .<take -ovfcr .the regulation- of 
thbse markets adding that if this 
groves too difficult, it is ready 
to assu me a ll the responsibilities 
/of .the CFTC. 


;bec priority 

give the predominantly 
leaking . province.- of 
independence,... from given priority in 
vixudal - assembly,, the 
.Premier, M. Rend 
, said yesterday, Reuter 
coin Montreal: He told 
mbly' at- tb estart- of. a 
ion that her would be 
tr . legislation to -allow 
lation to'decide on. the 
issue. His provincial 
•nt is to ■ re-introduce : a 
i. if It becomes law, will 
eferendum to be. held; In 
a any question^'inchiding 

uda spending 

' nezuelan ‘ Cabinet has 
’ a cut -in spending after 
dropped-because of the 
n oil production, officials 
writes’AP-DJ . in : 
Sr. Diego Arria, Minister 
’ mat ion. told reporters 
' liters -were, asked . at a 

- meeting ‘ on Tuesday to 

- *oposoJs for spenCing 
. is - ready by. the.-next 

meet Tog, scheduled for 
‘week In March. -The 
iOun. tof. the Budget cuts 
: -specified • Tbe Goyem- 
inodnced that.- measures- 
udei'a freeze on filling 
t filled by -February 28 
□ on tbe creation of new 
Government services.. - 

missiles deployed 

iR- has started to deploy 
h, advanced, land-based 
apable of hitting the U.SL, 
ice sources here said, 
jports from Washington. 
! 0 - is the lightest of the 
*- types of Soviet rnter- 
taJ ballistic missiles 

- i firing position since late 
They are replacing older 
accurate weapons. The. 

scent US. ICBM. the 
. an .. m* * was * deployed 
1970 and 1973. .- 


Hawley Hale drops Md 
trshal] FleW;. Quaker 
ay |be from turti-. 

aii; Lockheed ahead — 

Gas conservation 
‘has failed’ 

An’ toalysi^ of-residential con 
sumption of .'gas in. 19 U.S..states 
indicates - that _ ” consen'ation 

efforts to date have faffed; Gov'- 
ernment - researchers ‘ reported, 
'AP-DJ reports from New York, 
.eiiarp incr eases in the price-of 
gaa have had : almost no effect on' 
!ts^ useT^for home beating, the 
'researchers said. -They found 
■practically no changes in recent, 
consumption patterns which could 
-ho'tbe explained by differences In 
the weather, , • " 

The researchers said they dis¬ 
covered that gas. customers in 
New -York, New .Jersey and 
Pennsylvania use, per capita, 
abo£rt 20 per. cent, more gas than 
do customers in- ■ the 16 other 
states- studied, even after ~the 
figures were adjusted to take 
weather differences into account. 
If the level of gas consumption at 
residences in those three states 
conld be" reduced to the-average 
level in the : others. . about 
KXLOOObn. British thermal units of 
energy would be. saved each year, 
enough to meet the. home- 
heating needs of Minnesota, the 

researchers said. - • ... 

-Argentine closure^ 

General Motors announced yester¬ 
day that it had closed its Argentine 
assembly plant and -1 aid-off -BOO 
workers untff-March 25 because of 
declining sales, * AP-DJ reports 
from Euan os Aires. - ‘The action, 
which took effect. on.,Monday,. was 
the -.latest symptom of .a business! 
recession Id Argentina. The . same 1 
day • .Sod&mex, a major textfle 
manufacturer, suspended "1,0^5 
Waikers at its .Buenos Aires plant 

Chicago paper to end 

The-Chicago afternoon newspaper 
the Daffy.News will cease publica¬ 
tion on March 4, according to 1 an 
announcement yesterday by . its 
publishers. Marshall Field, wrtca 
John Leech m .Chicago. -The 102- 
yeaivold' - newspaper has lost 
nearly-’ $22m. since 1974 and is 
currently losing -$llm. a yaar. 
Since closure plans were revealed 
some months ago, a number of 
pressure .‘groups- have tried to 
pereuade'the .multkniUlon dollar 
department .'storer company - to 
keep th epaper open. Marshall 
Reld-Srill publish the 
Daffy . News- morning companiqn, 

the Eun-Tltties.'t ^ ► 


Open the bonnet of the Lancia 
1600 HPE and you are confronted 
by animpressive sight A distinctly 
eager-looldng 1600 cc twin-cam 
engine (with aluminium 
head and twin-choke car¬ 
burettor) which, on closer 
inspection, can be seen to 
drive, tile front wheels. 

\ Clearly, you are not look¬ 
ing at yiaur average,run-of-the-mill 
engine. \ 

This is confirmed as soon as 
you sit behind the wheel. 

V-A' 5 '' .x/t-v: 

The Bela Highr-Pcrformance Estate Range: Bela 1600 HPE (asillustrated)-£5,025.15*Bela 2000HPE-J£5,458.16.' 

You quickly find that you are in charge of\ cloth (though you can have PVC if you prefer). 

quite startling performance. 

The top speed is an academic 108 mph. 
The acceleration, through a 5-speed box, is ex¬ 
hilarating. The handling, helped by all-round 
independent suspension, and 4-wheel disc brak¬ 
ing,is superb. 

A closer look at the interior also suggests 
that you are in a most unusual car. 

There is a complete array of instruments, 
including rev counter, oil level, oil temperature 
and oil pressure gauges and quartz clock. 

The accommodation is for five, with integ¬ 
ral headrests on the front seats and wrap-round 
rear seats with tons of leg room, front and rear. 

- The upholstery is luxurious, hardwearing 

The biggest surprise comes, however, when 
you open the rear dpor to find that the sleek, 
quick HPE' is, in truth, a practical estate Car 
with up to 42 cu. ft. of luggage space. 

Although the rear seats look continuous, 
they are, in fact, separate. You can fold both of 
them forward, or just one to carry a long load 
and a third passenger, happily side by side. 

So you see, a Lancia 1600 HPE is perfect 
for someone who would like a sports car but 
needs an estate car. 

Simply buy thebonnetfor 
the sport and the boot for the 

estate ‘ The most Italian car. 

Lancia (England) Ltd., Alperton,Middx.Tel: 01-998 5355 (24-hour sales enquiry service). 

♦Prices include VAT at 8°'n and car tax. inertia reel seatbelts and delivery charges (UK niainlandl.but exclude number plates. 

Prices* of other Lancia ranges start at: Bela Saloons-£5,292.38; Beta Coupes-£3,760 j 8: BctaSpydcrs-E4.959.63.The Bela Monte-Carlo costs £5.927.22. 



Alnwick: WilSsm Sample Motora. - 
T«frO066 M47 

Ashford ?Mtddx):liteham Gmoo.- 
W 6943531 . • 

.Aytasfaurv. BledkwMtnoa. 

TptQ84 44 532b 
Banbury: WKniHorw Garaqo. 

-To! Q795 509 hi 
BsminnE K Grtmatead&Soo. 

B— i lia »t oVe: Ckwqf loaf COT. 


Bedford: OuseVbtiey Merton. 

"W £05464431 

. Binglny. Jown Mo tore. 
Birming ha m : Coknorc Depot 
■TatMl M34001 

Blandford:tmolBijt Sports Can llIX). 
TW 026827358 
Bofetaw Parkers of BoJwn. 

Td: 020*31323 

Bncmambutta: Modem Lifihl Cm, 
-iiti:ceD2a3ao4 ■ 

Bi&totr Cowlnenl^ Can Clifiim. 

. Trt0272 37199 

Bsisasaf - -* - 

BuramHlH! Tilleys (SOS58X}. 1 
Cambridge: lii Soft. 

lrtCB23ttS7B1 • -. • 

. Cemforth: ChateOasa. 

, Tet 052 4J3 2460 • 

C*W£he«w CheeeBman & Edwardt 
TrtL'2242385 '-' 

. dmhanbmnuSwWon FWadSeiVlce 
Station. T« 0242-82167 . 

Ctwnc ted Ao» Motcn; 
-TiA«M43I1«H • 

Chichaatar. Simon Gaiaga.. 

V-flM'j 573: 1 1' 

Ctaeihcxpas: LMvidShort Mt-tots. 
TW.-D47Sb3S01 ■ 

Colchesxar: D. 3aJtncm Can. 

Denbam: l>niiumSeivtcfl SLation. 
fcl 332 2345 

Darby: Maiv priichaid MalOISL 

DoneaexanSpi irigvwH Motor* 

7i. J 0 <07.8b-1n74 
Oorchenar: T<co& Bmloa 
.- Exaton EvmountGoMgax. 

7r‘ a»7fU414 
Exmourh: 6»nwuiltGMMaa. 
Faraham Hir.tortt. 

Tr-, 0323? 82011 
FolkasumasJ.D Rose. 

Tel. Lymifi'jo fO303) B63T13 
Fomar How: Tiotan.. 

Ttl 034 2823066 

Tt* Mettoaif (0634) 52333 

Tet «52 32325. 

GuiMfortt Punods. 

Tet046360751 .. . • 

Habmmrth iSufWt): Mannan Hngetcn 
Cao. Tet 098573866 , 

Harrogauc Moior'Camri. 

Tcr(ML-38&'^i1 • • 

HdtflahL'C \Vi'/Autos. 


KarMprdiVflii'aaoneSavtoB StoUorv 

-7ctP43; , 75464 

: fhiddsmfMd: Lodf«od Motor Gang*. 

Tel: W84 39304 
(oswlduCoil Gang*. - 
7cl.04?378di7 : 

Kanilwanh: Millar Bros. 

7 r l i/i."6 bS'i73 
K altering: En.^ifon Moron. 

“< Osan-:Xivja 

Kidder mil men Colmore Dfpot 

1,1 i>W?(ftii 

Kings Lynn: Htii & Ci-Jwma. 

■t,- liMS 

Leads: Pirlri* rtVJnrWf. 

I-1 f-5i?ilj44J3 

" UlKOln: F.iC^iOO EnuniaiL 
t,.l ■'■5. , 2 31735 
Liverpool: Bc-Lsn 2r 5Cins, 



N.W.7: Metrics Fraser. 

Tfi '■5-98S6591 
S.E.1: i'aoicio'j Caniins. 

Tel* D>-938 i8.'2 

S.E.11: [Set.-charily) □.B.Amos, 
Tel C<!-735 S559 
S-W-1; Pi ia Wo^enden. 

T 0 i 01-878 7913 

S.w.7: fEmnrr- orivi Robert Pan tk 
6 PuriiiW. rtL- OT-3737G0Sr 
S Lin Si-wr TiM. 01 - 37C 4114- 
S.W.1S: firs H-". Tpi: Cl -946 5 w6. 
W.tiPoirnjsniiqrMB. • 

TH 01-935 5413 
W At Ti *■ Ct«cuned Flao. 

7H-1T 5950022 
W.6: l^o.iceonh') CWmiMdof 
KemawnfiTsI 01-7497387 
Maidenhead: Odia Motor Co. 

Tat Ou232IoW‘ 

Manchastar SportB Mcttd, 

>1 051 224 3325 
Mansfield: Rcq Moran. 

Nathcmlc-upan-Tyne: ne W'-lora. 

Northampton, t :ucr i&i: r-.'o'xra. 

T.-< uCi'JiS”:' 

Norwich-. - .\i \i. .»y 


Nottingham- fucititt -.'.c :;-rs. 
T--'-Ci‘-lr7: 4 .,L] 

Oxford:.' D 5. 


Paignton: Pa >?r: ^, 

T-l .fiX.Z-.’xT. l ■■ 

Pangbournc: -- ■ ■_* 


PlymnedK a H •. per. 

Romsey: f-nsvr. 


St. Annas-on-Sea: Read 

Tfl ‘,05 ", /I 

St 1vea:C i:* l.K-:«s, 

I-S-Iliayi. >;.J« . 

St. laonards-Ofl-Saa: S-ubt-mfi.-VS 
Chi.’iqc >'20 BsT 

Scarborough: Mi: tir. a. i 


Shcffiaid > 3rr> r,*3's/Ca 

Shorbomo: Chih?: Ctm—. fShpibcinc). 
-Tel 09359; .W-? 

Shoraham-bv-Sea: A Bens 

tShniflV.H.ii L' Q79V. -ji 1VJ 
Southampton: V-t-jha LaM -as. 

Sotnhand: fToiDoBsi/Aui'jpciicL ' 

>: riTo; 5aa;'.vj 
Stansted: Tha^iantred Motor Ca 
TelXCTSF-TlaSi - . 

Siac’cien on TeanDi*™ A Riyt- 

Stoha on Tranv V. r .rvu.:-e ?. R-.'I-rc 

i t-.i vTS.'.c-rw 

Stratford-on-Avon: Mnu: R» 

Tr: i.‘-396wt36 

Swindon: C ».l L-.-. - 111 >,il i. Vj). 
1-^ i -jJ3.-6.-8 , 

Taunton: P 5p.,iLi. 

T-i CHj J ,-^J 
TaHord: Vii Ver4eles. 

T.-' 15r'.Sl 

TbavdonBoili'Aiv-ji Ki 
!*• W933J!' 

Truro: Pv .- n PU.-jL. 11 jjc. 

I'l iJc-7. - 3&:JJ7 

Tunbridge Wells: V '.lui*i>-i^a. 

‘.*91 ,:•! T1 - 
yvailaMyrMcn Bn'itilon i 

7c'.0516390046 ' 

Wellington: J*-jr 

To 01 -0474S."J 
Whitninster J«u< [/, inh. 

701.0985 2147 77 
Weybrldga: 7 nny 5. 

Id. (9114&5I I 
WUmatownW --im&law Mt-fore. 
Windsor: Doira Mow Co. 

T4 95oTi7[i7 

Watverbampton; Carols Motors. 

1---1 0902 27B97 

Worcester: CtaHrenleep Molpis. 

T v . ivi0535ia-n 
Worthing: 11 D.Dov&Son. 


Aberdeen; &len Hcnd>?rioii MvlirS, 

Ted .0274 7934U 

Gtas Hwtarson Molds. 

TvCOSu HlRol - ■ 

Dundee: Rar#>ra Cant 

Personal Export If you are eligible to purchased Lancia freeof taxes; contactour-Export Department'- 

Edhtburah: '3 Ik- hronOvnon Mitlore. 
T.. 1 Oil 

Glasgow: Ok-r. Hr rririson MoU'ii. 
T«< 'Mi VJ H 1155 

Moray : p ■■ 8c 
1. ■ 


.'.>54o .- 


Cardiff:'ll-../: C.-.i.i'A 


Pontvpndd: ;.r.r.,- - 0.’. i£». 


Swansea: 'j'.ir riojJL i ice. 

T-I 0~ ‘ 

Haverfordwest: And Fort' v-nac**. 
T.-llu;? j-; A 

Belfast: - ni!r •. ti«i ,i-. 3 Co. 

Tr. r,:??41lj=- 
Umevadv: C l-w I ji ni CorfL 

7s: C-:-047^ 3578 

Port-Erirc ilsirc 
Tc ; OCC-Wi-LKfr 

Guamenv:.-: fi-icrr^iT 
D.--, *' L-li-l- J-. '• I. C481 
Jersey: S’ < 

0. ...-brc-j k. Tt ■ • *:• .1137357 
LC&'lS-C- V (il , ' i t-."jLi, 

. L&cIjc-’ i * ^W*atv/nei/r 
M-'-vam stt^w.uv jrasJsvt! 

LKHiv: ••-■'.''I r, vr^rv 

i - 1 

Financial Times Thursday February 23 3.978 

Freight surcharge on 


AN EMERGENCY freignt sur- The North Atlantic Westbound 
charge on North Atlantic ship- Freight Association, which rep ro¬ 
ping routes imposed to cover sent» nine tine.', isued u notice 

owners' losses durin; 
autumn's strike by U.S. 
Coast longshoremen, has 
rescinded 'following strong 
sure from shippers.' 

last vesterday saving that the deci- 
East sion had been taken after "full 
been consideration to all relevant far- 
pres- tors." It added, however, that 

and economically justifiable." 

Although there was no parallel 
announcement yesterday from 
Use freight conference governing 
Snipping between mainland 
Europe and North America, ship¬ 
pers were cunfidem that this 

Further delay to decision 
on Europe’s new airliner 

i PARIS, Feb. 33. 

A DECISION on hew European early decision on the medium- 
airliner plans is still awaited haul project based on Aero- 
i after high-level talks here by .-patiale's A300 design. Britain 
i Mr. Eric Valley. Secretary’ of-has been reported to be ready to 
i Sl 3 tc- for industry. , ' accept the .French design in 

! Aerospatiale. France's State- preference to a version based oh 

the BAC I-ll, but only if it zets> 

the surcharge was “ fegaliy valid surcharge also would not he im¬ 

Glohtik buys from Japan 


MR. RAVI TTKKOO signed an 
order in -lapan yesterday'to build 
an S8.000-deadwelHht-ton crude 
oil carrier and confirmed that he 
intends to order two similar ves¬ 
sels shortly. 

Mr. Tikkoo. whose Ulobtik 
Tanker companies have also 
recently reaffirmed letters or 
intent for tbree nuclear-powered 
800.000 d.w.t. supertankers from 
a United Slates yard, placed the 
contract with Ishlkawajima- 
Hariraa Heavy Industries. 

The vessels, to fly the British 
flag, will be designed with a 
shallow draft for service to ports 
in the U.S. 

Mr. Hans Anderson, chairman 
nr the Continental conference, 
said a decision would be taken 
before the end of the week. 

When the surcharge was 
announced last December, it 

said on Wednesday, 
reports from Bremen. 


decided in drop the Norwegian 
Aker shipbuilders from Its 
blacklist. That has already- 
resulted In a contract for two 
hotel vessels for Egypt. AP- 
DJ reports from Oslo. 

from next month. 

The pritish Shippers Council 
said last night it was delighted 
with the outcome and had with¬ 
drawn its request lo members 
to cancel contracts with the 
conference lines. 

Shippers had opposed the sur¬ 
charge on the grounds that the 
strike was directed against the 
owners, who should have met 
the financial losses involved. In 
addition, shippers felt these 
losses could have been insured 
against, although the shipowners 

owned aircraft company, was 
*' cross-checking " its appraisal of 
the new 150-seat medium-haul 
project. Mr. V3rley told a Press 
conference to-day but the French 
industry said the ball was now 
in the British court. 

Mr. Varley spoke further with 
M. Fernand lcart. French Equip¬ 
ment Minister, and M. .Marcel 
Cavaiile. Transport Minister, 
this afternoon. He said Britain 
had undertaken to pursue discus¬ 
sions vvjih prospective EEC 
partners before socking trans¬ 
atlantic co-operation. 

Tiie French are pushing for an 

uic CM, wui imiy 11 . ii 

a 40 per cent, share in the £330m. I 
new aircraft. • 1 

French sources attributed the! 
negotiating delays partly to the ; 
fuel that ibe A -00 uses two ten-! 
tonne CFM50 engines, developed, 
by Snecma of France with! 
General Electric of the U.S. I 
The decision on the new air- j 
liner-is closely linked to the; 
participation Britain is expected ! 
to take in the next European 
Airbus development, the 810.! 
Britain currently provides onlyi 
the wings of the Airbus, essen-i 
linJly a Franco-German venture. ! 


The Institute for Sea 
Economics says tonnage of ships 

Mr i Richard Hawks ley. ntanag- flying flags of convenience rose S J V that wchTnsurance in these 

front 22m io_109m. tons between tr ' des would be far too 
lflhn and 19m. .-n increase from expensive 

Vi per cent, to 23 per cent, or the f ht > i;on rercnccs have refused 
world s cargo fleet. If the cvpan- l0 public figures on what 

Sion ‘-ontmues ar that rate. 40 per lhc strike cost them, although _ 

cent, of all Fiei^hteis will b*t during the controversv over the hvdro-cleetnc 


ing director of Globtik tU.KA. 
said last night that negotiations 
with a hjg cl company for a 
charter for ibe new -hip were 
close lo completion. “Without-a 
charter the deal would not be 
jroinq ahead." ho said. 

• Freighters operating under 

registered under 
vcniencc bv 19S6. 

flags- nf 

it said. 

Britain in $29m. contract 



TOKYO Shibaura Electric between Roving and Toshiba 
(Toshiba) of Japan and Bovins with the British company taking 
or the U.K have jointly won a the larger portion. 

S29m.‘ contract for the supply of Toshiba says it is company 
hydro-electric power generating policy to undertake Joint tenders 
equipment to Ghana's Volta River with European companies where 
Authority, it was announced possible as a contribution to 
to-day. reducing trade friction between 

The contract is the first that Japan and Europe. 

Toshiba has won with a British 
partner although similar joint . 

tenders have been made before. Ford-Japan parts talks 
Toshiba will be supplying gene- r r 

rators for the four 40.000 kW Toyo Kogyo. makers of Mazda 
power units cars, hope within two months to 

dollar con- 

NEW ZEALAND'S efforts to 
revive its enfeebled economy 
are being frustrated by. pro¬ 
tectionism m aji its main 
markets, Mr. Duncan MacIntyre. 
NZ Agriculture Minister-charged 
In London yesterday. And he 
accused Europe, Japan and the 
U.S. of applying double standards 
in their trading policy. 

He told the Royal Common¬ 
wealth Society that New Zealand 
bad run up against “ the walls 
of agricultural protectionism 
justified by the shibboleth of 
self-sufficiency ” wherever it 
went to sell Its produce. 

This had damaged bis country's' 
drive to expand sales in existing 
markets and open up new out¬ 

“ So far as manufactured goods 
are concerned there is a general, 
recognition of the need Tor com¬ 
petitiveness. of the benefits of 
specialisation and of the need for 
the free How or products across 
national borders." he said.'. 

But in the case of agricultural 
products—New Zeland's prin¬ 
ciple source of foreign exchange 
—there was no such Liberalism,. 
Mr. MacIntyre said. 

Referring pointedly to the 
EEC farm policy, he com¬ 
mented: “It is looked upon as 
acceptable to ‘ fix 1 the market in- 
order Lo ensure that the in¬ 

comes of fanners are protected, 
without much regard for the in¬ 
terests of the consumer." ; 

.He Was worried mainly about 
“disquieting" plans. in. 
Brussels to. introduce, a market¬ 
ing policy to govern iimttop-arid 
lamb.- 1 MV hat concerns as is that 
a Community fegiine for lamb 
would almost certainly force up 
the price the British consumer 
has to pay.” he warned. 

“ Inevitably this would take 
its toll on levels of consumption, 
and our share oF the market 
would surely shrink." . 

New Zealand’s dairy exports 

•to Britain have, a ire-ad? shrunk.3 
• markedly since, the WSt*.'jutted £ 
the Community in .-.lPjK^-arid .* 
there is -growing are— 

notably from Ireland-****' «1rrvejj 
NZ suppliers ..opt of. -fost 
batter market aliogejin?^ 

“The' point I wanwH.uSrfer-s 
line is that'Britain is 
Zealand’s major tradi ag • parin'?r.;l* 
You. remain our largest -dairy 
market, and notwithstandiSB the,* 
degree of diversification.;we. faave^j 
accomplished.' our dairy;- andSJ 
sheep’ products -continue to pm-fZ 
vide over, half New.'Zealjand’suJ 
total export warnings." 

Garland begins U.K. 



Special Trade Representations. 

Mr. Victor Garland, began a~visit 
fo the-U.K.-yesterday- . : . 

' Mr. Garland will -meet/Mr. 

David Gwen, the Foreign Sec¬ 
retary, Sr. Edmund - Dell, the: 
trade' secretary, and the : Agri¬ 
culture Minister, Mr. John SlHan. 

He expects his meetings to 
focus on discussions begun- last 
year . on ways to improve the 
trading relationship between 
Australia and rthe' European Friday. 

Community. - -A- major.TOUiKi. of" 
nrirzisfea aMevef consul fa tiens isjJ 
to' he Jrtld'iatOrln'the' jfeaftor 

series, of formal;trade proposals^ 
left by Australia witir tiie ;-EEC 
Commission jind member- states^ 
last October: .. i.'jV. ** «« 

Mr.. .Garfarid,-; who;, is;, als»3 
minister assisting the Minister f, 
for. ;Trade' abd - Resources? has* 
visited' the tLS; and Canada' and *[ 
will be visiting Europe arid the3 
Middle East before Z 
Australia, He leaves the JT.K, on v 

FrHmr. - • . 3; 

EEC safeguard proposals under fife§ I 

S. Korea looks to Europe 

. urcharge they have employed covered by the contract and sign a multi-million 
a firm of chartered a>.-« ountants Boeing will supply turbines tract for transmission and axle 

to produce an independent ■ The value of the contract parts for ISSOf Ford small 

report on thu subject. 

break* down roughly H0-40 passenger cars made in the U.S. 



PROSPECTS fnr increased EEC the Koreans. L^st year some 60 
exports to South Korea will South Korean industrialists and 
figure prominently in talks importers came to Europe on a 

begun here to-day between Mr. ™,t ssi0 J: r a " i c = C offlcU,s 

m- t- n i ju - say South Korea now seems 

Ting-Jin Park, t’he South Korean eerious in wanting to buv more 
Foreign Minister, and top from Europe, an attitude the\ 
Brussels officials, ai will the contrast with that of Japan. Mr 
inevitable problem areas of Park's visit is designed to under 
South Korean imports into the line Seoul's desire to diversifj 
Community such as steel, tex- its trade away trom its depen 
tiles and shoes. dence on the U.S. and Japan 

The South Koreans have told South Korea is one oF the steel 
the EEC Commission that they supplying countries with which 
want a better balance of trade the EEC warns to negotiate a 
with the EEC. which last jear restraint agreement by the end 
was some 3770m. in surplus to of Match. 

Order for British Steel 


THE BRITISH Steel Corpora¬ 
tion has won a major order 
from South Korea to provide 
7.000 lonnes oF sheet piling for 
use in construction of an under¬ 
ground railway. 

The order is the firsi lime 
BSC has penelralcd the Korean 
market and the Corporation is 
hoping that it «1JI secure 
further orders following this 
initial success. 

About 2,000 ionites of ihc 
7,000-tonnc order has already- 
been rolled at BSC’s cargo fleet 
works in Tcessidc and the Scun¬ 

thorpe plant will also he 

The order was won after a 
U.K. trade mission lo South 
Korea organised by the North 
of England Development Coun¬ 
cil. It is due for completion by 
April 15. 

BSC said yesterday that the 
piling, which has been used 
extensively in Ihe U.K. and 
overseas for harbour installa¬ 
tions. will be used over and 
over again during ihr construc¬ 
tion or the inner Seoul under¬ 
ground system. 


Hue jeans revolution 


OF ALL the 500-odd joint ven- At the same time, however, period of debates and prepara- 
tures Hungary has concluded Levi Strauss will repurchase 50 tions. the Central Committee of 
with Western" companies, an per cent of the output at the Communist Party has just 
agreement between Levi Strauss. Marcali and the co-operation ••'ill given the go ahead signal for a 
the U.S. producer of blue jeans at a later date also involve the series of measures to create the 
and the May 1 Clothing Factory, manufacture uf suits. domestic conditions for a sus- 

is perhaps the most Mgmficant. But the details about the twined export drive. 
making it the first East Euro- Hungarian-U.S. deal have even As 3 fi rst step, producer prices 

denims per annum. According comoicie reeonstruefion of ‘••onsumer. they are forced to 
“hi?™? with P |ant and the know-how improve efficiency New wage 
fhA TT c iLl h nrm idh!" supplied by the Americans, a pair regulations should provide a 
ir MirprS a!d r,f deoim5 wi, ‘ b * manufactured peater incentive to cat internal 

5£E.™. len-b ' P * dnd in 30 and later in'24 '“hour costs, 
machinery. Ve , eve n after all this ha: been More than perhaps in any other 

The deal has both domestic, done the Hungarian plant will Easl B loc country. Hungary’s 
politicai and foreign trade im- still reach only half of the pro- economic growth depends on 
plications. On .the one hand, ductivitv of Levi Strauss in San- foreign trade. The export element 
demand for good quality jeans Francisco where a mere 14. approaches currently almost 50 
has been much greater than minutes are enough to finish a P pr t -' ent - of tbe national income, 
available supplies, creating a pair of jeans. About one-third of the indus- 

black market and encouraging The Hungarian government trial output is shipped abroad 
smuggling. As one Hungarian and the ruling Communist Party ihe proportion reaching SO 
journalist put it: "What utter have- broken with the previous per cent, in ten key branches, 
nonsense that a piece of cloth- practice of blaming primarily or such as pharmaceutics, aiu 
ing. rather cheap and funds- only tariff and quota die- minium. telecommunications, 
mentally democratic elsewhere, crimination in the West For the Instruments, transport equip 

has become a luxury article and 

’ng •-'balance 

a class symbol in our country." trade. After a 

in external nient. footwear, animal farming, 
two-year-long poultry, fruit and tin industries. 

f'* 1 

We only have an exceptional airfreight problem 
about forty times each week" 

Dr I' Sclm/trn . A Tenoning 
Director for Traffic and Distri¬ 
bution. Bayer AG, Leverkusen, 

’’Ufc deal with 6,000 consign¬ 
ments every day. Most of these 
go by boar, train or truck, but 
I always use airfreight 
when goods are wanted fasl. 

The urgency may be to help 
a salesman by getting a trial 
batch of dyestiifTs to Bogota, 
or rushing polyurethane 
building maierial to help the 
homeless in disaster areas. 

So I really have no ‘normal’ 
airfreight traffic at all - 
yet thousands of times every 
year 1 need special treatment. ~ 

KLM is one of the airlines 
I use most - because they go 
where 1 want to go, and 
because they are good reliable 
people.Nobody's perfect, but 
in a high-stress busi ness 
you learn to depend ou true 
professional friends" 

The 30-year 

When v.c begun lov.'ork 
with Bayer, buck in I°46. v.c 
iound them tough customers. 

They are Mill tough 
but rather bigger: in total. 
Bayer now s rends more than 
l SS250 million per annum 
on traffic and distribution. 

Bayer are tough on ■ 
themselves, too. 

Really urgent consign- '• 
mcntscan be in iheoir 
v ithin hours. Bclore 
the iruck collects 
the faciory. airlreight 
i paperwork v. ill ha*, c 
| been prepared h> agents 
j whose stall have had 
| special train in jon Bayers 
com pu ter iy s Lems. 

"We make chemkals. 
\buffy cargo" 

Bat era transnoriatioii 
policy is '.erv simple: to hnd 
utterh reliable operator;, 
so ihm Bayer can get or, v iih 
iis main iob of being one of 
the world's greaiest producers 
of chemicals. 

J t's hardly a seni i menial 
philosophy, and it does not 
! encourage com place no. - even 
! alter more than JO vea-v 
i We know ihat. and so do m n :c 
than 3<KK)cargo ager:iv. 

Our key 

^ - equipment 

The bigg*! the opsi alien 
Lhe more important 

Cargo now ?cceums far 
r,; KL.M'i ::a:::c revenue.and ts 
i tie ■.oncer" o» 1500 -pcaal^ts. 
Bt. .vi ihi> matiers Ic^s than a 
V' o: sen ice. 

Air cargo i.-.:hi>:s vo’.: 

nen it goes 

usually notice oiv 
v.rons.That s'jf.s us.CJ^r 
neop!,.- g-_>: -hc:r re;- ardi not 
iron high drama.but irorrt 
a dedication lo reii^biiit-.. 

Dr. Schuken sa s "In a high- 

stress husjn,;-.* o>.; jearn 
to depend c:i ■ rc-r pro:Cj -ionai 
fiend-" Tart's. ;iv.: i.-jd 
' Ir:cr.d‘ : hin v c are proud to 
Dj. brrv.!;cr,. 

in ni a speech before the cen¬ 
tral committee. Mr. Karoly 
Nemeth, the Secretary in charge 
of economic affairs pointed out 
that during the past 15 years 
exports have been rising twice 
as fast as output. This reflects 
the excessive degree of depen 
dence on Foregin markets. 

Since the jump in ihe prices of 
imported fuels. Hungary has 
been badly hit by the deteriora¬ 
tion in its terms of trade. Accord¬ 
ing to estimates. Hungary has 
to spend between one-fourth to 
one-third of the growth in 
national income to offset the 
increased deficit. 

In 1974-75 alone the worsening 
of the terms of trade cost the 
country, according to official 
figures, about 34bn. forint (some 
£1.5bn.). After a slight improve- 
ment in 1976. further deteriora¬ 
tion followed in 1977 and con¬ 
tinued worsening is predicted 
for tfais ;.ear. 

Faced with a growing im¬ 
balance. the plan for 1978 pro¬ 
jects a rise of 13 per cent, in 
exports to the West but only a 
5 per cent, increase in imports. 
Though Hungary does about 60 
□er cent, of its trade within 
Comecon. with the Soviets alone 
accounting for one-third, it is 
now* openly stated that for all 
the long-term advantages of 
Comecon integration, imports 
from ?h« West will have to be 
increased rather tha'n reduced 

The most important policy 
aims are tho stopping of the pro¬ 
duction of unprofitable products 
and the increase of really com¬ 
petitive goods coupled with 
appropriate shifts in the indus¬ 
trial production structure. 

Thus it is estimated that 
between 10 to 25 per cent, of rbe 
industrial manufactures should 
no longer be produced and that 
at present only 15 per cent, 
uorrespond to world standards. 

Meanwhile there has been a 
spirited debare in the columns 
nf Figyeioc. the economic 
-oekly. a.; to whether the main 
cr.ipnasis should be on increas¬ 
ing *'xporto or on import substi- 
luuon. Tt was revealed for 
—.•jinpii? that Hungarian export 
earning; arc on the average 20 
to Xu per cent, belnw tbe ruling 
'■' ft r!d market prices for the 
given manufactures. With respect 
;<■> chemical engineering or 
machine fools. Hungarian ex¬ 
po •-.or- can get at best onlj- 55 
per cent, to 65 per cent, of the 
world market prices. 

At a recent round table dis¬ 
cussion it was stressed that the 
’■Joser domestic prices reflect 
world market prices, the more 
profits of enterprises reflect real 
difff’ren,.es in productivity, the 
uronger i: the stimulus to pro- 
du«m modern and competitive At the same time how- 
•r. er. no on* nurture? illusions 
a' to the tnne needed to achieve 
:ui*b a realistic price structure 

Under these circumstances, the 
mi aha.-:,: is on belter roopera- 
t:on and profit-sharing between 
produce. - .- d.nd foreign trade 
enterprii -s. coupled with a new 
ri-heme of export credits worth 
43l-n. fuript during the current 
Five Year Piatt. 


A KEY element of the EEC's 
negotiating the Tokyo 
Round °f international trade 
talks comes under fire in a 
report publK^ed to-day by the 
Trade Policy Research Centre in 

The report, by Mr. David 
Robertson, challenges the Com¬ 
munity's proposal, strongly 
backed by Britain and France, 
that safeguard measures against 
disruptive imports should in 
future be applicable selectively 

rather than against ail countries 

Mr. Robertson agrees that 
current safeguards procedures 
under Article XIX of the GATT 
have been inoperable, leading to 
a proliferation of "voluntary" 
export restraints. He argues, 
however, that the most-favoured¬ 
nation (MFN) principle guaran¬ 
teeing non-discrimination must 
be maintained to ensure equal 

Mr. Robertson calls For an 

an international code to supple¬ 
ment Article XIX to safeguard 
the interests of importing and 
exporting countries alike. He 
suggests that public inquiries 
should be beld to prevent im¬ 
porting countries abusing the 
concept of “serious injury" to 
justify safeguard action.'. 

Fail Safe Sustains lor Trade 
Liberalisation, Dortd Robertson, 
Trade Policy Research Centre, 
1 Gough Square, London EC4 
3DE, £2. 

To the Holders of 

Comalco Limited 

10% Notes Due 1987 

Issued under Indenture dated as of April 1.39T5 

SOTTCE IS HEREBY C1YEV that pursuant M ihe provisions of tlie abnY<Mn*ntionei! Indenture. TU5. 
S2.I100.000 principal amount nf the ato\ •• d.-. ribed Note* have h«-n i-elecied for redemption on April 1,1978. 
through operation of the Milking Fund, at the tirindpaUmount thereof together with accrued inlcrtiat tot aid, 
'.-.a- fallow j; 

dal 1 

NOTES OF U.S. $1,000 EACH 

33 1463 2730 4134 5355 0650 8023 
26 1467 2734 4130 5360 6633 8034 
29 1510 2747 4134 6363 6066 
_lMp 2757 4 IS 

6363 6666 8036 
5382 6681 8058 

71 1549 2794 4142 3398 6896 8070 
T3 1550 2796 4167 5407 6718 8097 
1551 2801 4180 5423 6728 8098 

9311 10702 12213 13814 15435 17057 1 

H IB » 

10739 12347 13870 15482 17104 18832 20239 
- - _ IT|0B - x —- 

6734 B1 

81 1551 2801 .... 

33 1552 2924 4161 _ _ 

303 1553 2825 4183 5448 8738 8123 

115 1574 2840 4193 5400 6766 8127 

144 1594 2845 4221 5462 8705 8130 

157 1624 2855 4226 5465 6801 8133 

183 1627 2676 4228 5476 6804 8134 

197 1628 2893 4255 5485 C80B 8160 

1633 2397 4274 5519 6815 

1637 2a99 4280 5520 

1642 2956 4281 5523 

1652 2957 4289 5537 

1656 2958 4315 5543 

1678 2971 4321 5547 

j™ ?M3 4331 








iH 81-93 

6SM tiro 


9363 10762 
9368 1076? 

8871 10783 
9395 10795 
9410 10834 
9420 10842 



2017? SIMS |34|3 

1840 23499 

10748 12273 12804 15481 lTlOff 1868a 20345 21883 
10757 12277 12912 15506 17124 18663 20246 21901 

II HI ii 

8184 9495 10934 

3005 4333 

295 1742 3011 4336 5584 6902 8234 
1746 3 023 - - - 

309 1746 3023 4337 562 0 6938 8246 
318 1747 3030 4362 5«3 6947 8249 

3 i?S 3^3 33 B g?§- 

389 1776 3056 4394 5674 7001 8273 

398 1785 3058 4408 5678 7024 8283 

404 1788 3069 4426 5685 7032 8287 

412 1808 3098 4439 5692 7061 8302 

435 1815 3100 4446 5696 7058 8303 

441 1817 3105 4436 5700 7070 8323 

442 1861 3108 4481 5719 7096 8337 

444 1870 3114 4488 5723 7097 8348 

452 1877 3123 4496 5744 7103 8356 

455 1881 3125 4499 5760 7137 8364 

474 1893 3130 4309 3781 7148 6378 

504 1807 3143 4510 5739 7160 6362 

515 1931 3151 4517 5793 7176 8405 

323 1950 3153 4521 5300 7189 8407 

553 1951 3210 4534 5307 7190 8455 

560 1960 3213 4526 5811 7195 6467 . 

589 2009 3220 4538 5821 7199 6479 

592 2010 3324 4660 5835 7303 8480 

*04 2027 3233 4S67 5853 7326 fl-162 

609 £045 3237 4509 5866 7227 3483 

613 2052 3238 4677 5835 7245 S488 

640 2069 3286 4625 3899 7251 8506 

645 2081 3304 4629 5904 7262 SS22 

649 2095 3318 4637 5913 72G3 8325 

673 2112 3319 4638 5915 7264 8363 

3117 3323 4643 5925 7299 8563 

6889 8203 Mil 10948 

S3 §8 S IIS 





^ $g 

12421 14012 
12«4 14016 ___ 

12451 -14049 15700 
13477. 14051 15701 
12487 14087 15703 

18 17182 18667 

ZrtM igfg 

sis ins 

17216 187*1 
1722* 18765 
17273 If - ' 

15632 17277 


22020 230S3 
32028 £36*6 
32033 23674. 
22043 23661 
22046 238S3 
22066 23883 


an"* "974* 

13030 14098 19709 17343 18880 20502 22126 23743 

12559 14103 15728 17368 18882 20531 22153 2375* 

18561 14107 15730 17383 18K» 20537 22160 23758 

12578 14«» 15778 17389 18039 2054T 22180 2376T 

1258* 1413* 15791 27401 18073 20563 22186 23780 

__ _ 12588 14148 15798 17405 18974 2056* 22194 2378* 

9603 11060 13604 14158 15795 17414 18975 20572 2219S 33790 

9621 110B6 12617 14157 15808 17427 18995 20576 22227 2379*. 

9631 11089 12636 14173 15814 17431 19001 20577 22244 23802 

9639 11109 12550 14175 15828 17452 19010 20587 22246 23816 

9641 11117 12652 14215 15838. 17456 19015 20606 22257 2382S 

9680 11119 12855. 14226 15861 17408 39034 23271 2333ft 

9703 J114B 32838 14236 1386ft--17*79 19081-20651 22280 2OT41 

9718 11161 12688 14259 15882 .17908.19082 -2C6M 22293 23869 

9738 11189 12714 14268 MBW 1751* 19084 20668 22313 23888 

9730 11200 12736 14269 15898 1T518 19091 20670 22314 23900 

97*1 11235 12754 14288 .15913-17518 19101 :'30672 22335 M60B 
9748 21242 12774 14299 15947 17375 19146 20676 22341 23023 

9761 11252 12782 -14303 15958 17586 19159^20689 23346 23537 

9764 11237 12815 14S13T 15973 17614 19161.20396 22353 23049 

9777 11277 12821 14316 15981 17618 19173 20717 22358 23964 

9790 11289 13828 14319 IB003 17826 19177 20724 22370 23065 

0800 11300 12842 14326 18011 17827 19208 207S3 22S73 23973 

9815 11305 12858 14385 16013 17639 18222 20754 22435 23900 

0842 11312 12854 14377 16034 17666 19242 20774 22*37 34005 

9843 11335 L2856 14381 180=6 17075 1924* 20789 22438 24913 

9846 11340 12902 14408 160*3 17692 19249 g*» 22432 24048 

0866 11370 12918 14415 16061 1TT11 19262 20858 22482 24063 

9874 11384 12937 14425 16064 17712 19284 20860 22490 24066 

- -- 12959 14433 16082 17750 19269 20860 22505 34097 

*___ 11390 _____ ___, . 

9884 11392 12988 14437 18111 17751 19278 *0905 22515 34106 

- = ___ _ 8917 11437 12994 14*44 16123 17771 19293 20913 22585 24110 

2118 3227 4650 5926 7302 8571 9923 11438 .128^14409 lBIZt 17793 10323 20924 22546 *4141 

700 2125 3372 4653 5940 7306 8573 9944 1145ft 13018 J 14582 - ISM , UB01 19329 20942 22557 24142 

704 3132 3390 4077 9966 7308 8683 9962 11471 13034 14543 16147 17802 19330 20949 33583 2414* 

720 2143 3406 4689 5075 7323 8589 9963 11477 1804ft 1455+ 16W9 17811 19346 20969 22584 24158 

754 2148 3410-4692 3981 7329 8846 -9968 11479 1TO48 14558 16173 17863 1987S 2090ft 33645-24185 

756 2157 3411 4705 6000 7330 8651 0989 11484 130« 1437b 16175 17857 10381 31006 22105 24197 

788 2194 3438 47S6 6053 7400 8S82 10028 31562.13113. 14859 16276 17917 104*1 21043 22688 34236 
818 2202 3459 4760 6054 7404 8891 10035 11581 13126 14698 16277 37910 1B446 21049 22699 24261 

827 2223 3475 4783 6072 7408 8706 10055 11576 181« 1*700 16299 17038 19486. 21069 32743-34262 

843 2226 3480 4700 6079 7409 8711 10080 11503 13152 14708 16317 1 7953 19495 21083 2277072*328 

854 2232 3508 4794 6094 7419 8720 10095 11608 13166 1471ft 16329 17997 19504 23087 22783.24331 

856 2238 3516 4797 6120 7420 8732 10116 11816 13197 14731 16346 18005 19507 21120 22788 24333 

860 2241 3530 4800 6136 7422 8737 10120 11638 13210 14753 18370 1B01T 39920 21121 22793--34353 

886 2257 3537 4611 6150 7435 8739 10124 11631 13214 14754 16387 18019 19608 21182 227WJ 34367 

9=3 2=58 3548 4823 6172 7437 8742 10128 116*3 13218 14701 16304 18029 19567 21166 2=804 24416 

940 =261 3549 4830 6182 7449 8773 10137 11857 13=10 1481 

f . 19048 10579 21169 22805 244=5 

950 2270 3561 4841 6201 7457 8775 10147 11858 13220 14819 18417 18047 1B580 21177 22B38. =4431 
980 =275 3555 4845 6=02 7463 6779 10148 11883 132=4 14340 16431 18070- 10531 =1185 22853.24438 

962 2305 3500 4853 6=35 74M 87BO 10149 1JB84 
0M 2306 3503 4891 0=30 748= 8781 10179 11673 

18234 14855 16450 18084 19686 ail 97 22858 2443T 
13244 14860 16472 18097 10615 21204 22865 2444R 

.222 5297 3eaa *22S K 42 7503 ^sst ioib* lioas iaaso 14866 16490 ibist-ibski 21225 =289* 3445 a 

1023 2316 S625 4899 6=43 7510 8830 10189 U6B0 13270 14877 16491 18134 19657-21240 22901 24439 

3251 25-1 « 9 i 6555 ‘«4 wsa 1010s 11002 13 279 i 48 B 2 10*03 18150 iseao.giaw 2=90*-24473 

1035 =341 3833 4915 6258 7542 8862 10230 11697 1328ft. 14920 16511 1813ft '13688 "212S7 22912^-;*4485 

1046 2343 3660 4934 6270 7561 8863 10240 U718 13297 14922 16522 18m 19073 21277 22813 24*9* 

1058 2348 3663 4966 6275 7608 8867 10S44 UTlS 1331ft 1*034 165=3 Wlflft-10685 .21280 22930 24538 

39 S 2522 3805 6288 Taos am 10259 iit=* 13343 14357 ibbs* isim imm 21213 = 9 oe 243*11 

10TB 2363 3669 4077 6313 7616 8808 1028ft 11729 13347 14B61 16338 18200 19697 31338 23004 2436= 

1095 2371 3672 5011 8319 7625 8904 102TO 1X732 1337T 14981 16595 18215 19740 21347 23003 24339 

1103 2372 3677 3015 63=0 7646 8924 10278 11758 13390 14986 18606 18220 10749 =1353 23013 246D& 

1114 2374 3678 30=8 H325 7647 8927 1028* 21781 13407 14S88. 16614 18=47 19763 31354 23014 34620 

1116 2377 3719 503= '6350 7640 3950 10=03 11783 .13408 15031 16031 18232 19771 21388 23018 =4637 

3131 3383 37*4 3047 6361 7833 3037 10303 11787 13410 16032 18664 18257 1 9778 21373 23023 24663 

2145 2401 3750 5065 6362 7676 8980 10814 11789 13418 15047 16863 18261 10782 21394 23038 24671 

1149 2405 3770 6074 6369 7680 8993 103=3 11830 13435 15049 16867'1B379 19789 31396'28059 24702 

1182 2413 3778 30TB 6371 769= 8993 10332 11831 13436 15059 16878 18283 19790 =143* =§060 3*719 

1190 2421 3780 5083 6378 7711 SOM 10330 11836 13460 15080 16708 1828T 19803 214*7 23079 24745 

32?! 3798 5084 6370 7713 9003 10351 11837 1S463 150§S 16726 18295 19804 2146= 2310* 36*763 

--zrsr- 19833 21468 28117 2476L 

“g 21*72 233=6- 247- 

1=55 3454 3855 5118 6463 7771 90*g 10412 U04Z 13314 15W3 38771 38344 19859 2153Q =3156 24763 

1259 248= 3865 5127 6465 777a 9050 10473 11945 13517 15161 16781 183*8 19869 21535 M15ft 24779 

2322 35 « 35 §S 3215 IriS 7 7789 bom 10475. 11947 ismt 15201 i btbo isaes 19870 21540 231 86 24701 

3352 322 ! 3877 5 J 35 f 4 ? 3 71881 ^i 10*82 11972 lasoa 15206 leras 10357 10901 215*0 gsaoa 24792 

129Z 2534 3884 5153 6403 7805 0097 10487 12005 13393 15323- 16804 18413 19918 21552 2szn '24622 

J.B- 3301 5198 6536 7865 0157 10542 12072 1! 

13C« 2617 3010 5213 6M0 7866 0158 1 0581 12073 13655 '15293 16863 18482 18873 21605 23312 2«M 

22=5 wav cms tbtc pjti ids* 12000 imot isaoo xesso mra 19989 =i&« Scaf moor 

7379 2633 3343 5245 6562 7895 0173 10598 1=1CH 13682.'16301 13917 16606 20013 21855 23334 -=4W1 
1300 2644 3976 52*6 6S67 7915 9134 10015 121*5 13717 15340 16020 18608 ‘ 20042 21664 22346 949U 

1414 2S38 3069 3253 0572 79=5 9235 10633 12137 13722'15344 16930 18618 =0092 21669 =3347 24942 

1416 =609 4019 5254 5373 79*0 3=3&. 10639 12140 13746 1037ft 16B36. 1B524 20035 \ftiwm zaafia 249KT 

14=1 2075 4021 5=78 658= 7940 92*4 10647 12142 13748 15381 18945 18525 20037 21707 ftslea -“ 4 ® 6T 

SS2f 5212 gag 8 SJ£ 7979 92M 10656 1=101 13750 13385 18937 18543 20088 21738 rail. . - 

21S ?ZSS SSI 522 I 9 ™ 9875 10072 12168 18787 15387 10861 18550 20098 aiT42 =3390 ' 

5+S? j2IS 33ifi 5S 13 9=77 10076 1=1S0 13800 1639= 1 7Q1= 18360 20138 =1708 234=1 

*07g gZO |g7 8018 9280-10695 3=397 13803 1541ft I703O 18575 .20158 '21798 23433 

1448 2,24 4079 5330 6638 8021 9307 10697 1=206 =3809-15431- 17040'18581 =0157 2180*. 23448 

muiiilalned with a Kink in The Ci|v nf New 'fork. 

« ,,, PTe W >hr'ulii bv Hnidehed and collected in the nsnal manner. - "l r . 

'■ n M ' J afi - r A P rl1 li ini<T-.-»r rluvli cea^e lo acuroe on the Notes herein deaignatrii for redemption'. "r". 


D.ued: lebruan 2^. WT8 **- 


The follwios Notes prcviourl;- ,:iii, ; J for redemption;have not as yet been prejenu d for pavneni; 













’ 9018 



13961 ~ 18913 
14028 1S91B 











Vi - v , 

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: $& 7 r 

•fit > :h 


We describe the Philips M100 as “The world’s most advanced internal communications 
system? No marks for modesty; then. But look at the ten points below, and you can see our 
problem.... And those are just some ofthebenefits of our direct-speech system. 

1. The M100 is an internal communications system, and die perfect supplement to your 
external telephones. It puts youthrough quickly, reproduces speech faithfully-and leaves your 
hands free. 

ormany thousands. 

3. You vv^te no timelistening to iingmg tones, waitmg-...and then getting the wrong 
person. You just press buttons and speak. 

4. The person you call does nothing except answer you, just as ifyou were talkingjace 


. -S.Notimeiswastedin gossip. TheavexageM100callis45 seconds,theaverage.intemal 

phone call is minutes. • 

6. You save money by cutting down on phone call-backs,because you can get immediate 
answers to queries, while your caller.holds. 

7 If you want privacy press the button marked privacy When anyone calls, a tell-tale 
lightwill come on, butyou can ignore itltdoesn’t annoy like aringing bell. 

8. TheMlOO is compact, simply and easily installed.The system can grow as you grow. 

9. \ou can set it up to allow dnect-speech conferences between three people in one 
building. ..or in difierenthuildings, or across the country for that matter, as networks can be * 
linked by Post Office lines. You can slot itinta.your paging can arrange it to transfer 
calls automaticanyTheperrrmtations are eiidless,and all the choices are yours. 

10. TheMlOO is virtuaby&ture-piro^ tomorrow brings, the Ml 00 will be 

ableto absorb it , . 

The Philips philosophy, satisfaction AND your money hack. 

The MI00, marketed byPye Business Communi¬ 
cations and made by Philips, is a management tool 
that contributes both to job satisfaction and the 
bottom line of the balance sheet. 

ItaimSjlike allPhilips systems,at putting 
function first It is justified by its profitability, and its 
usefulness. We spend much ti me watching our 
customers at work, studying their routines and how 
they need to communicate. Only then do we design 

them a purpose-built package. 

Respect for function may not be a new idea: it 
was Gropius’s before ours, and Aristotle’s before 
anyone’s. But it is certainly costs the 
worldwide Philips group some j£300m a year. 

And it pays. Or why should a company com¬ 
mitted to the principle of function spend so. \astly 
on their own backroom? 

Now let’s talk business efficiency. 

lfyou would like more information about business products and systems from the Philips Group, 
please ask your secretary to tick the appropriate box. ^ • 

Philips DataSystems Pve Business Communications 

Electroni^^ocounthigSvstemD R\BXD 

Office Comp uter System □ OfficelntercommunicationQ 

Financial Terminal System □ Public Address Systems □ 

Philips Business Systems Closed-circuitTVD 

Office Dictation System □ Pye Telecommunications. 

Word Processing □ _> 

To: David Hughes, Business Efficiency Philips Industries, Arundel Great Court, S .Arundel DUI8 IDC 
Street, London WC2R. Please send me your literature on the items ticked above, K nlU Hj 


(Position in company)----- 


Simply years ahead 


The Philips Business Systems Group: Pye Busin ess Communications Ltd, PyeTelecoramunications Ltd, Philips Data Systems, Philips Business Equipment Division. 

Financial TimesTbursday 23 SS®?- 





!EMPLOYEES’ FRINGE benefits, mainly In pejsi.ons, hoMay en jJ^*P 

! particularly pensions, holiday tiUenjent, sick p^, radical c ^_ ent f 0 r zbsence-through 
•entitlements and sick pay. have surance and hv ’45 oer sickness is. not- universally pip*, 

j firmed to improve in the past ^Changw are Plgy* * *Entitlements vary cmk 


BuVrrthough considerable_re- tw^rds of the 

cut aiLDougn cuuoiuci.u.s »v . Denems:i» **» «**-. ___ _ 

auctions in differentials betiveen ^^wfls and about a third will .companies all employees. 

aueuons m amercuu*ia D loyees. and about a toira wui .wnaj«uuw r*r ”*''.£*‘47 n<.r 

staff and manual employees 2 “" n l lesHrad entitled to 5 K 

in SSa and moretS cent pay 

THE Treasury’s income from ■ benefits liave takenPjf ce ’ .. remunerauon, aoa uiuic »»»« *-''**'- i™* — 
duty on Scotch whisky has fallen many areas *£***£ % g{| for managers and eenlor execu- m 

by £28m. so far this ^ancial j vary^w.dely^and lives. : - . - ; . Jg* ^^esTstare options 

Sn^alf^tarZ " | always the main beneficiaries. Widows 9 benefit' 

^ “ on "“isSIs afva 55Ess « SE^ES 


Sy MichaH' DonnaV-Awfirpoet 

The impact had been felt on 
total industry sales, which fell 
last year for the first time since 

The U.K. is the second-largest 
market accounting for around 
15 per cent, of total world sales. 

*v pc nr emyiu)cc &u mv **“r*—-■—-- ; M . staff" _ 

Institute member-oT^anisations. kft S Bf Management 

s“i, is- r»?*f*SwS i25S^ 

Since then 4S per cent, of com- benefits for all, and in 94 per iw/MUMUnriaaat • ■. HouseJ 

penalised activities 
hat make up our total 
apability. Combined 
rith our experience it is 
ital in realising our 
ophisticated manage¬ 
ment and planning 
echniques. On site 3 you 
an see it at work in die 
arge number of trad es- 
nen and skilled oper- 
tives we employ; and 
jroject managers have the 

r~Send me by return the brochure on 
Norwest Holst total capability. 





evaluation, earth moving and 
| excavation, pipe and 
I mainlaying, foundations, 
j plant installation, structural 
engineering, precast concrete, 
tell structures, all kinds of 
I building, effluent treatment, 

I town centre development 
! and refurbishing. All 
j activities are available and 
j directly managed from 
| within the Norzaest Holst 
i group. 



Nonvest Holst Limited. Dept. FT9. 35 Chesbara Place. London SW1X SHB. 
Telephone: 01--35 9951. Telex: 91704<. 

To the Holders of 

Queensland Alumina Finance N.Y. 

8V1% Collateral Trust Bonds Due 1987 

NOTICE IS HEREBY GIVEN that pursuant lo the proviMonf of the Qjcen-I-r.d Alumina Finance 
N.Y. LC'lliU^ral Trust Indenture dated as of Aprl 1. 157*. I/?. tfo’J&.WV'. principal 

«_■.«! i.i i -1 j i i, U5 . ,_._... .. r . ...__- amount of the 

ahov r described Bonds have bo-n selected for redemption on April 1. 1073. in h-u of a redemption 
for the purpose of the Sinking Fund, at the principal amount thereof; together with accrued interest 
to said dale,'asfollows; 

BONDS OF I r .5. $1,000 EACH 

VBSl 117SB MW11 13847 llOJW latov -jmj. -y™ 

, rri . ___5730 11793 14024 15M3 17614 19278 20909 22785 23543 24469 

On April 3, 19TB, the Bondi designated above will become due and payable its «ueh coin or cur- 
rency of the United States of America as at the time of payment thall be legaL tender for public and 
private debts. Said Bonds will be paid, upon presentation and surrender thereof with all coupons 
appertaining thereto maturing after the redemption date, at the option of the Holder cither Ur) at the 
corporate trust office of Morgan Guaranty Trust Company of New lork, Broad Street, 
New York, New York 10015, or (b) subject to applicable Iran and regulations, at the mam 
offices of-Morgan Guaranty Trust Company of New 1 ork m Bnisi-ds Frankfurt i Main t, London or 
Paris or at the main office* of Bank Mew & Hope NV in Am,t«dam or Baraue Internationale a 
Luxembourg &A. in Lwemboure. Payments at the office* ref-rred u» m M.l above nil! he made by 
check dra*n on, or by a transfer to a U-5. dollar account n:ainiair.?«.l by the payee i>ilh, a bank in 
New Yotk City. , , „ ... . 

Coupons due April 1.1973 ¥ lmul.l h-.letach-d and cellertrd in il.e« f iul niar.nrr. 

On and after April 1, l'-'TS inicrr-t shall cwse to accrue cn tKc 3nnds licrom designated for 


By WILLI AM HOBBS. Managing Director 

Dated: February 23,1978 

15 per cent, of total world sales.] since then 4S per cent, ot com- Ire cations, 'Management- Houst^. 

and the effect could not be offset j p aQ jes in the survey have made cent. tensions are pro- Ftrrfeer S*re«*. WiCA &0 . 

H. tho UE h tliese i ■' major ^® 1 “^ or pr 1 S^: Sfded d.pen- £20 to rvmwnben. 

reached record levels and were 
up 2 per cent, in volume and 
17 per cent, in value to £512.6m. 

“The setback in our second- 
largest market is a savage blow 
to the Scotch whisky industry- 

“It should also be a chasten- 
in* experience for the Govern¬ 
ment for the law of diminishing 
returns has set in just as mem¬ 
bers of this industry predicted, 
it would" said Mr. Adam | 
Berlins, chairman of the Infer -1 
marion and Development Com 1 
mittee of the association. 


Plan to boost jobs 
for the disabled 

The source for plans, designs and mental calibre and autonomy to keep every- 
'diniques is the human brainpan. thing right on course for time, cost and quality. 

We mention it because the Norwest Our brochure shows some oi the 
[olst group has a proportion well above many ways our thinking is transl ated mto 
le average of qualified design, technical practical achievement. Send iorittoday. 
ad engineering staff. „ Total capabMty is *&ieerip dew. 

Our brainpower is in all the fabrication arid construction. It mdudessitc 

“ _ — — -* ■ — — - - ■ — 1 -— f-■-* —- 


It would need a remarkable 


gfKp£?SS& ”■ % 

quarter % MSSl^SS^f ^ “ 

ljuai lisi Wi I -- _tn haln mnrp liOOPr 3 

the revenue for wnicn ine 
Chancellor hopes was to oe 

\TllrnVJoTro lX>re upper ^ 1-it praised g« 
disabled people to find jobs. later *1*^' « o(Jn ^ ^ 

The programme, announced groups: those born on or 
yesterday by the Commission m a f ter January 14,'1921, to claim 
a new booklet is aimed at en- f Junfi 7 t j 1 j s yeari vfth pay- 
couraging employers to develop ments f rom September 6; and 
company policies on the employ- t hose horn on or after December 
ment of disabled people, pro- 21 1919 t0 fmm Septem- 

viding greater job opportunities 2 q this year wWi payment 
and better promotion prospects f rom December 2D. 
for them. When tiie second aae group 

■ ..hifh in come( Employers are encouraged to j s brought into the scheme all 

S*®*?’Kfricw^OTuntries'Tfot-!do more'hy the offer of grants eUgihle disabled people aged 
Common.Mark t coun r -. no costs; Qf ma kmg between 5 and 58 will be able 

* b T., F iM? “ lead^he adaptations to premises and t o claim the . allowance-at 

siderabie advantage over Scotch 

Mr. Bergius called for ** a more 
equitable system ” of taxing 
alcoholic drinks, involving a 
fixed charge for each degree of 
alcoholic strength. 

Such a duty structure would 
put the Government in a much 
stronger position to demand toe 
end of discrimination against 
Scotch which exists in some 

in that it paid far less in total 
and also in terms of the rate 
of duty charged for every 
degree of it" alcoholic strength. 

Yet the European Commission 
was demanding that Britain 
reduced the duty on vine to 
the same level as that on beer 
and might .veil lake the '.in'.'em¬ 
inent before the European Court 
of Justice if it failed to comply ] 
“We have the faintly i 
ludicrous situation ubere the 1 
British Government coulu he i 
arraigned before the European 
Court for d'scnminatln; against 
wine, while at the same lime 
taxing it much more tightly 
than hone-produced Scotch. 

“ It is a situation which need | 
never have arisen if the Govern 

A further inducement is the-allowance when it is fully phased 
offer of an allowance for six in by 1979. ' 

weeks if employers give a Developing Employment and 
selected disabled worker a trial Traimnii SerwcM £L£^Qmt 
under the temporary job intro- People. Manpower Serric« Com, 
duction scheme. misstm.166. Bigh Holborn. Lon- 

O Mr. Aif Morris. Minister for don. W.C.Z. 


seeks better 

income-tax system 



men"/ had listened 'to^he^Scotch 1 ^ ard ^ atc set al 23 pcr 5(J ce,lt " Tiff™ taS 

Whisky Association s repeated j and the higher jatejt 50 J" than_the_state^mi|rgta of error 

By Ray Daft*r ' - ; 

THE' CHEMICAL industry 
concerned about the-quality of 
engineers' recruited by cheimcal 
manufacturers and. the process 
plant industry. . 

■ in evidence to the Flmuston 
Committee of Inquiry mto me 
engineering profession. . the 
Chemical Industries Association 
gays it hopes that the quality 
of recruits will improve as the 
status of the engineering pro¬ 
fession rises attracting higher 
standard school leavers Into the 

The association .concludes that 
more and better technical, en¬ 
gineers are needed by -JBie 
chemical industry, particularly 
as processes are becoming more 
complex. . ' 

Aboot 25 per conL'. ° f the 
graduates recruited. each .yeair 
by. chemical companies were en¬ 
gineers who were "good, but/not- 
outstanding." • “* 

The association .refetTs in its. 
report to the lack of 'adequate 
courses, the fact that' profes-' 
sional institutions how make; tt 
more difficult 'for . technician 
engineers "to become. m^nhexi$,J 
and the Iqw-levCI effort ot Indifs 1 
try to\jmgnk to; atjraqt'. 's;)woJ. 
leavers into the engineering 

. Ttie^-K- chemical industry, 

| .'with annual sales of flObit, is 
heavily dependent on engineers. 
It. employs 14.000 degree engi- 
and 8J500 technician 

BRmSH--'CALEDQN^ t ;Ai5 
ways^the ■. biggfest ippwat9r>a 
GatWick. ■“ 

London. ' dbubfe. v wietbej^- th* 
Goverhraeift *s- planto ts^tGat' 
wider traffic. to -25rn. ; ;ija£»aager> 
a : year.i can ■ .aTOies«v\fW .-1 
single rimwayrHas- saggestpd ir 
the 'racetit Wh^-F^^pff. air 
porU, : poli^r-^ahdr : ^^yes * 
second . runwayr ynll be-needet 

Alistair ' 

chief -V executive ■ : ' Ofcr-. Brit&l 
CaTedohiafltqtdi .a^^osatfAero 
nautical - Soci^y -^stopsiSfam. oi 
the-VQiite Paper" in Ittulim Iha 
a sechhfl. 

seeht- an'- nh possibl^/.^ice -1 
ay^fbr-' an .afrporr:Wqtuftd : t 
textile ;S5nr.: 

that Tiirg: airiixie'u^ag.^E'^de 
must consider the. piiss>b&ftte» o 
the single ninway 'itahe’atrpot 
beinq pqf out of;-action /hy a: 
accident or b^-jiywf&scr h '- 
However' perau^^^iiw argi 
ments might be. for/coPtinnia 
.With ' one. run way,'f-ld^Bntis; 
Caledon ian’S: 1 itfew.v. /‘hpgratin 
horse aense says,'that a^secon 
Is 1 runway is most certainly, goia required.^. 

. Mr. 'Pugh pointffli lout thir ei 
cro achmen tr oh. thfe qtm'd .arwul&bl 
for a- 5ecoqS runws^ at.Satiric 
had already taken jdace “ hut a 
Immediate halt shbiild\he's^e 
and.the required land sterttlse 
tn anticipation, of .the .whe 
whai Js. now obvious^ta ahdii 

repre-entation? in the years 
befo-e Britain joined the EEC." 
Mr. Bergius said. 

New courthouse 

cent, is recommended by the in T Tea5ury forecasts. 

Institute of Directors in its Tq prevent the advantages 
seasonal representations to the af£eret j jjy the prop.osed lower 
Chancellor.- • rates of tax from being eroded 

The Institute recognises that by,: inflation, there should, be-a 
such a move would involve a review of thresholds to* coincide 
. substaotial’initial loss of revenue with such changes,-and the sub-' 
1—of the order of £4bn.-£5bn.— sequent indexation of ail sum6 

raKnmm»n(l« fhat this should ovnHcnil in nh«nhl 

^l^^ r se"nd!-d r ec o ram ends "b at *th is*shiTu 1 d 

m Xr be covered by a change in the such moves, however, should 
Ehmhu-—w ^ n ireJ b a'P^n' balance between direct be on ly a beginning.. In the 

biiPdin- ! and indirect taxation. longer run discrimination against 

Mr.' Briic/ Millan. Scottish Srn^-j Cutting the top rate of income of -ttifiC. .was carried-150.000 

rary. said that -.ork -•i>u*d start | tax to 50 per cent, would help - . should al«so be elitni* more passengers and 13.000 more 

on pnrarjr? th- Mi- -his - v ^, r -1 n 0 f ,.I? v Sl0 .- e v ,hich Vi on?y individual nated Jfatany rate'significantly | cars thap in 1876, a growth-.of 
S& ^risS! 0 " ™ k "““iSffi ^ reduce. T. the institute. ' ■ 15 per cent . 

operators becomes obvious 
others £s weH.” : ^ 

neers — 

engineers out of a total •work¬ 
force of abbut 430,100, ---— . 

■ It 'points out thit. as. a big. is seeking offers from developi 
investor in capital ^projects— for :a 600-room hotel :on a pnt 
worth flbn. annually.'jjver the 7:35- acres site at Gatwick A 
next three years—41 -is also; porti., : 7'.. r i>, . . . - 

dependent on the equipment} - Tjhevslte'js on the East.side 

ninnla anil nlant- ' Un w tt w i hHwt 

CAPACITY ON Sealink's 
Harwich-Hook of Holland ser¬ 
vice was. stretched to the .limit 
last year when a record volume 

¥•- ' z . 

V .S^r.TStanley Clinton Day^VPi 
liamentarji-Under Seicre^ary fi 
Avlartbh:~said that greater- a 
of all .Britain's airports bacTfo ] 
accpMpainTed; by further’contr 
of aircraft nbitfe, 1 •" r . • : 

'PbihtSng hiit that-there we 
. conftretth'g;:: i uteres 
for" a' vigorous . and, : aqjshdli 
aviation sector, aid the eavirc 
. mental ne^ds . of peoplg:; llvi 
iehr : 

Isaid, the' GoytTriimeat’s iask ,w 
to Jaalance Jhese—“ which-,is n 
easy-. - 

“ What: T;tfaink . the aviation 
dusfty-miist J ree<ignMe is-, that 
'eiabTe if fu^Kcpani stu haye 
mttfe inieasive-aid-sensible u 
of airports, a price has to he p« 
if the confidence of people rep 
senting those affected by no - 
—local authorities, MPs and « 
vironmental groups—is to be w 
over to accept this developme 
This is our objective; I belie 
ft to be.“a reasonable one." 

• The British Airports Author 

Ferry record 

^ the hotel the most Important o 

serring the airport. 

It said yesterday that it * 
advertising the site and. seek! 
a suitable developer to build a 
run the hotel. The cost of l 
project was. not yet settled, t 
was bound to be severs] mllli 




BELFAST airport closed for sn 
hour and many >hor> and factory 
empinyocs left work early yester¬ 
day lo attend a mem«*rul service 
the City Hail for the 12 
victims of l3?t Friday’s res¬ 
taurant bombing. 

More than 1.000 gnihcred in 
heavy ram to hear Orange Order 
leaders condemn the murders 
and call fr»r tougher government 
measures against terrorists. 

The Irish Congress of Trade 
Unions and ihe Peace People 
said if was up fn individuals to 
decide whether to stop work. Mr. 
Andrew Enrr. leader nf the Con¬ 
federation of Shipbuilding and 
Engineering Unions, opposed 
the stoppage. “ If the Provisional 
IRA calls for a stoppage we 
would nof support it." he said. 
“Why should we stop work 
when they bomb and murder?" 

TVs ennouncomant appears 
as a maver of recordcmy 



US $ 16,400,000 

medium term loan due 1984: 

guaranteed by 


m . 

- 'f : 

• -^y- - • 

• ii# ’ . 

■' masagedby , 


BAYERHSCHE VEfl;E4WSBANK' > - - 'v.- : 


- i_'- - ... 


Bank Sa'naye Iran, Paris Branch 


Banque Arabe et Internationale ^InyestisaanTont (B.A.J.I.y J v 
Banqua Beige Limited {Memberofth»Soci&4Gwi4r»ioda BanquaGroupjy 
Banque Europ^enne do Tokyo ’ v 

Bayerische VereinsiHnk International S. A. J J'ftf&L’lV' 

Iran Overseas Ir w e s ta w e n t Bank Limited " rV./'-y'"^ v •- 

Japan Intematkuml Bank limited' i -*o - ‘l-jiif > v ^. 

London & Continental Banker Lid -.rr % ^ V-Y i 

The Sartama Bank, Ltd y. 
oclfitd FmaiKa'fereEuro] 

Union IVl^diterratVfeenne de Banques. 

. . .. • • " 




f^nancial^Ttmes .^ursSay-T^niaj^' 23 -1978 


pricing quarrel 
s up again 



Elinor Goodman, Consumer 
'ilrs Correspondent ' 

Big thaw 

V'+isiV ■■■■'■'f*"' 1 ’ 


fisure of 3 - 9 P P e r therm quoted solve lo bargain hard with its f hfAQi’ 

Elinor Goodman; Consumer g ff by the electricity industry. suppliers, especially the Coal: Ull yfl I. 

fi w n Eec ~ rise as we use more and more price Increases were immediately RY ruuicrnBuco rniw 

0F MISLEADING bargain eave Pri BS gas over the nest two passed on to the customer. BY CHR ST0PHER ^ NN 

claims such as '*up to 4fl years. and as the price escalates He claimed, however, that it ™»rvc . 

ent off." should become a >fr m NaU ° 11 ' under the terms of our contracts did not do so. In an ecbanse ] E,^ jD u S re P laced snow as the 
nal offence. Mr. Goitfon “25* . . with the suppliers. of letters between the Generating | " Iai ! , h ^ zard >csiei-day in the 

i. Director-Generar of Pair cha >nnan -The Increasing cost of our Board and the Coal Board last South West or England when a 

■ ig. recommended yesterday. "North Sea gas supplies does not month, he had drawn the Coal! ? ta:rtcdaf * er sdme ° r liie 

s would put an end. he said, brou^ t m ?S'iSl^iA S « 0 i«l d , be mean sodden or precipitous rises Board’s attention to the fact that w0 «TfJ fo, ‘ 30 ^? ar f; 

.wide range of claims--com- uJtpTine with elec- j n ga , tariffs, as the electricity if the price of coal went up much; . Sir Henr\ Plumb, president of 

-used by retailers,’and SS JERZ indSjry would have people more than the 10 per cent, rise I ^ lJ , onal Formers’ Union, 

that many companieis must be believe.” scheduled for next month. itl saJd lha * livestock losses for 

aeam about desn-rminne nr tucurred m futuregas prodoc- r-.I would cease to have its com- s _9 mc farmers would be 

again about descriptions of .if,, 1 ™ m futM,e '-Sas prodoc- « Enclimd forecast in bis wou] d cease to have its com- ®? nic , ******** ^? u,d . be 

. ^ Uon. tosiano torecasv in nis pelitiPe edse ovep oi , disastrous. He would seek an 

recommendation, sub- British Gas, however, accused Generating Board would 11 ^ understood that the ear1 ^' m °eting with the Ministry 
,i to Mr. Roy Hattersley, the the electricity industry of using merelybreakeven Sis -5S? Generating Board was privately ° f Aancultu re . Farmers hoped 

Secretary- is the first , a**»*adiag figures ” to support after mdting a profit of £ 130 m. Phased with the increase in coali for belp n r ^ m tj e Epc - 

■ section two of the Fair hs arguments that gas .prices -l*,,, vear 5 prices being held to 10 per cent. | ^ r - D* 111 * Howell. Minister 

tg Act. and would need shouid^be raised. - MQ y r( , lhan £Jfl0m Qf ^ fore . It had made internal arrange -1 ^T 0 JL S i b Jf. f °^ c0 ' 0rdm *^2 ^ 

ry legislation to implement 

prices bein;; held to 10 per cent. | Mr - , Denis Howell. Minister 
It had made internal arrange -1 responsible for co-ordinating the 

is likely to beVfoHowed 'S «WS-iff Sgjf - j* ■ggg* tET<S£ • -t "" ... ide« in ^ 

y by Proposals for tighten- firman of .the Electricity the bTsis of hiSSc Genei \ aljn Z Board . was n,ovin 8 p'[ biiw ni rie Dpi ., n Firemen carry- shoppers through the streets of Kingsbridge. j -Thev^re fend n« money o 

aaaye g?was: if^Sr - *• .rass -*5$? pA »—■««■« «*«->- i^sss •* 

.•d prices. Both agree that the. cost of pm- basis of current costs. avoid prolracted ]MbrjUr prob . of Kmgsbndge Jay under four ! Thiif rt r 

-1 recommendations are^^ ducingi gas is about 1.9p per Questioned on the fuel roat lenis of the kind which have beset feet or water after the Avon over- help farmers hn by abnormal local authorities faced whh. unf3ir ffpjlimr ih/r«n 

-to be dealt with as part therih, while the J cost of prod uc--adjustment system—-a Generating the construction of the Isle of n° w ed its banks. In North Hooding, the Ministry of Ago- massive reconstruction work. r «. m J i ."T 

e Gnvemment’s genera! in S electricity is'about Sp per Board mechanism by which it Grain station. Devon. Barnstaple and Bideford culture said. after the winter storms came l ', hnip nut- uesi^nea 10 

.■ of the Act. This ts not therm. evens out the rate of price. The agreement would include we £ e at risk by mid-afternoon. Most homes were covered in from ihe Association of District ' Tradinc" nnrt 

ed to result in new leeis- British Gas "’said .'yesterday: Increases in bulk supply to area arrangements wherebv the Ex . nUj0r and Dartmoor were policies for snow and thaw Councils, the largest local ; Slin , pr 

. . UTh. «r H.r ... J... _ _ I ~ _ _ _.1 : Turning min rpspn-nirc tit ,(io Di^lirk .'u.I.i.W.... ,2-Ulllll I ■ I ‘' l«. C11 l.l II I'fnci rs 

?; Illegal 
| money 

1 ; lending 
| warning 

By Michael Blandcn 
j A WARNING that back-strcel 
moneylenders charging exorbi¬ 
tant interest rates face heavy 
penalties under the new con¬ 
sumer credit regulations, was 
given yesterday by Mr. Tony 
“TaS Scott, of the Ofiice of Fair Trad 

• .yt mg. 

J Unlimited fines and up to two 
i.x years in prison could he imposed 
~ Ion moneylenders who did not 
■yz ; have a licence from the Director- 
^ General of Fair Trading, he said. 
* ; Mr. Scott, director of the 
ofiice's consumer credit division. 
-*• j was speakinc to consumer pro¬ 
jection o(Beers in Glasgow. 

“There is evidence that un- 
; licensed back-street mone.vlen- 

Board mechanism by which it Grain station. Devon. Barnstaple and Bideford culture said. after the winter storms came) 

evens out the rate of price The agreement would include I we £ e al ris ^ by mid-afternoon. Most homes were covered in from the Association of District' 
increases in bulk supply to area arrangements wherebv the I Exmoor and Dartmoor were policies for snow and thaw Councils, the largest local ■ 

.■ of the Act. This Is not’ therm. evens out the rate of price The agreement would include we £ e al r,sk by mid-afternoon. Most home 

ed to result in new legis- British Gas'^satU .‘yesterday: increases in bulk supply to area arrangements whereby the Exmoor and Dartmoor were policies for 

for-at least two years. “The average priefe of.gas to-day electricity boards—Mr. Eneland various construction unions turning into vast reservoirs of damage, the 

erdav’s recommendations ”^ s ’t arrives at our term in a Is— admitted that it could result in matched their pay .settlement water as snow melted, said Mr. Association s 

ated in a consultative dneu- is considerably'higher, than the a weakening of the Board’s re- dales. Fen. of the Sooth West British Rai 

by the Office of Fair _________ water Authority. But few prob- 0 f gallons of 

■ (or Dorset 

ig three years ago. 


BP tests confirm 

■e specific types of claim j * / & "“* • / 1 J ^L 0 '' „ n c - 

be banned Value claims ^ v ' • »-« gia >s,. . ^ ■ nwi asimw •. 

? “ W r orth £36, only £16.75.”| IvliphOTl Al I oabwib 5^» ' equipme 

comparative r«**afl nrice! DllVUuU Oil IlOW ' / • imwT ’ 0 

our price £540. claim*. . . • _/»_wm •< ■ — 1 ReCOI 


.iff H^sh Street prices*': m#*^**'** \ Govemn 

- hose talking vaguely of BRITISH PETROLEUM has difficult North Sea fields lo ft -**** • \ I a ^d syi 

s “ ud tc ” a certain level suspended operations after evaluate because of the geology ■' | *wrnsr to the 

. m to ^5 per cent off successfully testing an oil flow and producing characteristics. B r i 1 i j I i and EE 

. fare." from the first development well Stockbrokers Wood Mackenzie -—-^-a - ' ai'v" 'towards 

Borrie ha«! rerommended o n its Buchan Field., estimate that recoverable i • \ \ | farmers 

exceptions for claims i The well will be linked to the reserves are about 130m. barrels. | asmwe Farme 

in hi« Office’s view heln! production system when BP and .However, development costs 4rir I lost lives 

ters rather than confuse its partners bring 1 the field on will be appreciably lower than - -- ^liFFrnis 

stream in about 18 months. for most offshore fields. BP I Farmers 

! a trader could continue The Buchan consortium still plans to exploit the reservoir day in December. .had bee 

•ins one week's prices has to receive full Department through a converted semi- During this year. Uic output j young la 

-lather's, and compare his [of Energy consent to! exploit the submersible drilling rig. figure is expected to rise steadily j They 

' -iyttb a comr>etitor’s, if th'e 1 field although it has been given In this way the consortium as new fields—including Thistle | to the S 

was true. Factual claims.fInterim approval to-'drili the first hopes that the development coste and Ninian—are brought on - menu pa 

<; savines bv buvjnq ■ in ’ two production wells.- will be kept below £100m. stream. The Government still ex- from l 

vould also be permitted, i BP. as the field’s operator, said BP’s partners in ihc venture pects to achieve its target of recently. 

IjaSL / 

!«/• “ 

Jif "««• 

rr - ..... and the South West Electricity Tor immediate Government help:licence thpv will fnee verv stiff 

The Army, drafted into Wilt- Board borrowed two snow-tracked as promised after the storm*. penalties " 

iir*< —J W, ... . . ... A... . ... .. .. . .. 



/ > 


™n«:. ■ V ' M „ H 

rfl-- 22 von. 

Buchan - i 


•yiflsumfl ; j equ^eni. 
n«UBA\ j 

llLvT*®— ‘Recovery 

j shire. Somerset and Wales for vehicles to speed electricity The association attacked the aVi v rwnicnu mi 
„l earm? L 5 L ,00d b >' ^‘ ,th reconnection. bureaucratic nature or Ibc, ii ie n*ed r"dit tradcii 

ieoifiDmeni hr,d S e - building David Churchill writes: ** delays" and predicted that no legally enforceable, sn 


! -- J \ 

\ : Sir Henr.t Plumb hoped the 

\ ! Government would give urgent 

. | and sympathetic consideration 

#' s to Lhe contributions which it 
u *««,\g?° 1 and EEC partners could make 
ii'v" j towards recoverj of losses by 
) \ j farmers in the blizzards. 

josEpmctf- Farmers hoped to get help for 
fw#w, ‘ 4T [lost livestock and milk from the 
J EEC Disaster Fund, the National 
I Farmers' Union added. There 
, had been a “massive loss of 

electricity me association auacvicu tne Any agreement* nude h\ nn- 
bureaucratic nature of the i lii-erv-ed r-rpdit traders wen* nnt 
II writes: “delays" and predicted that no legally enforceable, m thai anv- 
Government help would he forthcoming until, body who borrowed monev froin 
“delays” in providing help to April at the earliest. [them was nut legalh obliged to 

j repay it. 

The warning underlines the 

_^ _ crowing effect of the »-nnsumer 

Trawler fleet operator : ;;; 

* into effect in stages. Under the 

to leave Fleetwood 

*- ittlTTUUU - hire facilities require a licence 

RY BiruABn unoNFY wVich i* valid for three years. 

BY RICHARD MOONEY Licences are not granted auto- 

ters' Union added. There BRITISH United Trawlers, as West Coast fishing should, ma'irally. Applicants have to 
been a “massive loss of Britain's major fishing fleet increase in importance. Bui the!??" 5 *' 'he Director-General that 
; limbs'* in lh t s no,v. op.r.lor.i,.. pull ^m of the prMpe , t WM l)ei „„ spoiled by 1 [5^ Uw'c^Si Z 

pared with -HI five years ago. EEC fishermen were being: 

uld sheer puffery Uke i that it had core tested more than are CanDel Oil (U.K.). CCP enery self-sufficiency by 1980. As Mr. Peter Mills. Tory MP Four of the vessels, operated tay offered mainly to Britain's Com- 
i*nnwfhelv undersold.". >400 metres of the total reservoir North Sea Associates. Cbarterhall The Department’s statistics for West Devon, flew ro Brussels the Wyre Trawlers subsidiary, mon Market partners, particu- 

Consumer aid 

t banning had a common reservoir. 7 terday reported that 3 record # Ranger Oil and its co-licencces., the South West in the same way blow.” They say that the port inq operations during the first; Grants of £300.000 will bn pro* 

eristic, that their mean-1 The section was considered 3.7m. tonnes of crude oil was London and Scottish Marine Oil-as it had looked at other recent will lose more than 2.500 tonnes quarter of this financial year. 1 vided to set un the new centres, 

d justification were not 1 representative of the reservoir, produced last month, 142.515 and IU International Corporation,!requests for aid. The EEC of fish a year as 3 result. The move out of Fleetwood Two existing bureaus arc to rc- 

>t he consumer. [The information obtained con- tonnes up on December. have begun drilling an explora- Disaster Fund is worth £3.3ni.' The British Fi«=hinq Fedora- is .seen a* an attempt tn.«.iv»,. improvement grants, 

department of Prices said! firmed the result of the original Output during the month tion well on North Sea block Accelerated grant schemes lion said yesterday that Kteei- rationalise the company’s fish-i Most of the centres, which 

' studying the recommen-1 exploration wells. ' ]!. averaged 884.823 barrels a day 23/27. Immediately south of the should also he available, subject wood might to have a bright ing operations by concentrating; ari'-pse shoppers and traders, are 

Buchan is one qf the.more compared with S5L102 barrels a Lomond Field. =to Parliamentary approval, lo future within the 200-mile limits its efforts in fewer centres. -run by local authorities. 

viH make you think twice about 

your fleet insurance 

If you run a fleet of 15 vehicles or more, of which at 
least a quarter are Vauxhalls and/or Bedfords, you 11 be 
interested in our new 15+ Plan. 

It’s a brand new concept underwritten by a 
consortium of Lloyd’s Motor Insurance Syndicates. 

Here are some of the impressive claims we’re making 

for our new scheme.. T :\ _ 

a m -f 15 + means competitive rates. 

VJ LAI JM X* [Made possible by the reasonable 

cost of Vauxhall/Bedford parts. And the economies that 

such a vast scheme permits.) 

ja -ijr-j» m sy 15 + gives considerably wider 

C ii z/VI IVl W*cover. (All the normal benefits 

plus many important additions never previously included 

in a standard fleet policy) >. .• > 

g^-w a rR )m ^9 15+ offers premium refunds for 
VjXjxVIiVI Afleets with improved claims 
experience.[If youquali^you automatically take advantage 
of a built-in rebate clause.) 

r ,-j- A |V M A 15+ gives absolute security (The 
j I j/% 1 I Rr I irnnsnrtinm ofT.lovd’s Motor 

Insurance Syndicates sees to that. 15+ also has the full back¬ 
ing of Vauxhall Motors.) 

* tw f m 15 + means vehicles are back on 
\-jXjx\J.aV1 %y» the road faster. 

(Repairs to Vauxhalls and Bedfords can be put in 

hand before inspection.) 

a m 15 + makes it easier to pay 
X jB j/ \.B IVm. 0*(A facility has been arranged for 
premium payments to be made by interest-free instalments.) 

If you’d like to know more about how our claims can 
simplify yours, write to (NO STAMP NEEDED): - 

THE 15+ Plan, Richardson, Hick and Partners Ltd., 
PREEPOST, London EC3B3DX. \ 

r THE ^ 



" results of foreign operations 
were about equal to those of a year earlier, 


: i ^ 

p‘ ■ 'tT \: ; . 

m -j 


after translation to U.S.. dollars, their 

the decrease in consolidated earnings. 

The big “but" strikes again! The above quotation from a recent news arti¬ 
cle in the financial press once again illustrates the danger that companies 
face when transacting business in foreign currencies. That danger can 
often be eliminated or greatly reduced by hedging on the International 
Monetary Market division of the Chicago Mercantile Exchange. 

Unlike other methods of advance buying or selling of foreign currencies, 
IMM prices are determined in competitive bidding by open outcry, and are 
published every day in the newspapers. Commissions are a miniscule 
fraction of the value of the currency traded. Flexibility is greater too—you 
can change your position or close it just about any time you want. 

You don’t have to be a corporate giant to take advantage of it IMM trading 
is open to small companies and individuals as well as major corporations. 
You owe it to your company to find out about it as soon as possible. For 
a free copy of “Understanding Futures in Foreign Exchange," just send 
in the coupon below or call toll-free 800-243-5000; in Connecticut 

r -» ■ . — ■ - n — i — Mail-in Coupon ■ ■■ ■■ ~ ^ 


International Monetary Market Associate Mercantile Market 

Your name 

Your address 

Please circle inose commodities you're interested in Send to OIL. 444 'A. ..'doVson Boulevard. Chicago.Illinois 60506. Dcp'.. 77- 14RF 

Live ■‘.able Frc*:en stunned hams (J.S. til-ir ;oin<. Canadian dollars French iMn-s Fq.js 

F- eder cattle Boneless beef United S’.Jtes ireasurv pills Prhi>h pounds Dutch .juild'.-is .’“iJIj 

l.r-c hogs Copper Deutsrh-marks * *iss irjr.-s Lumber Buti-r 

Fmren norkbellies Gold Japann^.^ \ren re s ->* Buev's 1 ' ; T»jrV'*-» 

A Federal!;, Licensed Cwlw-ii 

Iw-Irs Castle s new slate pension scheme goes so 
far. but is that tar enough? 

For most directors and higher paid employees, 
the answer is no. £ 

Because the state scheme does not currently V 
provide tax-free cash in hand at retirement. \ 
nor full securin’ for your family if you should 
die before retirement-important points when 
you look at the escalating cost of living. 

The solution to your problems could be 
MG M’s 'Design for Retirement'. 

MGM 5 plan enables you to build on the 
foundations of the state schemc-or your own 
private scheme-and create a lax-cfficicnt package 
ol fringe benel ns for you and your employees. 

’Design tor Retirement' is simple to run- 





AC Delco to 




77 ,M a , • . ‘ T^Ui. „« 

'■» u-‘ m S 

.— J*. »jL . 

AC DELCU. the automotive com- carried ou. in he U.S.. «o % 

ponenis subsidiary of General undertaken partly bemuse it Jlf \ £*<' ' 

Motor,. ,- s 10 launch in the Eurn- was losing replacement sales 10 »rtenjg . . • 1)11 S6S 

peaa market a cheaper batteries. . ‘ 

baiteri tt'ftich ia^awed b> offi-r The ,naintenance-free un?t lead-ealciUHi plates completely; By Out Transport Conripotident- 
* lifespan y f 300.000 miles in w#| aligned to give the com- {S’ BKh antimony, which 7 - ^ -V < 

service. pan? « firmer grip on Pie mar- Piuses water loss fti tie tradi- ? LONDON TRANSPORT bus and- 

The Freedom bailor}, which ket u 5s reckoned la last longer ' 'rail services' ware bound w- 

has been used extent velj in the |han lhe traditional type, which The batten’ does not need -Ideteriorate ' if the Greater- 

L.S.. has been launched « the mcyn!J that Delco can aim at tebpInK-iiu and t>elci» claims London. Council -ttack-*to--Its' 

VmmAC Llco\ w ■ eaung into the secondary mar* thal it is 3 | S0 more resistant policy of reducingw«ue 

pnxiuus noiii al. vt icos uin j. el from ns 5ll0ns position as i 0 'damage from overcharging, grants ami restricting.-fa re» ia- 

petitnrs. such a* chloride and ,, n . ori „ inal equipment inaaufaL- heat or vibration. ' - - creases,. Mr. Paul- GaBftirtL the' 

-__; 1 _ turer. The svstem is also compferely ’company's -chief secretar^ .-said 

nroducU Under d'evclopinent. hut Delco's primary effort ’in ellmlnitlig the iierf^or ■ yMjjrtg. ■ . 

hive not been convinced so far Europe will‘he with commercial maintenance, which is a t< 5K.;?5Si'v2 a4 ’ 

ihjt the market is readv in lake vehicle bajteries. It . plans to Cost., factor in running a COm- 1 Society of Arts, that The -main 
main enance -f.U battens, sell a ranee of product*, for-vans mer.dal’ vehicle fleet. ’ - burden of any | 

Which lend to »-c more expensive and heavier trucks, and says they PeJcO says that every' tpjjh Si'SfiK!?* 4, ' 

than the traditional type. will he priced competively. and . car mamtfacturers 1 it 1 the as cuts in, J.-Jpra> 

Etoih rhloride and Lucas said In the longer term, the U.h;. is testing the Freedom j rions produced . Uttle.;.finaacuJ 

•,r?t<Tdav thni they had no im- \merman-owned company plans battery. r n . , ^ .oenent.. : . •. 

nudiatc plan? lo launch a main- m make fhe Freedom muse in II is covered by a fiill two-; So far. London' TW^Port hgd. unit. Europe, alihoush it will not say. year: warranty, and defective . been able m meet l&e demands 

\C Delco's develop)nvin of Hie wh*n> ai present. units, will be replaced free with- of I \he Kmuetvdtovjt - ad^ilnutra- 

r,SH„t P ..w ™ iw. M. .tai it «.•«« «n«L . . .<! 

_ /■’ . _ • ‘ ■ ture iast year; but-ib.i^%\coiiid 

- — ..— ‘ . . .. . . conic a time yfheri: generM\cttsis 

! ' "■ . could be squeezed nQ inbre. ; 

Babcock I Hovercraft : likely : ■ 1 

1 - ; caused ' hy staff - nienicicncy. 

j « -M-« .- 1 Figures showed, that thjee^rttis 

merger to challenge B ? > | asa ^a g f 

near i for ferry routes ..... l3fe.si3IWii 

I -overall decline in the number 


_ . or ,.,.,. n . , from 1:16th'. to 1.07m between 

BABCOLh .ml \viicox ana puE HOVERCRAFT is emerging channel rbute, with passenger 19 7 j an d 1978. The htfinbir i»r 
Northern Engineering hope to as a ( g. t{ ii n3 contender for 'a capacity increased from 'J&4 to l car p^sscngeiir firbreased^by ti : picr 

opuiplctc negotiations Tor u substantial share of mixed- 418 and car capacity doubled lajcenl,-.and the number jot; care 

merger of their ijoiiermaking: traffic ferrv routes. Mr. Roy 80? . - 'entering the.-area. rose...'frdm 

interests by the end of next McLeaw, editor, says in a new” This represented a 70’ perV113.000-to 125,000i .in'- ihe’^uHs 

month. edition* of Jane’s Surface cent: increase in payload- for {‘period. 

to challeiip 
for ferry routes 


• ..*: M |ve or alleviate barber Ing in Force 9 winds and wouw: wy?wwggj..m give go me riw>- 

doMgnate. problems nr hovercraft design, have a higher crblsmg ■ sbeed port operators Jhe capital-add 

Mo«t of »ht- remaining discus -1 including the ability to operate than the existing eraft t>ut- revenue, support mscded. -For 
4 mns are expected tu be with . rou „j, weatlier Operating would use only one-thtfd of the’; bases and ; drains-'were ■more 
the unions, which have expressed a!sb be trimmed. * fuel : pP r passenger.”” - ■ ” jcner©'. effictem^itd^ cimtsrthutefi 

some alarm at the proposal in- jj, csc factors would increase Evidence' of the miftl»iyi- mer ® to.and - eqvrrwi 
rxcludc a National Enterprise Jhp ( .v l3nL . cs; ^f t h e British potemial of the’ hovercraft • wnprayoment. thari Ibf 

Board shareholding from ihc j.t nv .p rrra f» rorooratinn selling given in the hook, wfth Skta on -®' car ' 

L w ,m . l>a E V h U t ~ pn, j ra ' lv ‘ its increased- capacity SR.N4 a mimher of new craft used- byV 

that Babceck will hate about Mapk 3 on ^ ome of lhe es tah-’the • Soviet . Union. incfudlnsM-'*^ hojirs oT 

a ,0 io .5 per cent. *hare. Hshed European routes now some used as amphibious a«au |T l fo^Lo^don.S,i^ri\fl fjrlr 

Babcock says it docs not see j operating conventional ferries craft. --... i u^erfiiSLndSartm/ 

The need for Enierprise Board, over 10o. to 150 mile trips. June.' Surface Skimmers. 19/8. | sa j^ * • • . 

Invnlvenieni because of ihe rein- One of two Mark 3 hovprcr^U criited-<&>/. Rop M.cLenj:!/^ Mai- _ - ’ •; - r 

tivcly bright prospect for v ,- cre i 0 -enter service tMs'year Dqttp(c£) qnfF Jaiic's- Pub fish ew.; 

P»wcr station orders. inp the Dover to Calais cross- Price flft.SP. i Ift^k ’ 

The unions, however, are ron- _ _ . ■; _ , ( JUjjvj 

earned that the merger should | f- . ^ ' i * j j m ■_ T : _ 

^ns.v^ro'ndoJ'n 'of'"” he Gates-' Grailt tO ittlprOVe (Ue-CaStlRg i Stunned JUG j 

head works. They see the Board' r “ i -.’■■■ . ~'j a 1 Jf 

Materials which goes .'into die-cWiWg- but [ CO UJTt- lOlfl 

-.if- a security against arbitrary THK EndneerinJ Materials which goes.imb die-cWting- but f CO 111 I- ■ TO 1-0 

a -"" n " r «■» ‘O' 1 »* RMuir.wcnuBo.r3l. to tontrl. »i™ to -^duce .Igniecmlg-■ it*| V ' UU11 lU * ' 

Mr. Campbell said ni-hi hu ._ r -».T nnnn . nu ., ri | a u hrnipri lillie taken to bring' nfrw dies! '• _ ' \ ■ 

that lhe unions had been civcn . ’ ’ . . , . into production and toft, make}- By Our Co»rentry Correspondent 

an assurance that no major d „ 1 ? p technica : *^ r 1 more efficient use of die-casting {.FQRMCk : ENGLAND ruch 

redundancies would take place;the U.h. pressure dieting machines. I plgjS^jtSSr&dn- iw>v 

without the agreement of both industry. The scheme will be .carried 'a businessman, said at.Coyentr 

major shareholders. This. he_ The aim is to help companies out in co-operation with the j County Cmlrt yesterday that ii> 
»aicl. was just as good a ia fe-. introduc e improved process con- Zinc Development' Association ( was stunned when be telephodei 
guard as an Enterprise Board ; lro j an( j die design..particularly and its affiliate, the Zinc Allbylhis stockbroker when err.holida 
presence. f or t he production of thin-walled Die Casters' Association at the i lh'-Spalb and Was told thal'-soin 

—_— .... I, Sb knr,A^ nn, Anil, DVt Un,..Ir I.... iV-L.. I j 1 ' J'. I.' IJ 1.1 Ui 

major shareholders. This. he_ The aim is to help companies out In co-operation with '^e j County 'Cmlrt yesterday that li- 
said, was just as good a iafe- . j„tcodn« e improved process con- Zinc Development’ Association was stunned when be telephodei 
guard as an Enterprise Board ; lro j an( j die design..particularb’ and its affiliate, the Zinc Alibyihis stockbroker when err.holida 
presence. f or t he production of thin-walled Die Casteh Association at the i l'n'Spalb' and Was told thal'-soin 

Union representatives arc castings. It is hoped not only B\F Metals Technology Centre. | shares had'been sold^ without hi 

considering ihc proposals and i to reduce the quantity of Wantage. The’ programme I pbbrtfsatoh. “ 

further talks arc expected soon.' materials—mostly imported— should take t hxee years. j j U5t saJ on the'bfedch an. 

-a -i— a_; - ■ ! counted the loss it £1.906--an. 

I through fault of jnine." h 

Optimism on current account ‘ the court., that" Mr. Tairbrothc 

- | could easily nave to! dhis. aclvis? 

By david FREUD ..., i in buy the shares barty dr. lake 

' ' ■similar' act inn nn hts 'ret lira 1 

HIE MUSTIIL) i-urrml ac»-«»uni -iirplus «i f tl.obn. as>imnna »ho volume oo a quarterly basts h,vthis' country.’ An ho cfid wa 

bal.iiii-e i> likely ij> level uJT m nun^di surplus remains steady surprising for the - time lag*; io.stop the-cheque .covering th 

modest surplus in spur uf the at Iasi year’s £t.2bn. and ihe appear to be loo short far exports-i loss. ‘ - «. 

■inexprciuil dcfu it recorded Iasi invisible surplus holds jt £].7bn. io be priced out of foreign mar-i Kuirbrother Inst■ his. rtati 


HIE .1/1.1X7111.V i-um-nl ae»-«*uni 
bal.nnc i> likely i.i> level ulT m 
modvsl surplus in spur uf the 
unexpeek'll deficit recorded Iasi 
month. ari-ordiny U» su» k- 
Unikris Simon and. troaie*. 

The linn run'-edc-s ibai the 
•l«i:<rk*r/j (rend in ntilh imporis 
^nd exports i> noi looking eoud. 
liiii says llinl North Sea oil pro- 
Md'.'c ri-as'ioalile leeway. 

The oil rieficii should narrow 
ihis y Cii!■ from TJ-Shn. p» fl.bhn . 
whhli would pruvidr an overall 

■iirplirs «if il.5hn. assimima iho 
nun-oil surplus remains steady 
at last year’s £t.2bn, and 1 lie 
invisible surplus hold* jt £1.7bn. 

Bui the quiirterK export trend 
was unfavourable al a lime when 
ihc ratio of export prices, io ini- 
purl, prices rose :j per ceni. due 
io the apprcchiikin of ihc pound. 

import growth 

"The facl lhai this has 
already coincided with an actual 
fall of 4.5 per cent, in export 

Lets." the brokers sav. 

The noartprlv nanam r* I t(fF £ ®W- broberfe. Slllit 

import • SEEK y WM ! Keen ^ a i CutlEr ' of Binni, Wh Ji n 

rii inrhinf UHthin succeeded with a counler^laii 

dJaturbing. Within lhe overall :Ji for . thcil nxpenscs ■ 
per cent, volume rise, the rise ini : ” expenses. -- . 

finished manufactures—up 1.3 per! JutlS* Harrison-Haij said lh; 
cent last, year over 1976—was) lhe b r . r,, ?''‘»'.had acted; withoi 
especially disquieting. ! sp.ecifid .fTlstruction,. bur did h 

.\evertheiess. given the impact) Bes . t ft^circninstabees.- 
of ihe nsing terms of trade, it! ' ^ r : ” a «brothcr of Sunwi 
would be premature io down-i-^* r ^ v ^- Coventry,. whulesa 
grade estimates of- this, year's! fruit .and. vegetableTFadcr." sa 
surplus too severely. The tm- : *hat he hud.been haying' and «e 
prnvement in domestic inflation \ in? Shares for about five years 
also must enhance medium-terra^ He always decided what .to d 
prospects. ... ... ..'.Mr. Charles MrHy, .of 'sine 

"The Chancellor v»' BHeiy"at| brpfceflsV’TIrmvS.’hAtfi'flbAuthorn 
ihis stage- to.^rds.-iXtb^iwir.or. buy,a?iy ; diaros: in "h 

reasonable.' rather (ban su&st'an-■ rianie^. T-"-'-. ). 

rial, reflation, which would, nm I Mr. .Molly told ihe rruiri. ili 
Ivive too'Severe oii ipipa’ct nn the j .he and‘-Mr.. -Fairfirhliicr w e; 
trade balance. Nevertheless.’ estf--involved, m’ day-to-day^ discif 
matiw of the trade surplus '■arejsiphs , about share deaJtnpg -H 
hk’efy to shade towarts the ^Ibn.'i'had .difcrqf loft' .to stdl br io hi 

s Castle 

mark." the firm says. 

shares’ in Iffr. Fatrbrdlliefs'nan' 

Man uses credit card 

5" for further information contact your financial ■ ‘ 
adviser or ring Malcolm Powell on 01-623 821.1. 

’ Alternatively, return the coupon at our expense; ■ 


Established 1852 

. Marine and General Mutual Life Assurance Society 

J To. MGM X'vUDncc. T-rccpo^t. Wor.hinc. West Sussex.BNU 3BR. 

I i\«> sLimp i-' ik-.-di-di 

| /V. .IM u.h:;. /iiuiin ,.V.-iu/» tor fin hrrmnrl f'.'ltu'OH Phlit. 

A FORMEB pS-Itceu’oee.who did 
not have the £50 ‘he needed to' 
mak£ himself bankrupt bor¬ 
rowed the cash’ on Vbis‘.Access 

“U is-the first tbne l have 
heard ’ of ’ a credit' «»nMwny- 
finaiiclns. someone-to go ; bank- 
« Mr. Kegistra/ Parbury 
said yesterday at Loudon Bank¬ 

ruptcy ^ 

.'Terriin.ce'Kuifierv^M. hod T 0 l 
him how he’raf^ff.iiWi’.fee.' 

Mr. Ruti>ec«mpd'.;br'?S® Bda. 1 

WandsworUi,ji«idojS; Jjad.Ua de 

. fcora that., ajJUrtSSv.&sl XerfJ 
• Win ft - Stored i . 

lie disclosed ~ ^6,ti&asF £5.|< 
and - ass^xrf. £288^^6 Uiiflt 
■ etcatoinatjon was- c$ij!lucfed»-y 

Jailed accountant ‘Bag; 
not purged eoiilenipt’l 

because MGM does all the paperwork-and is so 
flexible it can be tailored to suit your own specific 

^ h\ not find outmorc-you'ii be glad \*ou did. 


* «>iiijj.m« N:iiii *_ _ 

L’iimp,my Adrirosi ___ __ 

8NE NIGHT in jail was nor- 
enough to purge *‘-v’ had caw 
o[ prolonged contempt - , of 
Court” by a London, chartered 
accountant, a High Court judge 
said yesterday. _ . ’ 

Mr. Anthony .-flsheiv waLs 

JaHed on Tuesday forgot obey- - 
ing a court order relating la . 
bis Work as liquidator of rwb 
coni panics. Vesftrda.v lie. asked-- 
the Vlce-C&ancbQor, Sir Robert. 

Rtegarry, to’free: him ro Hu 
bv Could cohiplyi.'with Ip 
. ordcr r Thfc -Jlidgft» refiisias-b 
plea, said Uta< utt.cappUCatfu 
Rw'.-Slr: -FislicrV release- beloi 
next W^dnesilay wmiid hai 
- any success. r.?- ; 

■'•’Sfrr R?her4wd been ordett 
>» kifhmH returns' in- the -ufto 
Ihg-utf of: Richard. A^oil-'M l 
GarefertF Planl^ i 

not 4n -A*,Df rfshw Halid 
of Baker street, >, . V;. 


lancial - Times.Thursday February 23 1978’ 




secretary, yesterday 
suggestions that the 
old be led into talks 
Government about 
noomes .policy after 
s year. 

'stioh was raised at a 
if the TUC general 
isterday by Mr. Sid 
general secretary of 
:al Union of Railway- 
is in favour of some 

■ray said afterwards: 
! not discussed with 
any question of Stage 

. hat we have done is 
em about the possible 
speeches of the sort 

d as lief look in the 
columns as into M mis¬ 
er hes to know what is 
appen in 1979-80." ■ 

». however. have 
:ussing among them- 
■ to maintain the un- 
iccess of the present 
it limit on earnings 




r Smith, 


0 workers, threatened 
idancy by closure of 
hweppes* Typhoo tea- 
lant at Birmingham, 
erday to strike from 

Burke, the Transport 
ral Workers' Union 
Yard. said: “We still 
r jobs can be saved, 
ae end of the day the 
ar cannot see sense 
improve their pay-ofF 
present paltry offer." 

ipany has decided to 
-ordesley Street plant 
Tate tea packing at 
sar Birkenhead, 
lent argues that its 
ivestment in modern 
machinery must be 
to only one plant 
Street was established 
h. century, compared 
ISoreton plant which 
l 1950. 

pany said last night 
k d tn work out answers 
end of this week- to 
ds presented by the 
ng of JBordesley Street 
•'he unions are calling 
ed redundancy terms 
■e positive indication 
we work. 

'Scbwepnes claims that 
> will be entitled to 
• payments beyond the 
linimum and to offers 
ive employment with 
ly either in the Mid- 
t Moreton. 

Ision to switch tea- 
the North-West has 
- clash of interests be- 
emment departments, 
rtment of Industry 
that the move to 
n assisted area suffer- 
iigh unemployment, is 
with official policy. 

. other Ministers have 

I of the impact the 

II have on Birmlng- 
h is trying to attract 

declining inner city 

ortance of the White- 
t Is underlined by the 
itervention of Mr. Reg 
Minister for Housing 
notion, who to-day will 
Adrian Cadbury, the 
chairman, to discuss 
employment for the 
m. workers. 

eson is chairman of 
i Ingham Partnership 
. which is responsible 
ing employment under 
ament's policy for re-1 
inner city areas. 

in reducing; the inflation rate, 
and- they are .^expected to 
approach, the TUC after the 
Budget on April 11. 

Mr. Murray, did not-deny that 
such, talks might be- held, but 
said that April 11 was: “a long 
way off.” 

Meanwhile the TUC is. to step 
up pressure on the' .Government 
not to accede, to pressure from 
the EEC Commission in Brussel? 
to remove or.modify the Tem¬ 
porary Employment Subsidy. 

Mr. Murray has written to the 
Prime Minister to say that anv 
modification . ‘ of ' the.. subsidy 
could put another lOQ.OOO peonle 
out of work, especially in the 

The letter says . that the 
Government must “leave the 
Commission in no doubt that if 
they continue to Dress this mat¬ 
ter they could well he precipitat¬ 
ing a - confrontation which will 
have profound jmnlications for 
this country's relationship with 
th* EEC" 

The TUC leaders. meet Mr. 
Albert Booth. Employment Sec¬ 

retary, on Monday to press their 

Asked about Tuesday's warn¬ 
ing by the Prime Minister at 
the TUC-Labour Party liaison 
committee about a slide into pro¬ 
tectionism by the, West, Mr. 
Murray said: “The debate be¬ 
tween free trade and protec¬ 
tionism is totally sterile." 

The TUC had never favoured 
widespread protectionist mea¬ 
sures. but its argument for tem¬ 
porary and selective controls to 
protect certain industries and 
jobs still held good. 

“ More and more people are 
coming round to our point of 
view, not only in this country, 
but also in Europe. 

The TUC saw no distinction 
between protecting Britain from 
Common Market imports and 
protecting it from the imports 
of non-EEC countries. 

Mr. Murray described as 
"totally inaccurate" reports 
that there had been conflict at 
the liaison committee about the 
terms of a paner on unemoloy- 
ment presented by Mr. Booth. 

Gas workers seek 
oroductivity deal 


gas workers asked yesterday for 
a self-financing productivity 
deal on the lines of that offered 
to power workers, o’n top of the 
wages package proposed by the 
Gas Corporation. 

The gas workers have already 
turned down an SB per cent 
offer, and yesterday they met 
tb_e employers* to reply to a 
revised offer of a 9.5,.per cent 
increase on their basic wage 
with au across-the-board holidays 
concession. ,!-■ 

The talks broke up after the 
trade unions put forward their 
proposal for a productivity deal, 
which the employers will now 
consider^ No dale for a. resumed 
meeting has been set. ...: 

The gas workers are mainly 
represented by the General and 
Municipal Workers* Union., .and 
Mr. John Edmunds of the 

GtfWU said after the talks that 
the employers bad been reluc¬ 
tant to talk about productivity 
deals at ail. 

He said the gas workers were 
looking for a similar produtv 
tivity deal to (bat which had been 
offered to the power workers— 
and that because the power 
workers’ proposed deal was based 
on unit cost production it could 
be fitted easily to the gas wor¬ 
kers. ' 

The employers will consider 
the principle of a productivity 
deal. If they accept It will be 
tome weeks while details are 
worked out before the gas wor¬ 
kers could come to a settlement. 

Average earnings for gas wor¬ 
kers arc £71.56. including over¬ 
time. with a basic rate for 
ordinary service engineers of 
£41.60. or £50.10 with supple¬ 





By Philip Bassett, Labour Staff 

SHOP STEWARDS from British 
Leyland’s strike-hit car factory 
at Speke. Liverpool, and national 
union officials will meet Mr. Eric 
Varley, the Industry Secretary, 
to-day. confident that an agree¬ 
ment has been reached for a 
return to work. 

The breakthrough came after 
intervention by Mr. Grenville 
Hawley, national automotive sec¬ 
retary of the Transport and 
General Workers' Union, and Mr. 
Terry Duffy, Midlands executive 
member of the Amalgamated 
Union of Engineering Workers, 
in talks at Speke. 

Mr. Hawley and Mr. Duffy will 
discuss with Mr. Varley and 
senior Speke shop stewards Ley- 
land's plans for closing tbe TR7 
plant at the factory. 

Agreement had been reached 
last night on new manning levels 
and line speeds for all bur one 
section of the plant. 

Talks continued last night to 
settle the remaining section. If 
unsuccessful, they are likely to 
be continued to-day. The pro¬ 
posal as it stands will in any case 
be put to a mass meeting of the 
1.S00 strikers in Liverpool to¬ 

The strike, now in ils 17th 
week, started when the men 
claimed Leyland had not stuck 
to a local working agreement 
when It tried to introduce new 
manning levels and line speeds 
in November. 

Leyland wanted the overall line 
rate of TR7 production increased 
from 14.5 to 1S.5 cars an hour. 
The new agreement to form the 
basis of a return in work after 
the mass meeting sets two levels 
of production, lower than the in 
creases originally proposed. 

Levland has stated firmly that 
the No. 2- plant at Speke must 
close, and production of the TR7 
move to Coventry. 

• The 900 engineering unitin 
members on strike at Leyland'* 
body plant at Cowley in a lunch 
time working demarcation dis¬ 
pute meet to-dav to decide ir they 
should continue the unofficial 

Production of body shells for 
the Maxi and Princess has been 
hailed, hirt finished cars are 
he Inc produced from a bodyshell 

Daly justifies 
10% miners’ 

Union membership ballot J? ay 

. ’ general secretary of t 

on production platform s n, iTr» 

* * • the miners accepted a 10 t 


AGREEMENT has been reached rights through the TUC- 
to hold the North Sea’s first recognised committee are the 
union membership ballot among transport workers and ASTMS. 
oil company - employees on a Officials of the unions will be 
production platform. visiting Piper as well as the 

Occidental and the Aberdeen Claymore platform within the 
Inter-Union Offshore Oil Com- next few weeks, 
mittee have agreed on a ballot . Mr. Reid added: “There are a 
of 70 production and raainten- number of situations offshore 

ance staff, on tbe Piper platform, where people are concerned 

where unions have claimed a 90 about seeing trade unions estab- 
per cent, membership. Hsbed and the fact of such an 

Once' a version of the ballot agreement is going to strengthen 
acceptable io both sides has their determination. They will 
been, drafted by tbe Advisory. that the machinery is begm- 
Conciliation and 1 Arbitration oi ?S ?° 0 c n ‘*H^ ai ”: amha „ >1 . w 
Service it is expected that voting {{ 18 - the econd “SfijL 
will take place within the first hjtflot to be held on a North Sea 
half of April •' Production platform, the - firsi 

The ballot Will seek to deter- f ° r catering company- 

mine the present union mem- employees on the Mobil Beryl A 
bership strains of workers and *■* >**" «» 

whether they want a union to ,n 3 IbWU negotiates 
represent them- arid would only agreement. 

confer on the unions the right ... __— 

to represent members individn- ' 
ally without any collective ^ . 

bargaioing rights GOIDpiltCr IDOVe 

Mr. Bill Reid, inter-union r 

committee secretary and district THE HOUSE of Fraser, which 
secretary of tbe TGWTJ, »aid includes Harrods. Army and 
yesterday: “ Once we have made Navy, Binns and Fraser's depart- 
the first step we would be look- input stores, is to move its com¬ 
ing for full negotiating rights, puter operations from London to 
Hopefully this ballot will be so' Swindon- The computer Is ex- 
demonstrative that it will be a peeled to be in Service early next 
question of just going through, year. The purpose-built centre 
the hoop." will employ about 100 computer 

The unions seeking negotiating and - administrative staff. 

general secretary' of the 
National Union or Mine workers, 
made it clear yesterday lhat 
the miners accepted a 10 per 
cent, pay deal to avoid standing 
alone in a clash with the 

“Let's not beat about the 
bush—the alternative was to 
have a confrontation with the 
Labour Government at a time 
when support from the rest of 
the trade union movement 
would not have been -forth¬ 
coming as it was in 1972 and 
1974." says Mr. Daly in the latest 
issue of the NUM journal. 

He says it was made abun¬ 
dantly clear to the miners’ nego¬ 
tiators that the Government was 
standing firm on its guidelines. 

Mr. Daly acknowledges that, 
even if there had been no 
incomes, policy, the National 
Coal Board's offer would prob¬ 
ably have been the same in view 
of the need to keep coal prices 
competitive with oil and gas.. 

“The miners do not nego- 
tiaie In a vacuum.” he said. 
•'The events of the winter—tbe 
firemen's strike, the slowing 
down of the rate of inflation, 
other settlements, the introduc¬ 
tion of area incentive schemes 
—all have 10 be weighed care, 
fully before committing our¬ 
selves to any course of action." 

Mr. Daly says the alternatives 
to acceptance of the pay offer 
4 ‘ were simply not viable nor 

His line has been strongly 
opposed by some Left-wing 

ing Faisal ‘read Tether column’ 

Jug Faisal of Saudi 
uch a high regard 
gs of Mr. C. Gordon 
lismi&sed Financial 
list, that he ordered 
instated, in to Arabic 
*ad, Mr. Peter Tap- 
isition front bench 
aid yesterday. 

. MP for Homcastle 
Tory spokesman an 
!oramonwealth mat 
ving evidence for 
a the 26 th day of a 
lustrial Tribunal’s 
his reinstatement 
st tbe Financial 

aged-64, who wrote 
i Column in the 
ir 21 years, claims 
irly dismissed, 
sal 16 months ago 
ig dispute about tbe 
. Fredy Fisher, , the 
be regular column, 
said he had worked 
■ more than 20 years 
:gularly read Mr. 
Ics. ■ 

i was required read¬ 
me like himself, a 
who wanted to be 
formed. ** It was one 
you had to read to 
in the City." 

I said his overseas 
largely been con- 
* Third World, and 
? extent io which 
read the Financial 
very considerably. 
•.King Faisal, whom 
for many years, had 

the highest regard for Mr. 
Tether's column. . . 

Tbe king bad told . him that 
he regarded Mr. Tether as being 
better informed about Middle 
Eastern financial and oil matters 
than any other. writer in the 
world. . ’ 

He had given, instructions that 
all Mr. Tether’s columns be 
translated into Arabic and shown 
' him. It was ‘ a column which 
the king read regularly 

Mr. Tapseil said he had not 
been aware of any change in the 
quality of Mr. Tether's articles 
in recent years. There bad been 
no deterioration. 


He had seen the book of the 
• banned articles oublished by Mr. 
Tether, and would not have 
thought their quality was dif¬ 
ferent from those which baa 
apoeared in-the Financial Times. 

But since Mr. Tether left the 
paper, the Lombard column bad 
changed very much. Although 
the contributors were very dis¬ 
tinguished ' journalists, it had 
completely lost its character. It 
was meaningless to call it The 
Lombard column now. 

Mr. Thomas Mori son. counsel 
for. the Financial Times, com- 
mented: “Whatever your views 
about the articles, of course it 
must berthe responsibility oF the 
.editor to decide whether they are 

Mr. Tapseil replied that he was 
not qualified to make judgments 

about journalistic practice. 

. But he would have thought 
that with a journalist who had 
written ‘ a very distinguished 
column, and had a world-wide 
reputation over 21 years, a new 
editor would have been “very 
cbajry’’ about suddenly telling 
that columnist: that a particular 
article was not of sufficient 
interest and quality to appear. 

Mr. Morlson: “ 1 do not think 
the new editor of the Financial 
Times would disagree with that.” 

-Later. Mr. Tether told the 
tribunal that the documentation 
relating to hta written contract 
with the Financial Times clearly 
established him as a columnist 

The-nature of the Lombard 
column was implied In the con¬ 
tract by the arrangements which 
.evolved under Sir Gordon 
Newton’s editorship- 

The terms . implied provided 
that, he-should write as indepen¬ 
dent commentary ranging over 
the fields not only of finance, 
banking and economics, but .also 
of political economy, politics, 
social affairs and any other re¬ 
lated subjects. 

Under this contract, as Sir 
Gordon Newton's evidence indi¬ 
cated, he could choose subjects 
without prior consultation with 
the editor, and also determine 
the way in which he would write 
on these subjects. 

" The directive Mr. Fisher sent 

him on July & 1974. stipulating 
that- in future his articles would 
Jbave to be confined to tbe general 

economic, financial and banking 
scene, with a special dispensa¬ 
tion for the Common Market 
issue, thus amounted to a funda¬ 
mental breach of contract. 


Then Mr. Tether raised the 
question which the tribunal chair¬ 
man had put to him—whether his 
decision to remain at the Finan¬ 
cial Times after the directive did 
not mean that he had accepted 
tbe new terms. 

But he disagreed with the 
chairman's presentation of the 
options open to an employee 
when it became apparent that his 
employer showed an intention 
not to be bound by their contract. 
' Immediately after tbe direc¬ 
tive. he had told .the editor that 
he would not comply with It. 
He continued to work in accord¬ 
ance with the terms of his exist¬ 
ing'contract, and regularly sub¬ 
mitted articles outside the direc¬ 

It could manifestly be argued, 
he said, that the Financial Times 
was acquiescing with what the 
newspaper saw as repudiatory 
conduct by continuing lo employ 
him even though he .was in 
breach -of what it held lo be his 
contract ' 

The fact, that he remained in 
Ihe employment of the Financial 
Times could not he taken lo 
indicate he had acquiesced with 
these new terms. 

The tribunal was adjourned 
until to-day. 



for Growing 

H \'iiu arc.i shareholder in :in established and 
gri m ing company and you. or your compam. 
require between 4 .' 3 U.UUU and ^.‘i.UOtUKXi for any 
purpose, ring David Wills. Development. 

Investing in medium sizc'aimpanits is 
minority shareholders has been our exclusive 
business for over forty years. Wc are prepared to 
invesr in both quoted and unquoted companies 

t currently making»<vcr -0< U HK»per annum 
. pre tax profits. 


Giancrlh -use Development, l Pater nosier Rim. St. Pauk 
l «.*nd« m F.CiM "DH. Telephone ol- ’-iR V**'. 

Manufacturers of Floor Coverings 

The Trading Assets of BARRY STAINES LTD. 

(in Receivership) ARE OFFERED FOR SALE 
TURNOVER—£5,000,000 approx- 



Product range includes linoleum, cork products, nybond and 
other sticchbonded contract carpets, vinyls and other smooth 
floor coverings. Good industrial relations with labour force of 
400 approx. Well established marketing and sales organisations 
currently supplemented' by warehouse facilities in the Midlands 
and London. 

Enquiries in the first instance to: 



Telephone: Newburgh 421. Telex: 76198 


II ,ou fflimtlxtuic » orojuci ur mjrlcvr » service, wt can nets you. From 
j sirno'e lc«Aer ro * 64 pjae tui: colour carslooucv trom 1 .000 to 2 m lion cpOiK. 

We've tnougm up lots of ilterrvstive iDcit for publicising goods or scrv.ccs. 
pot 'n me iciik, run notning can oeit t primed brochure tor impact, 

durability, oersuasi-.e selling power ana. of course, economy. 

10 000 S oage brochures in full colour tor under £1.800’ 

100 000 32 page catalogues in full colour for less than 15o each’ 

2.000 full colour posters lor under £800? 

Vcs. a. c continually achieving budgets such as these wnile n-a'-r-f nmng 
a very n,gn standard il auatiiy >o the point wnere many of our clients already 
•nlpv a substantial increase >n turnover, aur results pro.e 'hs. 

Remember »e produce the wnsie package—tun stud so nesign ana 
artwork ivaesetting photograph, ana modern 4-co>our presses to ensure 
efficiency ana accuracy r>ghl through to delivery 

Colour lolccrs. catilogucs. travel brochures, uroouct manuals, glossy coioarate 
brochures stationery ranges, oos-e-,—tner're all our ousme;,. 

We a.m not to cost you money but to male money tor you «s we nave 
done for so many ol our clients .llimdv. 

If you wjuld like us to do me same toi vou onone or 
Simon Nutt or Mkhael Norris. BBS DESIGN/PRINT, 

1M Campden Hill Road. London W|. 01-727 2778. 

Due to lease expiration 

we have for disposal the entire machinery necessary for the manu¬ 
facture of hand covered stationery I i.e. Box and Lever Arch File). 
Machinery items under offer consist of guillotines, glue, eyelet, 
punch, rivetting. finger hole, slippering, wood nailing machines, 
etc. Wood-working machinery available includes dimensional saw 
bench, planer, router, spindle and sanding equipment. Also avail¬ 
able Deritend .Solid Board Slitter/Bender. Gold Blocking and Waste 
Paper Bailing machine This offe- is a golden opDortunity for 
person or persons interested in expanding their existing packaging 
activities, for further details reply to Bom G.U83. Financial Times. 
10. Cannon Street. EC4P 4BY. 


Offers wide experience' in the (European) Foreign Exchange and 
Deposit markets as adviser on foreign exchange and related 
financial transactions throughout the world. Full representation 

PV.Tie reolv to- 

Cipher no. 61*092, Publicitas. Service International, 
CH-8021 Zurich. 


cx-industrialist, living in Bologna, the Italian all-important 
trad® 'i‘fi'r», seeks 

for Italy 

Ample and reliable banking and 
commercial references available. 

Please write to: Mr. Gaetano Fontana. 

Casella Postale 1634 a.d.. 40100 BOLOGNA (Italy) 


Cash business with substantial net profits. Ideal Tor 
person who wishes to settle in the Channel Islands. 
Write Box G.1470. Financial Times, 10. Cannon 
Street, EC4P 4BY. 



Scxbil'frd and fully equipped. Based 
U.X. due will charter Mediterranean, 
and where suitable for Company use 
—film work—private charter, etc. 
Apply for details te: 

Peter Latham 


Glvson Dock. nr. Lancaster, Lancs. 
Tel: Gal gate 75M91- 


Spontorehip required by young dedi¬ 
cated and successful dinghy helmsman 
for very serious campaign for f9Sr 

Details In confidence to Sox G.I4S4, 
Financial Times. fO. Cannon Street. 
EC4P 4BT. 


POLAGAkD is a liquid plastic 'hat** 
available in an attractive range of 
colours, ft's easy to apply. offe:tively 
keeps out rain and lasts at least ten 
rear*. Send for details to: 

Cleveland Road. Wolverhampton 
WVI 1BU. Phone* 0902 53215 

We can arrange finance from oath 
Institutional and private sources for 
all types of industrial and commercial 
property including hotels, factories, 
home and ovorteas developments, com. 
pany acquisitions, corporate finance est. 


Suite 29. 78 Bodtbiahani Gate. 

London SWI. Ttlr 222 4063 


Factory reconditioned and jua'anterd 
hy IBM Buy. save up rs 40 ?.c. 
Lease 1 year* from CJ.70 weekly- 
tmi from £29 per month. 

Phone: 01-641 2265 


established over 40 yeau in London. 

SW'f. W’l Torttid- 

Amalgamation Partnership or 
Consultancy Situation. 

Offices flo4> .ng two floor* 
over in prune town centre position. 
Replies in strictest confidence. Please 
do not write for details, just send 
your name, add rets end telephone 
number to Bor C.I482. Fmgneial 
Timet. 10. Cannon Street, £C4P 4flV 


copywriting. Translation and 
Typesetting for Advertisements. 
Point of Sale. Brochures. 

• and Exhibition Material. 

Contact; David Mealing 
Pan-Arab publications limited 
Telephone m-5812171 


in certain sect,o.i» o. me sbioo-ng 
industry, sound long-term investment 
opportunities still exist. Old established 
operating subsidiary ol major British 
snipping group can alter one or two 
investment protect* complete with 
management or will manage vour 
vessels an nas.s with Same 
care and thought as entrusted lo fheii 
own fleet. 

Write Bax G.127S Financial Times 
IQ. Cannon Street, tear aBr 


'Special 4-week intrusive course* lor 
Company perioftnel. We ipocialne and 
H—f" <'•*'11 V French. For derails: 
Tel: 079430-426 or write: Dept. F.T., 
30 Eodles* Street. 

Salisbury Sfl 3UH. 

ACnillSITidNS Sr MERGFRR RV arrccmfmt 


Our business is 
merging your business, 
1 Successfully. 

I- 36 CHESHAM PLACE. LONDON SWI. 01-235 4551 


One of Australia's largest manufacturing 
companies is seeking tu establish itself in United 
Kingctem or on the Continent and is seeking a 
suitable acquisition as a manufacturer or 
merchandiser of products particularly »f an 
industrial nature. 

Particulars of possible acquisition or juint 
ventures are invited in the strictest confidence lo: 


C/n Mr. R. Harris 
Bull Holmes Burili-ii 

4S Albemarle Si reel. London AVlX 3FE 


Wishes to acquire companies in the following fields: 
We are interested in profitable companies or com¬ 
panies experiencing financial difficulties that would 
benefit from the stability of a larger group where the 
policy is to back individual enmpany'managcment to 
achieve maximum potentials. Strictest confidence 

Write fli».r G.N14. F inancial Tunc*. 

10. Can it mi Sired. RdP 4 RV 


Jordan & Sons Ltd 
Jordan House 

47 Brunswick Place .jrfgp 
London N1 6EE 

Tel: 01 -253 3030 Telex: 261010 


Jordans O 


We are interesced in purchasing a shipping company as well as 
several tankers (handy co VLCC. product, or LPGl whether laid 
up. rede|iverie 5 . or new buildings. PreFcr ships with some uork 
prospects: will consider joint venture or other participation includ¬ 
ing management. No brokers: we are principals and will hold all 
replies in strict confidence Write with full p-jrticulars: 

P.O. BOX 706, GALfON, OHIO 44033 USJK. 

Small metal pressings firm 

wanted by American buyer. Must have tool and die equipment 
and expert toolmakir to slay with firm. Press capacity required 
co 60 Tons. Prefer location North of Greater London area. 
Send full description of business including equipment. Stoic asking 
price and terms in reply Write Box F.6D5. Financial Times. 
10. Cannon Street. EC4P 4BY. 



Are you Interested ir« Pene¬ 
trating specific overseas mar¬ 
kets. making, an acqiii e iilnn. 
setting up a plaiil elc" if 
**ou need free managerial 
assisiance on planning- m- 
•search etc. we may be able lo 
provide it. Manchester Busi¬ 
ness School art- again running 
their International Business 
Strategy Project. / f jiuu ore 
interested in further details 
please contort either 
Jim Leonliailn ur 
Barbara Kenner Icy :m 
M anchester Busings School 
061-273 R22S 


30. City Rowl. E.C.I 
01-828 5*3*15/7361. 


Interpreters, Typesetting. 
Legal, Technical & General 

w'ontoc.; 4NLaLO-^‘Rc.*t<i. 

8. Portland Road. London. W.ll 
Telephone: 01-221 7825 


Manufacture* • Pom r.of-Sale .diap'ay* 
and gittware*. Annual lain »n three 
to four million dollar range. Available 
Idr acquisition. Present management 
willing to remain. 

Wrtie hr F.604; Financial Tinn. 
10. Con non Street. EC*P 4B7. 



opportunities <n a low tax 
*r M We specialise In the lormation 
Including ntm.we 
secretarial service*. 
gene ral agency work, telex ana general 
Including commercial 
placement. Full details trom! 

?tD.f ■ vg? h Bgrnjssru 

T,L a£Z a £%e\' lm fitE-S-HUB,. 

•“HSSKS, 1 - MA , RlNC TRAOdR Seek*: 
Mdiuonal capful. touOU-kSa.a ju 
F ullv secuico. proven results, 01-9£s 1 
8142, i 

, STOCK AT COST. £l 5.000 ol Micronnonc | 
Manufacturer for tale, view oy appoint- l 
1 P! S 77 o'gQ 1 0,1C R «0f»er and Manager, 


paid -or Bad Debts, consumer Credit I 
rrteivablos Oreferred out any proposi¬ 
tion considered. Write .n Mritir*i .om- • 
UMlCe 10 BO* G.14S1 Financial T nw 
10 Cannon Street ECJP 4BV. 
i STORAGE. Available, ccmortiiive raic* 
lor neated modem Warehouse Long or 
'fPp term, soacc avaiiaole A23 Sal-, 
rords near Reohlll Cu-rrv Hammond:. 
HOrley 4466 or 7270S 
: MAIL ORDER BUSINESS. Garden-Ha'ticu>- 
; tural-Crail Todi'Hoidlrg Co wshes to-. 

■ Vi! 1 - 4bavo. Very btg 'r>porl nOlrniMl. 

! 0uitk ' *Fie- 1- P M - LW -. 

i 0526 52921,. i 


Old established profitable 
drapers and furnishing store. 
South Coast resort. Due work- 
inn director's retiring aje. 
Property and goodwill. 

£ 120,000 

Write Box G.1436. 
Financial Times. 

10. Cannon Street. EC4P 4BY 



Are you obwninj ih: oust (■rue loi 
you' low-mileage prescicc motor-car' 
Wc urgently require Rolls-Royce. 
Mercedes. Daimler. Jajuar. Vanden 
Pla*. BMW. Porsche. Ferrari. Hnr-.'a 
Lamaourghim. Jensen Convcrtrb.e. 

Rare. ■ r--Il -i U- .-, Cl- 1 . 

' Open 7 days a week 
Collection anywh re -n L> ft. Cash cr 
Bankers’ draft available. Telephone us 
for a firm prtee or oti, bitter win ea.i. 
Broolcwood (04867) 4567 

No capital reuiiiroa. ■ Established o>ei 
SO *c>r> Clie.ns in 60 rounine. :c- d 
large S.A.E.—Wade. Dent F. PO Boy 

H Marloa.-bugn wilts 

VEwTkLES WANTED. M In .mum nuanl*rv 
13 trees. Minimum d ameters 12 
ir.Lhe*. Stanoing trees or Icllco- Jests" 
Cardrcr 35 Rolnburv Road London £9 
Tel. 01-956 00*: 

£300.000 LIFE POLICY lo oc Sold at 
Auction en £rd Ma*cn 1978 Partliu- 
l*rs from H £ Foster and Cranheld- 
01-248 last 

reached by mail. The Educates" >1 
Add-(*sairg and MailmO. Service Oirhv 
House. Redhill Sur-ev RH1 JDM. 
Mcrrram 2273 

MAIL r-nEp C'—n^ry has ulc. a"d 
msraei'rq la'llllio. and cana’il* 
lnt»-~t|->g neen-r-nn-e, *" T»n-‘>'- 

I tijrrrs or tmunr-ers to nromeie ftrn- 
dlicit on cure-1 -Jlr n»*.S. -Trite Hoc 
I - ich«. ruia-- al Times 10 Cjt.w 
S treet ECUP *«Y 




Capacities from 2 ID 500 AH 
from stock Please send for 
Pteraturc and price list. 

Airflcet House, Sultan Road, 

London SW 6 3DX. 

01-731 4191 

.E-cEnaiOi-S 2-3000 KVA new an?, .i.ed 
Immediate 1 * a»uilahl-. Keen ompe-il *a 
Drives. Ger.crp, Lid. 10735Z2: SiiJJ. 
Tele* eJ6B?I7. 

fcfcaifcial'tltad Thursday 


‘Hopes dim’ 
lor human 

Millan expects harder 
referendum campaign 

poll test 
looms in 

Labour executiveLggjg* 
tones down 


By Philip Rawstornt 

Mr. Millan indicated that the THE GOVERNMENT now faces 

LITTLE CHANCE exists of an A LAST-MINUTE appeal for the Government's u<e of the gu!ilo- Mr. Millan indicated that the THE GOVERNMENT now races 

, n ramSons so" ,hr ° w oul Ihe * nc on ,he pnwm BUI had Government would seize the a j>y-dcction in Lambeth 

agreed final statement on human ^ fll - Scottish devolution reduced the proceedings to a opportunity In ihe Lords to slier Central, a South London con- 

rights coming from the Belgrade an d save the country farce. The Bill. was. he said, the Liberal amendment which stilnency with one of the 

Reveiew Conference on the Hoi- rVoTr? ji s “awful consequences" unworkable. The House had allows Orkney and Shetland to biggest immigrant communities 

sinki Agreement. Dr- David Owen. WJJfi made hy Mr. Francis Pym. Tailed the people of Britain. have an option on whether they in the country. 

Foreign Secretary, toid the shadow Leader of the House, last The Tory spokesman was par- want to come under the Scottish The contest—< 

Commons. nieht ticularly scathing about the lack Assembly in Edinburgh. death of Mr. ? 

By iwi> Ow«f«rt 

amentary Staff 

Foreign Secretary, toid the shadow Leader of "the House, last The Tory spokesman was par- want to come under the Scottish The contest—caused by the 
Commons. night ticularly scathing about the lack Assembly in Edinburgh. death of Mr. Marcus Lipton 

“I would however, claim that Mr. Pvm warned that if the Bill of opportunity to debate whole The Minister pointed out that (Lift.) yesterday—wil? in¬ 
fer the first time ever all the w a i approved, the entire British sections of the legislation. Out of this did nm exclude the islands cvlttbly Intensify me; inter, 

countries that signed the Hel- political system might break 150 clauses only 37 had been becoming part of the assembly party row over unmigralion 

Sink] Final Act have had their down because of.the anomalous and only one out of in due course. po ,ey -„ nmr1ltn fhp Rr?f real 

rar-nrrt human riehts. nn«itinn of Scottish MPs at eight j.chetiulc 3 - Rather than the present anmnd- It will provide thr nrsr real 

examined ° critic!^ and have Rlnsier. All this was rejected by Mr. moot, he suggested it mighl hr test or voters' reactions to the 

haH an nnnnrluni'v id re«nnnd" Thev would jsSlll he ahlo to Bruce Millan, Scottish Secretary, hertcr tn have a clause writing Conservatives hard-line atti- 

h.d an wnnunlo w WP®»+ ™> * - crassly raggentod.' lie in varans safeguards on lode which has agparcnfly 

He stood hi ihe position he had ■ . ..i. fU _h »h<yir English claimed that ihe Tunes had now points worrying Orkney and restored their lead o'vv Labour 

taken on human riant* when he 'Hr * s nnt hav „ a sa v abandoned any hope of bringing Shetland in rerent opinion polls, 

became Foreign Secretory n jpvnb-cd Scottish matters. forward counter-proposals of Shouts of protest came as Hr. nun thr National I-not 
“It cannot hr an nfFrni-r to Mr Pv * m H | Sn maintained that ihoir own Millan continued: “The Govern- cerlain to join the campaign, 

monitor the progress rif thp Hel- ‘ »sii wc ‘ r r passed it" would "The system here in this Bill merit is completely unrepentant Ministers fear ihe by-election 
sink! Final Act."' Dr Uwen h ,. th _ * rj!l . </en 0n t he path to is ?ood for Scotland and l believe about the use or the guillotine could be'one pf Hie stormiest 

added when asked about ii -omnleie .separation for Scotland 11 «s also good for The people of on this Bill. No Bill of «hi* since fhe war. 

report that another Russian was m nr>ositinii immediatelv the U K. It will increasingly he nature is possible 1 without * Lambeth Central. »ni«i 

likely to he added to the t? „ . A hv P „ f husiastic cheers seen to be good for ihe U.K. as guillotine motion.".. - superseded ihp old Bnxton 

already imprisoned without 7 « sentii+h" Nationalist MPs" Hie devolution proposals take .■ constItuency in J9/4. has »cen 

trial in the Soviet Union. Throu-'hour his Ion-' speech, effect.** Mr. Millan said. a safe Labour s*af- 

- altVimtoh Thr- Heads of Mr Pv7i hari lo endure Ihe Mr Millan explained that the o3.iG2U3.rClS Mr. Lipton. who has repre- 

: Although 

of Mr. Pvm had to endure the Mr- Millan explained that the 

hi* since fhe war. 
a Lambeth Central. which 
superseded thp old Brixton 
constituency in 1974. lias been 
a safe Labour seal. 

Mr. Lipton. who has repre¬ 
sented the area in the Commons 

. O -/ *• : broA 5 ENTNG .;AND. widening 

- ■ - 7 . i;- vr iti* . agwemrot. readied 

BV MKIT CCRNWELU.tOMY g**,. - *£1 

REPRESENTATIVES OF original scheme tilei main b«ne- 

Labour's national executive com- fielpes would be thei Naoonai of a ftMA out- 

mittee last night set out to Mr. Mirim in a fS come to the. Rhod^ia; uegotia- 

Denis Healey. Transport Houses m 197W9 and JlOm. in atitiit Dr.. DArtd :Owen, Foreign 

version of wfaai the Budget Wfe-duM benefit ^ w maintain** -to Ihe 

should contain, with a tntal (OOQm.) ^t ***^*® 101 s l Comraonsyest»rda?. .- -. - 

reflation of £4bn. in a full year, .with,£50m. ^53(22“ efTeeft« the Despite deelaring^iraseff “un- 
Thu? figtirc is wcU above the . Tbe estimated net rnnentaot" in beHeving-thir tiw 

sum the Chancellor will want to public sectors financial .deficit P« important*task tPtry to 
inject into the economy on Apnl V'ottid be pAbn. m the first year m a] f the ^tionaiia leaders 
Ji-H?specially after-last week s and £3.45bn. thereafter. rnwrher Dr- Owen «acoaatei»d 

disturbing, batch, of-, ini ernal. - -M^n tax concession would take * hostility froni-Ihe'Tore 
indicators, and the Prime Minis- the form of higher allowances ■ ^ on Tlmrsifav W 

tecs forebodings on Tuesday offset slightly by an increase In ^SSTSaSS 

about the international economy, petrol tax. reduced mortgage ™". Ben ■ - 8 ; ; f 

Even s«. the document the relief, and a clampdown on tax insisted that therp 

NEC finally approved yesterday : a^ance and . 

amounts to.sotueihins of a.clinjb- T^e^TUC appears to Patriotic^ Front' IcSdersL?- Mr 

down From . the. increased a .higher figure .on ttsi Budget . . iutkilfc'Robert 

riAn.-mric ■u.c*»u hi- rtPmarVriK than before^ Christian Jps»nua- wtwna ...Konerc 

Glouce-iter-shire W.» thought that posals. that 40 per ceiil. of the electorate Mr. Timothy Raison iC.. Ayle*- are cspe cicd in April In thr 

any final stai^ment that did not _ jnu<l ^ r>tP -Yes** in a referendum buryl intervened lo say that one Sa f P Tory seat. Wycombe, and 

include human rights would be IlllmtlllP if the Bill was to become law. important matter which had not a , Glasgow Garsrtddcn. where 

"an absolute mockery of the UUIUVUUV .. j snnp |^ re j, erjlt , jfj al t h e been discussed had been Incomes , ho Labour majority will b*- 

Helsinki Acrcemenf. i\j r p V m was speaking a« th** ■Government believes this clause policy- strongly challenged by [he 

Bm Dr. Owen thought a final n,iu«e commenced the crucial to be damaging and could have “ tv "l s StI c «» r , v iaI ScoliiSh Nationalist*, 

stale mom that reflected-the* fart reading debate on the potentially -serious political re- would happen if tne wcstmiu- j| r . Lip ton’s death reduces 

that mrmher-Slatr* euulri no 1 Scotland Bill. This followed the percussion.? in Sen Hand.** slPr Government had a 10 per the Government's strength in 

agree was “ heller than cosuieiic Icinq-drawn discussions on the P.ut if those in favour of the cenl - R a .- V the Scottish ( j, e Commons lo an overall 

agreement which makes it appear earlier stages o f the legislation 40 per cent, clause thought that Assembly decided on a 10 per minority of seven, even with 

there has been njoro agreement which had taken 109 hours they had put ari insuperable ce !}. 1 ceiling for Scotland. ihe support of two Scottish 

than there has been" spread ov**r I R da\s. harrier in the way of devolution Turning to Ihe general issues. Labour MPs and Ihe two Irish 

, Mr. John Davies, shadow" hi addition, labours over 1R they would be deluding them- **£ M, * ,an ** ,d = 1 ,??,"?.* Independents. 

Forci-n Spcrelarv ihou-hl ih» dav» had hern spent last year on selves. cv ®, th ? 1 c ® .^ a5 !, rna J° 4 r,t > ,° r A barrister and former Ll- 

(.'nve-nment shouid not be partv the original Scotland and Wales Jr would only mean that those People in Scotland want tnrie- toJ in l}>0 jerrliorial Army, 

ro-such an emasculated slaiement Bill which was withdrawn by the in favour of ihe Initiation would * ep J™ M r - LiPtoii had announced his 

tn undermine penolo’s con- Government, 
fidence in human rights. According lo Mr. Pym. ihe referendum. 


• • • .To the Holders o£ 

ARMCO International 
Finance Corporation 

7&?<i Guaranteed Debentures Due 1980 J.^ncd 
under Indenture dated as of April 1.1908 

NOTICE TS HEREBY GIVEN that pursuant f r » fheprov-i-lnn? ntlh« , al»*v.p.ip<‘nti-.v’eif fni*ntnrc. .*LS"dAfYf 
principal amrunl ti l(v , ahu a ■?it^-rril^-d I't-l'-nliin'? lia-.-- b*-rn -rl^-irrl for r»-J. nuuiun >->n Vpni I r? 7 R.ilir»»uah 
•Mwuiion oi die Sinking i’unii, at the prim.i[wl Jinuum ilirrrol. loseihcr with Jc<.ru-j*J mtcr«»t io raid date, 
af follov. ij 


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campaign even harder in the _ Arguments 

Britain, however, dlo have a 
certain coherence. Bttf there 

Mr. Lipton had announced his 
federal j n t C ntion of retiring at the next 

General Election. He was 77. 
He first fought thr Rrixfon 

were very great diRiculli».-> in ^. 3 , in 1935 and had hern 
the way of this when S3 per cent. acl i TC s i nce before tbr war in 
of ihe population of the L> K. {},#> area’s local government. 

lived in England. 

He ihoughi there wav over 

In ihe Common*, hr estab¬ 
lished a reputation as an assi- 

whelming evidence thal the duous backbencher with a dry 
Scots wanted a scheme of devolu- wft anrf a pe nchani for off- 
tion within the U.K. This was all beat campaigns. 

tne more necessary as 

At various times, he cam- 

sradual increase in the powers panned for painting cows with 
of the Scottish Office had now luminous paint and against 
reached the practical limit greengrocers who painted 

“ We can do it for Scotland in peaches. He fought to ban 
a way that does not prejudice hare coursing and hang-gliding, 
the unity of the U.K. and in a He was a constant critic or the 
way that will meet the- long- judiciary, 
expressed desires or the peopJe Mr. Lipton it as the find to 
of Scotland.’’ name Kim Phiiby publicly as 

The Conservatives, he said, had the *• third man” in the Bur- 
put forward iheir original sug- gess and Maclean spv case, 
gestions on devolution four years He was forced to retract ihe 
a?C|- charge but when it was finally 

He was forced to retract ihe 
charge but when it was finally 











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London and Pari*, th*? main office ft Ikim a Vnrmdlrr & l*!. S p A- in Milan .n,>J rlic main till* - ? ul ILing***? 
3 nternaIlonaic a Luxembourg S. in Luv-rcboiirc. C-’ijnc.nrdu- April l. jury. .-lioui»}}** , 'J-;a*-JjHria*i*i/:*JWu'-l 
in the usual manner. Paviimnlsal iheoflicu reterred 1,1 m <’bi jL*.«-? >-tll h»- suii** V*;. ■ li*-,-k drai-:i 011 a dollar 
account, by a lrjn. c tcr M a dollar accouul mjint+inH l*\ th- payee, -.oth i* A*-.' V.-:L I* «ty Link. 

On and idier April 1,19T8, inter- jI shall cc.i« t*'- J- cr*ic or, :lir D-.-iicnUircr iscr-i:- «lvs^naieil tor redemption. 


Baled: Febniary ^ 3 , 1 PT 8 


Ti.e fxlow ire Dci--n!ure« pr»\i*-U’ T y called for r-d^tr0:1*711 hiv* r.*" ! •*; • •«. o-:>.*i vienied l-.*r :-a ■ 


H 270 1804 1751 . 3313 3531 47D3 5001 5614 r*> r *5 ?3S» ?.V52 ■lOfoa liall 13104 

.80 1R-I+ I*? 4 3M1 1743 470S 3604 n*j3fl SS.--J ■..,■> 2 4 9-i*l5 's!2 10^1*1 1IF33 13103 

3« 1093 -10S.i 3323 3^3 4707 UTil? WJ) n\3.-. ^srtS jEIt iJ," . 

ICO. 1049 2337 X17D 5S-1J Tfr.a 1 T-i in-*a - r. ‘.c -ut, . I 

But now all that came from the substantiated he received an 
Opposition was a call for further apologr from HavoM Mac- 
consultations—’’ more talk about m iHan, Uteu Prime Minister, 
talk about talk " 

It was. be claimed, just a con- . 

delaying"tacucf Con5crvauves * Ten-imnute rule 

He agreed that there were OJlIc nrrhtoct 
poviible sources of friction DIllo |llUIC3l 

^ThlS A CHANGE in the’’nonsensical" 
Assembly in the Bill. There prni . Prtur> , for introducing ten- 
were pi-s.-lotiitics of friction 10 miniJte ruIc Bills is demanded 
an> sy-le u out he believed ths , jy Mr . Harry Gourlay. Labour 
rhesc could hi* overcome b:« good Mp fr(r Kirkcaldy, in a Com- 
scn«e and moderation. mnn;! mnt i on . si cned by 50 MPs. 

If tite House of Lprnmons The motion claims that people 
denied the ri^ht nT the people of jr^ misled by the present pro- 
Scjtiand 10 make chances in redurc into believing that the 
Iheir "ovevnmcni. then thal jaw is about J*> be changed. In 
denial would he called into m anv instances, it wa+ known 
(lucsttoned by the people of Scot- that the Parliamentary limeiaole 

lJ Q. d - . made this “ virtual l v impos- 

Tne debate was nuw movinc ^ihie." 
oul of Parliameni and into the Mr. Gourlay said: “ My pur- 
hands of the people of Scotland, po^e in tabling the motion is to 
He. believed the Bill would have try to Jet people know that this 
their support and that the pro- Parliamentary device is a non- 
posals for tho Assembly would sonse." He wants 10 in mute rule 
be implemented. Bills restricted to one a week. 

Parties blamed for "nation 
of Euro-grumblers’ 


THE ISSUE nf Britain's EEf. who said iliat Common Market 
membership should he taken out membership was even more im- 
of the domestic political party portant in llic present difficult 
arena now ihat ih*_* Community economic climate. The EEC’s 
faces the first democratic dec- free trade disciplines had un- 
lions to the European Parliament douhtedly helped Britain 
next year. This appeal was through the worst .-Jump since 
made* by Lord Thoin.-on. ol Muni- [j„» W ar. lie declared, 
lielh. chairman of the British He wondered how Tar the IMF 
council oT the European Move- would have been prepared 10 
mem. launching a new nation- rievote resources in backing the 
wide EEC infui illation campaign £ , r «, e 'referendum verdict had 
in London, yesterday. been *■ No." 

Lord Thomson. .< furmnr U.K. 
member or the European Com- 

mission, said that the future of ^ ravi/ M §4 | nnll 

Europe should become the 

central subjeci uf debate at a i*i | 

European general election in- 0210 11JK01Y 
stead nf a foolball to be kicked ... v - 

around* for parly advantage as A kRESH date for direct- 
■j minor pari «>f a British elections to the European .Assem- 
naiionai 1 election. bly is expected ro be set at the 

Hr iilaiucd ihe front henchcs meeting .of Common Market 
of both mam political parties for h*?ad> or government in Gnprn- 
failing ter (imncl thr nr. ihe about hagen in April. .Mr. Frank Judd, 
ihe rein muni tv that wen* turn-. Kf,rel .R n nfHc f Atinister of Slate, 
inc ihe Briii-h iniu a -nation Mid ' n *b c ’ Commons yesterday. 

of Euro-gnimhlcrs.*' He refused to icll MPs what 

T.orcl Thomson s.-ud he was not dntc ihe Government would be 
arguina that the Government wa+ suggesting, 
wrong it* fighi for national Mr. Hugh llvkrs iC., Harrow 
inti>re«ts like fishing, in ihe sumo Ei <aid that the Government 
way .is all tnemher Slates. could redeem Britain's flagging 
Rut ihe impression was often and almost non-existent Euto- 
rreuted lhai ihe U.K remained pf*an reputation by taking an 
reluctant members, regarding the initiative nn the matter. 
Community as a confrontation Mr. Judd told Mr. Douglas 
between n them ” and "us.*’ His Hurd, Conservative foreign’ 
message lo both Gutftrnmrnt and affairs spokesman, that the 
Opposition was: “It’s not nvhal Government could not pul fer- 
you >ay. It's the nay that you ward a date for the elections 
?a -LR- until it saw what progress the 

The campaign wax welcomed European Assembly Elections 
| by Lord Plowden, for the CBF. Bill was making in Lhe Lords. 

Cancelled projects cost £40m. 

lniitee. wnicn was seeKtne ±*on. iw'economiv -curine that the : firiafcsStriemfeut 

in I97S/79 and around I6bn. in bpJhp;- fi eneral council .yesterday, sun°g. tnat uie, w^^te|^ 
a “frill" year win show that the unions are'^SS £ 

The difference in terminology looking for a reflationary .boost 
is accounted for by the inability of £3^bn. this year, eauivalent. ot ™ r - ^ h „ navli^^R^ 
of depariments to carry out to-£ 4 .Sbn. in a full year. r : ■ CwrptarVvXtmMfet 

approved capital-spending pro- This compares with the previ- ’ 
jects at once. - ous figure of £3bn.-plus quoted Tort^JSriches 

The home policy group had in meetings with the chancellor.. rjr<5weriV"riiai^dI^^&-l^ 
wanted to make up for-this by - The impetus for a higher figure c iij a tnrv 

stepping up present spending if appears to have come from Mr. -J, secSexrtfiDt ntoidaas?* 
required. - ■ Jack .Tones, retiring general nfo 

The more cautious line was secretary of the . Transport ... h .- . th events 
pressed on the NEC by Trans- porkers- who' suggested £4hn. r ® ri ^ 'mnre Amf rn^-r^fvfn.m! 
peri House research staff. . a?the last meeting of the TUC’s Sn% to 
They argued that in thg economic committee. 
interests of political credibility * ^hat-figure was not Jormaily ^ response ot 
it would be best to tone the adopted, but his general-irae. of • Rr77 -_ nroro^tr^h 

request down tn -under £3bn. for argumeni—for a bigger pensions ”TTamwrirSrSlu^SS 

197S-79. alihoueh It did Tint rule-rise and more speodmg on public- 
out a compromise 1 at f3.5hn. ■ '.^ntices-appears to bave -heep » was 

Mr. Healey has nor given the incorporated.- * . , ^ . . ... JS,' 

impression of being in a hurry r The TUC is still, it is Ibought. hir _ i » ibd '-'Smi* 'friintt* 

to hear the NEC’s views on bis stidting to its figure of' £2.lbn. .gg&JPbff® SpS* 

Budget, and last night’s^meeting aa the necessary size- of cut Loifa^ -oVer 
had apparently been on the cards income-tax. • • ■■ ■■ to agree to a» aasB^ts^rt ^w 

for five weeks. Itis arguing for rein traduction JlmfSnt SSS»sS 

His response almost certainly of a reduced rate band of income- the Free French' toras^td^zM 
will have been non-committal, ^ of 25 per cent, on the first i^ e ^nifsty hLMaS^eteS? 
though not without sympathy £ 1.000 of taxable income.\ -* 

for the executive’s over-ridtng. J . ■ Its economic 'review*, will- ^ s 

concern to re-stoke the economy-published on Sunday uighL 

and cut imemploymenL -nihy -be followed by another i i S 

Under Trenspon Houees.-n^tins v.ith tte Chmcllor.^r. 1 

■ • • - .. .racial • iadependeot_:ZlxababVii 

NEC go-aheiad to s^i^; : :>jiS&SS3S2 
£50,000 on opinion polls ^xEBESSSStefM 

by RUPERT CORNWELL -wMtcjltrJ .George'' 

• (Lab^ ■Cboriey)■ corite'nded^mi 

LABOUR’S NATIONAL-Execu-Tories were -riot- available the 'voting'''formulavadoptecM 
five yesterday gave the go-abead yesterday. But for the current ^the SalisbtuT • talks ; wara' mjt tl 
for the parts' to spend £50,000 financial year .Central Officersaysi accordance.-vtitb-. the slx>.'prii 
on private opinion polls in the it win spend considerably, less.-ciples. endorsed^ by-IsttccBsen 
run-up to the genera) election^- than £50.000 on .polls, again in. British. Governments. the-Foreig 
far less than the £150.000 allo> the bnpe of identifying issues,Secretary recalled that the Angl 
rated in the double-election year of ifitpkct with Voters. ' ^ _ V-S^ p^uposadsiOCiuded- 

or 1974 for the sarnie pufpose: * *“ 'HfeanwbfleXabour ehtefs have provisfotC-lor specially electc 
Mt Ron Hayward, the parly’s nominated Mr, John Cartwright members, as part qf the macb 
general secretary* argued for (Woolwich East) and Mr. Arthur nery for prateqting thetninofit 
more, but the demand for £50.000 Latham (Paddington) as the two But. anxiety had bwn cauk 
ran into considerable opposition MPs- to tarry out an investiga- in Rhodesia and-.outside by ti 
from some NEC members, and tion on how to^end the role of fact that tile number : 'of special 
was only approved by 14 votes the Channel Islands as a tax elected members should be : 
to seven. haven—something^ which the large as It was important tb 

The money will be devoted party estimates nOjv costs, the the specially selected 
primarily to “issue identifying” Treasury £100m. a\year.-- should not be able .to form ti 
research raiher than straight it is hoped they will begin Government and by. linking t 
polls on voting preferences of their studv as soon as\possible, w *tft.lh€ minority be in a positii 
the type published by news- before reporting barkvwitb ficru ,0 subver^.-.the. result of tl 
papers and to which Transport recommendations for* ttarifte,. ■ 

House already has ample access, most PjebabJy by pluggingkexlst-^;-. ,-wie. 2S special 

' Just how Transport-'House’s irig/ladphitiesr. In favmir . nT- be file 

lop-levijl tCatppalgh (Sbmmittee exiAA..->> •’ •». .^tbe^ president • 

opts to spendihe £50 ; 000 remains This^te-regarded by:Trasspoft'^■-Zfmba'tover 1 ^ 

iu be seen- but it was being House as. Hie most Yptomising,' rUr - f ?^®n -stressed that tne 
estimated • last night that the approach-' as it wouJd to be - dfsagreeme" 

cost or a single nationwide poll avoid- . raising tricky coristfre- 

was about £5,000. tional issues a bunt the' islands' jl® i,- 

Comparable figures for the status; - ’ : - . manor rasu^g. Thesfi^ ttftlud' 

■•-> whktboi'-^or'^iot :the rtraasitiofl 

••*.. Cabinet'’ should .* reflect, q 

Peer warns on profit ' Clearly, the nitui^'.Qf * tl 

r transitiona) ipoverntQept wid tl 

sharing proposals ■ ^ SSgslIl 

A.POUTrCAL Consensus on actnad- "Telt ninrslia .m. . .. ; . > -• •. .c-f-.l - . 


“‘ecu uv uulii anu io suare Ttr xne proncs ween nc Arnerv tC P&vilinnl tMwiari T 

Tory spokesmen m the Lords doesn’t have Id share the tosses?” t; 

yesterday. Government spokesman; -Lord 

But one Labour peer Lord Orem, .said profit-sharing -was the *Patriritie Front ^hartthe 
Darling, a former Minister, com- intended to be an incenUve for Laila up. ' " 
plained that Government pro- economic growth. Everyone, Mr Amecy with support fre 
posals were too restricted and whatever their political views, other Rieiit-Wiriff TnfW’ftSPs ch 
not attractive t 0 employees. should be seeking’to establish^ lenged the tffew tHertbe' life! 

Liberal loader. Lord By r rs, a . third, sector ol the economy; D f sanction - agafiwt=. -Ehodef 
bad initiated a debate in which "’hjch wa® serially respehSfhfe'wasJwaicfalty :? =AieUCT^fQtthe» 
he welcomed the Government’s socially-owned. . t>r. Owen replied tbit'even 

declared intention to include -It-was within that sector that-theVlj.l^ de.cid^drfiy^ft'^anctio 

profit sharing incentives in the profit-sharing would flourish;- ' ■ tFits'ViOuld' ri'bt'airecf’the pdsiti 
Budget. *. The Chancellor, . ATr; , Denis; of the IpLiWilch b^j^ps^tfe'sai 

Lord Darling argued that rhe. Healey,- and Mi^ ‘3ohiv'Parda.e,'tlpns '!~‘iriftbiiatoiy-:..‘ii».;; aU 
Government’s proposals meant Liberal economic spokesman, members. -Reaffirming^fiaf th< 
the equivalent of a few weeks had produced a decoBjeot.wiiichr>'»-:'rio^®ififiHWj *l!i£^^ripg. t 
wages would be tied up for five provided a useful- basis -tor,Patriotic^ ve 

years without mucb -chance 0 f legislation ■> on prefit-shajrinf. he:- promtse'^- ; to!, continue l 
increasing in value.. - though.tbere;.was'ndttimg-s*crei-. tb- convince 3 

Most cmplovees wbuld prefer sanct'^Boat ariy oF the siaggefr' ^Mugabe of t 

CANCELLATION of defenre 
projects in the past three years 
hj- £40.t5Kii». Dr. John 
, Gilbert. Dcfen* e Minister of 
Si-ite said 

Ncarl: nil th** expend i in ro 
on and development, he 
;inlfl Mr. John Roper iLabour 
, Farnsvorihi. in a Common.- 
j •*. rriien n-ply. 

Thr moFt cosily caovellatirm at 

flBm. the Sub-Maricl under¬ 
water in surface cuideri weapon 
abandoned in 1975. 

In the same year Ihe Hawks- 

wins anti-iank aujrtcd niUsiln 
irost ESin.l. Ihp RS sn medium 
-»n ti'-l.oiin and the infantry 
company radar l£1.3m.) were 


Last year the P/PD artillery- 
fuse was dropped costing £3 7fim 

to have a cash bonus rather, tlong thgy.had, made.- 

than this complicated-fgeH iij- 

ment of shares being’-handed'to IT 

them whether they liked it-or* R.-f .^V.'; 

nof: ; "K -- ,' 

Lord Dramalby n (C.) said he k . ’ ' 

supported the encouragement of A ./ * : j 

profit sharing'' .Investment M" v..'" 
schemes by ia,T .incentives and flBMk 1 
in every possible way. "..a^K 

If employees* could feel them* *-. 

selves invoked in the interests - 4HL- , : 

of their company they i’ould V . '.Jp-M 

have a stronger sense pf common * *’-■ ■ 

purpose and there woold jbe more • . ■* . ^~— 

chanre of catchuig up and even ^ear en 

overtaking our competitors. v * , . '..-.jj* T ■ 

Baroness’ Robson of KIddington ‘ v ' •-* . 

(Li said the schemes envisaged r’tRDTTPTI 

by the Govern ment must be 
aimed at better cbmparry’-lo^alty. 1 * ' PROFIT B! 
better industrial reiations. ;better A^<s ; 

productivity and more effective 
employee participation In' the * -'' ". V 
managerial process. 1977ayearof real 

property owning democracy in inventories — UK ft 

ibis country. 3031 and 3032 orde 

Alsconnt Hampden warned of hacMoz of£2,5M- 

possible disappointment and wrinrintexfurr 

hftiernpcs among employees who promises JUrt 

were offered shares when the Processors L. 

market was at the bottom, then ■ . • ,— ; ^ 7 - 

.’ompared themselves with those Copies Of lhtR< 

offered shares when the market TheCompanvS 

- -i„ s have a • 

share-owning democracy, let’s . •./cnanceri-Lai 

mu hjve a share-nwninc London WC2A. 

deinocniry with a lot of very .Tel: 01-405 823? 

bit b*r shareholder." he'#afdf-. '" ^*Tpfoiv•' ■ 

Viscount Masscreene and lettA.ZfiSg4 

deed cftii 1-petite me nf 


r.. IBM Systems Leading - 
7“ + IBM Computer Brokerage 
★ liJdastriaJLcasirig .7 

fear entied31sl of Decemberl^ ' - V 

GROUP TURNOVER ”* — £^8^,900 f 
* ,- f : - J^RGBIT BEFOi^TAXsi 
-NEjf ASSET-5 X .•?_ .-I 

I97?:ayear:of real gtpitth for of 

achievezn&U in all areas—e^ell^xur^diind irtM^l^^l 
inventories.— UK market share incredxdfrom lQ3 ia35%— 
3031 and 3032 orders placed tt'Uh lBM -^end of y^jr order 
Jjacklogof £L5iW —divepifimiiori into Inrfustrjq? Leasing — 
J978 promises further growth with emphbsison liew. range 
Processors^ .(eALractl>tim.MngJ!>ir6aor’5Teport) 

The Company Secretary : '.--V 

Atlantic Computer-Leasing Ltd J * 

27 Chancery Lane‘ . v .C-gSgL 7 ? 
London WC2A INK. r . ~:W 



jlnancial Times Thursday February- 23 1978 


Thursday February 23 1978 



The vast majority of the banks in Scotland have moved in during the last few years attracted by 
oil development. Although competition has reached a level never before known, the performance of the Scottish 
economy remains sluggish and this year looks like being a tougher one for the banks. 

lit v"-- rs, 

= 1.1 - : rT. . i I ■ 

5h- = :: l-< >;> 

* 1 f J '• ■» 

* V 

KJ. i 







Icntttsh banking scene 
has begun with the 
if new offices by a 
earing bank (Lloyds) 
eign bank (the Swiss 
rporation). Plus ca 
(978 has started in 
same way as 1977 
(76 and, come to that, 
e only remarkable 
that the trend con- 
thout any signs of 

are now 18 banks 
full banking services 
d not counting the 
offices of the three 
«int stock banks, the 
, Bank of .Scotland 
. Bank of Scotland, 
t further 37 merchant 
jndon and foreign 
representative offices 
finance houses, some 
inning to many more 
or two separate 

And this list doer not include 
the official and - semi-official 
sources of industrial , finance 
like ICFC, the Scottish Develop¬ 
ment Agency, the Highland* 
and Islands Development Board 
and the rest. 

Edinburgh is not yet Hong 
Kong, but like that city it has 
become one of the fashionable 
places in which to establish an 
office. Some of the recent 
arrivals, like the Americans and 
the London merchant banks, 
have the added reason that 
many of their existing rusio- 
mers arc now in Scotland, and 
others like the Hong Kong and 
Shanghai, the National Bank of 
Pakistan and the Muslim Com¬ 
mercial Bank (these last two 
both in Glasgow) can-uffer a 
distinct service to an ethnic 
group in the population. 

But for many. Scotland is just 
the next place on Lhc expansion 
map. Once the first names were 
established, the ball kept roll¬ 
ing under its own momentum. 


The vast majority of hanks 
have come in during the past 
few years, attracted obviously 
by oil development and the 
multiplier effect it has had on 
the rest of Scottish industry, but 
arriving nonetheless in sl period 
when the boom has been fading 
and the growth rate has been 
declining towards the U.K. 

Competition has increased to 
a level never before known, even 
in the heyday hefnre rationalisa¬ 
tion whpn there were as many 
different coloured banknotes as 
there were Scottish banking 

houses. There is little doubt 
that the newcomers have forced 
the local banks to smarten up 
their service, shave a little off 
lheir rales in some instances and 
become more aggressive. There 
is less doubt that they have 
taken some business away from 

The question is still being 
asked whether Scotland is over¬ 
banked, usually by those who 
are being squeezed in the jostle 
for business or by those on the 
receiving end, the finance direc¬ 
tors and corporate treasurers 
who ate growing tired of turn¬ 
ing away bright young men in 
smart suits. But it is perhaps 
too soon to ask it. ScnUaud still 
has a long way to go In catch 
up with some areas of the world 
and the number of institutions 
has nowhere near reached the 
point at which new arrivals 
inhibit economic grnwth rather 
than stimulate it. 

But competition is being 
confined to certain well-defined 
areas, particularly in the whole¬ 
sale fields. There are any 
number of institutions willing 
and ready to offer large sums 
of money to well-known quoted 
Scottish companies, the top 
handful of private firms and 
subsidiaries of multinationals. 
There are fewer prepared to 
look below this to the middle 
range of companies with solid 
performance records. 

Similarly, there is intense 
interest in locations like 
Aberdeen and Shetland, where 
oil has meant an almost perma¬ 
nent boom, and less in the 
traditional industrial areas of 
Scotland which are. going 
through something of a poor 

The Royal Banff oj Scotland's Carlisle branch, which uas opened in August. 1977. 

And there is liifle real 
attempt to take over from the 
Scottish clearers in the retail 
field—despite the opening of a 
third branch, in Aberdeen, hv 
the National Westminster and 
the counter service offered 
within the last year l»y Barclays. 
Lloyds and the Midland (in 
marked contrast to the closure 
of branches in the south by the 
Big Four!. 

“They are very magnanimous 
in saying that they are not 
looking for retail business— 
that they are not going to take 
much cash over the counter or 
hand it out. But the more they 
compete in that respect the 

hotter, berauie there is no way 
we are making any money nut 
of it at th” moment.” said Mr. 
John Wilsmi. joint general 
manager i.f the Bank of 

After the buoyant period of 
1976-77 when margins v/ere high 
and the Scottish economy was 
performing sisn.fieanUy better 
than the n K. as a whole, the 
last year has been a much less 
exciting one for the Scottish 

The rapid fall m interest 
rates, while stimulating lending 
slightly, |r-fi ihc hanks at a dis¬ 
advantage to the building 
societies in the competition for 

personal deposits, and it re¬ 
duced margins. While sterling 
lending grew overall by 9 per 
cent, in the year to November 
for the three banks, the demand 
from manufacturing industry 
was practically >i»tic. 

Agriculture {30.6 per cent, 
up) and services i H.S per cent.) 
shoved fairly large increases, 
as did personal lending, which 
rose from £216m. in 1976 to 
£245m. in 1977, an increase of 
13.4 per cent. 

Only one of the Scottish 
clearers. the Royal Bank, has 
so far reported for 1977, but 
the other two are likely to show 
similar trends. After a pheno¬ 

menal 46 per cent, leap in pre¬ 
tax profits last year, taking them 
to £31.5m. last year, the figures 
this year for the bank itself is 
up by only S per cent, to £34.lm. 

Group profit, however, was up 
by 11.8 per cent, to £40.7m. 
as a result of contributions from 
assnciaied companies, including 
Lloyds and Scottish and Finance 
for Industry, and. the sale of 
the loss-malting Australian com¬ 
pany, Associated Securities. 

The chairman. Sir Michael 
Herrics, drew attention to the 
contribution made by interna¬ 
tional business to the bank's 
performance—a notable feature 
of Scottish hanking in recent 
years. The 41 per cent, increase 
in foreign currency advances to 
a sterling equivalent of £2a7.9m. 
helped to bring up the rise in 
total advances to 18 per cent, 
(a total of Il.lbn. for the year). 

li is unlikely, cither, that the 
Bank uf Scotland, which is ex¬ 
pected to report shortly, will he 
able to equal the 53 per cent, 
rise in pre-tax profits it achieved 
last year. Half-yearly figures 
last August showed a group 
operating profit of fl3.7m., a 
22.5 per cent, increase on the 
same period of 1976, but 3 drop 
of 13 per cent, on the first half 
of last year. 

The tw'o major subsidiaries 
of the Bank, the finance house 
North West Securities, and the 
merchant bank. Bank of Scot¬ 
land Finance (now renamed 
British Linen Bank), both con¬ 
tributed improved results to the 
group, bringing total pre-tax 
profit to £13.9m. 

The chairman. Lord Clydes- 
muir. commenting on the second 
half of the year, pointed out 
that interest rates were already 

falling. Inevitably, in a con¬ 
tinuing inflationary situation, 
expenses will rise steadily while 
both competitive influences and 
official measures place difficulty 
in the way of recovering the 
enhanced cost of our services 
from those who make use of 
them.” Service charges—the 
subject of this last reference— 
are now under investigation by 
the price commission. 

The Clydesdale Bank does not 
report until next month and 
docs not issue interim figures. 


The coming year looks like 
being a mush one for the Scot¬ 
tish banks, at least in compari¬ 
son with the last few. Despite 
some improvement in oil in¬ 
dustry activity and lhe hope that 
the spring budget will provide 
some stimulus in the personal 
sector, the Scottish economy as 
a whole is likely to remain 
sluggish for a while. 

Mr. Grant Baird, the Royal 
Bank's economist, is still far 
from optimistic about the indus¬ 
trial scene. He points out that 
there is still excess capacity in 
Scottish manufacturing and 
doubts if the predictions from 
Government and industry of a 
20 per cent, growth in invest¬ 
ment .will be reached in prac- 

“There will be an upturn in 
corporate borrowing this year, 
but it will be slower and lower 
than most people expect.” he 
says. However, bright spots are 
oil and the expected rise in real 
disposable incomes, which could 
go up by 4 or 5 per cent, in 
1978. the largest jump since the 
early 1960s. 

Ifyour business has the 
loyal Bank can help make' 
he finance that can put your ideas into’action, 
peedily and effectively. 

So come and tell us about your aims. We s ll 
consider financing them by 
erm loan, overdraft^ export 
inance or leasing and hire 
jurchase facilities—whatever* s 
nost appropriate. 

Get in touch with your 
ocal Royal Bank Manager now. 

He can advise you on all 
he services we offer. 

The Royal Bank 

of Scotland 

at n-ml Sftt riawd i fritt wA Rggnaered Office; 42 St Andrew Square. E di nb u r gh EH2 3YE. Registered in Scotland Number 464t9. 

to tie up your capita! and still 

— £ _ 




Paying cash today for new plant, 
machinery and equipment can leave quite 
a hole in your capital and bank overdraft 

But what of the alternative 
funding options? And which will suit 
your needs best - hire purchase, leasing, 
lease purchase? Thats when you need 
sound advice-which is not all that hard 
to find if you know the right people. 

And the right people are 
Lombard North Central - a member of 
the National Westminster Bank Group. 

When we advise in favour of one 
particular funding option rather than 
another, you will have the benefit of 

knowing it has been tailored to your 
specific requirements. 

So when it comes to funding 
future growth, call us in first. You can 
contact the nearest regional office below 
or any of our 110 branches - we are in your 
telephone book. 


North Central 


Lombard House. Oilmen itree-t, 

London WlMEU 

A member of the National Hfestmmster Bank Group 

North Easl & Scottish 0709 71144. North Infest 051-423 0551, Midland 021-744 3577. foulh V*sl 0272 C94PST. 
North Thames 01-349 o*3i. South East 0272 507161. Further ctete'ls of all our credit and hr* 'acli'i-:' are avail able v.nthoiA 
obligation tree of charge upon request Credit or ive terms ere not available to persons «r.Jei \S ye&i a ot ass. 



Lloyds Bank’s new branch 
at 131 George Street, Edinburgh, 
offers commerce and industry 
in Scodand immediate access to 
the world-wide banking stray 
of the Lloyds Bank Group. 

Lloyds Bank 

County Bank 

Merchant Bankers 

Corporate financial advice 

Mergers and takeovers 

London and European listings 

Medium term international currency 
and sterling finance 

Sterling and currency deposits 

Acceptance Credits 

Investment management 
of institutional funds 

County Bank 

1 Randolph Crescent, Edinburgh EH3 7TH. 
Telephone: 031-226 6318 

Head Office: 11 Old Broad Street. London EC2M IBB 


A Cashpoint terminal—anew service Stytland.; 

. ... • j , : - 

• ? tVv v&jjV-if : A 

_ s . • . v ^ ‘ t-'-y *•*.. yK-* 

_a».: . v'.'. 

<-i- e -.i ;-i 


AFTER A year in which the 
Scottish economy seemed, 
temporarily at least, to have 
lost its sparkle and be reverting 
to its pre-oil relationship with 
the rest of the U.K., it is tempt¬ 
ing to take a rather pessimistic 
view of Scottish management 
Bankruptcies are now running 
at a rate approximately three 
times higher than new company 
formation, redundancies and 
closures are all too often in the 
headlines and industrial produc¬ 
tion is, at best stagnant It is 
too easy to see this as the whole 
picture rather than thesum of 
distinctly different parts and to 
forget that there are 
geographical areas of the 
country which are still booming 
(Aberdeen is still bustling with 
activity, albeit at a less frenetic 
pace than two years ago), and 
even in the depressed areas 
there are well managed firms 
which have a proven record of 
success behind them and are 

Aggregated statistics will not 
give you evidence of that, but 
the continuing success of those 
merchant banks working the 
field suggests that the assertion 
is true. Although only one 
Scottish merchant bank (Noble 
Grossart) has so far reported 
for 1977, and its experience (for 
reasons examined later) may 
not be typical, the indfeations 
are that the others have had a 
satisfactory year. 

Part of the reason for this is 
that the rich vein of middle 
range Scottish companies— 
mostly private, although 
including some of the smaller 
quoted firms—is not being over¬ 
worked. The mass influx of 
London and foreign banks has 
for the most part left it alone, 
preferring to concentrate on the 
well-known names where 
published information is avail¬ 
able to substantiate a good 
reputation and local knowledge 
is not so important 
There is no shortage of funds 
for a company of almost any 
size, however. At a time when 
foreign banks particularly are 
liquid and demand :s depressed, 
few hankers can afford to over¬ 
look any reasonable prospective 
borrower. But while competi¬ 
tion remains strong in tbe 
wholesale banking field, it is 
much less so when it comes tn 
offers of corporate financial 

Of the four indigenous 
Scottish merchant banks, three 
are working largely in this 
middle stratum and appear to 
be doing well in it. They are 
the British Linen Bank 
(formerly the Bank of Scotland 
Finance Company). James 
Finlay and McNeill-Pearson. To 
them must be added the name 
of County Bank, subsidiary of 
the National Westminster, as 
practically the only London- 
hased bank to challenge for a. 
share of this market Its 
Edinburgh branch is in the 
hands of two Scottish hankers 
and is acknowledged by its 
locally based rivals to be 

Within this group there are. 
obvious differences. British 
Linen has the largest staff and 
has on call the widest range of 
expertise; together with County 
Bank. it has ihc ability to offer 
comparatively large loans and 
provide other services, such as 
leasing and the placing of 
equity, in addition tn taking 
deposits and accepting and dis¬ 
counting bills of exchange. 
Pre-tax profits at the end of 

January,. i9Tc—the last year :® 
Bank of Scotland Fmance^waS 
£1.9m. The indication from ttoft 
parent bank at the half-way- 
stage was that profits were UP, 
and that is expected to be con? 
firmed when • -British -linetf 
issues its first report under its 
new name in April. 

During the year the bank has 
been pushing ahead.. on aH 
fronts. Loans and leased assets, 
which were £71ra. in 1976, are- 
expected to rise by between 25" 
and 30 per cent, to exceed 
£90m. Tbe bank's investment' 
subsidiary, Melville.... Street- 
Investments, now has a stakeon 

12 companie&r-three-quartere^f 

them Scottish—and British 
Linen has been, building its 

Its public ipvofvemehts in-, 
elude the Scotcros acquisition'of 
the French company Reiny 
Central Sheerwood’s acquisition, 
of Photopia (when it acted., for 
the offerer). Aurora - Holding’s' 
bid for Coltness Group'(when it 

acted for the receiver} and the 
earlier rights Issue by-Goltness. 
It also placed.’£600.060 for the' 
Glasgow company South' SWe' 
Sawmills. • .■' 

•t-V. IrC 

_ .ri y T, ' 

Jf&ti ‘TsTriS/.:i"■Jti'--’- y A 
i’viy.* sv*¥. - .'.tj.c'i-J'Lv'Ts 

i -!?• I SrEV* ‘ --- •* - 


Hiigb X ^ung r .ass^fmt-H^rc«ot 


^ Ife- have-. Dot -gone of sflflr 
to poach- oti}er.pO£Ple^ 
customers." . U.-'-e.* 

Mr. Bruce Pathfllo, _ chief 
executive, adcfit: 
end of the banking -market~4re 

. ^Scbjtisli' ipejtchim 
tyroigf; i^ihatlioaltjiph^k'irj 
cwfcufts'privat^ 'as well W^utotei 
companies among its customer 
tr:has set-wxt- since ..its:founds 
tsdn ftr3flgl : fo buildn p .htn g nes 
on ii-tfeK. iBarfs-andirgees'rfli 


British Linen is finding the 
field fertile enough to fuel Its 
growth, although it also wants 
to develop business outside Scot¬ 
land. " We are still at the stage 
where there are enough com¬ 
panies who don't have for- 

to have a few very-gopd.'najfle.S 
oil your bodies, but;jt'4nea:ifpt : 
Selp the profit andTpss afccpiiflt 
very-' miio^;:' 'V: : 

.. founts'- 

alaq'h^revea'ffiat -are 
companies, ho£ jyet-.beinfo futig 
caterea:joE»„- l?:£hey., are^he 
says, “the companies tiwthaye 
reached t^e wher^ 
they. are.; Jtob ,rto--rely- $*k 

oveniraft, -hut^hayC;-^ 
tiai. r to jgrow* 
for advice on 
ing borrowing apd 
dnd -can offer the- 
ca pftal krtf^Use 'tobh^y'fo 
siedns^'-dr . 

mai^iiq^ryl : 'We.-^afl ^sdjWv?^ 

biriiefgers'' ah (f takeovers-?^, 

Junes'Finlay'is not -ekpeofejU 
to report for a while. ; Its ■ISiW- 
figore^ ■ puirlisfa^l •' Ia^C ‘. 'Jdne.' 
showed' a 'prefix[ jirofit;;*6f. 
£251.-600;. yricule 'McNeff^Pearsgri; 
achfeved a ’pre-tstxr prbfitL ot., 
£72,odb : in the 12 jpontbs vto 1 
March i&77/conlpared tp;£I2.00ft 
foy its'first .nine 
existence.^ . WfiTch. ' ended; .' in.' 
Mai^i;^9f6.:. . y ' i Asr'firVi 

’r ^ r 

its rbffiiieijtflxs. 
•^IVdbl^Grossart'-has what il 
jftaflaging^ director Mr^ JAngu 
G^ossari, describes, as a"“ mod« 
l^lriug--bpafatiod r . M ^ Assets i 
t«e- 3978 balarfefe' sheet -stand « 
juStlesktb^^aSm.’ 'Th& bank 
.ctoek-in-trade is^expejitlse; .pa 
ticularly'.iii-the" fields of co 
porate finance .and- -investmei 

t-i&We Itave Lakeh a ycry cle,- 
vfeW-that'the^Pporiunities fc 
ii§ ' kv -the - -tradition: 
actjviti^ ; bF'giercfiant- banMn 
winch, are’T^ated fb tbe sWl 
ef^i^tSviduaistathef: - than ;-i 

'•'.If whiefthas pri 

off.' 1 Prefix profits : in' the .191 
i^joct.^eiip for theninffi yei 
iiPsiiob^loB'Ptid bare exceedt 
£itb:-for .the ffikt tiifle, y~ 

IWW JU MlttllUHj .*>» .-VX"- 

tiw, prddictidflsi. when; : ^ob 
GrossarTStarted that there w: 
rioVfutare j . for' a ■ geottWihast 
merch^iL bank "ftecatise. ; mo 
ScottMi oprfipaTii :"wonid;;Iat 
tb toodoh for’ adyice: ''' '• 

it-O-rS, r.i . : 

■ i F ?;•+: V 4- ? rH". V 

good : 

■7C.T.- ■- 2'I 'T’jr-: '■ . 

A SIGNIFICANT part of the bnsinesses/ including;'v so'me-^^n® 5 ®,;''mds 1 Jy ; '-rtarii^ai^ 
Scottish clearing bankers’ evid- entrepreneurs without a- proven^apd.nOTV'feas^eqiti^r. holdings 
ence to the Wilson Comrflittee trac^ iflacord riow^re 

was taken up by.fWu| 4 hg.:the.of‘dnerhativesqorceS < p^ r ^^iLCft^rif^'..L^^ye^.ftGI;^J.d 1 gi 
claim that the institutions were 'such, .as- the^ iP^cslmwy 

too timid, too coiiservative^ and. m£nlLAseacy -y4^'its^^aj3t^^5B^t^oi^lM^ nilI ^- , >^. - ^ 
too profit-conscious" - ih, .theit : small .IgisineaM^i Seteyst ,^yn 

support for industry!-. ' At : ihe' Highlands a^i Islafl^s:pgv|Pe^^rt^tpj^tween £450,060 at 
same timet they admitted tp m^t'Board/ ; the;y .-. . 

some "defects or gaps n -Fn*tiie^functions- of 
system, particularly ;io '-respect GovefnnfehtT' i^,. lbSy ^anm^u^-^irier^cit-.hank . ■ is .Lo : , aet f 
of smaller, unquoted^'businesses j &' •*! 

and advice on obtaining financed jj, ik e ^Gmnpian..Be^E^Oie’profitab le, outfe 

Privately, the bankers would 5 Norih-EaSt -Scptlaiftl 
go further. “Scotland is awash - me«-Aisociation r is- : understood ^ihsldiary .of ;i he British^Lim 
with money: the problem is how to have a^ draft nroposal ior'a;which_ i^elf- : is^OT«^a(; 
to find enough creditwerthy tijist"ffind foLhelp.'^BTppmers : .tne.. Baflk of■ 5rot|ana^ 
borrowers," says one leaih'ng-witii!Bri£ht.ideasth.ntllrofe"x»sh.™ 
banker. •. 

worthy”: for the submission .to• : 

Wilson defines fairiy. closely.**- 
risk limits the bankers 
in granting 

term credit. .~ . r ... 

that they are hot in huriness for lo^r-bfr de^rro^ff,4s,Smm/L';:y 
long.term credits.} v -^ 

. The siihmlsslno admits i-JiVt'^: ; .-***.*7* 

The accent is on 

isely the of ^he'ihdlyjdqal.T^Qra than : o*' -. • 
tisyp set ..huT^fiflr halap^ - 

■disTrlTjiil'nrs: Vsrfk^a*turnover. 

medium or "short' nttmbeit. 

llhey emphas^e. of ^iMc^>in‘adetrta§3£- can jW;' - 0 -r 

"Ftjr :examp5i ^ 

The . submission admits Thai: 
established business . .'with.'a.- 
"track record” of .success.'.as ’ : 
well as the potential borrowe^s'-J^^ 8 ^?* 

“ capital base ” are of prime;' 

Importance in assessing applica- ago'jvjrif: ba^iftffg. •froflL^Nd&le ■■ 

lions for finance. This^^ would‘Grosswt^mrestments^^ 

put not only the; smaller 'iin-Vrow Employing 'a*.aamflfii|KSBf.: 



na a 
W i 






ujc ucuai a 

:h Equitable 
i 'f eased its fa 

[a 'idual W® 
1 A « by 30p to 

1 | M j‘i®n recentlj 

w 111 outshone 

v *A;tp jump in 
cent. The 
«f Scotland 
- , a record i 

II/* /I A 'pattern is li 

III l tV b y the 01 

v*4 V* L - jen fte y do 

^ W rsitfl irt 1 

Scottiai companies ferring' to' stiek.witb- tie weU- 
aeeiaral'-rates spier tried conventional savings pro- 
s^sta^ increases, ducts. - Scottish .Widwro* has 
bonus g rates- and operated a linked. ..Contract 
record. levels;- based -primarily on equities, that 
Widow-S’* set thecas been a leader in its field. . 
iis time by " declaring Scottish Equrtabie.haa. derated 
rate of £i70 per cent a-upit trust ao&. bas a -Savings 
lary business, lifting P Ian and a bond linked to this 
^ by 30p from ■ the trust- But no company has gone ** 
declaration. This move into- the linked ; sector 

the declaration made offering* products based on a •.* 

;b Equitable which had variety of funds—equity, pro- 
eased its bonus rate P er ty, fixed-interest, cash and £--*• 

■idual life .afigurant managed. This is in ‘contrast '.'■-■si- 
« by 30p to £4,30 per t0 man 7 English-based pro- 
lien recently Scottish Pnetory life companies .which 

outshone everyone iaimched qut Into this field last Z?Lt&£ 
i;tp jump in its rate fioubt the fact that 

cent. The Life Asso- alm ® s t- all Scottish companies 
<f Scotland has also ^e-mutual ones. that .is owned 
a record bonus rate by policyholders, had much 
\ 'pattern is likely to be to do this Abiding back. 

*V by the other com- The general pattern of new Norwich Unu 

hen they declare their business for Scottish life, com- 
f -js rate in the course ponies during 1877 was one of The experience of Scotland's 

xt few weeks. consolidation after two sncces- ooly domesticated composite 

easing bonus picture s,ve yean of rapid growth. But insurance. General Accident for 
Ut of two main factors *en this was the overall pattern the nine months of lBn 
i investment record of ot W* assurance sales last year, shows’that it is recovering from 
-h and .**■«** business was genets the bleak results of 1975 and 

is made to contain slack-and group pensions that 1977 should be a far better 

business was marking time ^ ear than 19 <6 —and full results 

ahead of the implementation of for 1977 due out next 
life companies have the new State pension scheme Wednesday. But the recovery 
id a reputation for in April. has not been as good as was 

spared- to invest a c ; .. .. ■' .' r‘j, . expected at the half-yearly 

iportipn of their port- T - , L “ e J the r .^rurd stage. The group is the largest 

- ; ;V * 

-y.' ?yS'r; -• 'V.; 


; ; ’ Property investments - 
Commercial an'd Industrial are 
currently-being sought for the 
pension fu rids of the Northern Irela nd 
Electrici^Seryiceand the .: 

South of Sgotiiind Electricity Board. 

• y'.y. ypujh^veproperty that . ■ ; 
you t!linkAvould be-df interest, 

-send defai 1 s!io&MiK, 1 Gi 11 o n, fri es.••• 
Richard Ehis^^Trafalgar House, f 
75 Hope S.treet^j lasgo,iv <32 6 A j. . 

-Te 1 ex: Rescfe^SS 643 ^ 

e ? c y *m r- 

Richard Ellis 

Chartered Surveyors 

Norwich Union House, St. Andrews Square, Edinburgh.. 

The experience of Scotland's, 

iportipn of their port- t ilanaartt L,lte J lna> ( uurd stage. The group is the largest 
luilies compared with ^Sest jiensiops company in motor insurer in the U.K. and 
je for-UiC. life com- after, Lpgkl and the number .or claims rose 

Standard '• Life the Gener al and. Prudential,, saw sharply, over the period under 
‘ the Scottish com* . on3y .* ma r gi n a l , increasein consideration. The'market is 
s preferred to invest - Pe^oo 5 bnsiness. last looking for pre-tax profits £69m., 
3 -property compared year. wth, the ,Increa»yroming compared with £42.6m. in 1976. 

and P this Tt* rocoyety ‘ reflects the 

"W 0 *-.Sr/: V : :.7 cfe^.Sotitisexpecttogl^S ifh 

be'sryear of growth 1 *! this *?* -the . .. with 

area is- companies' conttactout S 

nen ' lnto^t ” *!:*** ***«:. *?' oiUoo^ for IWs year is 

drtari^UyluWevals SirS lti ^cu^tion * ooa the «T>erts fee] tl.Jt 
ie end of 1976 and . ite‘clients were ^ nexf. downturn in the trade 

- gap between -fixed : ^ composites will not be 

and. eqiuues aUo - ■™^ nting i 5 n w 5 tfa 7 ^ flirty as severe ^ previously. 
» an afl-time high* the a ^.'- ” iU1 ■ .... The prospects for GA look good 

companies invested mum 61 • .' in the short term, 

iy in. gilt-edged..and Scottish Widows’ had a ^ inia!l _ 

d-mterest stocks for similar experience .in group pen- its aunrehension 

tields available. The signs bngines s a nd^ other Scoter to“So“p“ 
Jus investment policy panies xeconjed little growth. Mr R. E Macdonald 

airough in 1977. alffiongh Scottish Amicable had mana B cr or S “ 

i reports for last yeax a 13 j>er cent nse in new .pre- ^ ^ immediate past 

n life company busi- rainmsw' . . . chairman of the Associated 

not yet-appeared, au . 'yhe main areas of growth last, Scottish Life Offices, has warned 
itions are that they year w^ re in executive pension of the dangers of putting finan- 
to invest heavily, m gcbcmCk and pension, plans, for cial barriers between England 
lu with rmich more the seU-erapIqyed. In tils-latter and Scotland. . The life com- 
in new equity pur- a rea, : . Scottish 1 . Amicable,-, a panics have 80 per cent, of their 
it the lire companies leader in this sector, experien- business outside of Scotland and 
mtation for flexibility a 0 f over 300 per cent much more of their investment 
lent and now yields with its fiew contract Flexi- portfolio. Financial separation 
they m&y well be pgnsion and it bad a growth of could have severe consequences 
ick more into equity 30 per cent in executive pension on their business and hints have 
"business. The companies have been dropped that they might 
companies have been without exception made sub- remove their head offices to 
ssure to contain ‘ the stantial increases in bonus rates England, 
se in expenses result- for this type of business, the ..•• 

inflation. .Life assur- latest being; that by Scottish - - . Fne ChAri 

, ed premium business Mutual. ■ ‘ XdfK- oitors 




/ < * 



applicants for Stock rebut'ya* every, convement .-Indeed, the Scottish clearing; 
.isting. As the capital opportunity... •• - ' banks themselves point out 

longer provides funds . The Highlands, -and Islands rattier plaintively that a size- 
rgish businesses, they Development Board differs from able ’ proportion of facilities 
-pass it with the help SDA in -that it* may .provide, offered to industrj’, overdraft as; 
merchant: banks as grants as well as loans for in- well- as term loans, are not' 
nen. Noble' Grossart dusxry: in 1 - 2 -years to. the end taken up. 
dier two native Scot- tff l976- it was involved in 85 " ^ 0 ,^^ w the evidence to 
ant banks, the James enterpriserto^ths.-thne of £L 6 m. Wilson -Committee, their 
poration and McNeill , ’ • ■ . • lending.commitments to manu- 

• AO0IICamS - fadlnring industiy between May 

r newcomer on the tf'tr; _ , 1975 -and February 1977 in¬ 

ane' is; of 'Course;, the Tie' banks' own -insuittttibns creased by almost IS "per cent. 
Jeveiopmcnt Agency for long-term 'finance, Finance- -veTOm. 10 £770m • yet 
to d«»i« over tor IdtoAryvfld its sobsMivry 

invested £1/.3m. itt‘for . medium-size and smaller . ricinx by only £Sm to 

’ises, its investments cbn^a’nae^ y 

vm“ Under £25.000- to operate in Scptthnd along more . 

Mr. Lewis Robertson; orthodox -l5&. .Nererthfitless,_: The reasons for industry's 
executive,-says 'the ICFCTS latest report emphasises reluctance 10 invest,, the banks 
ay-be able'to invest that over- 1 6'per cenL of. its I.say* .should be laid at doors 
03. .over the next three inve^ment in the U-K. in ^Nher; than the banks: inflation, 
tdustry. or about one- the yearioMaseh Si, 1977^ was violent currency changes. Gov¬ 
ts total funds , which' » hi gher proportion ernment podteies, taxation, poor 

-O cover factory bnUd- ^ any time im the pasL . . return on capital, etc. 
trial ^estates manage- ;. Scottish- investmenl of . As if to underline the banks’ 

Ironmental -improve-' neariv lSim, the new Aberdeen omcCTn for the financial needs 
the l rehabilitation of «ffiee -was resnon^irfe for inst of smaller businesses. Sir James 
sod ol Glasgow. iSt Bl^rJSooyoghame, chairman o£ 

of course, an animal ^ a mifi ganee as Britain’s ttc NatSonal Commercial Bank- 
different from the • JiriGLUi ing Group (which includes the 

id other financial - w in Edih- ^7^ Bank of Scotland) went 

s. Job creation or «’««*». ■« saying 

w Is‘ one. of the merohant- tha * "^pecl ^ 1 regard” would be 

its equity acquisition cSwiet, Tmhis- P aid t0 the ne«ds of such busi¬ 
ng polities which button* arin, Sfeomsh Indus- nesscs Uwhose is M 

5DA to the often- trial’Fmance-- - . important to the 1 well-being nf 

charge by, the con* economy.” ‘ . 

bankers of being ic shortage .of finance in bcouana Could it he that too much 
• ducks rescue " biisi-Is:horne.out by. aictessive ,c»i -jQflgy j S chasing too little 
is, incidentally,- a trend, surveys wjntii give this ■ 

ich the chairman* Sir parttoilv obrtatie « growlh * • • ATr^rpw HflroravP 
Jray, is at pains to very■ low priority. - aiiuicw xuugravv 

If your company is currently operating in 
Scotland, or has plans to extend operatipns 
there, you should know that Midland Bank has a 
•branch irithe heart of Edinburgh’s financial district. 

• • Regional Manager Ian Macieod heads a 
‘ business team there which includes an 
International Finance Executive, Derek Livesey, 
with special knowledge of the needs of multi¬ 
national companies. 

His business team can introduce you to 
other companies in Midland Bank Group, whose 
services include: facilities for term loans, leasing. 

investment management and trust services. 

For large companies, and those involved in 
substantial projects, fan Macieods direct links 
• _ m i ‘ with Midland’s Corporate 
Finance Division can make 
•» ’ IS available a select team to 

work directly with the 

.• company, making the best 
. possible use of the wide 

range of Group se/yices. 
'Bl One call to K.I. Macieod 

liM can make all this available 

merchant banking, international insurance broking ■»» ^ to you. 

and advisory services, international and export Midland Bank 

finance, project finance, equity capital for growth 116 George Street, Edinburgh EH2 4LH 
companies, hire-purchase, travel, factoring. Telephone: 031-225 9711 .Telex: 72227 

It’s time your business team met the Midland’s 

Fiaaseial .tSMT 



!F ONE [t. PU*^ 

the lait five vears From any Most of la r. :;er 1 >. Lll 5. d 
previous period, r. would be the banks. incl ud ‘"l^/.^Scotland 
remarkable growth in interna- dearerj. hare offices in Scotland 
lional business, bolh by the in- from which ii.ey 

-ssr '£, 1 i'*££ S=t ras 

'XZ™ n * tmu * m 5^52£S&-. 


sible to say precisely m figures the Bank of- Honr . 

how much currency business is dard ‘-.hari „ . T 

...jicrv and exploitation hrnusht 
a host uf new companies tn Scot¬ 
land used u» dealing in nirren- 
eu-s other than sierlm? and 
requiring fun*h» ,un a .‘“•ah' 
hitherto rare. American com¬ 
panion were in the forefront, 
but there were aLo a larjc 
number u£ firms from other 
areas of the world, particularly 
Western Europe. 

fjf the three Scottish Hearing 

. Iia4> . .... banks, the Bank of Scotland and 

Kon- and Shanghai Bank, plus a the Royal Bank have developed 
number of other Far Eastern t heir overseas activities most 

institutions fully, both establishing distinct ... .. „ r - 

The overseas banks have been international divisions within New York in the 1960s and has 
careful to maintain good rela- their organ Isa turns. The smallest followed it since with others in 
■ions with the Scottish Hearers. n f lire three, the Clydesdale. Houston. San Francisco and 
n ®' which keep a parental eye over although building up its export Hong Kong. The consolidation 
rL the whole scene. And. wearing finance services, has had a 0 f t hwe two spheres of interest 

London stockbrokers. Green- 
veils. estimated that interna¬ 
tional business contributed H-2 
per coni, to 1976-77 profits for 
the bank and will have in¬ 
creased th:s proportion to 19.8 
per cent, during the present 
year. Growth during 1978-79, 
however, is likely to slacken as 
margins are reduced and the 
demand from top quality bor¬ 
rowers remains slack. Never¬ 
theless. Greenwell's estimate 
that profirs from international 
business could be £6.9m.—repre¬ 
senting 21.S per cent of wtal 
pre-tax figures. 

. The Royal Bank opened its 
first representative office in 

actually now being done. Blit 
impressions are sufficient to in¬ 
dicate the scale of the change 
that has taken place. 

One Scottish hanker with 20 
years experience in the interna 

tional field, for example, re w . iw> .. ... 

members when overseas activity the ( i> no ^ exp05ure to . currency H “North America and 

was a less than profitaM. .. . ^ ^ Hftni|isr i f . OQe s) they are business than the other two and p ac .jfi c B as i n — has followed 

is perhaps- limited in building y.^ t jre acquisition of stakes 
up its merseas representation - • : - 

basis pre-tax profits from inter¬ 
national activities were thought 
to be £6.4m. (11.1 per pent.) in 
the vear to September 19/6. 
Last year’s figure was_ thought 
to have dropped to £5.7m. (10.® 
per cent.), but is expected tu 
rise again to £7m. i 14.3 per 
cent.) in the current year. 

The Royal's international 
manager, Mr. John Mather, 
takes a similar view to his 
counterpart in the Bank of Scot¬ 
land. Mr. James Young, in his 
altitude to business in the com¬ 
ing year. Despite evident 
pleasure at the rate at which 
international lending has in¬ 
creased over the past few years, 
neither man wants to see the 
acceleration maintained at the 
expense of the prudent, not to 
say conservative, standards 
that the Scottish banks have 

adopted. . . 

•‘We are quietly optimistic 

and constantly looking for new 
business,” Mr. Mather com¬ 
mented. “ but we are happy to 
see our market share drop, we 
obviously must be competitive 
nn rates, but we do not have 
targets which must be^ met 
irrespective of standards. 


National W«tmij«ter^omc| mJeorg^Stireet, 

Edinburgh branch. SM North Centnt. ' • ... ^ 



Investment trusts 

their domestic ones) they are 
welcomed as contributing to the 
increasing sophistication nf the 
Scottish market and bei .. . 

mnnram .— <nu«f " f “^5"?' bus < 

which ronirihuted ness through syndications. 

Pan of the reason for this 
mush room ini- or foreign aLtivuy 
is the low base front which 

of total business: it was main 
ta-.nert as a service »«• customers 
if they rerun red it. but not pro 
mni<»d. »uv h 

t»r the most inmnriani divisions 
in his ti-ink. 
mnr^ ihs:n ii k nth n f tot:-t 1 
profits Iasi year. No longer is 
it necessary to keep quiet about 

"li 2« - SEW* -S5U2 Mid s - 

la ml. which has itself extensive 

tion rn il 

foreign business, nr indeed pos- Scotland started. The hwat 
sible: the chairman draws atten- banks lagged behind L m 
‘ in his annual state- don counterparts durin 0 ..i< 
ISMOs and. despite rapid growln 
during this decade, have still to 
ealch up in the proportion of 
mtal effort devoted to overseas 
of business. 

It is easy to criticise with 


But if the involvement 

Scottish banks overseas has in- « H _ ct w u v ,h P 

creased, so ton has the interest hindsight and to ask why in. 


bankore m Scotland, now there dustry and the rest of 
are dorens. Some of the largest than there isnow. Few ■*»***& 
hanks in the world are repre- come to pat. tandon 
sen red among the American financiers saw much reason to 
emit in gent, which includes Bank journey north of the border 
nr America. First National of The North Sea boom changed 
Chicago. American Express, the that situation like so many 
Chemical Bank ..f Illinois. Citi- others. Not only was oil itself 
hank. Continent:.! Illinois, a dollar com modity, but its dts- 

;ersc::i< U* 


Thv 1 Vi.iV 

..f S-i 

.Hand set up 

- jr.vcrn:-’ 

• iM.M". 

, i-'ii'in in 1975 

: r 

mu >tf 

ns j rowing 

■rei^fi i*u- 


nil h.-il been 


.: i".* 1 * 

lie !>..ok had 

;re:.«l> >-Sl: 


1 ;.n o' erseas 

|j‘-e in 1 


1 1 ‘.»72 1 and 

in a finance house and banks in 
the Far East, and the recent 
decision to upgrade New York 
to full branch office status. 

To do chis, the bank had to 
satisfy the stringent conditions 
imposed by the New York State 
authorities, particularly con¬ 
cerning its autonomy in view of 
the 16 per cent' holding by- 
Lloyds m the Royal's parent 
company, the National and Com¬ 
mercial Banking Group. Similar 
considerations could stop the 
Bank of Scotland, which is 35 
per cent, owned by Barclays, 
from following suit. 

In May 1976 the bank took 
steps to provide itself with a 
capital base for dollar lending 
by raising a capital note issue 

U.kcn p;.rt in -nine «»f lhe major 
syndic;.icil hi.-n.-: i»» finance the 
L’U-yni'irc and riper m-.I fields. 

(.til i-; -.till revnyi.i-cil a* a 
major part of the divLinr, s 
sphere «*£ intere'-i and ihe 
bank's IS P».-r cent, share in the 
International Energy Bonk ».-nn- 
tmues in pay dividend'. Bui 
international interest has ex- 

paneled. A representative ‘dN*-** of , „ _ , « i 

ha-; been -pened in New Vm-k. Figures for the Royal Bank 
it is no secret that the hank is are harder to come by. and 
lookin- at the p.n. ific Basin Greenwell's analysis lumped 
with a view t» .ip.-nina there the bank together with William 
and the bank has joined with and Glyn's in estimating the 
Moreau Grenfell and Moscow share of international business 
Narodnv in opening in the to profits of the National and 
Ltssr Commercial Group . On this 

THE PAST few months has been 
one of the most eventful periods 
ever for the investment trust 
sector of the Scottish financial 
management business, bringing 
to it a degree of publicity which 
it has seldom enjoyed. 

Two of the leading trusts, in¬ 
cluding one which last year 
ranked fifth in terms of total 
asset value, were the targets of 
simultaneous bids from nationa¬ 
lised industry pension funds and 
succumbed only after prolonged 
resistance. Advertising was a 
major weapon on both sides and 
it was not unusual to see 
matching space taken in the dav's- city pages to make 
the case for shareholders 
accepting the bid and the case 
for them refusing it. 

In the end it was the pension 
funds who won. On December 13 
Black Diamonds Pensions, a 
wholly-owned subsidiary of the 
National Coal Board pension 
fund, announced that it had 
either bought or received 
acceptances for 7fi per cent, of 

the overall share capital nf thp 
Edinburgh-based British invest¬ 
ment trust and declared its offer 
_first made public two months 


A day later the British Rail 
pension fund (*' Britrailpen ") 
followed suit and announced 
that it had secured three- 
quarters of the Ordinary capital 
of the Edinburgh and Dundee 
Investment Company. Its offer 
had been made formal in 
October and by the beginning 
of December the pension fund's 
advisers, merchant bankers Hill 
Samuel, disclosed that more 
than half the share capital was 
already in their hands:. 

The logic behind the pension 
funds buying into this less than 
glamorous market is easy to 
understand. The quoted prices 
or both trusts represented a 
considerable discount on the 
total value of their assets— 
mostly marketable securities. 
Purchasing the trusts there¬ 
fore represented the acquisition 
of investment portfolios.: to- 

no .u„. wort h some £ 180 m. much prudent • 

® - -upaniv than they could which-has 'long,been one of-t 

ha" been obtained by dealing haUmarks^J^^^ 

° n This m wafjn fact the veryBu^ «he"v 

nnmt made by the- boards of many asscr WWtefc* vcc 

point mane oy v _ noGJjls t0 pames prefer-tor assume, J -n 

b £ th wriprs The BIT Board also have Cqntrffiuted. td.-th 
Sied its rtanittotlteUst 'trusts - :.beijaz $*%**» 

'?« r^Trtin*- -‘The offer is A year, .ago, for. 
nefther^enenius nor attractive Association of 
2nd is a°blatant attempt to buy Companies . claimed 

SE* - fifftff.’aaffSE-s 

enough.. ; ^emiuto of-8iier-t^ntj.. T 

^ A survey camei:®ut for 
oa lllcS • • • association by Bdmbsfffh sh 

The two takeover .battles■ brokers-AVopd, ^kemiej 
werE watched with considerable gated tiiat 
interest in Scotland, and the trujs 
conclusion reached, by some- performers. It.. **#*$Pd 
observers was that they may not Rising therefore 
be the last of their kind, 

Scotland has around 60 quoted 
investment tnjsts.-most shai^ng . 
in the reputation for .quie^d^-^ 


■’ { fj 

1 a/ f- Jn.-' ' ■ v " 

. 1 ■ i ‘ -Ui..'," ■■ .' •a-*'.-.. . , 

. li; ^ .. “ ... ■ ■■ _ s l ^ '-7 I- . 

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'?;!: ’• _ - .*^ t ‘‘ 

’ *• • 1 'Ll’ . - ’ J.'' * 9 ' ' 

■ • V - " • ”r ’ -• 5r-V 

:. • . -i».. ,^k --J -•-T-.. •••. . 

V : '"' V' ' '• 

." •* ■ .i; h- : - '■ l£h'< 

• ! ' •. w'.. -"Jt-•-*/..•»• 

■ , V," ..." . ..*■ .,. 

• '-i-.-r.'.*.. T ' -■ '.J_ 

"<t V-- 

/ • ’ :■ • r - : >' ‘ 


Of course not. Swiss Bank Cor¬ 
poration is one of the biggest banks 
in Switzerland. But you’ll find us all 
over the world - wherever it's a ques¬ 
tion of finance. So if we “happen” to 
be the first Swiss bank in Scotland,, 
you can be sure there’s a good rea¬ 

Our Resident Representative-irv. 
Edinburgh is Emil DietHchef-He’; 
experie heed banker."ift-ntT- thanfe-Jb 
his professional'and pnyate_contacts 
he knows the cdanfry.weil.-.Call .-hfih- 
He'll be delighted ia arrange fbivany> 
of our extensive services. ; . '' 

58 St.Andrew Square,Edlnbtirgh. 

How natural for Scotlaiids first bank to 
offer local iuclustn- and commerce alull and 
flexible range of international scniccs. 

International Division combines 
Bazik of Scotland's widely acknowledged 
skills in energy financing with its 
considerable capability in all aspects 
of foreign exchange, the euromarkets and 

international trade. 

Obvious advantages in dealing with 
ns arc that you arc " 

assured of on-the-spot ^ > 

advice, backed by on-thc-spol decisions. 

Our Inrcmational Division scr\’iccs 
include: foreign exchange and 
eurocurrencydealing; currency loans and 
deposits; oil and project finance; 
export/import services;EC-GD facilities; 

exchange control. 

To find out how wc can help you, 
contact Bank of Scotland International 
Division. 38 Si Andrew Square, 

Tel: 031-556 2231. 



r. .Vi? i'i 5- 

. - C&tepfe&r- :rr 

; ;• - •• f ■**. 

'■ . \ .A.- ;j - r^;’r■ - -'-C T 

. Swiss Bank C&rporation - - : : ' " v -yy^. 

Representative Office for Scotland ^ 

66 Hanover Street (Cbmer&eorg&'S'treetfc 

EdinburghEH21HH m 


Telephone:031-225 918617> Telex: 72567^;^^^^^^^ 


I . 1 ': - . ‘' 



. -I’;--v y. ( • ’.** 

■ n r ~\‘ r '’-■■V ‘ ^ 

;• . ••• . •-••••'. ■» •' o'-'V-jA >-V.T-. "r.- r..' 

-*' > • --- — - • -y- J - *.>«W .•*,*• ,lv -Jr, 1 

• ‘. i. ' ... 1 " .T.> !v., 


... •' •• -V f k> ; £ Scottisfijfipney and Scottish know-how. . \ . : / ' 

'These arethebto BahkSLippli^forScotlandtp'6jb'ild:on?v^> 

• • .Throughits 3^.branclje^ttS^CI^^al^Bankcan;offsr.viftU2lfy every: bankiag^nd5g?2 
fin a ncia I servicS 'oa^te^E'v^^^ with local ly --.thebencfiiof: - - \ 

using a'bank whose h^di|^^§atsQfR.S C pi:landtNptthatthp\^nlcfe|M'r^hia| [ idowtlc?pfej^ 
its ope ratio ns extend woii^y^deitt's] u st that when i t co m estofaanki h g i n S cotlI a ri.dSM^; 
i '> : "^i^^Giyd^^l^a^yyi1i^hsureyou:don'tdropabrickri-'/^-^Ji 




^ < 

* = V 

- V*» ** 

: din burgh and Dundee 1 
nay have helped par- 
“dress the unbalance, 
an ant. present -chair - 
the Association jot 
t Trust Companies, 
Scottish takeovers-and 
r battle for control of 
is.contributory factors 
I of the discount on 
> net asset values over 
oaths; to the 'end of 
from 45 per cent, to' 

total value of about 
s drop ib discount 
a paper appreciation 
ibn. and was' as bene- 
influence as most 
investment strate* 
comments ( talking, of 
is; a whole). 

■ early to say with any 
certainty what is the 
:ate of health of the 
ivestmenr trust sector. 
,n\i sports for .1977 have 
started appearing, but 
be surprising if- many 
?tter than satisfactory 
ice when they are 

;h the .IfcK.’ equity 
as picked up slightly 
lepressed state a while 
ie overseas markets 
i experiencing a lean 
i has. been particularly 
:he l r .S.. where Wall 
s been on the decline 
1-1976 and if is to be 
that the. relatively 
lvement iri.America of 
ish trust? will reflect 
lion. j 

nanag ers Have*tried to 


■ Total assets. 

Jess current Net asset valti'e 
liabilities nominal" market 
' (£m.> (p) (pi 



. currency 

Alliance Trust 


Scottish. Investment Trust 




Scottish Mortgage and Trust 

130 2. 

1&.5 . 


British Assets Trust 


Scottish United Investors: 




Edinburgh Investment Trust .. 



Scottish Western Investment 


Scottish National Trust 





Clydesdale Investment Trust r; > •' - ;60J). 



Monks Investment Trust 



Scottish-Northern. Investment Trust. - 51.7. _ 117J) 

'•Applies to Ordinary/* 1 A Ordinary 1 shares only. Scottish Eastern has yet to report. 
- . Source: Association of-'Investment Trust Companies. 


forestall ■ th&-worst effects- .by 
trahsferring assets from the" .US. 
to ffyf UJC. The Baillie Gifford 
managed ' Wipierbottom Trust 

(one of the-earliest to report fpr 
19771,; for" example, increased 
the - proportion of investments 
held in Britain from 41 to 53 
per cent, over the year. largely 
at thfr expense of U.S* holdings, 
although -the ' proportion of 
investment placed in Japan was 
also r,cdueetf froni ® to La'per 
cenL' because- it- was considered 
that ihe high valuation of- 
Japanese-shires was not justi¬ 

fied 'by .’economic growth 
prospects. j. 

Reviewing the year, Mr. $. A. 
Yield, eh airman of Winter- 
bottom, comments, that, the rise 
of 62 per cent, in the FT 
Actuaries All-Share Index and 
of 27 per'cent, in The FT Govern¬ 
ment Securities' Index, were to 
a considerable Extent offset by 
the fall of 7-per cent, 'iii the 
Standard and, Poor 500-share equities. Which 
was magnified ’to. around 18 per 
cent, by exchange rate move* 
- ments and the' dollar premium. 

Income increased by 6 -Per 
-cefiL to £616,060, and the value 

of-total net assets rose by 7 per 
tent. to- £lA2m_ 

. Looking ahead, Mr. Field says 
that if remains difficult to pre¬ 
dict the outlook for company 
profits IP the U.K. The U.S. has 
proved a disappointment 
recently .and market confidence 
has been eroded by the weak¬ 
ness- of th& dollar. Nevertheless. 
■‘ many American stocks .of good 
quality appear to be attractively 
valued and; unless gome entirely 
new factor arises, it is intended 
to keep a substantial proportion 
Of funds invested in them.” 


Head Office: 

30 St Vincent Place Glasgow G12HL 

Chief London Office:.- 

30 Lombard Street 

The bank that’s nearest to you ■ 

and your needs. 




Banque Nationale de Paris Limited is a member of 
the BNP Group, which has an international network 
in sixty-eight countries, 

Mr. D. S. Davies,our representative in Edinburgh, 
will be pleased to advise yoti on the Bank's range of 
Corporate financial services. 

Established in the City of London for over a century, 
and with additional representative offices in Leeds 
and Birmingham, BNP is ideally placed to provide 
comprehensive international banking services. 

Scottish Office 

21 Melville Street, 
Edinburgh, EH37PE. 
Tel: 031-2263388 

Head Office 

8-13 King Wi 11 iam Street, 
London, EC4P4HS. 

Tel: 01-6265678 

Group Head Office: 16 Boulevard des Italians Paris 75009 

andal; ^uae$. Sidrsday .February 23 1978 ■ 


arrival; .01-Lloy^S; 
the Xo rwte6<l£arin^^ 


v on. a ' '"* 

PW Alt0g^fi^25 such 
_^aoks tn Sbotika'd^- 
.you 'ofBciaUjrihat the 
which , hato’- brought 

.. K brififly, -^ortlX-'Sea 
;xtra buoyancy of the 
. conoray resulting- from 
•velopment' and- service 
ig customers,. particb- 
terms 'of * corporate 
Impending devolution 
V*'. eing mentioned as ,a 
| I'-Sir Jeremy Morse, 
; U' of Lloyds, went so far 
s that “even, a greater 
Scottish independence 
rest of the United; 
would be fully'-com-' 
th maintenance of ibe 
close economic and 
links, and' .with their 
extension to ..the rest 
n Europe.”' 


these reasons lurks an 
t tacitly admitted one. 
i to Scotland is cer- 
ansive as well, to “pro- 
orate customers from 
h of wonld-be-Jenders, 
rrangers, etc. from the 
ada, France, • Switzer- 
Middle and Far East, 
ntion the .increasingly 
Scottish banks. This 
•rit perhaps • most in 
sf Midland’s decision 
■. n Edinburgh.'Midland 
ly owned subsidiary in 
.. the Clydesdale Bank, 
rhaps /explains the 
profile it had adopted 

‘bfifexfc/.'cpemjig in;;Edinburgh 
list A^Iesser. sub- 

sidiary' A-e^spn/Jinas^ 3»ve -bceri 
Ure facn that /Clydesdale, alone 
of th« Sdbttiail'clfeareis. has .its 
4 bead jdfficd; jin:"Glasgow . while 
tutions Centre-on.Edinburgh. . 
j/'Nstionai Westminster, .- the 
ffrst of .the JBig iFojir to- arrive, 
just under 2$ years ago, had an 
additional i6 .. fcocato - in 

.‘ScotWi" :ii f'wsS‘the' only - one 
"Withbhr $take in; a. Scottish 
clearer -as- apart- from the 
BeddaricUCiydes&ate partner¬ 
ship, Barclay^ has. a 35 per 
cent, holding-in tite Bank of 
Scotland and Lloyds' a 16.4 per 
cent, one in the -Royal Bank of 

Widn the first--signs of tlie 
Norih Sea*• oil ,b6dm'appeared 
in : the. early 1970's, Nat West 
saw an increasing number of its 
customers, private- as well' as 
corporate ■ ones, drifting into 
Scotland: and although people 
l_eod fo stay “ loyal “ for a year 
or two. they often change after 
the. initial period to' a local 
bank which in Scotland wouLd. 
of. course, be one of the 1 'three 
ctearers. .. . 

... -NatWeet ■ recognised this 
potential danger as long ago as 
1971 when a senior executive 
was sent oh a scout mission to 
Edinburgh. .He Stayed on .and 
off - for. tw’p' years,. literally 
tramping the streets and- doing 
a bit-of lending on the side. At 
the end of his stay, lie produced 
a report to the Board and it 
was bn the strength of this that 
the bank- decided, to move into 
Scotland in force./ ; j 

The Edinburgh and Glasgow 
branches were opened almost 
simultaneously : in • November 
1975.- followed by the Aberdeen 
branch a ‘few months, ago. In 

The same, period:.the staff has 
increased from 18 in .die- two 
■cities to 58 iii,the three cities 
doing.- according to the, Spot* 
tiSh; manlier, Mjr.-Ivor.’Jones, a 
respectable volume of V retail" 
banking;as well ^as the cor¬ 
porate'■ staff. • Moreover, Mr. 
Jones deims, .the- two .original 
branches are how “ earning 
tb&r keep.'" ' j, 

NatWesf's. plfllpsophy Jo Scot- 
tendTs furtlier"growth,, all -at a 
time! when the Big Four’are 
trying ■ to. trim their. English 
branch network.' 

The question of where and 
when that Nat West’s still 
growing band' of competitors 
would like to know. Inverness, 
with its petrochemical'expecta¬ 
tions. and Perth or Dundee 
would seem to be the -most 
obvious choices aod Mr. Jones 
does hot conceal his eagerness 
to expand' his Scottish .empire 
at the earliest opportunity.- 
Nat West’s—and the other two 
London clearcrs'—most formid¬ 
able rival in the corporate and 
international .field is, of course, 
Barclays. International which 
has. within the 'past nine 
months, not only upgraded its 
Edinburgh representative office 
to full branch . status ; but 
opened two further branches, 
in Glasgow, and in Edinburgh. 


• The bank how employs 39 
people iii the three centres and 
has in charge of its operations 
Mr, Norman Ireland, a banker 
with 25 years”!-overseas experi¬ 
ence. (Mr.- L. W. Deane, of 
Lloyds. Mr. Ian Macleod. of 
Midland as well as Mr.. Jones 
have domestic ■ backgrounds 
although they all .have senior 
assistants with ; international 

•te of Scotland International Headquarters, St. Andrews Square , Edinburgh. 

experience resident in Scotland. 
Again, unlike the other three 
regional managers. Mr. Ireland 
is a Scot, a native- of Edin¬ 

One of the four ’London 
clearers", main targets for 
expansion is the largish but not 
very!. ;large U.K. or Scottish 
company with some inter¬ 
national links but not yet a 
multinational - in the sense of 
operating .in several centres 
away from, the home base. 
Admittedly* on this score they 
meet the Scottish clearers head 
on, though not. apparently, the 
North American or European 
banks located in Scotland as 
these—in the view of at least 
one executive—■“ do not like to 
be bothered” with business 
worth less than Sim. 

It is in this area of business 
that the London clearers hope 
to have the edge over their 
Scottish rivals with their large 
international network, expertise 
and financial weight. Although 
all Scottish banks have estab¬ 
lished overseas branches, sub¬ 
sidiaries or representative 
offices in recent years (even the 
Midland subsidiary, Clydesdale, 
has an office in Houston, the 
U.S. " Oil capital" while the 
Bank of Scotland has gone as 
far -as sharing a branch in 
Moscow), the London clearers 
have-their own offices in many 
more countries, including the 
oil*rloh -Middle East states. 

. On the other hand, notwith¬ 
standing the rush from London, 
the Scottish clearers have. all 
managed to expand their capital 
base in recent years, including 
a 20-fold growth of . their 
currency business. They have 
also expanded their range of 
sendees to cover such items as 
leasing and factoring: though 
here again one should npte that 
the London clearers’ •-* package" 
indudes similar services’ with 
substantially greater financial'! 
and other resources. 

Whether, despite Mr. Jones's 
confidence and the .perhaps 
more restrained expectations of 
the other Big Four executives, 
Scotland will prove to be a cost- 
effective location as well as a 
good defensive one to the 
London clearers only time will 
tell. Scottish bankers have been 
increasingly vocal in their view 
that the place is over banked 
and.any fresh *' pickings ” would 
be few and far between. (It is 
another way of describing cut¬ 
throat competition.) To which 
the London man newly in Scot¬ 
land would answer, strictly off 
the record of course: “ But then 
we can’t afford not to be’here:" 
For Whatever the pickings, they 
all recognise Scotland’s .signifi¬ 
cance as. a “listen ! ng post" as 
much as* a source of new 
biisinfessr . 

Their again there is that 
remote possibility of Scottish 
independence. As Sir Jeremy 
Morse, of Lloyds, put it—-on the 
record-—" the recent reassertinn 
or -' Scotland's individuality 
which, however far it may or 
may hot go politically, must 
make an international banker— 
even one .based in- London— 
s»y: k Cau we he in more than 40 
countries and not be in Scot¬ 
land?’ ’’ • 

Andrew Hargrave 

Financial TMes Ttoffsday-gebr^ a^.ag 

• ?*"•**• •- -i i _ . M v-/',v 

rid hp 


Spins fine counts 

THERE ARE many rotor spin- ^ “J !2 d 3 u TKble°i 


Costs cut 
by tape 

IBS being achieved in 

• ENERGY 4 . 

Pumping heat into 
domestic radiators 

enance- ins" 1 plant ^incorporates steam EXPERIMENTAL central- lively \deao and 
nod an heating. Maximum heating system which is'adevioe^fhjohj 

fine. achieved at almost 100 j?®**™* ltl ”e twice as economical as the- an outside 1 

" C—the temperature vanes as a ioje u ice . g tQ be in extracts heat fromi an 

The PH400 is suitable for hfgb Tta fSfanation^^specially 
volume or small batch applies by JJ* p h automatic Vaqua D 
tions on spur and hehcai scar ^gd t bu ilt by Abrasive 
production, and is also built as Developments. Norman House, 
a fully universal machine to Deveiopi e Solihu Il, West 

accommodate the production of 103642 

vormwheels. By M Can ab1e or handling a maxi, 

rigidity 0 r structure and trans V^ oad of go cwU the clean- 
mission. with simplicity or trans . i . incorporates steam 
mission and ease of maintenance. * . p M-iximuin efficiency is 
TT Churchill has developed •" heatme. Maximum cmwem. 

extremely accurate mach' 

THERE ARE many rotor spin- uonj. Uk to a ^ double . sided _ c0St5 at Cameo (Machineryi W- ^ equipment, using a standard 
rung machines being built in the f t 0s ' l '“ n l*^justed to produ.-e loams the installation of uo deslgn automatic indexing turret 
world to-da'\ most of which are J 1 _ DacIca< , es that are cylindri- Richmond two-inch NC dnmn„ moun ted around the taiktocL. 
lf'irftnpun 'The system of rotor J , £ner to 6 degrees or machines. . . This can accommodate a range 

extremely accurate machine. ^Vw^re “ be twice-s econonuca, « - # —J-heTt^fro^an out^J 

to ^z s gr.l rwas Mr g* & «**■■* 

uneryi fol- ini , * an f D ment. using a standard ac T , om _ t _ he c i e . aQe d arc loaded Pri. va _ te “™ s 


world to-oa'. most oi varn packages mat are cyimuri- 

“IT”-. *wd* “ - _ 

spinning is an a ^ eV j tbe nfW machine aii the Letchworth. Herts., makes a over. . .. five .oscillating jet ? uns *"!”* s a mp*7unction as a com 

■pinning of textile jams and it n me n * being aimed at bv wide range of bindery equip- Capabilities of the machine hot watcr _ ^ an d abrasive same . boil€r . 

has the advantage of being sole top spinning machine mC nL including a fully auto- are sucb that a .^-tooih S P“J panicles. Cycle time W stem is a combined'd 

produce packages of very _i” 1 - nrnvided as 

ThTs'can accommodate arrange J«d|(jf) Mjgjj 

srsstsv^S sferr.sasa «ffi3SaBSB»lisS 

it water, air and abrasiv ce nrral-heatinE boiler- The *t.a higher ^fvf cera tm- is usually AT Q | AlflS : 

_ , a ful'y auto- ar e sucb that a .™« n pVnides. Cycle time is 20 c * n ™f s \ Abided'design of » J* »J 1 ®* iflwfe‘‘ 

to produce packages oi very builders"" are ‘ provided as mated stitching, gathering and S ear with an outside d^mejer J, ioules {or dies and 45 minutes ^ ^ 0GEM dnven by an^eiecnv _ -(^tr&l* snRFACE- analyaiS; 

much greater size than is poa- There is automatic trimming machine. It also pro- 0 f 22ram. f8.« inches! * nd ,ac ® for bolsters. . The- experimental Stirling In llie o ® Minin iS- »n Kii Tainfftibarouafi 

sible with the classical ring brofccn ends, aceom- du « s paper folding machines, width of 38mra. fl.5 inches) can 

frame. These yarns, while being P^Vpif hv automatic rotor clean- guillotines, sh'iters and rewind- be cut using automatic double 
weaker than those that are ring- P ’when packages are full j n g equipment cut cycle with automatic feed 

spun, have a very much improved JJ® • au tomaticaUy doffed Many oF the components have change between cuts, in total TlYlOCTP PflYlV 

regularity. * P d new package centres t0 be drilled. Upped and cycle time of 5.a minutes. 

A- new. second generation. mounte d in the winding bead, reamed, and previously the com- a 20-tooth steeMEN 351] gear 

rotor spinning machine has just after w hich the position is auto- pany use d radial^ dniling with outside d ,a ™ e ^J > ' /IS™™' inli.nrlii/.arl in Wp_St fiEf- _.tia.ll.i rncUrted. 

Philips and OGEM. 

The ■ experimental 
engine is supplied 

“■ .... , AVDorimentai ceuuw 

•ntal Stirling In the expenm LaugJihaEougfi QdsSitestc 

__ .. ed b y Philips, heating a®**®;S^rqvide>H iM 1 - 

The remaining part oftbesystem dny|n passes, into The of mdustrles^ 

and insullation in the houses whwe wart together hflaad -nn . a seagai^g 

are in the bands ofCroon and centra beat e xtractfidftoin the electron spectrameteif^w»^u-i 
Co: (subsidiary of OGEM). JJ*ter by the heat pump. fey. 

From calculations and labora- gnrajj OT that' tihe -fiieL- eofr Technology' and ^ u augffl%e€ 

tory .experiments at Philips it ?JJJE?n^'abont half;tfcat Of a by. .a V^wnai 
v.lrlinn SSs“^d boaer- ;j• ^ 

on a machine 
matic loading 

win mm v —,‘v ■ v i. almost eliminated, and the com- 2133 . 

fine counts, while most com- niuch more difficult, although 1 pj^. savs it is saving as much 
peting machines are largely does baT(? t he advantage or being ^ no.000 in tooling and labour 
:onfined to medium to coarse j, b | e to spin at very high speeds cosls for eacb new model added 

KOaa. mu - j ; 

and Wear, NE21 5AA. 0S942o 


also been possible to reduce ‘ _ 

lead time for launching new I ’InntiC fnA 
products from 1- to three yylCdllij w,JLMw^ 

The XC drills are made ny 
the Richmond Machine Tool Co- 
Hillidce Road. Hunslct. Leeds 10 
(05-12 7I364S». a 600 Group 

Gears made 
at higher 

leung qucl-iui 
I s relinquishing *-»■*«* 
fcome managing V||KKtfi3 

new company. JC*^ 


count yarn 1 -. which compare with the 40.000 w ^, e product range 

The machine !■? built in sec- to 50.000 r.p.m. of most first a j so been Dossible 
tions. each with 24 spinning posi- generation maenmes. 


Dividing the workload 

FILUNG machiiie ™»ur.c<ur.r ™»®X'"wS-TlS! 

Neumo or Ne«ha\en. busses, is test j ns 0 f equipment on its 
hiving off some of its activities QWn pren] i s es. TTie latter com- 
to a new company. Packaging and p an y vv*ill also train operators and 
Processing, which has been formed carry out final Installation of 

to specialise in low to medium- packaging line*. Jirertor 

speed packaging lines handling Neumo marketin director 
liauid. somi-liquid and sort Hordon Harris^ Is_ri 

solids-in-.usrension for .he food, ths posl o becomo cjj u sed w clean the forge fools Controllers are avanao.e .. p - ston t0 more 

sau'i-ari.-sisss sr r di?f£ji' m s n ;^d A HI0 „ producti „„ *, ^ ?„t D s 0 ^ e r *- 

is , aiss-L“^ c— “3 ~ cdc - I " ,ertata « 

to enable Neumo to expand pro- Headquarlors of_f«kKin* and RJavd0j 


forging to lubricate 

in aumuuu *.« 

■sign wore. T^rnoS'e behind the M^”“ 5 t 7" m ^ctaiiSF'Se^ 

In ten seconds the 1640 will ua ragc. a conventional cen»al . engine;, this' gampte/ This is the.TegWa wWch 

copy an image 9 inches by 4 = b eaUng botler is 10 be installed, ro the sup^ .b^ heat pdmp.. affects- adhesion. sriiiCqfiimtlQiL 
inches. There is little reduction ln this way » J' 1 ' 1 SSJ,^ of Sjofld dYre?tly'to »L Iu^this catalysis; coEroslon,rw and 

2 ? Ts^wlS M ^ cent. PU^.^P- SaJothertmw^lS^ 

i move is \>il Shields. ^ w . . ma rk<»T by Tl Churchill ot ing. wdicq pnmuccu uw 

pend pro- Heedqu.rlor, of Peckisln. end ^'on-o^Tyne. hoodies gears end dust in the die shop to > %"“ it 7e is »t =7. London Road, 
iuction of its filling machines Pmcessing will be at Quarrj^Hoad. - mm fl6 inches) dia- Ifvel ^nacceptable ^d'.r the . ' f^ ec 3e 0635 42421. 

rhile Packaging and Processing Newhaven. East Sussex (OiJ io fast cycle cutting times. Health and Safety at Work Act- Neunury. uerKs. «« 

mdertakes initial assessment of 43011. 





Algemene Bank Nederland N.A£ 

A. E. Ames & Co. Limited 
Amhold and S.Bleichroeder, Inc. 

Julius Baer International Limited 
Banca Commerciale Italiana 
Banca del Gottardo 
Banca Nazionale del Lavoro 
Banco di Roma 

Banco Urquijo Hispano Americano 

Bank of America International 
Bank fur Gemeinwirtschaft 
Bank Leu Internationa? Ltd. 

Bank Mees & Hope NV 
Bank of New Zealand 
Banque Bruxelles Lambert S. A. 

Banque Francaise du Commerce Exterieur 
Banque de I'l'ndochine e* de 5uez 
Banque Internationale a Luxembourg S. A. 
Banque Nationale de Paris 
Banque de Paris et des Pays-Bas 
Banque Popufaire Suisse S. A. Luxembourg 
Banque Privee S.A. 

Banque Rothschild 
Banque de I'Union Europ^enne 
Banque Worms 
Baring Brothers & Co., Limited 

n_«_I_L).._ A l!.«Lnn- urtrlU 

Loeb Rhoades International Limited 
Manufacturers Hanover Limited 
Merck, Finck & Co. 

Merrill Lynch International & Co. 

B. Metzler seel. Sohn & Co. 

Morgan Grenfell & Co. Limited 
Morgan Stanley International 

Deutsche Girozentrale The National Bank of New Zealand Ltd. 

- Deutsche Kommunalbank - Nederlandsche Middenstandsbank N.V. 

DC Bank Deutsche Genossenschaftsbank The Nikko Securities Co., (Europe) Ltd. 

Dillon, Read Overseas Corporation Ninnnn Euronean Bank S.A. 

Dresdner Bank Aktiengeselischaft 

*,r. _I_(. Ill_I__ 

Credit Industrie! e4 Commercial 
Credito Italiano (Underwriters) S.A. 
Credit Suisse White Weld Limited 
Delbruck & Co. 

Den Danske Bank af 1871 
Den norske Creditbank 
Deutsche Girozentrale 

urcaunci .. 

Effectenbank-Warburg Aktiengeselischaft 
Europartners Securities Corporation 
European Banking Company Limited 
First Boston (Europe) Limited 
Robert Fleming & Co. Limited 
Girozentrale und Bank 
der osterreichischen Sparkassen 
Goldman Sadis International Corp. 
Groupement des Banquiers Prives 

Hambros Bank Limited 
Hamburgische Landesbank 
- Girozentrale - 
Georg Hauck & Sohn 
Hessische Landesbank - Girozentrale - 

Baring Brothers & Co., Limneo LaiiuCTuauw - * 

Bayerische Hypotlieken-und Wedise!-Bank Hill Samuel & Co. Limited 

»_t. i ..jAck.nir r.im7«nfnl(> lndiistriehank von laoan I 

tsayensoie nypuuiwcirunu 
Bayerische Landesbank Girozentrale 
Bayerische Vereinsbank 
Joh. Berenberg, Gossler & Co. 

Berliner Bank Aktiengeselischaft 
Berliner Handels- und Frankfurter Bank 
Bankhaus Gebruder Bethmann 
Blyth Eastman Dillon & Co. 

Internationa? Limited 
Caisse des Depots et Consignations 
Citicorp Internationa] Group 
Commerzbank International S A 
Credit Chimique 
Credit Commercial de France 

A III! t/aillMVI W \#V> 

Industriebank von Japan (Deutschland) 
Kjcbenhavns Handelsbank 
Kleinwort, Benson Limited 
Kredietbank N.V. 

Kredietbank S.A-Luxembourgeoise 
Kuhn Loeb Lehmann Brothers 

Landesbank Rheinland-Pfaiz 
- Girozentrale - 
Lazard Brothers & Co. Limited 
Lazard Freres et Cie 
Lloyds Bank international Limited 

... . (Europe) 

Nippon European Bank S.A. •- 

Nomura Europe N.V. - 
Norddeutsche Landesbank Girozentrale 
Sal. Oppenheim jr. & Cie. 

Pierson, Hcldring & Pierson N.V. 


Privatbanken Aktieselskab 
Renouf & Co. t 

N.M. Rothschild & Sons Limited 
J. Henry Schroder Wagg & Co.limHed 
Schroder. Munchmeyer, Hengst & Co. 

|. & A. Scrimgeour Limited 
Skandinaviska Enskilda Banken 
Smith Barney, Harris Upham & Co. 

Societe Genferale 
Soci^te Generaie de Banque S.A. 

Svenska Handeisbanken 
Swiss Bank Corporation (Overseas) 

Trinkaus & Burkhardt 
UBS-DB Corporation 
Union Bank of Finland Ltd. 

Union Bank of Switzerland (Securities) 

Union de Banques Arabes et Europ&ennes 
- U.B.A.E. Society Anonyrae 
Vereins- und Westbank 
Warburg Paribas Becker Inc. 

Westdeutsche Landesbank Girozentrale 
Westfalenbank Aktiengeselischaft 
Wood Gundy Limited 

_ .. la.jjrcertacHB- - - rl^at 

hiistioiL it can ran on all sons or f roin Philips at A vtsual W 

fuels, for example, natural kb*. Eindhoven, The Nether- ma»»Wtadpit. rtffr 

rt has the further advantages pob o-a, . ; . . ..' scanning ithe beam,; enablte 

that the exhaust gases are rela- fanas. - .. awnrjiie ;%positibhiaS ofr xa 

: .-Vi --,, analv-tfi^/polijt. .on -the ample 

, -Tn addhlon-Vthe- AiiStfc-tagm 

• ■£ =.’■'■. f rom-. ,a : sihftle; elemant'.pan : fe 
• detected as the'beani is ipstere 


Variable soeed drives . 

Y ttllttUlv inWhrnfiT- over .the sorface. alTQw.itig ,th 

T Power Transmission will ••• The . Trinsmanic. mO Ppor . 

libitins two new transmis- ales the Variamatic gearbox pmr e lenients . to be obtained an 
th. rnrthrominB' rfnvulnopri :bv ;the.-JL»UlCn JS-nlaWaH- a-t-hne sea 

sion. units ai the forthcoming' c {pie developed by = the. -iauicn diaptayad' either• «•-arhne^.Mft 
IPH.EX '78 Exhibition io be held , compaT , v van Doomed ; . , 

at the NEC. Birm In chain, from ^ ^ units wUlbeavailabe • I^ughhptougf ponmltote>ini 

March 13-17 inclusive. They rutings * frortl iB^a bp urgest tfK. uoiveraty bKWsW. 

a dc variable speed drive unit Jr it K var j a ble speed ratios of.&L 6onsuhant»v, waA . egtabOshed i 
and a mechanical variable speed S?incorporatS of a wet ptete.;l9«9 /to. fttipw 
drive unit. .. ^: rintch on the: Input Efder-'Qf thg.atHhorttfes »■ and - gov^nm&i 

The new dc unit, the drives as a steward item; iisslsts 1 departments i p... have, access 

dvne.” has been designed for - g ce *|^ 0 tt and caters'tor^^over-- \Ke -expertBSe..and-facilitiefi j 
the control of dc motor speed • - the. university:. 

and is available in “S.w.r ■ TransmissiotH , . / _ -it- * — 

KS ln TFvXFSlS? S E^d^wu-sk ’ — 

0 .lkW- 60 &bW. • Lancs.. ^ - vw 


da> a processing 

Home micro 

improvement over th«^ims 300 
running Fortran, applicationsJW 
using -2K: bytes-of , MjMPg? 
cache memory, an&raannprow 
• ine point •instrucuoos.--' znesB 
features, along with^rime-SOO 
^ i- and Prime 560 V business 

LIKELY to be fast what M SSructiohs .th&tx it 
needed by those^who tar* ^ Te tfee^SO a 200 percent, per^ 

need to know al « u i P J ut b J ev tbe Srmanoe increase in Cobol pro; 

theless remain baffled by «e ^ v • j 1 

microcomputer, is a home t ewrt us€rg are grre*.* 1 

ing system from ERA wnic shared access -to itwo 1 

offers a step-by-step approach to m * bytes Q f .virtual memory .] 
mastering the subject Shared reentrant.- procedu*ei 

Central to the course, which ecute ? irtuai memocy that 
has been developed-in Germany js ^gmented, paged ahdvpro- 
by Standard Elektnk Lorenz (mi tected bv multiple rings.. : 

ITT company) is-a. portable aesh- p^^-' compu ter offers a plan 
top microcomputer unit based on , Io# es i s ting300 users ro up- 
an Intel SOSO A incorporating a g° rade t0 the' 350, which cojts 
control panel which is used in fnjnj £ 60i00 o upwards., . .. - 

conjiiction with a ser of d'e r,a >£ The prime 350 competes;with 
to guide the student through systems as -the PDP*11/B0 

cacti teaching step. and p W .u/70, and’the-Hewlett- 

Known as the Mr M,xpen p 3C fc ar d 3000 11 ^enes ^n the 
mpnter. the system » k " 0 .^- computation and lnierac| 

ledge, to be accumulated with JJJ ssIn g markets: . • - 
regariMo a hypothetical Procw- further from Prime'Computer 
sor. so that there is no bias fUJ -» Merton Centre, St. 
towards a particular manufac- p elcrs ’ street, Bedford. 0234 
turer. But later the student can * • 

siiriulate the particular product # ■ 

that he might soon have to work TJ />orlir»<T 1C 
on. Price is £295 excluding VAT. JvC3.UlU^ 

p'r- •' ■- 

More on 03723 74151. 

Provides a 
fast memory 

easily seen 

DEVELOPED by., Strainstafi of ] 
Cowes. Isle of Wight, Is the 1 

- — • - — — meter 

: Cwmbran De^ldptolent . 
Corporation ha b solved most of 
the problems encotmWired by 
iwlratey.dHran*:a«ff^ter - 

relocation. A’lfetai''- m . are tIian . 

1TO corapani es have sdtthsd be« 

IMUU. D8000 _ digital display — 

LATEST IN the family of add-on J^ C e S 1S ^SSS oflfi*metres: 
memories which SRL h ? s u^der any lighting conditions, 

exploiting on Ihe 19KI *r.«i core. ;m* 

puters since 1975 is the MOS 19E. g characters are used 

This provides error correctioii g^SSSJa^th JL*^.«ien 
and facilities for error reporting £ Sove visIbiUty;'.Housed in- 
and fault diagnosis. Tt is plug- !. SS Sn A x .72 mm: 
compatible on all small and ( ^ unit will bayeapjpltea¬ 

med i uni sized 1900 processors SSrStamvS rSdihge-tave: to 
from 1901T to 1904S. A fast b ® n t; Sn^Sr ie^a^i tdtaU 
version for the large 1906A and ^Stons ' ^ - i 

1906S is also being developed, ^e instramen^^fy^;^ ^ | 

The unit is the first store in „ n)tmeter ~ ^.. iicrh g. 

a new range based on. standard . -- —.aW **':*i %'yoitaga cpiri* . . 

boards, rack and backplajirFhi*.^ ■■ titoderi'docte?^ploeeethand 

inll be adaplable to many Jdd^n in^a^an; - ; ' 

and system applications. i-f-froiii: roadsHu^CwTHWaa’s 

committing thcniselvfls to M05 fw ; g^iociated inTtroacw* 

19E can. thus consider lw IiSn 0 ri?Ui®mtarbam 
insuilauon to a new mainframe b ,^ r ^ ; Bei7oi^ut. f 9o tT iijmtiisW. , <*IWd5,liJn*y 

when, replacement is due. - - - — -- - 

-The - - -- 


''rated ......... 

package, of which SRL already addition, "the tntastfred '.voltage 
has production experience from t mucq& so titat the mhter 

their use In the MOS 18 raemiky ^ scaled . fc. "suitable 
for- the BGL Molecular 18'com- uffftsl'The'mixhnuin 

putec. . ' L attenuation !e 6 :1. The unit can 

Systems Reliabiuty, f^ball aigo ^ork on a CUrrent lnput of 
House, 24, Rothesay Road, Luton 10 i niA using internal 

LUl 10X. Luton 385SL resistors. - . 

More on .098382.5111. 

Tba Corporation‘icmrarit' . 

) building progra mm *wni pro vid I 
awidatholctf ofl ntfuatrlal 

nirsTB^irww iiowll 
p n M»t«ry»i»ii<a "to faetdiriw andl- 
yyifAt wu— up-so iKUtoCaquara 
'ifitt. Uasehold serviced sites an 
’‘S¥fftI»>medi««hr- " - > ■ 

GetfanM^arrt gTimta arsavailebU 
: and«JlHFiiinttfB(raitt conoesoloni 
will be 

; tvf'icl.iwlf;l^udl the key mar 
aH y. 

part otBrttaib.V-»rTOlnsbamti 
90 mln»t^.by >®Jwa5, l^nton 
io little more tfian twp hours 
tt»y thefle? 

I-Get th^fecte^ifct'CwnAten,' 

i where 46 jWOtieorioawoy®'^ 0 ' 

j fafiiUWlorworhaaa.^lauir;; 

] Pi ease ugh thei»la»^ os wit« 

[or > 

a virtual 

A NEW virtual memory . com¬ 
puter the Prime 350. which gives 
users high speed and capabilities 
normally found only on larger 
Prime systems, has been un¬ 
veiled by Prime Computer in 
Wellesley Hills. Mass, U.S. 

Prime 350 runs programs as 
large us 768K hvws and offers a 
50 . per . cent, performance' 

tTcmsportabte units 
from 3R\Ato75dK\jSft?. 
Baseload, standby .-7 
or no brake sys^ns^ 
Bale or. rental. ' :v 

Manufactured ^ 



TEL 061-761.143* 
TELtxGaaaso ‘ * 

Cmtrt, t 
— Wald. 

f .TO.ffi.WtH 

"CHCTOf JkfiB.. 

S* CfflJnBratt. Ctp&pttB& XJ. ' 

X-Wat ta , y■- ' r , 

. • • =•'• r^-‘- V*:.-.w : 


•Hit - ~!i 


w an 

’s £lm, sticks 
v to Abbott 

The sales Luxembourg’s comeback 


RADIO LUXEMBOURG is mak- station with a national, as dis- tigers £5 per cent, extra ait 

•'HT is too well estab- 
* it cannot offer stand- 
t to. a ■ -reasonable 
. In the' U.S, a recent 
F classic segmentation 
id in the huge vending 
narket where Frank 
- schools mathematics 
. .tor .. of •. Rockwood, 
Ha, has.. added up a 
ra. and. decided to ixn- 
sales of. soft drinks. 
: add candy bars. He 
s—35m. of them last 
ire that could improve 

founder of Franko's 
says that for S1-SL50, 
can buy a packet of 
irite worms—12 to 15 
vlers, perhaps, which 
jgest' sellers, 30 to 40 
i or red worms, maybe, 
jgots. Next he plans 
to the minnow market, 
tet up in business two 
He carried out his 
rch and development 
tement of his home, 


ENAMOURED of what it 
describes as . David . Abbott's 
significant, contribution’, to the 
success of Volvo sales'Jn the past 
two-and-a*balf years; .Volvo Con¬ 
cessionaires has switched its £lm. 
advertising account from FGA/ 
Renyon and Eckh& Abbott's 
new agency, Abbott Mead Davies 
and Vickers. Mr. Abbott left FGA 
last autumn after.: laying be 
wished to return . to a more 
actively creative role within a 
smaller agency. 

With its loss of Vol vo, FGA’s 
billings are reduced tQ.£11.2m.. 
though chairman Michael Gold 
said last night he had .firm hopes 
of replacing Volvo with another 
car account Mr. Abbott said 
yesterday that his new agency 
had put on approximately £1.4m. 
in new billings since he joined it 
last November 21 , taking it to 

A spokesman for Volvo Con¬ 
cessionaires said that'.partly as a 
result of Mr, Abbott’s work, sales 
of its 2000 series, for example, 
had improved considerably to 
an expected 1978 sales figure of 
21,000. “He understands our 
business and we understand 

Volvo took trouble yesterday 
to stress that the move was in no 

sense a comment on the creative 
standards of FGA/Kenyon and 
Eckhardt. although Mr. Gold said 
he was disappointed the company 
had not given his agency long 
enough to- demonstrate that it 
still possessed the uecessary fire¬ 

Volvo said it felt it was in its 
own best interest that Mr. 
Abbott's involvement be main¬ 
tained, particularly with regard 
to important 1979 model develop¬ 
ments. It did not say what they 

0 PLAYTEX has taken its 
£1.5m. Superlook and Body 
Language bra business away 
from. BBDO and given it to 
Ogilvy Benson and Mather, the 
agency said last night In the 
U.S.. OBM already bandies a 
substantial slice of Playtex 

Shield Trading Stamps is to 
launcb a £600.000 advertising and 
promotions campaign to support 
its biggest-ever catalogue, due on 
February 27, of which 3m. 
copies are being printed at a cost 
of £750.000. 

• GOLDEN WONDER is plan¬ 
ning what it calls its biggest-ever 
assault on the £200m. UJv. 
potato crisp market where it is 

brand leader. The company has 
spent considerably on new pack-1 
aging and is planning a £lm., 
national TV campaign, via Masius' 

current earnings of S17.6m., has 
extended its international PR 
network by opening an office in 
Berlin. _ 

0 MARS TELLER is to handle a 
£500,000 pan-European campaign 
for Black and White Scotch 
Whisky. Royds Advertising will 
continue to handle Black and 
White's U.K. business. 

0 ACCESS AND JWT have con¬ 
firmed that the Joint Credit Card 
Company is to “assess alterna¬ 
tive proposals from other adver¬ 
tising agencies" for its £lm. 
account. JWT is re-pitching. Any 
fresh arrangement would be 
effe ctive from November. 1978. 

0 ITvs NET ad revenue in 
January was £24.795,672. com¬ 
pared with £15.384,461 in January 
last year, confirming the net¬ 
work’s fast start to the year. 

0 BASE DATA for the figures 
quoted in “How TV Costs Are 
Moving" in last Thursday's FT 
came from the Independent Tele¬ 
vision Companies Association and 
the Joint Industry Committee for 
Television Advertising Research. 

m a 

VIA A NEW division, the 
Daya-rk group is in the process 
of introducing U.K. advertisers 
and agencies to whal it describes 
as a unique medium for indoor 
and outdoor advertising display, 
the Ad-Uo Solar Sign, which in¬ 
volves the arrangement of small 
coloured discs, known as flickers, 
on to a panel backing. 

The flickers, available in 12 
basic colours, are manufactured 
by Japan's Nippon Sheet Glass 
Company and produce a con¬ 
tinuous shimmering effect which 
is said to give them an edge on 
conventional poster ads. 

The system is already widely 
in use in Japan and the U.S.. 

Why J and J grew up 

is own products in 
-developed preserva- 
‘Signed his own vend- 


it he operates 52 of 
onsylvania, Michigan, 
■ and West Virginia, 
} extend the number 
spring and is now 
ributorships. One 
m in Pennsylvania is 
5250 worth of worms' 

BILLED. SOMEWHAT--grandilo¬ 
quently as the “most important 
marketing event ever held in 
the UJC,” Marketing Workshop 
which opened at Wembley 
Conference Centre on Tuesday, 
continued yesterday and finishes 
to-day, has nonetheless provided 
a relative feast of fast- talking. 
To-day's three sessions for 
example, cover sales promotion 
—an aspect of marketing said to 
be-growing at twice the rate of 
the advertising business—in¬ 
dustrial marketing and the 
media scene. 

The value a delegate derives 
from a conference clearly* bears' 
a close relationship to-'fhe' effort 
be puts Into it, although with 
three sessions running con¬ 
currently it is no easy matter 
deciding which seam to mine. 
The opening day, for example, 
included sessions on advertising 
effectiveness, product and pack¬ 
age design, new techniques in 
direct marketing and mao. order, 
and international export promo¬ 
tion as well as international PR. 




; 25 APRIL 1978 

The Financial Times is preparing to 
• . .publisira Survey on World Press. 

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The content and publication dates of Surveys 
be, Financial Tiroes are subject to change at the 
discretion of the Editor. 

Among the speakers at the 
direct marketing and mail order 
session was Dick Thomas, head 
of the selective response unit at 
Wasey. Campbell-Ewald. who 
reminded his audience that mail 
order catalogues in the U.KL are 
now generating around £L5bm 
worth of consumer sales and 
accounting for an estimated 14 
per cent of all household goods 

Catalogues were now used to 
sell everything from salami to 
diamonds to fishing rods. They 
provided • wide- geographical 
reach, delivered specific 
audiences and offered sc-veo-day- 
a-week selling. “A catalogue 
never shuts; it can make a sale 
at any time of day or night” 

Quoting examples from the 
U.K. U.S. and Europe, Mr. 
Thomas demonstrated how 
modern catalogues could be as 
all-embracing as Littlewoods’. 
which offers 18.000 items, or as 
specific as the U.S. catalogue that 
caters exclusively though compre¬ 
hensively for yachtsmen. Under 
the right circumstances, a mail 
order operation offered big 
opportunities for growth, as with 
the U.S. company .that began by 
selling sheepskin coats by mail 
but-was now selling, .everything, 
-required by - tb& would-be cowboy 
or plainsman, or the one that 
initially sold, dress designs but 
was now tntafull-scale mail order 

There were a number of case 
studies on offer at Marketing 
Workshop, one of the more 
illuminating of which was Peter 
Mitchell’s account of Johnson 
and Johnson’s considerable suc¬ 
cess, since 1965. in re-modelling 
itself from a company specialis¬ 
ing pricipalJy in baby care pro¬ 
ducts to a fully fledged adult 

toiletries concern. In the U.K., 
for instance, Johnson’s Baby 
Powder is brand leader in the 
total talcum market In Italy, its 
Baby Shampoo is leader in the 
total shampoo market, and so on. 

There were three main factors 
which in 1965 prompted J and J 
in the U.S. to re-positioo its baby 
products, said Mr. Mitchell: (1) 
the growth of spontaneous usage 
of its products by adults in baby 
households; (2) changes in the 
US. sales tax structure which 
ended tax discrimination be¬ 
tween adult and baby toiletry 
products, and (3) fundamental 
realisation of the declining U.S. 
birth rate. 

Fortunately. J and J had a 
range of products to hand that 
could be positioned in the adult 
market, although there was no 
suggestion of a need for product 
alterations, nor of a change of 

The results have been dramatic, 
la the U.S., for example, dollar 
sales of Baby Oil improved by 
148-per cent between 1965 and 
1971 and had been improving at 
a good rate ever since. In the 
U.K^ sales of Baby Shampoo im¬ 
proved from an unmeasurahl.v 
small level in 1973 to around 5 
per cent of total sales by 1976. 
■whilr’Baby Oil had grown by 
38 per cent in sterling terms 
during its test market over the 
past 12 months. 

There were at least two lessons 
to be learned from J & J’s suc¬ 
cess:- First there is the basic 
recognition of the value of the 
products your company possesses 
—we call it old product develop¬ 
ment Second, it is important to 
be very careful not to under¬ 
mine your original market—In 
our case tbe international baby 

where outdoor displays of up to 
200 square metres have been 
installed by companies like 
Coca-Cola, Yashica, the Matsus¬ 
hita Electric Industrial Company 
and Foster and Kleiser. Use of 
the system has also spread to 
Holland, ii in the Heineken 
picture, Belgium. Austria. 
France, Germany 2 nd Ireland. 
Italy and the U.K. are tbe next 
targets. (The Heineken logo 
shows how the system can be 
used in conjunction with cut¬ 
out perspex lettering.) 

In the U.K., Dayark says the 
cost of the system will be £65 
per square metre In kit form 
or £100 per metre if the signs 
are ordered in made-up form. 
On the. basis of current negotia¬ 
tions with companies such as 
Ford, Benson and Hedges and 
Guinness, it reckons it will sell 
at least 5,000 square metres of 
Ad-Up signs this year, and per¬ 
haps 8.000-10,000 metres' worth 
in 1979. 

Apart from advertising and 
display, the system is also said 
to be suitable for stage and 
television settings and interior 
design work. 

Rather grandly. Dayark claims 
its new system to be "the most 
promising medium of advertis¬ 
ing of the day.” Tbe main 
features of the system are that 
it is light, inexpensive to 
assemble and easy to install - , 
that it Is durable and virtually 
maintenance-free, and that un¬ 
like neon and floodlit displays, 
it requires no power source. The 
system is also said to hold out 
forever in severe climatic con¬ 


ing an advertising comeback. 
Britain’s oldest commercial radio 
service—though its transmitters 
are not, of course, in this 
country’—suffered a decline irt 
revenue after the establishment 
of tbe Independent Local Radio 
network, though last year the 
trend was reversed, and this year 
advertising sales are expected to 

The company is coy about pro¬ 
viding figures, but sales director 
Tooy Logie hints that 197S 
revenue should be at least £2m. 
Last year, he says, revenue was 
four times the 1976 figure. 
Assuming that in 1977 Luxem¬ 
bourg sold £lm. worth of airtime, 
then it was previously doing 
very badly. 

The upturn dares from Logie's 
arrival on the scene J3St April. 
Advertising agency media people 
confirm that the 39-year-old 
funner ad director of the Daily 
Express made a big impact In 
the space of four months he 
made about 150 presentations, 
relying on research data from 
Gallup to push his argument that 
it makes sense for many adver¬ 
tisers to use a combination of 
Luxembourg and ILK. 

It is a pretty logical argument. 
If it wasn't being, pressed or 
heeded before, tbe reason is 
probably that the Luxembourg 
sales staff in London had, in 
Logie’s words, taken fright. 
There were, in any case, fairly 
few of them. When Logie 
arrived. Luxembourg bad five 
sales executives in Londm. Now 
his staff numbers 25. including a 
research manager, and they have 
just moved out of the company's 
main offices in Hertford Street to 
set up .house on their own in 

Radio Luxembourg, which has 
been broadcasting to Britain 
since 1934, can truthfully say 
that it is the only commercial 

station with a national, as dis¬ 
tinct from a regional, audience. 
In the past there have been com¬ 
plaints of poor reception, but 
last year signal strength was in¬ 
creased and it now claims to be 
beard clearly in all parts of the 

That includes towns such as 
Bristol and Leicester, which still 
have no 1LR station of their own. 
It also includes areas such as 
Yorkshire, where Luxembourg 
claims greater penetration of the 
15-24 age group than does ILR. 
“ But what’s really important.” 
says Logie, “is what happens 
when you add the two together.” 
The figures are 30 per cent, for 
Luxembourg, 22 per cent, for 
ILR. and 41 per cent for a com¬ 
bination of the two. 

It is to the youth market that 
Luxembourg makes its main 
appeal, of course, with its pro¬ 
gramme diet of continuous pop 
music. Nationally it claims to 
reach 28.5 per cent, of 15-24-year- 
olds over a two-week period. 
Over tin* same period it is 
listened to by a total of 4m. 
people, it claims. 

Originally the station's English- 
language output was aimed at ail 
ages—Hughie Green's “ Oppor¬ 
tunity Knocks.” for example, 
started as a Luxembourg pro¬ 
gramme—but it swung over to 
its present policy in the 1960s. 
And the 15-24 age group has 
plenty of attraction for 
marketeers. According to TGI 
figures its members make con¬ 
siderably more use than does the 
average adult of such things as 
drinks, cosmetics and con¬ 
venience foods and even of build¬ 
ing society savings and bank 

Banks, cosmetics, cars and con¬ 
venience foods are all categories 
in which tbe station has recently 
been increasing its advertising 
revenue, helped by a claimed 
average cost-per-thousand of 43p. 
It is also helped by introductory 
test rates which give new adver¬ 

tisers 25 per cent, extra airtime) 
free of charge, for 13 weeks. 

There is also a special new 
rate for record advertisers, who 
in the past constituted Radio 
Luxembourg’s biggest source of 
revenue. Curiously, though, 
re-iponse from the record com¬ 
panies has been disappointing, 
and last year both drinks and 
white goods contributed more to 
Logie's sales figures. 

Radio Luxembourg’s biggest 
handicap as an ad medium is that 
it starts broadcasting to Britain 
only in the evening and goes off 
tbe air in the early hours. During 
the day its frequency is used for 
tbe station’s German service. 
“ We’d make a fortune if we 
could broadcast during tbe day.” 
says Logie, but there is no 
likelihood of that bappening in 
the near future. 

Nevertheless, tbe fact remains 
that, as he emphasises, "with the 
advent of ILR more people are 
listening to more radio.” Cer¬ 
tainly ad agencies are taking a 
much greater interest in the 
medium, and the surprising thin g 
is not that Luxembourg is now 
doing well but that it went 
through such a bad patch as it 

In accordance with his view 
that ILR and Luxembourg can 
broaden the market for each 
OTher. Logie urges advertisers to 
use both. He is keen on the idea 
of co-operating with ILR in 
au<?’:nce research, an idea which 
he has formally put forward to 
JICRAR, the Joint Industry Com¬ 
mittee on Radio Advertising 

He would also like to have 
some link between his company 
aDd the Association of Indepen¬ 
dent Radio Contractors, if only 
to assist Luxembourg with its 
advertising code of conduct At 
present Logie himself is a “copy 
committee of one.” 




U.S. Domiciled executive, currently responsible for North American 
subsidiaries of substantial British industrial corporation, seeks similar 
position but with greater prospects of significant expansion (whether 
generated internally or by acquisition). 

Considerable and successful international experience (North and South 
America and Europe); multilingual; innovative; and adaptable. 

Please write Box A.6277, Financial Times, 

10, Cannon Street, EC4P 4BY. 



The European Businessman Readership Survey 1978 

“...the daily 

every German 
business executive 
feels he must read.” 

Financial Times, London 

SeniorBusinessmen in large and medium-sizes companies m the Federal 
Republic of Germany read the Frankfurter Allgemeine Zeirung more 
frequently than any other comparable German language newspaper or 



Federal Republic 
of Germany 

L uropc 

fl-t indu-iinJOalesl 

Frankfurter Allgemeine Zeiiung 



Der Spiegel 









Die Welt 


7% ’ 




Suddeutschc Zeitung 



Ncue Zurcher Zeiiung 



Farcompariioa: The Financial Times has a coverage of <i5: 

in the United Kingdom on J19.«in 

Source: European Businessman Readership Survey 197S by Research Services Ltd. Sponsored by 
Financial Times - BertmsskcTidende - Handdsblatt - Lc Figaro - Les Echos • Vision. 

With all the know-how of an international Swiss bank 

You can discuss all inspects ofbankingwith Swiss Bank Corpo¬ 
ration (Luxembourg) Ltd. - and Eurobanking naturally tops 
the list Its range or services is tailored to the needs of an 
international, and internationally-oriented, clientele - and its 
Swiss-trained officers are specialists in the areas of banking 
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s a chord 

The hazards of pla 

Financial Tmek^virsfaT. 

z*l-i i.j ?■ 



IMMIGRATION presumably must Study, there might be 100.000 
subside as an Jttue. at least for (surprisingly few) existing Tory 
a little while, in Britain's current voters who would be frightened 
general election campaign. At off; then there will be many, 
any rate it can hardly keep up many others who are attracted 
the runaway pace it has made elsewhere for different reasons; 
since Mrs. Thatcher first spoke of and the Shadow Cabinet almost 
people's Fear of being swamped certainty would not wear a con- 
by alien cultures on TV' some centra led campaign on lnunigra- 
tbree weeks ago. But before any- lion. But suppose she did manage 
one assumes that a truce be to gather in just one in four, 
declared in the higher interest surely not too unreasonable a such 
of humanity, it is worth studying uiise? This would mean a gain of 
for a moment some remarkable 1m. votes, or 2.5 per cent, of the 
evidence unearthed at Essex Uni- electorate. The swing this would 
versity on just bow potent an re preseat to the Tories would be 
electoral factor immigration, (ess, at may be 1.5 or 2 per cent, 
allied with its emotional stable- because of converts from - non¬ 
mate of law and order, could be. voters in October 1974. If the 

gains were spread all over the 

•m/fr • 1 country, they would on paper 

MaXflMIlia DOOl mean a windfall of petoaps 20 
“ s»»ats. A little more, and Mrs. 

We have, in a real sense, been Thatcher would be taritalisingly 

round this course before: in 1970 near a Commons majority- 

to be precise, when as now the Of course we all know that 
Conservatives were fighting to opinion polls, and even this kind 
dethrone Labour at a time when of sophisticated political analysis, 
the economy was starting to look are to be treated with the 
more cheerful, and when immi- greatest care. But it would be 
gration became a pretty potent odd if at least the broad finding 
side attraction. Jn n memorable was not correct that Mrs. 
phrase, Mr. Wedgwood Benn said Thatcher stands to gain a good 
the flag flying over Mr. Enoch deal out of immigration—-and 
Powell's then seat ac W'olver- even odder if Labour's own un- 
hampton looked like the one published opinion polls were not 
which flew over Dachau and saying the same sort of thing. A 
Belsen. Almost eight years later, good deal then falls into place: 
Mr. Powell says he was deceived w hv she has chosen to raise the 
over the Tories' real intentions, matter so Jong before the likely 
Nonetheless, soon after his upset election date, and why the Prime 
victory. Mr. Heath was pushing Minister, while despatching Mr. 
through Parliament the 1971 Re e s to make violently critical 
Immigration Act which remains speeches, attempts to neutralise 
the basis of Labour's policy in t h« threat bv entwining his 
Government. And now we hear opponent in an all-party confer- 
Mr. Merlyo Rees accusing Mrs. enw . 

Thatcher of fomenting racial 
hatred, fiddling, the statistics. 

opening the door to the National C**«.r*lrc* ri/mnlr 
Front, and so on. Plus ?a dfflOKe SIOTHiS 
change. ... 

But to return to those Essex . Already the first smoke signals 

THE GERMAN Supreme Court's 
decision on Tuesday to reject 
GEN’S bid for the Sachs Group 
illustrates the uncertainty en¬ 
gulfing those who dare to pursue 
cross-border mergers and acqui¬ 

The debate over the merits 
or demerits of the proposed 
venture for the future develop¬ 
ment of the two enterprises, for 
their consumers, and for closer 
industrial co-operation within 
the Common Market, were first 
overshadowed during the pre¬ 
election period in Germany by 
popular hostility directed 
against the tax freedom of the 
Sachs brothers—the then Swiss 
resident owners of the shares 
GKN wished to buy. 

Later the project fell victim 
to the desire of the Federal 
Cartel Office to obtain a court 
ruling on conglomerate mergers. 
The project suffered great 
delays in the course of judicial 
renew. First the Appeal Court 
in Berlin reprieved the merger, 
and this week, on the basis of 
the same facts, the Supreme 
Court condemned it. 

The point is that it is difficult 
to foresee what view different 
judges will take when asked, as 

they are by German law, to 
make predictions on how a com¬ 
pany's future business policies 
might affect competition. In 
this context the planning of a 
merger can be particularly 
hazardous. • 

The judgment once again 
demonstrates the ability of 
courts to defeat both parties to 
an anti-trust dispute. However 
the Cartel' .Office — though 
winner in the sense that it bad 
its ban on th? merger confirmed 
—was also defeated in its main 
objective. This was to obtain 
the Supreme Court's blessing 
for its claim that it has power 
under the present law to stop 
mergers merely because they 
add greater financial power to 
an enterprise already in a 
dominant market position. 

What other reasons the court 
had for concluding that this 
merger would have increased 
the dominance of Sachs in the 
German dutch market will be 
revealed only when the text of 
the judgement is -released— 
which may take several weeks. 
But even so it is apparent that 
the judgement will have the 
absurd effect of providing 
opponents of proposed legisla¬ 
tion, designed to tighten up the 

German competition act, with 
new ammunition. The draft 
Bill, now in its final stages in 
Bonn, proposes that an increase 
in market dominance should be 
assumed, without requiring 
proof, whenever an enterprise 
with an annual turnover of 

.account the changes takin g 
-place in the structure of a 

The Supreme Court reversed 
a decision of a lower court 
which found in favour of the 
Emder HafenumscWaggesseD- 
schaft and against Sidemar of 


By A. H. HERMANN, Legal Correspondent 

DM2bn. U510m.'» or more 
acquires, another with a turn¬ 
over above DMlbn. This rule 
if adopted earlier would have 
deterred GKN from ever 
attempting the acquisition as 
the turnovers of the two enter¬ 
prises are above these 
thresholds. Yet the Karlsruhe 
judgment is likely to be quoted 
in support of the argument that 
the law is strict enough as it 

* * * 
MARINE law is much more a 
lawyer's law than anti-trust 
rules, but recent derisions of 
the Supreme Court (Roman 
2 Z R 132/75) show.that its 
application must also take into 

Genoa, the owner of motor ship 
SS Sagittarius. . The plaintiff 
was engaged in the business of 
loading .and unloading vess e ls 
docking in the port of Emdec. 
In the course of unloading iron 
ore from the Sagittarius the 
conveyor belt operated by this 
company was seriously damaged 
by a piece of sheet metol which 
came up in the iron ore in the 
hold of the ship. The plaintiff, 
claimed that the piece of sheet 
metal was negligently left in 
tt\e hold after some repairs. 
The ship owner claimed it was 
properly fixed and became loose 
in the course of unloading. f 
The lower court heard that 
the ship owner has a strict lia¬ 

bility which does not require toe 
proof-of negligence on the part 
of the crew. Proof that the piece 
of .sheet metal came' loose dur¬ 
ing the unloading. operation 
would not help, said the court. 
The special responsibility of^toe. 
ship owner was JJasedr °n' Sect - 
485- qf the German civil .court 
which took into : account toe. 
dangers which the operation^ of 
the vessel has for third-parties. 

The . Supreme Coort took a 
different view. ‘ The : .strict res-, 
possibility of toe . ship : owner 
was appropriate-in times When 
the-loading and,unloading was 
• done by the crew or by dockers 
selected and supervised by toe 
master of the vessel, if said. 
However it is now done by 
specialised enterprises. com- 
missioned by the charterer- er¬ 
as in this case, by the coasignee 
of the cargo. In . these ;ehanged 
circumstances tiieii ability of ihe ■ 
ship owner can no longer be' 
assumed said' the • Supreme' 
Court The case was returned to 
.the lower court with a direction 
to ‘determine who/ was . actually 
. responsible for the mishap. 

" ’* * -★-. .- • 

A BANK manager's warding .to 
S'client whose overdraft is get-; 
ting, out of band should not err. 

ment at leasrne t in faerhao Eft ; 

The Supreme Graft waB^ven 

aid'. Qppbrtuh^ Ho^ 

gTeat detaU- HJZB3& 

m) fbejogtt 

bank Vrishin& tp. terinBsjtfa;ita 
basiheBs i^ttons\ yrith) ^ ^ieai 
and- to demand ifonaefiiaje r* 

'flecuritteg'heW: r v .&?,&&■ 
: r The logger ir 

.favour ■ 

; Claimed 

ate&> its-credits te&^a^dpfiy 
UifiSiQjreme tttWt-ia&rWtoi 
6anK*s hppe^-^L^inStS^rt’* 

' sjtiiatiba.'.toat^-'fwok.CfeTrih 
lODger be expectedv'W^outiiia 
the basing 

'ohligalidh. ior^cm-.iih0wc0 

- out.toat 
to V doubt 
. ready -objected 
of lutstoeSE^khd- ^pStrticali 

;ta renrave'anyl^j^^fail^^b 

West Germans master 
England in second half 

University findings. which are going up about what the 
attempt "to quantify the votes Tories are likely to opt for. when 
that the Conservatives theoreti- the infinitely trickier moment 
rally could pick up by hammer- arrives of putting flesh on their 
ins away on the two issues. They ideas: George Gardiner, the MP 
conclude that the maximum pool who edits Conservative Monthly 
for Mrs. Thatcher to scoop in a Ns-ws which infuriated many in 
perfect world comes to over 4m. the parly by its timely and ring- 
votes. This sta 7 ? Q rine figure— inq endorsement of the leader’s 
one-tenth of the total electorate— line is now talking about 
is arrived at bv adding together « phasing the fulfilment of com- 
the “detachable" parts of the mitments ” an( i n0t breaking 

SXr™74 S SS! lh , c f 1 MtaW^b'ne « register 

There are. it suggests. 900.000 of dependants and the fixing of 
Labour voters. 1.75 oj. Liberals, annual quotas. Maybe false 
and 1 . 6 m. of those who did not hupes have been aroused, but 
bother to vote last time, who equallv Mr. Powell’s denuncia- 
ctmld be lured into tiie Conseivu. tion a j tbe weeken d sets the Con- 

—- useMly a n d u nm „ 
talk is sufficient. takably apart from his own 

Of course, whatever happens, extreme position. In the mean- 
this nice little parcel of 4.25m. tj me Mrs. Thatcher has struck a 
votes win not fall into Mrs. choT . d if nothin? else> and it u 

S at l?o e r Crewe, a co-director nf hard to see how it will not yield 
the project called British Election benefits. 

THE WELCOME victory by the 
England U B" team in Augsburg 
yesterday gave an added bite 
and incentive to the full England 
XI to which they responded well, 
but after leading for most of 
an excellent game, eventually 
lost 2—1 to West Germany, 
though a draw might have been 

Certainly Germany did more 
attacking, but they were dis¬ 
appointing in the box. Their 
winning goal came from a direct 
free-kick which passed a wall 
that had not been constructed 
well enough. 

England went in at half-time 
one up from a beaded goal by 
Pearson in the 41st minute. A 
good move was originated by 
Wilkins, carried on by Neal, and 
Coppell put over a fine centre. 

Strictly speaking England 
were a shade fortunate to be 
in the lead, as West Germany 
had created the best scori ng 
chances. Rummenigge was 
unlucky to hit the post with a 
tremendous right-root drive, 
which Clemence could hardiy 
have seen, and the tricky 
Abramczik had gone close after 
the ball had been played off by 
the centre-forward inside the 

Both teams played calm, pre¬ 

cise calculated football which 
tested two resolute defences. 
West .Cermany were at their most 
threatening when they counter¬ 
attacked after an English move 
had broken down. 

The big difference in style was 
that the English were inclined to 
be slower in tbe build-up and 
did not usually move as quickly 
off the ball as their opponents— 
though Keegan, darting here, 



there and everywhere was often 
an exception. 

In midfield, although fre¬ 
quently outnumbered, Wilkins 
was outstanding and produced 
some excellent passes. He also 
showed exceptional composure. 

Barnes on the left-win? once 
slipped the right-back to put 
across a centre from which 
Pearson was only inches wide. 
The overall impression after the 
first 45 minutes was that Eng¬ 
land had shown all they had. 
but that Germany had some¬ 
thing up their sleeves, even 

though they appeared to be 
handicapped by including three 
natural wingers up front. 

After the interval. West 
Germany immediately started to 
attack, "but weer held by the 
back four, and had to rely 
mainly on long shots. 

When England did come for¬ 
ward. Barnes' dribbling ability 
caused problems and Pearson, 
somewhat surprisingly, often 
beat his marker in the air. ^ 

After Neumann was injured in 
a tackle with Brooking, Dietz 
replaced him and England con¬ 
tinued to absorb heavy pressure 
without having to rely overmuch 
on Clemence because tbe many 
shots and headers were well off- 
target Tbe best opportunity 
fell to Rummenigge, but he shot 
well wide. 

However, these numerous 
attacks were eventually rewarded 
with the goal they deserved 
when in the 79th minute Worm 
beat Clemence from the left-hand 
side of the area with a well 
placed shot. 

Francis was brought on for 
Keegan, who bad developed 
cramp and bad played so well. 
Just when it seemed a draw 
would result Watson was booked 
for a heavy tackle just outside 
the area, and Boohof scored 
direct from the free-kick. 

Mottram to play 

f Indicates programme In 
black and white. 

BBC 1 

6.40-7.55 a.m. Open University. 
9.41 For Schools, Colleges. 12.35 
p.m. On the Move. 12.45 News. 
1.00 Pebble Mill. 1.45 Trumpton. 
2.00 You and Me. 2.36 For Schools. 
Colleges. 3.00 Children’s Ward¬ 
robe. 3-53 Regional News for 
England iexcept London). 3.55 
Play School (as BBC -2 11.00 a.m.). 
4,20 Winsome Witch. 4-25 
j 3 Ckanory. 4.4ii Scooby Doo. 3-00 
John Craven's Newsround. 5.05 

Blue Peter. 5.35 Paddington 

5.40 News. 

5.55 Nationwide (London and 
South East only). 

6.20 Nationwide. 

6,45 To-morrow's World. 

7.10 Top of the Pops. 

7.40 The Good Life. 

8.10 Wings. 

9.00 News. 

9.25 Cannon. 

10.15 Omnibus. 

1L.00 Tonight 

11.40 WeaUier/Regiona) News. 
All Regions as BBCl except at 
the following times:— 



1 Dances for bachelors with 
spirit 161 

4 Performer from behind the 
IroQ Curtain becomes editor 

9 Antipodean at work in the 
garden ( 6 ) 

10 Illustrates exploits round the 
river (St 

12 He finds the ancient city a 
collection of infidels (Sj 

13 Object to a little intelligence? 
That’s mean ( 6 ) 

15 The answer that came from 
the oysters <4» 

16 After a bathe look tO_ the 
master for a certificate (7) 

20 Sarah leaves the South 
American country for an 
examination 17» 

21 Domesticated, thank s to yours 
truly (4) 

25 Equip the girl for the Fleet 
( 6 ) 

26 Whatever you buy must be 
tea in a bap fS) 

2$ Not one nf the 12 across ( 8 ) 

29 Whence came two genttemen 
to play t‘ 6 ) 

30 Use nitre somehow for suites 

31 Sounds sober, but finished tbe 
course ( 6 ) 


1 Bird makes Russian socket of 
course <S> 

2 Strang ri? in American stato 
causes headache 1 S 1 

3 She appears in novel form (6) 

5 Wu hear you're in jug (4> 

6 Car number secures my free¬ 
dom ( 8 ) 

7 Country talk for those who 
mean business ( 6 ) 

8 Flower from the Red Sea (61 

11 “ I met a traveller from an 

—r- land “ (Shelley) (7) 

14 What Mrs. Mopp must do to 
make a good profit (5, 2) 

17 Must enthusiastic, but 

departed with lamentation 
14, 4) _ 

18 Volcanic outburst over con¬ 
servative convenience ( 8 ) 

19 In this place draw up the 
outlaw (S) 

22 See caution in road convexity 
! 6 » 

23 Egg-dish can he a hindrance 
(o a Cockney home l 6 ) 

24 “In states unborn and -s 

yet unknown” (J.C.) (6) 

27 How writing on the wall 
started ( 4 » 

Solution to Puzzle No. 3.600 

b a a ei & 
EEftiawon BBndfnm 
□ S SB 0 DOS 

qqbb ^nBRZi!aafMara 
0 B ra s h a a 
QQnano e»3Geeh3ej 

B 53 H H B 
- Sm&GflE£3 B arflur-ira 
B H S3 H a m H 
paHEmsaEBia e eejb 
g j_ P B 0 □ QBE 
ffl_a H.B B B S E . 

Wales—1.45-2.00 p.m. Bamaby. 
4.40 crystal Tipps and Alistair. 
4.45-5.05 Cadi AT Gath Wyllt. 
5.55-6JO Wales To-day. 6.45-7.10 
Heddiw. 11.40 News and Weather 
for Wales. 

Scotland—1IJ0-11.5O a.m. For 
Schools (laving in Scotland). 5 - 55 - 

6.20 p.m. Reporting Scotland. 7.40- 
8.10 Current Account. 11.40 News 
and Weather for Scotland. 

Northern Ireland — 11.30-11.50 
a.m. For Schools (Ulster in 
Focus). 3.53-3.55 p.m. Northern 
Ireland News. 5.55-6.20 Scene 
Around Six. 11.00 I Didn't Know 
You Cared. 1120 News and 
Weather for Northern Ireland. 

England—5.55-6^0 p.m. Look 
East (Norwich): Look North 
(Leeds. Manchester. Newcastle); 
Midlands To-day (Birmingham): 
Points West (Bristol): South To¬ 
day (Southampton): Spotlight 
South West (Plymouth). 

BBC 2 

640-7.5$ a.ra. Open University. 
11.00 Play School. 

4.55 Open University. 

7.00 News oq 2 Headlines. 

7.05 Your Move. 

740 Newsday. 

8.10 Living in the Past. 

9.00 Gardeners’ World. 

9.30 Screen 2: “Lovers and 
Other Strangers,'* starring 
Gig Young. 

11.10 Late News on 2. 

11.20 Men of Ideas, 

12.00-12.10 a.m, Music at Night 
by Chabrier. 


940 tun. For Schools. 1048 
Help: 11.00 For Schools (con¬ 
tinued). 12.00 Charlie's Climbing 
Tree. 12.10 P-m. Stepping Stones. 
12.30 Make it Count. LOO News 
plus FT index. 120 Help! 1.30 
Crown Court. 2.00 After Noon. 

225 Shades of Greene. 320 Quick 
on the Draw. JL50 The Sullivans. 

4.20 Little House on tbe Prairie. 
5.15 Mr. and Mrs. 

5.45 News. 

6.00 Thames at 6. 

RADIO 1 247m 

(SI SftrwphOHfc braUCHt 

6 B0 a.nt. As Radio i 74)2 Xo?t 
Edraomls. 9J6 sjawn Bates. 1L91 Paul 
Ttonurti ladudim: J.'.JO p.m. Kcwslv-ar. 
2.00 Tory Blackburn. 0J1 Dave Lee 
Travis mcTudlnK 5JI Ke^ubca*. 7M 
Country Unb >S. joins Radio 2. 11UZ 
John Peel «S-. 12.00-LLM* *jn. As 

Radio 2. 

VHP Radios l and 2: 0.00 a.m. UHa 
Radio C. including 153 p.m. liond Llsi- n- 
la=. 10J» With Radio 1. 12.0O42.W* a.m. 
wtm Radio _. 

RADIO 2 1,300m and \*HF 

fc .00 a.m. News Suammn - . Kay 

Moor.- with Thr- Early Show Liclnd- 
Ins fc.lS Pause for Thoiichi. 7J2 David 
Mian .Si incfudinj 1J7 Radiu: BuIK-Iiti 
and 8AS Pause for Thought. 10,02 Jimmy 
toun? .Si. IZJS p.m Wasconer?’ Walk. 
’JO Mr Murray’s Open Houv- <S> m- 
eludlns 1 .® Spans Sprats D«sS. 2 JO 
David Hamilton (S* including 2.45 and 
3.0S Sports Decl.-. dJQ wapaoGers' Walt. 
0.05 sports Dost o.«r John nmm 
inclodina 5.45 Spans D-s^. fc.15 spnns 

Dtsic. 7.02 Cnunur Club »SV 5.02 Folt- 
wenre isi. 4J5 Sports Desk. 18JJ2 Two 
by Two. UlSO Star Sound Extra. 1UC 
Cricket: Second Test. ,Vrir Zealand t. 
Eddacd froportv 1LM Briar Matthew 
With The Lam stmw. 12.»■ 12.06 ajn. 

-Voua, CrJc*e:—Second T«*vr t/onher 

RADIO 3 4Wm.Stereo 

TMedium Wave wily 
tSJS «.m. Weather. 7.00 New. 7JS 
Orerlure ‘Si. 8JW Vews. U5 Morn'.ns 
OKcert IS I. 9-30 Xeirx. This Week's 
Composer: Clasunov ISJ. 950 Wolf Sow. 
Sacred and Secular fS.. UJO Garoha and 
Harwlchort racitaJ fS\ U_15 Loris JjaazoJ 
Conducts oart i: U’etrr. Mozarr ig.. 
UJ5 in ghon ttalit ir Earle Bnwm. 
12.95 P-m. Lons Maize! Conflur? pan 2: 

6J5 Crossroads. 

7AO The Bionic Woman. 

8.00 Robin’s Nest. 

ILtl Armchair Thriller. 

9.00 George and Mildred 
9.30 This Week. 

10.00 News. 

10.30 Time for Business. 

11.15 Kitchen Garden. 

11.45 What the Papers Say. 
12.00 Close: Neville Jason rends 
a psalm. 

All IBA Regions as London 
except at the following times: 


L25 p.m. Anslla News £00 Women 
Only. 4.20 The Secret Ltvp* of Waldo 
Kilfv. 4.45 Solo On-\ 505 EmiotnJaJs 
Farm. bJX) About Aapl-.x 6.20 Arana. 
74X1 Eyvnnc-s. 7.30 Now lATin Do Vou Do? 
10 JB Folk ia tbe Easi. 1X00 Thursday 
fibw “The Mr«en’ »f the Wax 
Museum." 12J0 »-m- The Uriup Word. 


1 JO p.m. A TV Ncwjdesk. 3.20 Beryl’s 
T.oi. 3X8 tloiLseparty. 505 Happy Days. 
64» ATV Today. 7410 Emruerdal* Farm. 
7J8 The Eioqic Woman. 1OJ0 Poiic« 
Waman. 1108 Mayor •.'.elf 


+L28 p.m. Bordrr 5-IS Lassie. 

6.90 Leekaround Thursday. 7.00 Etniucr- 
dali Farm. 7JO Mr. sod Mrs. 84» 
R'.sinz Damp. XOJd Pofice Women. 1L38 
w:sh Yen Were Here . . tULOO Border 
Xe'-cx Summaiy. 


103 p.m. Channel Luncburae Netrs. and 
What ? Cm Where. 6.00 Channel News. 
4J0 EJepbjm Boy. 7 .00 Six Million Dollar 
Mao. 10-28 Channel Lmo News. UL32 
The Siory or Wine: Tbe Great Clarets. 
1UO TV Moile: “ The Klsht StranBler." 
1Z35 a.m. Neu-s and weather In French, 


4J23 a.m. First Thiu^. 1JD p.m. 
Cramplan Neu-s Headlines. 6.40 Gram¬ 
pian Today. 1030 nonectloits. 1035 
SpottscalL U.15 Bareitn. 


1.20 p.m. This Is Vnur Right. 4.20 
Code R. 5.10 This Ls Vnur Rich! isecond 
chance to set Lord WlnstatiJey'F pro- 
Brnnime of vhi<vV 5JS Crossroads. 
6 J0 Granada Reports. 6.30 Errmierdale 
Farm 7J» The Sis Million Dollar S7an. 
1030 What's On 114H V'hnt ibe Papers 
Say. 1L20 Police Woman. 


3.20 p.m. Report WeM Headlines. 135 
Peport Wales Headlln-s. 230 Women 
Only. 330 Fcrvi's Lot. 4J0 Return to 
the Planet of the Apes. 4.45 BrenkUmc. 

Strauss i$'. LOO Ne»-s. 1^ Bradford Mill- 
day Concert. 2JX “0»ud." opera in three 
arts, mus'c by Janaolc. Art 1 fS>. 2.40 
"Osud"—it? Place 10 Janae.-fc's Wnrfcs for 
the Stage tiaJltj. 255 • osud,'’ Acts 2 and 
« 3.45 The Paul Sa<h.-r Commts'lnns 

■S'. 4.35 School nf FreScnljaldl iSi. 

Lust: vOOKrt is-.. t5« IlomewaM 
Bound. £6.05 Nrw*. t$.ia Homeu-afd 
F,Jm-l f'.imtui'Ktl’, liJO LiMiu-s: The 
Wider World. 7.30 Mu.-i<. :ii Qui.^Mim vllti 
Mihyny liopl-ip* »S.. 3-93 :'Pth-*.>.nmry 

Mawr>ortu.: p^n i >Si. 6J0 The 
Serolar Soaety Mast of four talks r.y 
David WarUni. 4JP- Cmii^cimirr Meslrr- 
ti-nri:?: pun 2 'Si. 4J0 Drama Now <5i. 
1035 Mendelssohn and Iws: ctiueert iS». 
1135 Nows. 11JMU5 And Toiiicht's 
Sihuherr Sons «S«. 

Radio i VHP only—6410-7.00 un. and 
535-7.30 p.m. UDun L-niversity. 


434m. 330m, 2J»5m and MIF 
4.15 a.m. Nv«s. 637 Famiim; To-day. 
435 Up to the Hour. 632 (VHFi Refflunal 
N.:ws. MO Ntnrfi. 730 To-day. 735 
t.'p to the Hour iconiinu-ri'i. 7.52 fYHF) 
Rcaonal Sews, a.oo K«vs. 830 ■'oday 
icdudim: news hcadltaes. wenther. 8.4S Yewerdar hi Parfia- 

mem. 4J» Nows, tins These you have 
Loved. 00.00 News. aOJH Prom our 
own ctuTespoDd'-iji. jo_m pjjy Sorrier. 
ilO^S; Story. 211410 Ne;rv UL05 
Dov.n Your Way. U1.4S Fifures In an 
Auiunm Field 12J0 News. UJH p.m. 
Yon and Yours, lizr .tnsi a Minute iRi, 
ZiZS Weather. proCTamme news VhF 
" KWrt Loulnii s.E.i R- Fionai Si.-ws 
LOO 7h t v/orw .11 one. X30 The archers. 
L3S Woman's uour i-.(rnm -noi includuu: 
2.003,02 .Yews. J2.B Listen irlih MmhiT. 
34» News. A05 Afternoon Theatre >.ti. 
53# Jaei- dt> Mania “reelSelf includuu: 
e «wxs Nrv^. 4.55 Srory Time. 5.00 P.M. 
Repen-. 5 M FereodlplLv. JSJ5 U'e^Uior. 

5.15 Dan Reman Dan McFoo. 5J0 Cross¬ 
roads. 6410 Report West 6uU Report 
Wales 635 Best to the WesL 1035 
Cinema Club Shorts. 41X30 Terroc! • 
Flnc-rs si the Window. 

“TV Cymru/Wales-.— us HTV General 
Service o.m. Penawdau 

NVwyddton y Dydd. da» iXi. 

4354.45 wnlbcthua 6.0IK6JS Y Drdd 
6.55-7.05 Sports Arena 

HTV West. As HTV General Service 
oscern: X.20-130 P-m. Report W’est Hesd- 
lines 6.15-635 Sport West. 


135 p.m. Yews and Road Report. 230 
Women Only 43o Pipet and Friends. 
530 Cn.sjroads. 6.00 ScoUaud Today 
630 Gjuoock Way. 7JO Ennnerdale 
Farm. 7jo Charlie’s ADecta. 1030 
Birthday .Innoura. U-00 Late CaO til415 
Thursday Cinema: ■* Tbe Creature from 
the Blad: Laaoon.” starring Richard 


1.20 p.m. Southern News 2-00 Women 
Only. 430 Betty Boon. 530 Crossroads. 
64» Day by Day. 630 University Chal- 
Unfte. 730 Euunenlale Farm, ua 
Hawaii Flrc-O. 1030 West side Medical. 
1X30 Southern News Estra. 


4.20 a-m. The Guod Word roll owed by 
North East Nows Headlines. 130 P-m. 
North East News and Look a round. £00 
Women Only. 5.1S The Brady Bunch. 
6.00 Northern Life. 74W Ennnerdale 
Firm. 730 The Blotoc Woman. 1030 
What Pctllvt 1135 Battleground. U35 
Rich Man. Poor Man. 12.40 a.m. Epilogue. 


130 p.m. LunchUme. 438 Ulster Nrnrs 
Headlines. 430 Blc Blue Marble. 4 JS 
Utile House on the Prairie. 630 Ulster 
Television News. 635 Crossroads. 630 
Reports. 730 Emmerdale Farm. 738 
The Bionic Woman. 1030 Counterpnmr 
ILK Mind Your Laiwuaac. tUO Wish 
You Were Here. 1230 Wedding Day. 
followed by Bedtime. 


12-27 p-m. Cns Honeybun's Birthdays 
130 Wesiward News Headlines. 630 
Westward Diarr. 730 The Six Million 
Dollar Man. 1038 Westward La»e Nows. 
1030 Westward Report. 1130 TV Movie- 
“The Night Strangler.” 1235 a.m. Faith 
for Life. 


130 p.m. Calendar h'vin 430 Lassie. 
4.OS Nnbody’^ tloui.- 5.1S Survival. 63D 
Cah-ndar 'Emli-y Moor and Belmont edi¬ 
tions.*. 7.00 EnunerdJk* Farm. 730 The 
Burner Worm/a. 1IUO Calendar Prodte: 
Margaret Thatcher, the Leader of the 
Opposition. 1L08 The Streets' oC San 
Kram.-iy.-9. 1230 Wi^b You Were Bero 

nrosnmme news. «VHF> Rcgiohu! News, 
635 Mews. 630 Ton of rhe Form. 7.40 
Ni-nv 735 The Archers. 730 Cheek- 
point. 735 Shipwreck. 830 All in the 
Wailing 835 Nation Jo Nation: Diarat- 
sian on the Tokyo Round of NegottBUotn 
1J0 Kak-ldoseopi-. oa Weather. 1030 
The world TofllgbL 1030 Any Answers? 
11.00 A Book i.t Bedtime. 1135 Tbe 
Financial World Tn-night. 1130 Today 
in Parliament. 1135 News. 

For Scfctrats (VHF only) US ajQ.-12.00 
and 2.09-34)0 p.m. 

BBC Radio London 

200m and 94.9 VflF' 
609 a.m. As Radio 2. 630 Rush Hour. 
9.00 Carry nn Councillor. 930 Loudon 
Live. 1143 In Town. X2J» p.m. Call In- 
233 206 Showcase. 435 Rome Run. 63b 
L»*nk. Stop. LlMen. 730 tit Town aa 
OLDS a.Ri.7. 830 Saol ’77. 1033 Late 
NiRlw London. 12.00 Close: A s Radio 3. 

London Broadcasting 

261m and 97.3 VHF 
530 a-m. Momine uusfe. 630 a.m. 
non-stop news. ttstH. sport, renews. 
imannaUOTi. 1030 Brian Bayes. LOO 
p-m. LBC Report* includlnz Geonce 
Gate's 3 o’clorfc Call 830 After H— 
with Ian Gilchrist. 430 NlsbUtoe. LOO- 
5.00 a.m. Ntoht Extra with Adrian Scott. 

Capital Radio 

194m and 95.8 VHF 
6.00 a.m. Graham Dene's" Preakfast 
-Show 'S>. 9.80 Allefiael Aspel tSI. 

12-00 Dave Cash irith Cash on Deltrerr 
if. 330 pan. Racer Scon with hts Three 
O'Ctocfc Thrill »S». 730 laird Gooree- 

Brown’s Capita! Commentary (S.t T.10 
Louden Today <Si. T .30 Adrian Love's 
Open Linn 1 S 1 . 930 Nicky Borne's Vnur 
Mntber Wouldn’t Like n 1 S 1 . iuq Tony 
Myall's Late Show IS> IncladmB U38 
filament of Terror. 230 a.m. Dunam 
Johnson's Night Fliyh,- iS>. 

AFTER a gap .of 20 .months, 
during which he has repeatedly 
refused to represent his country, 
Buster Mottram, will play for 
Britain in the Davis Cup against 
Monaco next month. . 

This means the breach has 
been healed between Mottram, 
22 , newly promoted to top of 
the British ranking list, and Paul 
Hutchins, the national team 
manager, which has'lasted since 
Hutchins dropped Mottram from 

the team to pfiifcItouoce hr- $ 

1976. .. - 

Mottram. -who bad defaultad-in . l .Hq'fused 1 to^ptdy ns 

• ' >7 ’ ■ Hutchms,' : iMKl.^ Ms- '.rfeffipB 

r r...^pecial .considerationLas^ifSh 
■ n w' b 1 a alhf • tibo rttthrri^^T&iisui^ ji 

•: I . y a sthrahlrh^" hloCk-l-r.'- 

t . .T VJr . . ■ ■ ■?*••' -. ^pe^ considerationLas^ifSh 

- yyaihiift ' 

•: I tnrSI3k . a stheafirrhE hloCk.^':.' - 

by inHM P&fiPrrr- ... 

BY JOHN BARRETJ-. ,. qtfter-->iri^tg£ 

his Wimbledon match atter;dos- ^bey_ would-' welcome' 
ing the first two sets to Gennads?s 4 wcl(, .provided hoi; 

Hans'Pohmaho, was upset "^ -^nder the -gaoie" e&pditikms 
remarks attributed to Hutchins.Lfldtcblnshas UHdjdo'WrfirC tl: 



ae im 




Murder Among Friends by MICHAEL' COVEN 

E Y 

i travtirU- 
Vpera Chor, 

-: - (Winch includes some or Snegurochka, being the fairy have sun for the crops, and the womte VLJEK2 

“sSSW Slh Sn ? w «?2“ l, * mo * ,lT S u| ? l f r J. of Sprin ^ and Fath er music builds up into a splendid J5K Ban^fSft c °d G&ataS 

Soknlik, Zakharenko, itff e trustfulness of the portrait Frost, had no moral sense at all, Russian choral finale. /uJads 

■’SSL^SST’JS^ .. ?«.™. «**««* frail! ' ^ V tate . ffi.^Voi?. U?ir^h«e 

scow Radio SO and 
'edpseyev. 4 records 

Domineo's Alfredo ’hue h< D condemned to melt awav%a« conn 4,,c lalK ’ wn * cn SK a‘ eB wiia bcis .nmrs wsrer, wm»e 

. ^aa&iffl*rs3 sSf'Si^SX iSfp wf.h 1 asss “£*}« ss*as*i f rM.«*««■ 

**. - ssTta-W’-ss^S ijsjss! l S “ S a.'sirx^ sfss 

---- -spate of recordineE There !c hanteome sheDherd.hnv ?-i it composer from a folk-tale ducer fled from his box and 

£utsche - Gramraophon like the individuality of terrified by the undisgiiisedly jj' ay much 51 ^ 8 ?'!!brinish TiS for? gun \hews* S!S fraurf!r 

s finely cast, sung, con- S*™*"* >'« one is thankful physical advances of thl young =fi 1-uifm return with 1 the So 

id-^recorded. This last J? r a tenor who can support her merchant Mizgir. who sees 5'S?" 55 *5,. w f J 1 ” 1 ® ,mattendid 01 * P 

merely mean that the ■JiiJS*? 1 * 8 !* who «n whe " «- Snegurochka at bis betrothal ffjjjj* f JJJ t d .JL"lEft/ft ^Nor 1?' a hair rstvied by 

. ite ^uiet and the sound ?“i red fin , e his tone-down to hers ceremony to the village heiress S L5? « Patrick at th* rldonh club? 

epd but that the kind ®° d 1*® when “be'fUngs his Kupava and promptly switches £i h am a r ill t mSof niac? m^UaS- ii 

Is Tight for the work in *.Mnblhig winning* at Violetta i his affections. stream of melody and orchestral out ' or p. lace- -"iss L, *2* r s ’ 

^Traviata needs and gjj* ®« superbly. The Germont The Snow Maiden returns to lS £5 acror hSbMd. Palmer 

ifcS' fntimate treatment. p - e of Sherrill Milnes is man- the wilds for a talk with mother bnBht and forward in the rather suneraoie actor nusbano. Palmer 

<tty' going beyond that ?i! fi J ent ’ tte only reproach being Spring, who in a roundabout wav brash Meiodiya W- ■" feent.Tpd Cotton(BarU'steku? 

icond party scene,- at on d,St! - * volco so clearly tells her what love is all about. compared i 0 the DG Traviata. ° Cotton <Barry Stokes). 

W fact 2, scene 2); “ prime of life and condi- reminding her tone must admit b "* «ude enough to spoil S?Forfest?? wh?has bee?SKSS e 
nore formal affair than » &ound to appear improb- that Snegurochka's life was not £? great pleasure to be had from ^re th^n h? 10 ner S «nt 

■tag at Violetta's house young for Alfredo’s father, an easy one) to avoid the sun. **"* "I" 510 ' - 0n record the casual Jed more ,han b ^ 10 P^ c ^ 

inning of the opera—in Wiat a P*ty. with . such a cast Mizgir. still in hot pursuit * ay the oper ? ,s put ‘osether J, c “™° «* 
e many producers fail !£ d f ond . uct or. to make conven- appears with the King and does not gTeat,y mat1er - Mfa^of a horrib^ New York 

guish. suffiaentiy Jw-J e 0 “^ cu ^ of s^nd^verees and retinue. As the sun rises The Moscow cast is strong, aujlex apartment The plot 

ord e to f na C Ab Wl «Ii“riJtSL- ,n f ne 8“[®chka m ecstatic canti- almost entirely free from the curdles with the revelation that 

ie Don Carlo, or La ° er 10 Pack the recording lem pledges herself passionately Russian wobble that worries the mutually hired assassin. 
Boecanegra demands 

4 _» 


wider sound perspec- w?i 

jl'-dit must go not only 
' Hirsch, the director 
^‘dom and to his team , 
98,' but' to the ctmduc- 
s Killer, who con- 
sparkle necessary for 
rty music (more of it, 
the later of the two 
here the gipsy and 
jBihers fairly crackle) 

‘ t; •“ delicate but incisive 
■ -■ rhythmical outlin- 

^ .. private as opposed to 

' c music. Much of the 

obtained by light 
!ver rushed, never lin- 

ht tempos suit the 
notations of the voice 
lettei ffleajoa Cotrubas 
.the . admdrabie artist 
,. turns them to strik- 
>ge. These limitations 
physical, concerned 
:ze end weight of the 
i is neither powerful 

-—^-onaMy brilliant. But 

erfully she uses an 
- ! v; % sbght suspicion of 
> ;l *; v ’tiredness to colour a 
* *• v **w**.,suggest 4he flush that 
■ e sihk lungs ! Of 
(wiho can hold an 
i a large opera house 
id with a thread of 
n deliberately and 

__bins it out, as in 

lei passato" and 
** zi ■ ‘r* :aro ” in the last act 

Leonard purt 

Moira Lister and Tony Britton 

the mutually hired assassin. 

Western ears. Irina Arkhjpova Larry Prosciutto (an appro- 
doubles Spring with shepherd priately ham performance by 
Lei (a breeches role). The grand Robert Swales) is none other 
voice is in fine condition, but as than the athletic beach boy 
recorded here too weighty to be hired by Palmer to extort money 
ideal for either character—when from his wife gradually last 
she lightens the tone, the effect summer. 

is captivating. Tbe soprano Theatre posters around the 
roles. Snegurochka and Kupava. walls reveal that Palmer bas 
need singing of a quality (and played opposite Pamela Brown. 

quantity) that explains why this Deborah Kerr. Eileen Herlie and, and? is the one piece of accom- wife of a theatre producer (Her- lighf relief was provided by a 

opera is not given more often, in Ktup Lear, beneath Judith plished work in Roger Redfam's mot Walsh i who uliers a line posse from Equity on tbe pave- 

Valentina Sokolib veils her tone Anderson (he gave his GoneriJ?!). otherwise wretched production, about one of his shows that ment outside protesting at the 

audiences in South 

. .. flittering, I the Uiespian as a Bob Hope spurious corpses to string the put it on wheels and push it Africa. Well, at least some 

alternately winsome and hard in [look-alike with a Mae West evening out. Margaret CourteDey downhill." people wore lucky enough not 

a way not unsuitable for Frost's I drawl. Mr. Britton's perform- is. unfortunately, involved as the The author is Bob Barry and to be able to see iL 

most expressively for the Snow This may justify, but in no way There U a little bondage. Max applies exactly to this. "Will it production's recent 

Maiden's dying raptures. Else- explains, why Tony Britton plays Factor blood and a couple of run?" he is asked. “Sure, if l m segregated audie 

where she is agile, glittering, the thespian as a Bob Hope spurious corpses to string the put it on wheels and push it Africa. Well, at 

daughter—one would like 
hear Cotrubas in the role. 


The Kupava. Lidiya Zakha¬ 
renko, provides some of- the 
choicest singing in the set at the 
end of act one. when the insulted 
girl, spinning long arcs- of 
melody, appeals to the bees and 
the hops, and again in the follow¬ 
ing act when she complains of ii_ 

SS5SS. °° iX 

St. John's, Smith Square 

John Alldis Choir 



London Music Digest ted acoustic, bad their full Nor could Alldis do much for Benedictus, was directed 

reduced its measure of sustained, firmly the work which David Bedford towards an Agnus Dei in which 

none of those drawn lines! in the singing. dedicated to him *' and the little the three choirs finally drifted 

re- man in the lemon-soiled suit apart. their material dis- 

singers The Golden Wine is Druwfe integrated. Superbly accurate 

»;<?•*. ; v ' 
v; *■*.»' 

Kine htif in nnaWe tn »kuviue9 uj taie—nune ui mow arawn lines *n tne singing 

the point. Old King Berendey a i avb IU !, l ,lli ' fac * tB i P ro £ ramm « The slightly-too-English 

character part fartenor^ith^two dev ® ted a single composers stra j n t of Alldis's siu. .. .. . . .. 

delicately scored solos is Anion fflUS » i l “ 0U8il a . re F2!. matched the mood of the Singer seemed like mere dregs, full of singing, us far as 1 could judge, 

Grigoriev mostly effective some- ^ ^ evening in the Eliza- pie^s. an d j t ai^ m ade a beauti- feebly-imagined improvisationa) drawn together with real weight 

^ *5; fully cool, precisely etched devices, neither well charae- and strength by John Alldis. 

AkStndtt kotamto* ^ iobus? Tuesday s-Vocai ^gest ’at St. performance out of Harrison tensed nor specially coherent. f j f 

baritone. This is ver^ much a fo^^horaf wS5s“bJ e5 iontem ® irW “ tle ’ s ““dfnwn^tive set- The shoc k of the evening. Cathedral library 
studio performance with huge L™ rhLiT S Un ? wo I ds fro “,l*T however, was tiiat of hearing a T he British Library 1 



'lleara Cotrubas 

—' _ 7 ,“ l.xnars not to say in at eacn or 
Faults and all, worth having. I the works was a masterpiece; 


Mayerling III 


? f * 

ie speaks.' Thus a It is the reality of Jefferies’ that the world he sees is almost menfs quest for a substitute love 
t *t haded August interpretation, its total ideotifl- haUucitiatory at times. Thrilling he is trapped and damned from 
[3% expressive drama- with the character of the moment when Mary Vetsera the very sUrt of the ballet With 

i- and I can do no ? udo1 ^^ l ? pow ^ r - ^ "“d® ]"■ (Alfreda Thorogood, very fine in Larisch (a most sensitive pop 
echo these words to feel t ? at his deb “ l Tuesday the role) enters his apartments trait from Sandra Conley) there 
ecno tnese words lo was the most emotionally moving for the first time. As she seizes are moments when he can be 

technical difficult}' which one Cathedral library receives a 
only that John Alldis managed . Restraint was less appropriate might have gained from his n ratu 0 f no.5(Kl annually for 
to sustain in his singers and in In Xenakis s viciously powerful recently premiered Transit ibrec years, and Canterbury 
his audience a remarkably <&**«*. where the violent noises <which was broadcast last week) Cathedral library a grant of 
intense degree of concentration, which cut across screeching were swept aside by this account £ifi.500. 

Even Malcolm Singer's Kyrie chords sounded curiously emas- of his earlier Mimt Brevis. The The Bibliographical Society, 
and Apnns Dei. which were little culated in this well-controlled concision of the writing, which has been compiling a 
more than imaginatively drawn but unaffecting account: this gradually opening out from an union catalogue of pre-1701 
echoes of plainsong fragments, arguably naive protest piece unbearably terse Kyrie. through books in the cathedral libraries 
mingling and rippling like tbe needs an overwhelming passion a dense but thrusting Gloria and of England and Wales, receives 
[results of a (pleasantly) distor- behind it in order to convince. Sanctus. to the more decorative £19.000 to complete this project. 


enJeftenes perform- account' of the role thus far. first the skull and then the gun. himself—and there came an in-| c ^Sr , n?!*t.S5?^* £"2*. 

■ night as Crown After the opening scene at the we sense how she must seem spired piece of i™pr 0 yj«;ati 0T1 ** * r 

oNtaln crerftf 
the box MK«. 


COLISEUM. Credit cards 01-260'525S. 
Reservations 01-B36 31B1. 
Tonight & Wed. next 7.30 Don Giovanni: 
Tumor. A Toes next 7 JO Tosco: Sat. & 
Thurs. next 7.30 Duke Bluebeard's Castlei 

“ - --- “K r»-*. * ““I* "••'“6- n * _ , . niiCLUCi ill augci 1/1 iu UCSWW-I ^**" n le^ tWC 5 , ni "JH 1 1! V . l * lo ^ 1 ? 

- is some measure of Jefferies was superb throughout. Business books reviews The closest scene with Monica I 

baiiets grand quail- an( j the pace was not only main- n __ , .. Mason's powerful Elisabeth was' p * rtorm,nc '- 

can “ * ■ ■ ~ 

Tonight. Comor. 6 Moo. 7.30 O.m. 
MaverUng. Wed. 7-30 p.m. La Bave- 
tfere. A Month in the Country. Elite 

Sat. & Tugs. 730 P-m. Madjnu Butter- 
It. GS Amohi 1 scats (or all oerfs. on 
sale from 10 a.m. on day of Pert. 


“■** yil'-v HUM UWL UU|J UiU ldl~ JV 4 UUDUM jl pu T*VT 2 . UJ UllTlt Wd ^ ■ _ ~ 

_proyide threetained, but increased. The result 3T® Oil i^RgOS ol) 3Hu heart-renduig; the wedding night I coyent garden, cc. 2 ao ioee. 

so well able to sbape was a dramatic performance that — ' with Denise Nunn's delicate, be-1 ‘Garoencnarg* (red>t.uids. ue gso^.i 

tnd sustain a role as will stand comparison with any- . __ mused and very appealing 

I arduous as that of thing I have seen in the London Map's innocence seem Stephanie bad a fine edge of 

have now seen the theatre for some years past. cooMy erotic; her dancing is ex- hysteria 

■times and, perhaps quislte in Mne and finesse, and „ ‘ . _ _ . , 

tends to enter into What Jefferies does so well is Its emotional poignancy most ” we v ‘ op ‘ 

ive-affair with a new to show, all .the tensions that touching in the last scenes. (The Rudolf — and there is no shame 

■y*l ain less inclined Rudolf feels: the recurrent contrast with the neurotic in being moved by playing of sadler** welus TOEAraE. Roaawnr 

'll by picking gesture in which he clutches his vehemence of Jefferies’ playing this calibre — we must delight ballct thutre contemporain ' 

,i- matters for revision, head as if it is bursting seems makes for fine theatre.) in the artistic stature of the SSh 7 =i5L 

il its excellence of clinically terrifying. His relation- Jefferies' impersonation of artist, and of the whole company. Tnumi>. Autumn Fieu. cooking French' 

inning and choreo- ship with each women in his life Rudolf is also the mo*t Oedipal In Mayerling the Royal Ballet 

rejoice in-tbe detail becomes a cry for help; Jefferies thus far: between the twin poles shows itself as a great company 

■6 it so “real” and .persuades us that. Rudolf is a of his rejected love for. his at full stretch and the entireeu- 

fh'experience. man living in a nightmare, and mother and bis ardent tempera- semble deserves every praise. 


^ . 


f 1 



ngdom of Earth 

by B. A. YOUNG 

Tennessee Williams’ room * for a sensational heait- 
lodrama.” as be calls failure, 
duced (disastrously) John Blvery’s ingenious 
y in 1967, it bas not multiple set shows- all three 
in the U.K. before, rooms in the mean little shack 
ys he thought of the that Lot takes such pride in, so 
dly in 3940. when a we know all the time what every- 
prostitute who had one is up to. - Everything that 
Mexican chickened takes place is readily foreseen 
ummation and came early in the evening (and then 
• room to ask, vainly. Chicken has to explain it all 
offer anything better, afresh to Myrtle -in Act Two. as 

■iasTSr ™ 'Ess “io 

k^Jnnart^n^Kent’ fluaint character detail that 
je and Peter P^Sfel WUUjm, has Benerou S ]y incor- 

h a fair approxima- P° rated - . 

he accent of the Miss BaTge has the best of 
rates. The Mexican things, infusing a mountain of 
• * Lot. a tubercular wayward personality into what 
ete IMr. Kent), who might have been a stereotype 
is hair-roots every dumb blonde. Myrtle finds an 
:es to wear his dead instant explanation usually med.- 
. ithes and pretend to caU for every fiiggje. sob or 
ie prostitute is now scream that spurts nut of her. 
-irl Mvrtle (Miss in her Petite Personalitj Md 
^ Tjit "haj? married costume, with its little green cap. 
X? “ n a p“ she looks pothetiesUy dotty, 

other left him This Chicken's line is a ruthless lack 
muld mm w Lot’s of consideration, throwing the 
rhickeT on Lot's cat .into a flooded . cellar when 

■unnmgly prevented in Myrtle's face 

r - . when he feels ready for sex. Mr. 

Mr. Postlethwaite) is Postlethwaite’s expression is as 
, *ive to a suBpicion of blank as Buster Keaton’s while 
.s nod that has kept htm jjg moves from one little enor* 
* >ty and working like mity to. the next 

?p ™ pe Z? y _ Meanwhile Mr. Kent, in an 

-.-alski J ype :embroidered silk wrap, sits at 
X 7 e th? SmeSe his window. brooding, 

B v ^ T.^luLriEf until tbe time comes for him to 
' Setter ^ his ra0ther ' s summer frock 

the roof together. . nicUire-Uat and move down* 
t to drown sulrs,' a death-rattle in every 

breath, to exert his. authority. 
.■ in His death “ probably a kinder 

lelp - . be deswnds in onfe tban hl! would have met m 
edrag from his beo- th<j flO0( ^ w j,j c h d M j n ot occur 
e he has just’after.the final curtain* 

conspiracy is hatched: Mike .Newell Is-the inventive 
. hen, to the drawing* director.. - , 

Morley College 

Luisa Miller 


A DELPHI THEATRE. CC. 01 -ME 7.611. 
Evas. 7.30. Mm. Thurs. 3.0. 5*1. 4.0- 


BOOKINGS ON 01-836 7611. 


Evenings 8.00. Mat. W<* 3.00. 


Ticket* £2.50 >n«. Blass gf wine 

mw T<\\* It without dousat tfte most extra* 
Ordinary entertain men c in London. 
Evening News. 

Due to enormous success will to 
Ambassadors. Theatre 27th Feb- 

DUKE OF YORK’S. 01-836 5122 

Limned Mason from 2 Marxh iprevs. 
28 Feb. 1 March). John Gielgud In 
Julian MKcbell'S HALF LIFE. A National 
Theatre Production. "A dazzle of high 
oomedr " U. C- Trevvinj. ■ Instant credit 
caid reservations. Dinner and too pnc* 
seat £7.00 

FORTUNE. 836 2238. Evgs. B. Thun. 3. 
Sat. 5.00 and 8.00. 

Muriel PavlotM as MISS MARBLE In 
Third Great Year. • 

GARRICK THEATRE. 01.836 4601. 

Eras. a.O. wed. Mat. 3.0. Sat. 5.15. 8.30 
In tne 

■■ GO TWICE-" S. Morlev Punch. 
"GO THREE TIMES.” C. Barnes. NYT. 

GLOBE. 01-437 1592. Evgs. 3.0. Mats, 
wed. at 3 0. 

A New Play Sv-SIMON GRAY. 
Directed by HAROLD PINTER 

Evgs. 7-30. Mat. Sats. 2.30. AN IDEAL 
HUSBAND by Oscar Wilde. 'Wr applaud 
an entertaining evening." D. Tel 

ALBERT. 836 3878. Cerdlt card bfcgs- 
836 1071 'except sat.). Mon.-Frl. 7.4S. 
Thun. mar. 4.30. Sats. JJO and fl.OO. 


ABLE TO SEE IT AGAIN.” Dally Mirror. 

Verdi's Luisa Miller has been Miller; to her lover, Rodolfo; to aldwych. bm 6404. into ess 5332 . 
out of the general repertory of her rival. Duchess Federica; to *oval shakespeare company 
any London opera bouse for a her bated suitor. Worm. She sang tocmv. tomor.‘ Brecnt-s the days 
number of years, though Covent very acceptably too, with.a good w B 8«H«SSsf"t£g a Si3w 

Garden is to mount it In the sense of rhythm. wj and *t Piccadilly Theatre in p«w 

Meanwtule Morley 0ne of ^ ° N “ „ 7 , 

near future. 

CqUege Opera Group which has characters cut by Cammaraho. the A » BASS ^'f* 
^ccessfully staged other, lesspr English political refugee Lady 
*® ow 5.. • wor j 5s .^ y Milford, is a passionate, Eboli-tike 

splendid production of V" fworno woman who would surely have ** 

£ appealed m Verdi. Her repjace- 


B OO- Sata. S and 6 

it Sarah Bernhardt In MEMOIR 
with Ml ALL BUGGY 
Perfect. A song o* triumph." E. Newt. 

Student tickets £1. _ 



01-437 2663. EVPS. B.OO. 
-S*U. 5.00 and B.OO. 


Hilarious ... see it.” Sunday Times. 
Monday to Thursday 8JO. Friday and 
Saturday at 7.00 and 3.1 S. 

**■ remembered -with grari“ ment In the opera. Duchess Fede- 

tude—has given tour per- rica< ls a paJe creature by com-1 "m«T fnurs. 3 . 06 . mu. 

Krmazices in the Emma Cons p ar j S{)I | i but she waff brought to I *” superb/^n. o/ worfd. 

Hall with two separate ^asts, sympathetic Kfe hy Ann GalL ‘“ 

conducted by ^ William Emery made Miller an 

directed by ^, Qd ^V Sn,™ elderly man .entirely dependent ! arts theatre. ot-bm 2132 . 

designed by-Gerald Kitching. emotionally on his. daughter,! tomstopparp's 

In , his adaptation of while Roland.’. Gibson sang 
Schiller’s drama Kabole and Rodolfo's lovely aria with sin- 
Liebe for Verdi, Cammarano cerity ajjd. without forcing' his 
removed most of the Intrigue voice. ‘ nie two bass coles, 
and concentrated on the Love, villains both, were strongly 
The rigid censorship at Naples played by Warwick t>yer (Count 
where Luisa Miller had Its first Walter) and Martin Nelson 
perform an i-e in December 1S49. <Wurm); their duet was especi- 
would never have accepted an ajjy enjoyable, 
opera in which a ruling Prince 
Was -depicted not merely, as a 
profligate but as a military- and 
domestictyrant — even though 
titat. Prince did not himself 
appear, on stage. Cammarano 
was raght for other reasons too; 
music, can express the infinite 
varieties of love and affection - . 

very, much better than it can The Mike Westbrook . Brass 
express political intrigue or the Band is making its first major 
kind •' of- chicanery rife in continental tour of 1978. Concert B .o. 

Schiller’s- text. and dub appearances axe being 

HAYMARKET. 01-930 SS32. Evgs. 8.0. 
Mit. Wed-.. 2.30. Siu. 4.30 and B.DO. 



“ Ingrid Bergman malm the Stage 
radlalt—unassailable charisma." D. Mail. 
" Wendy Hiller is superb." S. Mirror. 

HER MAJESTY'S. CC. 01-930 6BOG. 
Evgs. 8.QO- Wed. and Sat. 3.30 and 8-00 


S. Tel. "GLYNIS JOHNS plavs 
brilliantly." D. Tel. LAST 2 WEEKS. 

HER MAJESTY'S. CC. 01-930 6606. 
Opening March 28 

In Leslie BKcusse ana Antnany New ley s 
Directed bv BURT SH EVE LOVE 
Previews from March 16. 

Mon. VO Thun. 9A. Fn., S*V 7.33. 9-30. 

Mike Westbrook - 
Brass Band on tour 
in Europe 

□ 1.734 4H1. Nearest Tube. Tottenham 
Court RO. Mon.-Thurs. 8.0 P.m,. Fri. and 
sat. E.OD and 8.45. 


Tickets C1.S0-ES.S0. Instant Credit 
Card Res. E« In our fully licensed 
Restaurant or Buffet Bar Ivncntime and 
before or afar chow ■ bookable .•« 
advance, combined dinner and toe Price 


“ Infectious, appealing, toat-uomping and 

h * k Z&"%l&i'£Z? b $r!-{i,E YEAR 
Half hour before Show any available toe 
price rickets L2.SD. Mon.-Thun, ana 
FH. 6.00 P.m. nnrf. only. 


Evga. at 7.30. Mat. Sat. at 2-45. 



TAINMENT." Evening News. 

Good seats available now " 

A Bents lAlhO at _dOOrv 


OLIVIER 'OPen stager Ton’! A Tomor. 
7.30 TNE COUNTRY WIFE bv William 
W ycher ley. 

LYTTELTON tprosccnnjm VlageV. Last 
oerfs. today at 10.30 a.m. A 2 p.m. SIR 
by Feydeau traits, by John Mortimer. 
Tomor. 7.4S Bedroom Farce. 

COTTESLOE Ismail auditorium): Tomor. 
8- Sat. 3 * 8 FOUR WEEKS IN THE 
CITY by William Martin 'Workshop pro¬ 
duction. all seau 50P). 

Many excellent cheap seals all 3 theatres 
gay of peiT. Car park. Restaurant 92B 
2.0X3. Credit card bkgs. 928 3052. 

OLD VIC. Spring season to March 25. 
in rea: antony & Cleopatra today 

7.30. SAINT JOAN Frt. 7 30. Sat. 2.30 
A 7.30. HAMLET returns March 2. ALL 
FOR LOVE returns March 6. Today at 
IN BLUE. 5imday March Zb at 7.30 
jeHord. John Turner. 

OPEN SPACE. 01-387 G9G9. Opens Feb. 
28 7 0. Subs. (Tues--Sun.i 8.0 Mat. 

Sat. 5.0 until March 11. PENTA Dutch 
Sureal Theatre of movement From 
Gielgud. Seymour. Bcriouava. 

PALACE. 01 437 6834. 

Mon.-Thurs. 8.00. Frl.. SaL 6.00 & 8.40. 

PHOENIX. 01-836 8611. 

The Leslie Bricusse Musical 
Directed by- Mel Shapiro 
Opens Marcn 1 at 7.0 Subs. E»us_ 8.0. 
Weds. mat. 3.0. 5a:. 3 and 8. 

VAUDEVILLE. 936 9988. Evgs. at B, 
Mats- Tues. 2.45. Sats. 5 and 8. 
Dinah SHERIDAN. Dutcle GRAY 
Re-enler Agatha with another who¬ 
dunit hit. Aealha Christie is stalking 
the West End vet again with another 
of her fiendishly Ingenious murder 
mysteries.” Felx Barker. Evg. Nevrs, 

WAREHOUSE. Donmar Theatre 836 6808. 
RoyalS iiakctpeare Company Ton’t 8.03 
Jamc> Robson's FACTORY BIRDS. 
" Takes on like a rocket." Times. All 
seats 61.50. Adv. bkgs. 


Today a*. 3 and 7.45 Tomor. 7.45. Sat. 
2. 5 and B. Children and Senior Cits, 
half-price cxccpi Sats. at 2 and 5. Pay 
902 1*34 Spa,:i0,ls car p,,,k - Enquiries 

Westminster theatre, cc. di-bm 

0283, Evenings 8.00. Mai. Tnura. 3-00. 
Saturdays 5 and B 
Titters £1.50 to £4.00 

WHITEHALL. 01-9JO 6692-7765. 

„ 8.30. Sat. 6.45 ana 9 0. 
Paul Raymond oresents tne Sensational 
Sex Revue o» tne Century 

now t«ve on Stage Limited Seaton. 
tz-week season prior io World Tour. 

i Twice Nightly 8.0 and 10 0. 

PAUL RAYMDND prescntl 

.. . . . MODERN ERA 

Takes la unprecedented limits what Is 
PermifSible on our *tacei •' Ftg. News, 
vou mav annk and smoke In the 

PICCADILLY. 437 4506. Cicd.t card bkgs. 

336 1071. Evgs. B. Sat. 4 45 and fl.15. . 

Wed.- Mat. 3.0. I 

Evening std- Award and 5WET Awarn l 

Roval Shakespeare Company In i----—.——- 

PRIVATES ON PARADE WYNDHAM'S. 036 3028. Credit Card 

Puter Nicholls bookings 836 1071 lexcent Sail Mnn 

Suitable.^/ Children) Tnurs. 0. Frl. and_.Sat ”lS and’. 


PRINCE OF WALES. CC. 01-950 8681. 
Monday to Friday at 8 p.m. 

Sat. 5.30 and 8.45. Mat. Thurs. 3.00. 

Daily Telegraph 


naughty but nice with a lot 

. °f_ LAUGHS." gf lho World. 

InS I 55 I J.. C P. NF I rm EO credit card 

BOOKING5 ON 01-930 0846. 

Thurs. 8. Frl. _ _ __ _ 

,. v ERY. FUNNY " Evening r'ews. 
Mary O Mallev'S smath-hit Come ay 

. V, S-.; ncar .° ,d V| y'- MB 6363 
I""‘4* 'heal pen. 1 THE IMPOR- 


QUEEN'S THEATRE. 01-734 1166. 

Evgs. B.o. Sat. 5.0. 8.30. Mat. Wed. 3.0. 


Variety Club- of GB Award <n 
Plays and Players London critics award. 

RAYMOND RE VUE BAR. CC. 01-734 1 593 
At 7 P.m.. 9 pm.. 11 g.m. .open Suns.} 
PAUL RAYMOND presents 

Fully Air Conditioned. You may 
drink and smoke Id the .auditorium. 

ROUND HOU5E. 267 2 564. Evs. 8. 
In London premiere of 
bv David fiabe. 

CAMBRIDGE. CC. 01-836 6DS6. Mon. to 
Thurs. 8.00. Fyt.. Sat. 6,45. 8.30. 

Seat prince E2.00 and £5.00. 
Dinner and too-Driee seat £8.25 Me. 

01-9*0 2S7«- 
Mar. Thurs. 3.0. Sat. S.SO 
and B.30. 



The strength. of most Morley maf i e ; n German v Sweden me'MTm cowrtenay, Derm« wai 
C oUege productions lies in tiieir Fin il d . a ^ r,® /' 

Finland-and Denmark. 

The brass' band will also tour] 




S, Times. 

meticulous preparation, both 
musical' and dramatic. With such 
theatrically experienced mentors Denmark and the south of|“'JJiS|® , S* SaK c 5 C 3o»»‘Th2n».¥oo' 
as Mr. Gellhorn and Mr. Dowru'e Swedefl between February 26 and i leslie phiujps._ 

in charge, there is never the Mareh 19 A return to Scandi- 
slightest risk of the performances K J? Sc “®; 

etDerging as concerts in costume 03713 P 1 ® 00611 (or end of 

—^ nsk that besets many student March; this tour will include eon-, 
or. am&tear productions. Celia certs with The Orchestra, in 
Marchlsip, .who sang Luisa In the which the Mike Westbrook BrasB 

. . - mailer. 

"HILARMHISLV FUNNY." n. o? World. 

DRURY. LANE. 01*636 0108. Every Night 
,M - 3 M - 

"A rare devwtatmo. lovaus. aoonlsliifig 

ttumw." s 71 bi«. 

caM'fhatl heard; wasparticularly Band collaborates with Frankie I s ?S',«* 9£w 

sensitive fn her reactions to the Armstrong and the- experimental!, ^ J ? H! l « c 5 u:WTT ^ 1 ^ 
other characters, to her father, rods group Henry Cow. ■ Th ' ^ wnIational! yEafT 7- ' 

LONDON PALLADIUM. 01-437 7 573. 

and SoecUl Cum SUr 
BOOK NOW—Seitt £2-£6- 

1 31 . C ®H£T; evi. s. s*t a 

- »Vvj 1 9nd a,3D ' ™ E 86AR by Cnekhov THE 

J 01-7j 4 8961.. KREUTZER SONATA by Tolstov. See alio 
Theatre Upatatn. 


LYRIC THEATRE. 01=437 3686. Ev». 8.0. 
Mats. Thun. 3.0. Sara. 5.0 and 8.30. 

by Eduards de FIIUmo. 

HUNDRED YEARS." Sunday Times. 

MAY-FAIR. CC. 629 3056. 

Mpo. to Fri B.O. Sal. 5.JO and 8.45. 
GORDON CKATER - Brilliant." E.N. In 
bv Steve. J Spears. 

“A com passionate funny n*r£«Jy eloquent 
plav." Gdn. "Hilarlout.." E.Std- “Wickedly 
amusing,** E. News. « Spellbmding.** obs. 

MERMAID. 248 7656. fieM. 248-2835 
Mon.-Sat. 8.1 S. Mat, Wed. & Sat. 9.30. 


"A WINNER." D. Mirror. 

„ , Stall tickets £U5-£3J0. 

Combined dmner.tneatn? tickets £5.95. 

- - Must end Sat. ------ 

"*E is 0 rf' M?"“■ 

by Lenka jamurett. 

ROYALTY. CC. 01-406 8004. 

Monday-Thursdav Evening 8.00. Friday 
5.30 and 8.45. Saturday 3.00 and 8.00. 
London critics vole 
Best Musical of 1977 
Tel. hts. accepted. Malar credit cares. 

SAVOY. 01-836 8888. Premiere tonight at 
7 pm. then nightly at 8.00. Mats. Wed. 
2.M 1 Sat. 5.00. JOHN FRASER In 
LADY MARRY. An unusual suspense 
drama by Norman Kraana. Prices! Mats. 
£1 to 13. Evgs. £1 to £4. Credit booking 

SHAW._ 01-388 1 394. 

Ev*s, 7.30. INo pert. Mon., Mat. Thurs. 


— D - Rnestlev 
"KJghly Entertaining," 0. Td. 

Low Prices, easy Parking. 

STRAND. 01-836 2660. Evenings 8.00. 
Mat. Thur- 3.00 Sari 5.30 and BJO. 


laughter maker 

ST. MARTIN'S. CC. B36 1443 Fvs, 8.00. 
Mat, Tan. 2 45. Sat £ Good Frl. 5 4-8. 
16th YEAR. 


Ton.ght at B.O. 


ABC I S 2. Shaftesbury Av, 636 8861, 
"V p rris. All scats Bkble. 

SILVER BEARS <A» Today 1.45. 

Mid°‘ Eve ‘ Ch,rltv Psrt - 8 - 0D AI1 

- ! n^ BB e A rr Th r <Ul - Wb. and sun. 

8 IS. Late show Fn. and 
Sat. 11.15. (last 7 days«. 

Camden Town 
Tube). 485 2443- Robert Bresson's 

3 , .« er SlS SS, BEV,L "robar 

CLASSIC t. 2. 3. 4, Ortnt) St. ,Oep. 
\? lt 2 Court Rd. Tube). 636 0310. 

™ E MOVIE >Ui. Stereophonic 
Sound. Progs. J 30. 3.50. 6.10. bITo. 
Late show 10JO om. 

1 ! HIDING PLACE .AI. Sep. Peris. 
g-.OO. 5-00 - 8-Op. late show Horn, PAT 

Wi.T B,u - Y ™ E K,D fX1 - 

4: Kirk Douglas HOLOCAUST 2000 IX). 
Progs. 1.20. 3.4 0 6.05. B.3S. Late Show 
10 50 pm. 

CURZON. Cureon Street W.l. i99 3737. 
sub-titles} " A sparkling New French 

Cornedv. Directed with finesse by Yves 
Robert." Sunday EkPruss. Progs, at 1 .SO 
mat Sun.). 3 SS. 6.10 and 8.30 

GATE TWO __ . 
.formerly E.M.I. 

CINEMA. 837 8402/1177 

_ ... - International! Russell 

iX». Sea. Peris, t.00. 3.C0. 5.00. 7.00. 

5252). STAR WARS lU). $ep. prog*. 
□Iv 2 00. 5.15. 8.35. Seats bkble for 

5.1 S & 3.35 progs. Vries.. & *11 propo¬ 
1st MARCH. 

ODEON HAYMARKET. (930 Z738-277T.) 
Jane Fonda. Vanessa Redgrave in > Fred 
Ztnnemann Mm JULIA <A1 6ep. progs. 
Dly. 2.30. 5.45. 8.4S Feature Dly. 2AS. 
6.00 a.DO- AH seats bkble. 

THE DEEP (Ai. Sep- oroga. every day, 
Seau may be hooked. Doors open at 
1-20, 4.30. 7.45. 

ODEON MARBLE ARCH i723 2011-21, 
AUDREY ROSE lAAJ. See. progt, 
WkS. 2.30. S.SO. B.30. 

TALK Of THE TOWN. CC. 734 5051. 
B.OO Dining. Dancing. 9.30 Super Revua 
and. « 11 d-m. 
e „• . VINCE HILL 


PRINCE CHARLES. LCK. So. 437 8181. 
Final weeks must end March B. SALON 
KITTY (Xi. S«s. Peris. Dly. Hut. Sun.i, 
2-45. 6.15. 9.00. Late Show Frl. and Sat, 
1I.5S. Seats Skb'e. Lle'd Bar. From 
March 9 SWEPT AWAY (Xi. Bn Olfice 
now Open. _ 

Opens Mar. 6 7. Frevs. from Mar. 18 15 

SCENE 2. LeK. So- iWardour si i. 
STRIKES AGAIN tU). Sun.-Thur. 1.30, 
5.55. 9.35. fri. and Sal. 12,40. 4 45. 
8 45. 12.45. THE RETURN OF THE PINK 
PANTHER *Ui. Sun.-Thur. S.IS. 7.30. 
Fn. and Sat- 2.35, 6.40. 10.40. 


f ' 

pwWnM#: Times-Thursday Febrnaty ^^S • 


Telegrams: Finantimo, London PS4. Teles: 886341/2, 883887 
Telephone: 01-248 8000 

Thursday February 23 1978_ 






the corset A'sSS some European trans.t.onal mergers 

against Guest Keen and Nettle _ . Countries of origin Industry 

THE GROWTH of the money tem of rolling targets likely to folds bid Germ an-Belgian Photography 

32« =?:£g J=ss s?"" 

quite as large a s the markets the coming month with partial- P° ne ™f Dr ob lem ,9 * 9 Anglo-kalton RuW** 1- 

hari Feared_*> 3 ner cent, for lar care, therefore, and they will suggest that a new pro 7970 Duntep-Pirelli e<™n-DutcK Steel 

sterling M3 This* brought the look as usual for an advance in- faces industrial compames to - 1972 Estd (Hoesch-Hougorens) ta l| a n-German Commercial vriwde* 

Sative mieSe for the first dicator in the February banking sidermg aaimsihons or mergers 19 75 tooco (Ftot-Peutz) _ tan**™** --- 

ve°? to^LinuaJ^rate 1 of* 14* ^ These may weU be misleading To thethicket oflegaiand th« creation of <be EECj*J pr Se5j2e^r5“^trf jndMdS Hoechsfs purchase 

p“ cent! well over the top of as a guide to the growth in the fiscal difficulties which .have number * SSSST for seating large in ,974 of a .controlling Inte^in 

the official target range of 9-13 money supply for the same beset cross-frontier ® eT S ers »” nation* corporations in _ strategic RolISS el-Udaf. one of the Ww.;,,. *««« —*^- 7: v - ‘M-Jt 

per cent Yet the news was re- month. The connection is the past and the very real those which tayetakw ptec The secto „ of industry. Th.s api^ French pharmaceutical companua- . hv the We eorifldt J*t 

reived with much greater never direct. It is likely to be proMems^of reconcilmg difi^ JMf«d for Y Mt | OW level of activity partiadariy to the At major European «om.,5*jdies ^ lifWatiori. 

eouanimitv than news of less direct than usual this time mg managerial styles aaa r**“ wry do with antitrust try. whereUn.dat*.a Bani ^ amn interested In European_?®““g£l «»ai control systems In-Westtei 

Synthetic fibre* 

Commercial vehicles 


Wolfgang Kartts. the 
wwu6««» Federal CartelOffice.; ; . 

equanimity than news of , ei s direct than .this time g-— J-,- rJWSI» 5=^^ JWS 

reeved oS'^SSus^casS S ^insure ttaLehS be ‘added the ^cemintire (££-£ otcnJm^-jE ^ ,n ® h ^ n degree 

There seem to have been three against the reimposition of the posed by the various national n main obst3dw have been ended m failure. Goverm nent has Europe. During the next few years German industry, is prohannr But thelirospect'. 

=“s irsr„ Sb~vs i-ss -stssessk sstr-’W* 37,5 yrt£sx«aas.-StfSS&S&BSi 

s=ar issr-r t ssr SS-JL-SS srsr.«saa wvsmbS 3 s --*-— VSS555=sa«I^JSBW®3isi» 

the partners can 


monetary authorities them- SU ppiy will’be much smaller 
selves—and there is a wide- 

S^^mm'UmS! Rolli "S W* „ rie* against the merger will not 10 '~ , “ n S SSTE-"i-W'SBE 

Chancellor and the TTeasurv as It was presumably to dm- and propellor shafts. The market become clear until the text of clinch mark ■ h „ helnful between 1973 and 1976, it act, Committed to introduapg a nentai Can ha^. es^ 

well ai ,r the Bank regard courage distortions of this land . er of both companies—and. its judgment is released in the The judgment wiU be help' uj about using its poY^rs rather further Competition BiB in the lisbed.a aomiar 

monetarv nolim- as important— that a Treasury minister fQr tliat maM er —of GKN's course of the next few weeks, in a wider sen “’ *°®’ f f ^_Sr more vigorously than German -*pfing which is .expecte(f, the /provisions-of Ah© :EUfope; 

did not'seem to be particularly announced on Tuesday that, automo tive component sub- The Federal Cartel Office had West German system of rg r had foreseen. Its among other things,, to tighten Community,.Tria^^^,api^ 

uo«:et hv the latest movement, though the corset was not called s i diaries i„ Britain —is effee- originally prohibited the merger control is not yet faveyw^s old actjvlties may havc helped to 'tp the present merger notiflcar fpg-. ?ner»e» affecting tat] 

Anri the third was that certain for at present, it could be re- Uvelv tamcd b y the counter- in May 1976 on two grounds. It and. while its procedur^ may mergers which might tion and control system—albeit community trade generaU?. ^ 

fJLrtal f ac tors had clearly been imposed without notice at any vaili * n§ pow9 r of the car makers argued, first, that GKNs seem heavily’ legahstic to otherwise havb been proposed. ^, ot as far as the Bfonqpolies _1973 it.tos bedg presSi 

at work These included the time. The gilt-edged market they supply. acquisition of Sachs would add British eyes, powers of the ^ ^ ^ system where so'iebrnmission suggested. • ' ' the European Counftfl. ter;.ina 

pffpet of‘tax rebates, the cost of fell suddenly late that afternoon. , merger WO uld have considerable financial power to Federal Cartel Office under t n e discretion is given to ap^A gradually changfeag^attitude. jndcUKe merger, control powe 

r 1 . __mfiF WPll h3V0 *_a miAimp *mri Cnnko' rinm inant marlcpt DOS!" 1073 r.fimnptitlOll ACt STG VGTV- _ , , nn miaef.vnHifnil ■ ___ twAi^ion*' ran hp .T 

the growth of the money j ket* and is also strong in shock 

ine ^ 7 * ■—■ ST ra * (if dominant Coal and. : Steel .Cpnmnmi 

absorbers. Uni-Carderi. another —e_ eh5 wou irj j s perhaps inherited from ^ companies and a limit be placed Treaty to regulate mergers j 
West German concern in which The reasoning which led the acquisition of Sa Cartel <kiurt of the inter-war’pn the industrial holdings ol. volving trade-in ® 

GKN ims a 59.5 per rept. in- sipreme Court in Karlsruhe to elinunate GKN as a po«otm w tte FCO'-JS^ banks; and tbe :Gov«n, products. Smce the MM 

teresr, makes universal joints rule against the merger will not new entrant to uie u baime d only nine mergers v&nt coalition parties are now Court’s judgment m the.gpn 

monetary policy as important— that 



corrections. much that the corset was avail- motQr and helped it Sachs a member of an interna- concentrations, a term wrncu _is tfae senior officials involved. A^wers of one sort or. another -The ; 6iember ;govfernm»i 

able for use if needed but that t0 expand its overseas activities, tional automotive group and defined even more broadly m gi^ge ] n the presidency of the. existed—but v had been j, a y e g 0 far been-rOluctiwt 

Window dressing the base date chosen, if it were In European terms, too .the mer- such conglomerate mergers the 1973 Act than in the equiva-. , ast year was followed little used—in^^ Switzerland, ^pneede this requfiit‘bet^ 

nil that the «rowth of reimposed. need not be that of oer seen3ed t0 have a certain ought to be prevented. lent U.K. ^slarion. can w short i y afterwards by a reorgan- Austria and Spain. Last year, me rger policy is a .mjtfta&tt 

sunnlv- has been tbe announremenL There was ^ 0 ^ c; it wou j d have improved The Federal Cartel Office's banned by the FCO under seve- isation of responsibilities in however, France -adopted prefer to keep undei-th 

r^^iri and ‘if it continues to be no point, in other words, in the {he c0n ,p e tUivc position of a attempt to use the GKN/Sachs ral provisions. Tliese are if the wWcll task of merger con- first merger control system.. It.. ow j| national control. But i 
- P thP markets could soon banks seeking to anticipate it b> European Community industry m9r?9r as a stalking horse to concentrations imolve tom- whicb h ad formerly been is a relatively bland version^ prQijieinfr Wliich two leyels- 

hoVnmp nervous a°atn about the pushing'up their current base. io # wor i d market increasingly strike at conglomerate mergers panies with an aggregate turn- the responsibility of a semi- applicable to concentrations me rger control can iwse'” 

r.«fc nr credit restrictions or a Although tlie February make-up domin ated by U.S. and -lapanese in general received sbnrL shrift over of DMonOm. or ana^gre- #utonomous division (or ded- w hicb would result- in, 40 per industrial conipanies are^w 

r fo ?n interect rate-*, une or date is now past, the mislead]n.„ sroups indeed, the European frcmi the Cartel Bench of the gate employment of 10.000 or .^.making unit), was shared cen t. market shares In the case illustrated by rthe GJTN/Sa; 

ihP rtiffiruliies at the moment is nature of the February banking Economic Commission had held Berlin Court or Appeal when if the acquired company has a out among three other divisions. of horizontal mergers and 25. experience;;-.Not only was ' 

!h!t thev have no clear guidance figures has been well advertised. thaf it could seo n0 objections the companies’ appeal was heard turnover of DMoOm.. and if the emDt i 0I]s from a FCO pro- per cent in the case of vertical me rger riot fotmd.:CbjectK>n? 
about the extent to which the Whether or not the banks now [Q lhe nier g e r cither under the at the end of last year. On the concentration can be «p«£tai hibition P can ^ granted by. the and conglomerate mergers.. ^ hy ; ;.the'.Ejirppehn: Comnnss 

authorities will seek to pull the reverse their operations, the m]( . 5 of ^ European Coal and olhe r point, however, the Court to create or reinfmee a market Mir J5°“r of Economics if the is the companies con- butif toiri?.'tbe'troubl^of pm 

erowtli of sterling M3 for March figures will be published Stee! community or tlie wider rca ched something of a judg- dominating restraint on competition does cemed to. deride whether t» publicly..:^:rati 

fq~7 7S back within tlie target so near to Budget day that they compe titirm policy provisions of ment of Solomon by finding in companies concerned c t “endanger the market notify , the Competition Com- tortnousiy that Us decision 

ranee ^ even at thS cost of' a may attract little attention. By ^ EEC Treaty. the FCO's favour on the issue prove that it wUl mgJJJ ££ non £ and If it is out- mission; and the final 

sharp'rise in rates, and how far then, for all pracucai purpose?; Ye; lhree years in principle but against it in the rather ^ Sighed by advantages to the is retained in ministerial hands. EECTreaty in no way rwtnc 

the? 1 will choose to run the we should already be m the new q£ de]ay ^ ance rtainTj' in particular circumstances of tlie The L te economy or justified ■ by an This means tfa^ the poUp w^ the^ : 

1977-78 target into tlie new sys- era of rolling targets. w bich Sachs has had to operate GKN. Sachs case. volving concerns with aggregate ^ing pubUc interest” be applied , selectively in the national Taw.' The. CoriunlSS 

<o ia«»cv __nf a manaperial sales of more than DMlbn.— ii-ht of tho Governfnenfapolicy »isn said its: annroyat‘ of • 

that they have no vie, 
about the extent to 

Canada seeks 

in something of a managerial 
limbo and which has ended in 
heavy legal costs for both com¬ 
panies. the match has now 
finally been ruled out Unless 
GKN decides to appeal to the 
Federal Minister of Economics 

sales of more than DMitm ^ yearg Qf recession since lightof .the Government's policy alsq.sai’d its- mjM'.agj 

nni 0 " eed 5° P Othere 1973 have not been the easiest of strengthening, .ffya, merger: under lhe 

I he QGtEllCU from the Cartel Office, othere ^ plint a and-international .eompetittve-tvas ,based only on its efi< 

. j , passing the threshold ^merger P^noo^m df merger ne» of. French-Indttto. - wi the. steel -muM m+i.t 

judgment ^ ? S control. l£ need to rescue A similar Bill,xeqidring f^ior the ^-retataedibe powei 

3 ° a 5 ld Polished in the Federal fai]ing companies and save jobs authorisation of . all mergere prohibit the M^rgerJo^yn 

However, a definitive view on Gazette. h 9E IpH tn both- .ministerial above a certain size turadfer or grounds^^without mfnhgmg 

,• nimnct uninterrupted!* down- County Lambsdorff. the present 

THE Canadian _ go^^roem s since ^ ^ 'point in Minister, should decide to exer- 

GKN decides to appeal to the J pubiisnea in me r™ fan _ ng rompanies and Mve jobs authoriS ation of . aU mergere prohibit the meiger.'OT^wi 

Federal Minister of Economics However, a definitive view on Gazette. has led to . both- ministerial above a certain size turnover or grounds withoitt: mfringilig 

on public interest" grounds, these two issues—snd on a It can be seen that uie i interventions . t0 allow or even market share and provldiiigTor rule that Community^UWj 

which is its right under the further point wiH have to await 8™ AithouEh promote desirable mergers and exemptions, has been under 0s- yails. If. Eurtmoan. totost 

German Competition Act. and publication of the Supreme Federale^edend to * tempering of some the cusslon in Belgium. Another are to be steengthejiwSjo 

County Lambsdorff. the present Courts detailed Judgment « operates undei: the Federal ^ ^g^epts. has teen under consideration in with, world, competition, 

Minister, should decide to exer- The additional pouu bad been Ministry of Economics and its «, r has the Netherlands m recent years, -Siegrowing web- ofnatit 

been Ministry of Economics ana ns merger oolicv has the Netherlands m recent years, jhegrowring web- ofnatit 

Office decisions can be revmwed by n P 1 ^ su bi e ct of and theife has been pressure for ?apd Community^nrtrgeE-ctHlt 

lourts the courts, which have special tarn. *,wu*. J subj^ect of mom ^ ** cxaaxol ^ l , - jtsrtf 

aoroau lu M iTflrit on unward trend in the unemploy- both groups will nave io .muiv 

25S « an ^o" XM ^ich now stands at again from scratch, 

tion in the sense that Canada more than 8 per cent. The *a,e — 

has not borrowed abroad in and price control programme 

this way for ten years. But expires this year; but because ■ M flR 

there is so far no indication 0 f the depressed state of econo- |||| gg grog £ | 

that it points to a change oF mic activity and the high level gf gj 6^8^ 

direction in the main aims of of unemployment, the utuj _ 

Canada's economic policy, which expects the inflation rate to ggg@ idea, S3Y 
continue to be the reduction decline in 1978. and at around 

0 F inflation and unemployment 6 per cent, to converge more g e |«ks B WOSTien 
i in that order!, and the pro- closely on that in the U.S. , 

motion of faster growth. Some re a a tionar>- measures The Newbury Women s 

Partly because of its richness . _ been taken by the govern- U P . m arms. Letters flooding 
in natural resources, notably m “ e ' nt j nc i u ding tax remissions mt0 ,Lj1 ® local ‘ . ' . h 

oil. Canada has enjoyed a strong U j 0 bK;reation public expressions as a ca J“ r ., 1 ".jJ® 
positive balance of payments on ^° Qding programme, but there heart of the community More 

trade account during the past considerable uncertaintyi? 1 !' tht . 

miinip Of vears. and the Organ- 1S , _ .. a „ c „ rP that Liberals. Tones and Socialists 


couple of years, and the Organ- 
isation for Economic Co-opera- •* 

whether this will ensure that ^ ™ e - ThisVare dis- 

economic activity grows in line J ha« Hpah nr.i- 

linn and Development forecasts caoacity The Canadian P*®? of solidarity has been pro- 

a run^r s,r en? hen; n g of the -^1, ™ 0 f 

trade balance in 1978. But this 
surplus has been more than 

annual growth town’s “biggest controversy of 
and 1981. but - 

: offset by an even larger deficit ^ olcD takes a more pessi- Weekly News refers to the U.S. 
on invisibles, mainly due to JJe OEC Bk forecasts that Air Force’s request to reactivate 
outflows on tourism and interest r ,_ ^owth rate, at least. C-.eenham Common airbase. It 

payments abroad. i« "more likely to lie in the 34- has had only spasmodic use 

One of the consequences of J “° r re range, with the since 1964. 

this current account deficit has - p further rise In The USAF wants to put Boe- 

been a ijrpw™ Sployment in 3 707 tanker planes at Green- 

pnee of the Canadian doUar, unemy j ^ apparentiy preferring this 

despite the inflows of long- Depressed to the more isolated stand-by 

t vaSe^e^C— Wefhersfirid jf~ in p| 

the Canadian authonUes. One should help reducethe eur- Mcau» oitel, n. r nmjo. 

m ■0z>p , 


full page in Le Monde, paying a luritfhtime, the rescue was 
further 40.100 francs, this time effected from the local soccer 
to extol the virtues of house- pitch. 

wives: “ What pleasure for Early in the afternoon, 
women to go peacefully to col- Thompson stepped out at the 
lect iheir children from school, Battersea heliport, set t0 
to make them do their home- spend the rest of the day with 
work, to teach them their th e visitors. Yesterday be was 
lessons, to prepare them for the up jq Birmingham, talking to 
night, to put the flowers on the potential contractors for the 
table so that the husband, when mTR extension plans. I cannot 
he returns from work, can find confirm the rumours going 
a pleasant atmosphere.” around Manufacturers Hanover 

Dassault's previous advertise- t hat he has taken a supply of red 
raent. calling for the protection markers in bis suitcase against 
of old churches, produced some further vagaries of the British 
frosty letters from Le Monde climate, 
readers. These remarked on the 

way his Mirages, thundering _ 

overhead, had been cracking 

church vaultings. rich hifoe hack 



. The unaudited results of the Group for the ahr nmntfn'vMd 
3?it December. 1977, and the comparable figures for the ante,pe® 
of the previous year, are as follows :—--:'Zfi t 

& months ended . . .6 montfeend 

• • • • 31.1277 ■ 1 



Elevated transit 

resources for stabilising the impact as the depressed 
value of the dollar, or at least 0 f the economy, at least i 
smoothing out its fluctuations. sll0 rt run- A large prop( 
. . . „ . n£ Canada’s exports are i 

Antl-injtatwn form of raw or semi-proc 

Anti-inflation form of raw or semi-processed us." 

The broadly-based antkinfla- products, whose prices are The RAF says bland 
tion programme which was mainly determined on world one jjkes living beside 
launched by the government in markets. Canada’s exporters of fi e i d _ ^ut they are fact: 
late 1975, with a mixture of manufactures, on the other in s day a nd age. 
wage and price controls on the hand, rely heavily on imports thousands of Newbury i 
one hand, and curbs on the of machinery and parts, and will who have moved in to 
growth of the money supply on be adversely affected by the housing estates near t 
the other, at first appeared to depreciation. empty Greenham do n< 

be having some success. But nrosnects for a reversal that way and are unit 

_“ Se church vaultings. Fish biteS tack 

nc aTrrp^n" "That should put paid to " Maurice Hodgson, chairman- 

current ,tv Elevated transit 

to the more i^lated stand-b when Norman Thompson gets ^pe the floor with hecklers at 

oases of Sculthorpe and_back to Hong Kong at the week- the April annual general meet- 

ttetnersfield m Suffolk, in part end< he w m be spellbinding j ng ^ his performance against 

because of ite longer runway. dinner-parties with tales of his Kearton is anything to go 

p- ^ s,sr Sni 

««• «»“ - - aa t t wo iu is z sssa-rr hsss 

r r l p,u, *, T nu.nirjd san; z^<*°°**~**- 

RAF: " They have not asked cuuld be created, and £lm. extra B r j ta j n l0 m eet French and p . . 

us." * turnover a year for local shops German bankers who played key ^Kearton had expounded upon: 

rr- * n it 1 ki.nrii,- -v-- selling to American airmen, ... jmnsin? The cornora- the controversial issue .-..or 
oneTik^Hvin" beside‘an air- These prospects have lured some Uon . g new $400m. ten-year loan. BNOC’s “voluntary ” partidpa- 

field. but they are facts of life 12*^1“? '2™*? S? » . seem ? d a P ? d ““ ® "2* ^JSS^SSS ^MtaS 

Group Prefie before 

Estimated taxation on 
Group Profit 
Less adjustment due to 
revaluation-.of trading 
. stock 

Less Minority interests in. 
subsidiary companies 

Group share of profits of 
ussotiate companies 1 
(after tax) 

• . taxation: 

Profits of surplus assets ■* 

v.3 J77 

:: m 



of the economy, at least in the v ,uld be grateful for the work? rcarii-aien. Traagit Rail 

short run- A large proportion The lSAF: “No comment. The On the plus side, -at) jobs lion (mtr) ani 
n£ Canada’s exports are io the RAF: ‘ They have not asked cnuldbe Bcitain ,0 me( 

.Although Group.turnover fell, from 5NZ367.0m to $NZ359. 
gross earning* increased by 1th per- cent.'- This was ndt, howev 
sufficient to cover mcrewed costs, mainly interest charges Wh 
rose by $NZ37m and staff and other costs which were $N25. 
higher in spite, of a.decline to the numbers employed. ' 

The rural sector suffered from a'-late'.and disappointin3' s^ 
in many^ districts'. Additionally, J the rwults ^ 
which Is-by far the largest supplier-of seasofuK-fb«ce-_to-arrB 
in N«w Zealand have been -adversely affected 
recover fuljy the current high costs ofTts.' 
provide loan finance.. The position has beeir ag^vanpd by ■ 
heavy demand far finance brmight aix^jt- 

T np back” camp: but overall. New- . x ew before the meeting oil groups. Agreomant had been jj * n d-con3Moent di^ine in their:pr^ts:-Ava i«uft ^vi«- 

^ ,____hn^tlla . . . . .. i miihIiaJ until mnet n* hlD II I : - ~ A a‘- p* ---— 1 .1 _ inn - - -—JM.*'.. 

told me. 

sumer price index has been reduction i0 the tourism deficit none at week-end^ “ Tne asa 

slowly rising, and while the wjth u s ., where any im- planes will badly affect three ™^ nt ' a laconjc S P 
current rate of around 8 per -^ment will in turn depend hospitals, and cause a deafening t0IG me ' 
cent, compares well with past a reduction in the Canadian din at several primary schools. ^___ 
British experience, the import- flarion rate _ near one of which it will take 

ant point is not merely that the .. i, rt _ TO „. off” Frank Graham told me chflt 

Canadian inflation rate has been \\ hde the ^ ™ yesterday. He is both a teacher TireSIGe CHa 

higher than that in the U.S., abroad does not signal a chan 0 » _ —-ir.rinn Amiri ivm tonen 

News, as tor tne u.o. ait run*, snow arrived in the West Rising to his feet -and to the 
is it concerned about the regi- Country, On the morning when occasion, Hodgson quoted W. C. 
ment of women (and outers) h e was due back in town,-. ,. h had a 

being mobilised against it- No Thompson put in a desperate di'swwprfnff 

comment." a laconic spokesman C3 n -o Gary Soutiiern, a senior < ^ octor s a ^ vice . ter ^aisOTvenng 

but that since the middle of of policy, it should give Ume 

and a member of the local action Amid the tense run-up to the 
committee. "When some Fills French general election, the old- 

manager at Manufacturers that he was losing his heari n g, 
Hanover, who were lead man- through drinking too much. The 
agers for the loan. Tm snowed doctor told, him to give up the 
in." he said. “There's no way bottle. Fields thought care- 
out” fully, said Hodgson,'then re- 

Southern rang all the heli-plied: “What I have been drink- 
copter companies in the tele* ing is a lot better .than, what I 

The results fromthe... maiwfo±utin£ wd 
showed’ a sharp decline -refiectlngYthe .difficult; 
and_ the serious .inflation «R«ws. . in tbe fliwr^fc-^ 
panies increased their'net earning*- - '- -X.:' - .' 

ft Is expected. lir thtf_ 

subsidiaries win pick “Up part' .of 
performance of the finance^sufaWtoriesivrillrbeJt i 

any improvement in- 

out uifti suite Liu; UUUUI5 .. rnmmittce "When some Fills rrenen aenerai eiecuon, uie uia- copter ojuipames in uie teie* mg is a ioi writer. 

last , yl!s .I iT , ha ^ b£e . n T'’ 1 "? “S ™ n™ndZ th“? momiS world of the 86- phone book: one o Sree d to lilt hove been hearing.. 

- 1^ ,u~ T-c itself- -.nri if the infla- were arouna inr inrec msmns v«utiu - , ° — .. 

sss ■ s™^ ™ 

On the other hand, too trend mil. in torn ease thn pro-anro ]n . N; .,.„ ur , Dsssault has taken yet another ground near the village. At 


in wage increases has been on the Canadian doliar. 

; The fcbartf h» M 

(5^ cents per steire)- payable : pw. 2 2pd-,March; 
registered on^-.28^;:Febreasy ?19Hk: "* 
iamerrate .ajf fast;year wfi!. 


acial Times Thursday- February 23 1978' 


despite protest, to salvatio 

Jtouary trade 
.weftk were received 
calm the 
T weets. The conclu- 
that they were 
true, second that 
Inforce the. Chan- 
pfeeramental caution 
4 -third that a' weak 
.nice is not the end 
1—a ; world of trade 
.ad ■ Opec surpluses: 
j not so calm. Mr :, 
lid, -■ the'; / arcb- 
, from Soutfiamp- 
In thfun-a ;cab- r 
r . he has ; been say- 
eriing- came off the 
and lords 
Kjtidor, Government 
^decade ago, who 
. on anything, 
•U-pboclaim the de- 
. tion of Britain. .. 
lor, as a matter of 
^alls it pastorallsa- 
hms the danger of. 
'doom he foresees 
Jr attractive. He 
>e suggesting that 
:ry arrival of North 
- so transform our 
it we will be able 
sun and chew straws 
years—a kind of 
:e bergtre, to take 
literally. The addi- 
3 per cent to our 
tome is- indeed a 
nt, in spite of the 
V many analysts to 
black side, but it is 
evolutionary as all 
rationally, the case 
is that we are 
nil for frivolous 
Jtting taxes - and 
foreign currency— 
xactly the opposite 
. needed to confront 
term future. This 
ds a stakhanovite 
Id down consump- 
ir of investment. 

This is a- line'.hx^anent 
which, instinctlveiy appeals to 
I^ft-wing Ministers,^nd also to 
the basically Stalinist instincts 
of many .senior' dyD ■ servants, 
who have, always 'had J leanings 
. towards-austerity and-heavy in¬ 
dustry. . ..These; instincts are all 
the more-ceadily arpused in any 
veteran of the balance of pay- 
metote'erises of the IMOsI - 
/ indeed, quite’ 1 *'real 
■i£-the Labour Party xettiains in 
office;—that If the world-reces- 
si on continues to produce dis¬ 
appointments on . 'trade - and 
growth, we will beComer trapped 
in the habits of the past; and 
make renewed ■ efforts to- bully 
industry in$o growth' by-depres¬ 
sing the -economy, .This would 
really be a tragedy anffVwaste 
of oil, as. Z will suggest ': the 
North Sea is in fact imposing 
on us an escape from an almost 
entirely mistaken enterprise. It 
is.worth considering, at least, 
whether we may not now be get¬ 
ting it right in spite.,of our¬ 
selves. .' 

Central aim 

The two basic theses of the 
alarmists are either that the rise 
in sterling has rendered Britain 
largely uncompetitive: or 
alternatively that it is at least 
threatening to compress profit 
margins to the point , where 
there will be no finance for the 
investment which has been a 
eentral aim of policy for so 
long; As a first step, it is 
worth seeing how well these 
theses stand'up to the evidence. 

Competitiveness is an elusive 
measure, as Peter Riddell made 
clear in a recent analysis in 
these pages. In the days when 
Mr. Wilson was opposing de¬ 
valuation (much against, the 

advice of Lord Kaldor) he used 
to proclaim that British export 
prices were competitive—ignor¬ 
ing the fact that arty price at 
which 'business is done is by 
definition competitive. More 
recently CBI members have 
begun to complain of price con¬ 
straints on export sales, which 
means that they are noticing 
that they have to compete on 
price; but the merchants of the 
London Chamber of Commerce 
have said that they are finding 
’ strong sterling no problem. 

The price measure, then, is 
probably about as broad as it 
is long; so the second line of 
defence is to appeal to anecdote 
and the trade figures. Certain 
industries are clearly not com¬ 
petitive—which if they are on 
strike, or trying to survive the 
consequences of major errors in 
design policy, is hardly surpris¬ 
ing. Equally, the trade figures 
have taken on a sinister trend, 
which is regarded as conclusive. 
As a short-run judgment this 
may well be true, though the 
seasonal and cyclical factors 
are so hard to estimate that only 
the most foolhardy statistician 
could derive any dear under¬ 
lying trend of current com¬ 
petitive efficiency — what the 
Chancellor now calls “industrial 

Even if such a figure could 
be derived, though, it would 
only tell us what is going on 
at the moment In the longer 
run, when prod net mistakes can 
be rectified and temporary 
problems solved, we need a 
measure of potential com¬ 
petitiveness. This must surely 
be based on real wages and real 

These indicators are summed 
up in the charts, and need only 
a minimum of comment from 
me. The normalised series for 
wage costs—which is in fact the 





1970 71 



74 75 

Relative labour costs are defined as UK normal labour costs 
per unit of output divided by a weighted average of com¬ 
petitors'’ normal unit labour costs, both series being expressed 
in a common currency and adjusted for variations in produc¬ 
tivity about its long-term trends. The series is calculated by 
the IMF’s Research Department. Figures for the third and 
fourth quarters. 1977, are Treasury estimates. 

indicator of current competitive¬ 
ness used by the International 
Monetary Fund—shows that at 
the end of last year British 
labour costs were still histori¬ 
cally low. This figure is probably 
deceptively reassuring, since 
wage cost inflation—unlike price 
inflation—is likely to remain in 
double figures in the U.K this 
year (13-14 per cent, on earn¬ 
ings, optimistically three per 
cent, on productivity), -while 
running at three to five per cenL 
in most competing countries. 
This index will probably have 
climbed to the mid-ROs by the 
end of this year; that it why Mr. 
Healey is so determined to sec 
a further reduction in wage 

This is an index of current 
competitiveness. For the longer 
term it is also interesting to see 
bow man-hour costs compare, 
since this measures the attrac¬ 
tion of the U.K market to any 
manufacturer who can approach 
an international standard of 

efficiency in a U.K operation 
(as some do). The figures given 
here for’ just one industry, 
simply because they happen to 
have been analysed very 
recently, are by all means 
anecdotal: but they do suggest 
that it would take an heroic 
effort by the militants and the 
Secretary of State for Social 
Services to make Britain appear 
anything hut a very cheap 
labour market. 

Textile Wages-Three times more costly in Sweden than the U.K. 



■ raM nariUM_ 





United Kvgdtmi 

Bat tr 1977, fl ■ Mii-93 ' BJB. fl» DM3 99 


It is at this point that the 
critics triumphantly proclaim 
that nothing of the kind will 
happen unless there is a large 
rise in investment, since invest¬ 
ment at recent levels, though 
much higher than in earlier 
decades, has not prevented a 
large rise in unemployment 
This argument seems to me 
riddled with fallacies:- but they 
are so widely accepted that I 
can perhaps best display them 

by introducing, with apologies 
to my sophisticated readers, the 
last resort of the despairing 
commentator, a little green man 
from Mars. 

A Martian economist, who 
could read numbers but no 
English, migbt well survey 
recent history and come up with 
the conclusion—already sug¬ 
gested by a historic article by 
Professor Robin Matthews filed 
in the memory bank more than 
a decade ago—that -the basic 
cause of the British disease is 
an excess of Investment 

The fact is numerically obvi¬ 
ous for a start. Britain has for 
some years devoted about 11 per 
cent of GDP to non-housing 
investment not very far below 
the international average; but 
the growth of output has been 
less than half the international 
norm. We could have achieved 
our growth with much less in¬ 
vestment—and this in turn 
would have allowed for a larger 
growth of consumption, encour¬ 

aging more expansion. 

Further analysis would show- 
how and why this has hap¬ 
pened. Since the early 1960s 
no less than 6 per cent, of GDP 
has been transferred from con¬ 
sumption to investment. Since 
the terms of trade also worsened 
by some 20 per cent over the 
period, very little was left for 
consumption, so the home mar¬ 
ket stagnated. (Our Martian 
also notes the growth of public 
spending; but while this sug¬ 
gests a systematic destruction 
of incentive, it does not explain 
the slow growth of total output.) 
If this is export-led growth, he 
will not recommend it to his 

Why, though, was so much 
invested for so little reward? 
The tax and financial figures 
provide the explanation. Succes¬ 
sive Governments have steadily 
removed taxes from industry 
until recently, with 100 per 
cent first-year depreciation, the 
Government is effectively put¬ 

ting up more ihan half the 
money. This means that invest¬ 
ment attracting this treatment 
need only show half the return 
or any investment not so 

What kind of investment? The 
Martian tries a hypothesis; in¬ 
vestment tends to show its 
lowest return in the most capital 
intensive uses, by the law of 
diminishing returns. and 
perhaps m housing: so he 
would expect to find a prepon¬ 
derance of capital-intensive 
growth—say chemicals and 
refining—together with more 
labour substitution than is jus¬ 
tified by wage rates, and an 
overgrown housing secior. 

The figures, he is delighted 
to find, confirm this hypothesis: 
but a little further research 
shows that Government policies 
have reinforced the inevitable. 
Regional policy offers extra sub¬ 
sidies for capital-intensive pro¬ 
jects. and the tax system is 
strongly biased in favour of 
housing. In sum. the U.K. has 
depressed consumption to en¬ 
courage low-return capital 
formation and displace labour. 

The remedies suggest them¬ 
selves: restore the tax balance 
and aim at steady demand-led 
growth, v.ith perhaps a stress 
on labour-intensive (small com¬ 
pany) development. That is 
still not policy: but add 
together the effects of rising 
real incomes (from sterling), 
rising North Sea revenues tto 
finance personal tax cuts, among 
other things), political pressure 
to help small companies and 
financial pressure against ex¬ 
change controls, and we seem to 
be drifting, despite protest, in 
a direction a Martian might 
approve. Could he be right? 

Anthony Harris 

Letters to the Editor 



■Die Group. 

1 ‘ be permitted to 

> la those raised in 
* Government's pro- 
ercise pay controls 
id commerce! by the 
f penal clauses in 
and public sector 

businessmen ■' and 
recognise the need 
lation to the levels 
. »rnational trading 
ow. In this respect 
je that there must 
on in pay settle- 
ely the record of 
■ jat have, been made 
- industry's aware¬ 
ar) d its willingness 
o; accord with the 
I pay policy, 
ion to the proposed 

• are so unfair and 
v ia that they im- 
ms and .penalties on 

... that no prudent 
uld be expected to. 

. ivernment was to 
. mpose these Condi- 
. station then I ven- 
. st that the majority 
of Parliament of all 

* Id be unlikely to 
They give under the 

>olute discretionary 
3 Secretary of State 
aent with no right 
of arbitration. Tbese 
ofren-ended in that 
riSf' only current 
ifjs on the subject but 
“ J apers to be issued 

w tm 

actor has to accept 
7 not only for his 
. it for those of his 
>rs and suppliers 
subcontractors and 
ren though any in¬ 
ly such sub-contrac- 
.ppliers may be in 
irk quite outside the 
he contract, 
lenient is so broadly 

> cover any payment 
tidual and the ques- 
ther or not the pay 
een breached in any 
entirely at the dis- 
le Secretary of Slate 

■vemment wishes to 
tions for its “volun- 
tolicy then it should 
oonsibtiity of govern¬ 
ing with this matter 
in that would need 
of Parliament and 
apply throughout the 
jryone. If it is not 
a . do that then it 
ve it to industry 
to operate the pay 
is at present doing, 

eet. w.l. 

dential. • commercial and 
industrial developers. 

It is obvious that industrial 
developers take a -very real risk 
in committing themselves to.the 
enormous casts involved in 
commercial and industrial 
development before they have a 
tenant lined up. Their profits, 
when achieved, are totally 
justified by the service they pro¬ 
vide to industries urgently need¬ 
ing to expand or relocate where 
the time involved in construe- 
tion is unacceptable. - - -• ’•••' ■' 

Mr. Bradley should not assume 
that the . market conditions caus¬ 
ing increases in housing land 
prices are in any way similar 
to those causing the increases 
in industrial land prices; the 
latter being caused mainly by a 
large number of institutions 
chasing a small number of com¬ 
mercial and industrial invest¬ 
ments: but surely he does not 
advocate additional Government 
Interference -with the natural 
course of supply and demand. 

If .banks are -lending against 
over valued assets I should be 
very surprised indeed as there many who are totally 
free of the loss making situa¬ 
tions which came home to roost 
in 1974. I certainly do not know 
any bankers with such short 
memories; I wish I did! 
Michael J. Pritchard. 
Commercial Relocation 

Index House- Ascot, Berks. 


land he will need to look for a 
system which automatically en¬ 
sures that all unused land Is 
constantly offered to the market 
By this mechanism prices will 
stabilise at a natural level and 
sites of marginal utility will 
always be cheaply available. It 
is quite dearly the hoarding of 
unused land, both central and 
marginal, that sustains the false, 
high values. 

Such a new system would be 
successful where the Community 
Land Act has failed. 

Adrian IGray. 

32, Russell Rood. 

Wimbledon. S.W.19. 

The pig 

We do not want to see merely 
a national conference and/or 
exhibition centre: what we are 
after is the international custom, 
and the benefits that this will 
bring primarily in terms of jobs. 
It needs to be stressed that many 
of the jobs created by these faci¬ 
lities are unskilled or semi¬ 
skilled. for which London has 
a crying need. 

If London does not take the 
lead now it will lose it perhaps 
beyond redemption. And if. to 
return to my well-worn theme, 
the Government steps in once 
again and stops us from provid¬ 
ing for London's future there is 
going to be hell to pay. 

Horace Cutler. 

County Hall. S.E.I. 




E. Gobert 
Dutch are buying .up 
/Germans are buying 
Tb» Arabs , are buy- 
don. . ■ 

3t that money go into 
enable U.K. residents 
perty abroad' without 
mgh the. Investment 
ilium account?. 
od Drive, 

rictions on 

if. Pritchard. 

»el compelled to cem- 
Mr. Bradley’s letter 
20) wherein he 
a Bank oF England 
pn bank/Ioans to resi- 

Fronx Mr. J. Slater. • 

Sir,—The deep concern ex¬ 
pressed by Mr. Victor H. Bradley 
(February 20) should stir the 
sympathies of a much wider 
range of readers than of 
builders. Mr. Bradley complains 
about the excessive increases in 
the current prices of building 
land for which credit is becom¬ 
ing more freely available to 

I would submit that the 
remedy for this, and the conse¬ 
quent abuses, is n'ot the imposi¬ 
tion by the Government, of 
further restrictions oil the bor 
rowing powers on would-be 
house purchasers, but the much 
more fundamental measure of 
Land Value Taxation. This 
would strike at the root of all 
land abuses, not least, the pri¬ 
vate ownership of land, a condi¬ 
tion which enables ' some men 
to exploit their neighbours and 
reap the benefits of general 
prosperity. . 

This burning question has 
been ignored for too long by 
all political parries who. instead, 
have advanced all kinds of pallia¬ 
tives to remedy our economic 
ills, thns ever postponing the 
inevitable dn B v of true refonn. 
James D. Slater. 

I. Biddings Lane, tlftaltey, 
Blackburn. Lancs. 

Supply of 

From Mr. A. Grays 
Sir,—Mr. Bradley is 
correct when he says that 
land values can be nannrui 
(February 20) but I do not agree 
with his suggestion that Govern¬ 
ment should issue, directives to 
banks not to lend money for the 
pure base of - land, if only for the 
reason that pension funds and 
insurance companies, to name 
but two types of institution, are 
capable of affecting land prices 
in a big way without a penny « 
borrowed money. 

Furthermore, 1 see no distinc¬ 
tion between a builder using 
land as collateral for finance and 
a speculator using It as collateral 
for dealing. The aim of each Is 
to maximise profit. 

Tf Mr. Bradley really wants to 
maintain a good supply of cheap. 

From die Chairman. 

Pig Environment Company. 

Sir, — On behalf of UK. pig 
fanners 1 wish to protest against 
Mr. John Cherrington's article 
“ The going may get even 
harder” (February 10). After 
we have been operating in a loss 
situation for over 12 months; 
and cognisant of the maniacal 
manipulation of the green pound 
by our Government and the 
grossly unfair method of calcu¬ 
lating monetary compensatory 
amounts, it is truly incredible 
to see Mr. Cherrington justify 
his statement with a few figures 
supplied by the Meat and Live¬ 
stock Commission and others. 

Mr. Cherrington is a well- 
respected and much-travelled 
man. Surely he cannot be so 
naive as to imagine that his 
article presented the complete 
picture. He writes of their three 
fundamental advantages but fails 
to mention more significant dif¬ 
ferences which give our competi¬ 
tors enormous advantages. The 
principal one is. of course, that 
their respective Governments are 
more sympathetically disposed 
to food production. Much criti¬ 
cism is levelled against the 
Common Agriculture Policy, 
but;- in reality, the mountains 
so produced are small percent¬ 
ages of production, and if prices 
were fixed so as to- discourage 
production, the horrible alterna¬ 
tive of shortage and its implica¬ 
tions would arise. The benefits 
which CAP has given are obvious 
for all to see on visiting farms on 
the .Continent, particularly that 
of confidence in their future, 
•whidh onr livestock industry can 
only envy. Is this confidence not 
the very foundation which will 
enable them to apply still more 
pressure on onr market? 

British pig farmers are fast 
discovering that the odds are 
very heavily stacked against 
them, and I am sure that neither 
the Financial Times nor Mr. 
Cherrington would wish to per¬ 
petrate any injustice. As a pig 
fanner, I ask only for the oppor¬ 
tunity to compete on equal terms 
with the rest of the community, 
and to infer that this is the case 
at present is a travesty. 

P. M. Walsh aw. 

Wert Ella Hall. West Ella, Hull, 
E. Yorkshire. 

. Conference 

From the Leader 
Greater London Council. 

Sir,—Your conference centres 
feature (February 20) alluded 
to London's attractiveness as a 

conference/exhibition, .venue and 
too died" upon Greater. London 
Council’s role. Thai London has 
more to offer than any other 
city in - Europe (let alone, in 
Britain) is unarguable, but it 
Is the direct facilities themselves 
which now' need both an over¬ 
haul and adding to. 

. True, the GLC is committed 
morally and financially to the 
continuation of Earls Court and 
we-hope to arrest .its decline. 
But we need to go further, and 
the. dereliction in docklands and 
elsewhere allows us to. 

The give-away 
tax treaty 

From Mr. J. Newman. 

Sir.—The piece in Lex (Feb¬ 
ruary 20) regarding the UK./ 
U.S. double tax treaty is a timely 
reminder that the benefits of the 
new treaty from a UK viewpoint 
are very few. The treaty to my 
mind represents a give-away to 
U.S. corporate and individual 
investors In the UK 

Currently on dividends from 
U.S. stocks, a U.S. federal with¬ 
holding tax of 15 per cent is 
applied whoever the UK investor 
is. Under the new treaty this will 
only be reduced to 5 per cent 
if the UK investor Is a corpora¬ 
tion and controls more 'than 10 
per cent of the ordinary share 
capital of the U.S. company. This 
(apart from the unitary tax point 
for California) seems to be the 
only UK benefit from the new 
treaty. In fact it puts the UK 
in line with the U.S./Netherlands 
treaty which has been in 
existence for some years. 

The position for the U.S. cor¬ 
porate and individual investor is 
very much more beneficial. For 
the individual investor a full 
credit will be obtained for all 
advance corporation tax (ACT) 
paid with the dividend but from 
this ACT a notional withholding 
tax of 15 per cent will be 
deducted. This means for £100 
of dividend, a tax repayment of 
£28.80 will be due to the U.S. 
Individual investor. For cor¬ 
porate investors also part of the 
ACT will become repayable. The 
amount depends on how much 
of the voting stock in the U.K 
company the U.S. corporate 
investor controls.- If it is less 
than 10 per cent, then the re¬ 
payment will be the same amount 
as for an individual. If it is more 
than 10 per cent, the repayment 
is a reduced amount which works 
out at roughly £19.40 on a 
dividend of £100. 

If the rate of UK-corporation 
tax was higher than that in the 

U. S. there would he a good 
reason for giving repayments of 
£19.40 and £28.80 an UK divi¬ 
dends going to the U.S. as 
opposed to being charged £5 and 
£15 in the reverse direction. How¬ 
ever the UK corporation tax 
rate is. currently, 52 per cent, 
and the U.S. federal income tax 
rate on corporations is 48 per 
cent. In addition in the UK. state 
and local corporation income 
taxes are payable which can 
amount to between 10 per cent, 
and 20 per cent. And the U.S. 
corporate investor can take 
advantage of the generous UK 
first year allowances and stock 
appreciation relief. The treaty 
therefore means that this dis¬ 
parity in rates wlU be widened. 

I suppose one has to recognise 
that the UK Government may 
be overawed- by the US. in 
economic and fiscal negotiations 
bat I do feel that the Treasury 
should attempt to achieve fiscal 
symmetry in these negotiations. 
By- all means grant ACT credits 
but this should be at the cost of 
the U.S. eliminating withholding 
taxes on dividends. 

J. A. Newman. 

V. Mincing Lane. EC-1. 


Department of Industry Issues 
details of capital expenditure by 
manufacturing, distributive and 
service industries: and manufac¬ 
turers’ and distributors’ stocks 
(fourth quarter, provisional). 

Energy Trends publication from 
Department of Energy. 

Mr. Reginald Freeson, Minister 
for Housing and Construction, 
discusses impending closure of 
Trphoo Tea packing factory in 
Birmingham with Cadbury- 
Schweppes chairman. 

British Shipbuilders Board 
meets and is expected to discuss 
recognition of Shipbuilding and 
Allied Industries Management 

The Queen visits new Public 
Record Office ai Kew. 

To-day’s Events 

Duke of Edinburgh begins tour 
of Merseyside, Cheshire, Man¬ 
chester and Lancashire. 

Prince of Wales starls tour of 

Financial Times two-day con¬ 
ference on Business with Spain 
ends in Madrid. 

Negotiating conference on new 
International Wheat Agreement 
continues in Geneva. 

Stock Exchange mission con¬ 
tinues visit to U.S. to study regu¬ 
latory procedures in stock 

London Chamber of Commerce 
seminar on pensions. 69, Cannon 
Street, E.C.4. 2.30 p.m. 

Sir Peter Vanneck. Lord Mayor 
of London, and his Sheriffs attend 
Needlemakers' Company dinner. 
Mansion House. E.C.4. 

Final day. of British Growers 
Look Ahead conference and 
exhibition. Harrogate Exhibition 

Final day of Advertising and 
Marketing Services ■ Exhibition. 
Wembley Conference Centre. 

House of Commons: Debate on 
developments in European Com¬ 
munities .lul.v-December 1977. 
Second reading of Commonweal ih 
Development Corporation Bill 
(Lords) and of Northern Ireland 

(Emergency Provisions) Bill 
(Lords). .Motion on EEC docu¬ 
ment on Conflict of Laws on 
Employment Relationships in the 

House or Lords: Theft Bill, 
report stage. Blasphemy (Aboli¬ 
tion of Offence) Bill, second 

Car and commercial vehicle 
production (January, final). New 
vehicle registrations (January). 
Barclays Bank (full year). 
Hoover (full yean. Imperial 
Chemical Industries i Tull year). 

Cnplan Profile. Winchester 
House. E.C.ll. Charterhouse, 
Abercorn Rooms, E.C.. 12. 

.. i./.:#vCt* 

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UDT through i is export finance house,is a major provider 
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£1 Eastiicap. London ECJPjBU.TekOivij 3C-I3 


BOC down £6m. after £3m. strike cost 

week strike in the L'.Iv. nases 
division, which is estimated 10 
hare cost £»m.. and a sharp profit 
decline in certain other sectors, 
taxable prnfiis or BOC Inter¬ 
national dropped from UH.ttm. to 
£ 10 . 8 rn. in the first quarter of 

In his annual statement 
reported yesterday Sir Leslie 

be maintained, he declared. 

Apart Trom the efiect or the 
strike on European profits they 
were also affected by a significant 
decline in Ihe results nr the 
chemicals, metals and .lledi«hield 
businesses. Out of a total trading 
profit of £14.7m. against £ 21 .tim.. 
for the first quarter, the European 
side showed a reduction from 
£7 5m. to £l.»im. 

In his statement the chairman 
said that demand for the group's 
produers should increase during 
the year, but it would be harder 
to achieve a reasonable profit 








A.C.E. Machinery 



Gillett Bros. 



Apex Properties 



Horne Bros. 



Bland Payne 



Jackson (J. & H. B.) 



BOC Inml. 



Johnson Matthey 



Bond Worth 



Law Debenture 



Bristol Water 



Ley’s Foundries 



Countryside Props 



Plantation Hldgs. 



Daejan Holdings 



Pratt (F.) Engg. 



Dobson Park 



Radley Fashions 



Felixstowe Tank 



W‘minster & Country 




premium throughput of U.K. ITXallilv Y 
broking subsidiaries being gene- ** 

"i&E’Msin;.hei»T 6 .7T downturn • 

results attributable to the decline 

in the value of the Pound fell A THIRD quarter downturn from 

market research that there is con¬ 
siderable potential, and the group 
expects some significant contracts 
from Lhe industrial field in the 

As previously reported, ore-la* 
profits of the group declined 
from I4JS.894 to £320.757 m the 
year, but ihe chairman points out 
"that much of thU catne from 
increased spending on overseas 
exhibitions, exceptional research 
and development costs and Hie 
increa.sed cost of developing 
overseas markets. These 
amounted to some £73,000. 




from £3.8ra, 
£1.1 m. 

estimated £4.8flm. in the same period last 
year to £3.&4m. has left taxable 

Commenting on the current profit oE Johnson 3Iatthe> and Co. 
year the chairman explains that down from £14.03m. to £13Jim. 
pconomic fariors esoeciallv lhe in the nine months to December 

level. The squeeze on margins THE OVERALL picture for Dobson economic farters especially lhe in the nine months to December 

would be most noticeable in Park Industries was encouraging strengthening Pound will have an 31. 1977. 

“'E?* 31nd _ “y. res 4 ™"* profit and profits for the current half adverse effect on tbe sterling sales, excludin- Johnson 

would he affected by the strike, year should exceed those of the value of overseas income, and a Matthor BankcrC totalled 

With lower margins a more selec- comparable period last year. Mr. depressed marine market will *313 com oared with 

~2™ 0 hJ n ^2L^ mm ‘ ?hlbB ■ li,n V :irdl . Chairman ’ l ° ld the also affect income. . f£$£to. for “TIE.e months. 

Financial Times Thursday February 23 197S , 

Daejan betters £lm 
at interim stage 

The result "is after financing wig be sent out^ OI j'’^menhtlbr^ 
charges, expenses a*d dm- ncn&S 

enarees, expense* ana ueprciaa- * '.l. 

tion of £S.04m. compared with of these scheme* the penaf/mg 
£327m last time. Tax takes funds will own S—a pc* c- 
£386,000 (£387,000), leaving net the Ordinary share capita! of 
profit at £647.000 against £303,000. 123 

-MwsJVs'ys Bond Wortfef 

and the interim dividend is lilted "Jg 

from 1J375P to U55p net, as f •j '1 — 11. 

already announced. Last year a flPTlPlf -Si 

LT875p final, was paid after a UVlllril vr . ..§§ 

P 5Sc«5enwta^profit for the |)£lOW^ £ 28123 ®'^ 

Rental inc* and c h arg e s 

"received ... - 3,78 

Props nr nniBolnas ——. JJS 

Prop. rrcuUn* profit .. 1.13 

{or. sales surplus- LOS 

tS ’ig “SfSw deficiency as repeal 

tjx -- . g> ' creditors at the date of cohapsc^ 

N« profit ...-:-* amounts to £21.9m:, the receive*!! 

L° a ~ - . m-'-w announced yesterday: This t 

Statement page 26 does not include ^ vaj“®' 

investments in subsidiaries jyg 
.... itt? debts due from subsidiaries so«“| 

BIT V ALUE of whose assets have : now poe?S 

Accountants Thomson McLintock realised. _ 

and Co. have now established the t. Asa result 5 >^ these realisa^^^a 
value of the . shares of British i*.is hkely that the tota* del.cienWE 
Investment* Trust, under the'will be materially -ifess tM _ B 
formula used in the National stated,", the receivers .sal-• ..*■ J 

Coal Board’s pension funds in For instance, the Tiab, ' ,t . 1 ®" !£? 
their bid for the company, at debenture holders, amounting 
36222p at the close OE trading Just over nt>m., should n», 

un-h) ^9%-77 THE FINAL deficit at Edn< 
fiooa woo Worth, the carpet rrroup whig 
3.788 3 7n3 collapsed last August, should w 

ra» 1^33 significantly below - the £2Sn J,' *9 
1.132 L282 SO estimated in December, novt 

LOSS 23S ever, shareholders si*d unsecured 


Directors say that precious Carrington Vlyella 

necessary, he stated. annual meeting. However. an ' increasingly and profit js arter Merest of sir Leslie Sn 

The chairman foresaw same He said that mining machinery important contribution from the £2,4fim i£2.3lm.l and deprecia- 
improveinent overseas but the orders remained 3 t a good level Lloyd's underwriting agency com- t j on 0 f £2.32m (£2 07m 1. 

recent strengthening of sterling while the demand Tor Kango panics within the group is anti- .. . ^■" 

would reduce substantially the Hammers and Markon alternators cipaled. , tas of 10 «3m. lOmparea 

reported value of overseas conlinued most satisfactory; but nnj reTaK profit DIVID 

earnings. concrete and heavy forginc were _ _ « w.Jv 

Though the q.-nup wps insulated still experiencing difficult TJ OOrirrl comes out at L>41m. tiSOfim.). 

from the worst effects of inflation, conditions. _M\.Cv-vrl. U. • Net assets are given at I149..-»in.. 

currency movements and political During the current year the against £l-?7.13/n., including base . i»™n»r+ 4 M 

sec-saws, a temporary check on group was budgeting for an | «»w T slocks of £232ra. (£2H.91ni.i. "P”. 

growth and expansion was increase of 40 per cent, in planned TfjF I Directors say that precious Larrington \ lyeua .... 

inevitable and the consequences capital exp« ^diture. including liy- mPla | stocks are valued at base Cons. Gold Kids. ust. 

of the strike would be Felt for buildinu or additional manurac- 1 j prices plus attributable tax. and waejan uoioin^s .i 

vears to come. turing premises in Wigan to meet I JPnPnMirP lhat lf market prices had been Felixstowe Tank .. 

In the first quarter of 1977-78 the expected demand for the L#vMVHiUlv used the balance-sheet total would cluett Brothers .. 

sterling strengthened against heavier types of underground FROM TOTAL income of £1.3«m„ have been higher by £21.7iu. Law Debenture Corp. 

other major currencies and profit powered roof supports. against £lJL5m.. pre-tax revenue (“l-Mm.). London Pavilion .. 

would have been higher by £0.9m. 0 r Law Debenture Corporation M enmmont 2!5 0 I s !? e Trust . 

if exnhance rates ruling at ^ lifted from £761,117 to a peak w Oakbndge . 

September 30. 19n had still iL?firx 1 TT 5 (ft JKS5.729 in 1977. Johnson Matthey has been hit Radley Fashions .... 

applied. JL»*A£U X ft V 1IV Profit is after administration by the full force of the improv- Dividends shown penc 

The results do not take into ■' and other expenses and interest ing pound, and the deepening * Equivalent afte 

arcoum the 1.9m. shares in AJfeo • j charges of £477J00 (£384^83). and chemical recession in its third- increased by rights ; 

Tic acniiired as a result of lhe TO subject to tax of £340.996 quarter figures. As a result pre- gross throughouL 

iciirfop nffer on January 3. 1H7S. J (£264^151). Net revenue emerges tax profits are down 32 per cent, mmhhmhbmmm 

n’ferred lax has been ealeu- at £ 344,733 (£496266). at £324m„ against most analysts' 

hied in aecnrrfance with ED19. 4*^-9 (1^ • An unchanged final dividend of expectations of around £4.3m.: the -w^-ii , .• 

»he tax charged for XlI ,7 III. 3p net per 25p share takes the shares lost 32p at 415p. Matthey Mia 

1*2® ‘'•.fi quarter would have been total to 4.5p I4p). Earnings per uses exchange rates prevailing at X lUaUftw 

f * - 1 ' Dm rmvc a lar«a ammml nf sharp are shown at 4 7Qn /4 54n> the Blld Of each OUBrlPr. If the _ _ 

AS.IHK 45ilHOOd 

Sir Leslie Smith, chairman of BOC International. 


for Law 


Date Corrc- Total 

.tnL 1^ 

or sponding 
payment div. 
April 4 1.2 

April 20 1.35 

against flJLoni.. pre-tax revenue (£H-82m.). 

Bland Payne 

fir acquired as a result of lhe TO subject to tax of £340.996 quarter figures. As a result pre- 

r.ff-r on January 3. 1H7S. J l/VJ (£264ii51). Net revenue emerges tax profits are down 32 per cent. 

P’fcrred lax has been ealeu- at £ 344,733 (£496266). ai £3J4m„ against most analysts' 

hied in accordance with ED19. ' An unchanged final dividend of expectations of around £4.3m.: the 

Hr. thi<- h.iris the tax charged for ^ A Tflll 3 p net per 25p share takes the shares lost 32p at 415p. Matthey 

1*2® 1970 quarter would have been total to 4.5p I4p). Earnings per uses exchange rates prevailing at 

£7: ’’ f . REFLECTLVG A large amount of share are shown at 4 79p /4.54p) lhe end of each quarter. If the 

..r,?r allowing ror tax and business obtained, profits of and net asset value per share at r 3 te *> lhat had existed al the end the available balance , d ^ ^ international in . i 2 l.Sp i95 7p), and assuming full of the second quarter had been 

for the first Quarter of lPu-78 ... ran( . p : nd reinsunuice broking conversion at 121.7p (972p). used, profits would have heen 

emerges at £3.1 m. against £fi. 6 m. ”5 n( S h»^4 ner cent sorae £S50 000 hisher - ^verthe- 

nor 13 n <h,rn grOUp. CXpJltaea Oy per cenu ,U„ --J- 

of Law Debenture Corporation 
lifted from £761.117 to a peak 
£885.729 in 1977. 

peak • comment 

Daejan Holdings . 



.Ipr. 4 


Felixstowe Tank . 




(UUett Brothers . 




Law Debenture Corp. 


April 26 


London Pavilion . 


May 24 


Moot-side Trust . 




Oakbridge . 


t 6 



Radley Fashions .... 

. inL 


Apr. 5 


_ on February 13. reduced by “at least^"JWni- ^ 

Previous holders of the 6* per a result of sales of substdianW! 
ccnL Convertible debenture 1993, Holders of the . 3 (pereent. dweri- 
and of the 7J per cent. Cod- ture stock 19S6-Si and prefer ea . 
Total vertibie debenture 1996. wUl tlftl creditors are - promise^ 
last therefore receive 16222 p a share repayment in full- * 

year 1' 

3.48 - — — - - ~ _ — 11 '■ 


Is 1 -------5 

h Mid-Sussex raises £1.5m.;: 

and other expenses and interest ing pound, and the deepening * Equivalent after allowing for scrip issue, t On caipitaJ. 1 ng 3 ‘ J ^T‘a“^r ce 0 f "Hoo per nintting and redemption yields 

charges of £477^00 (£384.883). and chemical recession in its third- increased by rights and/or acquisition issues, t Australian cents Mock 19S3 at a price of £iw per ranmn ?R pcr cenJ 

subject to tax of £340.996 quarter figures. As a result pre- gross throughout _T^e stock is payable as to £10 compares w ith figure* of W.54 }.c' 

(£264^51). Net revenue emerges tax profits are down 32 per cent — m—mm—mm—iemmm - — — application. Tenders cent, (running) and 10.37 tor 

CZaa -90 / nod ncc\ -at W Qlin onoinct mncl vete . S .. . . ...^4 _ 

are to he received no iarer thaii cent (rederapUnn'J for the ?jixl- 

Plantation Hds. tops £4m. rca'iST.! 

A * ,v r IJ * before. Friday March 31. there is a shortage nf stock a-iil- 

1^1 • __V 9 _ Interest wflf be payable half- able. Assuming no drastic chit--®' 

fills QlftWPT 1T0 Sl2lT - yearly on February 28 and August in the fixed internet ✓ 

iCIt/ii- 31V "1 vl AAA o^w^vFaAHA 2 S with the first payment amount- between now and next W-ednc-it-j / ■ 

with ■ nirninfc. nnr "‘-(r. iharn grwup. saiwiiucu ujr ft 

cut-d to be down from 2.55n 10 ! ° H a rf r 5 C ^ d /n— thC ' 63r 

0.95n. For the .whole or 1976-77 cnded September 3U, 19 m- 
the pre-tax profit was fS2.2m In the current year Mr. Neil 

Fir<r quari-r _ Mills, chairman, does not antici- 
1,1 r‘™ 197 cm" P ate a continuation of such rapid 

Mr. Mills reports that group 


. fm. 

Sales . 



op^ratire wis . . 


iw r. 

Di'pr>'.'ia:ir>n .. .. 



Aff nettles . 


.i ' 

Tradu.t: prr>fi; 

14 7 

21 fi 


\ ft 



r. 7 








Pacific . 

4 i. 


r. 9 




1 U 

Taxmen . . . 

r -1 

Minnriu.js . 






ins and chemical market, together in the second half Plantation the earlier part of the year, the roe stock ts reaeemaoie on 
LuIliIyvIILC with keen competitive pressure Holdings ended 1977 with profit directors say. lejjruary» iwm. _ 

A on prices, has been responsible up £0.tim at £4.I3m. Sales by the .' ^ Net 

P Tj 1 for virtually all the £665.0U0 down- group, which has interests rang- 0 comment be applied towante^the balance of 

lurn in profits over the nine- ing from rubber and palm oil, ® comme 
1 . month P enptl - ^ to scientific instrument manufac- After Plantations 108 per cent 

Machinery T *£ Eroups oUl ?r J el, V' u ** are lure and television programme profit increase at the interim the w 1 I9i« and tatmided to meet 

ITiailUUCi J marking time. Although lovyer pro ducUon facilities, rose from market had expected much more demands of fisting jnd new 

The Toivth nro<necLc of the ‘"terest rates have hit banking £o ri5m t0 £34 34 ^ than a 17 per cent, rise for the customers to the dose of the 

'nrnfits the effects have heen off- i 0 " r.ili «« a r The nerfnrmanee of the century. A revised estimate of 

used nrnfits would have heen —-- -- - . ZS wun me nnu pajuiwu miwum- wwww 

some £350 MO higher .Veverthe- DESPITE a slowdown in taxable division, but tbe second half did nig to £2.934 . per cent payable morning this Mid-Slis?ex i^ 
less, the overcapacity in the refin- earnings from £L31m. to £l- 6 m. not show the same buoyancy as next August- . ' should ** well ^^ubscrlhed y 

ing and chemical market, together in the second half Plantation the earlier part of the year, the The stock « redeemable on tenders wiU h ‘ .LW 

with keen competitive pressure Holdings ended 1977 with profit directors say. February 28 1983- a n »'** 

on prices, has been responsible up £0.6m at £4.I3m. Sales by the .' Net ♦ho^n^iJ-linc li 

for virtually all lhe £665,000 down- group, which has interests rang- 0 comment be applied towards^the balance of evidenay in tta P‘P®Jl , ' nc 1 

lurn in profits over the nine- ino from rubber and nalm oiL ® COmme the costs of a continuing pro- nothin 0 is due for a while. 

7.5 companies worldwide continued chemical engineering subsidiary Ih* effects have been off 

profit increase at the interim the in 19/6 and intended to meet ATTTOMATFn_97®' i 

market had expected much more demands of existing and new AUiUiUA iCUf 'p | 

than a 17 per cent rise for the customers to the close of the Automated Security (Holdings' J 
full year The performance of the century. A revised estimate' of announces that in respect of th?_ | 

The year saw the ralne of pre- intake have already been obtained. *J 0U ( revised their expectations ports and improved efficiency. - in f^ e second half as the m 
miums handled by Bland Payne's He says in his statement with d< ? l ' r ? t0 , Ju Tax tao ^ ■fLfiSm. i£1.73m.» and price of palm oil fell From a 

market ® comment , heen received for 999.697 share- 

a peak After the near three-month famine representing 96.82 per cent u 
e to a of new issues In water stocks the issue. The balance has bee: 
tonne, the £llm, offer by Mid-Sussex is sold at a premium fpr the benef 
prices assured of an enthusiastic of. shareholders entitled'.thereto 

Statement page 26 
See Lex 


J. Jackson 

milted total of 2.17S3p net but lower crop yields and the rise in 
the directors intend to pay a sterling add*r* to the group’s diffli- 
special dividend of not less than eulties U K. profits.' however. 
0 69p in August 1978 providing wore much in line with expecla- 
there are no rnateriai unfore- tions although second half losses 
seen circumstances. For IP76. the from IMit engineering wore 

IJIU3UUU3 total payment was l.9505p. henrier rhsn anticipated. This 

if T» r Whb. Ther « was an extraordinary was due largely to, production 

il J-. \V jJJKl,*"- ?? debit this time nf £587.000 (credit dR cities at the snecial products 
5ith £1.92m.l including an adverse division. Meanwhile, a manaeo- 

atement with accounts that last fluctuatI0TJ of xo. 47 m. (credit nienr reshuffle and reorganisation 
ars record pre-tax. profit of c “^', ' OI within the consumer and video 

J. and H. B. Jackson says in his rf, 
statement with accounts that last 


year’s record pre-tax profit of 1 

n%« h. in ~lbm. 1 . 

jab Finance Corporatkms^j. 


the increase of its capital from L.L. 6 million to L.L. 15 million 

Fully Paid. 

This increase which was fully subscribed by Arab Finance 
Corporation (International)—Luxembourg was decided in order to 
meet with the development of our activities and to maintain a sound 
ratio between shareholders’ funds and the growth of our total 

Balance Sheet. 

£2.29m. should be maintained in ™ nnrto j i_ n«.. m hor ih* operations has helped thU d ? vi- 

the current year to September 30. nsported in December the sjon ^ roun|I from a e^.ooij 

Although there are obviously d ‘^^™ ihihi i -rt 6 of Vi ,oss to orofits or £594,099. Cnr- 
several problem areas the quality rRnt, y the 2rou n is forming its 

of earnings is steadily improving, u , ° ai ? 15 § , ^ pa7Jy ^ s v . C3p , a plans to deal with the pending 

he says. J*™ 0 *®” to enaW ? members to Maiavsianisotion programme. 

Several areas of temporary have the opportunity to obtain a which is providing speculative 
difficulty are now behind the direct interest in a company own- interest in the shares which at 
enginering division; and Gears ‘"S all the groups assets in gg p are j U9t below their 1977-78 
| (Burbage), afler last year's re- Malaysia. peak 0 f G9}p. Including the lp 

organisation, is now seeing the Discussions are continuing and. jr roKS promised next August the - 
benefits of this expansion. Jack- as indicated earlier, it will be vjgid | s 6 „l. while the p/e is U.I. 
son is also looking much busier some time before a further . 

I on the hydraulic equipment side, announcement can be made. 

The engineering division con- Profits from the Malaysian - 
tributed £n.54m. (£0.48m.) of ihe Plantations were similar to those 

grots trading orofit of £2^6m. for 1976. the second half having /"’'<• fl-g j, TJ | 

Meeting, Coventry - . March 21 at been adversely affected by low I y! IIPTT 
'noon. crops, a fall in prices and the ' 

higher value of sterling. 

^ --- 19V7 1978 


• ... v ■ . f. •• 6^ 


with established , connections tdytake advahtage ^f 
the excellent facilities developed by au .ener^epc 
member firm that has successfully concentrated 

institutionalbusiness. , 

Write Box Gi368, Financial Timfisv 
iO Cannon Street, EC4P 4BY ' ' ■ 


Beirut Office: 

Gefinor Center, Bloc D, P.0. Box 113-5527, Beirut 
Tel: 353020/1/2/3. Cable: FINANCORAB. 
Telex: ARABFI 21197LE, ARABEX 2209SLE. 

Tu^nos-.-r . 

■Shareholdor- m Vecffs Stone Rubber . 

Group wore told at the annual 0,1 

mooting ^at the current year 

tia*i ?L 2 inod nitft and video . 

The h'r*T quaricr up on the TrW'ns profits 
omc period b-t year and ihi* r.'. 1 | bb, '‘ f ■ ••• 

«nould be reflected in a hener ); etu 

firs; half and an improved result s- : . msr 
for the >car. '.or.wraKr and 

3i.a<r st.iwI 

Paris Hep. Office: 49/51 Avenue George V—75008 Paris 

Tel: 720-7S-04. Cable: FINANCORAB PARIS. 
Telex: 630689F ARABFI. 

rtiouid be reflected in « hener ^ " 

hrs; half and An improved result s-:.n::fic 
for the >ear. , .or.v«mi«r and vid<n> . 

Ir:..n?s» .. .. 

DANAE I N VS. Tuanon* . 

HOLDERS OF Eianae Investment '^Uo-^narr w ". .] 
Trust warrant certificates arc rmic eurrciwr nwc 
reminded that they will be able .»•tnbuMbie 
to exercise their right of sub- Onid-a-i* 

-eription. either in whole or part To ^""/iSSSine'' 

Preliminary Results 

The directors of Gillett Brothers Discount Co. Ltd. 
announce the results (subject to audit) for the year ended 31st 
January, 197S. 

To r-. rvnue r^strvo 

- lutilurilns II 22 m 

Notice of Issue 

Abridged Particulars 

in respect of any >uch certificates uv;-seas iax. tTq caro-nev rts*rve. 
held by Marvh 3|. 1978 at 65p per U.K. operations surplus was up 
uni;. .A unit consists of one by almost 40 per cent., despite 

income share and one capital a substantial setback in some 

share. parts of the light engineering 

a substantial setback in some 
parts of the light engineering 

Application has been made to the Council of The Stock Exchange for the undermentioned 
Slock to be admitted to the Official UsL 


lincorporated in !398 by Act of Parliamenti 

Authorized Share and Loan Capital £19,000.000 



(which will mature for redemption at par on 28th February. 1983) 

Minimum Price of Issue £100 per £100 Stock 

yielding at ihai price, together with the associated tax credit 
at the current rate. £10.606 per cent., or to redemption (assuming 
continuance ol that rate) £10.606 per cent. 

(not later than 11 a.m. at Close Registrars Limited, Fourth Floor, Finlay House. 

. 82/34 Fenchurch Street. London EC3M 4BY) 
together with a deposit of 10 per cent, oi the nominal amount of Stock tendered for. 

The balance of the purchase money is to be paid on or before 31 si March. 1978. 

A Form of Tender is embodied in the Prospectus, on the terms of which alone tenders will be 
considered * n d copies maybe obtained from the offices of the Company. 1 Church Road. Haywards Heath. 
Sussex; also from tho Registrars. Close Registrars Limited 

and from 


Finsbury House. 22 Biomfield Street, London EC2M 7AS. 


ABBEY PANEL5~F.- ..ul'i To &.IK-B'1-T 
:!> iT.o- n. A: balonc-: 4am m 

: iii-.-.r: «;• :» ‘.vn >£0 .■ W-'rfc- 

T.3 r;a»;<j in ihe >v-r by 

ill (-Xi -iT.:. -y.'. imaimur s.«yv eq 
-m:.i v. vaf'iTiiu :o iIwit 'Lii if an ■>; 

i-.-ur.'ice s»ngij j .7 r*- r conr. Moor- 
n. V Crumby Sauaro. E.C.. March 7 
T T; r.q p ni 

qun itonrs of dividends ol NV-i- wi»- 
' ^lT-r;rii'i ilqM K’n orallpn Company 

Group profit for the year 
after tax and transfer to 

Dividends paid and proposed 
Balance brought forward 

Transfer to general 
reserve 250,000 

Additional reduction 
in goodwill 346,469 

375,235 ~ 





469,245 f'ir.'J 
-272,113 gg 

197;i32 YS 
" — 



I-Tjiis'r.B - ■-.-al -riuuld wnf oi Vpfi-.*ls:nji,Mi't M«>i.«l Holdings anil 

I ' *i. ■ . p'. ;*-r- t ;<ir Mi :'ni; (jiiM Fi-.'.i*., <j\ Squ'h A.’rlca. ilr.-adi 
, j j y-* V.*..' - >»- '.Jjrtb 1 - j: -wi”- jnTiiinfiM In Jjnuiiry are 1 J AVliTa. 

Claverhouse investment trust ant ^9 -iwtmid o.t ihar-.-. rnpL-c-! 

-P-.-j! - : i..- Rnnut. r - i-:.*4 

Lit i i:.n. • 

,:«-l l 5‘ uni. t i04.fKM-. Diroi.-i-tr. 

<« . -. a.-.n i’!: i-;..- p-itlvj v>f 

TC ma it - : irs r y »rd [he:- Wl:» 
.-i-:-.:- h.--r -niiMrr I.nuiir.iblJ - 
cl-. -,i :,innar’ Vi r**-3.-i 

>. -.11 ' )( IA" orm .-rf 
0 .--C-: j-.-j ■ vmioahti* f -f-r 


The monthly newsletter with | 
a difference 

Zs-iy. -o ho; :.a, on ' psnrf 

o- ‘eo'-a-aoil ;ammodi^f »;lw*i*c» 

!? ti>: fou '«! raw- itionay !a;5<- 
;-in she piisniapn; can p-'is IS. |ult 

i *-,.i ; 30 . .a,, irahtTai^ 

*;eni and oh ha-» k> fflrp 

fo-> ha»c. Join cbi- lubisr'b^n 
tr. ■?.<- «1 -O'J-.vsi and fiM in coupon 

fc- vss t- ai :cpr. 

ft—.- :o u; sor a !r:« CSPj or *:*rs 
raa- n > aananPcr 10 *Oi»: 

iU ?o- orr #car *£ 14 Su-opc: 
£13 o«craraj I'hni'l' 

V: ■T'5”-?" C»mcf;n S CotopaPf l,*d„ 
Cnj-ch Msn'. Oodain'i.-j. Su-r-y 
G ‘J7 tew U K. 

L7.u-<' alter s.ix tla.CHM 

■■.IV 7>TJi for rr:. Eurninss p L r I3p shar>- 

s vip ,™ Mp- und >]i«id<'Pd .5.lp iV.ijdi n<?i 

Tics valu>- n>-r <h.irp :.ip iss inpi. 

LONDON PAVILION -Iheh'ri-^l jnd 
t)'i—iiaMjr.inh mjftKsri — T urnmer 
i>: -15 -L'i?.uib' f"r all 1977. und pri-'a'* 
cr..d; lUC include net 

rental cin<.-n<a C.1H1 'ELrjli 

and Isn.-. nil 'In--. £ni) 00 i. inri'-rnier' 
nn*" irns-' fIS.* v 7 ii’O..Vn- and profit 

•ni .if inrn.ttn._-nf. iP.uEW ilm., 

ill» M•«*. afier rant, director^ 1 iw, 

E 2 j"C: 

•KI7.7'7- aid k-l>-dnin^ and r.-vtiirallon nf 
.».|«n'r -tr f i,tnf-in i'awttnn IKA.773 1 nli ■. 
Ta-.. :.:nierattlr Ij.Mf ipjjjhlr- rir_;45,_ 
a'id .iiinhu jM" profit rj.jjn ‘fii.iKit 
E^r-i!.l--- pnr f sfiarn .'.yip |>n«p.. <U»i- 
'Icnd net ijimei. CmuparaUvr 

L^rirn- .I-HjilvIi-'I. 

MARLC0ROUCH FUND^Fltul dl-nriba- 
n -i l.-r hcl.niar- l.'.. IPrr. It. Frtnun 

'V7' n.-rtivl v-iil fit. n sisp t(j.Hpi n p> 

T.f.-.r! .'-r jeriKi l.lp -?<i Fphroarr- 

;i ".iTcrcd pri.-i? uj. ^l,.9p isil. and esu- 
sin.-d -TO.;. ;i.*H ; nfl per ccti: 


’•'.r v. i- r<j fi--pi..mhpr ■». 1377. juc 

• i.ii:n -r.r« an p7>t«r:i n’pnmd Fvhraarj 

H. *7 roup fl\ -1 j« flfTt 7311 

■•.‘••i -airr-n- t; £’.-3iir. '£1 dm 

'!• : ‘“3 Vi.?rw:n Rooms. EC. on March 

• i: noon, 

••vi ii.ins -lym.-o. ,incy exoeibei 
^'--.SOJi [..{■ inr-nUi- SO Deilvni- 
t-cr .*}. '..177. Td* ‘l.&i |'5,W|. Net 

r L Or Si man atur® Clp i-lpi. 



. . 596,469 250,000,; 

• 1 ~ ’ •- ■ ier. 

Baiance carried forward £482,456 £ 440 , 505 ^'^t 

' --- - 

The directors propose a final dividend of 8.58% f!3% gross) 
the ordinary share capital, which was increased during the year by jjSsV" 
1 for 3 rights issue. An interim-dividend of 6.6% f 10% : grds^iL^wal^’'" 
paid last August on the ordinary ■ share capital excluding rights^'. • 
issue.- Dividends paid in toe previous year were 13% (20%\giyjss) . - - 

The following are the mamitems shown by the balance ^ ' 
sheet. . ...... . .----I- 

Total capital and published reserves ' 4,893.235 i-»-S 7 st 7 n*i 

Bills discounted -•/.-• , , 191,448,96^! i 

Sterling and dollar certificates of, .. 

deposit and currency instrumenta 18^708,682 ' S 07S D 47 ^' :; -^ 

Listed investments / 29,689,126 . 121^397 317^^3! 

Goodwill less amount written off ;. 600,000 ’ ’ - - 

Contingent liability on^commercial \ .’ /: 

bills rediscounted • ' 42.096,000 

- ‘ _ - .. “ 


3-57S.7Q3' -■ 



T 8,078,047-^^ 


600,000 : 

V -^#0,87.8:^. 


V ..^.'gsg gr'ujg- ^ 





*■ .. . 

L ancial Times Thursday February 23 1978 



to £lm. 

Some pick 
up seen 
by Ley’s 



and transfer to 
profit.. of Gfllett 

sconnt Company more. BOARD MEETINGS 

to.. The ranowtBB companies h»re notified 
t the January.3U. 1978, dales of Bound mceOnss'to ibe Stock 
r ” ... Exrtjsnse. So eh meennes are.. usually 

-pay, profits **■_«*?.ww» <* cMsMerin* divt. 

WHILE ACTIVITY remained at _ 
low level in most of the major 
present-day selling prices produce industries supplied by the sub- 
sorae £ 2 5m. of turnover when fully ■Jdiaries of Ley s Foundries and 
developed, he told shareholders. “Steering, it would be unwise 

rh hu> ' -O*9 c, «l-tndie«ions an not avail- 

f 61 * wiwmer dividends. concerned ajr 
Jl iOr . the first half of interims- or finals ana tbe subdivisions 
•-.... ' nbowii below, are based malnls on Iasi 

' a £250.000 fsacie) ’“?* 

^gene ra l re serve, and a inurims: .ibemn ' Tnettatsu, Com- 
Ij redaction ■ of good- n>w*dal Bank of Australia. Estates Pro- 
JJOO. - v Invcstmem. Johnson and Fmh 

_ . Nopp- 

JnvHstm^nl Trust. 

niruiiui FUTUWB DATES 

it out that While the. DowmnjTTc. h.i .._ 

record it is based on PnmrosE mammal... ** * “ * 

with corporation tax- ***** snstnewing__ 

thoul any allowance ~ 

tae-ln the real value **«»«« ~~r 

ts. which are pre- Harmony CoW Minins ■■ 
Lot Sendee 

at Horne 

to expect a rapid recovery from 
Ine disappointing profit level 
achieved in 197G-77. air. Francis 
Ley. chairman, told the annual 

However, it was reasonable to 
anticipate that, provided activity 
continued at the present level, 
profit for the first half would show 
a small increase over last year. 

- • _ - P--V-V-- ---. . Mr. Ley said tiu»t in the first 

■ TAXABLE PROFIT of privately. j{jn« e«^ijif™ le «SSlR 

^y. n ? p . ■* increased Finals: AUled lonlaiors, BmSMsiMt owned inenswear group Horne subsidiary, recorded a 

.r-three rights issue in- Bertatords. Cardinal investment. .Trun! Brothers advanced to £1,102,583 sliE ^ T decrease in the tonnage of 
the total to L3.18p ■coeaerchift. Hoover, impeml, Chemicaj for the 84 weeks to September 10 castings sold- ”n>ut margins re- 
ith Hp last year. London in- 1977 , wtich on an annual basis m 3i ned under severe pressure as 

-saj the year saw is a record, compared with c °f} s continued to rise towards 

inditions with ' the ^^1 X ™“* £318,799 for the previous 52 static selling prices and. in addi- 

-nding rate falling at . futiwe m-nt weeks. Turnover, excluding VAT. Jmh*. the profiiaMlity ^ exports 

5 per cent. amounted to £15.76m. against because of theunprovement 

Mar s £8.4m. m ™ v ahie of the JE. 

Feb." 21 The exceptional start-up costs . In .Die second quarter there 
Feb. 2s of new projects, together with sho “ ,d be an improvement in the 
Feb. 24 the acquisition of additional retail lading results following higher 
~ sites, may depress current vear prices and a more stable 

Mar . results, say the directors. “ demand than that experienced in 
Mar. s However, they 'add that the Quarter ended If arch 31, 1977. 
,:Mar. i company will then be in an ex- Then, production was cut back as 
= cellent position to take advantage 3 result of severe industrial dis- 
!??£■ ! of the upturn in the British PUtes at somp of the company's 

.make m a j n customers. 



and-Whittaker Group OUTes Fver MU 
ear of solid achieve- — 

ISit SSS^ e mlSl I eeonomy which should 

ve contribution, but Trade lademotty .-.Mar. 21 itself felt in consumer 

it feature of the year H?i? fTer ....... Mar. t during the year. 

irgence of activity' in DnaeTer N -V. 

the year ahead is 
arecast The MLB is 
*emaiD the same near 
ivel until the Budget. 
on election expecta- 

Mar. 7 


on eiectsoD expects- -j^ 

increasing r rODCFtlGS 

ly to pick up, and * 

nent by the author!- _ ,V: 

3 necessary if this tlHUOVer UD 

indu too aiiioblv. * 

Tax took £568,158 (£246.334) 
and . ordinary dividends £60,300 
(£30,150), but after extraordinary 
credits of £554,764 (£10.729) the 
amount added to reserves was 
£1.022,445 (£54,748). 

The long leasehold of one shop 
surplus to requirements (at 90-92 against £709,000. to contingency 
Oxford Street and once the com- fund for 1977 the after-tax 
pany's headquarters) was sold revenue of Bristol Waterworks 
for over £500,000 with the pro- Company soared from £l.l9m. to 
ceeds available for reinvestment, a record £2.83m. 

at peak 

After transferring £823.000, 

4- 4 
1 * 


; ’ b \ - ! 

•• - . b 

'iscounted stood at 
the balance date 

See Lex 

Tlie larger than expected sur¬ 
plus was achieved mainly because 
the abnormally bish rainfall 
which followed the 1076 drought, 
enabled the company to, revert 
to greater use of cheapen water 
from the Mendips earlier than 
planned, and substantia] savings 
resulted from the sharp fall in 

Groa revenue or MomH, ‘"Ser'^hise factor, could 
£971,186 from have been forewen in October 
1976 when the budget for tbe 

increase at 
Moorside Tst. 

mds too quickly. 

: tbe authorities will Turnover of housebuilders _ 

tantial funding pro- Countryside Properties totalled kAVATIIIA 

if this falters it will over £3m. in the first four months -B-VC rClHlv 

ffisltate a corrective of the current year which was 
ILK. better than the figure for the 

ar, bills discounted first six months of the previous 
40.05m. to £191.45tn., 15-month accounting' period, Mr. 
icates of deposit and Alan Cherry, deputy chairman, 
struments climbed told shareholders at the annual 
to £ 18 .71m. and meeting. 

The group’s forward sales posi- Trust rose to 
nt liabdity tion was encouraging there being £842.673 in 1977. 

" more than £5m.-worth of reserva- Tax takes £274277 (£230.974) ™ ^ e U n“4nared r Xe 

tions on housing currently in and earnings per 25p share are j[ r a p - tft 'Jf s Kai ? eing prepared, the 
course of development given at 4B4p against 4.15p. A samluc rim 

Mr: Cherry pointed out that final dividend of 3.5p (3p) takes more thannticloatcd «S' 

margins for housebuilders bad the total payout to 4.75p (4p). Xe dire?tov^ dmSed <retlv the 
over the last four years been slim, Net asset value per share is maior m 1 he 0 dd?rS| S 

I?*™ «■; 1UJ3 ’ (89< ^>- 

eroded, as a result of. costs . — wafer rates and charges from 

January 1, 197S. 

The final dividend is £2.45 per 
cent, on 4.9 per cent, (formerly 

- .www _ _ _. . ---—— 7 per cent.) Maximum Consoli- 

m £33.000 taxable abl^tTSSaS?'the^iS FoUowin e unchanged midway ?? 1 te ( J in 0i ; dinar J r ftock absorbing 

loss of £69,000 is o? new profiLs of -E1“.000, Felixstowe J* 1 - 000 (same) and £1.75m. on 

Westminster and mcrSSs bSfdln- £ Tank Developments finished 1977 j * P or ,, ccnt - rr ?T^? r,y * P? 
oriioc fnr the. half l " cr ®* se , s \ n oulifling costs: TJus ^ rh orp .t ax enrnliic ahe-ari C0 0 t.) Maximum Ordinary Slock 

■ down at £877,000, which is essential to^^rt wttii ^.SSo. on turnover of £838,631 b p ld on Apni 4 ‘ 

•• • . . , the replacement of land stories.. against X620B2J. 

-re anticipate that The improved market conditions TaJC took fl42 .<5fi f£10PJ247l 
oved margins and were Mr. Cherry said, again bi C h . and stated earnings increased 
result in the com- lighting a shortage of good- land from H-45p to 12.61p per 25p 
at a profit in the suitable for residential develop- share. A final dividend of lop 

ment This scarcity was.partly nuikes ibe total 12.5p (LOp) neu 

wag no first half due tp delay in the punning Tbe company is SO per eem. 

'SftXi&iJSZP Z™*? 3 hat ^° t0 effects of ^""ed by TaoMreighL which wlllt . IS llir uie culIl| , u .sary wmo- 
®25L 5 ewJ, »”2? t T La™ Ta* tte a vhoUywned subsidiary of inK up of Aliobrogia Steamship 
Pf' jSS«? ded Co ^M n,tyAct • ' Na ^ 10 " a, Tn *gbt Corporation. Corporation and of Branded Goods 

loss of £228,000, has But Countryside's current stocks and 20 per cent, owned by Felix- wholesale (Nottingham) were 
1 „?!? d ^f lf, i c ! n i 9?3 ‘ 74 J Tand ~« n situated in the stowe Dock aqd Radway Coro- made by Mr. Justice Slade in the 

otal was l-40ip. London commuter area—would at pany. . - • High Court, yesterday. 

ninster & __ w ... 

ry Props. raS^al? SsiiSi^pfiS** Felixstowe 

aif loss _ improved market conditions, Tank ahead 

After payment of Preference 
slock dividends, absorbing £l.37m. 
(£l.23m.). the amount carried for¬ 
ward was £I.9m. (£538,000). 


Orders fnr the compulsory wind- 



deal in 



For companies engaged 
in international trade, 
toda/s volatile exchange markets pose a 
special set of problems. 

A sudden crisis of confidence or 
unexpected rally can cost them heavily- 
unless their currency dealing is being handled 
by professionals. 

If this is one of your problems, A P Bank 
could almost certainly supply some reassuring 

Our currency dealing service has been 
helping international traders for years; 
ana our policy of making every customer a 
personal customer ensures that you get the 
full benefit of the bank's experience-as well 
as quick decisions and advice when needed. 

For information on all our currency 
dealing and arbitrage services, please pnone 
01 -638 4711 and speak to Bill Thorpe or 
Peter Beckett 

A P Bank limited 

A member of the Norwich Union Insurance Group 

7 Bishopsgate, London EC2N 3AB. 
Telephone: 01-588 7575. Telex: 888218. 

* > - ' £■■ --.Tv,---*- v r ;!> j■ 

.. wV. ... 4 a 


Bland Payne 
make £21,900,000 






.v fpp 






1 Insurance brokers operate independently. 

2 Their function is to look after your interests as their client. 

3 To get you the best protection, international brokers 
negotiate with insurance markets throughout the world. 

4 If you export they can often help you save on insurance by 
reducing or even avoiding exposures. 

5 As well as getting you the right cover at the best price, 
insurance brokers should provide a whole range of advice 
—for instance on loss control and safety at work. 

6 Drawing on their worldwide experience, international 
insurance brokers can forecast trends, for instance in 
product liability. 

7 If you would like to know what one of the world's most 
effective insurance brokers can do to protect your profit, 
from their office in your region, please contact 

Frank Hitchman, the Group Secretary, in London 
(01-623 8080). 

Bland Payne 

International Insurance and Reinsurance Brokers 

i' 'j> r • 

~. r or :^ :• 2 8cso 




to record £ 16 lm. 

FOLLOWING THE Brs, half profit .’More 

rise from £43m. to £i.Win. J-ggrap to “ a a record £-46,000 surplus 

SSM^SSS W3 A«0P £70.000 (£W.600) 

tial stake, ma numcd process «n trafl'J- JJ , or The Mu , ti Fibre 

, u * / i • ;in tndir* conditions resulting irom .-mer id* u, 
tial stake, raainUmcdproRressin tradin*^co Fibre half-year earnings are given up 

the second S* months and1 the \ h c ^ together with the from 3^p to 3.75P per 2-ip stare, 
pre-tax baianre for emerges Arran-- e . lncreaw in con . ^ interim dividend is lifted to 
ahead by £a.*m. to a record “ S pendin2 in the second half i.«73p fl.312op> net. which has 

£16.32ni. jntprim of 1971; «»ve the Board grounds been waived by ? lr - 

When reporting at the ■nter> n ) mjrimism Radlev in respect of 4 i3.90i shares 

stage the directors explained th«u Eo ^ caul 1 J 77 rUSto reflect the I-lasf years final ms 2HB6p. 
U.h. divisions had khonn sun ' 1J iiF gn iq an d ED 21 The directors add that the delay 

U.K. divisions had shown signjn- 1 "If. *" r 'p .il- ED 19 and~ED *'l The directors add that the delay 
cant improvements in profits < »ty proposals and comparatives have in renewing the Multi ^.ble 

and direct exports had ^r-r-orriinriv Weement caused considerable The offer is now unconuu««v a0O HvrtU. •L.m mau* 

increased ^following a jump o^K b< N?t current asSi't'December dela^tolhe production'Schedules Uroup.^ vh ^ V g^be?. re ?n^ in^l °respects; and1 wdl remain toU o£ £20,(W0 in 197T\ ^ 

per cent, in 19,6. A hiEher order iveicu increase from of the companys Far Eastern in principle o[ opfin unt ii further notice. s Manson also stated jn*u 

■nm E27S.1fim. to * 3 9*- 3 ?"- 10 Nevertheless, the company is ^ uror a. which is a market 

... ■ ...n.rll rncp hv I! nraft. - . .... .I.... Jnl.lic Will he . . . - v..»L Imnrin. in rflOHL'l 

*?ifc 11 

for U.S. 

1 • i. 


, . ,-,r isii7.{lfi4 purchaser's identity waa ‘ 

Dunbee-Combcx Mare, which is ««ived th jespec '435.358 revealed. E pean Trust is 

dSIS 3.S« of Federate! g whose «t 

US.SlUm. (around £Mrn.) » g^^^^SL^JtpeSvdy 1 of.tho ass^s co jJa^D m( ^ouncement 
acquire the toy and modet bu • • P issue and representing ?®5*natBK that the consideration of 


™ 4*,™-as-SSS 

Group profit, unaudited, fof thtfihree c 
months to 3 l December Wlfy$r i 



within which exports rose by I'J.7 
per cent, to 538.9m. 

See Lex 

^Nevertheless, the company is Aurora, which is a market 
hopeful that these delays will be leadcr in .\* 0 rth America in model 
made good by the end of the car racins Se ts—-it claims a1 *» 

current year. ^ 1_,, per cent, share of thc^ total ^mar^ 


announcement p nm . 

non is in pursuance of tne com 
nany’s expansion plans and wjl 
add ^further' strength toitsem^ 

ing banking activities- 

the company could be reached fo 

Group Sales 
Operating costs 

urr CR tne ♦ „ort»rriav 

currenfyear.-‘ . pi‘r ce“nT’ S hira“ of .he lo,=. U'&rt'S ; 1 

*«?!«. «a. ss =itss oiuau uuun aj with sssS* srvJ°.“u s « i uss r . “SrS a Va^. i 

. H 11 rise for 10tav ‘ 

Trjdm- rrcai . -*-£ ‘" ijj __ A , 1974-76 and a further loss of no-iwed to consaer uw «n* stock Exchange agreed to treat it 

■ U) “1.011 Dofllpv ANN FGERTON around S7m. is estimated as the for m0 re than it is. as a class 2 transaction since the 

• ppaft*bofort' u* ' 10** lYl1^1 L.BV aro outcome for 1977. The Board considers that tois purc hase was by way of extension . 

■ftsastoa • .] Despite unfavourable summer REPAYMENT Mr. BasU Feldman, the Jo‘?J approach is totally unac “ p }j5i’ of existing interest. Oa^2 - 

\rt proii: ti37 weather and emhargos on _ . , Mann Enerton managing director of DCM, said s i nce ^ offers to holders nothing 53ctions have to be announced - 

: -I-. 313 j^porfed merchandise, pre-tax . The Board of » an 1 yesterday that he hoped re.reach whieh t h e y do not already enjoy. t0 ^ stock Exchange and the 

UZSili 1 wg IS Sts Of Fadley Fashions and mtends to put Sreak-cven vrttta1 the ta January, it was. announced p^. 

o,, s . ^ . i* ^ Tgfg £ n|;in a . 0 4 « per -L .thecurren^r. Jfcg-j Jh., LONDON SUMATRA 

Arw iax*7nd ™or iti e S ,h £ SSlSLS g «K MAY GET MORE 

aiiribubble bahmce^ccme through tumov cash for e ! ? ' ery , *}?® r St P i^w n ^ C fulI North America and Rovex, which JJ“JJJS r * W | tl J , a || rights attaching RathschUd camp made" a • 

at fl3.ini. agamst -1.9*m.. giwng ^hil'e export market conditions A. c,r ^ f ula {' 'oVooosals will be includes Hornby, ScaJcxtric and ^ night, the share new tactical move yesterd ay in fts 

=sg~ss=4 S-.6" sw-. as^ywog 2Sf»ws« &a3as s « B *' 

rr?Hni r0 Tn ‘S^ San. tangible assets of £1.93 per p McLeod ^ lpc i Plantations, the: 

opera tin,, . . ' th UK, Ordinary share, excluding any „ rea {j on p f the ■ Rothschild _con- 

STtT?i»«ralia Sd“ ew Zealand value for the leasehold interest sortiuni ^te to Robert Bleming, 

^iv ,o be added-amnunts to in The London Pavilion- financial advisers to London 

ISS?"® a cent. oS* “h^S wSlllng P WW Ordi- 5—5 S?S5St 

j*. r* -ssKg-sr ^ per6l,are - 

ASTpJf; S&^.SS»^ — ... 1 


Group share of 
associated comparues. 
profits, less losses. . ■ 

Group trading profit 

' Europe 






.n* t„iv in«t and the plant end build- Demand is expected to pick up :n 
THE CURRENT year is expected Jug gj m ? de available to 1978. 

to be a more satisfactory one for ' " ha , oduclion of the upset A1 r “ .. * u "‘ **'“ 

Group profit 
beforetax . 

‘v’ on the table. 

assur- “ Wc note ' r 
assur Sipef, 

Mr. A. M. G. GalHers-Fratt, 
chairman, says in his statement ^ 

witli accounts that at balance 
dale orders nn hand were 
some 31.3 per cent, above the 
previous year. Orders have since 
risen to over £Sm.. with direct 
and indirect exports lonvinmnq 
to be iri excess of 50 per cent, 
of turnover. 

The cmnneerinr division, which 

wort-hold in sr division products accounts 

• ' *’—Amen*’ 

has occurred in North America 
and its American marketer. Claus¬ 
in'’ Corporation has set up a 
separate work holding operation 
to strengthen marketing and 
technical support for Pratt pro- 

^ U Los’ses are expected re continue 


tSen oF inflation accounting, but ' vay J^ d ' vhl r,CM’s intention is to ances from holders of 83^10 units e ^, ]a ' in why yo u recommend 

says shareholders' funds would ^uroS?7dSSation In (M per cent! that they too will of th e offer ... . Should 

uvd .u.. w . , . have been significantly .higher move au oras in not acc epr. this information—previously dn- 

An upturn in demand for its than the £7m. shown in the with tnat oi ta with the full support of the disclosed _- su bstantiate your 

" —- -- P^Serable savtng in over-, company's ad rise re. County Bank. daim the shares . 

year working capital h rf s It ‘ is planned to continue the directors “Jjjj indeed worth more th: 

by £2S.0pn (fl.3Sm ). th ' a a rraneement under which the recommend holders to »snore the McLe0(1 gjpef 1S ready. 



Earnings per srfraro ■ 

■: Three-f 
.. morfttis 


£ million 




•ri-C-T - .'rt 


30.9^7 , 

.. . i3§3: 

VI 59.2 

• - v ^ 



■ 1:6 
„ • 3.7 


" -'3.5' 

. -aA L 
, 4 : 7 ..^’^. 

. 34.7 
■■ as 


• - - : ;5.g 

a os 

: : >18^ 
: m 

■ :4.7 

- : ' ;L6 

1. .' .8-3 

[ W§ 

" v’* *tLJ*' 


In thp year working capital h Hs u is planned to continue the directors say me> unanmiou»ij indeed worth me..-r;-r;i 

increased bv £2S.opn (£i.3Smthe arraneement under which the recommend holders to ignore the McLe0(1 gjpef i s ready, subject I 

; HT1 j nurhorised capital spending jjjn d el cars are manufactured in offer and any documents in con- on]y to y0U r recommendation and| 

for 1977-78 is £n.4«m. «I0.92m.». sin « aptir e. bur to simplify the nection with it. anrmiinP ~d that of the Boai 

Tncur-inre nc‘nneritinn in the manufacture Full year results, higher offer. 

n. wiiivii Lnsscs are expeirwa *■'* 
laqt vear produced nominal in t h e cnnsiructional steel tliv. 
profits has rece ved satisfactory s , nn orders have been obtained 
order® for its Nave!*-* electrode fnr warehouses and transit sh.ds 
welding eouipment, and a far for tire Saudi Arabian port A 

r* r «»«• "»"«>, »"■«*& 

Bonioe "I cnnsm.caljly =*ml»r. ^'f'ctors^thoulh 
reduced aerospace engine require- r-ccupied a ^ ac - aas not 
ments Pratt shut its compressor thi is ates of the econ y flitte$> 
blade manufacturing section in permitted me »u» “* e _. 

.. Dlll lu ....with it. . that of* the Board, to make-a :1 

Norwich Union Insurance yJSSto?* £%"*' auSShle ^f^d^Sipef has taken .the ' 

GrftUp prudential Vsuranee Co. ^Hp stresses that the company profits nf £7.530 tfllj3»I F«r « unuS ual step” 0 . f m 

^ Galliers- -rill ho run as a separate com- on turnover of £SiBl-a Fleming of its wiUIn^iess to 

nanv «tlH using its own name. Stated earnings are down from inp^sc -the offer to help the 
The agreement Is subject to the S.5fip to 5.8lp per unit and the independent adriser “ in consider- ., 

ratification hv the Boards of the dividend is maintained at lZ.ap ing how best to look after^am 

companies and the relevant net. interests of all shareholders, 

Government approval. rvrcniM RTTVTR However, last it seemed 

MANSON BU1 cK that McLeod Sipef is unlikely to 

DALGETY Manson Finance Trust turns out get all the information 

Lazard Brothers and Co. to be the mystery buyer of hkefora whileyet^The mde^en-. 

•shares. -- 

ner cent, and 
Prait 7.9 per cent. 

Electing. Park Lane, 
March 15 at noon. 

W.. on 

(formerly AE & Cl Limited) 

(Incorporated in the Republic of South Africa) 

Directors- H. F. Oppenheimer (Chairman), Dr. A. Spinks, 
CBE lDeputy Chairman). Alternate: , R - 
D. N.’ Marrin (Managmg Directorl. R. ^ b MiSnSat? 
Managing Director). Sir ^ e ‘J h Aeutt. fc-RE- AJternat-. 
Dr 1 G M. Atmore, S. A G. Anderson, G. C - F1 ^ ch * r -^ 

l . > m K - d ^ le G br ^ dU H 4e“j D s r maTe'. W. £ JS&St 

k M. ^hmnas^j.^g^vto^Thomp^n. W. V. van der Byl. 
J. P. Wapenaar. W. H. Wisbart, D. J. Wood. 

*■ T me”DiSSm announce the traditB result, of the Group 
for the year ended 31st December 1977, subject to audit, as 

f ° ll0W * : 1977- 

R millions 

slips £17, 

-SSL. « AA tfl. % “EwS 

BhSSESHsffi sraws MS se &»!■" ^ 

R millions 

WITH INTEREST received down 
from £56.772 to £44.333 Apex 
Properties shows pre-tax profit for 
the six months to September 30. 
1977. down X17.14S at flSS.839. 
Rents received were marginally 
higher at £410,531, against 

A further fail in interest re¬ 
ceivable is expected in the second 
half but rental income will im¬ 
prove leaving full time profit 
slightly lower than the £422,116 
last time, the directors say. 

Earnings per IQp share are 
staled down at 2.52p (2.7op). The 
net interim dividend is held at 
I.2p absorbing £43,084. Last year's 
final was 2J2S157p. 

Net profit came out at £90,643 
(£98,874) after lax of £98,196 

Liner expects poor first half 

1) Profits in Europs-were senouSiy affectetf by fotfrweekstrik 
in the UK Gases. Divisions Ttitfctist of the strike 
is estimated at £3 million.: , > 

The European- resuits.- were aiso affected by a . 
decline in theprofitsrof the Chemicals. Metals AftdMedishiei 
businesses. . -y. \ 

■j) Trading tinree "month^^o^ll Decamber:1977 fis 
been reducedby ; eirt^ debredation of- Cl :3 mtIHpn provide 
in anticipation oF'Anther'asset revahjodons-jo balearned pi 
by the end'of the cuijent finantiffl.yofc ... • -.-j ■'- j 

3) Sterling strengthened "against othef maipr^Cjjperrog di^r 
the three months to 31 December.1977. Group profit 
quarter would have been hiflhef by £0:9 milh'on ift®echto{ 
rates ruling at'30 Saptet^.er.l377^d.8tilLaflplted.^ : -< . 

' ' * * . *.-**•- 

4) The results for the quaitef-danottaki#Into accountthe 1 

million shares in Airoo Inc. acquired ss » result of -the tiwa 
offer made on 3> January.1978. •' ‘v • - 

436.1 Group sales 

590 2 

Trading Income 


After char ging depreciation of 
Dividends received 


Less: Interest 

Net income before taxation 
Less: Taxation 









2. Accounting policy 


Tax savinas arising from invest¬ 



ment allowances transferred to 


non-distributable refierves 

Attributable to: 

Minority shareholders oE sub¬ 



AECl preference shareholders 

1 0.3 

Attributable to AECl ordinary 




Earnings per ordinary share 


klLDUUIUIj _ __ . _ . j 

Bv agreement with the Minister of Economic Altairs and 
the Registrar of Companies the results of the non-South 
African subsidiaries have not been consolidated. Figures for 
1976 have been adjusted to make them comparable. 

3. Dividends , . _ _ ._ 

Preference dividend No. 79 at the rate of 5.5 per cent per 
annum for the six months ended 15th December 1977 has been 

declared and paid. The Board has declared a final ordinary 

dividend of 9 cents per share (1976—9 cents). This, together 
with rhe interim dividend of 9 cents per share (19«6 9 cents i, 
makes the total distribution for the year 18 cents per fhare 
11976—IS cents) Dividend cover has reduced from 1.6a ia 
197B to 1-3S in 1977. 

4 Conunenls ... .... , 

Group sales for 1977 totalled R590.2 million an increase of 
K1541 million 135.3 per cent) over 1976. The 1977 ugure 
includes the sales of South African Nylon Spinners (Ply) 
Limited (SANS! which became a wholly owned subsidiary 
on 1st January t977. Sales other than^those of the SANS group 
increased by"16.1 percent over 1976. 

Income before taxation amounted to T164.6 million 
increase of 1S.3 per cent over 1976. Income attributable to 
ordinary shareholders increased by IS— per cent from K31.3 
million in 1976 to R37.0 million in 1977. However, conseo.uent 
upon the rights issue in August 1976 to finance in part 
AECI’s sixty per cent interest in the Coalplex joint venture, 
earnings per share have fallen from 29.7 cents to 249 cents. 

The volume ol sales in the Republic was in aggregate only 
marginally higher in 1977 than in 1976 but the level of 
business activity improved in most sectors during the second 
half-year. The increase in trading income was largely 
attributable to a sustained improvement in the performance 
of the No. 4 Modderfontein ammonia plant 

All plants in the Coalplex complex were brought into use 
during the last quarter of the year. 

The annual report will be posted to shareholders during 

Transfer Secretaries: . 

Consolidated Share Registrars Limited, _ 

62 Marshall Street, 0° oehalf of the Board. 

Johannesburg 2001 H. F. OPPENHEIMER, 

and D. N. MARVIN, 


Charter Consolidated Limited, Registered Office: 

P.0. Box 102, Charter House, 16th Floor. Office Tower, 

Park Street. Ashford, Kent Carlton Centre, 

TN24 8EQ. England. Johannesburg 2001. 

23rd February, 197$ 

Jaycee falls 
to £455, 

Despite a rise of 22.9 per cent, 
to £8.07m. in sales—which 
included a 57.4 per cent, jump 
to £4.G3m. In exports—profits of 
Jaycee Furniture, private manu¬ 
facturers of UK. period-style 
furniture, fell from £561,000 to 
£455.000 in the year ended 
September 30, 1977. 

In view of a generally bad year 
for all furniture sales in Jaycee's 
two largest markets—West 
Germany and Britain (down 5 
per cent. over 19761. plus 
increased costs and higher sterling 
rate®. Dr. Clive Cohen, chairman, 
view s the figures with satisfaction. 

He explains that British furni¬ 
tures s^les dropped in spring. 
1977 and did nnt recover until 
autumn. By that time the 
company had profitably directed 
more efforts overseas. 

Meanwhile the company is 
prepared to accept a lower profit 
margin temporarily to maintain 
xoivth in such difficult conditions. 

Provided promised expansion or 
UJv. consumer spending materia¬ 
lises and currency movements do 
not harm the positinn abroad, the 
chairman expects 197S sales and 
profits to improve. 

Thomas Tillltm has despatched 
its formal offer 'document in con¬ 
nection. with the recommended 
offer for Liner Concrete 

In a letter of recommendation, 
Liner's chairman. Mr. P. S. Field, 
ooints out «hat the trading pro¬ 
spects of Liner are not encour¬ 
aging. "In the recent past we 
benefited from orders from the 
Middle East countries, but these 
marker are currently well 
stocked and order have declined 
markedly. Consequently the 
trading figures for the first six 
months of the current financial 
year are expected to be very 
poor," he says. 

The bid for Liner takes the 
form of share swop of 4 Ordinary 
shares in Tilling for every. 13 
Ordinary in Liner. At the time 
of the bid earlier this month 
Liner's shares were valued at 32p 
under the terms of the offer. This 
had attracted criticism from some 
quarters from those who had 
been expecting an offer of 3Sp. 

Commenting on the terms of 
the bid, Mr. Field says that 
-Liner's share price has been 
maintained for some time at close 
to ihe bid price largely because 
of the presence of a significant 
shareholder. Ferguson Industrial 
Holdings, which has 29.9 per cent 
of the Ordinary share capital.' 

If the present offer were not 
to proceed, your Board has no 
doubt that the share price could 
nor be supported at the present 
level on the basis solely of 
earnings." he adds. 

The offer document details 
Liner's directors’ share dealings. 
Mr. K. J. Harrison is shown to 
have disposed of 190.887 shares, 
28 per cent, of the holdings of 
family trusts in which hp has an 
interest, between February 1. 
1977, and January 13. 1978. The 
announcement of the bid was 
made on February 2. Nearly two- 
thirds of those sales, representing 
some 123.733 shares, took _piacc 
between October 21 and 27. A 
price of 35p was obtained on 
73,733 of the sales, while a price 
of 34 Ip was obtained on another 

With Tilling's shares standing 

at 100p the offer currently values 
Liner's shares at 30.Sp. Liner’s 
shares “high” for the year was 


Bell and Webster, the Hoddes- 
don based structual precast con¬ 
crete company, has acquired the 
assets and business formerly 
carried out by Charcon Struc¬ 
tures. The Charcon Structures 
range of buildings will continue 
to be manufactured at Lirtie- 
hampton and will be sold under 
the Belcon trademark of Bell 
and Webster. 

The acquisition will enable 
Belcon to broaden the total 
range of products encompassing 
specialist farming structures, 
offering in-depth expertise in 
agricultural as well as industrial 

takeover of the Ponttn’s hotel* 
and holiday villages groups Mr. 
Nicholas Coral, Coral’s chairman, 
told the meeting that ccceptances 
for the offer had been received 
from holders oE over 19 per cent.] 
of the equity and that, together 
with the Irrevocable undertakings 
of the Poatin's Board to accept 
the offer, the total secured 
amounted to over 2a per cent 

5) Deferred taxation' been calculated in accoidaricoLyvith V 
proposed accounting-' standard ED1.9, On this tfasis-tha i 
charged for the ^tfee-months tjo-37 December.,! 976 wow 

have been £7,0 miUion.' 

. - • -.•■c- - - • i.y-• 

, ' • aVt*' !,l!. .vC. • ■ 

Further copies of this raport may be obtBSihtL&om iho Secrate 
BOC International Lttf., ffatrMtarsmitft ffottsa. Ipodtih. W6 9C 
TaJ. 01-7482020. .. 


Under the agreement .entered 
into in connection with the offer 
for Yorkshire and Pacific Securi¬ 
ties in March 1969, a further 
267,019 shares have been issued 
hv Slough Estates in exchange for 
65.897 shares of no par value in 
Slough Estates Canada. 


Harrisons and Crosfield. having 
received further acceptances on 
February 14 and 20 inclusive in 
respect of 782,340 units, announces 
that its interest in the capital stock 
oT Harcros Investment Trust is 
increased to 14.42m. t or 75.85 per 


Resolutions put to shareholders 
of Coral Leisure Group proposing 
to increase the authorised capital 
from £7m. to £10ra. and to 
enlarge the maximum number of 
directors from 12 to 16 were 
unanimously passed on a show oE 
hands at an extraordinary meet¬ 

The resolutions are necessary 
for Coral to complete its agreed 

Very large assistance 



J. H. Dewimrst, the butchery 
subsidiary of Union Internation, 
has acquired Freezer . Fare 
I'FrimJey). which will take the 
total number of freezer centres 
operated by Dewhurst to 77. 
There are four other freezer 
centres in the process of being 
fitted out ready for opening in 
the coming months. 

The Freezer Fare stores fit into 
the Dewhurst pattern . geographi¬ 
cally as they are situated south 
and west of London and in towns 
where Dewfreeze shops are not at 
present operating. 

Mr. Colin CuUinmore, managing 
director of Dewhurst says 
although his original target of 150 
sores by the end of 1978 now 
looks unlikely he still forsees a 
chain of 400 freezer centres as the 
enentual target for Dewfreeze 
within the next ten years. Many 
of these, however, will be joint 
operations with Dewhurst on the 
lines of the successful meat 
market and Jreezer centre at Bed- 


Two companies within the C H. 
Industrials Group — Betta Manu¬ 
facturing and Coropra Plastics— 
have been amalgamated to form 
Compra Trim . and Nameplates. 
Mr. Peter Dawson and Mr. Ralph 
Ford have been appointed manag¬ 
ing director and sales director, 

Betta Manufacturing Company, 
based at Eaton Bray, near Dun¬ 
stable. is one of the UJC’s largest 
manufacturers of metal name¬ 
plates, panels, dials and decorative 
trims, while Compra Plastics of 
Hertford provide a similar range 
of Items manufactured In plastic. 


Rowe and Pitman, Hurst-Brown 
hought for a discretionary invest¬ 
ment client 3,000 Ever Ready Com 
pany (Holdings) at 7S3p. 

S. G. Warburg and Co. sold on 
behalf of associates 10,500 Inch- 
capc and Co. at 355p. 




".*7- • 

* #u 

r- ;: . T-- •. 



- -> ' 

- *>!;• ' 



* * 

• - i-.- • 

v \ - •' • • • 

V • ■ - • 



Unaudited Results for the HafiT/Year Ended 30th September, 

; 4 „• ' 'V . 

• & months 6-iw 
to 305,' 

Rental Income and 'Charges Receivable 
Less Property Outgoings 

Property Trading Profit 
Investment Sales Surplus 
Interest Receivable _. 

COO®. ‘T-p 



1,132 ;*:-y£ 

Financing Charges, Expenses and 

Group Profit before.'Taxation 1 ' 
Less Taxation 
Minority Interest 

Ptji '*■ 

.Earnings Per Share - 

An interim dividend' of s T.155p per. 'sfiani.-. 1 .^97'<^ 7 lj^^>. 'dfi 
same, gross, payment) wifi lie. paid 'ohApri|. p0^5y^P*l3 
registered-on 3rd Marcfi 1978. ' 'T‘ : 

■For the year-ended 3!st' : MafcfT 193^ j£: js.'estp 
be above die level achieved,during the-gnylpas 

Bank of England Minimum 
Lending Rate fi! per cent, 
(since January 0. 1978) 

Very substantial revenue pay¬ 
ments to the Exchequer were be¬ 
hind the short of credit in the 
London ninney market yesterday. 
A very slight net take-up of 
Treasury bills was another 
adverse factor, and these out¬ 
weighed surplus balances brought 
forward by the banks, and a slight 

(all in the note circulation. 

The authorities gave more than 
enough assistance by buying a 
very larjc amount or Treasury 
bills from the discount houses. 
Banks may therefore carry over 
surplus balances, and the market 
should also be helped by substan¬ 
tial Government disbursements 
to-day. in the shape of the Rale 
Support Grant. 

Discount houses paid 5»-61 per 

cent, for secured call loans in the 
early part, and closing balances 
were taken at 5-54 per cent. 

In the interbank market over¬ 
night loans opened at 6I-6i per 
cent .and touched 61-65 per cent., 
before easing to 44-5 per ceflL at 
the close. 

Short-term fixed period interest 
rates remained fairly steady. 

Rates in the table below are 
nominal In some cases. 

Frt.. 22 

of depofita 





liMi' Autb ] 
neer'lmbl« | 
bond- 1 




Co « pur 

deposit . 

Bill* ^ 

Hill* f 

Fine Tredi 
Billi * 


415-6 la 












— 1 




1 ,Uy» nr 




G3 { 

Sl a 6 . 




B 7£ 


61a 639 


6Sj 67 8 

6 1 ! 

a*i -a?a 

fits StS 



61* 7 





6t..-6 r .; 

61 3 -7!s 

65 i -67 B 


f '!,•"» 'a 

71 . 





ii\ ro.’Qtha.... 

7-'-7: t 

7JC I'e 

H-A 6«r 

8 big 

7 fk 

7-7 lg 



7’.1 7*; 




fa Si, 


uir-7 "3 

ei 3 




I'wrj year?. 







Finance Hoiii* Base Baiw >»jM; T hvU 5v Uic r-Jttsc- Hoi**'* asmicuiioo-: T pvr win. rrom FrDruary 1. I9»s. Clearing 
Bank Rales <!or small sums at revf-n da?*' nniic^i 3 pvr cent. Clearing Bank Raid tor lending <>j per ctm, Treaoanr 
Bills: Avirras-j tender rat>.4 o: lUicoun; 5.9?jo oer rent. 


.'—Jzj — H 



HRANDSGHENKE&T^AS^:41 . -:-: 5 

Are pleased to onnounce ~ 1 """" 

‘i.,. ■ 

;.p. x *i 

r * ' 

wholly owned subsidiary utLoiuhmc ;, 

Teh 01-606 0537; 

. • '' V . -Ly /a-af'.j.’- .U ->cV- • - -• - 

. .. .• Vmietopz.: "•••'/ 

ham) Slmmatt /H4n«riligV: & Tartk flfff ftlffiit: J'"’ . “• 

David Emmett (Mairaffipg);i 1 %*-' 

Frahc^w WKulm'^"-^ ^ ------ ' ^^ s 

■£/£!£&;& 4 y ; V.-. ; ; ..,-.:r- . 

saUTSmeg tfhjuwiay-F^byugiy -23 1§78 


I -;■*.; . . ■ J .y •_I - 

gold output 


price prospects for«on>p*res witir 1976 production of December there was a net loss of question posed by a deputy i 
.. ’fvery- ^rosy ^deed/’ just under 20WK* tonne*- - t Kwaeha6.4m. («-45nU. compared Uir EuropeanParHaSwnL 

' ■ • ■ " ' u-ith n loss or Kwacha9.3m. in the The Commission stater] that th 

*. *»ie\etopment manager of nrni>Mtmv m»nar u-rii« rwm..Aii., < r ....... 1 ; 

t Ulevetopment manager of 
.-riea's General Mining 


,V\- inve 2 tm eQt eonfer- APPROVAL .. despite a reduction in production any attempt "o'* raise ^prices arti* 

iorannes our g; that-.the ■ jnyv p ' costs - Bul th® average copper filially could only have adverse 

*P“ production will - rUK UfUrEjVw • price for the December quarter effects. 

1,1 • The London-baaed: Malawian declined to Kwaeha014 per tonne The Community iron ore pro- 

by the mid-1980s would producer Gooea* Co eso ll- from Kwachal.000 In the ducers were told they should 

e down tonalf the cur- dated, has won official approval September quarter. Over Hie six adapt to world market conditions 
the 1877 ■ output of for its telnt vS Diana in months to December finished which were marked by keen 

for Its Joint venture plans to montns t0 December finished yrcuen were marked by keen 
lograms, or 32.408.0S7 develop tfn-bearinx lands In the **>PPe p production was 127,248 international competition. Prices 
as the lowest for 16. Ch end erlang valley of Perak ft t0Dnes compared with 138,1 S3 of Swedish ore. which competes 
‘ . • ' was ’announced yesterday. In his tonnes in the same period of directly with Lorraine ore. had 

3 ht it unlikely that the mutual statement Vr J D M7G- been adjusted, the Commission 

Jje made up fay gold Heflings, said the ’aourovals had Borrowings have continued to »|d* 

in other parts, of the beenroceived M on abroad basis rj ’se, but their total has not been 5 ef * p ?2£» . lp . l . he anticipated 
b would make it naces- though discussion - on detail disclosed. No dividend is being Joss of 2,600 jobs in the Lorraine, 
urn .to above ground continues." ' " ' ■*'' paid to the owners, among them the Commission said it was sup- 

The vere aurdaMd m te 5J J»n™ *""2“ , 

.■ere sufficiently attract financial participation-which led The shares were 73p yesterday. 

well expected South 1°*?* MINING BRIEFS 

illltim nrnHupHnn 9 a ov VGUtUT^ _ first dlfidOSCfl If) TkT/% nrf rH , ¥? WT/^n MOUKT ISA HINES—Production for 

Seotember last year. NO RELIEF FOR the period jmmp is k> February 1 ?. 

iy over we next tew Gtmeng's snbsfdbtry. Mambang r-rtnAnr . LpjmI or** irvaied l.7J.s+t lonnes. produc-d 

< e S£ Aw ^ r s a ”£* EUROPEAN iff ~SS 2?*,EH 

’«* rate tiiSS SSi® .IRON PRODUCERS ££ flrtdu “ d “ 

iVJ u f antum specify when work on the project European iron ore producers, pev*uhg TiM-.iannar? »mwii tut 
Lvf w lerto would start nor would be especially those in the Lorraine , °S'^ r : D ^T^ 

■ted^niaiinum’ rtom * *b* 500 P® of the investment area, have been told there is little 42,g: tonnes 1 Dect-mb. r not a\ ailahk f* 
„ 1 p f l uin “ cn J ana The movement towards the the European Community can do wheal jANE-jamur? pr..iiu.rinu of 
j slowly over the long development of new deposits to ease their lot by improving *» ewnaiiwJ m_ c..n.-, n«rarc- i!.3> iuniK» 
^* c ® us *' of recycling comes at time when ore grades prices. This became clear yester- ' r'mIman "hydraulic tih—M nmhir 
•1 used as a catalyst In in existing reserves are declining, day when the European CommJs* oiHiwV^jjiiuarT a?VowicV*D^mh4 


VA DC! rlTC f/Vn MOUKT ISA MIKES—Production for 

ilU KELiLT rUK the period Janturj- 15 to Ftbruary 12: 
_* Lead ore irvated 1.71.S44 lonnes. prodoc.-d 

ELRur FAN ’• 26 ° W"W and 13.S15 iomv-5 

rln*- eonrentrairs. Capper on? ireaird 

IRON PRODUCERS Bnldu “ d ,n • ,,3,, ,M,ncs 

European iron nre producers, _? ETAL * MC J , K-r* anu: « , v «uipui im*. 

"Tli^rr O..IPO, 

OfifC bCfiH told incrfi IS litllo 42.C* lonnes »December noi iisiljhl'i 
e European Community can do v/heal jane-J anuary pr.ijiunmi of 

' rLl2£?1* n * n ^tln* re^T^r. darken 1 he European CommJs* ■J^j^V L !L2'E!Z& 

ysnausLotinssioti con- -Production in any case has been sion gave a written reply to a n ionics■. 

'L« an ° ,* wr J | y on affected by adverse weather con- 
-.irther development of dilions.. and Mr. HeUines stated 
propelled cars. that output so far this financial * . A |i _ 

■ied hat world copper year “has not fun.v recovered." Nllfl |fl A|K|F 3 lS /1 
would have 10 be cot It. is expected, however, that AMA xa W 3 H C 4 AAd 

-ImlW^uT ^toiksTo s^ia?™o“ba? n 0 ML%^^ ,, ^s CHEERFUL companyncws comes On the other hand, prnfiu of | 
at end-1977 Pointing was 1 «lt tonn^ ^MmrwnfnttU from Australia with the (.old The groups Commonweal lb .Min- 

■it oSr£2 SL MrnlnS Fields group s Consolidated Gold ing Investments have been 

that it would be 1881 to S-ptSrU»r bob too Jn* Fie,ds Australia reporting an reduced by I he impaei on share 
^■■fpre eauilibrium in dividends of isn^n operating profit for the half-year markets of ihe uncertain world 

nd SSmSF^wS declared ^ lo December 31 of SA3.i9m. economy, while ihe over-supply 

no demand was aeciaren The shares wert 26op (£U7roJ compared W |ih a loss of in rutile and zircon has produced 

JCaLCreaj, tllOIAM in 1U. cimii ii-rlni) nf Inecnc It A v-Ot**l Bt or* Minor-ilu 

African copper pro- The Zambian coooer oroducer an interim dividend of 6 cents is Australia's Oakbridgc 
•uld exceed 300.000 R Ma ConsoOdaledr cotMlttUaa »q f3.3p). No interim was paid last and industrial group. Nc 
jar when the newly- operate at a loss and the lime but there was a final of 6 Ing profits for the six n 

___ J **’ sA 121.000 in ihe same period of losses at .Associated Minerals 

^M > ^«V!r^L« a * C 0 P ?5 r ihe year to last June when the Consolidated-and CGFA's copper 

" "V Tnco ifAiT»TTv? total net loss reached 3A3.S5m. interests continue to suffer from 

ecause of the currenf LOSS MOUNTS - - Furthermore. CGFA expects to low inetal prices. CGFA rose 5 p 

stmem in new mining _ n . „ ' match the latest resulLs In the to * 200 p yesterday. 

>lr. Maxwell added A Jl IlUAi’l current half-year and is declaring Goinc frpm strength to strength 

African copper pro- ' The Zambian copper oroducer an interim dividend of 6 cents is Australia's Oakbridgc mining 

»uid exceed 300.000 r mj , ConsoOdated; wntinUea to f3.3p). No interim was paid last and industrial group. Net operat¬ 

or when the newly- operate at a loss and the lime but there was a final of 6 ing profits for the six months to 
lead-zinc-copper de- company’s 1 pdsition - remains ccots- December 31 have climbed further 

e north-western Cape "serious.” a comnany spokesman Th e recovery has reflected to SASJgrn. t£2.C3m.) from 

i to account and »x- announced yesterday higher earnings from the group's SA2iW5m. in the same period of 

tions expanded. This In the titree months to last lin and coal interests. Buoyant 1H7S-77 when the year total 

tin prices and increased produc- reached a record $A6.73m. Sales 

tion should assure continued good are 14 per cent, up at 8A38m. 

. .. „ 1 '. ,mmm *T (results at the Renlson tin mine in The laical interim is Increased 

SHARF STARF^I- . Tasmania. by 1 cent to G cents f3.."ip». the 

The Beilambi coal operation in previous year's final having been 

arc _- r__ _ U -'— -j ' ' . , Xew South Wale*, has liTied half- also fi cents.' Some GO per cent .?r 

in**** has ?ediiiiwf’"a IndlhrAKniL redqce ban,{ vear net profits to *A2JUm. from earnings enmes from the mining 

WOeMetfnete. _ <A 1.72m. a year ago. hut it is operations which cover coal and 


-ars Holdings—Long- shares • lo - reduce 
ings has acquired a indebtedness. 

10 ordinary .shares Heron Motor G, 

ii iwiItm? 1 ?* {mown Heron .Motor Group: Heron thought that the .current world tin and which have contributed 
, n" r " , luuyso Group has acquired a further steel industry recession may affect SA3. 33 m. auainst SA 1.78m a year 

*cnk 1,1,000 shares in company. profits in the second half of the ago. Oakbridgc were 142|< ye-, ter- 

unhST-enthfi’ B - E - T - Omnibn 8 Services: Lon- financial year to June 30. day. 

don ahd Manchester Assurance 
new snares at 330p. ^ as acquired 4.100 10 per- cent. _ 

Clouds over Canada 

VbltSre sharos a0 a Pftr cent - ) - ■ V * 

s S 8 SOOO Ordinarv Estates Moldings: Warren THE DEPRESSION hanging over sharply marked at Vestgron 

ler cent.). - -' PJantatiohs has acquired a further laj-ng sections of the base metals ,he - 03 P cr tenI - «wned 

15 Thl!™«2S! O0.F per ceoU. - V . bgurcs or- Canadian mming Lower zinc sales and depressed 

fft’er the announce- CJL (Holdings): Throgmorton groups. The latest results con- prices led lo a l!»77 net profit of 
interim results. Trust has disposed of 17.500 shafes firm the tendency to reduced 6G-j.7m (£2 v r«m » against a 10 . ii 

- Gates—Mr. - C d;- thereby reducing ta interest to proT^s in the larger concerns prollt of SU-iJtni.. and the decline 

^Sa.OOO shares at the securities now holds smaller operators. Cnminco. through Wood Grundy. 

Otkini m I Tr R T 360.000 Ordinary shares. 8 per The 1 experience of Lornex. the i 5 now seeking to raise SCoimv 

SSSPiSi- Annwi cent. .; Rt« Tinto-Zlnc groups copper- t£22.«m » for Vestgron throueh 

* nn F-bniiare Braham Millar Group—On Feb- molybdenum producer, is by no the private placement of 2m. fl03t- 

snares uu reuiuno 9 Jhe fTC Pension Trust means unuaual. Yesterday u an* ing rale Preferred shares of 

-rv*- In»t TM an a jointly with the ITC Pension In- nounced a sharp cut in 1977 net 8C23 each to be sold at par value 

L.- MnnicHrtSn vestments were interested in a profits to 3Can.7.78m. (X3.57ra.) Part of the funds raised will be 

S RSO stock ^on total of 373.000 Ordinary shares, from $Can.l5Jm. in 1876. used to reduce short-term debt 

BQ7 Derjcenr > Following the ^ sale of 50.000 Copper concentrate production . ' v ' i,h « wider spread 0 / 

Encta«riiiE ^^indns. Ordinary, sbarte . Throgmorion last year declined 4.0m. lbs tu mtiwests. Kerr Addison of the 

’' nRthe acq uisition ofT™ st „ »ow teterested in Ml.lm. Ibs and the average price Noranda group found its eaminps 

Comb^St fHoId- 367.142, Ordmair.shares 4 96 per at 60 cents was 3 cents less ihar- ^efin ng quarter by quarter so 

‘u^on Engineering Scontal 1 Northern Invest- ln 1976 . The position a; Lornex MnmvrtAt was 

as an interest in ment T.rugt recently purchased have deteriorated fuilher f-S-Som.) some 9 per 

Ordinary shared. “ S^SSTS SSSm"SSl for higher ™ a °^ an “• ,nconje of 

ings-Magwest Nora- 1 ' 200,000 shares - molybdenum prices. Althoiutheoid earnings were 

“A h fh^ S C aoacltv United Kingdom Property: LiSSST,r W ^£d iP m?ne? ll, im berier on the back of lhe bighe’r 

cIS-i? p rS2 r Throgmorton Securities has ,, ,■ 9 s1 , h ,5*^2” bullion price, the sluggish zinc 


a Key Small Com -SK^r - S24.IM the 

Laundries—Between Ordinary shares. Throgmnnon n? ti? rrom Mo * nl of 178,8,1,5 and Cana - 

S iimJ a“b Securities and then- subsidiaries Jbe. higher value of the US. dlan Electrolytic Zinc. At the 
f ri na a :„ T -i Q f 25000 now own 25,619.321 shares (6J.06 d ®, U ff - ®" d ,. lh l Oeutschemdrk same tjmc Kerr found that it' 
.da total of 20 .QOO ^ UM)i relative to the Canadian dollar. optimMU: expectations for the 

Whit lev_ Mr F TriwaitToI: Dricdnom Invest- 111 tt,e Quarter to December, build-up of uranium production 

oosed' of 53 000 raents acquired a further 33.000 reports John boganlch from 3( Agnew Lake Mines were 
re.s on February’J7. Ordinary shares on February 15. J* 0 "*®; > c „°J! , , pany ,tv ^| thwarted. 

Scottish Trust— a|i| d now hold 1.960,000 shares 9Can.800.000 rf 3 Gi.l)S 3 ) compared Leach ‘ohit'on problems meant 

-aI Exchange -Assur- C 3 - 3 * P cr cent). w ‘th a loss, of SCan.o 0 ii .000 rn the that eytrat-lion rates for surface 

■enuired a further Associated Leisure: Mr. R. P. same, quarter of 1B7G. The loss stockpiled ore were low. while the 

r . cenL Preference Ashworth purchased 30,000 took place against the back- complexity of the ore under¬ 
pins its interest to Ordinary shares on February 16 ground of a 14 per cent, decline ground nece*?-itited additional 
at 30§p. In addition. Mr. K. Ash- in production 10 &.7m. Ibs of development and prevented legch- 
noiional—Mr. R. S. worth jnr. 'purchased 10.600 copper concentrates- Ins underground on a production 

or. has sold 140,000 Ordinary shares at 51p. The decline in earnings is more scale. 


ksiiire Imperial Metals changes 

IMI company, is 
lised from April t 
siness areas. Mr. A. 
es managing direc- 
hibe Division, and 
nr bourne managing 
per Tube Division, 
ton .will continue as 
ector of Yorkshire 

T 1 RS. 

nhn was appointed 
rector in 1971. has 
ible- for the tubes 
Yorkshire Imperial 
972: Mr. Harbourne 
nee director of that 
.* 1976. 


G., pre-_ 
hairman, has bee n 
i 3 irman of STEN- 
>INGS in succession 
r * 

ue Jensen, chairman 
-DFOS GROirp. has 
man of the Group's 
•mpanies. Grondfos 
Grundfos Manufae- 

. has been appointed 
. nanager of SOCIETE 
» ; and also managing 
< ' 5 -merchant banking 

. SocidtC Generate 
k. and a director of 
subsidiary. Society 
a nee) Leasing. He 
J. Sebire, who after 
. London, will be tak- 
I iior position within 
4 .': Idn^rale Group. 
y* • 

rV Procter, who has 
j.' 5 *’ director of THOM* 
^ .V PAGES, was pre- 
' -a! --alef manaser. 
.-V .menr folibwv from 
•' _ rt-Hfly announced 
. Tim Hcdgrock t» ill 

■otiiin at managing 

Thomson Yellow 
• succeeded by -Mr. 

Robin Eyres, previously sales 


Mr. J. G..Soper, a Board direc¬ 
tor since 1972, who has been 
responsible for LETRASET opera* 
tions in the Pacific and Latin 
America, will relinquish his execu¬ 
tive role In September, but will 
remain a member of . the Board. 
The following changes are from 
March’ 1: Mr. J. D- Bardner. now 
responsible for operations In 
Xorib America, will become direc¬ 
tor. American and _ Pacific 
operations. Mr. M. B. Braccy, 
previously director of European 
operations, will become director, 
product development and supply. 
Mr. -J. G. ' Waters, previously 
director, corporate finance, be- 
comes director of European 
operations. Mr. J. C. Allen, pre¬ 
viously responsible for manufac¬ 
turing and distributing operations 
hi the UJC, Is. appointed director, 
finance and ' corporate develop¬ 


Mr. Derek Holley, who has been 
appointed financial director of 
company six months -ago from 
ABI Cables, where he was nan- 
cial manager;- - Mr. David Argent 
has been promoted to prod ucti on 
director, from manufacturing, 
manager, and Mr. John Nichols, 
previously a Board member as 
head of the instrument division, 
now takes on responsibility for 
engineering all the company s 
products in his new post Of tech¬ 
nical director. 


RAXKECVEST, Zurich have 
appointed as the directors of 
their now London subsidiary. 
Trade Finance International. Mr. 
David Emmett fmanaging direc¬ 
tor t and Mr. Alan Hclyoske. 

■ * 

Mr. T; MTthoff. ’kn executive of 
K red let batik, -of Belgium, has 
joined the Board of IRISH INTER¬ 

bank has acquired a 73 per cent, 
interest In Intercontinental. 

.,.** * 

Hr. Peter G. Cassidy .and 

Mr. Nigel L. Smith have 

-been -appointed directors . of 

CHARTERHOUSE management 

* • 

_Rfr. D. C Maguire has been 
appointed a director of EDWARDS 

-t • * 

Mr. J. R. McMurtrie and Mr. 
D. J.-Satchel] have been appointed 
to the Board of SAVAGE AND 
holding Board of the Savage and 
Heath Group.- 


Mr. Tereoee N. O’Neill has been 
appointed assistant secretary of 
jJiipbrokers.’ Mr. O'Neill was pre- 
vlously in the Army with the 
Royal Corps of Transport. 


Mr.’ Colin Nunn has become 
'director or training. ROAD 
ING .BOARD. following the. recent 
move by Mr. Peter Ilaxhy, the 
former director, lo the Training 
Services Agency. Mr. JMunn was 
previously ', divisional manager, 
responsible for all technical train¬ 
ing in the industry. 


Mr. Mike Oroiiston has been 
made director and general 
manager of the contract services 
division Of GKN MILLS BUILD¬ 
ING SERVICES. He retains the 
company after four years a 
director of another scaffolding 


Str. Hugh -E. Soar, y'hn has bn*-n 
annotated to the. Reard nf'SVND 
coAipany in October IH77. 


EXPORT GROUP has appointed 

Mr. P. H. Beasant to be 'its new 
director-general. He succeeds 
Mr. D. L, Bartlett, who has 
returned to BK's Transmark to 
resume his appointment as exeeu 
tive director following completion 
of 12 months’ secondment. I Unit 
last year Mr. Beasant was traction 
director. ’ Brush Electrical 
Machines, a Hawker Siddeley com 


MIDLAND B.\NK has opened a 
group . representative office at 
Serrano 43, Madrid 7. Mr. John 
Burgess has been appointed group 
representative. He will advise and 
assist U.K. companies who aro 
selling up in Spain or who wish 
to expand there, and will also 
assist businessmen in the area 
who are seeking to develop their 
business in Europe. 


Mr. Gerson M. Levy ns, vice- 
president of the metals depart- 
COMPANY, will join Conti- 
commodity Services, Inc .,.3 conti¬ 
nental subsidiary, as vice-presi¬ 
dent. lo develop its metals futures 
operations. Mr.. Michael W. B. 
IfcaJd will succeed-Mr. Levy ns as 
vice-president and general mana¬ 
ger of Continental Groin's metals 
department in New York. He will 
remain managing director of 
Congrain Metals. London. Mr. 
Peter Hen wood, now senior trader, 
metals, has been appointed vice- 
president—trading, metals depart¬ 
ment. New York. Mr. Wolfe Model, 
now manager, raw material acqui¬ 
sitions has been made vice 

president—arlmimsirotion. metals 
department, New York. Mr. Jean- 
Claude Trebueq, director. Con* 
grain Metals. London, has been 
appointed manager of trading In 
London. Mr. I.niirlc Pierce util 
tain Cnttgrain Metals on February 
-7 os director ami manager of 
adminislration* Mr. Pierce was 

previnuclv an rxi*riiil*i» direitor 
of metals trading with Uarltiw and 

1978 News Bulletin Noi 

Preliminary results for 1977 

preceding quarter, writes Michael Community's steel industry cb- 
Holman from Lusaka. mined s«I per cent, of its iron 

The losses were sustained ore rrom foreign sources and that 
despite a reduction in production any attempt to raise prices arti- 
costs. But the average copper finally could only have adverse 
price for the December quarter effects. 

An increase in sales of 10% 

At a recent meeting with the international press to 
present the Group's annual message to the personnel. 

Mr. Roger Martin, Chairman, announced that the Group's 
estimated net consolidated sales in 1977 rose to 31.800 
million francs, an increase of 11 %»over 1976. Since there 
were no significant changes in the consolidation plan in 
1977, the results for 1977 are comparable with those of 
197G. that is. the difference between figurasexpressed in 
absolute terms and after restatement to take into account 
changes in structure is negligible. However, a geographical 
analysis of the increase in sales taking into account the . 
respective local rates of inflation shows that, in real terms, 
sales volume declined in France, stagnated in Germany 
and Spain, and increased slightly in Latin America. Only in 
the United States was there a significant real increase in 
sales volume: +22% in comparison with an estimated rale 
of inflation of 6 %. 

Net consolidated sales by country 



(millions of francs) 
















Benelux - 















Other Europe 





Total Europe 










Latin America 





Internal sales 









On a comparable basis, that is after elimination of the 
effect of changes in the consolidation plan, sales rose by 
10% in 1977 in comparison with •+16% in 1976 and +5 9 o 

in 1975. 

An analysis of sales by Division shows that sales 
increased, on a comparable basis, by 14% for the 
Construction Materials Division (after +30% in 1976J and 
by 12% for the Packaging Division (after +18% in 1976), 
whereas the other divisions stagnated. 



(millions of francs) 

Gross margin before 









Net income 












The Group's consolidated results were maintained in 
1977 after the sharp cyclical recovery registered in 1 976. 
Consolidated cash-flow rose by 17% over 1976. but 
represented only 6.7% of sales (in comparison with 6.4% in 
1976); whereas the desirable level would be 10%. in 
addition, the Group’s French operations contributed only 
one-quarter of this cash-flow, an indication of the 
persistent weaknesses of the Group's operations in France. 
This is due both to certain general problems of the French 
economy, and to specific structural difficulties encountered 
by several Group companies in France. This situation also 
largely explains the stagnation of gross margin before 
depreciation, which represented 12.5% of sales in 1977 in 
comparison with 13%'in 1976 and 10.3% in 1975. 

The Group's estimated net income rose to 559 million 
francs in comparison with 471 million francs in 1976, an 
increase of 27%, corresponding to net income per share 
outstanding of 21.49 francs as against 16.90 francs for 
1976. But the Group’s French operations contributed only 
an estimated 6 % to net income. Mr. Martin described this 
situation as unacceptable. Net income was also affected by 
substantial conversion losses currently estimated at 238 
million francs as against 299 million francs in 1976. These 
repeated conversion losses are due to the continuing 
instability in the parity of the French franc in relation to 
other major currencies, in particular the Deutsche mark and 
the Brazilian cruzeiro. Conversion losses, it should be 
recalled, arise as a result of the translation into French 
francs, in conformity with international accounting 
standards, of the financial statements of the foreign 
subsidiaries included in the consolidated financial 
statements. Actual exchange gains or losses, resulting 
from trading or financial operations, continue to be 
negligible. The income of the parent holding company. 
Compagnie de Saint-Gobain-Pont-a-Mousson. which 
determines ihe dividend payment, should be approximately 
the same as in 1976 (316 million francs). Mr. Martin 
indicated that the Group's policy has been to proiecl its 
shareholder against inflation and, when possible, to have 
them share m the improvement oi the Group's financial 
results. This attitude will continue to determine dividend 
policy in the future. 

30 Questions... 

The 1978 message .to the personnel of Saint-Gobain- 
Pont-a-Mousson. entitled "30 Questions Qui Nous 
Concernent," contains extensive information about the 
Group's operations and results. It will shortly be available in 
English and German as wall as French anifis available on 
request. If you would (ike a copy, please write to the 
Director of External Relations at the address below. 



For further information, write to: The Director of External Relations. 

Compagnie dc-Saint-Gooain-Pont-a-Mousson, 54 Avenue Hoche, 75365 Paris. Ccdex OB. 


O'Brien Bros. (Spinners) Limited (In Liquidation), spinners and dyers 
of yarn for carpet manufacture and hand knitting at a factory 
in Cork city, Ireland. 

The Joint Liquidators are offering for salethe following: 

Freehold Factory Premises of 42,000 sq.ft, and Outbuildings 
with a further area of 19,600 sq.ft, on 7 acres. 

Modern Plant and Machinery, Fixtures and Fittings. 

Raw Material, Work-in-progress and Yarn Stocks. 

An adjoining freehold site of 9Vi acres is also being offered for sale. 

A skilled workforce is available. 

For further details and permission to inspect, apply to 
the Joint Liquidators: 


Laurence Crowley, Christopher Morris, 

Stokes Kennedy Crowley & Associates, Touche Ross & Co., 

Ninety South Mall, Cork. 27 Chancery Lane, London 

Telephone 021-20372. Telex 6060. WC2A1NF. 

Telephone 242-9451. Telex 261064. 


Kincora Carpets Limited (in Liquidation), manufacturers of Axminster 
and Wilton carpets at a factory in Cork city, Ireland. 

The Joint Liquidators are offering for sale the following: 

Freehold Factory Premises of 33,200 sq.ft, on 2 acres. 

Plant, Machinery, Fixtures and Fittings. Raw Material Stocks. 

An adjoining freehold site of 5 acres is also being offered for sale. 

A skilled workforce is available. 

For further details and permission to inspect, apply to the 
Joint Liquidators: 


La urence Crowley, Christopher Morris, 

Stokes Kennedy Crowley & Associates, Touche Ross & Co., 

Ninety South Mall, Cork. 27 Chancery Lane, London 

Telephone 021-20372. Telex 6060. WC2A INF. 

Telephone 242-9451. 

Telex 261064. 






Sales and C 

income up 
at Lockheed 

BURBANK. Ftb '22. 
NET INCOME of Lockheed Cur- 

ws Stevinsees 

Garter Hawley withdraws no threat 

, ™ in Heerema 

bid for Marshall Field stake 

KHD hopes 


NEW YORK, Feb. 2 

By Charles Batchelor 


in mem 


- r \SiQm, Pete. 

. - • ."5 A r »4L5VF^:“ 

this, led to -a fife* teTgaiMjaErrttereo 

in its ^are iP^ict how 

to affect Us! oa L l . 

'orders to DMl.7Bhn.~or .nearly*-.; 
$ 0 -per cent. of the <.■ 

For 1978. however, KHD-es-. :; 
presses some ajnxiety at tee en- '* 

1977 profit.-* to solid remits 1 
recorded by nearly all of its Al 
programmes, rfrtd in increased an5ri 
interest income and a lover jlsd 
effective lax rate. The in “ 
improved result dues nm f c ' ur 
represent a trend, said Lock- suut 
heed. with 

Tlie company also said it expects ['wi¬ 
thal 1977 results will aqain hold 
receive a qualified opinion back 

from Mr. 

" luSlh ««1 hud nothing ■ to * do ndd's durnjnss poluntiul «, lluruus di^iod- 

fo make the offer rio longer in the • As soon as if emerged that Mr. J Hr. Heerema, who lives in 

sequences for the company. I from j}M3.5bn. 1° DM3.9bn: venture with Fiat :for.-^npie^j^fpi^- 

that 19 ., results will acain •«* 1 * Haw-lev'* Withdrawal nf the offer will share price began to decline From chases of shares on the flock nM305bn from DM3 34bn but tVECO. with orders rfecefvedJo®. ^S'iuniiagSi^Sa^^^ 

receive a qualifiedI opinion back Larte. Hawie.. come as no great surprise to the 933 high established when the nominal capital must have been j -w thi? 113 000 • ' * .-: ■ - - -? - 

from its outside auditors due The proposed Houston store, followers of this intriguing take- takeover bid. worth $42 a share, bought for about Fls.TTm. { * . that the 1976 figures had ^'s'ipce this n me'last yea^ KM) 
to uncertainties originating in f ur example. will he built upp» over .saga which began las i was announced. ($34. Am.-), according to Mr. A. C. . ® elates, the Consolidation. 2ot Zh.e i in-1976. -he 2iald; 

prior years, including the reali¬ 
sation of deferred charges on 
the TrJSlar jetliner. 

Lockheed said Ibat although pro¬ 
duction rates are being 
accelerated. its 1978 first 
quarter earnings will he sub- 
stantiallv reduced by the 
two - and - a - hair month - long 
strike by machinists in the 1977 
fourth quarter, which will have 

Quaker Oats anti-trust 
suit may be dropped 

. . __ i Kf . a nii'iiiiin u n ij;_ n n r j wnirn wouiu aciuiuijr .uu wer a. ciu> j gyg' .-'Tjyw 

A center rlicnncQI ^ a “ e b - Antillian Holding of num h er 0 f years. * „•/ .IVECO organisation thas gtvetY 

/VSScIS UlSpOSdl Curacao. a company in wwch the Refernn° 5 both to 1977 and to'Fiat- an SO per ceht-vshare," 4^hit.’ 

i o. a H Mr C Hoer a ema' V said his* bXdiS lhe Prospects for the currept front the 75 per cent: 

hits dearie wa” oureff Kr investmentpu® year- the KHD Board expressed before. ! V . -h,* ‘ 



NEW YORK. Feb. 22. 

—.— *« — — ------ - f hn „ n ,„ irio inuniv-oH in man -,cp I for its business of the steadily sbbsidiary Compafues -with CQm : - : tfrflraW 1 <p- 2-^s wrg aer 

products groups. particular!* of hecamin* invohed in manage- L, J|n}l j n? fy>W M i V a] ue . of‘"tlie- iDercial vehicle interests;,leavuig^mp'ensat^iftr-vj^fa^. 

consumer-pharmaceuticals and ment . . Deutsche Mark. In 1977. tff.C . these to IVECO ahtf't^MrorilOnr ^^8r.po.raig$£^^y 

optical products. registered U.i ten com pan. law limits tne| ..... , ... -- • • . 

fourth quarter and annual in- powers of a shareholder to; ... -------. . 1 -.TV.:--.'. - ? =■'^T-r'v'TT? s i'7?c’ri^• 

creates in sales and profits. Bm opposing company decisions, bull _ -*r-w-- ■-• -■* “• jf •'j- *? 

slst- bu, ’ s " f make pro "i Norsk H^flro s debt 

cominued operations resulted in Mr. Heerenia and Stev-n have X ^ vl 

a shorl-terin pfferi on aircraft QDAKEK '.'ATS look* likely tu similar, but the companies optical products. registered Dutch company law limits tne 

dpiivcrif*-? ’ F be dropped from one of the most ** arlifleiiiHv differentiated “ be- fourth quarter and annual in- powers of a shareholder to 

Mr Rov G Amimnn chairman imporlanl anti-trust aetinp.s ever tween them in advertising creases in sales and profits. Bm opposing company decisions, but 

and chief executive of Loci' launched by the L ; .S. 'Vovern- main. 1 ;, directed m <-hildren. In an increase in the company's tax be cannot bun self make pro- 

heed. said that il will .take niusi menl whuh has alleged that aildiHon the four companies rate and a net los* from dis- P u g*- H d Swvin have 

-r .i_ . _ a __ - _ .« ir.v.l-f-ivi ei>rnfl ru a i'iKi>t r»T Irvmn is* limit- c-t'in11nzifad nnprfitifimi IT1 ftlT. rltCienia alia olcV:u lla• C 

FnVr^r'^q-R The F cder»l fTi'hde Com in is- nr'onioiToaal nnr-mmmc's" : Full vear r/sirtts included an be a logical step for such h large | NORSK Hydro, Norway’s largest He added tnat despite ci^xenrywnH^i^ wo^Lc^martii, 

affected adversel- t v ' iLf sion s ,-oT..plaIof dates from P The probahihi? 6f Quake? Income from Snt!nSn“ opeS shareholder. Mr van Wijk said, industrial complex, is hoping‘to-debt servicing. Q.osts. . d;videhd ;-^^2 

197 - when charges were Sled «i a t* dv-missal froin thp .-^[61 noni nf Sm nrftSn^ lhare The company has bad the inv consolidate iis debt postiion over levels should &e mauita&ed kpd. 

cessafiSn^rhkgainst Quaker. Kellogg. (>ncraJ in FTCB«S?uof ComoS unSJneil^frol d^Hnued summer that the next few years. Odd Ngritd, the results for fiscal^, should-«M 

Viking anti-suiimarine produc- Fo ''ds'. and i.ienerai Mills, based tlon submission supporting operation* or 8S3JBSm. including S2J? l j£? el0r ' to1d journalists be in bne_wlthth%e_-for 4&77^ 

lion programme. - on , 19 ' u ^ ala the complaint Vv . i;, ua ker's application for dwinix- a 359m. loss on disposal of asseLs. M lhe * CMie ° n 10 lhC he ™ to ‘ d fJ:„ nr , rp .„_„„ : SS Lr 

Sal^s of the Trisiar remain ihe ‘'Oi'tlcd that Kellogg. Oeneral sal .v a respondent, the FTC market. At a pies* conference spOG- Kr.l27ra. irt the:flfSt:balf.Jor Its ■4roagffl»tra : r iLLifeiVltefe-aL 

big question in Lockheed's Mills and '.ieneral Foods ranked has reportedly concluded that ^ . . Among Mr. Heerema siinterests sored by Deutsche Bank Ag, Mr. year to Juiy 197S, oa.saiesof ‘ 

S°m. In»“ u htve »"l. „nn,l .m third in then H not •SnMUnHal tvi- .. _ , « H«r»n.« Engmcrtn* S«w .v,rwl Mid Hut .Vo«k dul-W* KriMfeo. .., .SSEWL&S^SSS 1 : 

said that a much awaited deck accounting fur j .total per donee ttaai the remedy proposed McDermott-BabCOCK vices of The Ha § ue - plan to tneur any additional deb^ Reuter . .* r \ .. ■ ^r; l" 

sion bv Pan American World veot. of nreakfkvt cereal sales, against Quaker is necessary (o _ _ ,, _ _ „ . -•- ,n but hopes to restpto- ^ ^ p ‘ 

Airwave 0 n whether to hir. as that time Quaker had 9 per restore comoctUlon to the ready- J* Ra y McDermott and Lo. and , , n lure l-ts Portfolio by converting BurEQCIStCr 3110 WS1H • 3 

mahi as in TriSfar« i< iht»'kpv cent to-eai cereal indi'strv" Babcock and Wilcox said in a L nil of ^mtf some of its medium-term debt - . •._Utr-’ .* .cent^ raJS'.:aou;W- : =™«or. 

manias 30 TnS ars is the key JJf which were joint siatement that tfaetr ne«u- * dll dl >91011 lnt0 , ong . le nn debt .■ earninfS tumble gr^^6*td5^- 

program me * Thc four »mpjDK« «ere be i na sought against Quaker *«»H*na MwmiUees and directun- T n fnmali/Tnaln Norsk is currently renegotiate BURMEISTER ANfi-WAiNithe pla"ns-t6>ifte«e^rtl^.3m4 

Lockheed i* going ahead on a accused ...r “ acUoiw and in- v.-oul'd have prevented its parliei- hav , n . approved- tenns for K«h |K|UfI fiaiiUlfldlC i ng a large credit facility, ,Mt\ Banish sWph'uHdinR--MiiS 7 ktaasi' 

smaller. 200-seai version of th^ a ‘- ,l i° ns • -ovur-u—period uf so patinn in shelf space allocation rocks merger with McDermott. r n rrM„nnd«nt N a rod said. This is the only, new trial group. r^joHed‘7-ferqup''^iei'n^fged:;icgW^^wl 

TriStrfr. Thc com pan* ex perns >>' ars ^signed to pcrpefu:.(e ant i a -jo-y-ar prohibition against reports front New Orleans Bjr. our own ccrreipmaent loan Norsk will negotiate-this profits beforetax0f^Kii3.fim:-ttyfaftomfpt.iteF^ug 

first orders for this aeroplane t * icir aIlc i5 ,? d monopoly. More the company acquiring an* other According to the terms. Bjucnek AMSTERDAM. Feb. 22. year and it was added that the tS14.7m.) compare^- 4 , v j;Vlth--It'S3vr.3^nJ.Ta'ftqiitoiee] 

as earlv a* (his *car -and will specifically, (he fuur \outpaalv* rcady-tn-eat cereal prorfu«>c. holders will receive one share of ^ SLACKENING of offshore oorupany.’s debt position is verj' Kr.l02.Snt: in 1978, Hfftffy 

be able io handle (he dc\elnp- alleged lo have Iried m However. FTC staff arc still new McDermott S2.20 cumulative ^ cti 2-, lv in ' lbe Y 0 rlh Sea well-balanced in terras 'of Barnes 'from. Copshliagen- 

nient costs or (he three-engined overwhelm ibe coropeiiiinn b> in=isii»g Thai the record of the convertible preferred struck plus j e;jre c' sed tbc result of ocean Deutsche .Marks and I’.S. dollars. Invoiced sales G.'-felJ;-. -'-TrOni 

jei without anv major <indn ur marketing n barrage of 150 trml >o far Mipnnrts their con- share nf new McDermott , 0W3 „ e and sa i va gc firm Smitibut is less so in Dutch guilder's Kr 2.1Sbn. to Kr.li9?ifti.•18341m.)- isfep^catecoxnpaBWftwiSi 

new financing, said Mr brands of ,.-oreal between 1950 lentiun thid .Quaker has taker, »-00 eumulative Preferred for i,,torhatiwnale in J'97B-77. Over- and Swiss francs ; ~ Earninss by B;= ah^-'W: -Indusv^fU^,: said 

Anderson. and 1970. These cereals it is part in ihe alleged illegal prac- c»cn B3hcocv common shat o capucitv In sonic areas of Sinii's Mr..Nahid said now i 8 nbt .the trl- • A/S. which deludes i tliertipa.NfOuldr; bfc^sflrfelmK 

The order hacking at the end of alleged were ba«4call> *ery ik-i-s. The convertible prelerred act i v j Ii p S aad tough urice com i time for a rights Issue., .though. Copenhagen- shipyard: feU fWm : MTO?to8J5fr 

1977 was 84.l4hn. cum pa red ___ _ _ __ stock will he rnnvenihte :nHm'l' 0 etit ion also affected the result, the company still has-that step Kr 85.5m'. to: Kr.42':im. -bn* agw.-. anC 

with S4 SSbn. a year ago. - m, ° nn** ^bare ot McDermott >^ ct y r „p t In group’s first under consideration as.a way of down from KriflTSm. to•Kr.79$iii!; wonTd r .. ^ve .. «-llQ«u)CL; 

In addition, during (977 the com- A • yNJr. L! J B_ *common. jear as a publicly quoted com- improving its debt/equity, ratio. Earnings in B. and W. Motor, beofefits... .•. ' -•L,- ' 

party signed up.SI Hhn in new Alf ^3113(13 Sifl llllS SI122 The icrms of the secumics arc v fell to FU.33.4m. i.416.ini.! ■ _ . " ' 

order.-- and follow-on business * 111 W1U 11110 Ihe same .<> those annoumed by fronj p Is52 ni. The vear before - - : .. •• - T 

front foreign cuqnmcrs out of R v t/irTop u>nMt ,,tt \u- » t-.k tftc mmmitteea in tiiniflvfr was or,lv Mlihtlv eiinnctAunc ' * / m. . '**'*• 

• BY VICTOR MACKIE OTTAWA. Feb. ... ex-eoT thw'hr Vl< « 7 ,n EUROBONDS . 

mm i 

Among Mr. Heerftma's interests sored bv Deutsche Bank Ag, Mr. vear to Juiy 197S, oa sales of 
is Heerema‘s Engineering Ser- .v 9 rud said that Norsk did not kr.2.S9bn. , 

vices of The Hague. plan to incur any additional debit Reuter ' * » \ • ^’iis&lSaud 

-in 1978. but hopes to restpuo - _'.-\ - i L 

__ ^ .. ture its portfolio by converting; BurmeiSter aHO WfllH •-Bi. 

Loll of >771 IF some of its medium-term debt - . , -.,. .ceh^ihnocrW?«otor, 

rdii a t omit i ntu long-term debt ■ earnings tumble / - 


Air Canada bid hits snag 

stnek will h*-riinvertihh: ;niim , l\ oel | t | on a i sri effected the result, the company still has that step Kr'55.5m. To- Kr.42.lm. hn''sal'^a..a^- 

m'o one share or McDcrtuot \ cl y r .,fit m the group's fit-^t under consideration as a wav of down from KHB78m. to Rr.79§ih. would - ^ve ...7-ilQtlun.; 


OTTAWA. Fob. 22. 

•emmon. year as a publicly quoted com- Improving its debt/equity, ratio. Earnings in B. and W. Motor,-'beob'fltSjv 

The terms of the srernttes arc * . fe!| (p Kls.35.4m. tilfi.lra.l - _ ' ' - ‘ 

he tame ^ hose anno.,need by fronj F i 6 . 52ni . The vear before :■ ? ’-V- 1 ' - v : v 

pr,, V4«S y ,X eurobonds - - :• | ImetalpipFi 

nS, a ^ f i Recovery in DM sector 

Efforts by ihe Norwegian and j 

Fourth quarier ourmngs n«*r vw •-■anauian uuv,.-:-innvm mi, -- ------ - n, . . - • 

-hare, which went down fmnt anti-Trusi irvesiigato, said Air '“£«■** Nordair for some Philip Morris rise 
50 cent's i 0 49 cc-nts. were Canada is a G'lvernmefit-o'.vned ^‘--aiu.. lie aUr» wants to kno.v ,, n •. h ,» r . lic . 

|'til II'Ml 1,1 HIV .11 I 11 Mi : j ,-. 1 ., 7 >LL - . - . . ... 

the Canadian Government ion proposal to acquire a conirolling 

British governments to achieve BY FR ANCIS GUILDS 
a more gradual development of TOE D-MARK sector of the mar- yeir Tell -.•baefr■ : W J8* dn ;the 
North Sea reserves showed ket was a little firmer yesterday- amkmncemeirt -of- Wfr; new -one 


were based on i:L4m. shnres a'uqter and Co-npvratv Air Depi.rt- for SC7 a share before Christmas. Bell Canada is to raise its? ;, i* e.vpecfed to be needed in changed. Initially ffricine had-10-year issue 4(k $. fcut/hy.r.4 

compared with 12.2m. shares a menl. warned the Canadmn He also asked whether Air quarterly dividend to SI.05 a the North Sea have now been been indicated at 991. Due to quarter- of a ■■povnt.'U> v 7} ,'P®T 

vear ago. Transport iNiiiiiiib.?J,in ihai lake- Canada ha* plans lo imegraic share from Sl.u2. payable April placed and the emphasis . is strong demand the amount had cent ; and has bAp' prtcOd,'qF 

Agencies • over of the regional airline. Nordair.routes. 15. reports AP DJ. • shifting from exploration to [been Increased by DM50m. to 99 tfr yield 7.9’pwmenL-^Load 

nrftrlm-Mnn 4 DM^AAm Ud) uiooh He- tfiA Iah. 4 m inhwor ie RnnrtitA ' 



F»uMh Quarier 


1’77 1"76 j Fourth Quarter 



S S 1 



Revenue . 

, 114 0m. 101 .Om Revenue . 

. 196.5m. 

176.3 m 

Nei orofit*:. 

S.Hiii. 5.2m. Net profits. 



Net per share... 

0.74 0.7S- Net per share. . 






Revenue . 

. 460 0 m. 400.diii. Revenue . 

671 2lM 

602 . 0 m. 

Nei profiis. 

29 0m. 23.0m Net profits. 


44 Sm 

Nei per snare... 

4.44 2.60 Net per share... 







OT7 117* ; year 



s s 



Revenue . 

2.11m. l.fthn. Revenue . .. 



Net profits. 

195.0m. 198.Om. Not profile . 

42.8 it. 

30 Om. 

Nei per snare... 

2.S7 3.24 Net per share... 




Fourth Ouartcr 

Revenue . 


Revenue. *6.7bn. 

Net profits . 60Ant. 

Net per share... 4 4y 

_1 LVBR17QL 

IW Fourth Quarter 

s _ I 

l.fion. Revenue . 

16.5m.; \kj profit* • .... 
1.22 Vet per share... 


6-2bn.' Revenue . 

4S.2m. Vet profits . 

S.oS N’pt t>er share . 


- — production. DM200m. last week by the lead raaniiger is Banq 

Sutit. which is thought to have manager,. Commerzbank. . tionale a LdxembOL ^ . . . 

• h--* moM comprehensive towing Demand from this issue has The Tls.lOOiu. jssuq^or -Den 

_ and salvage operation in the been exceptionally strong.. It-thank"was priced ' 

world, is now mvestigotiag the would seem, front domestic Ge.r.- mandeer Ahtement' 

- market for repair and mam- man investors—not only private 0 Speaking at a-t^denfrerfil 

i9Tt mt tenance of offshore structures, ones hut also smaller banks. The ference on. ” Japanese* ftiftugft 

rrnnm ni'nir The Potential is enormous but reason for this lies in the double bonds; M. Shimizu -of. NhiAhTa 

linin' i-> 0 n ,he oiI companies do not know taxation advantages enjoyed by Research Institute &Vt<a.figure 

• -.V whai equipment is needed and any West German citizens who of between 0.25. and'0 35 per 

the service companies are re- invest in Brazil. ' cent- on the likely ftrttbw faH 

5J5 0m 457 0m Octant to develop expensive Prices in the dollar sector wet.e In iphg term-bond yields. In\a 

SjiOin si Om equipment and techniques unless firm yesterday with some houses personal yew. he said he.t^ughf 

•»gti ’'• 5 -' they can Toresce long-term con- rennrtins very good turnover. - ; the official discount rate - would 

- — -I—T tracts for their use. the com- The Mprlfng sector remained be’ cut by l or-i"0f'a-pbmt-in 

^ES panv claims. quiet. The FFI issue floated last March .or ApriL 

Fourth Ouartcr 

Revenue . 

Net profits .... 
N-.-t per share 


Fourth Quarter 

panv Claims. 

However. Sm/( does'foresee an 
5 increased need for work at 
3,r.h n depths greater than those sen- 

94.9m. 911.000 Retemm . 32 hn depths greater than those gen- LTo?iq>« I A A nirlnr> vn^fln lu.jIjCj.IT* ; 

1.4m. 1.3m. \ci prnfit^. 32Hm. 32.0m orally worked. There is Strone Ovl^Cr-juvOQlflSS OlQllS QlVTOfiflfl ; 

0.25 0.24' Xrt per share. . 1.22 1.24 demand for South's services in ___ •• ' 2 

... . Vea '' iow r ins nutsized loads. Two 8Y jOHN WICKS . ZURICH;., feb. 22.-. 

40a jin. JSl.fint. Revenue . ll.Ohn. lOOhn vess'-l^ aro currently tn«vinr» i n. riri , ... ■ ■ -.-v- 

10 . 6 m. 1 2.8m., first quarter net. pulp factorv complete with^its TH£ . HEADING stop-wafeh recommend p^sing the dnrhjch.d. 

1.96 2.33 Nei Per Mia re 3 93 3 sg Ju.T J™, \ j ?f n,1 * BC,Uf Sr Heuer-Leomdas ... Coneoiidated tttrndwrxf.’tbe 

32Him. 32.0m orally worked. There is strone' 
1.22 1.24 demand for Smith's services in 

, , iow r ine nutsized loads. Two I 

Thi> .innovn^ ;ni-:ni appears <»j mailer oi record «»ly. 




Whe (©obernment Rousing Panfe 



Medium Term Loan 

Cijaranicrd hv 

The Ministry of Finance, Kingdom of Thailand 

Af-.ifi.tged by 

The Mitsui Bank, Limited The Bank of Tokyo, Ltd. 

The result of the fiht three fi? X \\ H ? UCT * ^anagingdirec- higher. but.Tor the..strength' .. 
m‘.| te ff,. 1 01 A': e , nrsl ter. said at company headquar- the Swiss, franc eichanee ralm 

2? a “sssjsf ss-j^b hxl* 

Pn ■* idcvi hy 

The Mitsui Bank'. Limited The Bank of Tokyo. Ltd. 

The Tokai Bank. Limited The Bank of Yokohama. Ltd. 

The Daiwa Bank. Limited The Hokkaido Tukushoku Bank. Limited 
The Long-Term Credit Bank of Japan Lid. ’ The Mitsubishi Trust and Banking Corporation 
Thc Mitsui Trust and Banking Company. Limited The Sailamu Bank, Lid. 

DjCr’illh;; JO"" 

The Bank of Tokyo, Ltd. 

matter ofrctord'pnly, 

Ffebrua#- 23 1978 



OHM WICKS' c :•• r , ••• . ••'. - . ZURICH, Feb. 22. 

*?►. fon ? ld a t io , i for'employee partlci- would be used by Ciba^Geicvnr 
®'® ? . AG, _of Basle, pation .■ and pension-fond pay- subsidiaries for the financing of l 

EFSKKm’.SS %S a *'f‘ m> w SwJ& ffO per unit iTp£SdS3SS.*rSJ I 

SSM&SSrfS t&St op “ stock - £!*?“?*L - "5L-HL"E! 

airline in 


Ampol below expectations 


TFSSenno^ioart ■*, op“oa' I 

{Msissue.. : -.••_■■■ approval of a.^in^tb issue new convertible or option"bond issues 
j cash-flow for the year oordflcate^jworth or for the securing of similar j 

-'O' .SwJ’r.l.OSbn. - -from a tofal of Sw.7r^25m. ex- rights connected to°other loans! line,’ is 

WmJ and profits to clu^ve o(drawing rights. These of these types. " 

20m. from, Sw.Fr.820m.' 
sr improved : by 5 per cent, 
rto Sw-Fr-fi-Mbiu accord- 
tie parent company, 
e Clha AGM on May 17 

By Jimmy Burns 

LISBON. Feb. 22. 
TAP, Porlugal's stale-run air- 

sees downturn 


’ ntiouof the SwS?22 divi- above 1976 leveIs - 

. id a: rights three build- In a letter to shareholders, 

•, Share and participation- Minpany, reckons with group Victor Losinger. chairman, states 
ie capital would, subject that individual divisions were 

ibolderapproval, rise by f 2T 3377- This is faced by acute problems, and 

)JS5m. by a l-for-25 rights below the previous year’s that many domestic orders had 

:'SwJfc200 per unit. The leve1 ’ and als £ rat $?r’™*|* r 5 om- t0 be accepted at poor prices. No 
iares and pardcipation p ?P y e f pectabonfl f ° r 1977 ‘ New_ recover y “ expected on the 
teswould be^ntitSedto targets J ***** bolh market In 1978. this after 

' Is as of January 1, 1978 a Vi? ome bovrever, a decline in total building 

;< »„ i^fc V e “ e ^ * mu* Ji. ** , S0IT,e activity in Switzerland by about 

. mere is to be a Sw.Fr.5m. SwJrsJlOnL, and the value of one-third over the past three 

capital cm behalf of a orders in hand, at-SwJFrs.475m.. years. 

C hopes to boost lending 

> dro 


\ (j-k 

•' “WU 1 : 


ID’S Industrial Credit anticipates that the loan will doubled to £3m. (S5.Sm.) tor the 

y (ICC) has opened enable it to push its financing year ended last September 30 on 

ions with the European of smaller countries well past turnover that increased overall 

ent Bank - for the first the U)00 mark reached in 1977. bv only six per cent, to £98^m 

a multi-stage loan that The ICC. which- last year (S181.6m.). and in the principal 

.. 'sets will significantly lifted pre-tax profits to.£ 1.85m. sugar business fell by 14.3 per 

*’ ts own financing of small from £lfim.. in' 197X is a pri- cent, to £50m. 

es in the Irish Republic, maty source of finance for the 

'ear the ICC boosted its 3,000 small concerns that repro¬ 
of small companies era- sent about 30 per cent nf 

less than 100 people by Ireland's manufacturing sector, 

cent to around £24m. ' . 

l on-lending of the EIB 

STATE-OWNED Irish Sugar 

• *:JS!525. I- S? a Sr ^ has announced group preceding sub si diary wasturned 
a vestments, the ICC pre-tax profits that almost round an § contributed £36.000 in 

pre-tax profits on turnover up. 

Major improvements in Irish 
Sugar’s agricultural trading and 
engineering activities produced 
a 50 per cent, gain in sales to 
£29.5m., and for the first time 
the group's traditionally loss- 


livia raising $155m. 

28 per cent, to £18Bm. 

Although international sugar 
surpluses depressed the group's 
sugar sale, consolidated pre-tax 
profits for the year rose to 
£2.99m. from an annualised level 
of £1.62m. during the previous 
are 12 months. Irish Sugar's previous 

SYDNEY, Feb. 22. 

: 55®SS:?. 0F r Ampot Petroleum drop in pre-tax earnings, from effective increase of 12.5 per cent. 

I for the first four months of the SA5.45m. to SA3B4m. * * * 

i t '“T£! i y • ve * r indicated that the (SUS437m.). in the December NICHOLAS International, the 

iproflt for the February hair-year half year. This followed an 8.5 Aspro medical and pharma- 

would fail to reach the budgeted per cent, reduction in gross pre- ceutical products group, has in- 

i2!Fu5., l0n * lbe chairman. Sir miums net of reinsurance. from creased its interim dividend fol- 

lM - . . r w "‘ cr Leonard told shareholders SA43Am. to SA39.7ra. lowing a 20.S per cent, gain Ini 

1. « M -I co . no « K: j he an " u ai meetmg in Sydney (SUS45J>m.). The group was profit for the December half-year.' 

MonWwda™. p . re J*Y' ; t0 -day. Sir v, alter added, how- able to declare a 5.1 per cent. Earnings for the period rose 

a ^2 l V55 ,n r C h'i T K at l u e profit would still increase in net profit, from from SA2.27m. to SA2.74m. 

an interview pnbHshed to-day. ; be higher than for the first half SA2.5ra. to SA2.66ra. fSUS3.0m.l, (U.SB3.1m.l 

As part of a first step by l of last year. mainly because of a reduction in The latest increase continues 

The directors felt there were tax from. SA23m. to SAl.lSm. a three-year recovery by the 
hopeful signs over the last few The Board has held the divi- group. The Interim dividend is 
months that the Australian dead at 8 cents a share on raised from 3c. to 3.5c. a share, 

economy was at last turning the capital increased last year by a Last year, the directors raised 

corner. scrip issue, which represents an the total payout from 6.5c. to 7c. 

But the Board considered that _ 

the real impact of present poli¬ 
cies of containing inflation and 
attracting investment was un¬ 
likely to be felt until late this 
year or even until 1979. 

come under 

management to reorganise the 
airline on a more viable 
economic basis, TAP has 
opened up three new routes, 
two to Europe and one to 

It has been a bad year for 
TAP, with crippling industrial 
disputes and its first erer 
major air disaster at Funchal, 
Madeira, which shattered an 
almost Impeccable record of 
airline safety. 

The airline has been running 
at a loss since 1974, when 
decolonisation affected its 
African routes, till then a 
major source of Income. Nego¬ 
tiations between the airlines 
and the pilots' union which 
began last September finally 
broke down in December, leav¬ 
ing thousands of tourists and 
emigrant workers stranded 
over Christmas. 

Challenge profits tumble 

The pilots’ strike which 
lasted for a week Is estimated 
to have cost the airline 
S500.000 a day. 

gal’s tourist island of Madeira 
in November. The psycholo¬ 
gical and material damage both 
to tourism on the island and 
to ihe airline itseir has been 


There were signs that some 

of the major projects which CHALLENGE Corporation, New half-year to December were cut 
appeared to be on the verge of Zealand’s largest company in by 46-8 per cent to SNZ3.2m. 
realisation four or five years ago terms of turnover, has reported fUS$35m.). from SNZ6m. in the 
would reach the launching pad a sharp fall in profits for the half of the previous yfear— 

1 during the next 12 to IS months, first half of the current financial a 10 Per cent, increase In 

Sir Walter said. year, which ends on June 30. gross earnings being insufficient 

I However, the current depressed The corporation is the bolding to offset increased costs includ- 

: world economic situation, parti- company for a group of com- > a R 3 rise of SNZS^m. In interest 
1 cularly the steel industry, would panies operating in the rural. c b a r£^3 and of SNZ5.4m. in staff 
! probably defer major sales and motors, manufacturing, whole- and other costs, in spite of a 
'.consequent production from the sale and retail, finance and reduction in the number em- 

j large Oaky Creek coal deposit property sectors. ployed. Turnover fell by 2 per 

(Holdings! um.Mhe 19S0, E&SST *° 

MERCANTILE Mutual Insurance the second half than that seen in ^"'wents '"a'^h 1 

r«mn»nv. *ha. __the first 2 . ° r 5 CentS a share U 

f. declared, payable from realised 

Group profits after tax in the capital profits. 

One hundred and thirty i Company, the major insurance the first - 
people died when a TAP IgT-oup. suffered a 29.5 per cent. 

Boeing <2i crashed on Porfu- 

Israeli dollar-linked bonds 



becomes tile latest of America. Other -terms _ __ 

g -country to refinance undisclosed. There is a'Petrobras report was for a 17-month period 
tracted a few years ago guarantee. This operation is part because of s change in its report¬ 
er terms. The Republic of a 575m. package to help ing period from April to 
ring 5155m. for seven develop an ammonia and urea September, 
a split spread over the plant in the State of Parana. The . 1 + + 

rate of 1} per cent, for other $50ra. was provided by the _ . 

hree years rising to lj World Bank in May 1976. Krcdietbank of Belgium is to 

for the remainder with Italian borrowers are active in take a 75 per cent, equity stake 
rs grace. the market In the first syndi- in Irish • Intercontinental Bank 

cated loan it has arranged in whose assets 

Sharp slide in 
EBC profits 

TEL AVIV. Feb. 22. 

By Michael Blanden 

EUROPEAN Banking Com¬ 
pany, the London-based con¬ 
sortium banking group, reports 
a significant drop in its profits 
for the past year. At the pre¬ 
tax level, they were down 
from £3.16m. to £L82m. 

[BOND ISSUES linked to the Some bankers expressed the Israeli pound was floated, to hold 
dollar are to be intioduced by fear that the new issues might 33.000 in foreign currency.-) 
the Bank of Israel, following reduce the flow of money into The new bonds will un- 
months during which the public long-term savings schemes Other doubtedly appeal tb those who 
has eschewed bonds linked SO banks welcomed the step since do not wish to “lock up" their 
per cent, to the cost-of-living there has of late been a tendency savings for three-five vears in 
index, when first issued, such by the public to convert Israeli long-term savings schemes, even 
bonds were 100 per cent, linked, pounds into foreign currency, though these offer grants or 
but reductions first to 90 per (Israelis have been permitted cheap mortgages in addition to 
cent, then to 80 per cent, were since October 28, when the 100 per cent, linkage to the index 
made last year. 

By Richard Rolfe 
RESULTS FROM Sappi, the 
pulp and paper making sub¬ 
sidiary of Union Corporation, 
which Is currently engaged in 
merger talks with Reed Inter¬ 
national 01 er disposal of its 
main interests in South Africa, 
including tbe loss making 
Stangcr Pulp and Paper in 
which CG Smith group holds 
50 per cenL, show a rise in 
earnings but a sharp fall in 
pre-tax margins. 

Turnover for the v ear to 
December 31 rose from R177m. 
to RI97m. (5226m.) and pre¬ 
tax profits slipped from 
R24<5in. to R22.7m. (S26.1m.) 
so that margins were down 
from 13A per cent, to 11 £ per 
cenL But Sappi paid less tax, 
mainly because of allowances 
on the group's R35m. expan¬ 
sion programme, and earnings 
attributable to outside share¬ 
holders fell by half to RI.6m^ 
So Sappi’s overall earnings 
picked up from 44 cents to 49 
cents and the dividend was 
maintained at 20 cents. 

* * * 
REMBRANDT Group Ltd., the 
tobacco concern, has declared 
a final dividend of 21.5 cents 
(10), making 22.."i rents (20) 
Tor year ending March 31, 
reports Reuter from Stellen¬ 

Bid by Morgan 

There will be three new issues: 
bonds linked fully to the dollar. 
| bearing interest at tbe rate of 
[5.5 per cent., payable annually; 

* jh S?I over two 'yeaiW Credit*Italia no Kredietbank has acquired 42 

is lead managing a S28m. five- per cent, of Irish Intercontinental 

;o prepay three loans 

?! i i \ 

M :i 

* iti 167a tnr urhifh it y ear loan ,or Dalmine Spa. a from Marine Midland Bank and 
S/nf 7nt!2L? sleel company which Is enn- interests from other share- 
ugher rate.of interest pi nS jder, lie State- holders, but Irish Life Assurance 

r Latin American bar- controlled steel rompaifiy. Terms retains Its 25 per cent, stake. At 

•etrobras Fertillzantes, include a split spread of lj per the same time shareholders in 

iser ar.ra of the State cent, for the first three: years Irish intercontinental have | 

yiy Petrobm, is rais- rising to' li per cent with a agreed to a capital restructuring j 

. for seven years from three years grace period: The which gives Kredietbank Us 

of banks led by Bank loan'is guaranteed by Finsider. overall 75 per cent, stake. I 

' r! "• T».5 D h.Tir« <«>i Kredietbank! 

The bank, which is a joint - 

* , venture of the EBIC group of : double-linked ones, offering the 

ercontinental Bank j European banks including the ! investor the choice at the end 
currently top £j7m. ; Midland in the U.K» says that -? f a Period of fix or ten years 
profits were affected by a 
number of adverse factors. All 

Expansion at Sabanci 


ISTANBUL. Feb. 22. 

, between full linkage 10 the dollar 
and SO per cent, linkage to the 

THE SABANCI group of ment is currently 7.000 tons per 
Istanbul. Turkey’s second big- annum which will go up to 9.000 

By H. F. Lee 

SINGAPORE. Feb. 22. 
national Finance Corporation, 
which owns 47 per cent, of the 
issued capital of ihe Singapore 
merchant hank. Morgan 
Guaranty and Partners (MGP). 
intends to acquire all the 
shares in the merchant bank 
not already held by It. 

The other shareholders in 
fllGP which has an issued 
capital of $S7225m. (SUS3.1m.) 
are the Development Rank of 
Singapore, with 36 per cent.. 
AUC Holdings of Australia, 
with 10 per cent., and the In¬ 
dustrial Rank of Japan, with 
7 per cent. 

Toa Nenrvo record 


HC ACTIVITY—Indices of industrial production, manu- 
output, engineering orders, retail sales volume (1970= 
ail sales value (1971=100): registered, unemployment 

ig school leavers) and 
y adjusted. 

lied vacancies (000s). All 












































105 2. 















23 5J3 




















’—By market sector consumer goods, investment goods, 
late goods (materials and fuers): engineering output, 
asufacture; textiles, leather and clothing (1970-100): 
starts (000s, monthly average). 

lonsumer Invst Intmd, Eng- Metal Textile Housg. 

goods goods goods output mnfg. etc. starts* 

i >- ■ - 




106 J! 











22 j4 


97 JS 





































- 99.0 





. 97.0 






IAL TRADE—Indices of export and import volume 
DO); visible balance: current balance; oil balance; terms- 
(1975=100); exchange reserves. 

Export Import Visible Current Oil Terms Resv. 
volume volume balance balance balance trade USSbn* 















/ 124J2 


+ 46 





' j 117.9 


+ 65 





/■ 125.9 


+ 52 

+ 202 






+ 65 







+ 71 







- 71 

+ 74 












M * ■> 

IAL—Money supply Ml and sterling M3, bank advances 
ig to the private sector (three months’ growth at annual' 
•mestic credit expansion f£m ); buildrnc societies’ net 
JP. new credit; all seasonally adjusted. Minimum 
■ate (end period). 


Ml M3 advances DCE RS HP MLR 
. % % oj £»n. inflow lending_% 


> :■ 

- 3.6 






10 i- 














• 7 









■ 9-4 - 


- 96 














' 336 

' 590 









' 7 














"U "r. 

ION—Indices of earnings (Jan. 1976=100). basic 
s and fuels, wholesale prices of manufactured products 
DO); retail prices and food prices (1974=100); FT 
ty index (July 1952=100); trade weighted value of 
(Dec. 1971 = 100). 

Earn- Basic Whsale. FT* 

ings* matls.*’ mnfg.* RPI* Foods* comdty. Strife. 

119 3 






































27 L0 






















Irish - Life and 

have subscribed £1m. of new- 
capital in proportion with their 
holdings, bringing paid up capital 
to £2m. 


MiSMWlS now. —p m .. company sources said futures lyre ,ord. 

me weaaness or me u.b. dollar here. Kordsa’s turnover in 1977 was 

against the pound. To-morrow. UElOOni. of each The Kordsa plant's annual the equivalent of S30m and will 

On the olher hand, EBC t^-pe will be pul up for sale, but hot-atretching capacity is 14.000 become S50m. this year, accord- 

reports, it improved ils : trading will start on the Tel Aviv tons. Know-how ts beina supplied ing to the sources 

; Stock Exchange only in two by Goodj'ear. and Utiiroyal is The Sabanci group says rhal it 
months time In approving the providing technical assistance, reached agreement in principle 
new issues, the Knesset Finance The expansion of tbe plant which with Du Pont Tor knowhow for 

Committee limited the amount j s near Istanbul, will start in the a nylon yarn production plant, 

which may be issued by the spring and is expected to be Kordsa's nylon yarn require¬ 
central bank up to March 31 to completed in IS months. meats at present are met by 

l£lbn. Turkey's tyre cord require- tin Pont and Enka 

tion in corporate finance bust 
ness and acted as lead manager 
or co-manager of 31 capital 
.market transactions totalling 
tbe equivalent of Sl.lbn. 

TOA NKNRYO Kogvo KS. the 
Janancsc oil dkiribittor. has 
announced ils 1977 earnings 
ros»* 30 7 per cent, to a record 
Y19.376hn. (S3lin.i. from 
115.1ft2bn. in 1976, reports AP- 
DJ from Tokyo. 

Sales also reached a record 
Yfii7ji7Rbn_ (S2.6bn.). 

The cornuaiiy forecast its net 
profit Tor (he current year at 
abom Y20bn. on sales of about 


Alcan Australia Mac 18S9 >3] 

AMEV Spu 1987. S3] 

Australia Sine 19S! . Mi 

Australian M. 4c S. «lw VS 972 
Bardavs Bank Silk.' 1993... Mi 

Bowaier 91 oc 1992 ... M2 

Can. ]V. Railway SI pc IBM Mi 
Credit National 84pu 18*0._ 974 

Denmark 84pc 1984 . Mi 

ECS 9pc 1993 .9*4 

ECS Slpc 1997 . 934 

EIB 9ipc 1997 . #7*i 

EMJ Vide 19*8 . 871 

Ericsson SJpc 1989 . 9a* 

Esso Rdc I9S8 Nov. . 1004 

fit Lakes Paper s :pc I9S* *Si 

Hamerslry 9}pc 199! . 

HydnvQnebec 9pc 1992 .... 

ICI Sipc 19P7 . 

15E Canada 9!pc I9S6 . . 
Macmillan Bloedvl Opc 199? 
Massey Fermiaon #ipc 1961 

MiclwUn SJpc 1888 . 

Midland Ini. Fin. Sipc 1993 
National Coal Bri. Sue 1997 
Ntnl. WrstmlnxkT 9x I9S6 
NewfoundUnd 9 pc 19S9 
Norses Rom. Bk S4 pc 199! 

Korplpe Sipc 1999 . Bi* 

Sottk Hydro Sipc 1992 . 94 

Oslo 9PC 19SS . J9W 

Ports Antonomcs 9pc 1991 984 

Pm. Quebec 9pc 1993 . .. 93i 

Ptqv. Sasic a i ch. Sloe IBM 
Reed imemarlonaJ Bpc I9S7 

SHM Bpc 19W -. 

Selection Trust 8:pc 1899 
Stand. EnsJtflda Bpc 199L.. 

SKF «pc IflR* .... 

Sweden fK'domi 8lPC 1B87 
United Biscuits Bpc IBM ... 

Volvo Bpc 1997 March ...... 




102 * 


















3 00 
10 ! 
















Austria Sipc 1883 

BFCE Jpc 1997 . 

Denmark Sipc IBM . 

EIB 6ipc IBM . 

lirand AtCL 7pc ISM ..... 
Hydro-Quebec «pc I9S7 

ICI Slur 1987 . 1034 

Montreal 7pc IB37 . IK* 

Nnrsra (las 7pc 1989 107* 

Norsk Hydra 6.'pc 1888 .. 1B5 

Norway ajpr 19S2 . ]M 

Shell s;pc 1990 . 10S4 

Spain Mpe i«M . 102 

Sweden 6?pc 19M . 103* 

World Bank «pe 1SS7 ... . 1044 

















Bank or Tokyo ‘M 7i3if.pc 9# 

BFCE IBM 7pc . US* 

BNP 1983 7pc . m 

CCF 1983 Spc . Ml 

CfiMF IBM 7ipc ... . BS4 • 

Cretin ansi all 19S4 7toc ... p?4 
Credit Lyonnais 1992 8pc... M* 

DC Bank 1B85 TlSmpc ... 9#4 
GZB 1991 7ipc .... TDDi 
Inti. Wsttnnsrr ’M 7i?i*pc MS 

Lloyds 1M3 7ipc. inn* 

LTCB IBM Spc . B#i 

Midland 1992 Bpc . 1D1 

Midland 1BS7 7ili6pc . #8: 

OKB 1983 ilpc ;. S9i 

SNCP w. ShK . PSI 

Sid. and cainrd. ’M Tilisnc oa* 
Kma, and Glyns IBM 7pc BBC 

Source: White Weld Securities. 













101 * 



















Australia 7Spc 1984 - 

BOH Canada 7CDc 1997 . 

Br. Columbia Hyd 7!pc ’85 

Can. Pac. 84tw IBM . 

Dow Chemical Spc 1988 ... 

ECS 7ioc 1982 --- 

ECS &4pc 1989 ..-. 

EEC 7* pc 189! - 


Brso Cutaeit 84 Pc 1984 ... 
Gotaverken 7|pc 1BE ...... 

Kocfcmas Bpc 1983 .......... 

Mlehclm Sipc 1983 . 994 

Montreal Urban Sipc 1881 100 
New Bnmswlrk Spc 1984 ... 

Now Bruns. Pror. S7pc "83 
|>’ew Zealand 8 Ipc 1988 
Nordic Inv. Bank 7|pc 1984 
.Vorok"Hydro 71nc 1982 ... 
Nonray 74pc IBM 
Ontario Hydro Sue 1987 ... 

Sftwrr 8] pc IPS: ._ ...... .. 

s. or Sent. Elec. Bipc m 
Sweden MTdant 74pc 18 R! 
Swtdlsli State Co. 7tnc ‘SS 

Tehnex 9ipc 1 #M . 

Termeco 7Jpc 1097 May . 
VoUunraeen 7tpc 1987 . 











































American Express 4}pc *87 

Ashland Spc 19SS . 

Babcock & Wilcox sjpc '97 
Beatrice Foods 44pc 1992 
Beatrice Foods Upc mt 
Beecham Bloc 1992 ... 

Borden 5pc 1BE . 

Broadway Rale 4|pc T9S7 
Carnation 4pc 1887.. 

Chevron Spc 1B8S . 

Dan 4!pc 1997 . 

Eastman Kodak 44 k 1988 
Economic Labs. 4!pc 1987 ,™ 

Firestone Spc 1968 . 794 

Ford Spc 1988 . 8U 

(iMeral Electric 44 k 1987 79 

GIllBIt* 4lpc 1987 ... /« 

GOUld 3pc 1987 . 107 

Gulf and wenent Spc 1989 77* 

Rarrte 5oc 1992 ... xm 

Honeywell floe 1986 .. r? 

ICI.gfec 1992 . M 

INA Spc 1987 ... on 

Tnch caoo B f pe 1992 . 107 » 

ITT 4tPC 1M7 ... .„ . rs* 

Jusco ttpc 1882 
Komatsu 74W19W 














J. Hay McDermott llpc 'sr m; 



Counaulds #:pc 1939 - 

ECS 9SK 19M . 9S1 

ElB.Moc 1988 .- . 99* 

Nk 1092 . #74 

Finance for ind. Bine 19S7 w 

FUona ifltpc issr . ibbj 

WA 10k 1988 . SB* 

Hoiratrce 101 dc 1988 . M 

Seara. Wipe 1988 994 

Tmar on sipc i#S4 . #s 











MaimsMta Slur 1990 
Mitsui 7-PC IBM . .. 

J. P. Morcan 4ioe 19S7 ... 
.Nabisco 54K T9SS 
Owens minob 4*pc IM7 ... 
J C. Penney 4»nc 1M7 . 
Revlon 41 k 1037 
Reynold* Mrt?l« jpc 1963 
SsndvUt 64 k 1988 
Spcmr Hand 4ine 1997 ... 

Squibb 4SBC 1997 .1 

Texaco -Nnc UK* . 

Toshiba 61 pc 1992 
Union CarhldA a.'pr- i9k 
W arner Lambert 4»pc 10*7 
k'srner Lamh^rj ntpc isss 
Xerox 5k IDSS 




















































p. 1 







Source: Kidder. Peebndv . SiH-nrtries 

Weekly net as&et value 

on February 20th, 1978 
Tokyo Pacific Holdings N.V. 
U.S. $43.63 

Tokyo Pacific Holdings (Seaboard) N.V 

U.S. $31.61 

v Not seasonally adjusted. 

Listed on the Amsterdam Stock Exchange 

informatlflnj Pf*rMil. HtWring & Pierson NAT. Herenoraeht ai4. Am slot dam 


DM Band*. tOS.27 

HFL Bond* B Met** ltU.48 

U.S S Strt. Bondi 99.90 






. _ 21.2.78 

DM Oendi 6.312 

HFL Bondi A .Mom 7 473 

U-S. S Scrr. Bonds B.702 

• 8 676 

European Banking Company 


Balance Sheet as at 31st December, 1977 


Cash in hand, balances with bankers 
and money at call and short notice 
Bank certificates of deposit and 
promissory notes 
Other deposits with banks 

Loans, advances and other accounts 
Assets leased to clients 
Fixed assets 


Current and deposit accounts 
Other liabilities 
Dividend payable 
Current taxation 

Deferred taxation 


Share capital 
Share premium 
Retained profit 














. 119,486,831 















301,033,014 . 













C. F. Karsten aoimm 
*F. Hoogendijk 

Aeuterdam-Roaeidam Bank NV 

W. Cuth 

*M. von Brentano 

Deutsche Bank AG 

M. Vienot 
*D. Hua 

Sotieie Generate (France) 

S. M. Yassukovich Mousing 

A. Monti 
*£, Braggiotti 

Banca Commercials lutimSpA 

M.C. Wilcox 
*J. H end ley 
Midland Sank United 

P. jeanty 

G. N. Schmidt-Chiari 
*0. K. Fin5terw*alder 


P-E. Janssen 
*J. Adant 

Socieie Cenerj/e de Banqug SA 

•Alternate Directors 

H. Kippenberger 

Banque Curopecnne de Credit (PiC) 

I. T. H.‘Logie C/cputy Managing 

J. C. Chandler Executive and Secretary 
W, R. Slee Executive 

Copies of the Report and Accounts 1 977. can be obtained from the Registered Office: 
150 Lead6nhall Street, London EC3V 4PP.Telephonef: 01-638 3B54. Telex 8811001 

Member Banks; 

Airoterdam-Rotterdam Bank N V Banca Commerciale Italtana Sp A Creditanstait-Bankverein 

Deutsche Bank AC Midland Bank Limited Societe Generate de Banque SA Societe GSnerale (France) 




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by John Elliott, Industrial Editor, Financial Times 

The first book to put the Social Contract and 
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“... acute and well-informed - - .** 

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‘ Conflict or Co-operation ? The 
Growth of Industrial De¬ 
mocracy" By John Elliott. 
Kogan Page, £8.95. 

JOURNALISTS should be made 
to write books more often—and 
hoi simply because journalists 
as good as John Elliott ought 
to contribute to the history of 
their times (historians never 
read newspaper- cuttings). The 
import ant thin:; is that they 
should be allowed to come out 
from time to time from behind 
the discretion of their news¬ 
papers and allow their readers 
to inspect the assumptions upon 
which their reporting is based. 

As Labour Editor, llanape- 
raent Editor and. more recently. 
Industrial Editor of the Finan¬ 
cial Times, John Elliott has 
never been exactly a blushing 
primrose and the FT audience 
can hardly have been unaware 
of his interest in and ultimately 
his support for the idea of wor¬ 
ker directors in industry. His 
coverage of the whole saga of 
the Bullock Report was without 
question the most learned and 
alert in Fleet Street. But T 
doubt whether many of his col¬ 
leagues. still less his readers, 
quite realised how deep his con- 
• riction had become that the 
majority of the Bullock Com¬ 
mission were on the right track. 

Now we know; for his new 
book is an extended defence not 
perhaps of every detail oF Bul¬ 
lock's algebraic vision of indus¬ 
trial harmony but certainly of 
its main and most controversial 
conclusions. Let us. he says, 
by ait meaus have flexibility 
and consul tat Jon. and a gradual 
process of implementation, but 
in the end we must acknowledge 
a statutory right for employees 
to set up worker director sys¬ 
tems and we must make the 

Unblushing homily on 
a key union role 

By David Watt 


trade unions the channels lows.:-The long-term trend to- J h e “ ,2? JSjffb/to expand 
through which this system is wards .greater worker power is The amis should be to e?W 
operated. inevitable, partly because of the workers rights and to 

Moreover because the external pressures', such as the improve shop floor co-operation 

Moreover. because tnc m'ainiv. because of and participation, while not 

Bullock argument, in his view. EEC ^nds The S con- impeding manager!*] efficiency, 

war" evolution Hi uSJu? rela- tract and the Bullock Report are and so to increase industrial 

tinns in this country, he covers not. therefore, aberrations. At efltaency. ^ all Bollock-**!® maiority .of bjs 

track.? . 

a much wider area than Bullock Jf wittihe end in view. Many of «n* 

and in effect suras up the Jes- on the surface ot a stro g ^ ^ certainly I myself, can - 
sons of a decade of labour re- or nistory. „ that! things being ■ , 

the "right 

, also agree that, things being ■ t ^ nhiohs^td aedept 
porting. ft ext, the unions themselves w h at they are, a moderate social “<jS£erdirectors, 'evenon tbhSx 

It is an absorbing mixture of are in business to change society contact is better than Up in-: terms It would eventually 

history, sociology, rapportage, radically and this is ultimately comes policy. I am ““c* 1 ^transform ’their'present belief 
child's guide and sermon. Tf a political business. They are ^^tain about whether it is wise j. interests ol workers 

vou want to know where Uni- also powerful enough for it now t0 institutionalise these ad hoc~ ■ ■_ manaee rs are fund am ent- 
Jever. or Ford, or GEC have got to be * counter-productive to arrangements either at national onnose rt - . ’■ 

to with industrial participation regard them simply as negative or at f ac tory level on the "if . a-tirave conclusion 

Mr. Elliott will tell you: like- forces responsible for the coira- you can - t them. j 0 m them* is S 

wise what has been going on at trys economic failures and as principle. 1™®“, “hidemf-nL ■ not 

Fairfields and Harland and threats to individual freedom. ** wifll some of his mind Mr.- JeP^nds 

Wolff. There is a wonderfully The dual link of the argument Elliott has reservations of his JW ^ w , but .of 

concise potted history of Mr. is that a social contract type of own. He agrees that there is a ■ ^ ^ plaus j b i e 

Heath's tragic affair with iT1C0mes policy is here to stay: serious argument about “ strate gy available. 

Messrs. Feather and t.omley that all Schem es designed to rights of individuals to be ** u 

and of Mr. Wilson's more sue- enhaoce ^ po wer of workers, answered before one bases the.«““■ S, at t f, e power of tbe 
cessfu! liaison with Jack Jones. whether lhey are management operation of worker directors ^ ^ should be 

The reader learns a lot of the inspired participation plans or bn the unions. He also acknow- 'social and poiiti- 

facts of life -about the TLC. syndioa li s t work-ins. can be ledges a doubt “as to whether 

the shop stewards' movement. iqrKired if they do not place con- ultimately the unions, until al that worker directors are 

the shortcomings of British ve ntional union power at the their adversary traditions, wiU ?“^ e But bSse their 
management. centre. The conclusion, in Mr. be wilting and able to put fong.terni aims will be very difr 

However, the book's purpose Elliott's words, is: " a positive enough of their conflict on one.from-his.—Bieir 'worker 
is essentially homiletic, and the and constructive initiative is side to co-operate constructively directors -will be subtly dif- 
purposc of the homily is to needed that encourages manage- with management in th& f t00 
persuade us to see industrial ments and unions to rearrange M l !? e •. wea3lil °* 

relations and particularly the their relationships but does not industry." But he is prepared. Dond W'Jft. 

trade unions in a certain lisht. try to force alien attitudes to stifle libertarian scruples and editor of 

The Elliott position, very rapidly On groups that either do to take the leap in thei dark- *, director oj fre Rw<d Institute 

crudely summarised, is as fol- not want to or could not absorb because he thinks that if one of International Affotrs. : 

NEVER before have the world's 
newspaper readers been so much 
regaled as in the past few years 
with reports and debate about 
bribery and corruption in inter¬ 
national business. 

The recent trial concerning 
payments made over a Racal 
military radio contract from 
Iran. Sir Richard Dobson's in¬ 
cautious remarks about" hribing 
wogs ” and the lukewarm recep¬ 
tion of the Shawcross Commis¬ 
sion’s proposals to curb the 
corruption problem have been 
a few reminders of Ibe issue. 

But these developments 
nearer home are dwarfed by the 
deluge of disclosures of 
questionable payments" made 
by U.S. companies in response 
to inquiries by Government 
agencies following the Water- 
gale affair and its revelations of 
‘‘slush funds." The names of 
Lockheed. Exxon. Gulf Oil. ITT 
and United Brands are just some 
of those which have reported 
such payments of different 

Bribery and extortion 

this was only 0.014 per cent, of 
the relevant turnover. A tiny 
enough statistic, seen in those 
terms, but no doubt represent¬ 
ing considerable wealth to some 
of the recipients — and. to a 
number of U.S. Senators, some¬ 
thing of a slur on the character 
of world business. 

Tbe authors — all American smooth 

•asked . . searching 

sharply curb tbe practice," say 
the authors. They also remark 
that, while the SEC thought the 
cessation of such payments 
would not seriously affect ..the 
questions, ability of U.SL concerns to com- 

Bribery and Extortion in World yVhat, -wonders, would he. * n wor *d business, -other 
Business, by Pro lessor Neil H. result of a similar- quiz estimates have put the posable 
Jacoby, Peter Nehemkis and among British companies? .. Ioss of business at per cent. 
Professor Richard Eells. Mac- considering methods of ciufc- Undoubtedly- the U.S. has 
millan Publishing Co. Inc. ino comipt o r ** questionable ” 9tag ed a stronger stand againsi 
S12.95 business payments abroad. the> bribery in recent _years and. 

""■* ... " ~ ’ book favours action by govern 1 could prevail . further .with 

geographical areas used to ments. international organiser S reater international govern- 

areas used to ments. --- ...- t 

a business's pach and tions and, above all, by mufti- ment and business co-operation 

academics in the business field win it contracts, and the national companies, who arc 

nnn-doc- terminology used, including the exhorted to have, stricter and tong-established Jocal >practices 

—ad op! a pragmatic. 

■speed money' 1 

in better enforced written guide¬ 
lines. The U.S. Government is 
urged to be more active in 
defending U.S. concerns against 
extortion abroad, and’ -joint 
is also 

By ?<Iay. 1S76, when the 
Securities and Exchange Com¬ 
mission. ihe U.S. regulatory 
body for the securities markets, 
first reported to Congress, 95 
U.S. corporations had disclosed 
-questionable payment.'." by 
1977. this figure had risen to 
360. The 34 largest of the 
original 95 enneerns had paid 
S93.7m. f£4Sm.! over a Fev 
yoars. which compared with 
their combined turnover during 
the relevant period of sfiTflbn. 
i£366bn.). A- the authors of 
this timely and first full-length 
euirey of the subject, point out. 

trinaire approach to the problem descriptive 
of corporate pay-offs, kickbacks. India, 
and the whole gamut of “sen- VT , , 

sitivc payments ” of different f\G\V DrOOiGlTl 
type anti terminology which “ 

have become so familiar. They Sketching the background to international action 
are at pains to attempt to what for the U.S. is a rela- recommended. . 
bridge the cultural chasm of tively new problem—U.S. busi- Tbe authors appear to discard 
comprehension between the nws become multinational rather readily the idea of wider 
relatively uncorrupt Western mainly in rhe last quarter- Government insurance in rela- 
nation.e with worldwide business century, having invested tion to the risks against the 
interests and many parts of the $12Qbn. (£01bnJ since 1950— consequences of refusing to 
developing world where pay-offs the authors are frank in draw- make “questionable payments 
are endemic, if often illegal. 1T1 S attention to the problems or bribes. Surely if a U.S. 

They do not so much make L j!l „ b “ s i n “™" Government insun 

out a moral case for ariontinn abroad who arG often forced was faced with a claim under 
of a Western ethic wherever 10 ch00se between ques- such insurance, its arm would 

the trade fla ™h.mld fiv Rather t ! onable paj'ments and exposing be strengthened in protesting 
thev surest that it would be ^ ,cir c ® ncern to the hazard s o f in the country In-question? 
for the health 1 of a I econorains dlscnm{nar,on an f harrassment. A final question must be: are 
1 v nealin ec0nora,,2S in a parage of great interest questionable payments worth 

tii British students of the cur- while or, putting it another 
rently topical issue of super- way. will anything be sacrificed, 
vision of securities markets, the in the way of loss of business 
bonk tells how the SEC invited to competitors, by a company 
a section which is a kind disclosure of " questionable 

-but also, against a consitfcr 
able feeling that pay-offs do. pay. 

Margaret Reid 

that they should eventually, by 
slow, practical stages, do so. A 
number of proposals are put 
forward in this context. 


of young businessman's guide foreign payments—on a basis 
to paying-nfl tho?p "on the which the authors subject to 
take.' the authors sketch those sharp scrutiny—while the 
practices prevalent in different Internal Revenue Service also 

which discontinues them? 
“ Without doubt, the strong 
stand taken by the U.S. Govern¬ 
ment agencies against the 
making of such payments did 

Public Expenditure: Allocation 
Between Competing Ends. 
Edited by Michael Posner. 
Cambridge University Press. 

■* NINETY-EIGHT per cent, of 
the expenditures are com¬ 
mitted. All we do is mess 
about at the margins."—so said 
a Permanent Secretary quoted 
in Hugh Heclo and Aaron 
Wildarsk.Vs classic study of the 
way public spending decisions 
are taken within Whitehall, 
entitled “The Private Govern¬ 
ment of Public Money." But is 
the process of choosing between 
different components of ex¬ 
penditure any more than the 
crude bargaining of a " Turkish 
bazaar" which is best described 
by political scientists 0 

The contribution of 
economists to the debate about 
spending options might appear 
to have become more limited 
in the last few years merely 
because of the way the 
decisions have been taken in 
face of the pressure for sudden 
3nd large changes in spending 

This clearly affects the 
approach nf economists, while 
some of the analytic techniques 
involved in the . cost-benefit 
approach have been challenged 
for example, as a result of the 
controversy over the third Lon¬ 
don airport and the Channel 

This new bonk attempts to 
clarify the contribution of 
economic analysis to decisions 
on the allocation oF expenditure 
between competing ends. The 
volume arises from a Royal 
Economic Society Conference 
nearly four years ago and 
specifically excludes the prob- 

and the economist 

a rational framework for deci¬ 
sion .making about airport loca¬ 

Mr. Posner concludes that 
what the economist can do is 
to ask the question—how much 
is it worth paying for this par¬ 
ticular benefit which we are 

Jems of financing expenditure analysis might usefully help 
and the factors which deter- expenditure decisions, Mr. Byatt incapable ourselves of evaluat- 
mine its growth. Instead it con- argues, for example, that there ing? A °d they can go further 
centrales on *• how much should is immense scope for work than this since they can point 
be spent on individual services, aimed at getting a better out the relative cost of various 
how the merits nf different pro- understanding of the housing methods, taking account of 
grammes may be assessed and and labour markets. More everything which can easily be 
what advantages there might be generally, he concludes that brought to our normal measur T 
in shifting resources from one public expenditure economics rods, and hence that the 
line of activity to another." is more far-reaching than cost- country would implicitly be 
A number of the 15 papers benefit analysis. evaluating the extra benefit of 

are fairly technical while others In his introduction Michael one ® e ih°d rather than another 

Posner maintains that It is 80 muc ^ * n m o n ey terms, 

never possible for an economist ,® n .' °* c 01118 ®- it is “P to the 

to lay down that, for instance, politicians to decide, 
tbe riskiness of a particular 
project should be given some 

are somewhat esoteric. Robert 
Anderson's analysis of the 
criminal justice system in 
economic terms perhaps shows 
the limitations of the 

Peter Riddell 

Business Law 

Editor: • . V - . 


Tha Journal alras to coyer avury aspect 
of '4ha law cohriattod with . die 
conduct of business^-.. ' ; 


Subtcrrpdonr £14.00. 

British Tax Review 

Edftois: PH1U P LAWTON and 

.An mdapensabta guide and working 
tool for -lawyers, accountants and 
frnancM advisors. 

Six parts par annum. 
Subscription^! 2.00. 

Sweet & Maxwell/Stevens,. 
Ncuth Wav, Andover. 


Review of its use in • * 
corporate reports by. , 
Professor Michael F. 


Ail who have occasion ' 
to use-or prepare value 
added Teports will 
benefit from reading ... 
this research study. 

Available direct £L25 

inc. post . - . - , 

Published for Institute of 

Chartered Accountants 

of Scotland by 

Gee & Co. (Publishers)' 'Ltd. 

1st Strand. London WC2R UJ 

economists' contribution. For specified weight, nor that cer- 
inslance he quote? U.S. work tain environmental eonsidera- 
on the dollar loss arising from tions must inevitably be 
crimes ranging Tram robbery to equated with some precise 
rape, though Mr. Anderson financial measures, nor that the 

recognises that what arc des¬ 
cribed as *■ warm-blooded " 
costs arc excluded. 


But if some »f the papers 
have more theoretical than 
practical relevance others have 
a more solid grounding in 
actual decision-making, 
ail, the book includes contribu¬ 
tions from two former and the 
current deputy chief economic 
advisers to the Treasury, 
namely. Michael Posner tthe 
editor of ihe volume), Wynne 
Godley and Ian Byatt. 

valuation of time, in transport 
studies must have some 
specified relationship to earn¬ 
ings, nor that the expenditure 
of a certain percentage of thp 
Arts Council's budget on opera 
is excessive. 

Instead, he - suggests that 
some posts and benefits can be 
brought straightforwardly to the 

After measurln £ rod of money and 
triw tran slated into resource costs. 
Moreover nther costs not norm¬ 
ally expressed In money terms 
can with ingenuity and care' be 
expressed fairly well in such 
terms. He cites the work done 
for the Roskill Commission in 

investigating the private evalua- 
in an examination of the tion of noise levels which can 
directions in which economic go a long way towards producing 


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■ I. 


lancial Times Thursday February 23 1978 

lie ILS* managerial revolution 

jj 1116 ®decades from the _ . . ■ . • ' flows to contra! and evaluate 

Os to the outbreak of The Visible Hand; The the work of the manv 

•World War the stmc- Managerial Bevolntion . in managers." Full-time salaried 
American Busings by ,Mfred executives played as important 
I>. _ Chandler Jr, _ Harvard B role as the entrepreneurs or 
University P^e§g,-£12-95. financiers who had invested 
■ . . if r rr t- their capital in the railroad. 

Later came the communica- 

d management of 
industry went through 
und transformation, 
er became known as 
& il capitalism emerged 

5 n of a number Of large, building boom Lc the. mid-l»th tions companies—American Tel- 
ially managed com-centuiy. The jaiiroadxompanles ephone and Telegraph was 

*■ Oiese remarkably dur- pn ses to build a large .imemal b e built. New mass-production 
lutions set the pattern structure with' carefully defined techniques were being exploited 
velopment of modern^ hues of responsibiUfcr^utbority in food , oil . melaJs . machinery 
‘ wdustxy throughout and^communicatlon between the and other sect0 rs; a rapidly cx- 
t ... . F® 0 *? - ®* office, departmental panding population and rising 
? headquarters ana.fieW units: ^ ra( , ita incomes provided 
explains in a. fasanat- and they were the .first to rea dv markets Because ovi*i- 
story, was the railway- develop financial and statistical ins marketing channels were 

inadequate the 

American railroad companies pioneered structured management 
and introduced dearly defined lines of responsibility. 


:emcnts below are pre-ppid advertisements. ’If uou 
entry in the forthcoming panels application should 
• to file Advertisement Department , Bracken- House. 
m Street, EC4P 413 Y. Telephone 01-243 8000, Ext- 7 064 

lies for Managers 
. Crowson and 

ok will certainly be of 
students of inanage- 
wideping their econ- 
rizon. and may well 
ablished managers to 
a a broader scale." 
Technology and fflatt- 


Sloth £6 Paper £3.75 

afire Methods for 


text which not only 
the mathematical and 
) means of measnre- 
t also applies each 
1 an existing macage¬ 

loth £10 

Merchant Ships . - 

Lt. Cmdr. E. C. Talbot- 

First of a three-volume series 
covering world merchant 
ships, giving technical data 
add scale drawings and classi¬ 
fying vessels according to lhe 
Talbot-Bootb Ship Recognition 

Kogan Page/Marinart 

£ 12.00 

Management Consulting: 
A Guide to the Profession 

Third impression 
(with modifications) 
Unique in its field, this volume 
covers work methods, be¬ 
havioural aspects of change 
implementation, design-.and 
control of consulting assign¬ 
ments. organisation of -con¬ 
sulting units, training pro¬ 
grammes and ethical - con¬ 
siderations. . 

ISBN 92-2-101165-8 (hard ' 
cover); £10.00 
Interna (zonal. La boor Office- 

Management of Wofting 
liscussed. along with . Time in Industrialised - 
»f measuring manage- Countries 

Main documents of an.-JLO 
.-Symposium on Arrangement- 
nf Working Time and Social 
Problems connected with Shift 
Work in Industrialised'Coun¬ 
tries (Geneva. 3-11 May 1977) 
Identifies the main problems 
-arising in connection -with 
.various forms of arrangement 

?L-A-G. Cowling more light on health, per- 
_. K~ Stanworth sqnal. family, .social—aid 

we nts of management ' 

^iractising managers, ° ' . * ? ■ ■■•, 

- ’’ - ' ISBN ^2-21hI858-X .. //E3.90 

Paper £4.95 

il Measurement 



forraance and effec- 
. . likely to be . or 
'.he retail manager.* 
z Times. 


loth £7 Paper £3.50 

aral Sciences in 


the small firm 
iager. interested in 
SCO cation of the be- 
sciences to the field 


ath £10 Paper 14.95 

tion Systems for 
j and Control: 
s and Cases 
gins • 

ellent book ... the 
s borne in mind the 
students taking 
Management Infor- 
stems Data Process- 
Corporate Planning 


oth £10 Paper £4.95 

ing Methods 
ess and 


tut o£ formal fore- 
. chniqaes is covered 
\ -ut concentration on 
• ical analysis . . . of 
>in courses concerned 
teaching of general 
marketing, accoun- 
business economics.’ 


: £10.50 Paper £4.95 

Contacts in West 

*1 de Keyser 

y-couatry directory 
rs), lists govt, mmis- 
ks. slate and private 
5, etc., for nineteen 
ican countries. Also 
Lables of trade, eni- 
■d regional orgamsa- 

gc £12.00 

al Guide to the 
i Market 

ean and 

rmat report giving 
statistical data on 
nto Nigeria, setting 
current size and 
•ate of markets for 
;oods with interpre¬ 
ductions. Invaluable 

«e £25.00 

; Handbook 

ry of 1,500 banks and 
■mpanies in Asia, giv- 
Unancial performance 
Reviews the slate of 
>my of 21 Asian and 
ian nations. 

•ge £15.00 

rporate Profile & 

1 Finance 1.977 

profiles of over 400 
s in Asia's growth- 
trice. with financial 
-cs and national bud- 
each of those conn- 
eludes a supplement 
munis* China and 


Internationa! Labour Office 

• •' y' 

Small Entenirise/ 
Development: Policies 
and Programmes 
Management Develop¬ 
ment Series No. 14 ; 
Edited by Philip A. Neck 
This book encourages persons 
directly or indirectly con- 
' cernedwith promoting small 
enterprises to compare strate- 
' gies>od-to select whatever 
approaches may be 'useful for 
their particular purpose and 

ISBN 92-2-191851-2 £5.55 

International Labour Office 

Year Book of Labour 
Statistics. 1977 

Thirty-seventh issue 
Reference on labour questions, 
bringing together data from a 
network of authoritative 
sources in some 190 countries. 
Its; 44 tables of up-to-date 
statistics are an indispensable 
.reference and research aid. 

ISBN 92-2-001859-4 - 

(trilingual) £21.10 

Pension Funds and their 

First publication listing 1.000 
major pension funds and . de¬ 
tailing their size, management 
and advisers. Also lists 500 
firms - offering advisory ser¬ 
vices to pension funds, con¬ 
tains articles relating to pen¬ 
sion management. 

A.P. Financial Registers Ltd. 
(01-458 1607) 

. £12.30 + £1 P&P- 

Making Sense of Finance 
and Accounts in Business 
J;W. Walker 

Provides non-accounting per¬ 
sonnel with an effective new 
method of easing lhemselvps 
into a familiarity with 
accounts. ’Could come in ex¬ 
tremely useful as a beginner's 
guide,* Chief Executive. 

Bod ley Head * HFL 
(Publishers) Ltd. 

£3.95 (£L29 including postage) 

Safety Training Aids 
Describes over 200 important, 
aids: 35mm colour slide sets 
on driving and road safely;. 
First Air, Home Safety, optical 
equipment-' 16mm films on 
motorcycling - and motorway 
driving and how special aids 
can be made to your needs: 
Spectrum Books Ltd. FTX 
6, Mlletas Place, Lvihaiu St. 
Annes, Lancs. 

50p cwo 

Foreign Exchange Today. 
Raymond G. F. Coninx . 

An essential guide for all 
businessmen involved in over¬ 
seas trade and for foreign 
exchange dealers in banks. 
Examines the development of 
iho foreign exchange markets, 
current foreign ‘ exchange 
practices and foreign exchange ' 
decisions relating to commer¬ 
cial organisations. 

Woodhea d-Fa u I fen er 
(Publishers) Ltd, J ■ £5.75 

THE BRITISH banks are" facing 

their activities from a number 
of different directions. For the 
first time, legislation is being 
planned on the basis of the 1976 
White Paper to set up a sysiem 
uf licensing for deposit-iakinj 

ing company mainly as a \ chicle 
intensive examination of Bank Holding Companies and to permit diversification into 

the Public Interest by other related areas nf financial J 
Michael A. Jessee and Steven services; and the development 
A. Seelig. Lexington Books, of holding companies, includ- 
£12. ing a number or banks, which 

.- provides one wav of partially 

overcoming restrictive regula- 

institutions in the U.K., and it exercise nf superx;is:on over the tions on branching and inter- 
has nrovnked a continuin'' 1 a mu- "Uniting system in London i> state banking, 
ment over the form in°wli?ch ver >* murh in lhc hands of one lt * ra P id development 
the proposed deposit proiectiou a,,,hor ' ty - ihe Bank of England, recent years has represented a 
Junri Sd lfke whose r^sitien will be confinneel major change in the U.S. 

xunu saouiu • when , he new goes financial sector, with important 

The- Wilson Committee is through, whereas the U.S. banks implications for public poliev. 
looking at the workings of the have to deal with several regula- It has taken place, however. 
City and at the mechanism Tory authorities at slate and under the constant scrutiny of 
through;which money is chan- federal level. the authorities, who have cxer- 

nelled from the saver to indus- Th e contrast lies more, vised care to ensure that the 
try. The'.Price Commission is though, in rhe general altitude movement should nm go forward 
expected to produce fairly towards banking. The da«siva! unless it could be seen to pro- 
shortly tiie .results of its exami- g.S. -suspicion -of excess size in 'duce''public benefits and have 
nation of liank charges, and this industry and commerce, identi- been quite prepared to stop 
will extend to a wider considera- fied in the anti-trust legislation, proposed mergers or acquisi¬ 
tion of the profits of the bank- is. in the case of banks, com- After 1974. indeed, with 

ing -industry- • bined with an historic public general financial downturn. 

Bankers have at limes shewn distrust ot finance and nf men JJe au,h oriI ,e d e|iberately 
snme impatience aver the who money from money, introduced a slowdown m the 
demands made for- increased *- : - s - bunkers have pniwn amis- process and became much more 
disclosure of the details of their ti» n, ed aver many years to har- concerned with the potential 
operations, and have firmly ^ ™ deal with reguiarimer- im pH cations of holding 

resitted those which thov re- vent ion in their activities by the company expansion. 

^d as tr^nassin- on theTradt legislators. On balance, the authors nf 

,L the book conclude, the expan- 

tional confidentiality given t° _ x «» sion has been to the benefit of 

U« ir t d K eaIi 3s lh W1 . ,h K cust0m0rs - Regulation the general public, though they 

Nevertheless, they have seen in sec a need for closer super- 

the various investigations now The sheer volume of the regu- vision of the non . bankin3 and 
being earned out an opportu- lation involved is made plain retll companies of the hold 
mty to put forward their own in the first pari of this book \ compan y organisations. For 
point of view in a form which in which the authors, writing non-American audience it 
they hope will be reflccled in specifically in relation to the requires some? patience ’ to 
the final assessment 'df'-lhe development nf ttm :hoMng lhr0 h lht f r ems 

alnteture of the financial eompanj; movement tn the b.S.. „ lhe deails of le J„,, Uon 
inlJus, ;y ; pamstakingly go through the wh|[ .,, malnIy unfamjliar „ n 

.-. They have also begun to J** 1 *!**}®" this side of the Atlantic. But 

Ugcbsnise that th.e pressure describing the attitude., of Con- fof |hosp prepared tQ wor k 

from outside interests may have Srcss and lhe Senate and j hrous |, book, it provides 
i useful side effect in stimulat- examining the approach which an inleres , t j n g insight inlo the 
'ing. their own thinking about | ,as been adopted nv the regula- of t , s rcsu | a tions 

lhe future development oC their a utlionties over a penod | ie | ps !o p Xp ] 3 i n - rt Jiy 

business. This could turn nut of _“ nie - American bankers seem to 

to be the most important justifi- The holding company move- enJ0V ihr less formal atmus- 
(jation for the public curiosity room in the States has taken p hcrc of London, 
about the nature of the hanking two rather different forms; the itl' L t tn j 

business which is likely to be a creation of the one-bank hold- IVIlCnaei Dlanaen 

continuing feature of the lives 

pf -Bankers in the UJC. m. «_ 

;.In .comparison with their »ook round-up 

«^£ P h^ h K ThP Complete Book of Inter- Bonn’s I'ress Directory 1978. 
wbr^^^2Sil ^ The backiounS national Iovestin B b >‘ »enn Publications. £25 for t 

,h? ^d^enfm it H Esslen - McGraw-Hill. S20.- This volumes. This is the iMih 

| frucMhe U K? banking svstem ,s very much u a S u f dc *° the edition uf thus directory which, 
r?s* hWvilv concentrated-'aiiion'’ ^f^eture.s or-the various invest- for the first rime, has been pro¬ 
file Bi" Four and a few others ment marfcets round the world duced in two volumes. The firsr 
While fn the U S. there remains r * ll Y; r lh ? n a theoretical text- covers the Press and all other 
a - very iara^* number of small ®ook on investment, lt looks aspects of the U.K. communica- 
locral banks Moreover the at 11,0 investment scene in 23 tions industry; the second the 

countries, describing the stock Press and central sources or in- 
and bond markets, the most formation and media outlets for 
actively traded securities, new 188 overseas countries, 
issues. portfolio managers Ut . aIUl 

banks. brokers investment w „ k Act in Pract ”„ ,.,\ llson 

“ Broadhurst. Hev d en and Son. 

■Xo-Nonsensc Management-A " 33 tft a 

General Manager’s Primer by ^ -m!?? in:>pR ? 

Richard S. Sloma. CoUier ° vf f °V dC M 

Macmillan. £5.95. The author f ° r Wh ° * houl J 

believes that the most effective f “ po 1 r,a . n f ,? nd 

way to convince, people of your ie Si^on. 

abilities, is to demonstrate S c,ul Sf ’"i Ivld “ al - man ( ftaers ’ 
them, and he then, proceeds to Jh ® self-employed employers 
describe.70 principles by which eiI, P'° i - ce> > professional and 
managers can become identified ^plovers associations and 
with high.levcls qf performance. irat, e unions. 

Britain’s Economic Problems; A Manager's Guidi- to Scir- 
Too Few Producers by Robert Development bv Mike Pedler. 

Bacon and Waller Ellis. Mactnil- .luhn Burgoyne and Turn 
lan, £7,95 and £2.95 (soft.' cover). Boy dell- McGraw-Hill. £5.»5. 
This book comprises a reprint This dues not set out to tell the 
of articles published, in' the reader about self-development; 
Sunday. Times m J975. • The.but rafher is a self-development 
articles have been-extended and programme. It is in two parts, 
developed and -describe the lhe first of which outlines the 
effects- of a growing shift of;philosophy and methods of the 
Britain's resources from prodtic- bonk and the second which con- 
lion of goods and services which "Mats of 39 sections containing 
can be' marketed at home and practical exercises aimed at 
overseas to the provision of un- developing a thanacer's qualities 
marketable public services. in eleven key areas. 

Law and 
Practice 1978 


..With ao many -recent and pro- 
spattive changes in tha law,_the 
mod- - for an .up-to-daifl -and 
-authoritative guide such as iliat 
provided by th e succ e ssive ed iti o ns 
Of this book is dear. 

March 1978 • Cl 0.50 Paperback 

421 241500 

Sweat ft MaxweirLttf, 
North Wav. Ahdovor, 
Harm SP105BE. 

. new "P ntr 5’ pioneers which have remained worked out m rhe earJv vears 
«rf?f- UrS 4K ere oftei \. oblj sed to among the strongest companies or the century has persisted, 
organise, their own distribution. j n ,h eir fie | d _ with little fundamental change. 

PMdSdi? sewmarines 8 The foIloweri ,hal ‘ ainp on ^ ,n , ,his d *^ chandJ er notes that 

LTe fo!uVe? n ‘“ol e orfwo“rs" *•» '■>« o.T^J haV ’ 

^ed°eT S wtihout" 1 a^ 1 eUborate sample? Co™ PrSs^inow J ral,s . ed : \ype per- 

marketing organisation. “The ^PonttetoUTWo^WwoS 

inland ™ e r3Sl?' S ”|^S' f * i,cd Thv other ,, ,bv mu I.Wiv, s ,„„al 

that in 
ndusiry ihc 
the marker 

tne canvasser-collector nro - mana sement “ immediak-ly huiif Mructore adopted by General 
!.™L, , ° P .rl «P purchasing and sales Motors in the 1920s. 

tided lon 3 -term consumer tre- or2anisat j ons moved agyres- Chandler's ihenif is 

fnc nf Z sively into European and other l«*e sections of i 

fiiltJ overseas markets, and instituted invisible hand ..f 

SnihiJ^ rturihufinn *new policies of paekaeing. hrand- has been replaced by -adminis- 
«- rt ni Stnhu i ,0n °. f - ing. advertising, volume pur- t^tive co-ordination." carried 
-G.(W-o 000 machines shipped chasinj . an(1 sca]c economies." l,ut b >' 3 hierarchy of managers 

worid" f ^ Mr. Chandler poinLs oui that w K ho su . pon,v : lhfk fl « w goods 

H “ na - . . . . the Sherman Art riiret-ied through purchasing, production 

It was this integration of mass ^Lnst^ts and Artels had and distribution. The market 

production witii mass distnbu- t g ,ns ^™ ts en oiira-in- Trains the primary Force 

uon which created the modern JJ* f cffe « a ^ generating demand for goods 

industrial enterprise. In the “ ,er sers. it lorceo a loose com ■ . serv j i;r> h ... .._ ncw su «. 

early 1880s Henry John Heinz |j inari on of firms either to dis- et j es n f oronoinio man the 

5ifinntf.fl thn now rnntin..n.i« band entirely or to form them- VI ..inoinie man, tne 

adapted tne new continuous . . >-in«'Ie ]p-. a llv »l«ned manager, has assumed 

process methods of canning and ^ed enlerprist"" a commanding position in the 

bottling and built a network of ncfineo enierpn.t. economy. For anvone wh.. wants 

offices to sell and advertise his Despite the siri»equent rise ln undersiand the ori'-ins and 
many brands; he created a large of business schools and manage- significance nf the managerial 
buying and storing organise ment consultant* «• I antes revolution. Chandlers book is 
tion to assure a steady flow of McKinsey set up his firm in esse ntial reading, 
foodstuffs into his factories. 1925) the approach to managing ^ « 

Heinz was one of several large-scale industry which was IvCOIi WWCnl 

Pressure on banks 



Company Administration 

Westby-Nunn's Secretarial Handbook 
C N Gorman & G DMCockain 

An invaluable source of reference for all company 
secretaries. It sets out their duties under the Companies Acts 
and contains helpful guidance on company administration and 
formation, shaves and shareholders, teport and accounts, directors 
and auditors, charge and debentures, memorandum and articier of association. 

7th ed1977 

Company Directors 

Company Director and the Law 
John Franks 

This is one bock no company director si iould be 
without. It explains how i he law affects him and his 
company, and covers his obligations and duties, his position 
as a member of the staff, hi* personal liability tor debt*, his responsibilities to the shareholders, 
his company strading position and much, much more. 

2nd ed 1978 £3.95 


Exclusion Clauses 
Richard Lawson 

New and OMcnshv limit? on lhe. use of exclusion 
clauses in contracts, guarantees, conditions of sale. etc. 
have beer, introduced by the Unfair Conrracr Terms Act.Thi* book provide* a vital gi iidr Jo 
exclusion clause.* In the light ot the new Act. v-vplaining whai clause* aie now unlawful, uniair, 
void or ineffective. 

1978 M £5 



Industrial Tribunals Procedure 
Michael Goodman 

Contraa?- oi employment, unfair dismissal. Tedundancy. 
discrimination, health and safety at work-all come within 
. the scope of the Indus!rial Tribunals.This book provides 

employers, personnel managers, union representatives and legal adviseis with a practical 
guide ro iheTribunals, outlining their jurisdiction and procedure. 

1976 / 7? YJJ >1 \/ /1 y m-\w n £375 

mi a/ /ml rurn t \i 


Corporate Development in the Middle East 
Robert Nelson 

Expert advice for businessmen planning to 
trade or invest in Iran, Saudi Arabia or the United Arab E mirale*. The book concentrates on 
subjects of direct relevance to the corporate investor, including company formation and 
structure: banking and investment; taxation: contracts: patents: trademark*: and employment 
conditions. Readers will gain valuable backgt ound information on how commei cial law and 
practice operate in these territories. 

Ready shortly £15 

Doing Business in the United States 
Jeremiah Spires 

Now. for lhe first lime, a complete multi-volume guide to business and finance in the US. 
Readers will have direct access fo essential information on commercial codes and practice, - 
employment, banking, taxation, insurance contracts investment. etc.This valuable work will 
prove a most useful asset for the company with business interests in the Slates. 

Ready shortly. 5 loose-leaf vols £144.50 

European Commercial Law Library 
Robert Pennington 

One of lhe difficuliies lacing the businessman whose company expands into Europe is the 
complexity of European commercial legislation and it? effect on a company's structure, trading 
position and financial alfairs.This series of handbooks provides the businessman and his 
advisers with a clear and comprehensive guide to commercial law and practice in various 
European rountri^s.The jorio* comprises; 

Dutch Company Law £11.50 German Agency Agreements £12.50 

French Agency Agreements £7.50 German Company Law £4,80 

French BusinessTaxation £3.40 Italian Agency Agreements £12.00 

French Company Law £3.40 Italian Company Law £8.75 


Managing Company Property 
Trevor Aldridge & Tony Johnson 

Everything the businessman need* to know aboul the 
law of and iiow to administer commercial property, 
covering die original acquisition of property through 
final rii*posal with rullconsideraiion of valuation, 
financing and taxation. From office* and shops to 
factories and warehouse*.thi* book contains a valuable store of advice and information. 

Ready shortly £12.50 

Letting Business Premises 
Trevor Aldridge 

A vital handbook for everyone concerned with rented business premise?.The book explain? 
thi? numerous rules and regulations affectingbusmeis tenancies and includes section? on rent 
use of property tenancy agreements, alteration and improvement to property, subletting, 
leases, and licences. 

3rd ed 1978 £7.50 




Development Land Tax 
Clifford Joseph 

A detailed and authoritative exposition of development land 
tax. explaining u-ho pays the tax. what the rates are and how 
the* "arc assessed, hour the tax is administered and what exemptions there are. 

1976 £4.75 
Tax Havens of the World 

Walter Diamond 

Invaluable for the foreign investor, this work givesjull information on the best areas suitable 
for tax shelter purposes. It covers 28 countries with section* on tax exemptions and reductions, 
Investment and capital incentives, banking and foreign exchange, transfer of funds and 
guarantees, companv formation, tax treaties, etc 

Loose-leaf 1977 £63 

Taxation hi Europe 
Deloitte & Co 

Essential information on lax and related matters affecting business transaction; in 23 
E uropean countries For each country, the book describes the type of business organisation 
which can operate, what constitutes a resident company, tax assessment payment of tare, 
computation, depredation, trading losses, methods of taxation, tax incentive*, and 
double taxation. 

1977 £5.25 
Dymond's Capital Transfer Tax 

Reginald Johns & Roy Greenfield 

With1000 pages of advice and information. Dymondi* the leading authority on CTT 
It considers t he various categories of property and the possible fiscal implications, and covers 
tax rates, valuation, deductions, liability, incidence, accounts, exemptions, legal proceedings 
and settled property. 

1977 ' £37 


Tax-Free Trade Zones of the World * 

Walter Diamond _ 

Tax-free irade cones enable importers and exporters to *» 

benefit from a variety ot cust oms-privileged facilities and 
advantage*.Tiii? work gives details of more than 200 zones in over 50 countries, covering such 
subjects a* transportation, access.taxation, guarantees, banking, exchange and credit status, 
capital requirements, and special inducements. . 

Loose-leaf 1977 £32 

Oyez Publishing Limited 

Norwich House, 

11/13 Norwich Street, 

London EC4A1AB 
Telephoned 4045721 ext 1 

A yy.'r-nj: ir; <\i UiP S. 

i.'-••• v,'- ■’'X<y r ?C C-'.-Ty /. 



Financial Times Thursday Frfiruar^^5^.i 


Marketing managers • Code 


DENIS HOWELL has aptly 
justified ray praise a fortnight 
ago of his weather wizardry. 
Cut off on the Dorset roast 
with nothin? to record cxcpd: 
a new children's spurt nf ,-u <-,v- 
balling seagulls, the Jnlis 
Column seemed to have little 
prn?pect of appeany: this 
week Then in flew Mr. Howell 
lo turn snow into fluiui. mean¬ 
while releasing ’he column in 
time for a shortened version. 

Among the potential Dune* 
ficiaries are a matched parr of 
marketing managers wan’fd in 
the Midlands by Sailer in¬ 
dustrial Measurement. A 
family-owned concern for two 
centuries, the £ 13m.-turnover 
Salter group was taken over a 
year ago and much reorganised 
by Stave ley Industries. 

In particular Smart Banks, 
new managing director of the 
industrial measurement com¬ 
pany—whose products range 
from hand .held .spring ha lances 
to thundering great weigh¬ 
bridges—has opted [or a 
divisional organisation, which 
has created the two openings. 

One is in the crane-weighing 
division, with responsibility to 
general manager Randall 
Thomas. The other is in the 
platform-weighing division, re¬ 
porting to general manager 
Peter HnLmes. 

Each nf the newcomers wifi 
be in charge of the respective 

division’s marketing activities, 
which arc ai present conducted 
mainly through distributors and 
sales dealers. 

Market needs, budgets, and 
prices will have jo be reviewed 
not only for existing products, 
bill also for the swift launching 
or new ranges. SLatting with 
about 'us sales staff each, the 
recruits will heed tn develop 
and manage their own market¬ 
ing teams. 

Eileen Stroud of Executive 
Preselectors, who i« dealing 
with these appointments, says 
an essential qualification is ex¬ 
perience of selling to industry. 

“We want knowledge across 
the ranee of professional mar¬ 
keting as well—'advertising, re¬ 
search. and so forth. And since 
they'll need to work with elec¬ 
trical and mechanical engineers 
some relevant technical under¬ 
standing would he desirable. 
Thej-’ll need enough financial 
knowledge m work from the 
profits standpoint, too. 

Both poets will he based in 
West Bromwich. The age range 
is quoted as 25 to 35. The 
salanes are not quoted, hut my 
own eslimaie would he a range 
from about £6.000 at the 
younger end tn IS.00O or there¬ 
abouts for a more experienced 
candidate. Perks include a car. 

Inquiries m Eileen Stroud al 
Executive Preselectors. SA 
Sjmnns Street. Sloanc Square. 

London SV3 2TJ. or by tele¬ 
phone to 01-“*30 0456. 


THE MANY readers still send¬ 
ing comments about the pro¬ 
posed aide of good recruiting 
practice which—?s I reported 
on January o—has been laken 
up hv the Institute nr Personnel 
Management, are now pressing 
for news of what is (o happen 

The answer is that the insti¬ 
tute is this month setting nut 
its version of the rode for ihe 
benefit of any of its members 
who arc not enlightened enough 
to read the .lobs Column but 
who nevertheless might have 
constructive suggestions tn 
make. Then, around the middle 
nf March, there will be a meet¬ 
ing at the IPM lo work out a 
final draft of the code with a 
view to introducing it formally 
to the waiting world at the in¬ 
stitutes annual conference in 

Next months meeting will in¬ 
clude me, and I shall take tn 
it a digest of the suggested 
amendments and additions sent 
in by readers—for which, many 

The latest suggestion to 
arrive, by the way. comes from 
the Employment Sendee Agency 
arm of the Manpower Services 
Commission, in the person of 
Sidney Tolson, the ESA’s direc¬ 

tor of rehabilitation and re¬ 

He wants the recruiters' side 
of ihe code to include lh* 
guarantee that: "All randidales 
will hn hilly and fairly con¬ 
sidered for all vacancies nn 
merit only, without regard to 
age. sex. race, colour, nation¬ 
ality. ethnic or national origins, 
culture and irrelevant disabili¬ 

While totally in agreement 
with Mr. Tolson's intentions I 
feel that his proposed addition 
is ion sweeping to be accepted 
by recruiters as a basic rule of 

For one thing, while in most 
jobs candidates' merit i-= abso¬ 
lutely unaffected by Uieir age. 
sex, race and so on. there are 
some posts in which such fac¬ 
tors arc critical to successful 

For another. I wonder 
whether Mr. Tolson would see 
“irrelevant disabilities' as ex¬ 
tending to the lack of formal 
educational qualifications such 
as two GCE Advanced-levels or 
a degree, which are often stated 
as conditions for selection even 
though they have no relevance 
to the work involved in the job. 
In such cases, anyone who 
lacked the academic ability to 
gain the educational certificate 
would surety he suffering From 
an irrelevant disability. 


Europe To £14#0Q0 p*^. 

An ml opportunity lo iom a major European p/adice working dnaaiyvrtlhihairWarnaiionaltax . 

Partner based in the Netherlands. - • V: : .‘ , i.- mn lti-naKrinal V ' • 

The work involves providing a wide range of corf>orate and tax planning to £££ 

^Acknowledge of, or Ihe willingness to acquire, MedaritEuiopeaii language is desxrttbta.-;•• - 7;V^ : 

For further details on this appointment and interviewing arrangements, please contact : ■- . - < 

Richard Norman F.C.A. o i Hazel Webber B.A. quotingrelerence 2059 

Overseas Division :* 

Douglas Llaiabia* Associate lid- 5 

410. Sliand bww&o WC2R0NS.W«hen* 01-836 950L .• • ; 

121 Si ViascelSirwl, Glasgow G25HW.Tclepl»i*-04l-22S«tQI. • . • ' ~V. . 

aivt in Edinbuurh. -. • - . s-~ — I ' - ."'-? " '■ 



Central London 

The responsibility is for the accounting function in the 
head office of an international metal trading company 
with sales in excess of £100m. Thecompany’s 
turnover is generated by a small group of expert 
commodity traders. This requires quick, accurate and 
meaningful financial and management information, as 
well as access to funds, in order to take advantage of 
opportunities as they arise. 

The job therefore calls for a qualified accountant aged 
between 35-45 who has for some years headed a 
department in a commercial environment. 

Thesuccessful candidate must have developedORdi ;~ 
implemented financial accounting -.'p," 
systems and have sOmeienowfodge of raising finance.-. : 

Applicants should have experience of, and enjoy . 1 V 
working in, a small energetic company envixonmepL;-:’ , : 

j i 


; ’i 

4 ' “it 

't .f- 

Applications which will be treated in strict confidence^. 
should contain relevant details of career andsalary- 1; 
progression, age. education and qualifications. Please ;v 
write to E. Aharoni quoting ref 681/FTon both envelope :' 
and letter. •• *• ~. v ‘ '/r 

A challenging and exacting appointment—scope to create a major force in the leasing field in Brazil which could 
lead to another General Management position elsewhere under major International expansion programme. 



to US$ 65,000 


We invite applications from candidates, aged 35-45. fluent in English and Portuguese, who have ar least twelve months* 
practical leasing experience at senior level or an equivalent background in a closely related financial services field. It is 

essential to have had not less than two years' recent and direct exposure to commercial operations within Brazil. The 

successful candidate will be responsible for establishing the total leasing enterprise from scratch utilising the widespread 
contacts of the shareholders and his entrepreneurial flair. Considerable scope exists for the provision of this main source 

of medium-term funding to public and private corporations. A comprehensive remuneration package is negotiable to US$ 65.000 

and relocation expenses will be met. if necessary. Applications in strict confidence, under reference MDL3835/FT. CO the 
Managing Director: 


35 NEW BROAD STREET. LONDON ECZM 1NH • TEL: 01.SU 3518 or D1-5M 3574 • TELEX: 117374 

Deloitte, Haskins & Sells, Management Consultants,' v:: ^ 
P.O. Box 207,128 Queen Victoria Street. London EQ4P 4JX. 

■ .. 5 - ’.-T. 


available to qualified. student and 
experienced accounting personnel. 
Contoet Alt* Moore er Brian Co,net 
on 01-4:8 2691 




Deputy Manager-aged 26/30 Major Bank 

We have been retained to advise on the appointment of a Gilt-Edged 
specialist to join a major banking and financial force as Number two in 
Uie- Gilt-Edged Department. 

This appointment marks both the increase of business in this 
sector and ihe bank’s own continuing development. 

The role envisaged will suit a man or woman in their mid/late 
twenties who is carrying out a dealing or associated function with a 
clearing or merchant bank, major stockbroker or insurance company. 
You should have at least three years’ experience of Gilts and 
although a degree in Economics would be an advantage, practical ability 
arid tiie potential to meet an expanding situation are the key factors. 
The salary is negotiable and additional benefits can include 
assisted mortgage, non-con tributary pension, free fiUPA. etc. 

Please, write to Colin Barry at Overton Shirley and Barry' 
(Management Consultants) 17 Holywell Row. London EC2A4JB. 

Tel: 01-247 8274. Names will not be released to our clients until after 
initial discussions. 

Overton Shirley 
and Barry 

Project Rnance 

Based in Germany 

Our client, an international bank with head office in 
Germany, requires a young international banker to join 
a small but expanding team, responsible for negotiat¬ 
ing the bank’s syndicated eurocurrency loans and 
arranging multinational export finance packages. 

The successful candidate is likely to be a graduate 
who has already gained a few years' practical experi¬ 
ence in the field of export credits and syndicated 
eurocurrency loans with either a merchant bank, or a 
major international bank. 

He will be tarniliar with a .vide range of loan documen¬ 
tation and should have the experience and personality 
;o negotiate and arrange eurocurrency credits as a 
member of a close-knit team. 

The offered compensation package is attractive and 
will include fringe benefits, social security, pension 
plan and relocation expenses. 

Qualified applicants are invited to apply, in strictest 
confidence, by sending full c.v. and quoting Ref. No. 914. 

Charles Barker-Coulthard 

30 Farringdon Street, London EC4A 4EA. 
Telephone 01-236 0326 

London/Midlands. £1Q000+Car 

The company, which has been established since 

organisations in the selection and recruitment of senior executives. In theaiOTOTtypari 
the present staff will be responsible for the placing of executives whosecorabined - ; 
salaries will appruadi£lm. Whilst thenris a bias towards Markcper- 
sonnel. the company is involved, in technieali’ financial and* v ■- 

executive recruitment. \ ^ ■:■' •''' =• 

The continued expansion of the business necessitates the appqmhnentTrfa^ntor 
Consultant, male or female, who.will be capable of aduevmg Bqanf 
twelve months. Theessential qualificationsof the su«KSs^ap£4K^tvmrpE0rablybe: - 

•Age 3242. 

•A degree in Behavioural or Social 

•Membership of the Institute of • 
Personnel Management. 

• A progressive career in this specialised 

opment experience.'-. 

•Fully infbrmed-abdut relevaHtcaWsi^- 
legislation. r .f 

•The ability to accept the contraefidnof ^ 
the fieldof fais personnel spedafisafiotu 

The rewards are significant: an initial salary, which will include an elemehtof profit* . 



Rrfiamel Sfl&rUon Limited, - C 
46 Drur/Lar^- Solihull Vii^f Mkilarfds B9 3BI 
%Mm; 02J-705.7399 cr 021-704 2851. 






A large international company with operations in Europe and 
the United States seeks an experienced Treasurer, reporting to 
the Financial Director, with responsibility for all aspects of the 
Treasury: negotiation of Ions and medium terms loans; foreign 
exchange; money management; short term investments; and 
insurance. The Treasurer will be expected to develop corporate 
policies in these areas as well as supervise and monitor their 

The successful candidate will probably be presently working in 
a similar position in a major international group, may have worked 
in a bank, and has good professional and scholastic qualifications. 
Tiie company headquarters are located in an attractive part nf 
Europe. Excellent salary and benefits will be offered. 

Please write in complete confidence giving full details 
of career to date and present remuneration lo; 

Box F.603. Financial Times. 

10. Cannon .Street, EC4P i BY. 

Diversified, multinational manufacturer of consumer goods 
1 Annual fairs approx. U5S2,OO0m.) headquartered in the U.S.A. 




Rejponjibiliriet include ail aspects of financial and operational 
auditing reporting directly to the parent company in the U.S. 

The position requires extensive travel that includes most of the 
West European countries, but may not be Timted to this region. 

Applicants must be fluent in English and speak a second major 
European language. Prior auditing experience it essential. 

The company offers excellent opportunities for advancement. 
Salary will depend on experience. 

Please write in confidence, stating employment history, experi¬ 
ence. amount of travel and desired salary to: Box A.6276, 
Financial Times. 10. Cannon Street. EC4P 4BY. 


in rnanji- j<id »ssm in thi Mjnas-vnrrt< Branch*, and Department, located 
>n London. Thr Bank need, E«C«ti»e,. B'«neh and Officer, eg 

uippo't in 'nrern<rio«a/ operation, m the fodomng departments: Srncmv 
Operation,. Marketing. Inapettion. International Trade C**!«e'npmoni. Erporc. 
E*chinje Tradinj. Documentary Credits, Correspondent Relationship, Credit. 
Consortium Financing, etc. 

Outstanding proicitional and personal qualities are required to meet the 
d-mmdi o! rhe a»i,Ublr poiltio.-u. The candidate, should have ten vein 
experience, and hav c aptitude toward* Business Development and Markrtinr 
Knowledi* of Arabic. French. Turkl,h. Spanish or other Asian/AHcan language 
will be an aqvanuje. The candidates will ha*e to travel exteniivul/ in U.K. 
and over leal for tons duration*. Salry will not be a limiting factor, to 
th«e who meet our demanding requirement*. Preferred in 30.40 vean 
«f you Teel you could contribute to tb. growth of an International Bank with 

term.* Branch n.fwnrk m marry countries. Of-nv apply in conMeno-. 

r^ h ."S5:*!22r w,rnrr *” *■*»?*. Th ^. io, cwiwp 


In our expanding International 
Management Consultancy 
operations Executive Search plays a - 

fundamental role in servicing - . ' 

existing and new clients. To meet 
growing demand for bur services we 
wish to appoints further consultant 
to handle assignments In the ILK- ' 
and overseas. : . - ' ; ...- 

T ^5candidatewflfbginthe . ' .. - 

mid-thirties age range, have a goodab^io^eSsti 
universitydegreeand'preferablya newclfente**-; 

.. .... 

~ with a major 
• Proven track record 
T «:hiavemehtpreferabTy in' 

. finance and/or V 

function- / " - : 

• ideally, dlcecflnvolvie/neft^ 
: " management consulting," " 
The uitlmqteiawKrfntea will 
bufft up-exce?tentbbsirress 

The successful candidate will have ' PJaa^ese'ntf persbnal deiayate' 

• Minimum of 10 years.progressh'e JExeciztive Seaacfc 
experience in-air mdustrialZ-y; -~c- - ~N'^nintoiT ; lfTtg rii i it ! i i iiiii F 
commercial envlrornnentm^nlyy Bond 


■ j. rr. ; iK. ;r: 
' : r-< 

■■ jj g •••* . 'I ■ ,ii ^ , j r 


with young, private, client 
. existing clientele to join ^pandmgbusSie^fi^ 
puterised service ayaUahle- ' : 
which replies should 
Financial Times, 10,- 



! ncial -^Efairsday', Fabhiaiy 23 197& 

i iR f« 



The British National Gil-Corporation has a major role at the centre of a vital industry as Britain moves towards self-sufficiency ir*o»l and 
we continyesto. explore our continental shelf tor further reserves. A young, and-e^panding organisation offers exceptional scope and rror. draw 
more people of abiiity into the oil industry. - 

The Finance Division evencises control over the large financial resources employed by the Corporation. As v.ell as the normal i.-.formation 
for management there is a continuousi rponitoring of the-finances of joint ventures y,ith other oil companies. 

The following posts are centred in>he Corporation's Headquartersrn Glasgow but may m.-ol-.e initial alignments to the Lor.-sc-n or 
Aberdeen offices. They permit active contribution to the development of BNOC. 


tAL ACCOUNTING Reference 28/FT 



References 45FT/48FT 

f >en:oi P.-vi|e<:t Control -k iniant:. a-e responsible toi the Intei pretaiion and development ni repo:*" 

. .on a wide i of operA lions-. 1; : •. .udC'i eti’er it -,e analysis. There is also a vacaiv y in ihis r-< vji-, a i a slightly 
lets senior level, emphasising fir m- planning but \it» vonviderable involvement in ovtiall ivuin,igen-i*;-r.t 
.accounting. " 

,.Applicant v. ill be^uai^ed , aU oi-ifitanL itin a n iin.mum of one year"^ po .f t|ujiiiicai:ori e.’ptneiv.c except 

.•.here, relevant, oi! industry e\peneri..e be demon jt: a led. 


■... This post reports directi. :p the Manager rf Ac-iountmo Development or. ma tiers of dCcowilirig policy 

and reporting systems, internal and e’-iernal. The \uccessuil applicant -/.ill be quaiiiied v.;ith about two year>f&evi 
post-quailfica’ion experience-espe>‘i.iu k in the iairda-"counting standards, preferably with a large proiessiorui •. 

and reporting systems, internal and external. T 
post-quaiifica^on experience-espe- ..iiii mthei 
practice or me head office of a major ..oneerri. 

The salaries for these petfs are ve'ry compet-t.-.e and associated conditions of employment are attractive. There is a compreh^r 
relocation plan. Imeresteo candidates are as^en to - rite or telephone, quoting the appropriate referenrp. fa- an ?ppii.-.aticn form 
The Recruitment Manager, The British National Oil Corporation, ISO St. Vincent Street, Glasgow G2 SLJ. Tel: Wl-2211261. 

fiffiSSSEKSaro r 

- -- 

.' ■ . ‘J. '\ \ V ‘ 

[ \ I L 1 ! y - 

i i t f \ -1 ■ ~ 

! I * i- ; h. ■- .-■• 

* . : . .* 

Computers in banking Europe 

. Our diem is a majOF computer- 

• s^eij|?.Fna/TOfaptufer, Success iaaf-. 
’ ftigWYcorfipetitivemarket Has 

created opportunities for self 
motivated-individuals who' 

."• understand the application of v 

cdmpiiteis in' theBankjng world. ' £ 
Your job will be the complete 
specification, in collaboration with 
users in mainland Europe, of software 
SYSternstxwering^ ne or more 
banking functions. W"rth_- 
responsibility for program quality and 

• - system introduction you.wHlbe given 
-the challenge offulleon&ol of the 

, J . You will either have been in 
•j^yaems anaiysis.wrth solid. •’ 

, experience of banking applications, 
or you will be a banker wno has had 
significant involvement in the 
introduction of computer systems. 

You are probably in your early to 
mid thirties, and have reached the 
stage where nothing less than a 
project of your own yyiU satisfy you. - 

The remuneration package is > 
excellent, with a first class U K base 
salary; and generous expatriate 
allowances.-fluency in a second 
: European language will obviously be .. 
a great advantage. 

The job will not last forever, but. 

prospects for promotion and career 
developmental^ second to-none, • a 
If you react to a challenge; phone 
Davia Woolf on 01 -638 0528 or write 
to him at Personnel People,. 

•Friendly House, 

21-24 Ghiswell y-v 

Street, London Ly 

EC1Y4UB. r-i . 



Plant Director 

£ 12,000 


ant is part of a major Midfaritfsbased 
, any which secret of- 
tdifnculties.TbeConipany'isriow .. an ambitious and.eggressively. 

extensive volume manufacturing 
experience rounded by significant 
involvement with the finance'marketing 
. functions. They'will.almost certainly be 

C. £10,000 plus car arid profit share 

3 &d reconstruction programme.'arvd ‘ earning over El 0,0OT'p.a. and will be of the- 


op_QirrtrTient is onepf a number which 
>rTkey to its success. 

,/ant employs over 3,000 people and 
"' stable and constructive Industrial 
3ns climate. There-isabroad product 
I ynainly volurne machinih'g and ‘ - 
ffV'bly. Primarily it supplies.other plants 
Hli Company but there is a significant * 
■* ay eloping nori-Company content . 

4 ppointment will be of particular 
in at to candidates from an 
jj Bering/prbductiondiscipllne. witfi, 

calibre to exploit the considerable career 
development opportunities which exist 
beyond this position. . 

•; . r- Ref:S3648iFT 

REPLIES will be forwarded, direct, 
unopened arid in strict confidence to the 
client unless addressed to our Security 
_Manag$r-listing companies to which they 
^may hot be sent. They should include 
~ comprehensive career details, not refer to 
previous correspond^ioe with PA end 
quote the. reference on the envelope. 

■■ " ."‘Sl. • 

i PA Advertising 

li-hde Park House, bQ£ Knighlsbridge, London SWTX “IE. Tel: S1-233.bOStl Telex: 2T874 

- • • ■ ArnqiriiierrJPAin^i'trtTir.^f " 

Profitable compa'rtywhh sales c£30in growing by more 
than 30% per annum; purchasing, processing and selling 
hides and skins: young management team. The Entre¬ 
preneur reports to the Managing Dilector and after an 
introductory period in Processing and in Marketing will 
assume responsibility foT sales and commercial projects. 
Formal qualification or public-school education essential, 
but a key requirement is a successful record of profit 
management-ina fast moving commodity, or consumer fie Id 
ideally involving forward purchasing and sales in foreign 
currency markets. Preferred age range 30 to 35. Excellent 
prospect^.' ' r 

This appointment is -egan to men and women. Please write 
in confidence to Philip Egerton. quoting reference 3674/FT. 


Executive Selection «*. 

137 Knightsbricfge. London SW7TRN 


A.C.A. 24-28 


c £8,500 incl.'ienefits 

Our client: ihe merchant banfcfng subsidiary of a major American Bank in the Euro¬ 
currency. financial and capital markets, now wishes to recruit an DperaDons Aopeumapt 
to run the accounting and reporting areas, witiun-this progressive banking ftqvftotmjci)r..- 

The successful applicant wrfl mhraBy be "operating the.accounting funttlbh arid Will'also 
become involved with a variety el protects including corporate planning and the 
■cofotaitensaaon of the total, accounting and reporting systems. The prospects for the 
riolftjaetson Wiil arise once abiliry has been proven and could lead through to such areas 
as Corporate Finance. 

Applicants. mafQ or female, win be recently qualified accountants able to demonstrate a 
. strong personality and an ability jo .communicate effectively,: together with ’proven.. 
ability within a professional Or commercial environment. 

For more detailed information concerning this appointment and a personal 
history form, plMse contact fan Jonasson quoting reference Z100 _ 

Douglas LlaznbiasAssodatos Ltd,, . . 

4lO- p .SM»i U:.dnsV/r:aBaN5 T*J«pli,.ne Ul 

Id St. Vihv rnl &.**;■•* if,' SHIV T«-)* , r'h-- , :K‘ 041 3101. 

r • .• «::<! -i - . ' ! ' ‘ • 


Within an established firm of Stockbrokers we 
operate a .small team where pur equity sales.staff 
and analysts work together to service-a wide range 
of institutionaf 'dients. "Recognised as specialists 
in t\yo major areas and a number of subsectors, 
we now wish to add another sector specialist or an 
experienced analyst with wider interests. The 
ability to originate ■ investment ideas and com- 
miinicate them to .clients both verbally and . in 
writing is 'essential: this is a senior, appointment 
and remuneration will be scaled accordingly. 

.-.Please write "giving'persorial history to Bo.\A.627n, 
.Financial - Times, lf». Cannon Street. EC-1 P 4BY, 
with a covering letter-.listing firms to which you 
Avuiild not wish your reply to be forivaicled. 



Leading Accepting House ^ 

Age: 30-45 Salary: £5,000-£7,000 

Our Client is a leading accepting house with extensive North. 
.American business- They wish to recruit an experienced 
banker to take over full responsibility for the administrative 
Function of the bank's North American interests and the* 
maintenance of liaison with its representative offices in the 
United Stales. 

.Applicants must be able to demonstrate a thorough working 
knowledge or banking practice and procedures which should 
have been acquired with a leading UJx. bank or the London 
branch of an American bank. 

An initial salary range ol C5.U00 to £ is oflered as part of 
an excellent jwckace wliir.h also includes house mortgage 
iacilities. non-contributory pension and free life assurance. 

Please write giving lull details of age, education and business 
experience, and listing those Organisations to whom your 
JeliiTslibuld not be lonxarded.lo: 

). 1). Vine. Account Director (Koi. AO 1071, J 

1 .ockyer. Bradshaw A Wilson Limited. 

NnrthTVest House. 110/127 Marvlebune Road, London>'.\Vl "iFV. 





. financial Controller , 


About £9,0004-car 

Our client is a winrld leader in “ leisure wear J * with 1977 sales nf billion. 

The company has suiTessfulIy developed from a " family business'” base and si ill 
retains That kind of close involvement and atmosphere. 

The position is based in London within the Northern European Area H.y. 
which controls the c-ntnpany's-operaiions in the U.K. and Scandinavia. Reporting to 
the Controller the prime responsibilities include: profit planning, pricing, analysis, 
management reporting, capital expenditure appraisal,.exchange rate analysis and 
t< aid hoc wnrjc An integral part of the jftb will be field visits to the manufacturing 
and marketing units, thereby gaining a close operational view of the business. 

For the right person, promotion to Controller will follow in I2-1S months. . . 

To apply you should be qualified, between 27 and 32 with tine experience in a 
multi-national company. Equally, you must be able to demonstrate a high level 
of ability in both technical and management "skills: 

The salary indicated is negotiable and will not present a problem for the ideal 
candidaie. therefore we would be interested in applications from candidates - 
who are already in Controilership positions. 

' Benefits include a 2-litre car. BUPA and full relocation expenses where 


.. ArpUcanty, male or female, should apply in strictest confitkiicc with career derails 
to: \f H’antcr. Director, Gresham Executive Appointments. 1 Hurcwood Plat e, 

< ■ ffanoieiSquare,Loudon WIRVHA.Tel:01-629984!;4 


Assistant Managing Director/ 


Salary range: £8,600-^12,038 (subject to review) 

Kcnipln-.- vwks a Managing Director to replace the present one who is due to renre 
irom Remplcy in September, 1978- 

The Company is Government-owned add hav atom 10,300 employees, including 
a round 8.000 who are severely disabled. Ii handles about wV'. s of sheltered emplo\-mcnt 
m the United Kingdom in 87 fact ones from Aberdeen to Redruth. The Company's 
annual turnover in competitive conditions amounts to abou[r£"2t> million. The head office 
is at Crick lewvK’d. I-ondcn. 

The Managing Director is appointed by the Secretary ol Sratc lor Emploj-ment. 
and repons through a non-executive chairman to.a board which numbers Gfuren, sewn of 
which arc executive, and eight of which arc nou-exccutive. 

Remploy's obicah*e is to act as a social sm-ice anployinc severely disabled people 
in suiiabic cv^ndilH ms s&'hcar as pi-«flblc to ordinary industry. The products include: 
lumirure. orthirjraedic equipment and wheel chairs, travel goods, knitwear, outer 
clothing, boofcbindirt". and extensi' e .services in packaging and assembly. They are 
grouped under three finding Group Directors. . 

There is a newly res ised contributory Pcnaon and Life Assurance Scheme, and.a 
car w ith a chauffeur, together with 25 days annual leave, arc included in the benefits of the 

It is intended to appoint the successful applicant immediately to the post of 
.Assistant Managing Director (salary range £8,600-£ 10,5S3'' and subsequently to 
Manning Duector salary range £10,038-£]2,038.' in September; 107S. 

AppliCTUs should have held senior appointments in industry, preferably 
concerned with products similar to those of Remploy. 

Ptease write, marking envelope in strict confidence to: 

The ChairmaivR employ LtdL,415 Edgware Road, Cdcklewood, London, 
.SW26LR enclosing a photograph., a description of your qualifications for. ' 
the appointnieht, and a request for a personal data form. 

Jonathan Wren * Banking Appointments 

The personnel consultancy dealing exeUisiveK with the banking profession 


Due to internal promotion the position of Assistant Accountant is vacant at 
the London "branch of a European bank. Candidates should be aged 25-30. 
with inrernational bank operations experience including departmental audits. 
Foreign -Exchange valuations and. general accounting duties. Salary is 
negotiable. and,the figure quoted can be regarded as a minimum. 

Contact: Richard J. Meredith 

GROUP AUDITOR c. £6.000 

An international bank seeks an experienced Auditor aged about 40. Candidates 
should have banking experience, and preferably also an understanding of 
computerised systems. 

Contact: Sophie Clegg 


This opening, with an international bank, would suit a young person aged 
early to mid-twenties with some experience of spreading balance sheets and 
the ability to write facility letters. Some knowledge of E.C.G.D. regulations 
would also be useful. 

Contact: Sophie Clegg 

YOUNG BANKER to £4,000 

A well-known bank seeks a young general banker who, having qualified A.LB., 
now finds his/her prospects retarded by an age barrier. The successful applicant 
should have good all-round knowledge of banking, including Foreign Exchange 
and/or Stock Exchange Securities. The position is in the bank's audit leam, 
where a certain about of audit experience would be useful. 

Contact: Richard J. Meredith 

, • 170 Bishop,sgate London EC2M 4LX 01-6231266 7 8 9 


W. London 

£9,500 t car 


The Job 

The Group Providing a 'vide range of specialist services to the 

aircraft industry, both at home and overseas. 
Soundly based, well organised and highly 
regarded, A subsidiary of a U.K. quoted inter¬ 
national group. 

The Job Reporting to the Managing Director with respon¬ 
sibility for the finance ana accounting functions. 
Small’ H.Q. accounting staff. Key areas are the 
interpretation of management information, 
inventory control, cash management and the 
further development of reporting systems. 

The Candidate Qualified accountant. Aged from 30. Experience 
in an engineering environment and knowledge of 
data processing systems would be particularly 

Brief but comprehensive details of career and salary to date, v hicli 

will be treated in confidence, should be sent to: 

J G Cameron. The Executive Selection Division - CF306. 

Coopers & Lvbrand Associates Ltd., Management Consultants, 
Shdlev House. Noble Street. London. EC2V TDQ. 

Financial Management 

A senior role fora 
finance professional with Digital 

Digital Equipment are the world's 
leading designers and manufacturers of 
mini-computers, a company with a turn¬ 
over in the UK in excess of £50 million 
and growing, and employing 1.200 
people there and over 38,000 people 

We are a moving 
company whose growth in Northern 
Europe has been enhanced by a highly 
professional, young financial manage¬ 
ment team at our North European 
Headquarters in Reading. 

As part of our continuing expansion 
\ve now wish to further strengthen that 
team by appointing an experienced and 
imaginative senior finance man or woman 
to control the entire spectrum of finance 
work undertaken in Reading. 

As our Manager of Accounting and 
Management Reporting.yours will be a 
high level role in one of the most exciting, 
successful and rapidly expanding 
companies in the computer industry 
Reporting to the Regional Finance and 
Administration Manager for Northern will control ail day-to-day 
activities of the UK financial Manage¬ 
ment team,encompassing Financial 
Accounting,Management Jnformalion 
and Planning and Analysis. Directly 

responsible to von will be ourChief 
Accounting. Management Accountant 
and Planning and Analysis Manager plus 
a team of some 35-40 people—most 
of them fully qualified professionals. 

Clearly, this will be a demanding role. 
It will call for someone with sufficient 
drive, energy and imagination to motivate 
the management team and ensure that 
they maintain their record of meeting 
tight deadlines to high standards of pro- 
fessionalism.You should Ire prepared to 
travel extensively to Europe and provide 
an effective link with our off ice in Geneva. 

We anticipate that you will be a 
qualified AC A. ACC A or ACMA. probably 
someone who has already earned a con- 
trolling.or a similarly influential, role 
within an industrial or sales.service 
environment, preferably within the 
Computer industry. 

The seniority of this position is fully 
reflected m tire attractive salary we offer. 
Prospects within such a rapidly growing 
company are exceffent and include the 
possibility of promotion both in Europe 
and the USA. 

If you can meet this challenge write to> 
k'en Rayner. Regional Finance Manager. 
Digital Equipment Co. Lid., 2 Cheapside. 
Reading.quoting reference 365. 

To C8.0QQ + E.jih 
2*-31 **nh j.-od knoovl'dff 
Eurocein markets to ic>n 
ifHrrnitiodil Dept, oi tr-p S'* 

1 mi mark ft j*n m catch 10 

U.K. 'nstitutigm. 


To £7.000 + Benefit* 

2 5-30 with research fc*' 4 - 

£ round and relevant marvel 
knowledge to loin Investment 
Dept, of major »• strtutien. 

Stephens Selection 

.l. ]>..•*« Street. London, WlX 

Kix n Consult.! nt< 



AGE 25-35. £B.0Q0 P.A. 

Free ro start in London by 
May at t>c ;ac«:< 

Write Box A.627S. 
Financial- Times, 

10. Cannon Street, EC4P 4BV. 

accounts clerk 

£4,000 for InieraitrcHitl Sank 
the rough knowledge of profit iruf leu 

A/cs. preparation of balance *keeu. 


£4.000. age 21-22 for Grv Merchant 
Bank. 6-12 months experience. 

C. £6.500 for International C*7 Pank 
no. 2 for economical lection. 

Rina V.P.N. Employment (Agy.) 
01-283 6022 for Appointments 

£7,500+car-W London 

Financial control'in this multi million pound group 
ronJEESsS* dSciplined and. through d» 

FiiJndal ControUer, highly motivatrf-He is now 

assistant with similar motivation, to be exposed lmmeaiateiyro m 

copies problems that occur at the centre of an active, perfoi^mcfc , 

orienteiprofitrconscious operation. A young 

has shaken off the blinkers and already.has some commercial oimmss^iu 
exposure will see this as theperiectlaunching Ppi?oSn^SariyofAe. ^ . 

AbUitv is far more important, than age or.experience (I^Ucnilariy orro 

„■ . 

with Full career details to Graham Oliver; • 

Applications, which may he from male or fc p -■ 

trwted in complete confidence and should quote nfercnceSSl/GEOU. - . 


47 Davies Street, London W1Y ZLN. Telephone OM99 7382 . 

* V jifeEfrSI rJ 

Internal Audit 

c. £6,500+Car 
Based Central London 

The Rank Organisation is establishinga Group 
Internal Audit Department, whose role will be 
to create and operate audii procedures where 
required. Additionally, existing divisional 
audit systems already in place in some larger 
units will be monitored through liaison with 
audit staff in the appropriate divisions. 

The audit team will cover all the organisation's 
film, leisure and manufacturing activities, as 
well as the key Head Office functions. 

Applications are invited from energetic and 
self-motivating accountants, male or female, 
preferably qualified, who can demonstrate 
auditing experience either professionally, or 
with a large industrial company. 

Salary, together with other benefits normally 
associated with a company of this size, 
including a company car, will reflect the 
importance of this position. 

To apply, please send brief details of your 
qualifications and experience, to: 

Centra] Services Personnel Manager, 

The Rank Organisation Limited, 

439/445 Godstone Road, 


Surrey, CR30YG. 


Bank of Americans expanding its 
Financial Services function in London and 
wishes to appoint a Vice-President to 
provide aggressive leadership for (he 
group specialising in toe financial 
institutions sector. Key accountabilities will 
include administering and developing the 
loan portfolio: marketing bank-wide 
financial services: maintaining and 
enhancing waking refedionships with the 
City and the Government 

Applicants should be U.K. nationals 
who have already attained a senior position 
with a major bank or related organisation 

and can demonstrates thorough . • ‘ -.H'-' 
knowledge of the banking reeds of. 

■insurance companies,pension funds, :- ; p_ 


acceptance markels. They will also be. f 

famifar with theinter-relaSohShtps between.;.-^' 

toe Government hantedndc^ 

institutions. '• t. 

Salary wifi reftecl the.^n«r.nafUreV;-.' r. 
of thS appointment Other benefits are-in-":;/; 
line with best banking.practice and include- /.V.. 
a com party car, favourableloan facffitiesN .l , 

and a non-conWxitay perK^schetiie.:: : .;L.:-, 


Bank of America NT & SA. 25 Cannon Street, London £C4P 4HN.. ; . : ^ 



Our client, a shipping company, seeks a manager for its 
London Office. Candidates, male or female should have an 
accounting qualification and should have some years experience 
in accounting, bookkeepingand office procedures. A new 
position, the main duties include preparation of financial 
accounts, preparation of service contracts, handling insurance 
matters, cash management, budgeting and routine ship 
management. A knowledge of taxation, economics and shipping 
wouldbe desirable. Preferred age range 25-30, salary negotiable 
with experience. 

Write with brief details to: 

John Sears, Cripps. Sears & Associates. 

Bums House, 88/89. High Holborn. London. W.C.l. Tel: 01 -*404 5701 
Quoting reference No. 4646 

Cripps, Sears 

Treasury Accountant 

London W l 

c. £6.000 + benefits 

Uitr elicm ii ;* large U.K. manufacturing group with substantial "ver^-as 
inu.-re.sis. This \ a fancy will appeal lu n you ns i|iu lifted nccountam who vish»*s 
io acquire experience and training in all aspccis of cash manageimm anti 
exchange control procedures. will as>ii1 ih<? Croup Treasurer in th" 

■tplimum utilisation Df the uroup's c;uli resources involving n* -got l a tin ns for 
future cash requirements in the U.K. and over Peas and the appraisal of 
investments and potential acquisitions. In addiliun to providing an advisory 
service to the Croup in mnm-etiun with foreign «*xi , hanue. thi- appoinie** will 
sain exposure lu financial nuidrHini uiih use of c«<mputer link. Thr «irmip 
offers tpmaJ career prospects, subsidised tuneho. free BUPA cover and centTou- 
-:aff disc mini;. 

Applicaitnn- ro M:*s ?»Iarinn Williams 

Reginald Welsh & Partners Limited. 

Accountancy & Executive Recruitment Consultant 
12Z.J Scwpatc Street. London ECIA T/t.-t Tel 0I-6U0 $3$? 


Due {oexpanrionnf their inlcmationalkankin^ 
;ik JivjtiiS.ULIk Faiyy Limited ;< sivkinya Senior 
Civilit Mdiiauer who is txpcriv need in credit and 
marketin': in Kum|H.-an countries. Hcur she will 
pi uh.ihh ik* in 1 heir thirties with a uood ivkv&nt 
decree ami nil I he fluent in at least one other 
European language. Tlie iuccosful aprHcantviK 

have Ivni considvrahk credit experience a tali 
Jwi elsiind oil) Hi jhlv tocommunicate citedivtlv 
wit h «m ior manayenu nt of i-am ipean c tmpani i- ? 
and hanks.The salarx. uhicltwiil He in five li^ui es, 
will Hi oimmcnsurate with mudifu ation> and 
experience.The position isl'.iscd ill Loudon;the 
. usual lim^i funetils will t>e pi uviJcd. 

Please witewith full detail.* In tlicf , c*' ! ‘ , nnilM3naaer. 
WeltFarjnLimilui. Wlncholer I l"u*e.>Sn l.> ind»n V\.u!. Uind'.ai ECJM.1'«EL 

Wells Fargo Limited 


A lead in-; firm of stockbrokers wishes to 
recruit an experienced analyst to carry oul 
specific research projects, mainly into small 
and medium «izod companies. The work will 
hi- required mainly fur use by the Firm's 
institutional department, but will also include 
some ini olvemeni in corporate finance 

The successful randidate wilt possess either 
a profesriunal qualification ur a degree and 

will have had previous experience of financial 
analysis either in a financial institution nr in 
industry. He/sh** must he able to establish 
personal relationships at Board level id the 
companies under research. 

Remuiteration will be competitive and the 
nppelnfmem offers an opportunity lu com¬ 
mence a progressive career in an ambitious 
and profitable business. 

Application* will be forwarded direct b.i our 
'•licnift. and you >hou!d indicate in a covering 
letter any firms to whom you dn not wish to 
applj. Fb'ase apply in writing qiimin*; 
i.-r--r.-ai-«- 914. giving pariiculavs of career, 
in confidence io: 

\\\ L. Tail 
Touche Ross A: Co. 

Management Consultants 
A London Wall Buildings 
London EC2M 5UJ 

Company Secretary 

Guinness Peat Group Limited 

The Company Secretary of this well known organis¬ 
ation is Dlenning to retire towards (he end of this 
yea rand a successor is now being sought. 

Apart from ihe statutory duties associated with a 
public comoany of this standing, the secretary 
carries major admmislraiive responsibililies both in 
tespeci or (he group head office in (he City of 
London and m supoort of subsidiary companies 
Operating in a diveise range of trading and manu- 
tocturmg activities throughout (he world. 

We should be pleased to discuss (his exceptional 
opportunity with professionally qualified candi¬ 
dates. aged about ^0, whose experience has shown 
?. bias towards the administrative and legal, as 
opposed to ihe financial aspects ot the secretary's 
role and who now- feel that they have reached a 
point m their career from which (hey can confidently 
take on an appointment of this magnitude. 

Applications should be addressed in (he first 
instance io Charles Barier-CoWlhjrd Ud., quoting 
i ele: 432/4/FT. 

Charles Barker-Coulthard 

xi j hirringdi 'mi St reel. London EC4A 4tA. 

Telephone f H-J 

This top flight appointment is for an - * 
international company operating# large 
nuntoer of chemical plants throughout 
Europe. Applications are sought from 
candidates who can show successful^ ’ 
experience in mara^ng geograpbicajly' . 
dispersed activities. Cancfid^s,-agecl 
35-50. should be qualified engineerewith 
significant manufacturing senipc': - 
manseement ejqDerience in thb*- ■ 
petro-chemical. chemical or power -__ 
mdustnes. International rrr 
experience is highly •; Tj 

desirabte and fluency in .hyi 

French or German would be 
an advantage. T T, 

The post is based in a '• J - f ft 

pleasant locsttiondose.toLoncfcyi; •" 
and substantial relocation assistance isr ^? 1 
availabtei For (heri§Mc»*5ciatem " 


, management re^portstoi^s in 
-tonwxiachJring.. .•.Jr' V C0.-: 

- ; Please wnte. with 
defeffls ejearea-h^dry^d ‘ 

earnings to J. W. ClBUIT at Bui 
-- i-r —“t CMareQbmertJ-'Lifi^B^^S 

B ’., - v -'45AtoernaiietSirBet5a' 

. • ' •• London 'pmm 
'- • quoting rat 474i: 

-. ^^jaairgees'appBt^g 
’• be treated, in sWd.anfiaa^ 


TheFinantial Times proposes to publjsh.vvithiniferegnlarTlHUSdsts 

Appointments columns, on March 9 1&78, a section'headfel^c^’ 
Qualified Accountant Appointments;” 
appear following the results of the Finals;-whcn several 
newly qualified accountants will be in searcMf career op) 

For full details of advertising in this section^tAactAsiihiMcFitt 
on 01 248 8000. Ext. 530. ; . K 


&Gl4l Times Thursday February 23 1978 

RECRUITMENT advertising 

35 Pdew Broad Street, London ECSIV1 1IMH 
Tel: D1-5S8 35SS or D1-5SS 3576 
Telex f\Io.SS7374 





tourh Am.iT? **** ^’kmnklng experience involving last and West Europe and/or 

in a compact and highly capable team, the successful candidate will be directly 

MMbilfc? SFEtV.J^.**?***™ ^ l0 *' n - H * /sb * wil1 b * * self-Karter and have the experience 

re P re “ nt «*>« Trtnfcjeffecnvely in new business development. Ability to speak Spanish and one other 
K" ZSXJH* . ad vaiijage- -Attractive salary, ^potential for a performance-related bonus and Comprehensive fringe 
IU» Jl PP JnU * tri ” »****"« under reference SB 10026/FT will be forwarded unopened to our Client, unless 

, COfn P* n *® s w which they should not be seat m a covering letter marked for the attention of the Security Manager: 



A young accountant is 
offered an exceptional 
opportunity to join the 
management team of a 
Mayfair club. Not neces¬ 
sarily qualified; hotel or 
catering background most; 
useful. Full responsibil¬ 
ity -for accounting func¬ 

Salary by arrangement 
To discuss telephone 
Trevor Brown 



Financial Controller 

Excellent salary + benefits 4- gratuity 


inkKf Dev*“tcpmenf C o i ULn a ii cn 
ECOl vs one c< ih* ciue-.-i subsidiary 
r>i the Zambia Industrial arid 
I C jrporauon (ZIMCO). Iis raison 
banal economy includesnumeral 
*ctmg and exploration, development 
' mineral deposits and promotion ol 
.lines throughout thecaunir/. in 
' n to the currenlesploitatiari ai coal 
‘astnalCT»n«als. .. .. ..... 

fcrpircdkaifecnxhTasainatuie. . .. . ~' 
-qualified, ana .experienced perac-n far 
;! of Fihcriidat Controller. Candidates 
have membership ol ACA. ACCA, 
a: an equivalent accountancy 

• q’jalifentlcn. and .•£ lilabk* working experience 
jr. a relevant lar-.** organisation will be an 
added advari taj*--. candidate will iitad die 
financial control depcimuent. and will be 
expected to fcirri u iaie uniionn financial and 
accounting systems and pnoredures lor Uia 
MINDECOgr-~i.:p companies. Other 
rosponsbihces mil include inonitcnn$rtlie 
iinaricial'and over: u nhna operations old ie 
subsidiary companies, advising management 
or. alLcspecfc ot financial plar.mnci and control 
and cansolidaUng th^ subciaiones' aorcunts. 
The Financial Coni roller wiD report directly to 
thaManaging Director. 

active compensation. package vrili bo offered, comprising: 

★ Negotiable base salary. 

★ £5% terminal gratuity on completion of initial 3-year centroid. 
Company car. 

★ Subsidise himishedaccomrnodatiaa.- ■ 

■A- Baggage and settling-in allowances....'. 

★ Air fares tc and bam Zambia at beginning and end of contract 

★ F ree medical facilities and file assurance. 

★ Six weeks leave per annum. . 

★ Education allowances for children. 

★ brcl salary remittable under current regulations. 

mis should write with :nil persona/and career details'; and quc-ilr.g reference F7, lo: 


Recruitment Sc Administraticn Manager. 

Zimco Services Limited, Zimca House. 

129 ■ 133 Fm^xny Pavement. London EC2A IN A 


(Shair & Partners (U.K.)Ltd) 

Dar Al-Handasah Consultants, a multi-disc!plinary 
consultancy whose services include the preparation 
of engineering and architectural designs, town and 
regional plans and project formulation and eval¬ 
uation for a wide variety of clients in the Middle - 
East and Africa, offers the following appointments: 

(1) Senior Economic Consultant, 

£7,000 p.a. upwards 

(2) Economic Consultant, 

£5,000 p.a. upwards 

The work will involve the preparation of feasibility 
studies for industrial, agricultural and urban pro¬ 
jects. and the provision of economic forecasts. A 
good degree in Economics or a related subject is 
required. Applicants will be expected to provide 
evidence of competence in-the preparation of 
reports, and should be willing to travel. A know¬ 
ledge of French or Arabic would be advantageous. 

The-above positions offer attractive working con¬ 
ditions and benefits including 4 weeks* annual 
holiday, company pension scheme, free medical 
insurance and luncheon vouchers. 

Applications should be submitted, together with a 
current curriculum vitae and photocopies of written 
work, before 31st March to: 

The Managing Director. 

Dar Al-Handasah Consultants, 

(Shair and Partners (U.K.) Ltd.) 

91, New Cavendish Street, LONDON WIM 7FS 

Senior F/X Dealer 

European Banking Company 

Our Client is a prominent and expanding International Merchant Bank of 
impeccable parentage. 

The bank's current requirement is for a Spot Swiss Franc dealer, ideally 
aged 25-28 years, to play a positive part m.its active dealing room. 

Candidates will possess a thorough dealing background with the emphasis 
on spotforeign exchange, and the personal quaiitiesto contribute effectively 
ina closer knit team. 

The scope of this position win be matched by a highly competitive salary and 
attractive firings benefits. 

Contact Norman Philpot in confidence - 
on 01-248 3812. 

NPA Recruitment Services Ltd 

•' ••• • • .60 Chtfapsirie London EC2 ■ Telephone; Oi-2483812/3/4/5 

Revenue Accountant 

A progressive career role with Digital 

in Reading 

Digital Equipment are the world's leading 
designers and manufacturers of mini¬ 
computers, a company with a turnover in 
excess of £50 million and growing, and 
employing 1.200 people in the United 
Kingdom and over 38,000 people worldwide. 

We are a progressive and fast moving 
company with a sophisticated, highly pro¬ 
fessional young finance team at our North 
European Headquarters in Reading.As part 
of our continuing expansion we now wish to 
further strengthen that team by appointing 
an experienced and imaginative Revenue 

Obviously, a company as large and rapidly 
growing as Digital demands an efficient and 
effective Revenue Accounting function. 

The timely and accurate recognition of 
revenue and up to date maintenance of sales 
records is vital to our success. Yours, then, 
is an important and responsible role involving 
constant monitoring and implementation of 
procedures and control of invoicing in line 

with stated inventory policies. 

We expect you will be an enthusiastic 
Accountant, an ACA, ACCA or ACMA with at 
least 12 months experience in a sales/service 
environment—preferably gained with a 
multi-national ccmpany in the computer or 
electronics industry. Certainly, you will be a 
dedicated professional who responds cooly 
to pressure and teaks a career role in a 
company which offers genuine prospects of 
rapid prometion. 

If you're talented,your ambitions will be 
satisfied by Lifiital.Wfe are committed to a 
policy of attracting and retaining a high 
calibre of staff. Wfe offer a highly attractive 
salary—a true reflection of your experience 
and potential—excellent prospects and 
working conditions, and naturally, a compre¬ 
hensive benefits package. 

Please write to: Ron Rana, Chief 
Accountant. Digital Equipment Co. Ltd., 

2 Cheapside. Reading. Quoting ref. 372. 


__._..We_hay£.a. racapey for a male or female Loan 

Administration Clerk, in the:r mid 2Cs. to join our small but 
expanding Lean Administration Department. 

. . tf you Ijavepiwouskan experience, ideally gained with a 

Merchant or American bank, then we would like to hear from 

ATTflN * ouW - / ’ ‘ 

1\A£J»X VkTX 4 attractive salary will be paid and there are excellent 

X fringe benefits.. 

0 Iht enrv : - 1 . .t . . "Please Chris'Eaylor,Personnel Officer^Saudi 

- * ■ International Bank, 99 Bishopsgate, London EC2M 3TB-. 

Saixli Infers Bank 

al-bank al-saudi al-alami umtted 

Cresting and rewarding senior position in the 
erlands open to an Executive, preferably 
h speaking, well versed in finance/administra- 
wilb a subsidiary of a large Internationa! 
p, This position would suit a young executive 
)meone in their 50s nr. a retired Finance 
ilive. Experience in commodities an advant- 

ie write with full personal particulars and 
•r details to Position Number ASF 8583, Austin 
lit Limited/ London W1A IDS. 
icalions are forwarded to the clients con- 
d. ,therefore companies in which you are not 
e$tcjd in s3iou1d. be listed in a .covering letter 
►^Position Number Supervisor.'' 

lak! advertising 

£14 per single column 



with boaxd prospects ' 

are a publicly quoted finance house and 
subsidiary of the Co-operative Bank and are carrying out a 
programme of expansion. 

need .a Financial Controller in thelate 20s or 
early 30s> to take fidl-responsibility for the financial and 
accounting activity. " r : J 7 ' 

.. You should have proven experience in management 
and statutory accounting as well as a good working 
knowledge of taxation. 

This job offers a good salary, prospects for 
advancement as well as the possibility of promotion to the 
board in due coarse.. 

Apply in first instance to: 

Airs. B. McElhenney, Personnel Assistant, 

EG Finance Limited, Stratford House, Station Road, 
Godaiming, Surrey. 

Financial Controller 


£18,000+ house; car, etc. 

A privately-owned -and subsantnll/ backed group of com pan le*/' 
active In retailing, food, import/export and pharmaceuticals. They 
are all based at Ikeja on the pleasant outskirts of Lagos. 

Overall control of the accounts of these five companies. This will 
involve the design, implementation and review of systems and staff 
recruitment and control, as well as the production of financial 
information and accounts. The accounts are manual at present and 
there is a small staff assisting. 

Qualified CA/CCA/CMA and aged 30-40. Experience at relevant 
level is required and importance is attached to personal qualities 
of ambition, flexibility, patience, commercial acumen and social 

A generous salary with car, family accommodation, domestic scaff 
and utilities provided: other benefits attach. There is a good social 
life and capital savings can be very attractive. A two-year contract 
with annual UK paid leave. 

Application* to /. T. Williamson. 

Reginald Welsh & Partners Limited. 

Accountancy & Executive Recruitment Consultants 
123/4 Newgate Street. London EC1A 7 A A Tel: 01-600 8337 


Trin it y Trust 


aus person b sought for the position of Manager;of a 
ng financial’ organisation operating full banking' 

■erson appointed—male or female—will.take complete 
Jtiicy for the control, and operation of the-Company's 
Affairs. An Accountancy qualification'with Banking or 
Banking experience is required. 

Company's. offices_ t *re situated at Eastbourne. East 
r the-person appointed .**31 be required, on occasions, 
sewhwbfor «horx-pertodsr" 

•per agtlimit of SO years ptif apply.'- • . 
ng salary will be in the region of. £6,000 per annum, 
jmtions with C-V. should be sent to: 

Sommers, Director & GnwraT Manager, 

'oust. Trinity Trees, Eastbourne, East'Sussex SN21 3BB. 

irm of 


'o increase an already well established institutional 

Our clientele is wide-ranging, both domestic and 

n we require- muu haye a successful, recon} nf 
ilb institutional’’clients^antt is likely- to. be;ill the 
r early 30‘s. ’ 

1 be based, initially, on exjierience bat there-will 
rable scope for Improvement as business develops. 

,x A.62T3., Financial Times, - ICL Caqnon Streets 

Credit Analysis 

£4,500 — £6,000 

Four of our Inlernaiional Bank clients each seek 
an ambitions and capable young banker to assist 
with the growth of their Loans-portfolios. 

The requirement common to all these vacancies is 
sound practical Credit Analysis experience, 
together with an appreciation of the administrative 
aspects. The common incentive is the opportunity 
tn develop a progressive career in an as yet small 
but genuinely growth-orientated Bank. 

To discuss these possibilities —;_ln confidence — 
..please telephone either. John Cblvcrton, A.I.B. or 
-Trevor Williams ... on 405 771.1. _ _. 

David White Associates Ltd. 

Hampden House. 84. Kin-sway. London. W.C1 


institutional bales . £1 Q, 0QU + 

Two well «iuBllsiii.d firms at wocfchrokeni wwa rn sirensiijen 
• learns in irrciiuoional in equitU'5 »nd hi «IW- 

|- Vor wah a wccewful track record In thwe »r-ns. 

Ir'T.tW iwiriow Hirer very snbsianuaJ e^rmnes and excellent career 

Investmcnt Analysts Up to £9,000 + 

City .tffn-M brokers are cummily xeckhia anslyats. with at least 
i wo years* rti*lrcn«. in the follow Inc 
boilditmi'rnusrrucilpn and banks, .For Ow. Hgtu randlAat^. 
hlKblr aiiraclive salaries are olTered and coaid exceed IS.990 
far someone outstanding. 


a reer Ueullc to Stephan Shwbeurne. 
T Gresham SlreeL- Lawln EC2- 
Tel! M-W7 130. 

U scad 

—4. ^;F«reiSwrsm U 



.r-firm with a fast expanding Private Client 
Department seeks Assistant id the. Manager uf 
the Department. The successful candidate will 
■ liavv experience of handling dtsa-etionary 

clients, trust work and will, hopefully',, have 

some knowledge of analytical work. The 
position offers very considerable scope. Salary 
according to experience. _ 

Write Box 514. c/o Kan way noose, 

S Clark’s Place. Bishopsj&th. London. EC IN 4BJ. 




We are an independent company in an international and very diver¬ 
sified trading group. 

We are expanding our activities into cocoa and already possess a seat 
on the London Cocoa Terminal Market. We now require a first class 
person experienced in all aspects of the trade. The emphasis will 
be on progressive and substantial growth and the person appointed 
will be responsible for building up his own team. Salary, commission, 
and normal peripheral benefits will be subject to negotiation and, if 
necessary, relocation expenses to London will be paid. 

If you are interested please write in confidence to Derek Whitings 
Managing Director, Comfin (Commodity & Finance) Company 
Limited, 18 London Street, London, £.C.3. 



For details contact Steve Nevitt 
01-248 8000 Ext. 591 





Founder and Ring Dealing M< 


. re ffuire hmpe 


Wummhiin aDd L 

-•i. ■ "W*? 


• w w f /te for d p 





Technical rally fades at mid-session 

+ foreign exchanges 


NEW YORK. Feb. 22. 

AFTER THE recent marked fundamental news -bactsround, 
depression. Wall Street staged a the improvement was Liable to be 
mild technical rally in moderate short-lived. 

trading to-day, although Merger news and talk or 


nVC shed 5 cents to 52.05 follow¬ 
ing announcement of a capital 
repayment. Trans-Canada Re¬ 
sources fell 17 cents to S2.34 on 
a loss for the year, but Canadian 

Bank, and Steels »ere up to and its Hang Seng Beak sub- 
DM1.50 firmer while, among sidiao- SHK16.U0. 

Engineerings. KHD rose DMUO Satheson, $HK12.30. 

on reportinR higher turnover and l0 ^ cents , while 

stocks began “to easeb’ack around mergers tl j£ e volume Hidre 2 as ^ ^ t d^ed e ? 0 , Linde^put on P DMS..iO, but MAN ^ h gyj^ J ^ rc b ut 5 |Sie C pacffo^ 

- . -f-ffiVEsfifS sgSrSs-.SafeMfass 

®* ter re S aunn «> l -21 ^ foreign car makers some form of finn fettle, although Printing finished on an irregular « on balance. ,. 

'-50.O2 at noon, came back to “SJJjJJtlOT,. Ltocks followed Hachctte lower, with trading volume smaller than toryO—S hare pnccs seneraUy 

Actively-traded TRW rose SI tn ciT-AIcatel up 24 at Frs.S64.and of late. . . icadin" Improved in active tradiIng 

S31—ESL. traded over the LMT led Electricals higher. In narrowly ^‘^ ed ,. , rived interest in Blue Chips 

counter has modified its agree- Elsewhere. Mlchelln “ E" added Banks. Credit Suisse added IU followiDS the dollar s_recoren? m 
ment in principle to be acquired n Jt Frs-Ull. Moet Ilennessy 7.1 more at bw.YnJ*w. 

.. - —*“ at Frs.lSi. 

749 31 at 1 unchauked on 

.Closing prices and market 
reports were not available, 
for this edition. 

balance, although the NYSE AH 

by TRW with terms now contem- at Fr*.35&0, Poclain 17 at Frs.lS.. Slighrly higher Hn?nci>l» Jad 
plating a cash price of 547 Tor ^d Skis Rowignul 52 at Frs.l.4S2. Interfood B up 100 a 
each share of ESL. which jumped BRUSSELS-Local issues 4.000 and ODrHkon-Buebrle Bearer 
5431. .. . remained in easier mood in 50 harder at bw.brs^.nOO. 

Common Index was still 5 cents ^“AMERICAN 5E Market Value JJ^erlX tredin”condlrion^ 

nAf !or *lt C.lU of 1 IV on 9>F _ ■ f J A CO trt ... • __ __ i _ j 

Intimation was higher among 

Tokyo. The Nlkkei-Dow Jones 
Average rallied 23.58 to 5.085.40. 
with volume amounting to 3S0m. 
shares f2GOm.). 

The rise was also helped by 
stock market rumours of a po»- 

ibi'iv...- moceraie uuum#; wuu.............— -- . . SLWIS iuih»uh ~ 

had recovered O..»o to yiellle Montagne receded IS to Department stores, out sjijel cut in the Bank of Japans 

betier at $48.i4 at 1 p-m.. after j n ^ ex llou -.- virtue i»iuh»«bi>* io.ou«> »*» ut^nim**-”* ^ r . _... 

earlier touching 54S.77. Gains held J23.J6 at 1 P-m. on volume of p Frs.1,320 and Societe Gcnerale Foods, declined 3o to bwjrs. Q g^ c j a j discount rate following 
a narrow lead over declines, while Jjrtm shard (1.13m.). Banque lost 40 to B.FrsJl.WO. but 3.WS. EidaEs business failure. How- 

CBS. which has made an offer ^ rhwJ w , ’’ “ . ~— 

buv IMS International. rose i.- p Frs ■’JO 

trading volume came to 12 . 86 m. " CBS, which has made an offer j\ 7 hcd were 45 to the good at 

shares at I p.m. * to buy IMS International, rose ii B.Frs.2.300 and Pctrofina Im- 

Analysts cited the market’s to SU4I after IMS stated that it pr0Vj?( j another 15 to B.Frs.3.985. 

oversold condition and a steadier was not interested. CBS said that 

_ _ ji has no plans to improve its 

offer of 520 per share. 

ruled out a 


Amer. Tel. and Ti 
American JWiurs 
Allegheny Pnurer 
CoTnurner* Power 
Cnmmrtnwlfh Edi*< 
Savin Business Me 
Alleciienv Ludlum 
Trimpa Electric .. 

cmr siai«? mi. 

Florida power 


Closing un 






“ J 



+ 1 



— ± 


— 1 

1 311.TOT 





21 * 

+ i 




, ntcnoo 


— I 

. 130.308 




Canada firmer 

dollar in Europe as factors 
encouraging some bargain and 
hunting, but warned that with Golds came back li.3 more to 
no change for the better in the 1.370.6. _ 

Canadian stock markets were 
firmer-inclined yesterday morning 
in a reasonable business. The 

Toronto Composite Index put on --Ci . frr.m news 

03 m 1009 9 at noon, while Oils sector, whlcn prehf™ 
and Gas advanced 9.1 to 1.3335 of near 
Banks n.30 to 241.13. but 

AMSTERDAM — Mixed move¬ 
ments with a lower bias were 
recorded, although Dutch Inter¬ 
nationals were mostly higher. 
Koval Dutch adding Fls.O.ii*. 

OCE Grinten declined Fls.3.b0. 
Elsevier Fls.4. and Pakhoed 
FIs. 1.59. but AmroBank gained 

Slate Loans weakened, showing 
losses ro FLs.0.50. 

GERMANY—Shares **re in¬ 
clined higher, led by the Motor 

MILAN—Generally weaker after ever has 

airly active trading In Y!*'^ cut at present. 

continuing political i^^rrouics advanced Y30 


of the 
uncertainty. . 

Montedison gained lJ-» 19 L 106 
against the trend in Industrials, 
where Flat retreated IS to L1.9SU. 
Pirelli were 35 down at L2.1S0 in 

SPAIN—Scattered narrow move¬ 
ments with an easier bias were 
recorded. leasing the General 
Index 0.13 down at a new 1978 
low of 92.93. 

HONG KONG—Market opened 
on-tipr on some Overseas >eiling 
SSSrt’SXiS production bul partially recovered 
in Germany last month. turnover picking up a 1 - 1 - *”» 

Volkswagen rose DM 4 29. BMW 
DM1. and Daimler DM1.50_ 

little but 

still relatively low awaiting 
results from Hons Kong Rank 



Ria ns nod Falls 
Tcb. 21 Pft*. U 

Feh. 16 

1977 7' 

HEW YORK-dow Joses 




Fvb. I 



*6.62 S&.SQ <S-- 4 - 4,J - M 


>in-e -.-mpnai o 

&r. ai 



iKiuef iradvo... 




Ne-ir Hlifbs.. .. 
X«f»V . 

• 435 


6 S 6 






















Hi B b Law Hlib 1 


In4u»tnsl...j 7«.sii 7tt.« »B.»i ««-«i «« :g^S 

H'meB'n<t«*| 89.69! UM B9.84- HAlj 89.64. M.7F JBJ7 - - 

Tmn^n...: 206.011 MMi MSAol 209.5^ 207^8; 209.B6; 24<.«4 ( IM . W»j« ■ 
IfMUtl-.j 105.621 105.66] 10S.«ej 104.56] '.J5S, 

1 \ I | ■ 1 

T radio if n'lJ • I i 1 

t 121.690'IB,600 21.670'20,170 20.470J 16.810' — . — ~ 









H i>»ti 



184.52. 1U.71 165.66, 162.90 1M.4/ f 1 7 am ' 
175.19 172.46 172.42* 171.741 iH7.i>6 .19.1.iT« ; 


165.60 i2bi10- 

TOROHTO Cvni|-*-i*e! IM7.6- lOOa.O 1007.7 1002.6 10 b 7.4 .IH-ir 

- 6 i.o faviw 

to Y 1.490. Toyota Motor VIS to 
Y90S. and Nissan Motor Y12 to 

Toyo Kogyo gained ground on 
reports of mechanical parts 
sales negotiations with Ford 
Motor, of the ILS- 
turned lower towards the close 
after a steady morning session. 
Trading was quiet 
Elsewhere, de Beers strength¬ 
ened 15 rents to R5.7S. Platinums 
were generally around 5 cents 
easier, while Coppers were 
fractionally down in places. 

Industrials were predominantly 
lower, with losses outnumbering 
gains by nearly three lo one. 

AUSTRALIA—Mining issues 
were easier-inclined, while Indus¬ 
trials- closed narrowly mixed. 

Coal and Allied firmed 3 cents 
to SA3.90 op its TVarkworth go 
ahead from the New South Wales 
Government, but Oakbridge fell 
■6 cents to SA1.76 ahead of the 

results. Pancontinental lost 10 to 
$A9.80 and Renison Tin 6 cents 
to SA6.70. while CRA were 4 cents 
down at SA1JJS. 

Pioneer Concrete lost 3 cents to 
S A 1.42. but CSR. in Sugars 
hardened 4 cents to 5A2.73. 




209.6 I 215.8 
2B5.6 I 294.7 



2 H. 6 : 


218-7 11.2.78) 
214.4 (AilfTb'i 


164.1 i22/4» 

’ Kasl> of innex dunned from aukusi 24. 


2 i 

Pro- imi-n 
! vlon a ' H -all ■ 

■ ti 1977-72 | 

Feb. 17 

Feb. W 

leb. 5 

Year «ii?> l 4 vl' r "*-< 


In>t. dir. yield % 



U)H- id ltfI7-7b 
Hieh Tew 






Belgium <:• 





Feb. | Feb. 
16 i 19 



I 15 

ffinreL'C'inpilei'n Tl ynmar ie "*i 
Hlcb Lo* HiifU 1 L.-n- prance 

; ln.1aetnai»| 9G.4& 96-S^ 96.94 
jOonipc-lte' 87.69| 87.96 6B.08; 

or 74 -dllli 96.91 I b.rf 99.45 l54.o4 J. 3 - 

■ ! ! 73-1,77. .21:2/761 -U 1:73. ufrvSa 

68.63: 89.04 89.86' 107.00 87.69 : 12o.*> *.4Q 

/j.-LTil | 21 /j-| 6 > ■ll'l.'i-G < 16 .^ 2 ) 

Holland i}P 79.4 
Hong Konp 4t4.«S 
Italy '■„! 61.94 
Japan «=• j ^- 79 
Singapore ^ 264-31 

4=9.31 4ed.26 478.4s 418io 
85.39 95.46 • ».12 

St.2b ’ 96.16 107.92,94.CO 
i9/6> ( 6 / 2 /ifi> 
b-j.5' 62-1 68.4 45.b 

•>7.l'77l «IM‘ 
ti».S 613.6 712.6 
M7.Ui MO'ii 

95^ I &.6 

(4/6i ' (£3'9| 
425.17 383.44 il6<l(7H 
75. il M.-W 
i 61 »7i (22/12' 
3«J5 StO.* 1 * 
2 il .66 243^6 
• lr-2'3? '3 - ?. 




95.93 . 95.U6* IMO/to: >2.85 
,jy.lsr.-- 22 L<e 
5;5.1'3 366.61 ; 

! (22 3. .24,111 
3W.2. c 14.4 i 325.7 ' 

• • ;|4.-2i 73 ii?i 


- 1 

prld Goln—v J ' ' ; l ' 


. ■ •i(c,&54-9.’R4 r ;!< 

New SsOv’ens.i?. 0*2 -f IPs f 
. «■-.-HSMkAtpM-* 

_. {teg9itfji&»y. 

: y.^ ji. 

- OoWCoUW^,- .. ; -vT T .M. 

itmenttb'Urtr' ..L^l 


&twt Burt ton.: .;•/ *•* Y 

. -i • . . iTy the inter- 

The U.S. dollar was sCghfty from-3^2 per «ot. m the inter -- 

weaker In the foreign exchange atonal market 
market yesterdas’. Trading was 
fairly steady, but central baiYks, 
including the German Bundesbank., 

and Swiss National Bank probably 

intervened to support the dollar;.; 

The U.S. unit finished at DM2.0385 . 
against the D-mark, compared 
With D»B,(M35 previously, apd at ■ 

Sw.Frs.L8280 in terms of the; 

Swiss franco compared with 
Swi'rs.liaso; ‘ 

The . dollar's ' trade-weighted 
depreciation since the Washington 
Currency Agreement of Decem¬ 
ber 1971, as calculated by Morgan 
Guaranty of New York, widened 
to 557 per cent from 5.18 per 
cent The dollar’s index, on Bank 
of England figures, fell to 9Q-a 

from 30-8. , . . 

. The pound's trade-weighted --r 

Hides, as calculated by the Bank , 

of England, was unchanged. 

throughout at B3.T -- 

Sterling opened at --. 

1R490 against the dollar, ana stoiins;- 
touched a high point of SL94So-_ u». doi^r— 

1.9495 in the morning. P° UD jJ 

was steady at Belgian »m«- 

lunch, but fell to SL9420-1.943O in krone, 

the early afternoon. U closed at jj«uascbemarfc 
•SUSSmSTa rise Of 30 POnU jrtiaM; 

on tb® day. _ Italian 11 m—.. 

Gold rose 51 to SlBl-lalt- Japanese yen. 
krugerrand's preituirm over its krone 

gold contem rose to 4.48 per cent..gpoin 
from 4.07 per cent, for domestic.Sw-rfbhlkrone 
delivery, and fell to 3.10 per-cent. w 



Special . iiun®eaa 
Drawiae. , Uou p?. 

rW* - - ** 'van 
Helic-IarV ail 



1.36896 . 



6 .8085 9 








5.6S254 ■ 


ref«rjjaty 2 r 

’- •• - ! Bapfci - ' ■ ■ : ' 

■ ".fa* [Kwj : r a &£L i£'£ 

Mnntreaf.- 1: -TWA.’* 


: 39.8143 
6.99858 ' 
1063.28 . 
897.01 L 
6.79352 ’ 

Ma d ri d _ I . 8 

II Uan-.-.. 

r*rt*s . ..I 

Btockbobn J. A. .. 

Vienna.,—K 6 »«l 
Zurich_I- 1l»l 



exchange CROSS-RATES 

tRates »veo are 
Financial Crane , 

.... - 

■ OTNlRMWniS'i.' 

'. •* •' 

. AifflSotina.j ‘ " 

r*T3c 1 riMUkiui 

|..\ru Vorfc i WIH‘ 

_ ,. _ _ , ojM2.ii i 42.42-fc2-. 

FtBUKIIItl 1 _ . 1 i,-. J-j CJ, 


-i i JC Ot’l *7Pal 


Heart* ._.- r -47j«3*r46 

- ... - FUrtoad.-! l.W<. 1 b;./ 8 w | h . > 4 , 


6JL0J-I0 ‘ - i 4i7e-ffi5 | Iajrtwnb^.S2fi»-efciyS^^-i^ 

L'.s. s in bi. *=111.73-77 : 

n S in New Yort = ® a “ IB - 

W*fnr Feb- 2 L 


Feb. iC 

/. 1 !!-*• UUI 


Himuc* «ud o»« aaum ial« oas^ »«lu». 
(Ou es<-«w> INYSR All Cnmmoti - M 
si anna ro- ana Pour* - in «(« l 
3in.i.uiNi (he last named tusefl nn 
- KiUunme Dunns 1 aim innuonaU 

* 41 HI inn* a" Uulttrea. Hnwt* «« 

■si rrartsoun. ‘H 1 Svdiwa ah Orn 
. Ii Brt-1.1. SE 31/18/93 ■ - • onwmu-eii 

sf. 1‘1 n mi Karw 0 our«^ 

* :;i Cmnmarrbanlt Dec.. !M» •:«* wn ® , “ 

/lam iwnunriai IKU Him 

EUllK 31 . • <i'l • MlUnV-1/73 Ml. mj". 

* -<» «f 1 , • m smns rtme* i»« 

/rTcm- -irtlrtro <F W/lJ V7-«.sF 
amt <n-v K» l«> onl? ,r i? 2 ^g 2 J 
/n.luatnrt l-l/SH «»■<»■"* f* 1 ™ 

•mi '•.narat1n»t | - 

NOTES : overseas onces sbowh oeWw 
exclude S Dremium. Relslao dlvtdenrt* 
ore alt-r viihiuldina tax. 

« DM3n rienorn unh-95 otlierwtae Otatefl 
V Pias.SOD nenom. unless oUverwise stuiea 

* Kr-lfln rtennm. oniess olfterwise stand 
f-rsjwi iienarn. and Baorer snare* 

unless otherwise plated. F Yen aO Cennm- 
rnileas oilwrwise stared. 9 pno £JL , ..^ m, ' , 
oi suspension, o Florins, h ScnllllBas 
Cams, a Dtrtfleno a/ier oendino n*ms 
and/nr actio issue, c Per share, t Franca 
a Gross, div. 'i. ti Aasumed dJvtdend afrer 
scrip and/or nahK issne. ► Aher local 
loses, m *.i lax row- " Francs: indudlns 

* iriiiar div pMorn o Share son:. t Olv 
amt view exdurt- special naymeni. t ituii 
eared div » UnoWdai tradHiB •> Minority 
•towers oniv » Merger p-ndng. • Mfcg 

BW l Traded - Seller - Assmned 
sr Ex rictus *d Ex dividend «E* 
serin issue, xa Es alL * Interim otnee 


— — ——i- 

tolK-rt. lerut ... 
i m 4.a*l 

Alooib.. 1 

Throe monibi.i 
Six moaltas- 
One veer.. 


6 t 8 Jl R 



b 30-633 < 

B*i-7 3* 
bi«- 73* 

7?jr- 7 ^ 


' l 6*»’-7 ; 

4Ig-65« I 
7J8-/5S ■, 
7»a-/ - *a i 
7T 8 -8i a \ 

O under* 

felnoaporo—’ 4.60i-4iU 
fi. Africa.. 

U.9. — m. • 

I'aoada..,.,- - 

(iiu: _ I - . 

b.d-eemw-, 3BAMS-^fVV«coaiH»^i 

Kaie given for Arsoattoi- to a f 
ORlM , \<-.C*rmaor.... . .7 

^ forward rates ; • ^ 

514 .b^s 

i 8 -L 
ip-> 4 . 
■ tis 

Coe tv 

4>«-A2a _ 

314 - 3 %.- . ■ ■ ■ ■■ _ 

5^*1» i. Ne* Yorti/Q.w i^WTOpM- - 
3'ip-o% " nJM9 

^ l ^.rOr.; 

— - - Madrtd-vV.iiyMMJc-dia?. >1303 

cent.: one year 124-121 per cent. 
Lone-term Eurodollar deposits 

Si-Si per cent.: four years if-S! per 

The rollovilns nominal niwWwan> ■“*. ^5ondi'r:«-7^5 per 

one-manth 6.90-7.00 per cent.: three-mamn 7.1^-■—> per GHiu^wnm . _ . _ 

cent.: one-year 7.75-TJS per cem. • - r ~ZuHehLl..'. ! 2%-ge : i , .-'ppi'^/67|^ 


days* notice for sulldera and Swiai -franca. _ 

VWnaa.;|tr- . ero 

C-monpi - O^tW.TBt: aun- 


Price* [ + or;Plv. .TltL 
Dm. -* [ % % 




Allianz Varsicb.. 

,„v_ S P«m. at .12.60 .0 i-Ki% IMJJJ I **•/- 

69.7. — 

494 - 2 '*18 

Effective rate (at 1-8480) (37J%) 















Abbots Lab*.; 

Ad>lree*rarapb ... 
Aeutx Luts xCawl 

Air Product. 




Allegheny Ludl.. 
Allc^bMoy P-jwer 
Alltel UbVntical..| 

Allied Sronw.i 

Allis Chalmers...! 

A 51 AX.-! 

Amerada Hew..-I 

Anver. Airline. 

Amur. Brattils 
Anier- Bnadeesl.i 
Amt-r. C*D .—.—-1 
Amur. CyaxMmld| 
Amer. Ek-?. P-w. ; 
Amer. Expror.... 
Ant-r. H-jmerrM' 
Amer. Me-liuil...' 
Amer. M-.-T-’-rx .. . 
Amer. Nat. (ini.*. 
Arner. Standard.. 

Amer. si'ro.* 

Amer. T»*1. A Tel.i 



A 'I P. 

Ain^tr. . 

Aiti-lior H'-ckuij;. 
AnliCWvr Jk>*vh.. 

Armv* Steel. 


A-^nt-ra l»ll. 


.V.liion-IOil.. . . 

AM. KlelineM. 

Aui" It*ta roi... 

A»"D Pro-luct-.—i 
llatt.Ga» F.lfr-t.... 
Bank Amerim..... 
Hanker" Tr .N.V. 

Barter Dll. 

Hourt'.-e F.»d„ .. 
Hc-ron rU'-kcnnen 
Hell A Howell.... 


Benciiet»:ons -P. 
Hetlilelirtn steel. 
Bla-.-k A L'p-ker... 


H-iifv i.avxde. 


H.-.-K Wwiwr. 

Brill 1 ? Im......... 

Braw.-en '.V,-- 
Bnsti-i Slyer,... 
Hrit. Pet. A DU . 
Brro-fc-a v Llaas.-l 

Brunswick .. ! 

Bih-ttus Erie. 


Mui'-rs 'I'alrti ... 
Furiingti'O Nihai 

Cninirbvl* »v«ip—« 
Canadian Pacific-' 
Canal Hnailvdpb.. 1 

Carnal i"D. 1 


Ijirter Ki'ilev 


CBS .• 

(«i*ue«ci./irpn . 
l.Vniml A IV. 
Certain reed. \ 

M retail... , 
A. aa---ManhatiAO 
Chomiittl Ilk. N7 

L aeeartiiuh Pend.- 
ClMsote Sptem-.' 
i.biiuiiu Brills*... 1 

C'hmnallu.v. 1 

Chryvier —., 

Cinerama .. 

C In.-. JIiIkmu.../ 


Cities semee.; 

City lmesting. 

C-.w kola-1 

C ••Urt Palm..! 

CuIibj Altman.,.| 
-Ilj: nN« Cos.... t 
•.••luintiia THi-i . .. 
C < 1111 . i iwL iuiIA in 
«.iinil«i»il' , u Enu. t 
1 . •init.wl'-n 
i.'n'’»*iii l-rti^-ii' , t‘lb Oil Mel- 

.. rkiellit,*. 1 


■ -if 1 «.. 

L -I.h .11 

















36 L, 





60 ip 



24 5j 
12 lo 
26l £ 


"ii ' .Y 
1 ,... 1-1 F--1- . 

1 ..•)«.•. JCei. ((»' . 

1 .•-n-■(•lie: P--'W 
1 . ■-niiut-iiial trrf- 
C * *11.. 

i. •■■itnun!*! Tele. 
i.k .ii ti- Ikle . 
Cub)Mer Iblvi. 1 

447 a 

21 1 

25 k 
17 i 5 ' 

20«e * 

15is . 



29 la 
26>. , 
10 i B : 
15*o ‘ 

30 .Ss 

26k I 
143. ! 
163* | 
32-Hi , 
37U . 
32 - 

J47 E 
io* a 1 
37 ; 

nil ; 

15T„ , 

4954 1 
43)4 ! 
381s ! 
15L • 
207 4 I 

: bias 1 
373 ? : 


- 20?* ; 
' 333s 
. 43 L 1 
1638 ! 
121; : 
21 ; 
183; ; 
1914 , 
393« I 
10*4 I 
38 I 
I&I 3 1 
32 - 

153a ; 
27 it , 


34 . 


15 k 

59 14 
10 -M 
32i 4 
363 a 
I 8 S 4 

I 6 I 4 
26 .£ 
20 *" 

I 6 L 1 






44 J 4 


21 U 







337 9 















52 >4 
151 b 


2 BU 
43 5a 

CnrnloaCl*^ . 

GPO lat’n'ii>Hiaa 

! Crane... .. 


Diunminr Engine! 
Cnt-W right-. 

25 ia 
32i e 

44 S-, 

Dana.—’ 21H 

Dart Indus*ries.. 36i* 

Deeo. 23*; 

Dol ilnnie.. 93ia 

Delrona.• . 6*4 

Denuply Inier... 17*8 
Detroit Ediron... 165® 
Diamond Shaiurk; 87U 

Diutaphime.— ll'H 

Digital Eouip. 39*« 

Disney /Wain— 327 b 

Dover Cropo.: 39 la 

DiiwC-bcaiiroJ....- 23*« 
Droawr- .3^4 

Ely m-v Industrie*.. 13 *a 

Hngle PUrber-' 16ia 

Ebm. .VJrltne*. 6 *a 

Eastman Kodak... 43** 
Eat-va.' 3^^ 

- -Ic-bu> MauTille.. 

■I i'll mm J-liUK-n 

__ ^Julinwn i.entroi. 

243b ■ J wSlanuia*-4ur"c 

29*4 ! K.'llari Crop. 

32 I KaiserAlumini'nf 
17 1 Kaiisrrln-tusrrie#. 

j Kaiser Steel. 

: Kay. 

J Kenorvti.• 

1 Jverr Jl'.-tiee. 

j Kjdde Walter. 

! Kimberly t lark.. 
! Keppera. 

- Kraft. 

j Kroger Cm. 

1 led S tiau.#. 


E. G. * C.. 

El Paso Nat. Gas' 

; Eltta. 1 

Eraorw -n Elrouvr 
■ Emery AirFr'Iaht' 

i Bmbart. 

: F..M.I. 


| Esniark.. 

j hih.vl.y. 

j Exxon .:. 

• Fairchild Camel* 

1 ‘ Fed. 1'epC Store*. 
Firesrone Tire... 
F*t. Nat. Boston. 

Fles .1 Vau-. 

Flint so* e. 

Florida Power....- 


F.M.C. -. 

Fot- 1 Mot •'i. 

Forem-tsl M-jfc.— 

* FtltWlfl.; 

I FmnUiin .Mini.. 

| Freeport Mineral. 
! Fruebauf. 



rjanneit. : 

Gen. Amer. Ini—: 

, G.A.r.A. 

] fjt-n. Cable ——. 
j Gen. Dynamics.-' 

I t»eu. Klearles. 

1 General Food*..... 
j licneral Mlllr-.... 

1 General Motor,..., 

| ti eo. Pub- lit il— '• 

}f«en. Signal. 

I Gen! Tel. tiled... 

, Gen.TN-ro.- ' 


Georgia PUcitio ... 1 

Getty OiL. ; 


fioodricb F.F. 

Goc-iyear Tire.... 



r,t. Arlan FicTea' 
(iit.A'-nh Iron... 

. GreybouDil ... 

383* iGnlti:Wwte»o.. 
15*3 j Gull OH. 


Hanna Mlnlmt-.^'. 
fiamtwiiU'gro .... 

Harris Ci-rpn. 

Hem/ (l.-i. 

H euble lo. 


317 6 

20l a 

19l 3 
36 *b 

fall i liiKcro.d R/uid....; 
?? As ! Inlaivi o'twl ... 1 

IBI 3 
30 U 
38 73 

16 : o ■ 
31*; . 

20 ss ■ 
29 11 ■ 






37 :. 

445 4 

36 is 
27 Js 
57 s* 
251- . 
82-b - 
24 =1 
271 t 



13 It 
24 (i 
687 S 
36 i; 

36 Se 

Saj- ; Liggett Grour- 

Sft ! Lilly 1 bin. 

- 1 - Litton lodurl.. ■■ 

| Lot.-kbeed.tirer’!t 
j L*/ne Otarlnd*.... 
I Is iny» I -tlin-i Ul. 

j L-iii-iaOs Land.. 

; Lut-riai.-/. 

> Lii'-Uy *jivre». 

(L'ke»Yi:tiK-*i wn 

‘ Ma-.Milian. 

Mary K. H. 

Mtrs Hanover... . 

\ Mai».-o... 

Marathon nil... 

1 Marine Mn.iand. 
Marshall field ... 

13 ig 
431 2 


1 Reynold* Metal*- 
. Kevneldf IL-I... 

' Kli-h'vn Merrell. 

: h'-i ku-ll Inter.. 

: Robml- Haas.. 

i IWvai Diiti-h.. ... 

j HT K. 

! Ru«« L-t;-. 

. Kyner ojratnn.-c 
; >aie-say .-store-... 

1 ;?t. Jne Minerals, 
i Si. Kt«i» Paper...' 
1 sania le Inda — 
: naui ln>e*t. 

• aaecm In-**. 

: rich lit / Bie'MU". 

; S,-hl nn:t-cr-^»-r. 

, Si.: il. 

1 Srou Paper. 

1 swill Mrs.. .... 

( iLtiiir' In."r ' #-'i 
«ea C-ntamers . 

• swgiem. 

1 s-earle >G.U. 

• ^ean ffveb’. 

19i a 

29 U 
44' S 
2b i 

30 1 a 


357 B 


247 5 













24 t* 

' 24T a 
■ 25 7 S 
. 131a 
241 1 





1 ' 

. May Dev* • 6* ore* 

; Me a. 


Mi-Dun lie** K-uii 

' Mi.<«raw Hill ... 

j Me more ^. 

! Me:, k. 

* Merrill L; iil-j.. 

, Meat Petroleum. 

: mgM . 

1 MmnMlnaiMtj. 

: Mobil Cv>n*. 

: Muntatitv. 

MorgauJ. P. 

. 'Un-nun. 

; MurpiiA-t*:!. . .. 

: Sal'irt'.-. 

; \‘aioi Cueniivai.. 
1 NaU'<oai Can. 

**B1NA* • • •• 


nil .. 


1 ran;-; 





••-tl e 




1 Klim 


■■n .. 

Hewleu Pui-kard 

Holiday Toni__ 




H/«p corp .Vmer., 

H. siistnn Nat. fr*v 
Hutton iti.F.j— 

I. fi, induslries.-; 

I N.V. 



33^a - 

10 ; 
lit* | 

35*« ' 

64l a 







10 ; 




54l 3 



Am. D-.'iilIrri. .. 
N. 1 I. Wtrvu.e lLid. 
Vatn-oal =:eei... 

Vai i>. 


.ver-iuue J:r.?. 

: New England K . 
New En^-jud I el 

1 Vut^ai- M-.-uawk 
Niacara S'uai-e. . 
N. 1.. I Du lid Tie- . 
1 > ■inelks hVsi*-m 
N.,rth Nat.Ga, . 

■ Ntnn Mate 1 I’- e 
7 ML west Airlines 
! Nih- est UanL-jt?. 
, \,irt<>a 3mmn ... 
i>s- 4 .iental Petrol 
'Ojjiliv Mainer... 

J Ohio Eiiiw-n. 

I Olio.. 

/ i.'mn* snip.... 

' t'wen? t-ormne .. 
i Owens lllin.d-. .. 

I ftfiii-- Gat. 

j pjejic LuhtlOrf- 
iPa.-Pwr.A 1^... 

1 PanAmW.-rl'i Air 
: Parker Hanniiic. 

1 Peaboily lui. 

J Pen.Pw.J. Li. 

■ Penny-I.C. 


1 Pennies Drjg - 

| Penplr- Gas. 

1 Pei-aicc... 

"■-..Ilin nit K-l. 

-•MU lid U ■.••. 

-ttiu. Na'. *;<■• 
-.nil her it Pa--i(i- . 

**. --j| ;<l«s . . 

- -'t J.lali •! «•»*. 
-j-iri Hui' ij.. 

Vn." l7-ijd. 

j >-/n:5- . 

.=!Kil l"l-t k’ftnd- 
• J*d. , . , in. n|il.*re;a 
* 11 . **.| lu.ii-n-.. 
‘ *tu. ii.l •••Ii..-.. .. 
-• .It • K-pd.-a'... br.i^.. .. 

w l iflttw ,<-•-. . .. 


M Uie-. . ... 

I >• -I --1 . 

J.-kt .>-01 . 

. Tei*-i» n'. 

; l.-lvx. 

T'-nts .. 

201 ; 
30 1 a 
29 ij 


131 E 



3tJ? a 












24 1 j 
35 *- 
1 1 


Cb: t 

161 ; 





i 3 : 

25 U 
37 j; 
J3 ’t 
3 3 Jr, 











29 *4 

55'. a 
11 r; 
36 '■* 


201 1 

20- 4 

21- i 
24 J* 
52 7; 
I I 

18 1 - 
4~ 17 



16 i 








175. 177, 

0-4 0 S * 

44ag 447, 
151; 16 

121* a 

f.rreaK 4*, l^*'> f94 t»4 

C*cTrw4i«.-'iiF .815: . ten* 
* L’.S.9V Day bill#. 6.46?„ , 6.42* 

Wool won li 

: Wylv. 


j/jiiela. .. 

1 Zenith Ifadi** 


140.6 .1 

139.6 -0.4 
290 1 —O .6 
323 .4-0.2 1 

215 ;.. 

230.5 - 1.8 ! 

80 -1.7, 

314 -1.5 

270.5 — 1 

165.5-1 | 

311-5 -1 ; 

148 —4.5 ! 


Abitibi Paper... 
Atp*ii— Katrlc.. .. 
A loin Aluminium 

, \i«i-niB Si eel. - 


1 Unnhi-i Mvntieai 

, Hank N'.-va c-_._.| Ih 
U asie Heir-ill 1 .-:/-. 
i Hell Telvph'IN- 
How Veliev ln-'s. 

BP Canada 


Itrin-.-s.. . . 
i.»l;«rr P'swf. .. 

1 . <m|tu Mini—.. 

1 a part a , en-...|ii. 

1 auaila > WlAli'i 
1 .an liu;.Hnki..-iii 
, anartn Inrt-.i-.t 
1 an. I'aeirie. 
i. nu. I'a. ::n- ln«. 
Can. Sur-ei '*il. 

t k, im— 1 »' K'.pi- . 

Lar-ia - tsln.ri-'-. 



ISig ’ Interro-DI. Energy' 7 _ 71- 

27J, i IBM .' 255'* 266 

21 - i fnil. Flarom—...... 19i| 20 ia 

32’; ‘ !n»t. HHr\t-t«.. 27:, 27i, 

B>t 1 1 ml. Mir A them 38*- 38^* 

19*: . Iinl. Multh'/aaiv.. 201* 20-j 

2C.-S ; in.s. .. 14tv ja-4 

24.V, • lull. Fniier. 371; 37'; 

3SU IFf. . 27 *v 27'g 

22rt •tin R-i-ithe. 10', 10 

30J* Ini. Tel. X lei... 27** 27 * 

27'-; ‘ In—m . 1 ’* 1'« 

15 . (■—a IV"I . . . 29*r. 29:.. 

25 ?? ‘||. Iniermtirtnal. 11 .-* lit; 

411* 1 Jim Waller........; 27 *2 ' 28 

Verkin Elmer. 

! P« .-.- 

; Ftl/er. 

1 Poelp? l>rtSe. t 

| Philadelphia Eie. 

I Philip M-'n*. 

| Piiilli- Peind'ir. 

[ Pli-t n-T*. 

I Pitney B-’wf.... 

, Piif^ron.. 

! Ple.t.e.r U-i A DU 

Prtlass.-I'l . . 
I'ftanu-*-.. . 
PPL hiduftrie-. 

. Ptro-ttr Oimti* 
Put- st-r-e h:*.t. 

Puilmao . 

t'-ire- ... . .. . 
On"-:- V"!-. 


[•'art*:-.' r. 

KVA ..... 

liepus 1 —^ E-cei...., 

, Te'r-T’J Petroleum 

1 «:«*•.-. . 


Tel"? Instill. 

resoaOli A tra- • 

. les*» I’tiiitie* ^ 
Time lHe . 

• Time* Milter .. . 

1 TimWcn. 

• Tr-aoe. 

J IiaaBmerifa .. 

. Tnnw-; .. 

r Tntoa Loi'-’n—. — 

' Tnnnnv In*'nil 
j Trans M’nrld Air. 

_ Tr««Hhri- . 

I Iri Cent menial. • 


, Min Lruturv Fro 

! I AKMU. 

I L‘i.11. 

•UiP . 

, I'nilexw. . . - 

; 1 ni XV. 

; I'nion RaDfip... 

I Uni''ii Carbide— 

, L'uimu C-.-i it inert e 
l.nivi Oil C"in • 

1 Ldk-d ilic. 


; I'nited Branus.... 

i I'mied Lroy. 

; bani!<ir|. 

i V¥.b}iw»n. 


‘ L S. steel. 

L . Teehnol-tji—.. 

, r;v la-iusUit'. 

VirirnitB Klft.t. 

• Malgreen. 

I'nnu-'-l ••111 !iiit.. 
Well- Fata-. ... 
W«-;iiTii Hnn-'-r;- 
lIVliiii| A . Anier 
WV-ivn I.’i.i- -ti 
We:!...J.-/ Kim: 


IV* ■ el .. 


Viilie 1 ■ -ii . I ml 

It lll'.mi. t ■ 

. IVistdiu.a Elta.7. . 

43 s; 
121 : 





14 *-1 





7 >i 



24 j.- 







25, 5 
46 i; 
22 >* 





16 J. 
29 '4 








23. j 

30- f 













22 *. 







30 . 

24 s- 



20 1 

1 . Ii-i-am .. 

■. • ■:■■■>■*-■ 

1 -u-Halliu-si . . 
1. —P-'im-s 1 .a*. . 
v-'*eka [I'romm-* 
l....|i«ln |fti-h. 

IVnm-n Mute-. 

1 1 --me Mine-. . 
U'liin* Pislroleiiiu 
I ■ i>i >•■11 Itn.liiv 


[.Inf.-Ill . . . 

FaI lvI' HS Xu kmI. 

I > r«l M-t-r l hii.. 

, /n-lisMi . 
l.uinl Ici.ttkiinr 
tl Mil Oil l.ltllBila.. 
H*« Cvi Sid. i.aii. 
H—iniiu-rr .. 
H-iinr Oil ■%' 
Hu-i —11 Hat- Mn* 

1 Hiulvii Hay. 

1 Htuison Utl A t«». 


I ijiae.-: .... 

. hupeiial Oil 
• lusv . 1 





241 3 

19is 1 
6 sb 1 
54 - 

15 1 


























• lodftl . 

Iulap-1 Nil. I.t.i*.. 

. In-'iiKrPii-eldMv 
hut-el lie?'-in 
, Ijiunn't Fm,.«T|r 
l:i!-law C--m. ‘H. - ' 
tl-‘m*H"n Ul>»-'1|. 

, MuKenpiwiu 
Mi: Inter-. 

aii.ii,’ l.:if|i|i 

] N-tuiidH 'Iiiip* .. 
v.-i-vn F.nei^t 
Xiliu. lelwvnt. 

Vi in, hi" 1 'll k 11 "- 

Oaknia*! I 1 --: 1 "lit. 
Pfteilii.'i.-pjyr M. 

Pan. ■-an IV-i'::i. 
Pal tiro . .. . 

1 P««i|il»'- Dejil. S.. 

I I*'«ih. tj. a. Oil..- 
! PlnrorlteTci-'i-ini 
: p. is ^rt. -rr. -rai'n ‘ 

1 Prise . 

, Onehce sturt-eisn 

, l!aiijier Oil. \ 

1 It-au 1 ih«’s. 

[ Itlu Alt-n,. 

! li-ValUk. ft L-rnt.: 
: K-va I Tru-t. 1 

' seniiinm". 

-lull Cftiiai’n .. . 
-liurrill Mines 
-iet«:ii- O. 0. 

■Hinirih'n-..-. . 

-I"el Caliana. 
’■liW K» k Inin. 
Ti:t:i-.- t. aua-la 

1 ..-Tillli- I Ji ■III.Ilk 

I ihii-i an P 1 pd .11 

Tiftu- Mfiim 1 Ills 
I I'l.-IH - . 

1 . in- -ti Iihk . 

I ••*. ri'.'-i- 'Im»- 
it ail— H i-«i;i. 

i...«,j It a.. 
M-Vll-fl llt-I. . 

10 H 


3 30 

25 :, 

17 V, 
















39 1 * 

9 : 
71 , 
32, t 



6 V 

53 V 
2 Ha 

10 ” 
25 >« 







. 26‘ft 

2 S*j 

• 1 S 3 » 


17 V 














10 <: 




101 ; 












27 »S 





14. a 
23 V 
:'«i.3 L 
7 10 1 * 


7 It 


Bayer, Hypo. 

Bayer. Veneutst-k 

Conti (inmm,. 

Daimler Beni. 



Dented,* Bank-. 

Urvedner Bank.... 
m-CKernnH 4etut. 

tiiitebonDinuE.205.5 »S. 

Hapac Lic>yd.....-.| 113 1 1 


Hiieohst-.— ' 



IvjtH unit sat/..—.: 



hiivanerUm ItA/. 




Dmenbeau iCv...... 







257 -^4 
130 h- 0.1 
46.4i -1.6 
159.5 -1.5 
299 —15 
94 >1-5 
178-5 + 1.5 


246.5' -3.5 I 


111.8;+0.7 1 


Mannesman aJ 

; Met allies..—j 

Muncbener h'uek-J 

Neckennanu ..[ 

Preuioait L»ro lUi-i 
ilhein'Vefi ti>eci.i 

■stJaerius . \ 


, ftlltl 4tH.-tier.• 

wen ... 

aria . 


eiem*'Ve»t Hk • 
olka* a*w(i. 


i 1 r+oed. 

r K.rt : ynt-ec 
1 New stock. 

197 I—3 ! 
173.6;—0.5 , 
254 '+2.5I 
630 j—10 ; 

111.8 > 

259.2 _ .; 

300 -0.8 1 

352 .1 

125.5 +0.8 l 
1B5 .— 1.5. 
118 -0.2; 
303 ' -1 : 























, * Price* • +.«■; Div.trw. 
; Yen . — % 


Asabt *itaa».~-.... - 



Chinon...._ 1 

Dal Nippon Priori 
Fuji Photo——-.1 


Uuoda Motors— 










' + 7 ' 12‘ 
•.• 25 

+ 6 20 

<+l i 18 

>21 I 15 
i-5- | 12 

_> 18 

















. w; 13 
1+10 - 
U 10 10 

I -2 ' 

+ 70 1 
+5 1 


1 . 

+ 12 


>30 ; 

duuw ju*wnh... ;z 

HouwFocid-l.l?0 |+70 ._36 

c. Iroh-_ 810 !-f 1* 


.. s.a/Jocra - 1-555 

14 : 4.2 j J.AX.-"i?' 72 ? 

20 ! 3.2 1 KanaalKleCT.PwJl.040 

20 ^.OjKoinauu.315 

4 | 1.5 j KuMM278 
12 I 2.91 KyotoCeraTuic.-..'2.570 
12 | 5.2 j Uatauabita lDd-.| 

3.2 | MitBUbwJubank..! 

Mtlaubichi Heavy; 

Uitaubidhl Oorp-i 
Uitaui 4 Co-- 


Nippon Demo*...; 1,190 
NtufWQ Shlnfen... 640 
NuauMoton —1 808 

Pioneer ..-...j 1,320 

aonyo Kiectrte.— 1 , 203 
bekuui Prelab—' 879 


Bony-.:.-. 1 1.780 

, l'aubo Marine-' 245 

3.1 J fakods Cbezmca 327 

4.0 i-DK._1.490 

| l'ejiu>.. 114 

, *' # i LokK) Marine .; 493 

• ’’ I loktoBiet-t Pnrr'r.-l.llO 

. 5'n| lekyoaanvo- 1 250 

* 2 idkvoshihauia...: 124 

20 1 f- 81 toi»_v-; 122 

17 3 4 t,,vntl1 Mranr., 90B 

14 I |"a! e Snuire MMtn Secuntiea. rwtyo. 
12 ; 5!o 

20 3.3 ---- — 




■;+ rr 

Ann. 6 1 — 










10 ; 4.4 
11 1 i.z 

8 i 5.6 

ACM!L <& 5enri.:.i...,->' * : tOriO ; r \ 

Allied Maui Mg. Indus 
Ampot Kxploratifio™— 

Ampcfl Petro Wum , — 

AaaoA'MiMSato-i--10.70- i ; -'+- 

Aaroc.PoipPaper • W..J. tl.10 ,.i+8.W 
Assoc, ttoa. IxMiaatnes—. | - 1 1-2“' I ■•••" 
Anal. Foundation tavert ... tl.OB 

AJS'.L---—i-; tl.45 :+0.K 

—^-r-J .■: 10,42 j-O-W 
Aarf. On A Oaa-10-5r 

Bloc M«*i lod.. 



■HonflAlnvlllG Copper_tLOo- 

Broken HUI Proprietary -if- l®"?? " 

BH booth..-■—f 4it9‘25 

Uoriton United Brewerv.-; >#1.85 11 

IL J. Owe*-—:-—f' il-OO 

OtSHtfl)-— ta.73 

Cone. QoMfleMa Ana-.-;-. • 



ti i 

■—10 I 
'—1 j 12 i.2.4 

:_i - - - - 

: -i 

io; 4.0 
10 > 4.1 
20 1 1.1 

Pe-. 2'J 




Umtolner (81)— 

Cohaiac Ktattoto — , 

Cotta in AiutraHo—, 
Dunlop Bobber (SB.—■ 

BMftr rifn i rJi _ 

1 LZ. Induitria*. 

Gen. PB u pe ria - Trial — 


LC.l. AoMairila-- 

j ennBmaTndugtrfw— 
June* IDavtd) 





. 10^9 

.. . i'jPrua . 

, •; -Tab, g • ■ >;• - %*“*■«! ; • 

' ’los! 

x»9. (+0.05! 

i B«yasnf«f’...l 1.08 [+0.01; 


LoiiaA^nCT. OF>- 
Pocmb w 


: VoC Crdtumi ^Sh«**ff 5f 
. ■’ Saarce: Rio de Janeiro 1 

.V . ... -- •! . 



Feb. 23 .. * ] Kroner 

a + -?, 

+a.04T‘ J ®" i * , : i 
-0-03 ‘ 




Lennart OU-"—| 

iietmift Kxptaauoo-— 


Alyer Bmporiom..— 

____....- 1 

.> ictv>iaa I n tGruarional..—; 
AiuKfcLBmten H’dlneaJoOci 

Oakortdua.'~k ->———~i 

OQ aearclr:_>. —J 


Pioneer Concrete..:.j 

Meekicc & cm man 12.— J 

H. ti. aJei«b_„:--—[ 

Miiblmii Mminu. 


• 11.80 

; tl.07 
= 10.17. 


Km -D 




■Dtv-Tw.ii^; - u™v: 

. 1.1 it->>3Ji. 


ain ank^t I.iw.'- 
AM 6 V tKi.lui... 

A. 1 ltV*>flk-F'.i'J> 


Atiiiriu r+tt+r»»ti' 
fci-e' ier iFiJfl/i... 
t-.imut^.l .Bearfi 
iii.A.«*ni I -ll 
-i Hi<«aite'lFa. 
Helnekru iFiJioi. 

HoKKiweiai FUC'-'j 
Hunter t*.iF. rtXi; 
.H.t.. Hvitai|.i.. . 
It CM iF.KAI. 
lit Mti'iOi 
.Niuiiiirn iKIiy... 

.l^«Url>.ll'•.K , 
.'e>t.MulBft‘F"ri " 

•-K-e (F'.AIi. 

*»n V/bmertn... 

ritkhoeti it-i^aji . 
Ptiuiir. ir'i.ldi.. 

KijnbchVerr 1 . 1 W 

KnijeiaiiF i.otll. 

li-Nliiijt 1 F 1 jC'i._ 
lit+cmo* F* jOi... 
ISnrt ft* Dutvfa * KliA.' 


roHVI'P*.:' Hld-tS. 

Uiule'vr •'► l.c!'...' 
t iKin^fies.Inl.J I 


Dt|. Mm. t*tnir*... 1.420 

Oekert -b".1.735 

'~1 « ! t-.B.U. Cemem ...'1.160 
•.'wm ... . 369 



’'S^ : I’r' Not.2,420 

-®-S ??■» %■ 'S.U.b. lnn/«Hm ... 1.880 
79.5 -1.0 23,5.8 u « aei l ^.I.gg8 

“ 7 *. £ S’! dolmen.2.555 

G 6 -Z. <3 1 f -to k iilptn >m l.BOO 

265 -4 121 • l.fa . 

139 . 32.5 4.1 i\ ertietlvuk.. 6.400 

62,0. .. 94.6 5.6 1 st Kir,>ie Meiue.5.180 

35.9 - -1.0 22 ■= ’ ' " 

102.5 —1.6 1 14 

90 1 7.9 


1 1 — ; —■- 

.177 ■ 7.7 

],a0 430 I 7.2 

,.170 1 7,0 

•-5 130 6^ 

,—8 '80 6^ 
5 1170 6.7 
5 1143 

•Tatars — 

CHartnony ....... 

Klhrosa : .—kt... s ,;^.-;DS55ow 

KtoaT . . 

HuotenbuT*.' Pfattawn'-H- ’’- 5 
SL.Helen . 

South Vail. 


Union •.CoroWWWfcjS+ga.^ii* 

Sk .tieera. -D^ti^Ej^S 


Free' &ale^SwhafiUtP.»^ 

*»•“ i>!SSSSffiSSp^a® 
-- - : 11:51 

^ _ __Ii.1 B2-fr+O.0 

OorreRaairt - - .‘.BS-Tfijl-L?! 


iiewno-'..i-+-•; 3ia5W2S : 

Kxethtkanen..-~| 10T.5,^-.‘-~ 
NotrJtHyrtroftJ. ri. 1 .184.SHh.J5 
attyebrAnd^...^.i 8 7:60 l-p1^ 






: T j Ln i a. s» i ♦Vweerh'MialruirtjC'eenir.., 

•-J |,8i »'«—+•-- 1 


F«... 22 

Price I + or, Dlr.’YId. 
Fra.. ' — ; Fra. '■ % 

25.4 -0.6 

22.5 -0.5 
14.0 —0.2 

124 .B. 



ueuie 4&.....L.’ 784 ' —0i-.-4ij> 0.6 

7^ [ AxnqueiJauilV-* f 5X6 ..:+.e.S !2J.»f 6.7 

i-tir UquW.245' -1 ' [ 15Ai : 6.7 

. "Sgg ■ Amu 1 tame._319.9 +4.8 u 24. ,7J5 

, _ j.••••* 9 * S'* -IL..-.-i 490 '— 8 ' .! 12,751- 2.6 

6.1 • ran HuMiriu.2.440 -S2.!5, 3.3-amwuw.. ; 396 . :—L- * * 

3-4:^«..3.985 -15 -174 ; 4.4» 354, 4 - 8 : 

. ro Ueii nai^.ie..2.900 40 ,189.6.5 1 c*n«uur J_-1.324 -.t + 4 .: 

1076 B.Ol Urn ne. a iQiw4UB60 -10 140 ; 7JJ ] tAO.b.r_2B8 1*2 

12 5.3 j autiiu.3.000 — 5 20b r 6.8 1 

W7.I 2.4BS !—5 A2M8, 

- } Lntvi'i— tii- «.2.660 —25 162 6 

18'9.9-i-Cb. -.944 , , 

10 . 8.81 viiMiii.!!. hji. 708 ;-2_ 1 60 : 8.5 Cure.:....; 




Baritw 1 ... 

CVA Inva?tiBe«S-; 


De Beers-^ndnaOlaLi 




106.3 —0.2 46.1 4.4 i » iBil-e Munujlie' 1.320 

54.3 -1.1 20 7.4| - 

196 -1 1 20 5.1 | 

155.2-3.6 ! A34I 4.3 SWITZERLAND • 

136-1-1.4 18,5.9, _ 

38.0-1.5. 31 11.0 1 Pttoe | + or , D1 t.,TMC. 

25.6 -0.3 21 ‘ 6.3 Peb. 22 - Fra. ' - 

63.5-1.2 16,- -:- 

163.2 -0.1 ;AZ-&5 7.9 I _ i 

'—18 ;100 7 . 0 fo»iniw....~..^.'.-J 

Pi. nu*fc— . 
eran. OocWnou.ic | 

.. , I mew 1 . 

«r>Er“! tore 1 

— 1 Aluminium„.._.;1.350 »— 10 ] 6 

14.5.4 j BBC -A' .;1.770 J 

- _25 . 

113 . 

129.8 -0.1 14 ■ 3.-.. .. . 

124.5 j-0.7 | A 50' 8.0 1 Cl ba-Cielej, lKr.iUL; 1.300 

243.0. /-O.l. 19 5 7.8 Do. H. l>rt».., 980 .... 

141.0 -3.5 i 27* ; 3.B! Do. Be*. 646 9 

92.5 -0.5 ! 30 : 0.8 ‘ Unefiit auiftse.2,520 .-10 

121.6 -0.4 !A9L8| 6.91 Hrararowai 

40 ■. . 20 1.2 Fischer 

408 —15 < 32 I 3.9 | HorimmD 

“*1 j Mictom **B" -.l.jl.lll . 

; a ft Mntuinw 

5 13 lgS5£r~- 

16: HiS?Sr:i-.’.i 

464 !+7;.;iM6. S3 
VilJk > 2:»H-14.AM3jB4 

- 63.7. e8>.V5JS6. S# 

88 - - 5 




358 pr7.1 

i ' -24 

1.21l9J& 12.7 


teasiaa aggt^ i 

jtaai- wines. BtnsrtM^iys- 
Asanbraoiu _ coiw*ri*ss?*. J 
■Rrtw? •..- r '. 

Suae Hniainffl 

G. -C. 

: state ■ •/.* 

'SA4 Bfietwrirt^^-'-*^4*=-'-- 

fW Se<S^F® 



Pnce "+ or; DivT'YI d. 
Kroner. — : 

**--fin 1 Tn 1 Tk , o 76.91 + 0 ^‘^T. 5 - 9.7 

7 M .*: l -H2 “* s 1 ! |'| I'eufc-eotriJttwsn J 1+** 1.15,1 9.4. 

•l./WJrirti.., 750 ■. 6 1 3.* rtL^.n' 1 " ■ - •K +i’piipk ro : V s. - _ 

3 w.c«i, 88^00 —500660 ; 0.6 840 --I+ 4 . 7 ',' 25 . 6 ,' 7 JJ 

On. jam, •>.8.800 

Iritertiyki .4.000 , 

Je-moii i'Fr.lJUi...l.615 
.Neakie <hr.UiJ.....:3.B45 

Du. lies__ .2.360 

Oei-iikou-B.ti .at 2.600 

,- rei ttnltiuf-j . . . . 

-25 , 55 ; 0.«! Bedpotel-:_^T:v--:4?5A'+B 
i- 100 20 




tost. Afiatu- Cu... 
t Kwn»i»nken „.. 
Fit. Brj'jytener.. 



Nvrl Mel.. 




?npti. hereniifteu ' 

% jPiieiil.sIPlK.Uft) 295 

aantltu. ttr.'&.d..4.025 

7.81 l>i, Partceru..: 620 ,-Z m 
3.5 j sclHralwrVJL»f.ukl 325 —8 
8.91 iu 1 jer m a ti. lOuij -. 381 —6 

t 5.2 j atviBSOir • F-axh...j 860 .—4 
swia* banklFJOUlt 414 -3 . 
iwlM fKe.F^30)„:5.100 -75 

'-5 | 20 
35 -nSGJ 

.3,6}3*»«»'._:.;^....c:., 222J + 

,4-60 1115 1 15.01 Je*n»*uUqM6_.!- - ;B63 U ll->32.'76t 
—3 I 16 !'5il*!*Owm«Bn flraiwi i ,141.11+1^-15.3610.7 
L— 35 j 86’I 1.6TD^4Pr...;»:---.f ff3.8j-f 1JB . 




•BMft tf t e eaw a *! 

Union Bull. 


ls.57 < 3LS 
| 10 T2j« 



. • ’ T'PricefJiPdr 
' FafV®:; '■ \ Kiww j. - 


Zurich 1.900 40: 

A&A-ad cKr.otflJ -. 183. 

Alia Lm»alB{Krt« 157,4-f -I/-: & fv«*» 
ABBA (KrjO)J:.',;; :89J>— 

—~- ; 1 —i "-■ *—•.* J.: v •.; rr^X- 

• •••■•* . ,.U- ■ --'**..'** i ’-'n 1- •. *n 

icial Tunes Thursday* Teb'ruary 23 107S 

ill and 
c prices 
vn again 


'itiei Editor 

Farm census shows fall 
in pig and cattle herds 


‘Cheap’ sale DAN,S * BACON plans 

hits world Another ticking off 

sugar price , Trlr 

rrr-. tor U.K. curers 

wSSrst: *| gjg * ws SSSSsiS? HSggg 

•■“S** ** STtolSS St °^L S V_, 5E HrSS£ aW^S™ 1 Prices bad b „ n bonsl ^ industry a public “One. of our proSTems has 

-—- - -. —" -I'***—, ‘"jmra aiuiuuu lunuus uacisu oaccna in Britain Its 

iu-«-uitu jw iow ievei ichfeic-na n „ than _ n v»»* r«mT- ~ ■ v « “ ‘™ l / " r ~' j"’”: ” 7 . *r— j orciiDiog. i poorly organised and ineffi- the tactics of the competition. Cooenbasen-based narent enm 

s^S}^ ?s^S§fel swaS-™ 'ilS§ r Mf¥S *B£}s££3 

ayaSswfEss^is 'S^SsSSSs 8®£?£KtSS S’S-ZfSss 

, has suspended prodoc- »,«««"‘^HhVrifu* J< *rhJ only 9 ’ 355ra - In 1973. when beld ba< £^ from slaughter and |h ■ , tonnes of lof facts and propaganda yester- alities 1 bacon, which makes a exporter S 

its Sauset .smelter conditions. during the ih e U.K/ joined the Eurooean kept on for breeding was 10_per «*■*•« lb* world market this ■ day about their achievements nonsense of the nricinp svstem ihmit »r ..u. ..... 

market remains un- V^ETSE* Ster of ^ -non a.‘“breeding an early meeting with ~ I p 7 c KILLINGS ■ p - 7 

the confusion sur- her $ , w « down b F 77-MO head Ministry of Agriculture to dlS - um*anged at HO, a tonne. i themselves to “throw the Danes W^INCSS In Denmark Mr DvrW M ’ a( 

eeurrent hearings hy i r£^^i h,r ^.' eXp ^ CtS .i.; t-* f 1 Q i: “ l P er «»*•’ But tb e size ciis s ways of helping farmers . In Brussels the EEC Commis- hack into the North Sea" said L a , 31 %t r J “ p 3 £? er cenl * director of the C 

tecurrent hearings hy I A 8 nc |f Jt ure. - expects the total or 2.1 per cent.' But the size W* of helping Tarn 

sional snb-comraittee £*** d0w V° e , rain 11113 rea L t0 of the dairy herd as a whole h,t b >’ blizzards last week-i 

. , Administration pro- ?w ra v 0re U\vn last " ason . whe " was almost unchanged. The “ It is impossible to make e 

•lease 5 000 Ion- tons °* e hanrest produced a record census showed clearly that a preliminary assessment 

its strategic stockpile “?£_•* • _ 4V> „ 9 lmosX whole of the decrease 1««* but they will he gr 

Mr. Dyrlov Madsen, managing 
director of the Copenhagen end 
of the business, stressed the 
main strength of the Danish in¬ 
dustry—co-operai ion from top to 
bottom. Almost S4.000 pis 

reasurv Secretary in **5? w,u h* strengthened a5 the year, while the number of young may be able lo make to recover}-. TeS f e rdav Dealer*, Itiru 
Stite Hou^tiiter * the green pound beef heifers fell by 17 per cent. 1 shaU be ^preaching the I JSwfrtirtS 

“norolc policy and ? fi Z! luatJt ? Tl work trough ,ntfJ The heavy exports of calves— Mjmstry of Agriculture imme- fSS.5 lower at tliw 5 a t 

immittee farmers’ incomes over the next mainly Friesians going to France diately. to “ lired lluuidaiinn ,h»» 

noted that, at current few months” he saitL - —showed up clearly in the The NFU has set up its own stoiwlom seJllne ■’indeepd‘hv"* J “ lD facL our bacon mark< 

es the US contribu- “ The dairy herd is being main- Ministry’s report rfn the census, emergency committee to co- f ov ,^ r New^'vork markoi (share fell from 47.6 per cent, i 

ily would came t o taincd '’’ be said. More dairy The number of calves under one- ordinate efforts nationally and : n j«j,r s c lo<;ine nrice wi« ‘ 1975 t0 43 per cent - in 1976 wit 

I lO^tOnsS the : beifers , Were bei . n « °" * he > ear -° ld M ^ 143 -°°° 55 help farmers in the. th^owest JorS^?s ■ — -—* «-™ 

^ _ • farm fnr ivgp in thA miikinr* nor i»pnt u/nrolJiit aroac 


In fact, our bacon market ®jjjy sows in pig has risen hy Fj „ f _ be S3id Government 

share fell from 4/.6 per cent in liri* nr . ntf> H in ih* 

!975 to 43 per cent, in 1976 with n “ a 1 modernising factories had in 

only a marginal increase to 43 6 »« 9 h * a n d n ^°“P a " d many cases'been frittered .war. 

per cent, in 1977.’ he said. 8 -M-M0 a month earlier. The au>Hty of b3l . on n 0inf! und ^ r 

He boasted that the Danes had -—“— - the “British " label was damag- 

set a uoifonp standard of mission was unable to find anv > n Siy variable, marketing was 
quality recognised throughout evidence of price cutting simply “bad" and the industry 
the bacon trade. Ess-Food had “except for the disposal of was simply not seared up to act 
invested £13m. in containers, excess stock.”) in a co-operative fashion, 

provided technical advice on For the future. Mr. Bem.sen For example, when cyclical 

aspects of bacon handling, set foresaw- more. beacon .shipments crisis starts to harm the pigment 
the pace with sales promotion to Britain, and in the meantime market, the Danes act piomptly 
11 which far exceeds anything his company’ was aiming to send and in concert to take up ail 

farm for use in the milking per cent. 

worst-hit areas. 

mtribution commit-] 

jonlv a marginal increase to 43 6 
[per cent, in 1977.” he said, 
r He boasted that the Danes had 

SSS; Drought blow to Brazil coffee 

. to participate /ini 

international com- BY SUE BRANFORD- i SAO PAULO. Feb. 21. 

ngements." I 

the confusion is the! LACK OF rain and the excessive Salmon - de Sa. Industry and recent weather conditions, many 

SAO PAULO. Feb. 21. 

Call to keep 
futures bodv 



. seeds inside the beans decay in Farmers in Sao Paulo explain Federation. the Commodity Futures Trading! invested here, since a third of deep-frozen meat products in months, 

avd a most alarm mg fashion. tbe drought has affected These traders say that this I Commission t'CFTCi. 'the pigs produced m Denmark retail and calcring packs. In this way. pressures are 

W£U This statement was made oy most ser i Qus i y ^e regions of degree 0 f damage would have 1 He told a Senate Ao r j C uiturei wer ® l?a,en in lbe Lr - K - and since Mr - Bernsen concluded: “Our quickly relieved and normally 

ic-ad Jose Ari Morales .Asudo, presi- Alta p a ullsta and Alta Arara- occurred only if the drought had]sub-commiliee that the CFTCl S0 ,,u,eh care bad bet * n taken whole industry depends on little damage is done In Britain, 

dent °f. tb e. Tecnniwl Coffee nuarense — tbe leading coffee- continued. At the moment, it needs a bigger budget and more| in nurlurin S British market Britain as a customer. We are on the other hand, response to 
v Commlssum in the Sao Paulo -j^ng areas . Although it has has just started raining in the sta n to do ns job properlv .—especially helping it survive here to stay in spite of any wish- offers of help from the EEC is 

Som 11 £?*“• . Agricultural Federation. ^ een r | ining every da * 5n ^ interior of the states of Sao; The committee is considering. lhe sbocks of the »rly 1970s ful thinking.” scattered, unco-ordinated, and 

rea ‘ t ® rms ' » reduction of this Stare cap i ta ^ 2S ^ normal at this Paulo and Parana. extending the Commission's life when pnces more tban doubled This year, the company plans always unenthusiastic. 

Programme WFP St >2? *£*?£/hSJ l5 ™« of ^ > ear - these regions.' , Jf this rain continues, the wWch in the absence of new!_____!_ 

i i2£ Bmine ‘ WFP) .^rom 8.2m. hass to 4.9m. bags q , l]le unusually, have been suf- coffee bushes will make a rapid legislation will expire on 

1 1980 - (one bag equals 60 ktlosj. fering from a drought for the recovery. In all. they estimate September 30 P ! T — TT’TT’i^ • • j l j 

*s.“*£!5'* h ?th«the«««™mbi«d prob. se L .__.i I.owpt F.F.C pram nviiinrt lew liraen 

that the recent combined prob-. 

Lower EEC grain import levy urged 

juuiuu. ucvcw|jiucul , uacN. iq its • cocee prouucuoo. disease. For 'the beans appear ia-^o pe: 
d-for-work projects, j from 5.5m. bags to 4.4m. bags, healthy on the outside and are harvest 
rammes and emer-'This reduction has also been seen to .be" rotten onlv when cut Manv 

was the first witness at hearings j THE U.S. should seek limits on the U.S. to get improved access he pointed out. He added that 
which are expected to continue j usage of the European variable 1° the EEC g rain market at the “an international commodity 

in TT> irf.lM U ri'h nrivli tdefimAnv . _ Ai irenMi TMlAimutiAntil lA’kant « n + ...kink lnnieiwi eL. 

rammes aod emer-jThis reduction has also been seen to be' rotten only when cut Many traders believed that the w " 1 .^ . testimony j ra port lev>* svstem and strive curren ^ Iniernational Wheat agreement which legitimises the 

■ r a ‘ d - J ;caused by poor weather, particu- open. Scientists at the State Brazilian Coffee Institute’s first ^FTC commissioners and. for lone . ler m grain agreements Agreement talks in Geneva. European variable import levy 

irence to-day. more iarly the recent drought Biological- Institute explain, how. estimate of 20.7m. bags for this *P° k csmen for the futures bust- wjlh f ore ig D nations. Richard Mr - called for one limit would be worse than no agree- 

__ was pledged in! These figures are first estimates ever, that the internal decay is year’s harvest was unduly con- ness - I Bell farmer assistant U.S. Agri- to be placed on the use, and meot at all." 

commodities, some; and may _ well prove to be exag- a result of a moisture shortage servative. The CFTC itself this week'culture Department Secretary, ultimate size, ofthe EEC variable He also urged the U.S. to con- 

ash and S34m. in; gcrated. The Brazilian Coffee combined with high air tempera- They claim that 23-24m. bags-, urged Congress to extend its life recommended. ^ ev F on sram imports. sider private agricultural export 

J Institute is-at present assessing tures. would have been a truer figure, for six years, and expressed sup- Mr. Bell, now executive vice- The levy on U.S. com (maize) agreements with key developing 

for 1979 and 1980J the damage and its estimates are Although no one here denies Using this estimate as a basis, port for a Bill which would sus- president for Riceland Foods, at S2.70 a bushel, compared with countries, such as Iran and 

- • j likely to be released a! -the that this year's coffee crop has they are now talking of a harvest | pend trading in London and told Missouri Young Farmers the average price received by Nigeria. 

. , (beginning of next. week. Angelo;suffered serious damage from of lS-19m. bags. j dealer commodity options. association it was essential for U.S. farmers last month of $1.93, Reuter 


rpTAT l ! S. Come* vas lower and the dow on 1 "'aim.' - " i+"<ir'" pTm.~ t+nr «oied. Went AumralU faq. New Sooita Aua. 17LRM7LM. 1JS.«. 175.30-171.7S: WAAI T7IITIIDEC 

1 - the Kerb in London waa fs«. Turnover. TIN | OITU-l«l — I Unofficial — Wales area. Xew South Wa lev Prime Haiti. Oct. 1W.3W5SJ0. IK.SO, l«5.2Sl«i.0fl: TTUUL rUltiiVEJ 

a chaaawl on lb.'towioa , J. "1* ' --'-- 1 - 1 AraenbM U®‘! vl f t - E ^ c Feed. EEC MUi- Dec. lEMAUMA 156,W. 1«.W: Feb. LOMDON-The market was about un- 

in sta«5> crading. For- Awalfiamated Meul Tradiu* reponed High Grade C 1 K I * K Ina and EEC ran aU nqinted. 14T.0WM.00. lM.VS. umraded. Sales: 30 changed In Ilshi iradnw. Bach* reverted. 

-ad ai as hlah of ihe ,fMl D > ornl °* raab.wireban traded _i 6200-10 1—5 6165-75 +2.5 • Business done; Wheal—March *3.40- i74< Jois of 17.2S0 *—— - • - 

resomdinB » Uw woaJSr 41 M - 5 - M, ibree-looniiw ««. o monih*.l 616oI 7 0 -a.5 6135 55^+5 M.0M4.2S. Sent. K.SSSS.M. 

foltaw-thr^Mh J 3 ’ as '- «■ «■ Seohroi't ' 6210 ‘^5 - .. ... , Nn '- *>■»«.«. Jan. 8S.M. Sale*: 195 nlinnrn 

was mue io uoy>-m roagn catiuOifx. ca.4h UOk three months £8X1. ! . *»«, Barley—March 7D.S5-70S5. May- KUoDtUK 

- or." -p.m. '.*+<>? three, mowbi M43-5._IX . 6200-10 5 6165-751 + 5 °" 7 f ’ N 5. v ." HIGHER opening 


Price* per Inane uoleae otlurvtae 

Business done: Whaai—March S3.40- i74, low of 17.250 kilos. 

i Pence per lalot 

L" no 05 da i , — 

k ' r* 

MSS s F 2’ 6160-65 1 . 6135-40 . 

£ES. IVCt mOB 1113 I641.S. 4C. 42.5. Cl. , . AB,Q _ l 

Kerb: wirebars, ihree months 1841.3. 41. ®V 6 0 74 j+d"; _ . 

73. SO-73. M, Sept 7S.40-79J8. Nov. 88.35- 
88.75, Jan. 83.45-W.35. Sales: 234 lois. 

JJV HIGHER openuw on ihe London phrsJ- - 

. _ ;. cal marker. Good demand Lbroushoui Uie 

das. cdosuiK on a steady note. Lewis and Man-li 

■ARUkT D/.nl eMutPaMd Dill rh n ll.leMal.a afylauin ll... 

Sew VorfcJ — 

5D + .5 ; 628.5 9.5 -r.S TIPi—Moved uerrewlj In moderaictr "-’- rr ""-— JH-orb ekwe ! — \ e<nw — 

3 i-l , 643.5 +1 MthM tredios. The East was Beady over- Morning: Standard.-cash'£6/205. 20. 15.--■ - 

'+.5 > — '. ..._. nlsbi and in London forward metal 10, three montlis iU.160, SS. TO. 68. 70. mu. 83.40 i^-O S5> 70 75 '+015 

i ) . ) Cllmbod from £6.140 to £8.160 and Blared. Kerb: Standard, three monihs £8.160. m»v 85.00 l +o!» 73 !bo !+o!l0 

20+j • 619-20 r^._ around inai level for mosi of the mornlnn Afternoon: Sundard. cash £8.175. 65, ■^ ept _ B2MS ' + o 25i 78 40 ,+ 0« 

-3 +.5 i 632-J l wim.tnc backwardation wider, lu the three mootln, £8.150. 45- 40. Kerb: v„_ ab.4-5 '+0 is BOBO +OSO 

I , + .6 . — [. afternoon Uwre was some soiling pressure. Standard, three uoriths I6.U5. 86.25. 30. 88:05 '+OJ5 83 60 '+O M 

:. - ! . AXc Z .Ubough ihr market*"-' 

[ell away, aided 

lucer price cun in rhe toaoes. hui mnshlpmem East Coast. South 

- ' " -iRSThhSI i rSS r e i/~ uSSZ LhJ AJrilSn WW»- Vellow April 6S.M. Kenya 

-:----— SSoe^leriwd EE^Feed^ai^an unonced 

nifed 01-351 3466. August Sugar H 7.0-118.6 * -«:«h vbut borne fro- ™ »u^; 


»! + nr , 





j — j 




1 + 0.55; 







+ 0.10 



+ 0.25i 


+ 0.40 

-Sot . 


! + CU6 


+ 0.50 



.+ 0.35; 


+ 0.20 

tireaiv ffwl 

fectisrtavHr or 
titoa* . — 


250.0-12.0 . 


234.0^7.0 . 


256.0-57.0 . 


2S7.0-42.11 . 


242.0 44.0 . 

March „„„. 

247.D-4BJ . 


247.0 48.0 . 


1147.0 48.0 . 

Fab. 2Z -f- or r Moalli 
1878 — I igo 


Alnnrintnm .£680 ...-L‘660 

Free Market (efil'SWO-M -5.0 8990 
tktppenubW. ttara £629 + 0 5 C635.7S 

5 month* ilo. do. ,i£642.Z5 + 1.0 -£648.75 

Caab Ualbode-.'1I6193 .£625 

5 uicmth* do. da_...'l'652.5.£638 

U.S. Markets 

and metals 
move higher 

NEW YORK. Feb. 21. 

Sales- JO tui* of 1.500 kilos 

(ill iw -tiii ws.sus sra PBECtOUS METALS finu-hed stronc on 

ilrf7-"“’liwn n/i f-atV? lonnnued weaktieM ol ihe U.S. dollar 

JMd Lub-AHHU -e.O taji.o unin omnjission-iMUie bunne. Copper 

5 ...Il.285.7b —5.5 L317 rndi-d binber on sneeulaiivc short-cover- 

nifed 01-351 3466. August Sugar 117.0-118.6 

■ad. London frWIO OHS. __ 


:e morrey in commodieies. That U on* * 

v os tors in 31 different countries, to hierib* 
commodidef. metals and currenctM sarric*. 

could be the detailed chain, or the 
wj of ih* specific incerprttztionp—jun 
remans why oar'servtc* pays, for inolF 
• again. 

■gle issue. £5: eight .week trial. £20: one-year subscription, £f 10 if 

IMJOfl Bishopurte. London EC2M 4tt » 









:s —--— 

■ — .'.. URGENT 

SSL'S- 1 fSJSvSSJi- ®^stondlMVtaSrfvSi imSuoied: " 
Kerb was £2K.ia. Turnover. 4 .,j 0 lonnes. MCCA-Locadon ei-rdrm toot price*. 

~ " ~' ; Zm7~ 7+ or j -p.n.r-,-»-« *?** J>"i**-H*rU 0 rd 78.66. Borders - 

I tifiknn' j J UnoBliae'. The yj^ monetary cn-effitaeui fnr the p 

I ” I „ week beaianme Feb. 37 is expected to 

_ I 7 increase to 1.318. s- 

| !“S- 7 - 5 i K ?iB'^ r_ a s EEC DWLY IMPORT LEVIES—Hie At 

i luoaths.o■ 291.6 t-9.6 985-6-6 —5.5 (nllowuia EEC levies and premiums are 

W»llteii)22.nb.(oil:S14046-2.0 :*165 
/me cash.±.’236.75 —3.5 ±241.5 

■■ iT “ Comrati- March 191.M 


TTic market opened It .mi up on »hon 

5i.O to or, u. furenuuner-. a.a in -C.o. l+mmod Uiudetn.. S277 .*857 

Veal: Ensli'-h (aw 72 0 io 78.0: Duff* Palm Malayan-;$560* +14.0 5512 

hinds und ebds 88.D [<> 1UU 0. ■ 

Lamb: Enali-’ii auiall 56.0 (o 68.8. 

May 53.60. July 59 50. Sept. 60.50. Dec. 
81.Ml. Jail, b'.' 30. March K3 SO. May 64 50, 
July 65.50. Sepl. 66.58. Dec. bS.DO setts. 
Sali-s. 5.700 lots. 

Colton—\o. 2: March 55.15 >54cai. May 

SLsTsa? 82 5^ EM8 ' M ‘ **■ * Z ' 5, M ‘ ”■ nU - 13i l73 - 7a * "'*■ "«*l. 1.34.. Barley Brwul had authorised sorabeae imports to ^vnnta.o o «-"-™ IC S m'u i« ' 1 

ES " , , . —89.91. nil, nil. oil (78,66. ml. nil. nili. make up for the shortfall in the year's £ iMh* saT^n *?-ta wii* ih* Grain* ’ 

ZINC—Lower, followinn the same trad- Data—74.18. 0 , 34 , 6 . 35 . 9.33 nil. crop. Prices dipped at mld-aiwrnoon on JJ-J* ,! u0 :H U>: ’ 3b B LM lb " ,bs Uarie.v KBC„. t . - 

hut pattern a* lead with Initial steadiness nD. 'nlli. Mahe (ether than hybrid far profll-HJanc but a lane rally staged on 349 1 Home Fnrura*... £70.75 +0.75C73.5 

as forward mcul moved from £Z40 to wedtns)—76.62, B.S3. 02*3. L31 iTS.S0. ml. the itrciusih of Oucaio caused values to . MEAT COMMISSION— Avene* farstock Ueue... 

6345 niviro way to an easier t w e as tne nji, mil. Bnckwbeat—.Ml nil ia(| nlLi close near ihe day's bltfu, SNW Com- prices ai reprcu-nrainmurfcets on I'reucb No;i Am £100s ..... £98 

covering ana stop lou buyinn pranpmi luediuiu 48.0 to 5J.0. he«v> MO to 50 0: Seed* Colton—-No. 2: March 55 15 >54 «i. May 

by the upward surge in Chicuso soya beau Scoiiwli medium 44 u 10 55.0. heavy 40.8 Uiprw Fhillp-"341011 +3.0 3382.6 -PS" 

» ihiSrtto " « IniHwriPd fro/cn: N Z PL. new Soyalwan |u.S.i._/3248* +4.0.-240 
W«.,| w season 43.0 10 46.0. PM 44.0 Irt 45 0. , May 68 .jU-SI. 80. July 80.70-61 50. Sales. 

Win:, sltuped to dosa at UJS on the Millet—79.04. nil. nil, nU <77.78. ml. mL modi rise repona. 
Kerb.- Turnover, 4.600 tonnes. B 1 j). Crain son»hom-M. 66 . 2 . 68 . 2 . 66 .- .. . 

-7~r.ii7-|+ «►-... + « MLJSFtJ* Jt-i__ _ '■ o 

.l'wterd'yef^. or Uuudom 
C oee j — Dane 

XtMO. Ofrinni — ItinnffleUJ ' — FiDnf ' ltnc3; Whe»t w wlxed wheat — 

._ _ I_ and rye flour—1M.61 (1B.43 i. Rye Urn-__;- 

- rrn " £ —119.73 CllTASJ. _ Aiwrtnone; 

* 1 * . * I *■ February..™ — ........ '108.88 

U nb... ..™ l 239.6-40 !-f.TB| Mg-M r-*-J r^rmr\ a " April....".10B.80-07.1 + 1,I0 IU7.5 j4«.8D 

^mouths.. 241.5-2 ^-J.Tol. 2S8.6-9 1— S.5 CUC-UA June. 104.60-14.3—0.60 106.BIUM.60 

srnwM.... 840 .-4 t — | . _... . „„ Aucuic_.'105.80-06.0 +1.10 M6.S9-D5.90 

frub West - — - 1 - 1 _I- T“£ market rallied briefly on comm Is- , Mab , p .106.D347.O + im — 

' -■—...aian-honse huylnR unnl values lAcractcd 101 aus± nu 

Marcias: Three months £243.5. 43. 42.5. proSi-UIOng which pared sains late in ;IS 7 1 2!Y!'?" r 2"S l “ 

42,-LLS. -Kerb; Three months C4D.5. 40. ihe day, GQ1 and Duffua reported. i_«wu»rr^.. ; . io/.*4-o«.5 ^0ia_—_ 

Afternoon: Cush £336.5. three months £230.---. - -- 

40/315. a, 38.5, 30. Kerb: Three month! j Se T rt,, ' F 'I + 0 ' i OI1J n, 

cat 38A 3S. | Olose | - | Uwie SUGAR 

* Cents sum 1 pound. * t On previous " \ a ' ~ 

unofficial close xsu per picuL A'o.bC’otr’ij 1 LONDON DAILY PRICE for raw sugar 

March.. 16U.0 64.0 i + 3.15 1510.0-64.0 HOT isutno ■ tonne cl t tor Feb.. March 

CTT VTTD May..!)4S5.u SB.fl 1 + 0.68 1474.6-51.0 ubipmcnL Ulute sugar dally price was 

Feb." 22. GB caltlc ti4 04p per fc*. Iw U'iiemt 

i-rORii- U.K. sheep lJ4Sp per kg. est. .\u. I K »1 Spr1ue!£66.75». £84.16 

di"w iH-S-hi: GB pigs 42 4p per ks. lw AoZ. Bard Winter ; 

• H.3) England and Wales— Cuttle bngii,)i MinUi c l94w .£93 b> 

-im-'-'- numbers up SO per ccnr. average price ShiuuienL. >'15ls o n -ct mi 

.Lpertnone; ; «a4p i+8 7-j.: sheep numbi-rs down 17.5 1 m. ■ n"2 «? 

Febiuar^™~ — •. 108.80 p»T cent, a 1 crag/* pri'.i* ire.9p •—2»>: I'uffe* FuliwI”"- 465J 4.0'1.1.494. 

April--10E.86-07.1 +1,10'107.bJ-OS.flD pig numbers up 3.8 per cent., average ^ 

June. 104.60 A4.8 —0.60-100.EIL04.6Q price «.4p Skotland—Cattle 

50J.00D bales. 

•Cold—K«b. 151.M 1 179 701. March 181.88 
(ISS.OOi. April 183.00. June 765.70. AIM. 
ISS 40. OcL 191.10. Dec. 193.80. Frb. 
IfuJ 60. April 199 50. June 202-50. Ana. 
205.50. nil. 209.50. Dec. 211.50 setts. Sales, 
0.000 lots. 

tLard—niicaeo loose 28.76 (same* 
New York prime sieam 22.2S traded 
■22.25 Bom.'. 

iMaite— March 226i-22el >22fili. War 
r 2381-230} 128011 . July 23D--J791. Sept. 2274, 
Dll' 22 4/-22A2. Starch !3f*. 

SPrailmim—April 1277 7fl .. 

COCOA | UliMe I — | Dune SUGAR P° r Package units', stated'—Impelled Nominal, r Cncmotea.' a Seller's auou- J,n - **1.90. March 549.M. May 557.40. 

— |- ■■ J w ■ produce: Oranges— Spams Navels 2.5B- 0oD - c Cents a pound. OKz-rank Landau- Ju, F S6.'i.30. Srpi. 5773.20. Dec. 585.10 

A'o.hC’otr’ij , 1 LONDON DAILY PRICE for raw sugar a.4u: Jaffa: "50-3.95; Cyprus: Ovals Hull, c April, s Feb .-March 1 March- veils. Sales. 1.W0 Ipis. llondy and 

Mnreb.—[1503.0 64.0 ; +3.15 1510.0-64.0 1107 ■same a tonne elf for Feb.. March approx. 16 kilos 54/SU'a 2.UKI.20: 20 kilos April, ■ Feb.-A'prfL 1 * Uirik AnnI. Harman upot bullion' MC.SII < 500.30,.<S5.u S 6 .tl ■+0.60 1474.6-51.0 sbipmcnL White sugar dally price wa* s.oo-J.56: KtiPUau: BalaUi 2.40-2.M: May. t May. x Par tea. W4ianj;r.M2225-^47B.7i35 73' — — 

July_»...!I428.fl 10.0 11.0 14BS.0 28.0 fixed at £113.50 i£114J>D.. Morocvan: 2 68-2.90. Lemons—Italian: _ Soyabeans—March 592.5804 r570i». May 

Kept__.IJ41I.0-1B 0 I— 12.0 1*40.0-16.0 Keen buying from one quarter lifted ie «-120 3.BB-r..20: Cyprus: 2 50-.t.u0. Crape- rVfYI/"'T7C 59S-5SS i57S},. July 593-34*. Aug. 584. 

"" 1 Y!uulUH» 04. fcitu .L 27In . ..5ft-;’ 304 DO .30150'. April 507.70. May 511.311. 

COVENT GARDEN 'prices in Merilng —.:™IV_ July S1S.40. Sepr. 52GJ0, Dec. SS.tHl. 

per package uules-, staled*—Imported Nominal. 8 O Mooted. ' a Seller's quou- 
p rod ace: Oranges—Spams Navels 2.SB- c Cents a pound. 0 Ex-rank London- 

CTf'VCID ..'.l45s.u S 6 .fl 1 + O.E 6 1474.0-51.0 stupmcnL wrute sugar dally price was s.oo-J.56: Egyptian: Baladi 2.40-2.M: 

3IXjYJCJ\ July_»...! 1428.610.0 11.0 1456.0-28.0 fixed at fUJ-SO i£llL5o.. Morocran: 2 68-2.90. Lem BBS—Italian: 

S«ver was fixed 9 45p an ounce lower **•!*-IWI.O-IBO J— 22.0 H40.fl-19.fl Keen buying from one quarter lined iw-120 3.00-3.20: Cyprus: 2 50-i.uO. Grape- 

fw»« dSvSS to the LonSw tuSlon Uec .1594.1k IS. B -12.251417.0-1595 prl«a « ^ c, lL J ' an,r ,M » Mw 2-48-JM. 20 kilos 

iur^VMertX, at M8.9sSTDjTrmS «*»«*-- 1476.980.0 1-16.50 1400.0-1560 *bo<e kerb The market S.SO-U.eO: Jaffa- •■6 l..los 2J S 0-A7u. Seum- 

.rSi!»i.i.n nr m «■ ri. i mnn JUv .. . ,-12.60 1575.0-70.0 ihen held Jt ihe htghs non! mid-afiernuoD Spams. Approx. 48-Ib C0u. Sauramas— 

t ” When Heavier oflerinto developed foUuw- Spauia- 2 90-3 20. Mandartm-Spanla: 

T- 28 *’ ^ ^ 1* \ onnr f,\ c Ink the EEC tender and buyers withdrew 2.70-2 90. Apples-French: 40 lb Cradny 

tBlerpathiBal Cecea OnanisaiinB IU5. ^cale-dewn Losses or 156 paint" were .Smith Caii-gary l 5.6Au5o. Cuiesory II 

k® UIMiv r r * l,y oric * V,' recorded which lunched off CnnimiMtiun 4.38.:..i«. Uoidcu Delicious 4.S6-5.M): 20-lb 

-fi. Jeir D ll SUJl or House *lop-i"SS liQUidaaaq so that final 72 IM lied Delicious 2.W. Stark Crimson 

*w* at a,,1 ?"-o‘* 9 "2?-i f ' , f = ^" Se ^ c J«iuu« 1Sh *®F ******* .-I"— 72 1128.Mt; —-day prices were ib* lows of rhe day. sume S3 2 582.15; Jumbli- pa-.b. per pound. Gulden 

LMfi—Tnntwi- JoS iai7t lots of 16,000 average 12S.H 1128.73 j. 
ounces. Morning: Three mouths 26S.S. 3.4, 

U. 3.4. 3J. 3.3. 3.2. Kerb: Three maniha /"/l 17ETC 
26*.—- Afternoon: cash 336,4. three monrhs LUrrCC 

ill the RepuWlc of 
Ah Africa) 

•ks and thy nwetr of 
Company w.ll bo closed 
H. l*7fl to 2Dth March 
a Inclusive. 

■ion Corporation (UJCJ 
London Se cr etari e s 
L. w Humphries , 

Streer. ' j 

23 V 7PI. | 

1970, i 


•J3 & CD. LTD. j in aunee j 
italment of Bonds tor a 
U.S.SOaO.DOO have byen 
etuoDon on 15th March,! 


nominal amount ol 
• outstanding 4 K*r lfithl 

263A. 3.4, 5.5. 1. 



Three months 

• rae .’ ilsmjj 
troy etc. prtcdng 

+ or |+ «■ 
alOM | - 

i ' - 


258.95p -1.95 

S month*,. 863.6 k 

+ mwh*_ 268.9Sr, 
It month*. aBO^Sp 

+ 0.1 K 

262.95 p (-1.6 
" | -...* 

below the hen leech. C. CsaraOtntr D.'hfwuv o 18-0.14. Cranny Smith O.U-6.23; 
repnried. English produce: Potatoes—Per 36-lb. 

Wtail- > I '+1 70 Lettuce— Per 12. 

--j-- 1 --Indoor I 3B-1 M. Cabbage—Per ±-buB 

Kobosias failed to follow, through from Iroei'idac'* P„r.«. ■ u,„i n —. Fruno 8 .SO. Beetroot—Per 26-lb 0.98-1.00. Feh. 22: Koii. 21 

Tuesday's upward more. Raininess trade ..™: ' p ,™ 7 I Carrois-Per bag 25-lb ".78-1.28. Onions— :-- 

selling cause d a dramatic downturn in 'I I I Uon * per 36-lb u.s+i .to. Swedes—Per bag. 1880.9 j 1389.3 

ihe afternoon a s New York’s '* C" con¬ 
tract moved to limit-down. Drexel Born- ,. — ...— 

ham reported, ai the close lurther bqui- per uwuir Spar urns O.liMi 12 . Kdward vn 0.1241.14. 

d+uon took the market io new "lows'* Uarvii. 107 00 Cl 00110.26-10.60:110.76 01 00 Pears—P»*r pound. Cunfcreore 0.1041.14. 

for the year £38-170 down on the day. May.... 118 60 >i 7B.I16.M-l8.25illS 70 15/9 Coaiive O.U-fl.K. Spreum—Per pound Do 

-'-^--—--Aug_117.80 '7 BO,IJ8.g5-a.05 120.89 17.00 U.07-O.OS. ParseiPt— Per 2 S-lb I.fiO-l.H. Jon 

Teoierduv « | Uhc . 120.75 El Bfl , l!2.M-22.75!l21 25 21.00 Turnips— P-r 2 «-ib 1 40-1.50. Rhubarb— — 

COrPU U °»* ■+ nr JhtsineM Liec..... 125.75 iJ SOilffiJO-S.ZnllM 00 M 00 P" P ouud 0 - 0 - 02 T 2 . Cucumber*—Per spot 

---- 1 — -Don* Mareti .'124.10 W-25j1M.S0-M.75l ISO 25 M 00 trav 12.2W« 3.00-3.60. Fn*i 

K per tonne ‘ M*v....'l5l.0D-JI.60jU2.2M2.75!ISS.2E 51 5B MU’, lurecait rales of U.K. monetary - 

„~T c - ». 1 — 7 TI ~ "" ‘ ” viuiipensaiory amouni-. for week from 

.17S0-J6S6 Sales: 2.902 '2.I3T' 1ms of 3 lonnes. Feb. 2 ” ipreviou, week to brackets)— 

Yorkshire 1.20-1 4u. Apples—Per pound. 
Cox's II.12-fl.22 Bramley's 0.1141.16. 
Spur urns Edward Vfl D.124).14. 

. Sale*: 2JW CSSTi lots of 2 loans*. 



TiS. gTTib- £o |Mqdl1i ^.pj Efl „- 

B24.S4 22^23 |_2fiB^6 \ 271.BS 

tBese: July. i7 rasisfM) 


Fell. 2fcj kali. SlFMuatb egej Xeeregu 

IB89.9 ‘13 B9.T, 1398.2 I 1641.0 
(Bum Sent ember |8. lMl=lboj ~ 


7*^ !“«£•■ i Fri'." ■■"MunihTSir 
Joae* 81 17 I 

GH»»e ! 

£ per tonne' 




Over 400 set* m stock • 

Buy wisely from the manufacturer* 
• with nil) ifttudn yerrJca. 
01-985 7581/0019 
Telex 897784 

..jlBSS.fl-lSM.O—44.0(1750-1656 Sales: 2.902 '2.1371 lms of a lanue*. Feb- 2" 'previous week m brackets)— 

rininuo May..—. 1504.D.I5KJ—BB.B.ISN-ieN Tale and Urle ex-reBnery price for Fresh or chilled beef carcases: 29J2p_is.:u» oiu oskeu). Ocl 77 80 bid. 

uKAlIlS granulated baasrwtute snsar was £242 46 per fce. »?'.6Sr: Green bacaw aid**: £213.79 ■ ~Pef~iT 5 T"Tir onth ' 3 W . «Fla**eed—May 21658 (215 W bidi. July 

«.d.» wrwwfcjuA™,_Th. SSSlSr:::!iSB:SK=SaiatiB ySL? 1 """ ““ “■ I1M ” r ***■• j “ " i S‘ 2i3.““■ *”■ *"■ 

ssnsg%rxj3g2«‘™ s™- VEGETABLE OILS a-°» w»Ww5a i5iTE ™S3r57»*iSS ( , wS , ;idSn'“ 

down to 10 lower where good buying was r-u,. 9 ns* int« «r s price S.Sl iS.M, Ivday average 6.31 expired, March 290.80-313 00 . April . 11 l— Per troy 

seen and with old crop troeal recuvmng Sal ”' ( " 6W) l0 “ of 5 lWM, ‘ O.H>. 297 00-312.00. May 29MHU.OO. j une HIDBS-Ltmdon. Lower wilij lev hides .«“* *?»-. l Ch,c «° '<*** 

on the close value* closed steady HM3 ICO ludlcawr price* for Feb. 21: cU.S. 277 U0-2SS.00. July ara-Og-MO OB, Aua. vnsoU. Ol 31-3* kilos withdrawn 47.6a S ? P er rf ,w , ^Tp e ’ p i; of A *' *"“/ 

higher on rite day. Old crop w&cai artw Kbrt perpound: CdaraWm Mild Amblcas YYl'T'l? nS’^ilSS" Stpr ' <>«• “[£■ ***$ “!«■ withdrawn 36n. I'i"? ^nSte 8 ^^''ihhinh 1**“? 

early saJna of 20 points saw losses of IB 1 . 0 O frtS.M: unwashed Arablcas 164.00 JUTE - 26i.fl0-— J. 00 . 22 - 2 S kites withdrawn flLlp. tight cow* lan,l . c f rB ' 7 Pl nl ? p 5 r ,J ! 5 bu ! ih ' - I PI " 

IS points before a strong rally ensued <mB»): alhar MUd Anhlcas 195AI c . _ * withdrawn ss.7p per kilo. n 0 calf offered , IE twr 

and. urtth. no real. st-Uers values dosed llW.SSU Robusua 174.00 (IK.Sfli, Sally , ifiSrKff'-f 11 "* C "»??S crimbwv , , *- troy ouncetfor 50 ounce‘Uutia of 999 per 

finn 35-60 higher. New crons were firm average I 80 . 8 I fU 6 .is#. f. U.K. fur March-Aprfl ilnpmeni: BWC GRIMSBY FISH—Supply fair and LiVKupnnr rnr»«u n ccnl - i ,,ir ' t T delivered NV, 4 Cents ner 

with i«en*ri..C« „ . 2WD f2M- Tossa: RTC JC65, BTD dflMtod owderaic. Prices per *tnne at ^ , E^!I O ,' ,- ^ P0t *** Mxh lrov oUnre «*■" II New "B" 

Adi reported, ARAB I CAS were weak again, usm. Calcutta nub aOtady. Qnouuons 5 *ldg 'unproccswid): Shelf c«l 53.40- ^^_ rpo ?|a n, ountcd to 317 coniract in Is a shon tun for bulk lot* 

*? Talutfl tumbled and at tha t . and t UK. for Feb. shipment: to+a. a*?* «***& £.'26-£3.W: Shelf haddod; '“"i 5 ; ^ *®*»L for the week „f m abort Ions delivered f.u.b, rare 

IMPORTED —W h ea l: CWRS No. 1 13i ^o*e were up to M.73 lower. Drexel tU-ioch £ 10 . 20 . 74-oa. £7jfi per mo yard*: ™ wllum Ft.SO-fUfl, small £2.3D-£J.M; , lJUS ,0 ' raes - Ml«ellaB 0 fwis Chicago, Toledo. St. Lauik and Altnn. 

W* Bon*««a fBPWteA. March £10^7 and £7.n, Apni-June £1M9 liT n ^, w “' 5 £;J2.4fl-C.30. e "l a ' n , sr ««ali« grade* “*C en u twf » lb bushel tn store. 

55* ’SC? 0 ™ RWW. Mp- 3 M per rent. Prices vtq order buyer, etMer, change, and £B.B7. ' 8 1 twills £28.64. £3.12 and b *' :t ,i,n * u a ,0 --- W: ■ tanned dogfish, ISS, rgporl .” .' K“wlan and Turkish Onis per 24 lb bushel. 7 * Crnts p-r 

Feb. KISS.- March W“3 iranttUKBent JtiMtn«i*»—April Jflfl.5fluSflfl.00, 26LSI: £»3B for the reipecBv* ahipmont periods. tar >* a 5D ' f7.«| mthe £1,75, ■rowaded the bulk of the demand is lb bushel «-irarehonse. « Omt* kt 

Earn Coom. UJ.-Hard Winter ord, un- Jana 1MJ3JS0.W, 1M.17, 166 5M90^fli Yth and el«h «M4y, ■* ‘ ShJSS? 0 "’ ,n African aualltiu. SC lh bmhrl et-vrarehouse. 1Wfl LJES 

rflwned. lout, n JU p.*r tonne. 

CAvonwe 1M4-2S-2*=100)" 


tnieraatleuai Sugar Agreement—Indlea- VFGEXABLE OILS 0 

tor price* 1 O^-wma p«r pound fo.b and T LWLlrtULL - 

■rowed Caribbean BOrri rtr Feb. 21 . Daily LONDON PALM OIL .—Outer trading. __ 

price S.Sl Iri.38, luday average 6.31 Keb. expired. March 29fl.B8-315.00. April “ 
<8.M>. 297 00-312.00. May JBfljJMflj.oo, June H,0 ® s 

u . ■ l t^ 7 - Uiontb Tear 
^*oody ■ | wl | 17 j <uvl» Rjgi • 

*ipta O o mmt vt89a.?a oa.4^9ft7 lanfli 

<December SI. I'HlmioB) 

'. 004i04q25M2225.247B.75j5 75' — — 
Seyaheaits—March 592.5804 (576; 1 . May 
588-599 iSVSJi. July 592-3944. Aug. 584. 
Sept. 557. NOV. 5954-5S6. Jan. 5B24-503, 
Mar'h 598. 

IlSeyabeajt Meal—March 153.40.153 Jfl 
(149 Mu. May 157.20-la«fi0 1153.10). July 
159.20-130.0B. Aug. 160.M-160.5fl. SepL 
159.80. Oct. 15S 2U-15S.SU. Dec. ICO 30. Jan. 
161.50-162.50. March 164.DB-lG5.flO. 

Soyabean Oil—March 21 6B-71.7D (21.29i. 
May 21.50-21.55 1-1.13 1 . July 2140*71 M. 
Auu. 21..15-21.25. Sept. 71.00. Oct. 30.70. 
Dec. 20.45-20.50. Jan. 20.45, March 20.45- 
.H .70. 

Sugar—No It: March S.734.7G ifl.SP). 
May 9.11-9 14 iBMi. July 9.36-9.38. Sept. 
9.56. Oct. S.G7. Jan. 10.15 aom.. March 
10 37. Mav lfl.33-lfl.8D, July 10.60-10.70. 
Sales, 3.2S8. 

Tli»—331.00-359.00 asked (356 30 asked 1 . 
“Wheat—March 264t.2644 <2654 1 . May 
26S1-2*! '268ii. July 270:-2784. Sepr. 27S*. 
D**c. 282iJS2i. March 7*9. 

WINNIPEG. Feb. 21. TtRvc—May 

107.60 bid 1 IDS.50 bid'. July 105.00 bid 
(IBS00 askedt, Ocl 106.30 bid. -Nov. ids 30 

ttOais—May 75 jw bid <75.60 bid). July 

72.60 bid 1 73.78 aHkedi. net. 72.00 bid. 
ttfartey—31 uy 79.00 old '73.301. July 

75.36 bid asked). Ocl 77 80 bid. 

5fFlaxseed—May 216 30 (215 W taidi. July 
217.90 bid I21G.DC>. Del. 223.00. Nov. 224.00 

VWheat—5CWRA 13.5 per cent, protein 
content cif St. Lawrence 152.S3 (133 3H. 

AU cents per pound px-wa rehouse 
unleu otherwise staled. * 6s Per troy 

-o.b, ran 
nd Altnn. 
in store. 
Cents p*r 
Onus t»c 
m bushel 

Financial -Times •ra^'day Faru^^^9% '^ 


Index in new low 

GKN weak on Sachs 

Account Dealing Dales 

•First Dcelara- Last Account 
Dealings lions Dealings Day 
JaiT..10 Fch. 9 Feb. 10 Feb. 21 
Feb. IS Feb. 23 Feb. 24 Mar. 7 
Feb. 27 Mar. 9 Mar. 10 Mar. 21 

* " Now lime " dealings may lake plate 
from 13D o.m. two business day? earlier. 

Seemingly headed for ihe 
quieic?t trading week so far this 
year, equity stock markers gen¬ 
erally remained on the down- 
track yesterday with recent ton 
rent about the eloomy economic 
outlook deepened by the Prime 
Minister < warning that Western 
industrialised cuumries could 
face h wave nf protectionism in 
the nest few months. 

British Funds, however, held 
relatively «u?ady after Tuesday s 
laie reaction: sentiment m ihe 
liintr-daiert maturities was over¬ 
shadowed availing the clearance 
or ncxi Monday's final call i»f 
per i-ent. on the lap F.schcquci 
in] per i;eoi. 199-3 wm-!i i-'as Iasi 
opera live dbnm a foiTnigh: .'.g.i 
at 261. the paid si'i.-k rivsed 
at 231 yesterday. 

Trading equities got n(T in :* 
poor start under the influence n: 
i;K\ t%hich dropped to 2A2p be¬ 
fore ending 12 down at 2H3p or 
ihe surprise rejection by she 
German Supreme ikiun of the 
groups £36m. bid for 3D per 
•■enr more of the Sachs concern. 
Losses in other i-nDStitucnts of 
the FT :>0-sliarc index only 
rarely exceeded a couple n( 
pence awaiting Id's fourth- 
quarter figures to-day. hui [he 
rontrnued dearth nf buyers- lefi 
prices drifting olT io a day's low 
in the index of -NS.4 af 1 p m. be¬ 
fore a technical rally left -i ••In.-.' 
of 4.7 down at 44fi.fl; GKN 
accounted for about 0 .H of the 
day's, lo-s. and yc-ierday'.- index 
cloye. the lowest since August 
1 k is per cent, below the all- 
rime peak recorded last Septem¬ 

The fEll-c rise* ratio in IT- 
quoted industrial:, widened fur¬ 
ther io 1J:2 again*; 9:5 on Tues¬ 
day and the FT-Actujnes three 
main indices were all ahjul 1 per 
com down wish the All-ska:c ai 
197.03. its lowest .since Au.-iist 4. 
Prepi reports that a ^hipping 
concern had applied for Umvern- 
mcm support further unsettled 
ihe suh-.sector which was l ^ pci 
•'em. off at 421.91. 

<>ffirial markings picked up o» 
the Lhree previous day* h.u. ai 
3.227. were si ill well helm the 
recent daily average. 

Gilts divergent 

The Government's warning lo 
the hanks'about their building up 
of eligible liabilities countered 
the adverse influence oT possible 
world trade protectionist moves 
and gih-edged began at around 
ihq levels of the previous 
evening. This meant that rbe 
longer maturities were some l 
to j down, while the shorts were 
a maximum of J lower, but from 
There on ihe market pursued 
diverse trends. The shorts rallied 
in a thin trade until just before 
and after the official close which 
eventually transformed the losses 
into gains extending to I. but ihe 
longs cased a shade further 
before steadying. partly in 
sympathy with the nearer issues. 
Next Monday's call on the long 
tap Exchequer 10* per cenr. Iflft.i 
v as considered an inhibiting 
focior at this end of the market. 
• 'nr no rat tons preferred lo follow 
lb*, forward move in shorter- 
dated funds and staged various 
improvements ranging to =. while 

Southern Rhodesian bonds were 
undismayed by reports that the 
constitutional issue was not yet 
settled and hardened a point, the 
■Jl per cent, ending at £K4. 

Conditions became Jess active 
in the investment • currency 
market and a firm early trend, 
with rates up to S3! per cent, was 
not held. Throughout most of 
ihe afternoon Ihe premium 
drifted lower and at the close it 
was around ffi! per cent, for a 
loss of a half-point on balance. 
Yesterday's S.E. conversion factor 
was nrjfM (A.72N9). 

Barclays lower 

In Cronl of to-day's preliminary 

results Barclays softened - to 
r.nkp among quiet Home Banks. 
Lloyds cheapened 3 to 2«2p and 
Nat Wert. results due next Tu?.*- 
dav eased 2 to 2S3p. Midland 
cloVed the lurn down at 332p. 

Discount*- gave ground in place-: 
Union shed 10 to 410p and Cater 
Itvder declined 6 to 272 p bui 
Gilleli Bros, showed resilience 
and touched 230p on the results 
before closing unaltered at 227p. 
Dull Merchant Banks 
Schroders 20 off at 3S3n in .• tlPn 
market and Hambnw 7 easier at 

The volume of business in 
(Jouinoiilc Insurances again left 
much to be desired. Prices 
drifted lower with Royals notable 
for a fall of 7 at SBfip: the annual 
result* arc due nest Thursd:-;. 
Commerriol l. r nion, which re nor i 
preliminary figures nf\i Monday, 
were 3 off at I40p. Sim Alliance 
shed S tu o36p and Ceneriil 
Accident 4 I*’ 264 ji. 

Breweries drifted gently lower 
under the leadership of 
.1. Guinness. 4 easirr ai HWp. 
and Allied. 2 cheaper at 79p. 
Distilleries fluciuated narrowly 
and closed with little alteration. 

Buildings drifted lower on lack 
nf buying interest. Richard 
Custain. 23Hp. and BPB Industries. 
21 Sp. save up fi apiece, while 
P.arralt Developments shed 3 to 
105p as did Ibslock Jnhnsen to 
J 33 p. Taylor Woodrow cheapened 
4 to 236p and Tarmac were a 
simitar amount lower at 12Sp. By 
way. of contrast. Feb International 
edged forward It to 23p. 

In front of to-day's preliminary 
figure*. IO cased ihe turn to 
:i4i)p. after :::Wp. Elsewhere in 
Chemicals. Hickson and Welch 
lost 23 to 50hp in a thin market. 

H. Wigfali dull 

Henry Wigfall stood out in 
Electricals, falling 16 to 214p for 
a two-day l*»rs of 14 on disap¬ 
pointment that Comet Radlnvtsiim 
iunchanged at 112 pi had not in¬ 
creased its offer when extending 
the acceptance dr.le to March 7. 
MK Electric eased 4 in lfiOp. 
while EMI. ISTp. and GEL'. 231 p. 
gave up 2 and 3 respectively. 
CrcHon were out of favour at* 26 p. 
down 2 . while other dull spoLs 
included Forward Technology. ■ 
easier at 103p. and Racal Elec¬ 
tronics. 4 cheaper at 202r*. 

Leading Stores failed to arouse 
much interest and drifted gently 
lower. House of Fraser shed 3 
to 130p and Burton A cheapened 
2 to T.09p. w hile Marks and 
Spencer and UDS softened a 
penny to 1-fOja and SSp respec¬ 
tively. Elsewhere. -lewcilery con¬ 
cerns also lacked support with 
Rainers. 99p, and fl. Samuel A. 
2B0p. both receding 4 and James 
Walker Goldsmith losing 2 to 
SOp. Dixons Photographic came 
nn offer at Hip. down 4. and 
Forminstcr were a like amount 
easier at !24p. Following its 

ground since August of last year 

verdict-Other leaders dull awaiting ICI 

srr-i: aa arms ssms -™«r ms SSSs 

Menzies. how e\ er. ros i u at ■ ■ ^on balance. Land Securities Carrington Viyella held at 39p, 


-- 1 -r”-' ■J4 73 : 74^7; 74.73-; 74.66- 1 : 

Nx*.4 InlW ^ ' 4 MB. dsgn. 4SB4S; • 46&.a' 

Gold Mine*. BIS4 ' 

,wimwrX«_. ■. p inin J„ fibs', 



-F.TrActuaries Index- 

closed the tum easier at 207p. sentiment was helped by the pre- 
after 205p. while MEPC ended liminary figures which was at the 
unaltered at llRp and Sloth Con- £ 0 p 6 f the rause of market 
version 2 down ai 240p, after estimates. Radley Fashions cdseu 
23 Sd. Reflectina the reduced forward H lo 49p. after 50p. «n 
midway deficit. British Land reS pouse to increased earnings, 
remained at ;l3Jp. but Daejan. other Textiles had an easier bias, 
despite the forccasi of increased Nottingham Manufacturing eased 
profits, were a shade off-at Tiip. o jogp. while Dawson filter- 
Also cheaper were HaMemere na u ona | a. I05p, and YoUghaU 
Estates. 231 p. and Brlxton Estates. 40p closed 3 cheaper. 

f«{p. w'ith falls of 4 Piece, while ' 

Apex shed 3 to 220» on the m Tobaccos. BAT indnrtnes 

Board's estimate of sightly lower Deferred were ^htlevS' 

revenue for the year. Sloueh Tore closing at the overnight level 

Estates and Property Security of 243p. ' 

save up 3 to 113p and 133p Plantation. Holdings closed li 
respectively. easier at 6 Sp on some disappoint¬ 

ment with the results. The 

BP touch 1977-78 low Rubber sec Lion was otherwise 

Latest hkhs 4S*!4Gi 8026. 

Mines 12. 


• _ ■ I 977 rt 8 . . .«m»* tv-mpikit wn It' 

i High'.;' Li* High J. -'v . 


■' —__— - :-,-'.. I - ; 

...j 79.95 60.4b 

j |M,-9| . - *.4»I|. j tow- > rt 


BP touch 1977-78 low Rubber sec Lion was otherwise 

WaM Street influences niggled ne ~l ecte d- j 

at British Petroleum which slipped p A iJ c _cipr 
tn a ID77-7S low of 7S0p before WOIQS edSICl 
closing marginally steadier at Despite a marginally firmer. 

G-.-M Aline-* 

i •* I T* — * ' i f iocu 

, 174 6 ‘ 9b.1 I 442.V : 45.5 i «»mW1ti*.. jW-.ft) 

,»7io» . -i:» , f 22 

• » •- •« ' ... 

i ii-jiiii: mi*-Kiw-i-J jiv-uu.w. L-eapiic ■* iiib-o*--*---* .- — 

fn- 3 ...v^d-.v -'ain (>r 23 UI 1 fur- as did Turner and NewalL in 7,72p. down 6 : optimism about the buillion price, Cape selling caused, 
hL ,-,,'n^iderarion of the cap . 1 hi 203p: the latter'* annual results completion or its first Buchan m odest Tails in South African 
^ er ,. . _ nri acr(n„nu*ivi::u are due nest Thursday. Else- Field well provided no help to BP Holds. The Gold Mines index 
5 r,, . l ,‘'' .' _ j rr.ri-.-j-.i-; where. Johnson Alai they became but encaurancd snomdtc support e are up 2.1 more to 3o#.9. while 

dn idem I "a bile dull reaturc. failins 32 to 0 f smaller 'North Sea hopefuls the metaJ price closed 35 cents up 

...... ... _ ... -lUXn oftor Jl-.n nn J^innnititinnnl u ilh thp _U .... r..- _1 n;i li-raniro I in ..I C1CI 9Ti har nunpf- 

:it SIS 1.373 per ounce. 

Golds opened on a steady note • . 
and improved fractionally on 
modest local Interest.. But as n,.i. 
Cape offerings came into the.' . 

_—1-~. nn.a. himul cacior anrl • *“6® 

; ; T ‘.'..'•‘^VvoV 

j "• ^*-fy 

_• - •*. ■ ' 


DEAUNG DATES •. rcrih^-Brilaniit^>to7M»^ 
i jsi Last For IntenuHlonal.' 

Deal- Deal- Declara- Settle- Llbanon, Cons. 

ires Tugs rion • -ment Coalite and Q»ggig^^ 

ca.suailic*. CKC1UUI.-U am-*' v..--...-* - roninjenreo onumu HI <* »VI.U1**1 (l , m ,..| n ,v rinrhnn Dc#n liLVUUivu. "3V.V TL-i-v 

Industrie*!. 4 off at 22 Sp nnd down on balance at 10.p. Red- welI qn yionb Sea Block 23 27 i? to 387n Sd^ GrotSeS''were Dunlop, Hawker SiddeJev. Premier CbnSoHilal 

Bullerfield Uarvev and Baker reorn National Glass turned S chB . <nencd 4 tn i.7rtp and the t0 j8 ' 11 ““ t,rWtVla ; Town and Citv ■■Properties. VTarehoa^ lGl..-^ 

jerkins, boib of which toi 3 to lower to JBp »J sympathy. - G PS" moved down 6 to 32Sp. b to 14 Op. > and o Defer re* BP, Grand Coral’ Leisure,.rSft^j5SS% 

«. 3 p and U0p respectively. Johnson Ropner, 3*p. and the A. 33p. lost Plarmudu were also affected by 5.- i * n rhd Staff ex P. 

and Firth Brown cheapened a 4 and 3 respectively, while Powell still partially reflecting ihe persistent Cape selling. News Metropolitan. rhanprhktl noUntan.BP 

penny lo KOp in from of to-da.vV IlufTiyn shed « to 16 »*p and planned redundancies at its Dun that Unpala Platinum is not' •International. . LJ«rtertiar. ^ ^ 

fir.-t-half figures and Peter Furnpean Ferries declined 4 ro f 0 rd and Elliott steel-making sub- considering increasing its pro: Bormah Otl.-_ Loudon ana 

Brotherhood gave up a similar llHp. sidiary. Lonrho cased 3 to 72p. ^ucer price at present further ■ Northern^ Nurdin and P^cack, 

amount to I17p on further con- , anri ni^irihuiors Other Overseas Traders tn lose weakened the market. Ruvtcnhurg r; 0 Tintb-Ztnc. YeaghaL Daven- 

, .._.> 2 ._ _e _ .1 _ 1 . !_ L„ir Aloiora ana UlSirujuiorN _ r, __ wilmnc __s .. o-r.. t ,j.nkn« «_ r-_r„_.i vn«;n. win fransadtorf ITT--.v;..' 

amount to ll?p on further con- ,. nd Di „ 

sid era lion of the setback in half- r . oordcd , lalrlv ien"lh» 
yearly profit*. Dartmouth invest- \ *. ERF ahed 6 

ments. however, moved up 2 to ^f lo ±s of 3 were 
tstp with the help of investment J. e , 

comment and W. E. Norton ^ 

edeed forward a penny m 32p for Jg* notewofSy 

a similar reason. rci)L , lion of 4 10 05 ^. 

Afler receni nervousness on DnrLs eased ij to R2if 

i-imtu ■« IO ra ana mhou sieci-uia»uis consiueruig inuieuaing us k-w- - 

sidiarv. Lonrho cased 3 to »2p. ducer price at present further ■ Northern* Nurdin and. P«n.ocfc, tregggpjWXS' greffgyfit^g-^ 

Tiictrihiiinrs Other Overseas Traders to lose weakened the market. Rustcnhurg r ; 0 Tintb-Ztnc, YenghaL Daven- Mli^. :WzuJe_ajJnTatm;aitB> 

„,hv 'ict uf around included Ocean Wilsons, dropped 5 to 87p, Lydenburg the., ports' Brewery, Camiord Engin-. were tran^agt^tt 

Ei r i.! iTin -7 off at 74|i. and S. and W. Berts ■ amount la 59p and Bishops- ; r .. -• 9 

;re seen iri ford ’ 15 cheaper at 199 p. Bate 3 to 77p. . f . ; . ; \ (. ■/' 

'3 ilBp. and Capital issuer were notably dull De Beers were active in South' • -' * •• • *.*•. 

.yens Indus. In otherwi-r hVJe-changed Invesl- African «»?«]«!?;• ««.»• mesue. flUti J hu/C ffhft 

ed=cd forward a penny l a-p for tries wero noteworthy for 3 n ien i Trusts. DuiUrf^t fell 3 to and U.S.-buying lifted the shares^|EW HIGHS 
a similar reason. reaction of 4 10 25ttp. Gndfrvv jjop. while losses of around 4 4 more to a 197^^8 high of S23p . 

After receni nervousness on DnrLs eased 1J to R2tp. while were seen in Aitifund. 134p. and in front of ihe 1977 results, whidr SRll ,i.i K Quoted lo -tke 

concern with the Price Commis- other casualties included Hcniis, Derby Trust, 144p. In Financials, are expected early next_ month. ^ imormanon service -e ai iwr Youohai. 
<ion's demands for immediate 113 Ip. Kenning. 73Jp, and Plus- Challenge Corporatinn were Anglo American Corporation, with Knincd nw hum and Law- 

ruts in the price of tea. Brooke tons tScarharoughj. 64p. all marked down 4 to 109p late on interim results “ ue n to-day,' NEW HIGHS 

Rond finished without aheration around 2 cheaper. Brit Mi Lev laud disappuintmvni with The interim remained unaltered at -Tap. ..:. stores m 

at 4.>Jp. while J. I,>ons closed a held at 23p: sentiment was helped figures. Fashion and General Australians fended to drift,in Mcos«s u.) 

Penny easier at 95p and Cadbury by reports that the croup had remained dull, losing 4 to 140p subdued trading, reflecting the -= enoineering 

Schweppes were 3 shade off at achieved a dramatic recovery in for a two-day loss of 10- London continuing weakness of overni gh t - Pjrtrnout ln "^ 

32'p: the Jast-menlioned has K alcs in the first three weeks nf Merchant shed ■'! 10 74p. bui small domestic markets. antums 1 

announced plans for a major this month. buy inn a thin market left oabbridee «ave ud 5. to 142 o textiles Hi 

expansion of iU L-S operations . .. . Kaku/.i 3 belter at 90p. 2“P Raoicy Fashions 

thrnu?h of Petzr Aninns Nouispapcr 1 * .iiiu despite the incrP3h0d interiip divi- aubmrs'/I) 

Paul ” the US eonfeclioncrv kindred issues, recent spcculmivo Shipping*- spent a quieter but dend and higher profits. On the M ' Mr River 
nianufuciurer Elsewhere m favourite _ Assoc la ted Cook ^ Piib- still dull , Joltowln* ihe other handI- Coinsohfi ated GoH 


domestic markets. 

Oakhridge gave up 5- to 142p 
despite the increased interim divi- 


Rattlcv Fashions 

niunuf-iciurer Elsewhere in tavourue -vssocuuca uouk run- sun uuii session innguina me oiner uano. *.unsui>w*iwi s»«iiu 
F ood* j Bibbv fell a lo tsfin linher* met with sporadic profii- previous day’s activity generated Fields Australia advanced-, 4 f 
a-- bid "hopes ' faded Bishop's taking nnd gave up ■'< to IJW.-i, by vague rumours that a shipper similar amount to - 200p - in 
Stores another -ecent sneeulative "bile North Sea oil-i.nentated had run into financial difficulties response to the return to proflt- 
favourile canie on offer and issues Associated. 144p. -md Daily and was seeking Government aid. ability. Among Coppers. Bfettla* 
HS j W MKB. -Mail A. S05p. declined 4 and S Furness Withy shed 4 10 274p for dropped another 4 to a 1977-78 

respectively. j two-day loss of 17. P & O low of <4p . 

Publicity failed to generale „ - - ... - ■ — - . . - — 1 - --- 

much activity in Lad broke which 
closed S cheaper at l?4p. while 
Norfolk Capital lost a like amount 
at 3Fp following the chairman's 
annual report. Trust Houses Forte 
were also dull at I78p. down 6 

Vrtthlr Ftmdr-, 

Curinr., '■ Deb* -aad".'^iSKlL5 '# 
' Foreign BondrN ‘.- L r Vylif; >5 
Irajnstrlats .. 



Australia advanced'' .a DC Been Did. .* ; Rtrandai and Prep-'.- 

amount to - 200p 'in NEW LOWS (6)] V '- - 

to the return to _proflt- industrials fli.,. M / Mines ’ vr".'.-.;^; f 3 t' 2 g 

Vmong Coppers, Messina. Fos<XQ Mi wee” M*itm,aut»':\ : Recant. issues- - 

another 4 to a 1977-78 shipping .a. " •' J-V rttr* 

p. Reirdon Smith Reirdon Smlfh A - • Touts -..uliC.. » 

___ 1 1 - —— — ■ 


INDUSTRIALS pi}.,. , . 

Foscto Minsep *. MArtiW-Blact, -• 


Rcirrforv Smith Reirdon Smirn A 

Johnson Matthey weak 

33 per cent, contraction in first- 
quarter profits and closing a 
fresh Is lower at «3p. after 62ip. 

remaining on ihe sidelines. >cem- 







Si nek 


marks price (pi 

on day 



Shell Transport . 




— j 



BATs Dcrd. 







Grand Mci. 




— j 



1 C 1 . 




- 1 



Pmo:s . 




- 4 



CNN . 



2 i« 




R«nk <»ru. 






DP . 




- I! 


Dari mouth lnvs. .. 




4 2 



De Beers DeTd. 

R 0 .W 



4 4 



Eunipean Ferries 




- 4 



GEC . 



— 2 



Ubaiion . 




— « 



Nat. & Com. Bkg. 

2 -ip 



— 2 



P. A ft. DcM. . 




- 2 



•. " V *r.->''V \-ii-- 1 : ■K--** ;-. 7 = 5 - \- 
....... ... 

■ it.-. «- -' 

These indices are the joint compilation of the Financial Times, the ; In^itiite ^ Aetaai 

• and the Faculty of Actuaries : r :,% . J. 



Wed., Feb. 2&197& 

Figures in parenUieaos show number of 1 
stocks per sccUod - 

Est. Grofci. ESC ' 

ftminai Di Pj'K 

Day's Yietd% Yield* Ratio ■ 
Change fUaz.r IACT fh'eO 

% Corp. at 34%> -Corp. 

T«3» T^S* 

Index Index 
-No. No,- 



TH» roUpurino tatalr shows the 
equity Ftetion* of Uic Actaaries 

percentage changest which have token place since December 
Share Indices. It also contains the Cold Mines Index. 

31. 197*. In 

the principal 

Contracting and Canstmctian 

. . . -M1.M 

Entertain me nt and Caienna 

. ... 

+ JT.7* 

Mire Purchase 

■ N.U 

I'onsurtirr Goods ■Non-durabl*- *i 

irmip . 

+ 37.68 

Engineer inji Contractor* 

. +7LW 

Packaging and Paper 


+ J4 M 

Electronics. Radio and TV 

... +4e.« 

Merchant Banks . 


. tJLM 

OfTicc Equipment 

. . +'M.M 

Toys and Games . 


.. . +JI.75 


. . . +S7.4* 

.'*<10-share Index . 




+ W.M 

All-share Indcr 

. . . -rM.8* 

Building Materials 


G«id Mines FT. 

. +J3J6 

>'i)n*umrr r,mv Is ,r>ur*bl-< ‘'.rnno 


Mechanical Engineering . 

. +31.05 



Discount Houses . . 


+ Z7.58 

Newspaocri and Publishing 

... . +5SJB 

Insurance Brokers . 

.. -rTT.JT 

Wines and Spirits 


Overseas Traders 


1 'aoral Coeds ilroup . 

. +»ja 

r, :h-?r tlroups 

. . . --MJJ 

Metal and Mclaf Forming 

. +«*.n 


-*-3 sn 

M«orr and Oinribirfors 


Food Manufacturing 


... . -t-Zl.31 

Food Retailing . . 

... +M.0J 

Chemicals . 

+ 2LM 

Textiles . 

... . +«.7« 

Investment Trusts 


. +16. JO 


. . . . +«.or 

Tobaccos ... 

. .. t 0.06 

Insurance (Life) 

+ M.SI 


+ a.«a 

Insurance (Composite) 


Mining Finance . 

- «.S6 

Knisrhild Goads 



+ 0.70 

IndU'TUl firttlip. 

Fin.'ii'-ial *'.rniip 

. +3S.5J 

+ 17.1 J 

Po.-i- n: J£f -lianses hn-.d 
1**T« infli^-.-i. 

on I'llrN-jja;-, 

F'-hmary .'I. 


.-J 29U2 -13 I 18.08 

-1173.16 -LI I 17A2 

309.08 -2.0. 

5.99 1 7.79 298. 78 199.68 




*erex: Mifnnat 68634I/Z, 883897 Adrenisenienl>: 883U33 Telegrams: Finantimo, London PS4 

Telephone: 10-248 90041 

For Share Index and Business News Sum man in Lnnrfnn. Birmingham, 

Liverpool and Manchester. Tel: 246 8026. 



Amsterdam: F.y. Box I29fi. Amslerdam-C. 

Telex 12171 Tel: 240 555 
Birmingham: George House. George Road. 

Telex Tel: 021-454 0922 

Bonn: Prcsshaus 11/104 fleuasallee 2-10. 

Telex $869342 Tel: 210039 
Brussels: 39 Rue Ducalr. 

Telex 23283 Tel: 312-9037 
Calm: P.y. Box 2040. 

Tel: MSS 10 

Dublin: g FllzwilJiam Squara. 

Telex 5414 Tel: 785321 
Edinburgh: 37 George StTeef. 

Telex: 72484 Tel: 031-626 4120 
Frankfort: Im Sachscnlacer |.». 

Telex: 416263 Tel: 53573« 

Johannesburg: p.O. Boy 2128. 

l clex 5-6237 Tel: K8-7S45 
Lisbon: Praca da Alegria 58-1D. lisboii 2. 

Telex 12533 Tel: 362 50* 

Madrid: Esprondceda 32. Madrid 3. 

Tcf: 441 67n 


Birmingham: George House. George Road. 

Telex 338630 Tel: 021:434 0922 
Edinburgh: 37 Georce Street. 

Telex 72484 Tel: 031-226 4139 
Frankfurt: Ini Sachsenlager }3. 

Telex 16263 Tel: 554667«: Pcrmaneni Han«e. The Hndro*. 
Tel: 0532 454969 

Manchester: Queens Queen Street. 

Telex 666813 Tel: 061-834 9351 
Moscow: Sadovo-Samoteehnaja 12-24. Apt. IS. 

Telex 7900 Tel: 294 3748 
New York: 73 Rockefeller Plata. N.Y. 10019. 

Telex 66390 Tel: <Zl2) 341 4625 
Paris: 36 itoe du Sen tier. 73tW2. 

Telex 220044 Tel: 236.3743 
Rio de Janeiro: Aren Ida Pre*. Vargas. 418-10, 
Tel: 233 4848 

Rome: Via della Merced* 5a. 

Telex 61032 Tel: 678 3314 
Stockholm: c.-'o Srenska DagbladPi. Raalamhs- 
vagen 7. Telex 17603 Tel: 50 M 88 
Tehran: P.O. Box i 1-1879. 

Telex 212634 Tel: 68269* 

Tokyo: Sth Floor. Nihon Keizai Shimhim 
Building. 1-9-5 Olentadu. Chiyoda-ku. 

Telex J 27104 Tel: 24t 2920 
Washington: 2nd Floor. 1325 E, Street, 

N.W- M'ashinglon D.r. £0004 
Telex 440225 Tel: ( 202 ) .347 *676 

Manchester: Queens I loose. Queens Strew. 

Telex 666812 Tel: Q6J-834 9381 
New York: 75 Rockefeller Plaza. N.Y. IfMMV 
Telex 423023 Tel: (2J2) 489 WOO 
Paris: 36 Rue dll Sentier. 75002. 

Telex 220044 Tel: 236J86.0I 
Tokyo: Kasahar* Building. 1-6-10 Uchikanda, 
Chiyoda-ku. Telex J 27(04 Tel: 295 4050 


Copies J*wkrtall ? worldwide nr o*i ^hr m^ertpH-N 

from SunArriphon Department. Financial Times, lamdnn. 

kenuiii.-: itum flair ns,i..n« u» day tor deaimE free of stamp fluty b i-»urn 
u Assumed fllvid.-nd and weld « Knreca’si rtlvld.p" 

^o»er hBs-d nn vr'-.iouj, j-.jrs eaniinies r nitidrnd and rlrld based on orospwmis 
" 0 *f r ‘TOica! '-suni-ies for 1S79 uCmii r l-'ig.ire, assumed. : Cover‘K5 
I ’‘ n ' ,r ’ " nm now rankinn fur dividend or ranking only ror restrinwl 

dindends. ( P.armi; once to public, p; pence unless ofhendso Inriicaied, s Issued 
hv I'.-nrtor. : Ofler-.-fl i,i hnlfleri or Ordmnrr shares as a *■ riahts." ”• Rushu 

■ n Caoifdlivauon. t Minimjnt lender pnre. H Relniroduc'-fl I’issuedi * a****.„.>.. Ul j.. . ,_ 

m connection nn n*nr«anlnn>m merger nr take-over. .; lr.:rortuounn p isS^d i__ t***^*!*. "jf, tow '» m«nJ, base ditto amT ir«w»' tad 

tn form.-r Prefer-ru- holders | Silormem tenere «or fu!!r-oud* • ProvLu^ul ■ - A , Bew Jl” ■»,*R .* " 

»r oartb-Mid abouneni * With warrant*. * pro uioiuljsiecoi, Lawton, BOI. prlca Ue. hy pat 22 p. 

■17 iComl. and Indl. Prefs. f20>r.77.4a ii.B 7 

psfel_ Times .Thursday Februaryr23-197 8 y ; :- 

nsurance, Property, 


Co. I44> Guantifta Royal Ejehmce I Norwich Union in ff n r n»o» frronp 

Tcb ^* rd 'E < ^- . MB81I1 RcynlExchange.S.C-3- 01-383Tl(rr|POB ox 4, Norwich NTU HHG. 060322*00 


= Fl& W 

“S£ 9 » 

a., ms 


*SB r 

__ Mti 11 
__ UU .1 

_ 125.7 


k_ 107.7 xa.. . 

1 . valua turns i«r™falty 

— . PPBpcn»8t»d»_.p«-« ITZJt .—1 - 
I - Hxnbro Life Atnmiwe liuiW 

Man agod Find —.(250.7 

f _ty Ptand_ i*»* 

7OldFarfeLuo.Londn0.Wi Oj-ieBOTOi'Dewi^Po^^...." 10£0 

gwjdjm. Dep-jg36. . 13CL2J •.J — Nor. Unit Fob. IS. X49.9 

— Monjjod 

¥ gSS?, 


— Fen.PLDm Ace.MSA 

— £». Prop. Sup-- mi 

— Pen-fjon Aoc.-UJ 

— Pro. Mu. Can. __ inj 

roes. Fen. Men. Arc. __ 2530 

Fob. GUtEdg. Can.. 124*f' 

iwurance Co. Ltd. gen.cut85*. aec.. 124.0 

” **“ 121.9 


Pt-a. D.AJF. Cap. — LOO 

1Mt . 0M87SB6Z 5Sif SS“~ 

n &6 .. , 

102J ,._4 _ 

111.7 ..„ 

164.S .... 

SWA _ 

1802 ._. 


1386 .._ 



Z Heart* of Oak Benefit Society 

EanonjRood. London. MWi 
Hurts crfOU_...psjs 

Z Phoenix Assurance Co, 144. 

— 4-S.KingWUUaraSt,. EC1P4HR 014382876 

~ WtadrtAw... 081.7 .W4JJ-0.6I - 

— .::U# 70 6 7i3.... 

— Prop. Equity & LUe Ass. Co.* 

_ 11S, Crawford Street. W1HZA5. 01-4560857 

— R. Silk Prop. Bd. _.. I 170J I I _ 

— Do. Equity fed-J 683. . _ 

— Du Fx. May Bd Ftt| 1586 | .. . | _ 

__ Property Growth Assay. Co. Ltd.* Wjp Lotto. Home. Croydon.CRD 1LU 01-6800806 

**: . 1 - fiSSgRStfXi 

Hill Samuel life Auor. Ltd.* A*rie!VuDdtAj!. n . d ' 
niatwt, Adducombe ML. creor. jM086435s££i!2£3'E5 1M ir 

” m- 

aannnce Ltd.* 

Id-Re) gale. Reigj 
[125.0 1IL7] 

^7.2 U2.1 ... 

' 311:.. 

ygBD.7 lull 

..1997 1049 ... 

i 40101. 

■ VlL 


^Property Unite __ uu 
nuportr Series A.. 973 

Moonyod Unite-Uli 


Pns. MgdXap!M26 



Pro GUI Acc.-tuns 









ei-7488ui Imperial life Ass. Co., of Canada 
4 - Imperial. House, GnOdtortL 

■■4 — Growth Fd.Ffeb.i7 167.4 

Fans. Fd. V 'eb. 17.-I63.7 

Asaur. Co. Ltd. 


12X7] -0.4) _ Secure Cap. Fd. 

Equity Fund 

110! ...J 

USX - 0.4 — 

lira 7 

1073 -Oil 

me '.Z 

2822 . 

'1802 .... 

1032 .._. 
lDlfi ...... 

unit value Feb. 22 . 

larar. Co. Ltd.* 

3. 01-6231288 

12853 _ 

******* Lanshiun 'A* Plan. 

n Bar. Berts. PJ-tar 51123 wpr^oani 
.1 572 ' - 

I 2188 

Abbe 7 NaL.Fd. 1 Ai 
Ini’Cstment Fond— 
Investment Fd-'A). 

Equity Fuad.. 

Equity FundlAi -- 
Money Fund-., . . 
Monnr FnndiAi ... 
Artuarisl Fund.— 
Cilt-edyed Fuad. . 
GUt-Eased PcttAi.. 
OHcU/o Ajinolty- . 
Olmned Annty_ 

4AJI Weather Cap 

712SS «ar. Fd. Uta_ 

73*1 _ I _ Pension Fd. Ule._ 

6UI .J — Conv.penB yd.__ 


Man. Fens. Cap. lit 

Prop. Pena FU_ 

Prop. Pena. Cap.UU. 
Bdfi* Soe. Pen. UL 



Irish Life Aisannce Co. Lt^ 

XL Finsbury Square, ECS. 014S&82S3- 

SS^F^rr^s S3 ""J Provincial Lift Aasarance Co. Ltd. 
PrupAfod. FJbJl»8j -ZJ - 222.BUliopigale.ECi 01-3478533 

Pnm.Mod.Gth.-pan HOty I — Prw. Man axed Fd.. Ill 4.4 J28.4 . ...1 

Pror.Cash™.-003 7 1843 ... 1 _ 

King & Sbaxaon Ltd. cm Fund 20-|l 22 J 12 »b] -Q3| - 

32. Comhin, EC3. 01-0235433 

BondFdLExempt.-(12137 UU^-ABI — Prudential Pensions Limited4 








F«aU«* Adames Ud. 






:::.i = 

Hoi bum Bars, ECIN2NH 
EqulLFd. Feb. 15. .[£23.06 2 

1 _j __ ___ Fxd InL Feb 13__ .K14.B4 S 

L a agh a m Life Aasarance-Co. Ltd. Prop f Feb. is .. (oua 2 

Lonsham Ba. HoVmUmoVt Dr. HWA. 01-3S35XU 

_jJJIj -■ jt Z Reliance ‘Mutual 

Wwp'QPt Uan Fd|7fe8 78.71 - Tunbridre WeiJa. Kent. 

Rel Prop. Bd* . ...[ 142.2 

01-405 BSS2 


race Ltd.* 
abler HA80NB 

s rv. 


-i - 

Legal Sc General (Unit Axsur.) Lid. 

_ . xingswood Hom e, statnood, Tadwurth. Rothschild Asset Hanagemenl « 

01-8028870 Surrey KTZOBEU._ BorffhHo*t]lSMM 5 , guMilmLn* ImiKw, >cr«. 01B2Q4356 

ua-d j - 



Do. Aectun._. 

Equity Initial_„[; 

Do. Accum.__t_ 

Fixed Irritiiil__ fm3 

Do. Accum._p35JL 

Managed Initial— 

Dr. Accnm._ 

Property Initial_ 

So. Accum. 

hu a 

Laaal ft Geoantl (1^° Malawi) 

Sxcuspt Cash Zulti 

DaAeo na._J49.7 

Exempt Eqty. Isit— (448 
Do. Acoim . . — 1448 

New sub. day Kirch 31. 

258 2781 

value Peh 21. 

Esampt Fixed lutt. 473 
Do. Accum. ______ 478 

Exempt Mn*d-Inti 943■ 


Exempt Prop. Intt.. W8 
Do. Accum..45.7. 

Royal Insurance Group 
New Hall Place. Liverpool. 0312274422 
R«yal Shield Fd.... 1128.4 13681.| — 

Save Sc Prosper Graap* 

4, GLSCHelon - *. Lndn_ EC3P SEP. 01-064 8888 

DaLInv.Fd._017.9 124. 

-F-opwty Fd.*_KttJ 154. 

Gin Fd.-&06 127. 

Deposit Fdt-Sac 127. 

Depoo-PeiiSutiZrS-d I0L9 ^ 

Prices oo 'February IS 
. tWoekly dealings 


LfcfiPrp.Fd. Fob. 0-197a _ 

Next Sab. Day March 

Legal & General Prop. FA BIgrs- Ltd 

1L Queen Victoria St, EC4NCTP 0J-3J8307B Schroder TJf* Group* 
1^1 .—| — gninrpri^Hfouafc Portsmouth. 

Equity Feb 21_| 206.7 

Life Assnr. Co. of Pennsylvania Equity3ptb zt ’""" ml 

gniai 8842NeurBood8t,W170B13- 014028283FOkBL’- MLO 

- IACOPUnita-_._-.nOB U*H.-.-4 - 

— Lloyds Bk. Unit Tst. BSngrs. Ltd. KftSGLSc.Feb8l.. 123.8 
~ 71. Lombard St_ EC3 01-0221288 5*“*^ •• BJI 

= Ewmmc-147.4 185.111 .| 785 ^ 

. MoneyS Feb. 2J.1158 

iter ABsnr. Soe. Ltd. Lloyds Life Aianrance - DepodiFdi.u._ 1112 

. Whhehotae Road, ULoadenhall St,EC3M7LS. 01-0230821 &°Perty fg>-,2L r -B«7.7 

01-0848084. Mlt Gtb. Ffeb. (L_I 136467 J. 

]>iai __j _ OpO PmpJ‘eb.18-D2 7 J 12481-.—. 

HA! ...;J _ Opt3Eqtj. Feb.M.017.0 

48J4 | 


agna GpwV 

bridge UB8INE 

91 Mil 



alter Ass. Co. Ltd. 
. tVUMsone Bond, 

• 01-OB4BC 


Opts By. Feb. IS— 156.6 
OpL56Um.Fcb.18_ 154.4 
OpL&DepL Feb. 18-108.9 





BSPn.Cp Feb.2L.. 
Mn.Pn.Cp. Feb. 21. 
6tn.PnAcc.Feb 21. 

210.7 -5.9 
1158 -L9 
1475 -8.3 
153-2 -fi.4 
114 9 40^ 
1495 -03 
1383 +CLZ 
1303 -12 

12L9 +03 
11BJ +0.1 
1558 .. . 
1532 «0J 
118.3 +8.1 

. 1272 +0.2 




rv \k 

•: - * 

, M *7. 
-. 728 176 

• *- ‘id to war 


^Scottish Widows' Group 

London Indemnity Sc GnL Ins. Co. Ltd. PO Box ooz, Edinburgh ebwsbu. raiosstnoo: 

18-Xl, TbeForbory, Reading 3S39IX Inv PlvSerien 1— f»2 95^ 

- gff HBaFr p §3 ::::i ^ *1 ml 

:>_ :• 

on Group 



in ~i nu iw ~' The London * Manchester 

I'.I — ThetiH.7a i taite a .tot 

- ~ - - - - 208.7 . 


wP • 

Cap. Growth Fund- 
•EMmpt FlexJUJ 

— FleSble Fund — 

— far. Treat FuwL. 

. _ _ PwenyFimd- 

_——Ife Insurance Co. 

CSA1HE. 01-2C0383 M Sc G Group* 


oarasrmSolnr life Assurance Limited 

— 1D7 Cbca pride, ECSV flDU. 

^ 9a 




Rolar Uanagad S 
Stdar Property S _ 
Solar Equity a. 
Solar FuL InL S— 

Solar CoahS- 

Solar IntlS- 

Solar Managed P _ _ 
Solar Property P.. _ 
Solar Equity P__. _ 

13681 ... J - Three Qwy*. Tower Kfl EOR B8Q 01-fflB «80 Sol.rFbitat ?: 

Per*. Pension^ 

Conv. Deporir*....—C 

g nlitty Bnwl "__ 

Family 7M0** — 
Family 81-80+* — 


SCanagod Bd™* __ t 

ice Cft Ltd. . 


H 5 z /:|| z fSSSSSSaaBbC, 

_—''540 lS7j} ^3 — 

American Pd. Bd.". t 
an 'Fob : 

1223 +ojy 
L4„ t 13U 



742 -L4I 
63_3l-+Sjd — 
449 -03[ 

473 +03j 

-solar CaahP- 

Solar Inti P 

[ 122.8 







01-600 0471 

1243 -0.71 

154.7 -l.b 
1235 -03 


1242 —0.7^ 

112-4 . .. | 

1543 -13 
12W -03 

Son All ian ce Fund Mangmt. Ltd. 

Sun AllianceHouae. Ronbaxa. HUUliV 

ErpJfdJnt Feb 8. (0539* 168301 -....[ - 
lot. Bo-7eb. 21.__...] £18.76 \ \ - 

—Feb lb **“Ffeb 17. 

mee Insurance Mereixud Investors Assurance* 
vnWmSFEL 01-4387081 
22.0 1328| ...._[ — 

125. Blah Street, Croydon. 

__ ^ , 1278 

ace Co. Ltd. ” 

r PL.EC3- 01-8288031 Mw.Inv.Pfar.Fd.__ 

63 73.4[ . 1 - - 

r/SQdland As®. 

set 01-3851+13- Coo^Dop.Pon3.,_ 

.7.7 443[-0Ji 685 Kon. Mia. Pena- 





Son Alllsnce Linked Life Ins. .Ltd. 

Sun Alliance House. Horrimm 0403M141 

Equity Fund-J99J U45J -0.31 — 

Fuedlntoreat Fd._ 1010 186S . — 

Property Fund-962 . 10381 .. . — 

_InternBtibnid Fd._ CT.l 4X71-05 — 

01-080BI71'Depoait Fund_95.4 lUC5j — 

Managed Fnud-197.4 1026{-0.1| — 

Sun Life ef Canada (UJU Ltd. 
"2.3t4.QKkspurSt-, SW1Y 5BH 01-00054001 
JfcpIeLt.Grtb_...| 184.2 [....I ■ 

YaplcLf.Meiigd._l 130.9 ... - 

iMnpleU Eqtv- U95 | ... . I - 

TetmLFbFit-... 1962 .....j - 

• Life Ins. C. Ltd.* 
galthiunCrota. W331971 

us, Soc. Ltd. 

B'moutb 0202 7V70H 


Turget life Assurance Co. Ltd. 
gOlX-lferstC Hotue, Gtrtmute TUI.. 

_ .. Backs. Aylesbu 

Fuad Inc._1458 44J 

Fuad At*_1111 ml 

Feline-U6S 115.: 

_ _ jplFH. Acc.__ 15X0 

Tbop. FeLlnv._ 1020 

Fixed InL Pd. Inc. 1074 
Dep.Pd.Ace.lnc_ 178 
■R«i Plan Ac. Pen. _ 67.1 
HetPlaaC«pJe»_ S53 
RotFUnManAec... 117.8 

NPI Pensions Management Lid. ' 

4bGracectam*St,ECWSHH ! _ - OI«ES«200ciUPWiXl^.'_.:~ 

ife Ass. Soc. Ltd.* NEL Pensions Ltd. 

ib Wycombe 040433877 Milton Court, Dorking. Sncrey 

Nelex Eq. Cap.-M3 

KtiexBq. Accum. _ U9J. 

Ndax Money Cap. _ S2.7 
Nelax Mon. Ace. 65.1 
Nel«zOtbTncACC_ *73 • 
TteloGtblncCap- 473 _ 

Next sub day Ffeb. 

Far Sew Chert 

™ *MWS.-Safd eJgfci r • 

New Zealand Inf. Co- (UJL) Ltd.* 
Maitland Honae. Southend SSI 2JS 0702 

Life Ass. Soc. Lid-* 

rbauea.Berio. Tel342H yS^TESI 

W I - ^SSTfS^ 

293 lELlI _ GOt Edged Fd.- V 

£8X66 I | — Cou. Deporit Fd— L 


100.0 _ — 

1001 — 

woe — 

100 .0 . __ 

1801 — 

1001 . — 

1008 ...._[ — 


Sanks Ltd. 
press Bk. 

cher . 





hone . 

k -. 

tie Ltd.... 

:inss Ltd. 

.Mid. East 


uient AF'I 
; Fin. Ltd. 



Credits ... 




ipular Bk. 

■ic .U 

. 6»% 



n. Corpn. 

:s. Ltd. ... 





8 z% 

6 1 ^, 
7 % 


T- l % 

fi 1D rt 



9 % 
7 % 
S % 


S % 
S % 
naranty-- 6i.% 

nk .t 

.on. 6i% 

Y . S;% 

[ Hill Samuel. 8 64% 

C. Hoare & Co.t 6J% 

Julian S- Hodge . 7$% 

Hongkong Sc Shanghai 64% 
Industrial Bk. of 5oot. 64% 

Keyser Ullmann .. 6J% 

Knowsley & Co. Ltd. .... 9 % 

Lloyds Bank . 64% 

London & European ... 84% 

London Mercantile. 6J% 

Midland Bank. 61% 

l Samuel Montagu. 6J% 

I Morgan Grenfell . 65% 

National Westminster 6i% 
Norwich General Trust 8J% 
P. S. Refsen & Co..... 6*% 
Rossminster Accept’cs 6z% 
Royal Bk. Canada Trust 64% 
Scblesinger Limited •• 6J% 

E. S. Schwab .. Si% 

Security Trust Co. Ltd. 7*% 

Shenley Trust. 94% 

Standard Chartered ... 64% 

Trade Dev. Bank . 61% 

Trustee Savings Bank 64% 
Twentieth Century Ek. 74% 
United Bank of Kuwait 64% 
Whileaway Laidlaw ... 7 % 

Williams Ss Glj-n's. 61% 

Yorkshire Bank . 64% 

[Members of the Acmiline Houses 

7-day deposits S*'., l-momJi deposits 

74>y deposits on sun* of ilD.PM 
and under .4°-.. up to £23.M Sir. 

and over C^.DM 41*;. 
con dceosiio n.flM 3%. 
Demand deposits V, 

Rat* also applies to S'crtUig Ind. 
EPS*., . 


TcsnslntexnMtonsl Life Ins. CD. Ltd. 

2BrM»BUgb.BC4INV. 01-40H407( 

TnhplBvait. FA__U3S.4 

Tulip M»ngd-Fd 1043 

M*n. Bluff'd-1072 

Mau.pan.Fd. Cap.. 1048 
Maa.Pes.Fd. Act. P158 

Trident life Assurance Cb Ud.* 
RrafetadeBouie. Gloucwttcr 046230541 

Mwn n jHwl , _0103 


Ren«.Mnr.d.6w — 1123 
PBna.Mngd.Acc— 115.0 
Peoa.Gtilbep.Cap,. 100.7 u 



*Ca«h value for £100 pronlnm. 

lyndsdl Assurance/Pensiaas* 


iSfei* 18 -:;::. 



Do Plop Peh.l-._. 

119 4 


. 100,6 

• 125 6 


164 6 




Vsnhmeb Life Assurance 

41-43 Maddox SL.Ldn.WIR SLA. 014864923 

Managed Pd _u„ ..,n3K.7 1460| -0.71 — 

EantoFd..-ZIQ.9 222.3 -261 

rntoLFand,-^—^_as A wit - 0 ^ 

FUodlMOTt. S5«3 17939 -OB) 

PropmC’FtU.— __ I36A 14X3. 

Cau Food__U6.3 l» i l . 

Vanbrugh Pwulms Limited 

41-C Maddox St. Ldn WIR 9LA 01-4804823 

Mm aged---_lgl - 1003 


Ptropenar--J958 1003 

Goartmleed see 'Iiw. Bam Rate*' table. 

Welfare Insurance Co. Ltd-* 
TbeU»Fo'5Mstoni'^taL" 030357333 

PnrwItCT^affi pllam i5ct »t1b London A 
. Mancheeter Group 


Abbey Unit Tst. Mgrs. Ltd. fai Izi 
72-ao, Gaiehotue Rd.. Ay ]«burj 

Abbey Capitol_ ..150.1 

Abbeylmome_H6S 38 

Abbey In v. Tst Fd..uX3 - 33 

Abbey Gen. Tat_|4XB OBJ 

Gartmore Fond Managers y (aVgi Perpetual Unit Trust .’angmt.V 13) 

s 4a 


5 26 

Allied Rambro Group tai (gi 
H tmbroa Hw„ Hinxon. Brentwood, Essex. 
01488 285) or Brentwood 1 02771 211459 

B alapwr d Fii mk 

Allied tst.. 54 5 b3 jri -oal 

Brit.Ind. Fund. 5B8 62S -0.9 

Glth. A Inc. _ 34.4 363 -0.4 

Elect. & lnd Dot. 3*2 523 -03 

Allied Capital_65.4 -b99 -08 

Rambro Fund . . 95 9 102 4 -12 

HsmbPpAcc Fd .1084 1165|-15 

Imw Funds 
llnh Yield Fd. 163 4 

HJsn Inpotnc 154 8 

4-fi.Eq Inc. . . -p5 4 
IkwM Fond* 

International _ . 132.5 
Secs-af America U3 9 

PfeeiQc Fund.|u 7 

SpeelaJIat Funds 
Smaller Co.'s Fd .13X7 

2nd smlr. Co's Fd 59.7 

Recovery Sits_822 

Met. Min A Cdty _. 36.4 
OrarseaaEarnings. 489 
Exmpc Stair. Co's 1198 4 

02885941 2, PtMary Axe, EC3.A 8RP. 

481 inomericaiiTe:-i22 3 

British Tst r Acc.l... 
Commodifa- Shore.. 
ixi For East. TTuat. 

High income Tn... 
Income Fund. _ ._ 

01-2833531 43Han Sl. Henley onThames 
r petaalGp.Gtb- -156.9 

39.41 -.4 4 09 

5.75 Piccadilly Unit T. Mgrs. Ltd.* laHhl 
|8| Word<rteP_se..38aLondonWal]ST2 8380801' 

Extra income —095 

Small Co'* Fd. _137.8 

Capital Fund.W7 0 

im. Era*.2c Assets. «5X 

Private FUnd __134.7 

ArcBmltr. Fund . _ H9 0 

S3. Blomfleld St. TNI. 01-3884111 RfoSJSS. ^" Hi 

•071 • -I 880 American Fund^-Jaa-1 


Gibbs (Antony! Unit Tst. Mgs. Ltd. 

IB l A.C- Inrotne- .. 137 9 

<a)A.n cmrtthrt [iip 5741 ' I 4S0 

tai#VG.Far&Mt-..|20 3 2ifl . o 30 

Denim* "Tue* Werf. 

Govetl (JofaniV 
a O TS.UomtoBWall.E.».-3. 013805820 

7» FJtldT.Ffeb n .. ..U39 6 126Of . | 245 

727 Du Accum Unit 11430 15C 71 245 

Next dwlinc day March 3 

2J4 Grieves on Management Co. Ltd. 

232) -0 2| 

Practical Invest. Co. Ltd.* ij*c» 
44,B*wnabtirySq wriA2JtA 014S38893 

Prnetical Feb.22.. 11342 14261 -L0I 455 

-UMum Units-1187S 199214J5 

Provincial Life Inv. Co. Ltd.* 

222 Gisbopzgate. EC 3. ri NT G533J 

“ ‘ 74. 

SO Gresham St. EC2F aos 

Bar'cm. Feb 22 
(Accum. Ualtsi..... 

BtgnHYFeb.lB . 

lAccum. Unit*)-. . _ 

Eadeav. Ffeb-21 ...{1607 

i Accum. Unimi-—&65 1 

GrnehitrJ : (aSj.l7 ...UfcJ 

(Accum Ualtsi-- [7B8 
Ln.&Br-ds. Feb. 22. 

Anderson Unit Trust Managers Ltd. < Accum UnKai_ 

158 Fenchorcb St EC3M 6AA 
Anderson U T . _ . |455 <8.51 





PrudL Portfolio Mngrs. Ltd.* laifbKci 

45S Ho I bom Bart. EC IN 2NH 01-409 0222 1 

7S» Prudential._U145 12X5? -15( 469 

142 Quilter Management Co. Ltd.* 

Jr£ The Stt Exchange. EC2N' I HP 01«M41” 
Quadrant Geo. Fd. U00.9 104.11 J 458 

2 . 9 ) Quadrant laewne - 0164 120X4 4 B38 

„ „ _ , „ . 199 Reliance Unit Mgrs. Ltd.* 

Guardian Royal Ex. Lnil Mgrs. Ltd. p^hsuaceHse .Tuabndge Wduu. cmessm 
■I <07 itoyal Exchange. EC3P 3DN. 0!438Bni Opportunity Fd .--158 6 62.7? . . I 5.83 

SiMkoek.i- »--i, „ , „ ,,. io 8 >GuardhlUTaL..|79.9 82.7^-081 474 ScU^deT.tAcci-®2 414 -Oi 5.74 

Ana bar her unit Mgmt. Co. Ltd. „ . _ . . . . .. . , sekfordeT im-_ p&b 4ia -oa 574 

i Nobles*_EC3V7JA. 014236370 Henderson AduilmstrationfaMz) 

Inc Monthly Fund |1M.M 1720et | 

199 lid -7.71 



721 +0.7} 

74.7 +0.71 

ProltfieUrJcs_169 9 

High income_ [1010 




Art) mb not Securities Ltd. (aKci 

3-7. Queen St. London EC4R I BY .01-3W82B1 Cap Grawih iTec T 

UBir-O.FI U>56 iRSmopean... - 

00 Premier U.T. Adn, ir ._ Rayleigh H»d. fiMSl hUL 

Brentwood. Esses 0277217233. PO Box 410.Baufe Hse .Mancbslr 081 236B62I 

Ridgefield !mirr.|S2.0 28.01 I 2 39 

Ridgefield Income. |45.0 49g| . | 4 25 


Cap Growth Inc . 

Extra Income Fd. ..1109 2 
Hlghlnr Fund ... SCI 
CfAceuai. Unital52.0 
WdrwI.Ui*.! 528 
Preference FiuuL. 258 
H Accum. Units*.... 37.9 

Capital Fund*.16.1 

Csmmodifai FlmdW 1 5X4 
(Accum. Unltsct . 738 
il0% Vdrv‘VMS 36.3 166 

Giants Fund_358 

(Accnm UnitBi_4X< 

Growth Fund_903. 

(Accum Unitt)_S55 

Ionian Gih.r.i— uu 
•Eaatern & lntLFd 19.4 
*(0% WdraLUis.] 165 

Foreign Fd.~._675 

tN. Anter. & j 


96 6 -O-jf 
566 -0.3| 
■ 175 
388 HD^ 
44.7 -081 
325 -03 
385 -031 
268 -0.1 

-0.5? U)86 
12 CO 
12 08 













E'Far Fast—-. 

ikj High Income ... 
ifOInc. b Assets ... 
igOnternstloiUJ — 

■ giNth. American- 

NA Gross FBb. Z ■ . 

Oil & Nat... 


ip Cabot_-- 








76 fa 

99 2 



23 7 












sc tod 












34 0c 



102 0 








4 34 








72 B0. Gat house Rd- Ayletbuty. 

Arbatbaet Sera cities fC.I.) Limited Keyselex Hngt. Jersey Ltd, 

P.O. Bqx.nx &. Heiter. imey. 05M721TI PO Box83, St Hfelier, !mer. IGnq 02 40B TOTOi* 

Cap.TstiJereej i.. JU6 0 1206 ? . | 965 

-■»« aeaJIng -iite March 7 . 

East Alml-Tsucri. [MLO llXM .... 1 358 
Nett sub Feb. S3. 

Australian Selection Fond NV 
Morfcet. Opponuniue*. c o Irish Young ft 
inrehwnite. 127. Kent 7i_ Sidney. 

USSl Shore* . ...lSi.Sl.n - | . | — 

Net araet value February 16 

Bank of America International S.A. 

“S Boulevard RaraJ. Lti-emboorg G.D 

WidiRvertlncmtu Jii OHISI U 511 | 

Alexander Fund.- RT2 W - I 
Net asset value Fab. 13 

Fooaelcx .jnXBS 

bej-selev tofL _ 72 

Keyrelex Europe-. 

Japan Gth. Fund_ 

Keyselex Japan - 
Cent .tun Cep 

King 5: Shaxson Mgrs. 

J (Turing Criv. <-i =ie!ier Jurist 
J-iJS?"!?*, Dn-jglns. trie 

uUiFundtJene; < 110 01 ID HicS 
C-iItlruKiI oM ■ tlbto 117601 
InU. Govt. .Set*. Tsi. 

ef Man 

* 71 First Sterling . 

(17 IS 17221+0511 -- 
IH3X41 ISXTS-lFjj — 

Price* at Feb. itTNcxf sob day Feb. a!* FiritlntL' 

Bnk. of Lndn. & S. America Ltd. Klein wort Benson Limited 

«H».Queen Victoria St_EC4 01-630 2313 30. Fenchureh St. ECfa 

...J — Eunnreat Lux F J 1.022 

' S6S 60« 

69 2 



badiiDliu- -Jiam ,S, 'W.5ol+Oj9 

Banque Brnxelles Lambert 
2. Rue De Ja Regence B 1000 Bnttxels 
Renu Fund LF-1X944 2jQ0^ -4? 556 

Barclays Unicorn lnt. (Ch. Is.) Ltd. 
I.CijsnngCroso. St Helicr. Jrxr 0534 73741 

Eunnreat Lux F 
Guernsey Inc ... . 

Do Accum_ 

KB Far East Fd. __ 

KBlnd. Fund.. 

KB Japan Fund 
K.B. US Oarjt Fd.. 
syget Bermuda. 




KB act as Loruon paying agents only! 

unScdLar7yuatt_"^nai4 j 460* Biu iCJ.i U/T Mgrs. 

“Subject to fee and withholding taxes “ R Box 105. St Uclier, Jersey 0334 27NO. 

Barclays Unicorn lax (I. O. Man)Ltd. U “ W ' ,T NeS S dSiiE? Sme mSS is 1 Zn 
1 Thomas St. Douglas. 1-o.M. OKHVOB . , . - , . .. 

zio Lloyds International Mgranx S.A. 

250 7 Rue du P-hone. PO Box 170. 12» Geneva if 
F284.00 W400 -] erain S4‘d|-17.0l ICO 
JUW-250) 640 

Unlearn Aast Ext. 1425 

Do. ausl Mia...pen 

Do. Grtr. Pacific_[s6 0 

Do IntL rncume._G35 

Do. T.of Men Tst kb 4 
Do. 3!aax Mutual _ (21.5 

Blsbopsgate Commodity Ser. Ltd. 

. ... j in_ 

Uoyda lnt Uwomc.|srS3LH 

M & G Group 

Three Quajs. Tnaw Hill ECT PBQ 01-825 *30, 

N C Equity Fund... 
N.C. E0E>'Jles.T5Li 
X C bKmm Fund 
N.C Inti. Fd. (Inc. 
N C. lnt). Fd (Acc... 
N.C. SniUr Coyx Fd| 





154.M -Iffl 
47. ?| -01 
144 Ji -1.4 
77J| -0.4 
77B -0.4 
14971 -Xll 




SLSwithJnaLane,Ldn_SC4L 01-6264356 
Now (Tt Exempt—.1013.0 120 0) .._ | 3.73 
Price on Feb. 15, Next dealing Star. 15 

Rowan Unit Trust Mngx Ltd. 

Deal, ft Mon. *Tues. rrWed. fTtiurs. «Fn. 
Next did-Dec 22. —Dec. 15. Daily 

Archway Unit Tst. Mgs. Ltd.* lane) 

317. High Hoi born. WCIV7NI* 01-831 
Archwcy Fund .1765 B1.4| | 6.08 

Prices at Feb. 15 Next sub day Mar ]. 

Barclays Unicom Ltd. (aRg^Tci 

Unicorn Ho.25ti BotnliiniRd E7 

For tax exempt funds only 

13 Hill Samuel Unit Tst. Mgrs.f fai 

w 41 «W-Cetoltoeu>i»bwiTSq..BC2. 0140010K 

5S Rowan AmFeb.lflSM.O, . 6X0| ... i LZ2 


IK) Inti Trnri-[3X3 

tci Dollar Trust-169.4 

ib) Capital Trijri __ 126 9 
lb) Financial Trust, ly.7 - 

ib>income Trust— U5.1 
ibl Security Trust... 424 
>bi High Yield TsL_|2T 5 

Intel.* UKg) 

15. Chrtaopher Street. Et'Jl 

Intel. Inv Fund . 1532 

54.1b -0J 
68.4 '-0.4 
28*0 -pr 
4X7 -12 
2M —0.4 
51J -05 
2451 -02 







RmvanSec Fbb. 21- 1506 
RowanHy. Feb 10. 50.9 

(Accum. Unitsi_69 9 

Rwn.Mm.Feb.20. _ b9.7 
(Accum Uiuui_1830 


4 14 


BJZ Royal Tst. Can. Fd. Mgrs. Ltd. 

M, Jenayn Street, SW.l 0J4288252 

01.2477243 C apital Fd- J617 65 IJ [ 401 

8*71-1.2} 700 

Income Fd._(U.4 




1X02. X 


Unicom America 
Do AUSt Act 
D o. Aust Lie — .. 

Do Capital. 

Do. Excel ptTrt 
Do. Extra ircome 

Do Financial... __ 

Do MO . _ _&69 

Do. Genera] .2B6 

Do. Growth acc. ...136.9 

Do. Income Tst_175.9 

Prices at lan. 31. Nest sub day Fe 
85 4ia-8.‘ 

_ . ®5.S 11X71 -1 

Do Widwlde Treat[435 46 bd -0 

BhEtlnFdJnc_1575 5951 -C 

Do. Accum-_|M.6 67.3J — 0 . 

M 51 -0.21 



106 4 
34 9 

Key Fund Managers, Ltd. (allgl 
25. Milk St. EC2V8JF 

Save Sc Prosper Group 

Ke»- Equity* Gon. 
OKe^ Exempt Fd . 
Kev income Fund. 

Rr- Fixed let- Pd 

K7 4 

, 75J 


Key SamilCu'aFd |33 J 


71 i 

-001 407 


-08 520 



A3 1 

-Ofl 83? 


. 4 1207 

m3 679 

86-73 Queen St. Edinburgh EH2 5NX 
Dealingx in 01-SM BSt 88 or 031 =21 73M 

665 Save tc Prosper Securities Ltd.* 
" " iBtereatieaaJ Fuads 

- - BL | 

■' FISR'..". 

Klelnwort Bensoc Uni* Managers* Univ.Growth.__ 

20. Fenchureh St. E.<‘ 2 CU-tiZJBOOQ Inoreariag Income Fund 

K.B.VnuFd.Jnc. ..{S3 3 p04 .. 1 «57 Hish-Yield..[5X2 


4K.B. UnltFcLAc - .C0C.2 108 Jef 

561] -0 5| b d 


Baring Brothers Sc Co. Ltd.* I'aXx') 

68, Leedenholl St.E.C3L 01-5882830 *Baw. Materiula_ 

Stratton Tst__[1662 17321 .J 407 *i Accum Units).-... 

Do. Accum._P>B5 ziioj_4 4.07 '•GrowlhFund- 

Next nib. day Feb. zL ■>Accum. Unitai.— 

riGUt and Wjuraiu. 

High I: 

UC Unit Trust Management Ltd.* i , ‘*£ 1 2* tun '.'{K-J 

530 The Stock Ecbatice. EC2N 1HP. 01-563 2800 .^T -T T — ^ 

5 S9 gagg—-m» 

_ . _ . * Ontmi Fundsfil 

Lawson Secs. Lid. *taHO Europe 




LftCIne-Fd._1124 5 

LftC lnd ft Gea Fd |asa 

4354 -051 4.46 

83GeorgeSt.EdiriburchEH2ZJG. 031-2263011 ^P*" 

JIDwm II^mIaIb rue L. ion I tit U.a- 

Blsbopsgate Progressive Mgmt. Co.* JAmencm f<x — 

a. Buhoptgue, E.C2. 

B'gatePr. M Ffeb.2l.|l _ 

Aec.UK «Feb. 21 .„ll93^ 

B'gute Ini. Feb. 14.11562 
(.Accum.l Ffeb. 14 ...11725 

Next sub. day Feb. 28 

Bridge Fund Managers*! a)(c) 

King William 5t,ECfeR OAR G1-CS34BSI 



_ _19 J 

If Accum Unite)-206 

'High Yield_ 

••(Accum Units)..- 


307 _ 

419 ...... 

575 .... 

625 .. 

36.0 ., 

2X5 -0.41. 
224 -0.4( 
525 -0.3 
724 -0 3 

726 S ec t or Funda 

t» Commodity_.1 

322 Energy..f 

2.02 Financial Secs._H 

£-27 nigb-MaiiniEi Funds 

69.61 -051 4. 
63 6df-0.4 3 
67.41-0 4 3. 




22651-15] 2« 
5fc| -05j 7itf 

Bridge l»c 


BridgeCt-P Inc.7. -[BOB 

EridgeCap Acc T- 

Bridge Exemptf - [125 0 

Bruin* lull lnc.t._ 

Bridge Inti. Acc.t ... 
Priem Feb 21-22. 



50 41 
134 Dn 
156 -0.1 










tS«a Selectlatorcax„..]2147 
1054 S^ectlwotne...... !SD3 

DeeL »lftm.’ , Tuesr «Wed. jThura «Fn. Sc9ibita Securities Ltd.* 

Legal St General Tyndall Fund* gcuihata ..G5 2 37 

18CanyngeRead. Bristol 027S32M1 gggg;-|S;j 

^SOSssz m J » SaSfflttiBii 

Next sub. day March 

Leonine Adminislration Ltil. 

2. Duke EL.UKxfoD WIMBJP 01-489 3691 
Leo Din..KB3 71.9J -0B| 551 

Fticu at Feb 2Z Nest sub day Xarrh ~& 
Schlesinger Trust Mngrs. Ltd. (ailzl 
(Incorporating Trident Truats 

Lee Accum- . . .{72.7 

-0«l 518 

Dealing "Tucf.. fW*d 

Britannia Trust Management! akgi 

Loudon Wall Buildings. London Wan. 

140. South Street. Darkmg 
.\m Ereaipe . - - 

Lloyds Bk. Unit Tsi. Mngrs. Ltd.* lal awl cronn JS3 

ReglrtrariG Dopx. Garing-by-Sea 
Worthing. WatSuxrei 

London EC23I SQL 

Aaaeta.- .1639 

Capital ACC- 463 

Comm t lad.Eo.i 

ComraadiC- —_676 

Domestic__ 3SJ 

Exempt..— 934 

Extra Income...37.1 

Far East.. 165 

Financial Seex...... i06 

Gold ft General . ... 976 

Growth_ 722 

Inc. ft Growth—..... 6S.4 

lnfl Growth..-50.7 

InrasXTstShare* _ 99.4 

Minerals —.. 383 

Nat High Inc.-715 

New Iran*—-333 

North American— |2fc0 

_ ... First iBalncd .1 -_ 

OI430 M7B4HTO Do.CAcetnn.l_- 


6E.7] —0.71 

49.1 -06 
535s —06 

72.7 -05 

37 7 -06 

90.1 -06 

39.9a -03 
17.7s . 

65.1 -15 
1056 -14 

77.6 -XD 

735 -05 

545 -02 
423s -03 

4X2 -05 

77J -0.7 
355b -0.1 

200 -oil 

Second (Cap J sU 

Da (Accum.)— -_ . 56 fa 
Third ancomei^— 75 B 

Do. (Accum. 1_10X7 

Fourth (Exine.l— 555 
Do. (Accum |6X8 

493 -05 
66.7 -0.91 
409 -0.4 
60 8 -0.4 
8X5 -0.7 
1043 -X0 
59.9 -0.4 
664 -0 5 











755 w & G Group* O'HcHzl 

Three Quays. Tower Hill EC3R SBQ 01628 4583 
See alto Stock &chahK* Dealings 

Exempt High Yld.' 
Exempt MXt_ Ldrt * 

Extra IncTsL...._ 

Income DuX_ . _ 

Inc. 10S, WdrwL_ 

Intnl. Growth. 

lav.Tit. Unite_ 

Market Leaders __ 

‘Nil Yield'_ 

PTOf. ft GUI Trust- 
Propsrty Shores .. 
Special Sit Tst.. 

Uoyd't Ul« Unit Tst- Mngrs. Lid. ^ ^ Xccui. 

72-80 GatehouaoRd. Aylesbury. IEB8SBSI U K Grth. Dim.__ 

Equity Accnm-H37.9 1452J -0.71 

















4.40 "Next sub. March S 

J. Henry Schroder Wagg Cs Co. Ltd .9 

Britannia Treat—Continued 

Professional-144*5 46431 -0 

Property Sharoa ..13.4 14j . 

Shield__ -*X2 443ri-0. 

Stanu Change- 175 24. , 

UnivEnem _ -|293 7X5*4 -0- 

The British Life Office Ltd.* (a) 
Reliance Haa, Tunbridge Weils. Kx VSa 22271 
BL British Ufa— ..145.9 4061 -0 

BLBalancad'.M33 46.21 ... , 

HLDteidead*-J«2-2 45J| | 93* 

‘Prims Feb 20 Next dealing day March 1. 

Brown Shipley Sc Co. Ltd.* 

Mngrs,'Found era ex. EC3 

BS Untte Fab. 21_12196 23124 

Do.fAccJ Fab.21—P7X4 2853) 

Oeetsle Truste (xi 
Financial -. -- 


(Accum. Unite)-39.4 

Australasian.- MS 

(Accum. Unite)-43.7 

Commodity- -— 60.9 
(Accum. Unite)—— 665 
Compound Growth. (93.7 
Converjlon Grovnhfl7.7 
Coavertlon Inc- 551 
Dividend-....-. .. IB8.4 

(Accum iinitej- 2003 


(Accum Uoita<..965 

__ Extra Yield__ — 79.4 

■ jn /Accum Unite)-1033 

tfi Far Eastern—..17.9 

(Accum. Unitai-913 

Fond of Iqv Tste. . 546 

(Accum Unite'-635 

General...— 1493 

(Accum Unitsi.- 227.9 

01-0008520 High income.M3 

.... I 435 (Accum. Unitai—... 1535 

.I 435 Japan Income . —1253 

(Accum L'nltsi-1255 

Growth Accum—- 
Growth Income — 
Hlrb Income-- 

issw 1 _jj| 4.47 + 1 ! 

-w-il ?■?? /Accum L nits 1 . . 2108 


u^Ch income-_i 

Index —..., — 


. . P 

Ejonpx Feb. 10._|! 

17.9 -0JI 
«L2 —05J 
356 -03 
315 -84 
19.1 -Oil 
24.4 b -03 
101 -0-3 
555 -03j 
216 -05( 
595 ... I 

(Accum. Uiuui-11782 

Specialised Funds 

Canada Life Unit Tst Mngrs. Ltd.* /AccumVaiuj',.. .psaa 


f43 (Aceum Units'.. -[2*7 9 

a ,, Reco v er y ^_732 

a9i (Accum. Unite'... - NO 

Second Gen_1503 

(Accum Units).— 224.7 
Special_ 1416 







120. Cbeapcldc. E. C ___ 

Capital Pfeb.Sl.... MJ 

^ 12 xd - 0 ^ 0.98 (Accum)..--*399 

■” ^ 0.99 loeqme Feb.21 « 6&8 

>'m (Accum Units)_245.7 

£50 General Feb.732 
505 1 Accum Unite)... -pOJ 
5 ,nl Europe Feb. 11 _ „ _ (0x4 
0.13 (Accum Unite'.. _„g** 

4 05 •Fn’ —554.7 
S'« -S?¥Xt £x. Feb. 7:-.tlXB 
in *Reeover^Feb. 7—5772 


42B —02j 
45 On -OJj 
41.7 -0.4| 
7C5 -0.1 
100 7 -03 

SI a -02 

507 +0.d 
1154 -01 
213.4 -Oj) 

846 -031 
110.D -04f 
412 b 
16X9s: -03 
2475 —0.4 
1004 -03 
1635 -0.4 
L14.C +1.0 
1343 +14 
IBfric -X0 
2320 -13 
1619 +0 4 
2644 +07 
2436 +01 
15O0C -Oft 
184.7 -D.d 

83a 'For tax exempt funds only 

!u Scott “h Equitable Fnd. Mgrs. LULV 







__ . 261 

P Bar 51123 SbanboadFeb.21 I 115.La 
r -,F2i i w Chortfd. Feb 2J. - (1304 134 

-Ml J-2 (AccumUnite).-.J1665 169. 

5-25 Pena. Ex. Fei 20. 11204 127 

- 0 j| 7.73 Manulife Management Ltd. 

28 Sl AndrewsSq..Edinburgh 0S1-5GCB101 
Income Units _.p6 9 4941 I 5 SO 

Accum Unite..B2.9 503f....f 3JC 

Dealing day Wedaesdii- 

478 Sebag Unit Tart. Managers Ltd.* fsi 
033 POBox5I1,BcWbry R»e.,E.C5 01-2565000 

SebogOtpitalFd ..|K3 
Sebag Income Fd-pS3 

133 Security Selection Ltd. 

rS 15-10. Lincoln's Inn Fields: WC2. 01^33 6300-5 
4U UnWCUsTWAcc-..B27 243|+051 3*0 

y.ll Unvl>ahT»lnc. fl9i9 2X3 -03j 3.i2 

Stewart Unit Tsi- Managers Ltd. fai, 

4.B2 49. CharlotteSq.. Edinburgh 03I-2S5S71 

Stewart American mod 
Standard linlts .... |$4 4 57 

Accum. Unite_|»86 6__ 

Withdrawal Unite. }6t.8 4771 

Stewart British Capital Fuad 

•Standard—.-]S+£- 7 1363! - I ?M 

Accum Unite.(1514 154 . I — 

320-031 331 
3« if -DJI =39 



W.6 47 71 . ....] - 

7.93 San Alliance Fund Msg:. Ltd. 

Sun Alliance Hse. Horsham 04COW141 

E^p3^.Trt, Feb. 8 . IXiTXW 20090J 467 

VTne Family rd_-.|t3J =£. 6 ] 

043858101 Target TeL Mngrs. Lid.* <a;fty 

2d High St. Putters Bar, HeriA 

Can. Gen Did--1343 363i 

Do. Gen. Accum.—KX6 43. 

Do.lBC.Dist.-BS3 35.1 

DalD&Accum-(42.9 M 

g^Sg ^-55" , »M ■- 4 “> S' ^-nSL.^ ., 

Capital .—rg.B 84.41 . j 4.40 Mayfluwer Management Co. Ltd. g.6 

Income-- (733 77.9J ......| 70S 14/18 Gresham St. EC2V 7AU. - 01-0088008 

Prices m Feb. li Not dealing March 1. TacomeFeb .21 .110X3 lOUrf .... J 834 

r..iui General Feb. SI- --(662 64.7nJ .| 6X7 aDoAccUnits. 

Carllol Unit Fd. Mgrs. Ltd.* (aKd +.__j , fA Target guiF und— &105 

MU bora Hoase. Nowcnstle-upoa-TyiiB 21 IBS *^5; Target Growth-g;0 

Carilal HXI 6531 I 472 30.Gresham SL. EC3P2EB. 01-6004^5 Tur^t IntL__|22.4 

Do. Accnm Unite _OT3 773 4172 M«U.OEmFeb. 22-g604 178 

Do High Yield- .■—1403 436(..1 8X9 Acc.Uw. Ife&B- 2061 2X9. 

Do. toma Unite.-Rx 5X«J .I 8X9 HareXaL Feb IS-. 570 61 

Newt dealing dele Murck I. AccmUbt, Feb. 22- tt8 6* 

MercgtlJraJS .. rtX4 220.7 
Charterhouse Japhet* Aecton-uts. junXft. 1252.9 263. 


Deahagr: (E3a fiy. 1 

439 Do-Relnr UoiB—246 

4.79 Target Inv_2IX 

X95 TargetPr.Fob. 22 . - M7* 

X95 Tgt tat ...278 

4.15 TstFrcX__*4.7 

4X3 Coyne Growth Fd. _ I< Z 

X Paternoster Row. EC4. 

C J. Internatl-M .8 

Accum. Units-,— 23.8 

CJ. Income--».* 

CJ.Eoro Fin-23.4 

OWLS DepLFebD - 293 

CSw.lnv.TW. 244 

Accum. Units. —[270 

01-2483980 Midland Bank Groan 
zxz) -0.41 368 Unit Trust Managers Ltd.* (a) 

‘ “ Courtwood Bourn. Silver Street 

Price Ffeb. 22. ‘Next dealing giMi 1 

246 -0.4] 
356 —03i 

27.2 +06J 

3X2 +061 
200 -06j 







Sheffield. 51 3RD 
Commodity ft Gen 
Do. Accum.... — 


Do Accum._- - 


Do. Accum_■ 

Chieftain Trust Managers Ltd.*(aXg) K™"—* - 

30/31 QueenSX.SC4R1BR. . 01-2482902 Do. Accum"T- -- 1X9 

American._(feiI9J 20M-0.1J 073 iruernationai _ • - 39-4 

High Income-mi 423-0.2 9.4B Do. Accum. 

Intrrnatloaal TO—nj 2 U • Z3i§| -D.l| 3® High Yield- -—576 

Basic Resree, Ttxf2J.9 23.71 1 42B Do. Accum. 546. 

Equby Exempt*— JS-4 
Confederation Funds Mgt Ltd-* fai Dojvecu=.*....—. M04 
90 Chancery Lane. WC2A IBS 01-2420282 _ , „ 

Growth Fund--p7.7 39.6|.I 645 Minster Fund Managers Ltd. 

— __ ..._ w _ j.m ___ MJnatarHre.ArthurSt,E.CA. 

Cosmopolit an Fund Managers. MinsterPeb. ix -tux ;_ 

8a Pmu Street, London SW1X8EJ. 01-2368S3. Exempt Jan. 33 _—PSA - 84.4) 

Coemopoln-Gth-Fd-D7G 1041 -0JI 3X8 m i \Jnit Trust Slgsnmt. Ltd. 


1504 ifl.71 -0. 

S 68.3 —0 

-7 35.M -0.1 

gj Ip 

49.7m -0 
4Z6I -0. 
« -a 
faia -o 

WfllTat Jan. 3l- Next dealing Ffel 

Target Tst. HgrE. (Scotland) iaKb) 

10 Athol Creeceat. Edtn. 3 CSl-SXSOKa.i 

lagWfc :-Ml HI 

f i n Extra Income Fd.-jy3 6 X 615 -0 rj 10 63 

f]S Trades Union Unit Tst. Mascgersv' 
334 140. Wood Street, E.C3. Oi«£.-P!< 

3.95 TUUTFfetel_K09 3011 I 532 

*j7 Transatlantic and Gen. Secs, t'o.9 
637 91.B0 New Loudon Bd- Cbelnutnrd 0MSS1C1 

P-O. Box 4Z Dougla», I o.M 
ARSXJC* Feb. 5 I 5US26.69 | . . . 
CANRHO—Feb 0 - flOiO | . ... — 

COUNT*™Feb. C — | ££336nl 1 ... J — 
Onginolly issued at '310 and **£1.00. 

Bridge Management Ltd. 

P.O. Box 500 Grand Carman. Cayman la 

NTjMUFeb.- | Y13S57 1.-1 — 

G.P.O. Box 580. Hone Kong 
NipponFd. Febaa- BCSUB «S1+0JJ21 
Ex-Stock Split 

Britannia TsL Mngnt. (CD Ltd. 

30BothSl_5t Heifer,Jersey 063473114 

Growth Invert_1503 


Jersey Erwrw Tax. 1373 

Uuivsl. Dir. Tst__ S4.43 

UuivsL S TsL Stg— ISXI 

06B4-EI811 ADanticE-J-'cb Li-pv?’** 

Altai. Ex. Frb. 22 .... 
Gold Ex. Feb 22 _ 


1 Accum Urnui- . 

M?*' - 

157 01 a.91 






.Samuel Montagu Ldn. Agta. 

110 Old Broad St. EC2 
Apollo Fd. Feb 15-ISF^flXa 
JapfestFeb. I5_ jSHE9 U 
11T Grp -feb epi'F.121 
117 Jeiwa- Feh.8_JS0S5 
UTJrayO iFeb. 15- ICT.77 

Murray. Johnstons (Inv. Adviser) 

180 Rope Sc, Glasgow. c= n;-i=1 5521 

•HopeSx.F0..I S1.’S23X7 | .1 — 

•MurrayFund-. SU-S9.U .... | — 

-NAV J:n 31. 

Value Feb 17.'Next dealing'Feb.'27. 
Butterfield Management Co. Ltd. 

P.O Box 185. Hamilton, be mm da. 
BuoresaEquit;-' ...1303 L471 ... 

Buareas Income...|XW X42| .. I 749 

Prtcea at Frb d Next »ub day March 13 

Capital International SA. 

37 rue Notre. Dame. Ls-tcmbourff ' 

Capita] lnt Fund...| £1'515 24 | _4 — 

Charterhouse Japbrt 
1. Palcmosler Row. EC4 
Adi row . . . |D?3S SO 

Ad iverba _ . . 

Fonilok— _ . Kill'll 


Emperor Fund_SUSZU 


CornkxU las. I Guernsey) Ltd. 

P.Cl Box 157. St Peter Pori. Cuanuey 
Intnl Man. Fd_1163.0 177J| .| — 

Delia Group 

P.O. Boa 3012, Nassau. Bahamas - 
Delta Inv. Feb M -.(SX27 X33|_I — 

Deutscher Investment-Trust 
7PMfaeh2S3S Blebenguae 6108000 Frankfurt. 

Concuriru_IDSCXM 2BAM .J — 

lnt Recterdoiuls—(D3UU3 7DJM|_.( — 

Dreyfus Intercontinental Inv. Fd. 

PO. Box N3712, Nassau. Bahamas. 

NAV Feb 14_BFEUD EBj ,._.J - 

Em son Sc Dudley Tst.MgtJreyXid. 

Negit S..\- 

10a Boulevard Sural XnienDxiurj: 
NTAVFeb.10 .. | Sl’SlOS 1 . | — 

2.09 Negit Ltd. 

Bank of Bermuda Bl-ica.. Humlton. nmdx 
NAV Feb Vi K413 - |. \ - ■ 

0>d Court Fuad Mngrs. Ltd. 
r ,^Mst.'«Tis*v 0481 rani 
EuFTJan.31 — HU 5111 1 2 f-5 

IpcFbFeh). .1562 165N 659 

01 ,IltJ Fu >9- -{060 920 

osSi S? SOLO. Fd Jan 31 1140 4 

144 J 


Old Court Commodity Fd. SSgrs. Ltd. 
P O. Box W. St. Julius's CL Gucrnsei'048128741 

O. C. Comdti Trt.*—11213 129.M .... J 5.M 

C.CDU r. CcLTrLt... B24 B4 26.471 J - 

’Prices on Feb 14 Next dealing Feb. SB 
tPrice cn Feb. 21 . Next dealing date March T 

Phoenix Internationa] 

PO Box 77. Sl Peter Port. Guernsey. 

Inter-Dollar Fund.. |ir5X22 23V\ j — " 

Property Growth Overseas Ltd. 

M Irish Town. Cibrahar. lGib) 0108 

U.S. Dollar Fund 5U53&Z7 | .J — 

StertinsFund-1 £12820 |.J - 

Roys! Trust (Cl I Fd. MgX Ltd. 

P. O. Box 1WL Rojcl Trt. Hse^ Jersey. 0534 27441 

TXT. Inrt. Fd-UI S714 9J0 J 503 

R T J.-tfl (Jjy 1 Fd. ISA Qs| J 

Prices at 

JraiF6[34 0B| .j 321 

: Feb 16 Next dealing March 15. 

P O. Box 73.5t Helier. Jersey. 

EDICT..J114 3 121.71... | 

F. £ C. ftlgzaL Ltd. lev. Advisers 

I -2. Latffeoce Pountne: Hill, EC4R OBA. 
03-U23 4C80 

CecL r d. Feb. 15. -1 SUS432 | . ...J — 
Fidelity Mgmt. & Ees. (Bda.) Ltd. 
P.O. Box 670. Hamilton- Bermuda. 

Save & Prosper International 

0S3430S81 Dealing to 

Fidelity wa am 
F idelity Inx Fund „ 
Fidelity Pae. Fd-... 
Fidelity Wrld Fd... 
Fidalifar Star. Fda. 
Series A ilntxd.) _... 
Series BtPnrific)-, 
Series D 'Am.Ate i| 





£6 35 

First Viking Commodity Trusts 
8 . Sx G+orge's Sl_ Douglas. 1 o-M. 

OS24 48E2. Lcn. AjSt Dunbar ft Cfe- Ud. 


GiltFd ... 

537PalIMnlxXosdoaSW17SJH.’ '01-9007657 {Si^iSSra. " 
Fax Vile, Cm. Trt. _ J9X1 403rij ^ j 0M 

FT Broad SL. Sx Helier. Jersey 0534-30591 

UJS. Dolbi^entBiatlfi Fonda 
Dir. Rxd. InL “*t. .J9.56 
Internet. Or *T . _ .16 (ri 

Far En-i tern**-L3.29 

Nona Aroericcct.pjfa 3 

Sepro-f __ jlZiN 14 

Sterilaf+jenamlnated Fonda 
Cbcny.-I Capital*-. {237J 2 
+n|M _ 'Tbnciiell£lsntiB4.. [139.4 

— Cn«nmtHUty-*n;...-..lU42 
+ nVh _ Sl r xd. im.****. —.JI19.0 X25 

+oaa — Prices on *Feb 2x “Feb. 22 
tWeefely DmUinga. 

+ 0 O 6 I — Schlesinger Intentaiicmai Mngt. Ltd. 
+0101 — 4i. La Motto St.St Belter, Jersey. 053473588. 

9 06. 









99 3 




Fsi.\'kDbtOp.T«.|M 6 *1 
Fleming Ja^an Fond S-A. 

37. rue Notra-Dame. Luxsmbounc 
rim* Feb.a_.__l SUS48.97 1+0161 — 

Free World Fund Ltd. 

SutlsTfield Bide-. Hamilton. Bermuda 
NAV Jan. 31_| SUSI64J9 | . I — 

G.T. Management Ltd. Ldn. Agts. 

Park Rar- Jfl Finsbury Circus. London EC£. 
Tc); 01-028 8131. TLX: 888100 

In fi d mafliHgl t 

c*o SSL of Scroiadt Front St. Hsmltn. Binds. 
Anchcr‘3' Unite—ItDSPTI B.KUI .. I 19S 

Anchor lnt Fd-JsBSJffi «BSd| ....} X99 

G.T. Bermuda Ud. 

3k. of Bern ode. Front SL, HamJtn- Baida. 

BenyPac F-(S3036 — I .I 1-05 

G.T. SFd..1 SUS034 J. J 080 

G.T. Mgt. I Asia) Ud. 

Hctchlaor Hie.. Haxcourt Rd- Hong Kong 

G T. Asia F...BFK7I? 76M ... . J 1.97 

GT. Bond Fund -I si'SIZIS 1+0-131 330 

G.T. Management (Jersey) Ltd. 

Rc+u) Trt, Hw.. Coiomberte. St Halier. Jersey 
G.T ArtsSieriing-|Qn 6 l> 1X151.. . | 1-79 

Eeai of Eersmdc ■fiwnwri Ltd- * 

3J-32. Le Pellet. Guernsey. WBl-aE 2 C 8 

830 Schroder Life Group 

Enterprise House. Portsmouth. 


iDteracttmud Ffenda 



EFlsed bucrert— 
SFlxcd Intrrcst. 

EMasaged... _ 

EManaged . _ 



IK 0 
107 7 

1103) +0A) — 


I —oa| 

114 5 

-il = 

J. Henry Schroder Wise Sc C«- Lid. 

120.Cheop3lde.ECJt 01-5884000 

Cheap $ Feb 51- ... SUS 10 A 6 -DXB) 
TrsralsarJan.31... fDS18736_l 

Aston Fd. Feb. 20- HrsUJS UJi 

Darling Fnd._S,11J6 LET) 

Japan Fd. Feb.10—pi'SS 42 iafcl 


063 . 

Eers> PeeStri* —[255.0 

S ni-hor ill I* Kri> 0 9 

Anchor Gil: 
aik her L-vJry 





u.* Surinvesl Trus; Kaacgers Ltd. lx) 
3.26 «. Athol Street. Dovjlt*. I.eJL 0C54 23BI4 

Gartmore Invest Ud. Ldn. Agfa. ^m!ES3Rprj s^'2 uio 

2. St.ltiry Axe. London.EC3. 01-2S3352) Do. Potlnuni Ed. _ 1120 11071-05 — 

totarc Fund hirgt (Far Bnrti Ltd. Do Gold 3d.. .-—|9J.l *043) -06| — 

:r.53 Futihisan Hat-. iu gercmnTld. II.Kour ie- hid 

riEw-rvic.u.TaLTZai:nJ7 ua ...j sat unit irtu. r&uuigero (c.i.j lib. 

JrpanFd...--KSaffi lies - J - Bagrtel le Rd.. St Saviour. Jersey. 0534 73494 

N AiT-ncan Trt.._ UDH .. j - Jertty Fund ..U2.7 44 4id .... J 4JS 

Inti Hoad Fund—PVHMI long. ...| - r-uerntevPlmi_^7 44.94 ... -1 4J» 

GcmKt lavratoMBl Mart. Lid, Prv:<» on Feb 22. Next nib. day. March L 

PC. •■ra52. Dojglc^ loM. , 083423311 ,_ „ ... .... 

into.'T.r.DraaiIre.-p>6 22 .c^ -ojj n.7 j Tokyo Pacific Holdings N.». 

Sentry Assurance International Ltd. 1 
PO. Box 320. Hamilton 0 Bermuda 
Managed Flmd.JSCS*471 LON) ... ( — 

Singer & Friedlasder Ldn. Agents 
20. CannoaSL.EGC 01-3489840 

Defcafonds—..JDHSU 2t4M-(L10( 136 \ 

ToSsyoTK-Feb 1—| SUK3C30 | . | 100 

Snrinrest (Jersey) Ltd. iz) 

P.O. Box S3. St Helicr. Jersey 053H 73873' 

American IncLTS.. $059 fa.62)-0 0*1 1.47 

Cappw Trust-fCfFJ I0.1a+J.ftJ — 

Jop- Index Tst —(SJCS 9 Ml M - 

Do Orowlh-p46 


Scofero Pacific Fund M gm t. Ltd. 

110. Co nna ug h t Centre. Hong Konr 
Far East Feb. 23—14.74 1U3U+0.M) — 

Jcpaa Fund_|SC56M 637]_| — 

Harabras fGuernsey) Ltd J 
Banbro Fund Mgrs. (CL1.) Ltd. 

PO Box00 ,Guernsey 


not). Bond —. .. 

lnt Equity-pt'S90 

UitW Management Co. N.V.. Curacao. 

NAV per share Feb 20 SUS4UB3 

Tokyo Pacific Hldgs. iSeaboard) N.V. 
Inlimis Maaaceraem Co. N.V-. Cutscao 
SAY per fthare Feb 20 5US316T 

Tyndall Group 

P.O. Bex 1£» Hamilton 0 Brinonda. 2-2740 

0481-2952] Overseas Feb. 15 _. [SrSO.99 


3.40 (Accum. Units'-BVE152 

£30. 3-Way Ini. Feb. ie_.fSlTZ.443 




Barbican Feb. 18 . .1716 

(Aonno. Units.]_UK 0 

BarhEm Feb. 22. K-9 

Busbt Feb 16-72.6 

(Aceum. L'nibl-.— 6W 
ColemcoFcb. 17__ 114.0 

(Accum Unite'-133.4 

C murid. Feb. 3— 505 
l Accum. Units) 07 

01-823 1090 Glen Ffeb. 21-49.7 

562 (Aceum Uiuui_62.7 

5.92 Marlboro Feb. 21— 450 

. (Accum.Unto)—- 513 
Van.Gwth.Feb 2). 46-1 

Crescent Unit Tst. Mgrs. Ltd. (aMg) ow Queen street, swihwg. otft»7m iA«tmLUoiM)— ».i 

4KelvtDeOrBn,Edlnburgta0 031-2=64831 MIA Unite-P&2 37 0) «9 C3 

Growth— (235 273j -a?) 440 Kntoal Unit Trust Managers* (aMgJ (Aoemn.unitej._- 42.7 

13. CepthaU Atm.ZC2R7BU. 01-6064803 g | 

eras. High Dim ( 
Crus. Reserves—E 

Discretionary Unit Fund Managers 

22. Blomfleld St., EC2M 7AU. 01-8384485 

Disc Income-11542 I643f .I 528 

F. Winchester Fond Mngt. Ltd. 

Old Jewry. EC2 01-8082187 (Aeetim Unite)- 

astas'SEfif aa:d is “ p, rc - : 

Mutual Blue Chip - W-» 

Mutual High Yld— |S66 

National and Commercial 



Do. Aceum I.—.™.|693 

069 Tyndali Managers Ltd.* 

18. Canyngr Road. Bristol 

3LSt AMSvMItaMMMBiaiSl Lta?S5.ul&S""^ ITS 
Income Feb. 15. -|14?0 1*9.41 .. .1 5» Cap.Ffeh 22... _ ..1140 .139 

?S3 .1 iu 'ArcLlQ Unite)_ ISO? t**- . 

_ (Aeciim Unite) - • IJ4S4 W4| “Z] l«A SSSlSfcfc-: I«1 

Emson Sc Dudley Trt. Mugmnt. Ltd. 5“SES3gfu2teflJ ule 
, ‘^7-400 7 K .1 «.Cra«e>™.-cbSt.Dai‘3Hn 01-0234SM lnt Earn. Feb 22.. 23 0 

=0. Arlington St. S Wj _N.PJ.OthUnT*.. J444 47.M .1 37S i Accum Unitai.Z47F 

— Scot Cap. Feb 2= 120S 

(Accum. Unitai-... 1506 
Sent Inc. Feb. 22 -fx5L2 
Imdn Wall Group 

C apiiJj Growth_-1746' 

Do. Aceum. ..._1763 

Extra Ifec.Growth-.lHJ 
Do Aceum— .139.1 

...| 5 JO 

Emson DudJta’Tit. |676 72.7] 

Equftas Secs. Lid.*falfg) 
BUbopagrto.ECS 01-5832831 

Program*w>_1543 628] -031 4J5 

(Aceum. Units'*. - 533 ..StB .... 1 J.75 
NFlO-nea*. Trust.. 10*4 11024-2.7 5.20 

(Aeciim Unite)** -.11101 12291 -l-8j 330 

^Equity * Law Un. Tr. M.V (aX bMc) JfSJJKSSSES* 

AmenbamSd.. High Wycombe H843S3T? Capitol (Aauni-. B70 6®~e!a’ 4J0 

Equity ft Law-1547 62SI-06I 439 Extra Inr-g.8 673 -0J| - 

Ptnancial.. - 3Z.1 SMJSn ... .4 

FTOmlingtoo * Unit Mgt. Ltd. Ml Growth Im. -. 79.2 -o.d 

.Ireland Yard.ECAa SDH . 01-3M8891 SrtSfio- 


Capita) Tst. 

Income Trt....,.. 

InL Growth Fd.-IU6 

Do. Accum ——143 B 

Windsor Life Amur. Ce. Ud. 

I High Street, Windsor . Windsor 68144 
Ufa ImetFlancr..—...|6)i f 
.FiHunAaid.-QIMoi.r 19.0 
. iFutureA'+d.CUiibM 470 

net mc.Gmi^h-,|uo^ as. 1 

Windsor 6814 

Friends’ FrovdL Unit Tr. Mgr*.* 

Pixbom End. Dorking 

srja^m sa^i 3-s 

G.T. Unit Hafi&gers Ltd.* 

18. Tlaabiin' Circus BC2M TDD 
n.T.Cap.Inc - 
n.T lnc.Fd.Un., 

G.T. U.S ft Gfen 


JJJ Uruverw) FdJd). J47J 504) -Ofi 

||6 NEL Trust Managers Ltd.* faMg) 

^r 00 ' 1 ”' Dork m : ni_n m f” (bvres<fa*ST_q«,6 

03083085 Far New Coort Fund Managers Ltd. /b> do Ae«ini__.^.2 
see RotiUctUd Asset M»wp^ | i+ n i TSBScottteh. 

Flnancla) Priny— 150 

734 Do. Accum — -19.2 

330 High Inc Priority- 570 

509 Intornattona)_250 

0|1 Special Sttfa._ 

300 TSB Unit Trusts (y) 

2L Chantry Way. Andover. Hants 02MB2188 
Dealings to UBS4 63432-3 

. «jali -04? CX2 

■ 630 
83-fl -0.5 039 

B -03 1£34. 
-0.4 10.14 
-01 4G6 

-02 406 

-8.4 335 

-0.1 4.84 

-02 512 

9GL Pfena02tFrl.— 
G.T lnfl-Fund...-. 

*G. Sr A. Trurt (a) (g) 
3, Rayhrtgh Bd. Brentwood 
!c. ft A_„p__(29.4 






167 3 

13 L5 









« ._ _ _. (b) Do Accum.-P05 

Norwich Union Insurance Group lb) «_ nk « 

P.D Box 0Norwich.NR13NG. 000322200 U,5t * T <a ' 

Group Trt Fd.. .-13228 3390)-17) 505 


55Jj -03^ 
54 q -o3 

7 W 


ago Pearl Trust Managers Ltd. faugXri 

00a 3KHighBolborn.WClV7EB 014038441 

Waring Strest Belfast 
(bVUIsuaGrowth.. {SA6 

4 30 




Pearl Growtn t'd — 
Accmn Units..... .___ 
Pearl Inc. ..._.. „ |29? 


512d|-0.<|. a.« 
Unit Trust Account Ac Mgmt. Ud 
Hog William St &C4RPAK 
Friarji Kao. Fund,.,|1».0 
WielerGnh. Fad .-(2B 6 
Do. Accum „ i32.« 


fA^Umte»........Jni _ -0.3 5+s Wieler Growth Fund 

Pelican Units Admin. Ud. (gKx) KlngWlUlamStBCfeRflAR 

'0277)227300 B) Fountain St, Manehestar OS1C38S0O5 income Unite __J286 539 Pebran Unite..-.[76.2 ILfi -0J1 5M A«um Unite " 



.. .1 1.72 




.. 1 3.42 



1 5K 
3 42 

1st Savinas'A' - —pl'SUO 
lnt Sari ngs B , _._JST5S.99 .... 

Prices on Feb 2& Nert defeUng Fe&. 20. 

Henderson Baring Fund Mgrs. Ltd. 

P 0. Box N4723. Nassau. Bahama* 

Japan Fd. -JM 07 15521 -J - 

Prices £U Fet- 0 Next dealing dale Feb. 22 . 

EiU-Somael & Co. (Guernsey) Ltd. 

S U-Febvre SL. Peter Port Guenuej . CJ. 
Gcemrey TsL ..— [142.0 15L9| -13j 4 49 

HiEI Stnnel Overseas Fund S.A. 

37, Rue Notre-Pamr. Luxembourg 


3 New St- St Heller. Jersey 

TOFSL Feb. 15_.155.30 

(Accum Share?'. _(£9 75 

T. faSOF Feb 15-_j7«s 
lAcirtin Snoresi—IT-.D 
JerwFd. Feb 15..pv\0 L'te.'.—Li—5 
CUlFuiUPeb 15. fllOl 
(Accum- Sax re:. > - .\~-3i 3 
View Mew. Dou.-lrr. trie ef Man. 904 25028 
MoMge'3 Feb Id. Ti25 6 . ...| - 
Uld. Intnl. fiScgcst. (C.I.) Ltd. 

14. Street, St Heller. Jersey. 

U. ! B. Fund.( SUSU9 I . . \ 025 

United Stales Tst. IctL Adv. Col . 

Internationa] Pacific Inv. M&gt. Ltd. Ifi Sue Aklrlnger. Luxembourg. 
PO Box R2S7, 56. Pitt St, Sydney, Aust. *-■• c ~* ' **’'**'* 

Javelin Equity Trt.. (SL91 £81] . I - 

JJS.T. Managers (Jersey) Lid. ^ Gm Warburg & Co. Ltd. 

STiLI^'u -aai 30, Gresham Street. SC2. 

‘" M1 Cnv.PrtFiL Feb.21.1 SUS949 

J “SW.7ti’S"«b.lgf l F«; J a- SsjaffiSzIjSSItS 1 

Merjatr.FdJWb. U jSCSMS 111 

X’ S-Tstlav Fad_| SUS4JI j-OOfi 0.9S 

Net asset Feb. 2 

01-800 45SS 

Jardine Fleming & Co. Ltd. 

40h Floor, Connaught centre. Hone Kong 
Jariine'EiltL'rfeL-l 5HK2n.Kfafe 
Jerdiae J"jm. Fd.R«| SH(^7903 

J art me S 7-LA J SUSZ1.74 

J art I ire FtemJnLt-l HiK8.93ri 
NAV Jan. 31 'Equualeiu 
Next sub Feb 30 

Xcaq»-Gec Management Jersey Ltd. 
).Charing '!7 wj. St. HeJier. Jersey. OEM 73741 
clemp-CtfS Capitol. 132:2 64 8) I — 

Kemp4ee Income .(Mb 60fi { 0-00 

Warburg invest. Mngt. Jrsy. Ltd. 

3«a Charing Crass.. St. Helicr. Jsy. Cl 050473741 
*•“ CMFUd Jan 27. —fTLSUrt 12 ffi ... J — 

2 60 CUT Ltd. Jan. 27 pU.48 11771.1 — 

— HrahTi! Feb 16.U1073 11+01 1 — - 

TMTFeb0 . CL'&f 26 iSJ ..-.I — 

TUT Ltd. fel.0 . .|7i3 9Tf( . .| — 

World Wide Growth Management* 

14a. Roulvtard Royal. Luteairieurg 
Worldwide Gib Fri| SI.:5lZ73 1-003) — 


Prims do not includes preaium. eserpt where indicated * and arc in pence unJ«s otherrue 
Indiuted. Yield? unown In laat column) allow ior all Nuylne mj-tiwi a Offered price* 
Include all expenses, b To-day's prices, c Yield based cn Oder price, d Estl mM cri. g To-day'* 

%) Net of tax on realised capital jaina'unirae'laSl'rated ^^y 4 ? Guen 
• Yield before Jerrey tax. r Er-yubdMdlon. 

>' sram 0 Suspended. 

1 Royal Exchange ftve.. London EC3V 3LU.-.-Tel.: 01-2S3 1101 
Index Guide as at 21st February, IST8 (Base 100 at 14.1.77 ) 

Clive Fixed Interest Capital . 134.6 

Clive Fi*:ed Interest Income ..121.45 

CORAL INDEX: Close 447452 


Property Growth - 7i% 

Cannon Assurance . 410^ 

VrmhnRh ♦lur.i’f'ni'eed +*i. 7.25% 

Addr rf. riip-’-p snd-r l58onm&> and Pniw-n- Fund Tshl-'. 



■ 4% 

lib Zambia. 

- Croup £1 


are20pl 76 


High Low 

JtegJwBlProp_| 80 

Rail wJ Op. 



Hawthorn L50p 
Sunn Hunter £] 




■" *58 


* 95 

t» }?? 

6.9 215 
5.1 04 
5| .» 

Piacitwood Mm. 
Bond St Fah ldp 


- 28 

25 3* 



50 iBrttPnuttnfr. 
63 1-32 

■ 42 
12 31 

115 32 

f ! 
4 ¥ 

180 94 


OiO ’ 
4 | t3J8 
•3 I t3J8! 
■2 +2381 

t« 1 
L72' * 
tL8 2 









230 163 

113 791* 

7Z>2 53 
93 68 

77 56 

77 53 

103 61 

1 62 

79 1 33 [YcleQmoH*L_| 73 |+2 

On Land and On Sea 

Hitachi loseh 


(Hit«rfiiStiipbBilding&Engineering Can panyLnnitBd) 

644, Edotaori tchnme.Nishi-ka Osaka SO. Japan 



41 [Home KMk "A 


76 l-J. 


1977-78 . I |Mr I DSi. I ITU 

HI Oh Low 1 Slock ) Price J — 1 tat ICwlGrt 

_ il95 1 70 



72 555 

Pro*. Sa Ik. 




>2.29 32 

70 I 79 

Q7c « 33 


Unless otherwise Indicated. prices and art dMdndi are la 
peace and dmaminatioiis are ZSp. Estimated prlue teu mlnff 
mlM and covers are based on latest annual reports and tfrannli 
ud. where possible, ate updated on hjil-ymtly flgnrea. P/Es are 
on the basis of net distribution; bracketed Dgont 
tndlcoie )• per cent, or sure difference if calculated on “nil" 
dlurlballon. Ovn in based on -pHirinmm- diatrlhntlon. 
Yields are based on middle pricec. ire cross, adjusted la ACT of* 
M per cent, and ollaw hr nine of declared distrlbmkma and 
righto. Securities with dn wnimj im> other than sterling win 
quoted Inclusive sf the ImcaDmi dollar premium. 



187 „ 

31.2 «7 
26.Z .39 
313 314 

28.3 — 
323 146 


A Sterling denominated securities which Include lneestmettf 
dollar premium. . - 

• "Tbp" Slock 

■ .Highs and Unrs marked thus have been adjusted to aQo« 

. tor rights issues for cash , 

t Interim sine* increased or resumed 
t Interim since reduced, passed or deferred. 
it Tax-free to non-residents on application, 
e Figure* or report awaited. 
tt Unlisted security. 

• Price at time d suspension. 

4 Indicated dividend after pending scrip and’or rights Isons: 

cover relates to previous dividend or forecast. 

** Free of Stamp Duty. 

♦ Merger Ltd or reorganisation In progress. 

> Not campsrable 

♦ Sarao interim: reduced final and/or reduced namings 

4 Forecast dividend: cover on earnings updated by latest 
inierim statement 

I Cmor allows for ronra-rsion of sham not now ranking hr 
dividends or ranking only for resinned dividend. 

ft 'loier does not allow for •Imres which may also Tank for 
dividend at a future date. Nc F.E rano usually provided. 

If Excluding a final dividend declaration. 

4 Regional price. 

II No par value. 

a Tai Ire*, b Figures based 00 prospectus or other official 
evurtw!* c Cents, d Dividend rote paid or payable on part 
ol capital: cover based on dividend on full capital, 
r Sedempoon yield, f Flat yield, s Assumed dividend and 
Meld, h Assumed dividend and yield alter scrip Issue." 
j Pa j mem from capital sources. It Konya, a Interim higher 
than proiious total, o Rights issue pending q Ewrunga* 
hued on preliminary figures, r Au.'O'oiian currency, 
s Dividend and yield exclude 3 special payment. I Indicated 
dividend cover relates to previous dividend. PfE ratio based 
on la|c< annual earning^, a Forecast dividend- cover based 
on prreiloos year's earnings, v Tan free up 10 33p In the £_ 
w Yield allows for currency clause, y Dividend and yield 
hased on merger terms, z Dividend and yield include a 
special payment: Cover docs not apply 10 special payment. 

A Net dividend and yield. B Preference dividend passed or 
deterred. C Canadian. D Cover and F.E mao exclude profits 
of UK. aerospace subsidiaries. E Issue price. F Dividend, 
and yield based an prospectus or other official estimate* for 
1877-76. *7 Assumed dividend and yield elter pending scrip 
and or rights isrue 9 Dividend and yield based on 
prospectus or other official estimates ler 19+6-77. K Figures 
based on prospectus or other of£ 10 ) 3 / estimat es for 1878. 
fit Dividend and yield based on pnop-cau or other official 
estimates for 1878. N Dindendiod yield based on prospectus 
or other official estimate# for 1C7B F Dividend and yield 
based on prospectus or other official nuimna for 1877. ■ 
4 nrofs T Figures assumed. U No slguHicant Corporation 
TBx payable Z Dividend total to dais-. f$ Yield based on 
nisun'.ptkm Treasury Bill Rate stays unchanged until maturity 
of slock. 

Abbreviations: nf ex dividend; a ex scrip Issue: irex rlghtr, a eg 
all; d ex capital distribution. 

“ Recent Issues ” and “ Rights ” Page 38 

This service is available to every Company dealt hi on 
Stock Exchanges throughout the United Kingdom for a 
fee of £400 per annum for each security 




9 __ 

26 _ 

1ft +l ' 



Am. Coal 50c. 
uADjer. iQt 






87 |-5 IQ2* | 1.41 L7 

Land Sec 

Sirka. & Spncr 111 
Midland Bank] 25 


£ Relative Stnjnijth^ 

Guy.soh International Limited, 

?r;h Avemje„Otii=y, West Yorkshire L32 J 1 AR 

Tel. (Q 9434) 34 2 2 Te i e x 51542 

Thursdav February 23 1978 

. and -S -fcad r JnVtSHaOSt ¥?fi 


socces^fliavastaigBt..; ^ Ty.- 
Write or fekpbooeforiiJs*ea 

State agency 


acts on 


pay clause 



THE Properly Services Agency, more government, work until I 
responsible For all government Ministers bad met its representa-i 
premises and installations, yes- lives. ! 

lerday became one of the first The Property Services Agency I 
government departments to is the largest single public sector [ 
implement the controversial pay client for the construction sector, 1 
guideline clauses in its con- distributing more than 6,000 1 

Threat Export credit 
to impose mles renewed 


the lex coLEoyiif 

.•. v-vjyY ' 

PARIS, Feb. 22. 

of tea 

By David Churchill 


THE INTERNATIONAL consen- the specific OECD agreement on B V •• , Mm Llll^ 

« r , p l ondiii °° s tUSSS^ fi , n x « " ** 1/ >< ***. 

state-backed export credits vessels and allow more generous 

been renewed indefinitely with- conditions for very large ships. alter irififflblts- 

out change. This has now been anchored Nervously awaiting .ww*.... i. • _ - v Qwneife-'aie-. Z 5 b&b& 

For credits longer than five more firmly within the frame- results from ia the equity mar- |ndex £e!l 4.7 lO 449,2 yev 
years the minimum interest rate WOrk of consensus. fcet closed below 450 last night, a ,-S5£S' 

remains at S per cent for de- The new agreement also pro- all but 100 points adnft ot iast, .■■ .-*.. . . . 'mid_ _ 

See \ ««« «■* 

7.1 per cent, for less developed states on mdividual^credit deals. fortunale for the Midland _BaaK ;: |,£ nH , | ^ w ^. gri?at sm»H[w - v ™ \ “ 


iv;. -b 


guideline clauses in its con- distributing more man b.uuui , . . .. ‘5 P«r eeui. ior less ueveiupeu . wi5hin „ 

tracts. building or maintenance con-'THE Government last night,countries. On credits between f 0r example, countne- wismng rights lssU e. with the spayes-t. 

The “30 per cent.” clause, tracts worth about £360m. in its j re-affirmed its intention of using i two and five years developed ^ irften- closing at just 332p against The.' 

seen by the Government as an last financial year. . its statutory powers to °™ er i countries will pay 7! por cent and the cbaiac-lsSOp issue price. But banking;: I 

essential part of iu> current -Just over half of the construe-'major tea blenders lo cut prices; and the rest 7j per cent. n f thn irnniract. sector specialists are stOI OptX 

incomes policy, was implemented tion and civil engineering indus-iin line with the Price Commis-; Arter 3B hours' wraogting at a lc ™ ucs OI ine cu mistic that Cazenove. will ibfe: 

despite agreement between tries’ total workload comes from! sion's recommendation of a “ia: meeting in Paris uod^r the They must all delay ouenng ccess f 0 j ttH jay in placing at 
Ministers and the Confederation government departments and l reduction. . ! umbrella of the Organisation for concessionary terms tor two » nrpmilirn *he shares whieff' 

or British Industry on a 21-day agencies, with the’civil engineers, This was made clear last night: Economic Co-operation and periods of ten days if the appli- a P avoiding &n r 

cooling off period, to allow for almost entirely dependent on; by Mr. Roy Hattersley. Prices | p eV elr.nmenr thpAmericuns had cation is not accepted. But their were not taken up, avoiding 

further discussions. State contracts; Secretary, after a bitter meeting Jo abandon their "a ttem pt to move Partners have no powers finally embarrassing recourse: by Mi*-. 

As the Agency announced that - r . between the tea blenders and Sff 0 S te S c S to LZ to block the deal. land to the underwriter*. ... 

the new conditions would apply L*OC<iIlS£(l Department of Prices. rates and to stretch nut maturi- This, together with a number . -. —j-.. •«-. 

lo all lender and contract docu- The agency, which operates a The blenders—Brooke Bond, ties. of other improvements m EfiinilgiOll. ViyeUR 

ments from yesterday, construe- localised budget programme—• Oxo. Lyons Tetley. Typhoo Tea. | Tho Enropeans had cons i S . machinery', is intended to enable • , ' Mrte * ’ 

As the Agency announced that r .. , 

the new conditions would apply Localised 

Carrington’ -.- ViyeUa- starterd. 

- of tbelr^J 

:■ Vi- aad;■ 

' tia ^ f ./• Ijujtll 

• 7 . ili . :~ c3asbr ~ v has be^a-V-copceirte 

■siaong -vScandioitt^aor ■’Pjfej 

■ v ; (hnd iff -a -less<jrr; eaetent 

. r Ja^ari^se) ' and ' tai^rs 1 . i 
■ fen ifee big^rqWgfe»?Swg 
; -whil^ 'the amomft'.-MQf: 3kid 

H i > tanker-Tonnage Basibeeh si 
., k lised At-jqst- Qgeg Jfafe ’dwf 

now sjriifei 

up tonnage* 

■ WK wyj rates T^ve 

J , A * 

enpct. clause. . 7. . ,7 • --71 . . ... ° .: Belgian cnairman mrai- « -—* proms .-.—. ■ t. ....-!. . 

To-day. CB1 representatives The National Federation ofi al s “ e „ prices suggested in ments by April 1. It provides ing re gretted particularly the drop- in finance costs, and ex- Europe from £7.5m. to EI.em anre 1 :^es|ATl3®»Qo) 
will meet government officials to Building Trades Employers is- 1 * 16 re P ort -' f° r annual reviews with the first Austrian absence. He said that change losses have disappeared. at tb e pre-interest lervel Some provide:n conVeaieiar 

examine the proposals in more urging contractors not to accept ,, . meeting planned for uctober. ^ Austria offered soft terms for sq profits for the year are up x\ 3m. reflects a purely.account- liquidity 

detail, although Ministers have any Government work until it 1 1 OrtbCOmillg The accord is not an exact exports, particularly to eastern from £10.Bm. to £16.5m. pre-tax. item the extra depreciation ? -^ a -Sc^diha i frai!tfi hafe 

made it clear that no major has discussed the situation with - A thflt the , repetition of the original agree- Europe, consensus country hll ij- Q e this improve-from aaset revaluations Jiniij 

changes to the plans will be Mr. Peter Shore. Environment -55 not ment signed for one year in the might have no option but to seek *** ™ ^hrie manu- ? 

discussed. Secretary. The federation fears blenders arguments did not summer of i 976 . The terms of to match them. ment arose in fabric manu as part of the grtmPfthe 

The CB1 has ealied on members that any sub-contractor breaking ntatenally affect the substance _ factunag, about two-fifths of move towards current cost ^u^pantee-; Institute^ amf 

to defer signing new contracts the pay guidelines could the report. He accepted the - - group sales. Rationalisation has xnetbods. But there "has AlsQ. JapanesedbUbiifess 

and the building and civil jeopardise main contracts and it commissions report and re- paid off in warp knitting, where a decline of'over £lTri.'ih helned iir^ necuBflily Japi 

engineering sector yesterday claims that such an arrangement opined convinced that a price -m the group is heavily involved .t. e contribution of the chemt- f^: nn However 'ttle C 

backed the move by advising would be completely unworkable, reduction was necessary. A CX Tf XT AHAmHqV m pile fabrics for the motor ^ me taJs and medishleld-auihrjVtfJes 

-However, be offered to meet r\ LJ IJ ili UilC W& J trade. -And the weft knitting businesses, while the .higher q s > ’as the- Norwe] 

the tea blenders to hear their •/ side is now in profits, following s t er iing rate Iras lopped; aronnd Sneciallv■ alnce.-many o^' 

A. ! department would use '^statu- . «w 1 1 CarrinEton^claims ^at £0.9m. off overseas, pro®?: shipping ' companiesv’fe 

vrW lo rPTIOrr tory measures" ir no voluntary C^T! t O OAPC ^hP/tfl Snir ?f ^t evoeosive sur-erv Profits outside Europe have Liberian flag, Even thevBi 

V? IVpUli , reductions were forthcoming. Ml ll\C dllCdU ST J hS'^slipped only £lm.^tb n3Am., (toverninent>fiorn^^ 

The powers available lo the ° h ,,_[ ne « ic now nroducine a hut this also means that minprir irra^rihglpressfir^IjM'ef 

favours exnansion :2ss“ l ^ or w ® by garnett. labour staff satisfactory on 03^1, $££$e£S 3 &i* 

UUl 3 VApailMUIl 1 Hattersley. The reference on tea Progress will be more sedate ^ rig^ issue earnings: * 

Wiiidscale report 
favours expansion 

ASLEF one-day 
strike goes ahead 


BY DAVID FISHLOCK, SCIENCE EDITOR i pnee contro powers were in- 1 R au|I th .. , hrCf . raH unions 

; I reduced last summer. . y( . sler day failed to persuade 

THE Prime Minister effectively Lhat. had the project’s propon-, But the D^parrmeiit cou!d. for ASLEF , h c train drivers’ 

confirmed yesterday that the cnt s themselves drafted them.! ^ample. ^ Lnn.n- thm “"io". lo ea» off Hs nattoua' 

Windscnle nuclear inquiry had they could hardly have done a' r ° r ie ^. Ji. rb«?! S «-in°«i?r on,M * a > Jt|n,si ‘on March 1. 

reported in favour of expanding more convincing job. the supermarkets J 1 V r •; Thp union’s executive Is 

spent Tuel reprocessing in But the industry is Furious ; ® ure 0T1 j If;?,. 35 meeting to-day and wilt decide 

Britain. that. Four weeks after the report I happened with vonee. what further acFIon to fake in 

In the first ministerial com- was prepared at unusual speed ; ___ a dispute involving bonus pav- 

vnent on the report by Mr. Justice on the express wish oF the Gov-. ments to pay-train guards. 

Parker on last summer s inquiry, eminent. Ministers were still 1 • Further regional one-day 

Mr. Cailashan said it was “most arguing the legal niceties of; strikes and other forms of in- 

engent and clear with well-argued announcing its decision. C|T|jirfr* dust rial action now look a 

conclusions.” The Government “would like! ^ kjaxo**. strong possibility. Mr. Bay 

He told the Parliamentary tn meet the desire of Parliament m p H Buckton. ASLEF general secre- 

and Scientific Committee that in debate it before a finali nvirtA TQflflC tary, said his union’s options 

MF’s would probably have the decision is taken.” Mr. Callaghan; |jA JlV-V lAUo were open but the situation 

chance lo debate its conclusions said yesterday. * was -grim.’’ 

after publication, but before the The Government's problem viilirifT London Transport, manv or 

Government announced its deci- here is that by acceding to a Ulillfil whose Underground train 

sion on the plans of British parliamentary debate, it may ° drivers are ASLEF members. 

Nuclear Fuels to build a new „pen the way legally for objec- Dodsworth. will not be involved in the 

reprocessing plant For spent tors to take action in the High 1 *Y Terry uooswo • . s i r ike. 

nuclear Tuel at Windscale. Court, further delaying the pro- 1 Motor Industry Correspondent sirine. 

As the Financial Times re- j<? c t. and virtually abandoning tn SHARE PRICES in GUN. p^Kl. whn rottect fares 

ported earlier this month, it is its French rival any chances of: Britain’s largest engineering i?:*? 2Lr- 

helieved that the Parker report British Nuclear Fuels securing! compan> , re „ heavily yesterday, JS,i Mtirnw*bJSieiJ VSLEF 

favours plans for this facility, significant overseas ^Processing afler lhc West German Supreme; Ihe rauch largcr National 
which would give the company business dm mg the 19S0s. CnurL had decided tu block its !" nio , ofRuS-n which 
immediate access lo ISOOm, Meanwhile, a major contribu- hilI for uut ri 3 bt control of the. .-"" Ir . |hn -uar'ds as 

1900m. worth of overseas bust- ti on to the technology of pre- Sav;hs grou p. West Germany's, ,n - ~ 1,5 

ne.-s in spent fuel reprocessing venting nuclear proliferation i eading (.lutch manufacturer. JT’. „ v „, ft 

and transport. while permitting nuclear fuel. nmnnin-T to «***„ at one' Mr. Jsid Weixhell, the MR 

The French Government has ^processing and encouraging After dropping to -6-P one . general secreiary. walked out 

JUS, si™ formal approval for J'Sw development of ihe ’fast' S bare S ended lhe da> ,e,,erd„ helore ,Ue ulks had 

Cogenu. ihe stale-owned French K.-aoH«>Y- pvnpeted in a 1-P down, at -bop. me stoc finished. 

By Terry Dodsworth, 

Motor Industry Correspondent 

The union’s executive Is 
meeting to-day and will decide 
what further action to fake in 
a dispute involving bonus pay¬ 
ments to pay-train guards. 

Further regional one-day 
strikes and other forms of in¬ 
dustrial action now look a 
strong possibility. Mr. Ray 
Bucklon. ASLEF general secre¬ 
tary, said his union’s options 
were open but the situation 
was “ grim.’’ 

London Transport, many of 
whose Underground train 
drivers are ASLEF members, 
will not be involved in the 

The tlispnle over payments 
to SOD guards who collect Tares 
on trains, have led lo consider- 

paying. The deal iniolvcs some 
new guard duties. 

The ft’UR and British Rail 

picks up later this year. Mean- ■4.-.^.^ 

while it is building up its Jn also^Ked mi9efc;#‘W;1|te 

stocks a little, and it has much .J? - 1977 ;^^:^ the'I 

The French Government has ^processing and encouraging After dropping in -o-p « oni . general secreiary. walked out 
just given formal approval for ra^Id development of the before the talks had 

Lbgenu. ihe state-owned French breeder reactor is expected in a Lp down, at - b3 P- Jhe finished. 

nuclear fuel company, lo under- n ew Anglo-f ; S. proposal to be. mar * iet W* 0 * 100 n J'rT orL ^. ^ He saitl he was nol prepared 
lake international fuel reproces- 3f«ln«3i M-mwiSw/ . company a fears that it nm> now t0 sec ASLEF carry oui an 

laKe intern a Uuiial Fuel reproces- disclosed to-morrow. 

sing, and therefore tn ratify eon- —-—— — --- 

l racls i mailing about 6.000 _ , 

tonnes or foreign spent fuel to Vpalink ^151 ITS 
he reprocessed in France over ^ 

the next ien years. 

The British company is also ItCW DFtaKS 
seeking contracts for 6.000 

. have to abandon ils_ attempt tu inquesi on an XUR agrermeni 
raise its present _25 per cent.; pruperJv negotiated with 
|stake in Sachs to to per cent. British’ Rail. ASLEF was 
j GKN said yesterday lhat it was simply trying tu block the 
! waiting to see the full court agreement, 
judgment hc-fore deciding its The NUK deal imolved 
next step, and it will certainly bonus payments of between 

tonnes of Fuel for reprocessing SEAL1NK IS to introduce a pursue the case if it sees any 
during the 29S0s. or which half series «f short-stay inclusive bope of success, 
would be For domestic needs. breaks, available from March -0 

Government approval For to October 14. lo selected resorts Tough 
Windscale expansion would in the La Manche region ofj o _ i 

allow the company to sign con- Northern France. But the company’s scope for, 

fracls with Japan for 1.600 -j-[ ie ser j PS w jil cater for one appeal is fairly limited. It can; 
tonnes of spent fuel, and a con- t0 * 0 (, r night stays in Cherbourg ts| ke the matter tn the West; 
tract—believed to be worth f , he non-motorists and for- Gormao Economics Sinister, but; 
nearly JtfOOm — For transporting , th or frnir nig i rt slavs j n cher- or »ly on the grounds that the » 
Fuel From Japan lo Europe for tj 0ur <r Carteret Coutainville and, judgment is against the national- 
treatment in both the British ^, ran rtiie for passengers with : or general public interest. 

said the agreeniert« had nothing “JJ & o"f & S ^ months ^ 

to do with any general guide- ft as * 3 15 percent, of Airco’s profits^ aiiiJrfSffe 

lines on a new overall pay and and a changed treatment of worth pethaps £4m. But. with ■ do ‘J] in A cr 

productivity deal for the deferred tax. A year ago, debt „^Srfj\t ra^in g plrttirere- w 

unions. was shown at nearly 100 Per wlf do welT sort of fun which w 

ASLEF claims the British f*- of the_ equity: now it Is S5r^^ l&tl £f ^J£*S£ 

Rail Board had run counter to down to oi percent. _ The tax while iearnlnss.'per 
the spirit of the industry’s 1974 shares stand at 39p. and the * , ’ 7u> ^ 4unng ite .-finanexal- 

pay restructuring and if extra yield of 8J per cent, is covered shortfall ' 'Blank of-.England-s pfGcUil 

payments were made to guards around 3} times. u -’ - r - ; - had^its swiftest fad!-since 

they should also be made to * n • . —the year the -house 

drivers. BOC International ; Snipping, crisis. -founded. For those witb 

But Mr. Wcighell wanted yes- After being softened up by V The news lhat British : ShiP' memqries. the BanS of JEh 
ter day that if they were cx- Tuesday’s annual report from Builders has beenr approached hoistfed its Bank-rate-; 4p4 
tended to drivers he would BQC ^ mar ket held up by a number o£ its customers 4^nf. in May lSgfi aftei 

SSter e: ‘if* /“mJEf British reasonably well in the face of with a view to rescheduling collapse of bULrhttJkWtf.; 
Ran workers 1 Bnllsh ^ sIurop m first qoarte r pre- their debts underlines the way end, Gurney. 7 -Ctt'^the 

Mr. Buckton said bis union tax profits from fl 6:6 m. to the world-wide shippfcM crisis -year it f«U.bqdt to^l^per 
h-.»d HO real argument with the £10.Sm.—the shares eased only is developing. It follows shortly Those’ were the'Tmys.- -.- 
NUR. hui British Rail Board 
had mode a ileal behind 
ASLF.F’s back. Relations with 
the Board were “ at a low ebb “ 
and only a new initiative from 
British Rail would prevent a 

British Rail, however, main¬ 
tains thai there was no way 
Ihr payments lo pay train 
guards could or should be 
extended <« drivers. 

0 British RaH and the NUR 
yesterday came closer to agree¬ 
ing new guidelines for manning 
and cost saving measures. 

Glasgow to forfeit 
£3.7m. in rate aid 

and French plants. 

GKN is clearly disappointed 


component compand would estimates three years ago which of the .tard was paid out that 
. achieve the best results when have only just conic to light- year with the balance financed 
i operating close to the vehicle The district council has been ^ ' h * ncw Strathcljdc regional 
(assemblers using their products, told that the Scottish Office in- 

SAV. and NAt\ England. Wales. w r f -. nii;in ,. ._ oartici . lar tends to reclaim 113.7 m. said to The in ami rate estimate would 
a in at Lakes, Isle of Man, SAV. Scotland, j h as p l0ved u nJu ? h market for have been overpaid tn the former normally have been corrected 

U.K. TO-U.W S.W. and N.VV. bugiatid. wales. Wp f . 

RATHER CLOUDY with rain at Lakes, Isle of 3Jan ; S.W. Scotland, has ' ed a ^ 
limes in lhc East and showery N- Ireland British compnt 

outbreaks int he West In Scol- Rather cloudy and showery. " all hou-h 
land jnd lhc North it will still be Wind South or’ S E. r resh or ^ 

ra.ber cold. stron,. Max. 9c (4W). Bfi{ain within f , 

London. Southern. East, Northern f , . . Th „ fipr m, n i 

and N.E. England. E. Anglia, ihe Cental Highlands, an d , Tlw . 

Midlands, Channel Isles and ^ decision 

Borders Cloudy with rain at tunes und inckj qecision 

Mostly cloudy with rain. Wind s ™ w . ° n mountains Winds; with its prewa 
rre?h ai times. Max 9C i48F). easterly stron g. Max. oC C41F». ; shareholding in . 

- BUSINESS CENTRES Outlook: Most districts will; Dominating 

— ---—— have rain or showers with snow 

easterly strong. Max. 5C (4lFi. 

£ 13.75m. it had expected under Coiincillor Maurice Toshner, 
the rale support grant. It will chairman of lhc finance commit- 
have v> fund the difference lee. said yesterday that Glasgow 
either by cutting services or in- ” cannot afford this penalty and 
creasing rates by J ip in the the Government should write it 
pound. off." 

Glasgow’s industrial and com- The Government’s attempt to 

BUSINESS CENTRES uuiiqdk: most mstricts wuiiUUimiuuiug ' ... . , , tu r- ■ „ 

- hatffi raiT| or 8h0WCTS with snow . f ddv TheFedcrar G, ^ 0W1S lTi ^ r ^ anri , . The Governments attempt to 

Y’day ; \ toy 0n northprn hills Cold still !□: ^ Leslie uum anas, ine re “C«ii nie rcial ratepayers are already keep English rate rises below 

mid-day, "jd-dsy iSorth , *- ar f e ^iled the^ ruhn,! f ac in" massive rate rises this year 10 per cent, this year received a 

AmttdiD. C h 43 1 Madrid s u 54 ~ _against GKN s bid as an "lipor-, llW j n r, 1(> a four-fold increase in boost yesterday. Two of the big 

Aih<rn» ft o »\MjnehMr R 7 { tant step for the future Oi t yj C rateable value of business local authority associations, 

n’Sn .1 s ff, «a'M l Sc C r ii s' HOLIDAY RESORTS ] merger control. property in the city. representing the major urban 

Ri-imi ? i-: ‘ii.MUyn ' >’ 2 ” .... • It added that, for the firsl. Leader^ of Glasgow district ;,rc ’ :is :,nd shire counties. 

l,Jal . ro'-{S al v :< k mJK*\ time, a Supreme Court decision j council yesterday demanded an ntmrted that the average rale 

icnJ-.- K -T 1 «!m«cO'- 

a? 5 * c 

25?li. I! 

"T. MuniL-a 
J -V Xo^-ra^i!- 

3J* UP 7 4S;\i>v;Yorl *i 

3&U ZOV 7 ■*- i Oslo Sn 

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•c *i- -r ‘v against a merger was not based urgent meeting with Mr Bmee increases notified by member 

s -i ni^nm i- *s 00 . thc . threat of . a mafket; jiiTian. Scottish Secretary. The authorities so far were within 

k K b4.’.fjMr:a s is -i dominating position being council's budget meeting is due ihe Government's single-figure 

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s ; S oominaung posmon oeing council's budget meeting is due > ne oovemmenis sjngie-ngure 

r i; k.: created. Instead, the court had to h? held next week. target. 

Mr. William English, the enun- Metropolitan rale increases 
r «■ . r *£ t m%i ^mnnrilni «!’* present finance direelor. was were "within Finglc figures on 

- :1a ?'.J^* r 5 l ^ c mosl ,m P° rlanl rold about ifa.- E3.7m. overpay- average.’’ and the shire counties 

n ii. I,; !acl - menj on Monday l*v the Scottish increases averaged 9.6 per cent.. 

£ -Jj The rulina was seen by tiie Office. Ii Jbllmved an analvsis ju>t although individual authorities 

i T'l lii German Ofiicc as a ” land- completed of the borough coun- may have rises well above these 

r in mark for economic power which cil’i- accounts which were closed figures. 

< K L- Uriels L-umpetilion within the after the 197a ic-orsanisation. The Assueiation «»f T»islri*-l 

j framew-ork of merger control. Th° in.*in cause of the "ver- Councils, however, has reported 
Business and the Courts rage 2U | ia>MlPn t was thi- borough mult- that rises are likely tr* be nearer 
-k-j. A Bouquet of Barbed «irr cil’j c-liniaio thai it would have 13 per cent, for ils member 
l'age 22 iii finance the whole of lhc authorities.