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f .it- 




No. 27,4&4 


Friday February 24 1978 **i 5 p 



COKflWte^itAt.'a t nJaHO^pmcg; *U5WUA M.13» FrJ5; DENMARK Kr-3-5; FRANCE Fr-3-0; GERMANY DM2.0; ITALY L.5M; NETHERLANDS RAO; NOR WAT KrJJ; PORTUGAL 



fecjBg SPAIN PM1.-M; SWEDEN Kr.3.25; SWITZERLAND FrJ.O: EIRE 15p 


?WS SUMMARY 


BDSIftESS 


ivass 






weaker 

• EQUITIES steadfly lost 
ground, the FT 30-Share Index 
closing at the fay’s iowof 445.5, 

naJ 'Front. is to go 
r a- mass canvass at 
Saturday, Mr. Martin 
s national organiser* 
a meeting yesterday 
or Sditland Yard 

that the National 
d cooperate 100 per 
the police. The 1500 
who are expected, to 
to be told: “ No sing- 
iling. no banners and 
nips." - 
.ter- had been called 
Yard, to hear an ex- 
"the precise.meaning 
..:ions imposed .by 
s order banning 
. rches. He was given 
' he order—and a cup 

off 4-4. -The index.has dropped 
: he anti-Nazi League 25Ji in the past nine days. 

- ialist Workers’Party - ■■ ■ 

. ippbrters would have • GILTS were unsettled in late 

tines and conduct totef-office trade, although the 
invasses in nford on FT. Government “ Securities 
Rees backs police, India earlier showed a gain of 

„ . _■ 056 to 75.09. 

o. a Federal judge 

- ne National Socialist •. STERLING gained 50 points 
. v of the US. can to 8L9530. but its ' trade- 

leh the Jewish com- weighted index was unchanged 
kokie. Illinois. at 85J7. Dollar lost.-further 

■ft launch ground. Its trade-weighted 
■O »“UuCn depredation widening to 5.62 
-year plan (5.27) per cent. Several Euro- 
‘ Committee of the pean cuiTencie& tonched record 
nmunist Party ap- levels against the dollar.' 

an^id ''{Jtot'" • C°LD^e5f.75 toU8M*5, 
i tut ion. Dropping its the highest, dosing leyeVsfncp 
jerery. China is to February 3975. ’ ' 

!y Ia ot‘ci < Sr^ Pe 5 R WALL STREET rose Ltd to 
London and Tokyo. 75055.- ' v 

• MONEY SCPM&M1 
SSaff.lbn. ..(S33L3Jn,L 

. SSl3:6bn.<S814.7bn.>; com inert; j. 
nudear risk Vo the and industrial loans at major 
be to contioiiB lb hanks. UP $215m. (up $39m.I; 
utonium and do Tearfiihds &78 (6.76).-per cenu 
-h it-, Dr. : Walter 90-day commercial paper 6.78 
mty chairman of the (6.761 per cent--- 
Energy Authority. - 

i a lecture which be • WTtEVEEV facility the 
ve at Glasgow Uni- supplementary credit arrange- 
ay. Page 7 and ment for the IMF—got over a bigrj 
e 18 • hurdle when the U.S. House of 

Representatives - approved U.S. 
charges contributions to it. 

Profit setback 

lorant 'fire-bonrbing- 

< charged with. * for Chrysler 

^cSn^^nSM 11 of * CHRYSLER has reported a 61 
» to th? restaurant 5* r cent. drop in profits last year, 
id «iid while its' main rivals. General 

: Motors and Ford* achieved record 
mvctPYV sales and earnings. Back Page. 
fiiyoLwry Mitsubishi In talks with Chrysler, 
Government sald : it 1 page & Ford UJC plan to boost 
. about reported parts, and service business, 

dollar ransom pay- page 7. Strike at Leyland’s Speke 
4i **y; ij^aron- Edouard-Jean plant may be called off to-day, 
^ Belgian industrialist page -11 
& : J -■ ■Snapped outside his .. 

T-; j AA-^a-month agp. V*. •-EUROPEAN Commission. is 
*• , % giving.its blessing to plans for 

-^COlins^f' two new UJL oil refineries in 


MPs blame V arley Regional Rise in capital 

J \ train 

and Villiers over 
steel cash crisis 


casting 


BY ROY HODSON 

Mr. Eric Varley, the Industry Secretary, and Sir Charles Villiers, c hairman 
of the British Steel Corporation, were accused last night of contributing to 
the steel crisis by failing to take proper action last year when a possible 
annual loss of £350m. was being considered. 

A report from the ati-party Members of the commiiec evidence is accepted. 

Select Committee on Nationalised were asked last night whether typical example*. 

Industries says: “Belated steps they thought Mr. Varley and Sir 
are now having to be takco to Charles shuuld resign over the 
deal with a £5J0m. loss (fur issue. 

1977-78) which will have a far Sir Donald Kabcrry. the 
more severe effect on jobs and senior Conservative member, 
investment,” said the committee thought it 

The MPs say Sir Charles was a decision for others , - 

neglected the corporation's own whether “this dereliction of r. . : 

interests. He should have warned duty', big or small, should merit 

Mr. Varley of the need to make such punishment.' Varley do not record that figure 

early policy changes to ensure The committee is recommend- bcin° mentioned, 
that forecast losses did not ing that the Government holds The commiieie savs jjiat j^y. 

materialise. Mr. Varley and a two-day debate on their one reading Sir Charles’ state- 

are blamed by reports into British Steel before ,« on i B i„ .TuK- uvtt nhnur -British 
the committee for failing to 
press for proper information. 

“There was a grave lack of 
communication and confidence 
between ministers and the chair¬ 
man of a - nationalised industry 
which should not be tolerated,” 
the MPs report. 

Following the publication in 
January of earlier reports on the 
British Steel crisis by the com¬ 
mittee, Mr. Varley and 


spending likely 
to continue 

BY PETER RIDDELL, ECONOMICS CORRESPONDENT 

12E55? SS& i CAP! T A V ■ sp ™DING by cent, higher than at the bouom 

1 ciated SocfetT of Locomotiv^ manufacturing industry has of the investment cycle in the 

iEnoineere and Firemen the ‘ been recover mg strongly, and all first half of 1976. 

iSffTdrTvei^unio^Tofollow I th ? indi 9 a f or ? P Qint t0 a further investment is still below the 
i tram an vers union, jo iouow i subslanUal rise lhis year . pea k lolals 


strikes 

threat 

By Nick Garnett, Labour Staff 


1970 or 1974. 
Industry Though The latest intentions sur- 



IMr. William Rodgers. Transport.— ... , - . . - - 

, rn I Secretary, and Government con- j™? rise would have been tivice spending c-r 
arc I corn over the national stoppage’s, ? s lar sc h }» [^ he ciit in spend- per cent. 

potential effect on the Ilford in S b - v British Steel Corporation. Other survey 


that, a^ordinTtf the^vlden 0 ^! NoXby-elKtion^be following 
be** spoke ' if? 1 the °Oimmons \ 

July 22. 1977 that the Corpora-! ’ n Scotland on March-, followed 
tron was already internally fore- 1 b > , one m , lbe London Midland 
a prospective loss of 1 r fs ,OD ® n - ^ arcb Strikes in 
Accounts of a meeting i oL ^L v Vmnai» 0W V.f rhn 

-•'K » ^isrvsff W7J 

mission to pay-train guards. wiJl 


and anecdotal 

Other official figures showed evideoce suggests that invest- 


CAPfTAL SPENDING AND STOCKS 
(£m„ seasonally adjusted at 1970 prices) 


Fixed Capital 
Expenditure 


Changes in 

physical stocks 


differ from region to region. 
Southern, for 


the future of the 


... Details Page 8 
Parliament Page 12 
Polities To-day Page 27 


industry, l0 conclude that the best current-Seottish region includes a large 

-estimate for the year 1977-78 wasi Dutnber of long-distance services 

between l*9Sm. and £25Sm..j 
whereas senior management was; 1 


'into other regions, 
'could be affected. 


which also. 


working on the internal estimate 
of £443m. The report adds: “Even 


expected 
April. 


next month 


Mr. Rodgers spoke yesterday 
to Mr, Ray Buckton. the 
society's general secretary. Mr. 


or in granted all the extenuating cir- 

camstances the phrases used by'Len Murray, general secretary of 
Sir Charles is thought to have the chairman were an error of I the TUC was in touch with Mr. 

ruled out aoy idea of tendering judgment." I Buckton. Mr. Rodgers asked Mr. 

.. Sir his resignation and Ihe corpora- A critical period in the for-j Buckton to see him this morning 

Charles were ordered to appear linn refused last night to make tunes of British Steel o l-cu red i at the Department of Transport 

before the MPs to explain what any comment on the report. between. July and Septemberj Government 

passed between them as British The MPs have included 
Steel’s financial 
teriorated during 



Totaf 

Manufacturing 

Industry 

Total 

Manufacturing 

Industry 

Retailing 

1974 

4,358 

2.028 

606 

634 

-109 

1975 

4,120 

1,745 

-605 

-429 

- 65 

1976 

3,836 

1,659 

37 

5 

9 

1977 

4,078 

1.761 

361 

237 

17 

1976 1st 

940 

405 

59 

0 

33 

2nd 

923 

407 

-131 

- 66 

- 45 

3rd 

1.001 

, 421 

28 

- 2 

16 

4th 

972 

426 

81 

73 

5 

J977 1*r 

997 

420 

278 

125 

102 

2nd 

998 

432 

199 

164 

— s 

3rd 

1.040 

454 

- 70 

- 31 

- 44 

*4th 

* provisional 

1.044 

454 

- 45 

- 21 

- 36 


Sourer.- Department of Industry 


that manufacturers and distri- ment plans are being nnple- 

_ .. . .. apparently;butnrs cut their stocks of mentod with a high level of 

.... - — . . .. a 1977. according to the commit-, h!is been concerned bv the psy- gn^hed coods and raw materials spending m the chemical and 

position de- thread or scepticism about the tee. inere appeared to nc three | chological i mpacl lne March 11 i n the last three months of 1977 vehicle sectors, including tom- 
1977. The evidence they heard from Sir principal causes, for delay ini slrike CQlild have on the Labour 


report is based on that evidence. Charles and Mr. Varley and their taking action during that tirae:—-| vole the following day in the ijt 0 summer 
The evidence—which was given advisors. Such phrases as • AN apparent lack of commum-} by-election at Ifrortl. Mr. Rodgers I Rm t h P k, 
in private—is puhlisbed in full "taken at face value, the cation and mulujil confidence | brought uu the Question of Ilford I, u- 

as part of the report. 


taken at 
evidence 


face value, 
and, “ if 


the 

this 


cation and mutual confidence 
Continued on Back Page 


Aim risk 


Japan takes steps to stop 
Eidai chain reaction 







it** :\ 

A ’ 




s*r rr-v-v> ' toJibely to .continue Lo oppote 

- r counte T' terrorist the EEC proposals. Back Page 

. . - - —■ : : i ' • EEC Commission has drawn 
Z', their feet Up, a plan to subsidise European 
i rWurt nf Jinsficfl steam coal to help bridge the g&p 

tiSiS&$ss«arws“--s 


g that profcsrtohkl 

? are -workero. This-* NATIONAL Enterprise'Board 
/them- to move freely putting' another £L5m. into' 
• Commmunity. 1 Page .2 the loss-making British Tanners 
- T to help finance a ^imming-down 

.. w a '' . operation involving xeduud- 

> , -. . armies. Back Page .- 

^ nker Srg. . Giorgio ■ , 

deputy directoi^#caEC'haseinergedasthemmt- 
tte Cassa di Risparmio runner hut of. II international, 
/as shot and wounded competitors' for a £50m. power 
.^"eitican. ’ station contract in South Korea. 

5 " -* 1 - - Back Page 


.<-c- 


_--_il 

• *r m1 


1 ' on don Council b as 

raise' its grant to the •-BREAD manufacturers .are cs- 
.fieatre by £50,000 to pected shortly to seek a price 
-■/it year,rise of at least lp a loaf. Pago-7- 


e Brown, chairman of AfHUHMniEC 
nt Chiefs of Staff, has 
he prostate gland, the • BARCLAYS BANK lifted pre- 
apartment announced, tax profit by 35 per cent to. 
,-V'. ^ 4 £2B7.6m. last year. Back Page, 

-r -r has not appeared to- and Page 29 
J .»of an unofficial with- _ . ^ 

=n. / labour by some com- •HOOVER pre-tax profit fell to 
. v / im members' of tije £l3.34m. (£16.98m.) last year. 
* raphical Assodatiou. Page- 28 and Lex 





’MCE CHANGES YESTERDAY 

, pence unless otherwise Hambrns ..- 35S —13 

indicated) Home Charm .lip — S 

Hoover A -.. 323 — 4 

’ RISES - JCI. .. 336 — 4 . 

.-'.Mings ... 77 + 4 Johnson Maltbey ... 385 - 3D- 

.- . 56 + 4 Lloyds Bank . 256.- 6 

.pi + 4. Luoslnils. . 254 — S 

■' V* Alatch 175.+ .10 Manganese Bronze ... .79 — 7 

' naira ...... 117 +4. Royal Insurance . 356 — 10 

. Fields_192 + 4 Scbroders 3^-20 

. - M PlaL. 90+3 Scottish Cities A —.. 160 - 6 . 

' * Stock Conversion —336-4 

■-'.s FALLS Turner and Newell-.. 1B7 — 6 

' : .186 —■ 6 Tamer Manufacturing 99 — 9\- 

. 9ft — 6 Veir Group . 111. - 4 

. . iros. .160 - '15 WigfaiUH.) .210 - 4 

• - res .138 — 6 Oil Exploration, .......206 - 16 

Terries ... 1110 — 4 ^Ultramar .. 202 -< 1ft 

■ : ' aid General 12812 ■ Cops. Murchison 225 — Jo 

.iithy_ 254—20 Conriiw Riotinto ’... Ia2 - 6 

..V;\.260 — 6 Oakbridge. ..138 — 4 

+ jV #loyal Ex.... 220 - S. Paneuntiuentai aaO - 2s 

rjLr ■ 


‘ BY CHARLES SMITH 

MEASURES have been taken by companies. 


■ TOKYO. Feb. 23. 
parties to fail “just for'financial 


by a small amount, as in the ponenis. 

Capital spending by the distri¬ 
butive and service sectors was 5 
per cent higher in real terms 
last year at £2.07bn. tl970 

prices). 

The level of physical slocks 
.. . . . held by manufacturers and dis- 

the'pared with the sluggish slate of tribulnrs fell by £45m. (1970 
Rail.-output. ... prices, seasonally adjusted! in 

irnt. Dumuiu was asuco to take In the Commons yesterday Mr. i| ie j aS f three months of 1977, 
part in more talks with the rail-:Denis Healey, the Chancellor, a f ter a decline of £70m. in the 
way managemenL The talks said he expected the substantial previous quarter and a rise, 
proved fruitless and the society's increase of retail sales in the partly involuntary, of £477m. in 
executive decided lu rebuff any < last two months to be retleeted the first hair of the year. 
Government pre^re it fell wys in a build-up of s.ocks and in . 1tK -. ... o 

"t 8 " t “ on - »»«>• 

Mr. Buckton said tbal the issue. .. , which about three-fifths was 

was not.ihe Ilford by-election Tr “J ,r J wls explained by d large rise in bold- 

the anger felt by drivers who-“ealc> said he was confident j n «s of finished coods 
had not been offered extra cash that the next few months would 0 , ' 

as the pay-train guards. ' s how that the trend rate of Both this trend and a 

Tho m.n-Hc „r .k. ■ " r owlh of the money supply was historically high stock-output 

The guards, members of the. w ju,j n ^ desired range. ratio of 10S.2 suggest that there 

InVTnm 1 He asain referred favourably could be a slight lag before out- 
mi«inn 5 « wI ln tbe West German experience. Put responds to increased 
™“" on 2L.fef° R lM a Sl“* 'where monetary targets had demand, though, slocks ur raw 
®h ..nl iSn ; been t0 allow -Jonuine scope materials may now be increased. 


without reignitinq 


the Bank of Japan and the "On the basis of this. I can reasons." 

Japanese t Finance Ministry to assure you that there won't be Any more big favours which 
prevent the YISObn. (§750m.) another bankruptcy such as did occur, therefore, would be of 

failure of Eidai Company earlier Eidai," the governor said. i.-onuaanies judged to have mis- 

tbis week from setting off a He expressed scepticism about managed their affairs to an ex¬ 
chain reaction of small bank- forecasts of a “ March crisis" for tent where they no longer de- 
ruptcies. - -. Japanese corporate solvency, served - unlimited support from 

This was stated by Mr. Ten- claiming that such crises had the city banks, 
chiro Morinaga, Governor of the consistently failed to materialise Measures taken after the 
Bank of Japan, to-day, in an when predicted in the Part, Elflai failure ton Monday) in- 
address to foreign journalists at However, given the weak state L .| uc ied a request from the 

which much or the Tokyo foreign of the Japanese economy, he was Fjnance Ministry to financial' , ;i , = - ,-- - 

banking community was also unsure about the nation’s ability or2an j sa Uons throughout Japan I * ra i lw ? 5S 1 ^Z 4 ® enf * as aho V l 12 ^ er cent - U P 

present. to act as a "locomotive" in ^ extend sDecial assistance*^ to pay res t ru ctunng exercise. The j in real terms last year. 

addition to Mr. Morinaga’s leading the rest of the world Jomparties which might find woul ? 1 lead . t0 ^Icker-J Expenditure was unchanged in 

reassurances. Mr. Michio Matsu- towards economic recovery. themselves in temporary difficul- mg J betwee S. u aU ^ rades of ” l i! eal to””® between the third and 

*aw, Vice-Minister „ F.nnnee ..Neiftcr Mr,.««!«* -r Hr ; "r'^t \ 

payments so should drivers. < British Steel, was nearly 12 per 


. Bui the decline in stocks in 
brought up the question of Ilford I t h e second half of the year only 
and asked Mr. Buckton to try to partially offset the very large 
postpone ihe decision to call the: rises in the first six months, and 
national strike and to continue. sttK . k levels at the end of the 
laiks - (year were historically high com- 

After talks between 
Government and British 
Mr. Buckton was asked 


week. British 

new duties are involved and the ■ fn „ ni<ntirt |, 
payments could not and should! ^ 

not be made io ihe drivers. T “ e „m efal Mjnl3(e js th3t „ 

The drivers union says there;the iron and steel sector 
are no new duties and the pay-!excluded, manufacturing 


Parliament, page 12 
Editorial comment Page J8 


is 
invest- 


£ In New York 


FfhniniT i’ I'rfi inu» 


_ . . .. . . ties as a result of the bankruptcy, 

for International Affairs, also Matsukawa disputed the fact ^ Gnverment-ODerated 

stressed that the situation fol- that a significant number of sn ^, us iness fiS-^g^Sra 
tawing Eidai-,.failure was - tally matarj^yi»e rom pames are in c °Z°dr 

assistance for the company’s 
affiliates or other related com- 


i si.+. 7 j.«t*'.« Sl.904fi.aawi 

t inmirli 1 |wrJ'.(>>|iiii 

X niitnili- 1 0.07-0.v2 'll,. O.-K-fi.lH.li». 

... 0.40-f'.40 >li-i O/mXAB ,|i«. 


under control.’’ 


a state of dironic deficit. 

Mr. Morinaga said that the The Bank of Japan, iwwever, amujiLt;!i ur oLnKr reiai<ru 
Bank of Japan, using informa- had "requested" mty batiks— that mi ^, t ne^d it 

tioo from commercial banks, was the 13 major Japanese banks P®" 1 ”^ „ ■„, L,™ 

keeping close watch on the credit with nataonwnde br anch net- uencit esnm at e increases, 
standing of all major Japanese works—not to allow major com- Page 33 


ICI profits fall by 10.5% 

*. BY KEVIN DONE, CHEMICALS CORRESPONDENT 

IMPERIAL Chemical Industries business. This has been exacer- But there must be increasing 
suffered a 10.5 per cent fail in bated by a serious fall in the concern at the way the erosion 
pre-tax profits last year, in spite profitability of U.K. exports. of profit margins which began 
of an increase in group sales The fall in pre-tax profits was in the third quarter, continued 
from £4.1bn. to £4.6bn. expected following ICTs dis- for the rest of the year. 

• -The profits fall, from £540m. to appointing performance in the Initially this was caused by 
£483m.. was in part accounted July-September period last year, increasing costs, which were not 

matched by higher prices. And 
in tbe final three months of 1977 
the strengthening of the pound 
hit the profitability of exports 
from the UJL 


for by a £29m. exchange loss in 
1977 as a result of currency 
movements. The 1976 profit on 
toe other hand was inflated by and there was little stock market 


Details Page 29 
Lex Back Page 


In tbe year as a whole exports 


an’exchange gain of some £5Sm. reaction. In thin trading the 
: In' common with most of the ICI share price, which opened at 

other major chemical producers 340p, had fallen slightly to 336p from the U.K. ffob) were 14 
in-Western Europe and tbe U.S.. by toe dose. per cent, up in value on the pre- 

ICI has been hit by the low rate The sales volume, which vious year at £936m. U.K, sales 
of.-economic growth of tbe increased in the first half of the increased by 16 per cent, to 
industrialised countries and from year and fell away in the third £1.86Sbn. while sales in orer- 
weafc prices and plant over- quarter, made some recovery in seas markets rose from £2.519bn. 
capacity in major areas of its tbe final part of 1977. . in 1976 to £2.795bn. 


..- 

CONTENTS OF TO-DAY'S ISSUE 



... 2 & 3 


. 14 


32-33 

American news . 

. 4 




. 32 

Overseas news. 

. 4 





. World trade news . 

. 6 

. 7-9 

Leader page. 

. 18 

Foreign Exchanges. 

... 38 

—labour .. 

. H 

U.K. Companies . 

...28-31 

Farming, raw materials 

... 39 

| . —Parliament ... 12 

Mining . 

. 31 

UJC. sloek market. 

... 40 


A. technology to thwart the 

nuclear thief . IS 

Politics To-day The steel 

industry crisis.27 

Frosty reception for Ice¬ 
land's package.. 2 


FEATURES 

Canada’s economy: Tbe re¬ 
luctant borrowers . 4 

Sengftor opens some doors 
in Senega] . 4 

Around Britain: Coventry 
and the TK7 . 16 


OSkhorc Gas Review: the 

price controversy . 37 

Winter storms catch fanners 
on the hop . 39 

FT SURVEY 

World mining .19-26 


AppofaUmoBls —- 

Apoetameau Atlvts. 
Bsnk Reiaras 
BiUhbh hr Salt 

Cwmrt . 

EHtrtafematt Guide 

Food Prices .- 

FT-Aourles Indices 
Hunt Cmtracts ... 

Letters -___ 

Lex... 


37 

Lambent .— 

u 

INTERIM STATEMENTS 

Coww Console. ... 

a 

10 

Men and Hauers ... 

w 

Abcrtom Iwtetts,.... 

3 

•nwfiil Cheat, lad. 

» 

79 

Hooey Merkel . 

31 

A After. Cp, 


ind. Newtpepers ... 

12- 

3T 

Properly 

34-37. 

S. Africa ...».. 

2 

Pe**ka!en ... 

s 

16 

Racing .- 

U 

Eits. Prayy. Invest. 

at 

RatdWs (ct. Br|ds«) 

12 

37 

Sal era cm ... 

34 

Perkin Elmer-- 

u 

Scottish Amer. in*. 

n 

40 

Share lahrnutfoa... 

42-43 



U.C IsvsctinBflis ... 

32 

40 

To-day's Eveus .» 

27 

ANNUAL STATEMENTS 

UM. iMaL Book ... 

S3 

J7 

TV and Radio . 

u - 

AN led Insahwn ._ 

30 

WesttabaiNB Brake 

30 

ZT 

Unit Tracts__ 

41 

Barclays «*ak ... - 

31 



« 

Weather .. 

« 

Capias PralBe .— 

22 

Bas* Lending Rates 

C 


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I • 

















































Financial 



F.l ROFEAN NEWS 



Bonn hopes for real wage 
rise and fall in inflation 


BY ADRIAN DICKS 


BONN, Feb. 23. 


INFLATION in West Germany what he called the interference An increase in real wages of 
this year may slow to less than of Count Lambsdorff in the this order, he said, was a con- 
3 per cent., thanks in part to independent wage-bargaining pro- siderable gain at a time when 
the revaluation of the Deutsche- cess, and virtually accused the real wages in many industrial 
mi^k, while real wages should Minister of bias against the union countries were falling, 
rise about 3 per cent* Count Otto point of view. Nonetheless the Economies 

Lambsdorff, rhe Economics In his speech to the Bundestag. Min^ter insistS Sat the 

Minister, • told the Bundestag Count Lambsdorff rejected this (government was not setting a 
to-day. criticism and said the Govern- tar ge t f or individual wage deals. 

The inflation estimate, which raent ' cannot and does not want 
compares with a 3.5 per cent. to release the two sides of in¬ 
official estimate only lasr month, dustry f f om their Joint respon- 
appears to reflect the degree to si bill ty for wages and for era- 
which German officials consider Payment. Wage autonomy and 
the economic outlook to have shared r esponsibili ty for 
been 


Polish minister answers Pen CWb censorship enttps 


- - ’ WABSAW^«K. 53, 


altered by exchange rate 
changes—not least in making 
dollar-priced imports of raw 
materials cheaper for Germany. 

Seeking to point out to West 
Germans that they ought to con¬ 
sider themselves better off than 

most people elsewhere. Count 
Lambsdorff once again used the 
opportunity of the parliamentary 


WEST GERMAN federal, state 
and local authority lax 
revenues should rise by 7.1 
per cent, next year to 
DM333,7hn. (fg.9bn.) From the 
DM311.7bn. estimated for 2973, 
the Finance Ministry 'said, 
Reuter reports from Bonn. 
Last year, total tax revenues 
were josi below DM300bn. 


debate on economic policy to 

put pressure on employers and labour market are two sides of . .... __ . 

trade unions to moderate this the same coin. The State alone ambitious, vet Feasible, 
year's wage deals. cannot, in our society, take on also urged that the July summit { 


Count Lambsdorff had little 
new to say on the international 
economic outlook, though he did 
stress West Germany's particular 
the conceni at (he fall of the French i 
franc, noting that as the buyer j 
of 12.3 per cent, of West German 
exports, France was twice as i 
important in terms of bilateral ' 
trade as the U.S. 

The Minister repeated—and 
secured the endorsement of the 
Christian Democratic opposition! 
for bis view—that there could be I 
no question of further measures 
to stimulate the economy. 1 
He reiterated that this year's j 
3.5 per cent, growth target was] 
But be 


BY CHRISTOPHER BOB INSKI 

SENIOR POLISH officials here 
have admitted that censorship 
restrictions may be excessive 
and have promised that criti¬ 
cism of present censorship 
policies will be answered. 

The statement by Mr. Janusx 
tVilhelm, the Vice-Minister of 
Culture, came in response to a 
recent protest against censor¬ 
ship sent to Mr. Piotr Jarosze- 
wicx. the Pnllsh Premiere, by 
the Polish PEN Gob and was 
delivered last week at a meet¬ 
ing of the heads of creative 
unions including the writers* 
and the artists' union. 

The PEN Club protest which 
has not been published. Is 
described by informed sources 
as being “ decided and cate¬ 
gorical " in tone. 

Mr. Wlihelmi told the meet¬ 
ing of a proposal to set up a 


committee under Ute auspices 
of the Culture Ministry which 
would include both writers 
and politicians and would act 
as a kind of appeals’ tribunal 
for censorship grievances. 

The Issue of censorship came 
up last vear when a set of 
documents from the Censor’s 
Office was made public Id the 
West and published in Poland 
by the non-conformist Social 
Self-Defence Committee KOR. 
PEN Club officials were not 
Invited to the meeting and 
would not comment on the 
form the official response 
might take. 

Leslie Colitt adds from 
Berlin: What East Europeans 
tbink about each other is 
usually voiced over bottles of 
heer, vodka or wine but rarely 

appears in published form. 


Now however the secrecy Im¬ 
posed by Communist govern¬ 
ments has been partial 
breached by a Polish nag 
ztne which has printed the 
results of sociological survey 
of what young Poles think of 
their Socialist neighbours, the 
East Germans. . . . 

The survey w*s conducted 
last year Jjv the Polish sociolo¬ 
gist Mrs. Barbara Fawlowska, 
five years after the previously 
closed borders between East 
Germany and Poland . were 
thrown open for tourist travel 
without visas by East Germans 
and Poles. 

Mrs. Pawlowska questioned 
secondary school and tech ii ica l 


traits frequently * mention, 
era. . noisiness, : ambithj 
io y a 11 7i- ;scifluiMrtttt 
strength of c&mcfer ; ai 
JnsensiHlBy.*. . Gennmi.drc 
\s M uniform, lacking in.'fas 
and fashion sense,, hut. nev 


bridge across the Ndssojs how 
one of the most heavily used 

, by East Gennait aad- TwItoh 
rists. 

. TW current Issae of the. 
magazine Polish Perspective 

•wft* **,£22£y5m ■■ 3Si5F*s?-—iw, 

21“ also siud to trad a - toufl, 

selected as the. most • typical. 

"adding np to a very detailed 
■portrait of our. western neigh¬ 
bours.” • 

The magazine notes that in 
the eyes of the young Poles 
the . "GDR - {German Demo¬ 
cratic Republic) German ^ is 
above all, industrious, 


’town of W ^^SSSL^SSSSl 
Zgorzelec, just across the /systematic, ttritty^raoroo^. 
Nelsse River from the East. orderly, 

German city of Goerlitz. The 7 J^pei- 


an d' a " good, -ftwuser 
It adds that Mother 


A second phased tfte surr 
gave an . assessment; of-.t 
characteristics UBtei'. t 
P olish students *$ki& that wti 

they vulued In Germans w 

fffhelr conscientious#* 
sense of justice, self-pessesslt 
prudence,. intelligence, ; $ 
athleticism.* - On the - oft 
hand,, they' dJsliked lhV Ea 
Germans 1 - *i coddness^ jparne 
ness, susceptibility^,aud 4>H 
obedience of all rules.” 


The Minister's appeal coincides a,i the hurden of ensuring full meeting here of leading economic 
with the approaching climax oC employment. * powers should not conceni itself 

negotiations in the most im- Adherence to fre Govern- “with unrealistic growth object 
oortanr wave round_that afftM-t- m * nt * target of a 5.5 per cent, tivrs.* 

mE the kev en"ineerine and in the tatal **** w,, « P lus Instead. Count Lambsdorff 
metal fabriratinc ^industries ° ** effecls of tax cuts which said, the main points for discus- 

metai laoncaung Industrie*. came int0 force 0 q-January 1. sion should be the multilateral 

Tn an interview in the weekly would give an increase in real trade talks and the danger of 
newspaper Die Zeit to-day. the wages of over 3 pier cent if (as protectionism, the better 
President nf the Metal-workers* the Government now hopes i co-ordination of monetary 
union IG-Metall. Herr Euyen inflation is kept below 3 per policies, and the need to assist 

Loderer. reacted strongly against cent. weaker deficit nations. 


Sharp fall 
in French 
payments 
deficit 


m 



Anglo American Corporation 
of South Africa, 


(Incorporated in the Republic of South Africa) 


SECOND INTERIM REPORT 
twelve months ended December 311977 

The following are the unaudited financial results uf the Corporation and its 
subsidiaries for the twelve months ended December 31, 1977, together with figures 
for the six months ended June 30, 1977 and the year ended December 31. 1976. It 
should be noted that a* a consequence of the merger of Rand Selection Corpora lion 
Limited (RSC> with this Corporation, and the inclusion with effect from January 1. 1377. 
nf its results and those of certain other companies which by virtue nf the merger 
became subsidiaries, the figures for 1977 are not comparable with those for the twelve 
months ended December 31, 1976. 


Group profit before taxation 
Deduct: Taxation . 


Group profit after taxation. 

Deduct: Outside shareholders’ interest 

Group profit before extraordinary item 
attributable to Anglo American 
Corporation of South Africa Limited 
Dividends .. 


On preferred slock. 

On ordinary shares (Note'2) 


Retained profit before extraordinary 

item . 

Extraordinary item (Note 4) . 

Retained profit after extraordinary item 

Number of shares in issue at end of 

respective periods . 

Earnings per ordinary share before 
extraordinary item—cents . 


Notes: 

1. 


12 months 

6 ntrnlhs 

12 months 

ended 

end:»d 

ended 

31.12.77 

30.6.77 

31.12.76 

ROOD'S 

ROOO’s 

ROOD'S 

185 286 

92 071 

93S65 

14 084 

7 945 

4 647 

171202 

84 126 

89 218 

27 370 

14 947 

2 940 

1« 632 

69 179 

86 278 

43 677 

16 785 

43 751 

286 


143 


2SR 

43 391 


16 642 


43465 

99 055 

52 394 

42 527 

32 100 

9 000 

20 000 

67 855 

43 394 

22 527 

222 959 532 

222 903032 

131 725 300 

66.5 

33.2 

65.3 

(Note 6) 




3. 


5. 


in terras of the merger arrangements with RSC, the financial year-end of the 
Corporation was changed to March 31, and the present financial year which 
commenced on January 1, 1977. will cover a period of fifteen months ending on 
March 31. 1978. & 

l* J* anticipated that the unaudited results for the fifteen months ending March 31. 
I9ib will be published at the end of May and that the Annual Report for the wiod 
will be posted lo members towards the end of Julv. 

A special dividend (No. 821 of 8225 cents a share’was declared on May 3.1977, payable 
to shareholders registered in the books of the Corporation at close of business on 
May 6. 1977. and in respect of ordinary shares in the Corporation allotted in terms of 
the merger with RSC. An interim dividend (No. 83) of 12 cents a share in respect 
of ihe financial year ending March 31. 1978. was declared on November 24. 1977. 
During the six months to December 31 1977 the income of the Corporation was higher 
than anticipated due to improved income from investments and from other sources. 
The following factors also affect the results for a particular period: 
ia) income from investments does not accrue evenly throughout the year; 

(bi the realisation of investments fluctuates in accordance with poliev decisions 
and market conditions; 

(ci certain costs, such as those incurred on prospecting, vary materially from time 
to time, and: 

(di other than the extraordinary item, no provisions for the depreciation of invest¬ 
ments and against loans have been included In the results to December 31. as 
they are considered only at each financial year-end. 

As reported in ihe directors’ review covering the 1976 financial year, proposals are 
being considered by the principal shareholders, the Botswana Government and the 
principal project lenders for the financial restructuring 0 f Botswana R.S.T. Limited 
i B.R.S.T.) and its S5 per cent subsidiary Bamangwato Concessions Limited which 
operates the copper-nickel mine at Selebi Pikwe in Botswana. The Corporation and 
subsidiaries have a 12 per cent stake in B.R.S.T. The arrangements are expected 
to be concluded in the near future. Because of the changes envisaged by ihe 
restructuring proposals which, inter alia, are necessary in the tight nf the technical 
completion requirements of the original project financing arrangements, the directors 
have considered it prudent to provide in full, as an extraordinary charge, against 
the Group’s investment of R23.1 million in that company. 

The first interim report published on September 23 1977 reflected an extraordinary 
charge of R9 million being a further provision against the book value or the Corpora¬ 
tion’s interest in the Societe Miniere de Tenke-Fungurume copper project, in Zaire. 
At December 31 1976 an extraordinary charge of R20 million was raised for this 
purpose. 

Particulars of the Group’s listed investments are as follows: 



At 

At 

At 


31.12.77 

30.6.77 

31.12.76 


ROOO’s 

ROOO's 

ROOO’s 

Market value ... 

2198 390 

1578 963 

934 221 

Book cost..... 

718 241 

682 369 

411009 

Appreciation.. 

1480 049 

896 594 

523 212 

Outside shareholders share thereof ... 

253 160 

183 182 

3 887 


2 226 889 

713 412 

519325 


6 , 


The issued ordinary share capital of the Corporation is 222 959 532 shares. However, 
the earnings per share have been based on the effective number of shares in issue 
during the twelve months to December 31 calculated as follows: 

Shares 

Issued capital at December 31. 1978 ... 131 725:WiO 

Shares issued in respect of acquisition of RSC . 69 999 >>56 

Issued in terms of the share incentive scheme . 109 500 

Shares issued in respect of the RSC rights issue in May totalled 
2H25 076 shares—reduced proportionate to the time they were 
in issue during the twelve months..... 13 774 707 

215 509 153 


Registered Office: 
44 Main Street. 
Johannesburg 2001, 
(P.O.Box 61587 
Marshalltown 2107) 


For and nn behalf of the Board 
H. F. Oppenheimer t 
G. w. H. Kelly f Directors 

London Office; 
40 Hoi born Viaduct, 
ECU' IA-1 
February 24, ty7S. 


By David White 

PARIS, Feb. 23. 
FRANCE'S deficit in the balance 
of payments current account was 
cut by half last year, with the 
improvement being particularly 
marked towards the end of the 
year, it was announced to-night. 

The 1977 current account short¬ 
fall dropped to Frs.15.7bn. (about 
£l.7bn.i from Frs.29.7bn. in 1976. 


EEC coal 
to curb cheap 



BRUSSELS, Feb. 23.- 


BY DAYID BUCHAN 

THE EEC Commission has pro- tons a year. This Is hardly case Uie st^i^whfch 

posed a S12 subsidy on each ton prising, given that the world ^pyld. be .paid from Ah?, 
of European steam coal to help coal price of about $30 per ton ^jdget to an annual 
bridge the Eap between blgb-cost is about half the Commurnty'^ ^Om. units x^-acebunti'Would 
EEC coal and cheap imports. average of 565. The average con-^ lv cover ^transport. ..easts 
The aim of the subsidy plan, ceals wide cost differences the Community .vjv.' 

announced to-day by Mr. Guido between the fourcoai-produc^^^- today 

Brunner, the Energy Commi- membere rtates: the U.K. at -.Mr, Hru^r^ommenn^flw 

sioner. is to stimulate intra-Com- a ton. West Germany and France, tjat tne_ 
munity trade in coal for power at S75 a ton. and Belgium ^ U.S u^^meu 

stations. This could be of major nearly S100. the dangers foe :EEC powisrna* 

. benefit to the U.K. National Coal The subsidy plan, which will tions of L?°!£ 

Two-thirds of this deficit fell in; Board—the EEC’s largest pro- be presented to Energy Ministers ever, the same type « tears are 

the first hair of the year, andiducer of this kind of coal. on March 21. miffht allow British Will entertained about Bntisn 

in the last quarter, after seasonal | At present only 3ra. to 3.5m. coal_ to compete^ in Continental co*l by continental 


about 

customers. 



Footballers are ‘workers’ ruling 


BY MARGARJET YAN HATTEM 
A RULING in the European Representatives of EEC football 


Court of Justice that profes¬ 
sional footballers are workers 
has ended a prolonged legal 
controversy in one of Europe’s 
most prominent industries. 

According to the EEC Commis¬ 
sion. footballers are covered 


federations, who met MT, 
Etienne Davignon, the EEC 
Commissioner for Tndustiy; 
here to-day. have accepted the 
Commission’s view and agreed 
to alter their statutes before 
the start of the 1978-79 season. 


by the provisions for free An exception has been made for 


The current account perform-j coal imports run at some L.*m. coal to do the same, 
a nee reflects the improvement in 
the trade deficit, which fell to 
Frs.l3bn. from Frs.22.3bn. in 
1976. Here, too, the comparison 
of the different quarters shows 
a progressive, if slightly uneven, 
improvement, with French trade 
Frs.T.3bn_ in the red in the first 
three months but breaking even 
at the end of the year. 

In January, however. France's 
trade swung back into deficit, 
showing a shortfall of Frs.l.S5bn. 
after a surplus of Frs.l.Bbn. in 
December. 

The surplus on the service 
accounts last year more than 
doubled, to Frs.lObn.. compared 
with' Frs.4.5bn. In 1976. 

Transfers showed an increased 
deficit of Frs.13.9bn., compared 
with Frs.lObn. in 1976. an 
increase attributed mainly to 
public sector operations. Trans¬ 
fers in the private sector, notably 
those of foreign workers sending 
money home to their families, 
showed a relatively. moderate 
iDcrea.se. .%-] 

The bis*est impnftement was 
in the area of portfolio opera-' 
tuma and dire-Tt investment.- 
where the deficit was cut by 
almost two-thirds from Frs.9bn. 
to Frs.-3.4bn. 


coal imports. 


Ecevit S0O1 

.By Our Foreign Staff 

THE .GREEK and fTutkisirP] 
Ministers. are ' expected fa:* 
jo Switzerland-. i& .'.nilff-Ua 
according to ‘reports;;in 
Turkish, newspapers doSe to 
Government . Thfr 'jffigdtihg.. 
proposed io JgnuAriL-££ih£ 
Turkish Prime- Bffinistqr,' \ 
Bulent Eceyit, andi! bas- S 
been accepted in. principle 
his- Greek'^connteii^fft;:> 
Constantine Karainaqlref 

The,two leaders arefu dis 
Cyprus and; a question now 
stdered more vital" by "botf 
them, the two :, NATCl. j .'allies’ 
putes over division of* the A£ 
seabed and airspace*.’WWe 
Greece’s fortifica.t]off'T>f 
Aegean islands.' 


movement of workers within 
the Community as set out in 
the Treaty of Rome. This 
means that national football 
associations which seek to 
limit or prevent the football 
clubs signing on players from 
other member States are 
infringing the Treaty. The 
Italians are apparently among 
the worst offenders in 
respect 


the ~ highest divisions^rin 
Britain the First and Second 
Divisions in the Football 
League which may be involved 
in league championships. This' 
is to “ensure that these com¬ 
petitions are carried out under, 
normal circumstances and not 
upset too much," M. Davignon In 
said to-day. 


this These divisions will be altbwed 
a transition period of f not 
-:--^1*-*- 


BRUSSELS, Feb. 23. 

more than five years, during] 
which clubs wishing to sign on 
foreign players will be allowed 
a minimum quota of two. 
After this period, national 
federations will risk action in 
the Court of Justice if they 
attempt to block contracts for 
not more than twa' foreign 
players. , j\ ' 

Of course there ia no obliga¬ 
tion to sign on foreigners, 
M. Davignon was quick tn 
point out. “ and most chibs 
probably realise that tt .would 
be suicide ' to. Sigd' oh. an 
entirely foreign team.” ' 
the lower - professional 
echelons, meanwhile,, all ?e- 
strictions' are to be .lifted 
before the next season;,' 7' 


Lisbon economic talks delayed 


BY JIMMY BURNS 


LISBON, Feb. 23. 


NEGOTIATIONS between the to grant it unconditional the meeting of th$ Organisation 
government and the opposition backing. of Africa Unity’s - (OAU) five- 

parlies over the new economic According to Sr. Victor member liberation committee at 

programme and the position to Constancio, the Minister of the week-end- 
be adopted, when Portugal Finance and Planning, however.. Opposltion and Government 


negotiates with the International the government is already in h . d . dec «_ r -ij ia .• #h- t 

Monetary Fund next month contact with management and gjj* ^heddafl’s ••■SatanSts 
appear to have been delayed, uions as a first step towards a showed- thdt he" JEWS' 
despite assurances by Prime possible agreement on a mini- « JgS the situation" on 

Minister Mario Soares that they mum wage. . Se Sandte" SKuatiop. on 

would begin this week. Sr. Constancio, who was speak- ‘ uc “‘“7 . . 

c,. d i,,, rn tho Ing following a brief Cabinet • Sr. Mario Soares has said bis 

_ * * Portia meeting yesterday evening, failed Government’s . austerity pror 

m^ pl5v iSi to confirm any firm date for the gramme would have vast social 

ve^prrfav^i^Fa^RprHi^tn hnS resum Ption of talks with the effects and would be 
yesterday for East Berlin to hold IMF shock for ^ country. Reuter 

Portuguese Communist adds from Bonn. He told the 
Gorman united Socialist Party. p ar ty j, as been moved to pub- publication Europa. printed in 
Meanwhile, sources close 'o licly condemn the support for the to-day's Die Welt and three other 
the Social Democrats (PSD), the independence movements on the European newspapers, that the 
main opposition party, confirmed Portuguese islands of Madeira Government still counted on ent- 
yesterday that though the party and the Azores which was ex- ting its current account deficit 
was open to dialogue with the pressed by Col. Moammar Khed- this year to $S00m. from lBbn/ 
I Government, it was not prepared dafi, the President of Libya, at last year. 


Dutch agac^st 
neutron 


Government to 
win, says poll 

P.ARIS. Feb. 23. 

THE FRENCH Centre-Right 
coalition is heading for a narrow 
victory in the general election 
next month, even if Socialists 
and Communists join forces for 
the decisive second ballot, said 
a poll published by the pro- 
Government weekly Paris Match. 

The poll, by the French Insti¬ 
tute Public, is the first to predict 
a Government victory—by about 
20 seats. 

In line with other polls, it put 
the combined parties oF the Left 
ahead by 50 per cent on the 
first ballot on Mareh 12. com¬ 
pared with 46 per cent for the 
government parties. 

'CELAND’S AUSTERITY PACKAGE 

Frosty reception from the unions 

BY JON. H. MAGNUSSON IN REYKJAVIK 

THE Icelandic Government Initially, the Government mined to stick to its unpopular fated . Left - wing" government, 

is facing a lough, uphill battle simply allowed the krona to measures until the parliamentary coIlabsed Tn the'jnlddlh'or'ISt^' 

with the trade unions after float freely down but this had elections in June. Originally it r ea vine hphind an ' 

parliament passed its anti- no effect on the demand for was thought the Government SjSSfSfSSSSSSS' 

inflation and austerity measures foreiEn currency. So at the would-announce the measures, ° 

last week. The austerity pro- beginning of February, the resign and call for April elec- .major OifiS. or.th»: Gtrv^rtN.: 

gramme comes on top of a 13 per Central Bank suspended all tions. But several members oE raent'Tras- been: .the Sggff agarost’; 

cent, devalution of the Icelandic foreign currency transactions the Government felt it would he .inflation,, which:, has;, left 

krona, also designed to reduce for a week and then devalued unwise to try to fbrm a- new scais en the"Ifidlant^e'reoonqmy; ' 
the country's runaway inflation, the krona. "Oveminent during the city'.and iThematlboal'eccmomy tiirhed tSe 

Union leaders are claiming At the same time the Govern- municipal elections in May. . korner-fn 1$7fi anrf* 

that the new measures will hit m£ . m announced that it would On the other hand, it was 

tt® i‘L r , 7 hp-^ putting a bill'through the necessary to act .fast .because. S^SSJ!?wSlKS18SJHHSS&^i 
reluctantly accepted trie devalua- Althing (parliament! to intro- economists 
tinn on condition that there were 

no moves to limit wage settle- 1 

ments which have so far out- The Icelandic Government’s first priority 

i977 ation o{ 35 down the rate of inflation which eoa^ m 

But tbe present right-of-centre 45 per cent, bv early autunm. Butthe iihiohs reseat 

government of Mr. Gcir Hall- e -- - - 

crimssnn now seems determined 
to fight hard to save the 
weakened and Inflation-ridden 
economy of this small island 
nation 
ment 

bring a lame duck, hut with only 
sir months nf his four-year 
term nf office fn complete, he is 
preearins to take a firm stand. 

The unions were forred to liv]ng”jridex. 
accept the devaluation because 0 
it 


THE SAGUE J*ebi: 
THE DUTCH GovErimieBt;'' 
hog to:pressure frbmJPiir&r 
to-day -pnwjiised: to -,|ry - to 
NATO introducing ^thq .net 
bomb. -■ ■ ;. -: 

The .Defence 'Minister.'. 
Roelof.- Kruisiiiea,. 
mept , -that NATO .should: 
.the .‘Issue-.of the , cbntrove 
weapoir at the; EastAvestmi 
balanced force : reductjt(Bi r 
with the Warsaw .Pacf in Vii 

President Carter, has 'sab 
will deride, whether 107 pro 
and deafly'the weappj£Qg& 
reactefi'g a cbnsensusf-wth 1 
peak. N.CTO-member?. 

Hie., piitc& Goyerrpnent s 
ment to-day .In ihe annual 
on tbe defence budget BR1 
a Cabinet meeting held to r 
ciie di^encesibetiveerrthf 
co alithnt 8 .“parties,- the Chri 
DernOcfcds ■‘and the Right- 
Liberals; : political 'sources 

Dr.^KreisinWa’s pledge ti 
to-preverit NATO deployinj 
we4ptm. fel! short of total 1 
tlon;.bijt went further- thai 
Government- was.expectefl. 
in meeting Us critics. 

Reuter . - ; ‘ 


British tourisi 
growing fast 

" ...PARK. Feh. 
PORTUGAL . AND Britain 
the fastest growing^. dpp 

_ tourist industries last year 

greatyWest Germans^-spent 1 . t»;\ 
abroad: than arlyqrte eU<e,-fi| 
out here .to-day, 

Estimates from -the .Ofgi 
tion for Economic. Cto^per 
and Development 
per • cent.., increase!- in- .'-Wt 
receipts ln : its 24ijnemher^ 
to. 540.5bn. last yedti 
Reuter r V : T-'-rf 


_:_:_:_L. - -~-J- ■ 



any attempt to limit tlieir wage 

now 9ii4torifv fka fnflofinn rata iimnM■fiw-OYll 'Servants. OTnte, 


duce new 
The trade 


austerity 
unions 


y measures, the Inflation rote 

In the past his Govpm- -•«*»»»■ immediately cent by^early^autixmn. ^ t h p - ; 'riig" f :mg-*»av!gn> 

"has bom critidsed anawered that they would accept hoped that the new> 

. «;— .nn measures which would affect will reduce inflation by 5 vtr ^ country ’ - * '• 

ast year's wage agreements or cent, by rhe end of the year. J iott'*** ^ n reconLis afrl&fd 

Ihe automatic seasonal wage Mr. Hallgrimssqn’s Government * JJP 1 * pe VremaN&>fe ,since 

adjustmenis which are tied to can afford to take some n’t 

the quarterly rise in tbe oost-of- laf measures. The present coaU- K 

ang index. tioQ between the Independence fal *f feuylflgpbwer and .* • 

fl The leaders of the Federation ant j the Progressive parties corn-^^ artremety heavy demand for It.is-difScuR to predict 

H«< nreemk yeded to hpln of Labour and lbe Association of mandsa nuEof 42ofth06O ? urable househoJd goods. That ffl«bV>^pen.Q?sL; ( R.l9o6 
the fishine industry which had State and Municipal Employees tiie Aitbina Observer in tnni ** unfavoorable iLae trade^OQ iefldeRhi! 

m ” ntf,s lf was on have threatened strikes and feel that the coalitioncould afford ^de talance And a lUavy run ofr P6t ; ri^?k .j^nerai-strike 
rhe brink of bankruptcy. Las. other disruptive measures after to lose three or four seats and limited foreign -currency: wiR*' ihstead^cail-fm: • Vfat 
year’s huge u-nae scitlements as March 1 uoless tbe Government fi Hji form another coalition reser ^ s * - Private .consumption, rule-andr.-short. -.-StOppases 
h, ' h as 60 m SO per cent., had backs down from its present government after the June elec- , ose by 8 ««t 'befor&^tfie pmlysing g^nerai' strike: 

cone hrjnnd the limits warranted anti-infiation policy. tions June wage • agreementg aird enn- hiirt tiis ■ njore- tH^n 

by the economic upturn in Ice- The Government has made . . _ . _ Sumer prices rose by 30 per bent- ~ RIeSI-'v m.r jarija 

land uo to June last year. some conciliatory gestures but .. M J- Hailgrimsson is leader of last, year aatt*J&nte~.^{kiKtSaxus&*-Jnu^ffiJbcndMr r-.- 

Owners of several fish freezing the labour leaders say they will t " e independence Party which is rise rapidly this year. . : V IJ>e r !a&SDn-tirodr ! Icelanda 
plants had made offirial threats fiaht anv legislation which limUB the biggest single party. The Pro- Th®. -tiot^ ~Verv J> - : ^hn 

to close the plants if the Govern- the b^inlVwVr of rSk“Sd Strive Party is the fanners’ 

ment did nothing to help the file unior —"' 1 —- •*-- Dartv. Th« two main nnnnsfunn ® ,uw .h«*ouc spentwig’.-oy f*! 1 "^ 

flsh industry which is the main principal 
rorrtsn currency earner. The lcgu' 

Fish Price Board announced a lion 

13 per cent, increase in the employees will receive less than “S"”"* ‘■f c uie,r survival ia rateawob!d _ taka"««ert. 
price nf fish in early January, naif the II pur cent, rise thev are any forthcoming elections. . ass :i 

he around \hc corner ati0 “ the ft ind ^ x * f J hc ? resent Government Wok on - sh'ort-t^^S^^^^^ 

0 41011011 ltlC corner. The Government seems deter- office after a short-lived and ill- eanty 


-- — •** 
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EUROPEAN NEWS 


prepares his bid to 
s Gordhn knot 


>H1N!CK J. COYLE 




• —< -... i 

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Kin >■* 

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k-end, Sig. Alda. Moro, 
of . Italy’s Christian 
• Party. faces the 
3 "task of finding anew 
formula for Italy. 

■ v: it must. siimtltane- 
sfy his own Christian 
. not .unsettle the 
portant hackers in the 
tholic Church, and yet 
.. ible to ihe' Communist 
,ich is pressing for 
■- (usion in a new par- 
’ majority. 

'ommunist^ 1 -original 
whkh brought about 
laticra of. Sig. • Giulio 
i minority Christian. 

administration lost 
4s for actual Cabinet 
new government. The 
:&nce climbed down 
its leaders implying 
tcmand was a tactical 
- *. but still insists it 
ed in a * clear and 
•. ne.w majority. 

tentative is clearly 
\ election, which, for 
, *asons. all the major. 
1 nt to avoid just now. 
Christian Democrat 
ers do not want any 
.the Communists either 
iping against hope for 
to devise some mira- 
mula which will win 
t co-operation for a 
*nment while concedi¬ 
ng of substance to 

• Sig. Aldo Moro. five 
ie Minister and to-day 
puted guru of the 
democrat party, it is a 
It says much for this 
of Jurisprudence tbit 
e party 's senators and 
ho meet here in spe- 
on Monday, believe 
-iat somehow he can 
The Communists too 
ooking to Sig. Moro 
hope. 

1 rything said by the 
the various parties in 
the five weeks since 
se of • the Andreotti 
t represents, in fact, 
ire demanding, or will 
finally. Indeed, whis- 
the so-called enrri- 
wer in Roinu suggest 
Moro and the Com- 
?ader. Sig. Enrico, 
may already have 


reached .some' sort of - under¬ 
standing. •“ , ■ 

' The- whispers 1 could even be 
true,- for.'such' understandings 
in Italy Soften come from' an 
exchange, of .signals. as it were,' 
.and-:.not .from 'direct 'conversa- 


• .'• • ^7 

tA : 

- V, 

: • ,*• 

V 


Sig. Aldo-Moro. 

tions. The party -newspapers 
have a habit of lalking.'with one 
another at a distance rather 
than informing directly- their 
own followers. ; 

The crunch has now come 
because the Moro strategy, sup¬ 
ported strongly by Sig. Andreotti 
and the Party secret ary. Sig. 
Benigno Zaecagnmi, of dragging 
out the- negotiations on essen¬ 
tially non-political issues, before 
tackling head-on the key political 
Question, has just about Tun its 
course. The -Communist leader¬ 
ship meeting- to-day Is demand¬ 
ing a clear statement of Christian 
Democrat intentions* and the 
Christian Democrat parliamen¬ 
tary party wants to know on 
Monday what precisely.!^ leaders 
are planning. ; / 

All-party --negotiations’ -have 
been io 'almost non-stop. Session 
for u couple of Aveeks.npw,. and. 
while few details have filtered 


ROME, Feb. 23. 

out officially* a sizeable measure 
of agreement has. in fact, been 
reached on an economic pro¬ 
gramme. This includes the con¬ 
taining of Italy’s public sector 
deficit this year to around 
L24.000bn. (£15bn.l and.steps— 
including new taxes and in¬ 
creases in public service tariffs— 
to hold the deficit at that level, 
against the LSO.OOObn. or more 
it would have been on the basis 
of unchanged policies. 

There are. it is.true, still some 
sticking points on other issues, 
including improved measures of 
law and order, avoiding some 
delicate referenda (such .as a 
move to-.legalise abortion) and 
proposals to give the police full 
trade union rights. The unions, 
too. have yet to accept Sig. 
Andreotti’s revised economic 
programme, and are to see the 
Prime Minister-designate at the 

week-end. 

But the crux of the matter 
remains the political formula, 
and it is this which Sig. Moro 
must now tackle. What, essen¬ 
tially, the Communists want is 
their signature with that of the 
other main parties, on a formal 
confidence motion to be put to 
Parliament by a new minority 
Christian Democrat administra¬ 
tion under Sig. Andreotti or. for 
that matter, any other leading 
Christian Democrat. 

This, say the Communists, 
would concede substantially 
their demand for a sort of emer¬ 
gency Government to tackle 
Italy’s economic and social diffi¬ 
culties. It would, of course, also 
give the Communists a document 
to demonstrate To the world, and 
of course to Italian electorate in 
particular, that after 30 years 
they have come in from the 
political cold, that the party had 
been accepted finally by the 
Christian Democrats as having 
an important and democratic 
role to play in Italian political 
life. 

In exchange for this, the Com¬ 
munists are even prepared to be 
associated directly with the kind 
of austerity measures envisaged 
by Sig. Andreotti, a process 
which is not without risk for the 
party in terms of its own rank- 
and-file membership. What, of 
course, the Christian Democrats 
risk is that It would he difficult 
for the. party ever again to cam¬ 
paign electorally nn an outright 
anti-Communist ticket. 


Swiss to 
vote on 
economic 
proposal 

By John Wicks' 

ZURICH. Feb. 23. 
SWITZERLAND HOLDS a 
referendum this week-end in 
whii-h the electorate will lie asked 
to anchor in the constitution the 
Govern menl's right to bring 
about balanced economic de¬ 
velopment. A new article in I he' 
Federal Constitution, supported 
by almost the whole of Parlia¬ 
ment. would enable tbe central 
Government to intervene in co¬ 
operation with cantonal authori¬ 
ties and business, to counter un¬ 
employment and inflation. 

The motion is a revised ver¬ 
sion of a proposal which failed 
to gain sufficient support at a 
national referendum in March. 
1975. Although 53 per ceot. of 
all personal votes were then in 
favour of the-Constitution article, 
this failed to gain the necessary 
maiority of cantonal approvals. 

The revised proposal foresees 
measures in the field of money 
and credit mechanisms, public- 
finances and foreign trade, 
which would, if necessary, be at 
variance with the principle of 
commercial freedom laid down 
elsewhere in the Constitution. 
The Central Government would 
be able to oblige companies to 
set up so-called work creation 
reserves, alter federal taxes and 
take intu account varations in 
the economic development of 
individual regions. 

One demand dropped from the 
original version of the proposal 
is that the Federal Government 
should be able to increase or 
restrict depreciation possibilities 
on income tax. 

Other referendum issues this 
weekend are proposals to 
expand the old age pension 
scheme and extend the right of 
the public to decide on motorway 
projects. 

The Swiss franc reached new 
heights again to-day. with the 
dollar dropping on one occasion 
to below SwJrs.l.SO. The 
Deutsche Mark also touched a 
new low at under S.Frs.0.89 as 
did sterling at less than 
Sw.Frs.3.50. 


FIRMER STATE CONTROL URGED 


Concern over Spam’s foreign debt 


BY ROBERT GRAHAM 

TO MAINTAIN confidence in 
Spa.in's creditworthiness, the 
Euromarkets will want to see 
■‘tangible evidence' 1 of the suc¬ 
cess of more realistic economic 
policies, Mr. Hilary' Reddy, 
deputy head of international 
banking at Bankers Trust said 
here to-day. 

Speaking on ihc second and 
final day or a conference on 
Business with Spain organised 
by the FT. Mr. Reddy said that 
continued market acceptance of 
Spain was critical if the country 
was to buy time to correct its 
chronic trade imbalance. 

Although Mr. Reddy believed 
Spain's Euromarkets position to 
be fundamentally sound, he ex¬ 
pressed some concern at tbe level 
of foreign debt On the bank's 
own estimates, total Spanish 
debt Tose to around S14hn. in 
ifl77. while debt service reached 
S3.2bn. This meant a virtual 
doubling of the debt service 
ratio, to around IS per cent io 
one year. 

For 1978. Mr Reddy said his 
bank estimated the debt service 
ratio at some 16 per cent, if no 
new debt was incurred. These 
figures did not match with offi¬ 
cial ones, and Mr. Reddy called 
on the Spanish Government to 
improve its statistics on such 
things as total foreign debt and 
debt servicing requirements “ to 
remove any of the uncertainties 
which banks dislike so much.” 

Although it was difficult to 
stipulate what was the appro¬ 
priate debt service ratio for any 
particular country. Mr. Reddy 
said that such a sharply rising 
ratio as Spain's could not be 
ignored. 

He added: " In view of the 
regularity with which Spanish 
names have appeared in the 
market, there is some reason to 
suspect that more than a few 
major lenders may be approach¬ 
ing country limits or some other 
sort of lending ceiling for Spain, 
particularly in the term cate¬ 
gory." 

Mr. Reddy urged the Spanish 
authorities to exert stronger con¬ 
trol in monitoring and guiding 


access to the Euromarkets by 
both the private and public sec¬ 
tor horrowers. “An orderly 
calendar may cause inconveni¬ 
ence to some borrowers, but it 
is still vital from the lenders' 
side." 

This would help in eliminate 
the bunching of credits, be said. 

Spain had benefited from the 
ample liquidity in the Euro¬ 
markets of late. However, he 
noted that the softening of terms 
in relation to Spain would not 
be quite so pronounced in the 
future, “ mainly because of the 
volume of borrowing in the last 
two years and what the market 
is anticipating this year.” 

Taking issue with Mr. Reddy 
about Spain's foreign debt, Sr. 
Jaime Carvajal, general manager 
of the Banco Urquijo. said that 
the rate of accumulation of 
foreign debt had now changed 
complexion. From now on growth 
would be slower. 

Sr. Carvajal estimated that the 
total borrowing requirement in 
1978 would be in the order of 
S3bn., of which SI.5bn. to S2bn. 
would be maturing loans. 

Discussing the impact of 
foreign banks being allowed to 
operate in Spain, Sr Carvajal 
welcomed the move. He saw it as 
a necessary corollary to Spanish 
entry of the EEC. and the need 
for 'reciprocity with increased 
activity by Spanish banks over¬ 
seas. 

The Spanish banks share in 
Spain's external debt, he said, 
was between 25 and 30 per cenL. 
with -their foreign currency 
deposits having risen from a mere 
S200m. in 1968 to S9bn. in 1977. 

He accepted increased compe¬ 
tition, but said the competition 
was already there in that foreign 
representative offices were 
already highly active and foreign 
banks account for some 75 per 
cent, of Spanish external debt 

Spanish banking and monetary 
policy were dealt with in two 
speeches by Sr. Jose Maria Lopez 
de Letona, Governor of the 
Bank of Spain, and Sr. Rafael 
Termes Carrero", president of the 
Spanish Bankers Association. 

Sr. Termes. after explaining 


the liberalisation of banking 
practice in tbe past few years, 
said there was now a need for 
closer control by the Bank of 
Spain and greater inspection. 

Sr. Lopez de Letona defended 
the strongly monetarist approach 
of the Bank of Spain to the 
current economic crisis. This 
monetarist approach was the best 
proven under the circumstances 
facing Spain, he said. 

However, he insisted that tight 
monetary policy under inflation¬ 


F 

INANCIAI 

TIMES 

|v 

lusiness 1 
vith Spain § 

Cl 

INFERENCE 


ary and recessionary conditions 
had to be accompanied by wider 
measures—such as wage control, 
taxes and use of exchange rates. 
He also warned that the success 
of tbe current economic pro¬ 
gramme depended upon con¬ 
tinued political consensus and 
further moderation in wage 
demands and money supply in¬ 
creases. 

• The conference - was • also 
addressed by Sr, Rani oh 
Tamames. a member of the 
Spanish Communist Party execu¬ 
tive and their economic spokes¬ 
man. He gave one of the most 
detailed views yet heard of how 
the Communists envisaged the 
development of the economy. . 

Sr. Tamames said the 1977 
elections had created an entirely 
new situation in Spain which 
would almost certainly lead to 
Spain becoming the country in 
Europe, after West Germany, 
with the greatest degree of 
regional autonomy. This he 


MADRID. Feb. 23. 

■regarded as a healthy develop¬ 
ment since Spain had suffered 
from overcentralisation. 

Other aspects which had to be 
considered were parliamentary 
control for the first time of the 
State apparatus: changes in 
municipal administration; the 
appearance of a trades union 
movement whose role would 
cease to be concerned solely 
with wages and would have a 
more social and educative func¬ 
tion; and the rise of an aware¬ 
ness of ecological factors that 
would influence future planning 
decisions. 

Sr. Tamames said the part)- did 
not advocate wholesale nationali¬ 
sation but sought greater State 
intervention in specific sectors— 
nationalisation of steel, energy 
and shipbuilding. 

The Communist Party accepted 
the presence of multinationals 
in Spain as inevitable but pro¬ 
posed greater public accountabi¬ 
lity. He put major emphasis 
on the future role of small- and 
medium-sized concerns. These 
accounted for over 70 per cent, 
of employment, and this be 
believed was where new employ¬ 
ment would be generated and 
where flexibility of production 
lay. 

Other speakers who addressed 
the conference to-day were Sr. 
Jose Ramon Alvarez Kendueles, 
Secretary of State for Economic 
Co-ordination and Planning, who 
discussed some of the strategic- 
aspects of Spanish economic 
.thinking: Mr. Robert Malpas, 
technical director of ICI, who 
looked at some of tbe implica¬ 
tions of future Spanish indus¬ 
trial growth; Professor Ramon 
Trias Fargas. member of Con¬ 
gress for Barcelona. who 
examined aspects of Spain's 
regional imbalances: Sr. Miguel 
Boyer, economist for the Spanish 
Socialist Party (PSOE). who 
gave a Socialist assessment of 
economic trends: and Dr. Walter 
Siep. Board member of the 
Westdeutsche Landesbank 

Gironzen trale. who discussed 
Spanish financial relations with 
Europe. 


c manager j Sweden alcohol sales fall 
in Rome 


Our superb inflight service. 

Something you’ll hardly notice but always remember. 


ik laved 


ROME, Feb.. 23. 

'exlreuie-feft ' urban 
ihe Red Brigades to- 
d their fifth victim of 


BY JOHN WALKER 1 1 . 

LTHE SALE of alcohol in Sweden 
. has dcopped dramatically jo .the 
I second-half 1 of last year, lapw¬ 
ing a series of priye' inertiftfes, 
the State Wine and Spirit Mo.no- 
poljn reports. For lbe. whole of 
hooting a bank znana -|&*£ U*■ Monopoly says, the 

shou>der as he drove saie of spiritsi was down by 33 
snou-oer as ne arove cent, to 68pi. litres, strong 

Rome. Sig. Giorgio wlne down by *8 per cent to 
>4. was not seriously j ii OT litres, while light table wine 
the attack, which took j showed an increase in sales of 
B street 117 per cent..to 68m. litres and 

HM lodged in hi. j 82 Mr «" L ■“ 

iUt Sig. Borghetti was j The switch, in drinking habits 
k to a .nearby.hospital from strong to light alcoholic 
was removed. Only beverages is mainly due to the 
iter the shooting, an. change in the. prices beoouse 
caller to a news j more duty - is charged for 
timed that the Red stronger drinks. A 75 centilitre 
cere responsible. The: liottle ..of proprietory, brand 
re Italy’s most feared! Scotch whisky costs about Skr.<5 
guerilla group. I 10 ^fcr-80 (about £9f. . 

.. Drin „| oe An -| The marked change tn dnnk- 
ek. the Brigades shot! jj a foits took place during the 
agistrale m Rome in secon( j half .of the year, after the 
it attempt to inUmidate withdrawa i ^ July of strong 
iciary before Ke .“ beer from supermarkets and 
Renalo Curcio| f0Q( j stores. The temperance 
movement blamed easy access to 
strong beer for. the. rapidly rising 
rate of drunkenness in teenagers. 


leader 
rial on subversion 
Turin next month. 


• STOCKHOLM, Feb. 23. 

The Government’s policy has 
been to extract as much revenue 
a< possible by taxing alcohol, but 
ihfe limit seems to have been 
reached. The business recession 
also' has probably exerted a con¬ 
siderable Influence on tbe drop 
in sales. Restaurants, which have 
to pay the same retail price as 
the ordinary customer at State 
shops, report that spirit sales in 
the second half of last year I 
drooped by 24 per cent, compared J 
with the equivalent period in i 
1976. __-. 

Irish post dispute • 

DUBLIN, Feb. 23. 

STRIKING POST Office engin-j 
eers are to intensify their dis- 
dispute next week to cover niter-' 
national telephone services and 
automatic sorting of parcels and! 
letters in Dublin. 

The dispute is already causing 1 
severe difficulty for business and 
industry. From next week, com¬ 
munications with Dublin, Shan¬ 
non and Cork airports, telex 
services and weather reports will 
all be severely disrupted^_ 


•■f •jfiy >.'• :* 


.. /;;. 5,. \}.J 


1C 








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ytnaa cfefl Ttees MBaor 


OVERSEAS NEWS 


AMERICAN NEWS 


U.S. envoy i Indians to assist Vietnamese U.S. ban 


holds Cairo 
talks after 
Cyprus 


BYK-K* SHAftMA 


NEW DELHI, Feb. W. 


By Roger Matthews 

CAIRO, Feb. 23. 


INDIA to is take a major part 
In the reconstruction pro¬ 
gramme In Vietnam. Apart 
from helping to rebuild rail¬ 
way lines and supplying rolling 
stock, India will help Vietnam 
in construction work, establish¬ 
ment of textile and other 
plants and in improving dairy 
farming. In addition to the 
credit of &.4O0jn. (£25at} 
agreed already, further loans 
are ltkoi> to be approved when 


SIR. ALFRED ATHERTON, the j Je Vletname^ Prime Minister. 
U.S. special envoy to the Midale Mr> Pha m Van Dong, arrives 
Esst. held talks here this evenios I laca rnp a st&v to* 

with Mr. Mohammed Kamel, * crc ; or a weeKS siay ** 
Egypt's Foreisn Minister in a „ phaB1 - s decision t0 come 
further effort ia find a formula ...... io 


mrnier mr ii » * wh ile Vietnam is involved in 

of words tnat would allow peace, 9penti9IUS M Ae 

negotiations with Israel to 


negotiations with Israel to 
resume. Tiie start of talks had 
been delayed by the furore over 
the abortive Egyptian commando 
raid in Cyprus an Sunday and 
the decision last night to break 
off relations with the island. 

Foreign Ministry officiate, 
already hard pressed by the pace 
|>C actmty during the past three 
months, have been instructed to 
begin explaining *.ne reasons be¬ 
hind -the Egyptian decision to 


Cambodia bolder Is an Indica¬ 
tion of the Importance he 
attaches to economic and 
political relations with India. 
He Is coming after a recent 
visit to Vietnam by an Indian 
delegation headed by the Mini¬ 
ster of State for External 
Affairs, Mr. S. Kundu. 

India has offered rolling 
stock worth RsJSSOm. for Viet¬ 
nam's railways, and about 100 
coaches and 50 wagons are to 
he despatched by the Govern¬ 
ment Corporation. The sale 
of 30 diesel locomotives and 
rails is being discuessed. 

India is negotiating with the 
Vietnamese Government for 
projects for track renewal, 
construction of bridges, build¬ 


ing railway stations and Install¬ 
ing signalling equipment worth 
many millions of dollars. An 
In dian team has already made 
a study of Vietnam’s railway 
requirements. 

Vietnam has Indicated 
interest in Indian assistance 
for reconstruction as well as 
development of a second rail¬ 
way artery between Hanoi and 
Loacalnear the Chinese border. 
The line was badly damaged 
during the war. 

The Indian Government has 


on arms to 

S. Africa 
extended 


By David Bell 


WASHINGTON, Feb- 23. 
THE U.S- has now issued 


already shipped 200 good-breed detailed regulations which 
buffalos to Vietnam and will significantly extend the existing 


help in establishing a buffalo U.S. embargo on exports of arms 
research centre there. Vietnam and munitions to South Africa, 
wants another 1,000 buffalos of For the first time, under these 




wants another 1,000 buffalos of 
the high-nzllk-yieldlng variety. 


embargoed^tbe^export^of *5? THE CANADIAN ECONOMY 


Large reserves and taxes 
to allow more investment 


commodities—from computers to 
fuel tanks—that could, directly 
or indirectly, be used by military 
or police forces in either South 
Africa or Namibia (South West 
Africa). The embargo also 
applies to 6uch things as servic- 




BY JAMES SCOTT IN TORONTO 


BY OUR OWN CORRESPONDENT 


NEW DELHI, Feb. 23. 


period before 


month r“ iL„ « .yl “IJllr ioro ; n w»u»n the standby credit arrange- in Canada this year. ojr 2 • 
W ° ns Jrte? to llefeSd S*%i?b!nge rnlm ^ announced last year, cent,' compared with;ani inert? 

—, the Government of^Per 


A -STEEP in invest- not rise by non than 5 per lev*L exports grow * appro*, g* Cornn,erc| Dep^toeph ™ « a stop-gap hope that it wwM fcffg*- .CT SSiJF g*?,r 

by Presideru sSIiV mem in all sectors this year. cent., which is less than half the mutely the curernt years rate, ^hose Office of Export AdmlnL moy ^ tQ #fcWfroff wh at would tion against the dollar. That has mcrease thejr spepdmg.byl}. 

thathe no ten-erVe-o«nSe?Mr financed by higher taxation of growth rate achieved in the pre- and remittances continue to be ®£a n °£ ba thly Ireintendedto bave been Potitical suicide just not occurred. £££ g 

SnvrosK?nri?nou it P?«fderv : «r farmers and from soaring vious year. Thus while the sur- at the same level as this year. 2“^ {*« “ e | volley a few weeks before it is expected During the pait ytar, the tamk 

rvnn« ;Erf' S 0, L»e ™nr of toreizn exchange reserves, is vey notes that there is “suffi- reserves will increase still fur- ™ r ^ er *};“• JELinn 3 to call a general election. international value of the dollar cent, increase. inl977. . t - 

eevM^^ hoiire before SOU indicated in a detailed survey of cfent cause for satisfaction in the ther. The situation of a poor P J! V ? D also The alternative to foreign has dechned precipitously While such pofidaa may 

riveniheTflSmprnLpr,™ the economy presented by the performance of the economy" in country investing abroad instead ***** _ .borrowing was increasing interest against major world currencies. rational fax current circ 

§SE this meanttoeS Indian Government to Parliament 1977-7S. the drop in production of at home will look even more rates •«* -^posing a severe The drop of about.» 

rSkhSS a t severance of t|w|#y of commodities like edible oils, paradoxical," the survey says. .™j»“ 1 jSg™.V,™austerity programme- to reduce . - -' --- of activiti^<mt5td5^i4irad 

. ‘ , The increase has become pos- pulses and cotton, the low rate Pointing out tout exports m “MPViSS 8 esports passed 111 1963 domestic consumption, trim . •_ • , . extremely damaging - to 

Mr. Atherton tnere.ore had to 5 ibie. the survey says, because of increase in industrial produc- 1977 grew by 9 per cent and that an iL'”' 7 : . . imports and discourage foreign THE CANADIAN Government economy. 

wait for a caWr mnm^rvr ...>-- =.^ s« i.mitm, «rn<m tiu» The latest action is not coutrois. has estimated Its total spend- 

SSSSSasa SaSnS 

to its lowest level since the early an increase of 9.8 per cent industrial nearnanu, cne ueo 

MU.K mere « raeouniuon tnat|i a ie a slugeish economy and to change reserves are “matters for and also oecause "uk* current f»i*u i*«iu.w» 1930 from the $4&45bn~ for the GOTemmePt. masi .^.-loeia 

only after Israels Prim-.- AUnis-1 improve stagnating industrial concern." balance-of-payments situation Earlier tlus year Senate Coin- ansterity moves in an current fiscal year. 1977-78, effortson^the^a^^imnanie 

ter. Menahem Begin, has met| production and exports. More than once the survey seems to be giving nse to the mittee called tor drastic reduc- e i et . rton vear , re no t acceptable; .Victor Mackie writes from. ®^ er t0 . 5® 111 10 

Presirt^n?. barter n.-xt montii ini The survey expects India's notes the “paradoxical situation" feeling that we can afford to tions in officially-sponsored trade . mvemmen t in power. Rising Ottawa.. fadm _ such shifts,... othen 

Washington will iliere be any gross national product to rise by 0 f a poor countrj. lending ahroad slacken on exports.” links with the Pretona govern- unemployment and the inflation -.- The Government will -Canadas export^growth ptiter 


Washington will iliere be any gross national product to rise by of a poor countrj. lending abroad slacken on exports. links with the Pretona govern- ^ J D i oynient and the inflation-- The Government will -Canada s export growth pbtgi 

real indication of whether face- about 5 per cent, in the financial —“which is what the growth id The survey notes that food- ment until it alters its apartheid be have refused to respond to announce later its estfinate df. fr? damagerf 

to-ikce negotiations miglu Fo^ume. : vear ending March. 1978. com- Foreign exchange reserves really grain stocks are still high at policy. . stringent income and price Government revenue for 'fiscal any defence of tne^dollar 

Aflar Itnn.Iinr. f,.__, - . . .. _ ..... . „__ , _ *_ l.- _j_- - ...Ub K„« MiiHnM inline* Under the commerce regula- SUlUo® 1 *. 1 S“. . . . . r _ J.-— .. . J_ +V. m«i4i mnm riirBw.,1, 


to-iace negotiations miglu resume.: vear ending March. 1978. com- foreign exchange reserves really grain stocks are still high at policy. . stringent income and price Government revenue for fistal any _ dem/ce of the ^dollar 

Afier attending the funeral. pared to the low 1.6 per cent, in amounts to"—and calls for quick 17m. tonnes, but cautions against Under the commerce regula- _ 0ntro J S ^scheduled to be phased 1978-79 in the budget which be that much more difficult 

yesterday for the 15 Egyptian ! the previous year. But this is correction of this by using them complacency. “The level of tions U.S. exporters, who have th? c y ea r* No-government Finance Minister . - Jean .The iquestion : is . whethe 
commandos who were killed bv mainlv because food-grain pro- for interna! develooment. poverty and malnutrition pre- been banned From selling arms (jpuij increase interest rates now ^ Chretien eacpecta to bring down hoped-for turnaround -in busi 

Cypriot national -uardsmen as duction is expected to rise to The survey indicates that the vailing in the courftry would and munitions to South Africa wouW inevitably lead to at the end of March or early confidence and tne .jrpspei 

they tried to storm the airliner 121m. tonnes, as against the reserves win ho used for higher imply that production should go since 1963, may now not export ja-iigj. rates of unemploy- .-Ju April The increase ■ in improvement Jn labour . c 
in which two gunmen were hold- 110m. tonnes in the previous imports of materials and equip- to much higher levels if all the technical data about arms pro- ment a ^ d inflation. estimated spending has come compared with tht United St 

ing 11 hostages. President Sadat year. ment not at-ailable in India. people are to have a minimum duction or munitions develop- <pt. e imminent release of some when the Government said it will succeed in.restoring for 

■returned to IsmaiJia and can-)' industrial production is a “If imports do not rise very standard of consumption.” it ment. Companies are also important economic statisties was “exercising restraint-” * .;.jc9nfldence.jjn^■-\tb©..' C4na< 

ceiled all appointments. It is I maior cause for concern and will much bevond the current year’s says. barred from exporting any item probably played a role in the ■ Treasure Board President- : ^oBai *nd prevent a fur 

that could he used bv the South ____ .Ij__- «■»_ ■ ilnmiinfinni 


celled all appoinbnents. It is major cause for concern and will much beyond the current years says, 
stated -that he is suffering from _ _ _ 


a heavy cold, although this does 
not rule nut the possibility of 
him seeing .Mr. Atherton. 

Cairo newspapers continued to 
rail against the "treacherous” 
Cypriot regime this morning and 
also gave prominence to reports 
from Cypru* that members of a 
sneeial Palestine Liberation 
Organisation squad had joined 
the national guardsmen in open¬ 
ing fire on the Egyptian troops. 


that could be used by the South Government^ decision 


estimated spending ha* come compared with the United St 
oe when the Government mid it will succeed _in restoring for 
cs was “exerdsfaig restraint.’’ * r ' cppfldence _ j j n t he - Ctoa' 
lie!- Treasury Board Presfdent-^oBax and prevent a fur 
to Robert Andres told the' CO®-:., aeries of devaluations. 


Four leaders 
discuss Chad 
border dispute 


and Thailand 
peace call 


SEBHA. LIBYAN 
JAMAHIRIYAH. Feb. 23 


By Richard Nations 

BANGKOK, Feb. 23. 
THAILAND and the Philippines 


N-export rules 
accepted by 
Australia 


African police or military. Co ®: reinforce the financial defences mon s when he. tabled the' ^ la the short-term, the am 


panies which ship items that end for ^ dollar. Figures that will- estimates that tbe GovernmeHtia prgbably yes.' espeirfaBy 

■in with Smith African enfnree- . ^ _ j _, , “v -tw. 


up with South African enforce-die drain on foreign expects a Klder deflcit in flscal' the Bahk of Canada and 


F T border 1 2? AUSTRALIA b„ Accepted the |<A“-B^/SSSSS5r-« ^ 

that it wa« Rtartino legal action n,fi i in tois Libyan desert to n |„ —_,—;w..»^ mri uvnnr* mi** nn nuclear tenhno- Commerce Department and until i almost certainly aware of'"the payment deficits'. —- -r . - nanarta'c .'iipt, intfifnatinnal 


By Kenneth Randall 

CANBERRA, Feb. 23. 


the Department has also codified the exchange markets, are to be bonds. -• data seein to point to the s' 

for the first time its definition released next week. Close turai nature of the balanc* 

of equipment used to make muni- observers of the recent trading , , i j a , u nea *. on payments problem, indies 

tions Arms and munitions are pattern believe that many that the dbl^r could decline 

actually the responsibility of the hundreds of millions of dollars P 3 ? °! stamtXuy below 90 rents ui 

State Department, but some of were uSe d. ■■ about Canada s ability .to .cope t , ir _ IIT TZjL ;rN _ < . alter kienifica 

the equipment for making them At time the decision was with the problems of illation, ^ 


that it was starting legal action 10 Libyan desert to n contribute to peace and export rules oo nuclear techno- Commerce Department and until almost certainly aware of; the - rn T , Canada's 'net- international 

aeainst the C>T»ru 5 Government tiHlay to try to end a L.-year-old . ability in South-East Asia." logv and know-how of the so- n01 beeQ s >' slema tically record fourth-quarter deficit of Within the corporate^srctor. a debtedness wUL have -incre 

for failing to nrovide adequate war in Chad and a border dispute . rarnhnf1il , called Nuclear Suppliers Group. de ®° ed ;. . . C$340m. on tourism payments paraUel nnease and ladtof canfi- f rom S2A3bn. af the end of 

nmtppfinn for its Fri i tor-in-Chief, hoiwaan n«ii ,n<i tho i.i+wnn The conflict between Cawbodia _, ,_ k.__ iw«>ar The key paragraph in the new {flat was announced on Wedues- dence has also been in evidence, to about 858.4bn. by the en 

day. This brought the touVism resulting in a lacklustre.Tnyestr. ^o. -Tb£;jbulk of the lnci 
deficit For the full year to 1 a mefit performance since the end during the past ten years 


Mr. Atherton will bring an at the airport, said: “We as f. rbne 


Minister, 


General 


origin commoaiues ana tecnmcai $i.i9bn. -in 1976. The gap-ment spending intentions .for Th&'Citffbdt arcount defic 

«... — -a - _ _. data (except data generally made between domestic tourist earn- 1978 do not indicate any reversal interest and dividend has : 

Egyptian counter proposal on neighbours and brothers of Chad 'Vp^dtnhelons *1? the available to the public) to or in gs an d foreign spending by of such sentiments. in recent years from S800n 

the declaration of principles for want t0 he lp it solve its prob- J nf niiiir V?nr(ke for Hf H se . b >. m ‘ Utai ^,. or P° b ^ Canadian tourists is a large con-. -In tfe-latest capital mvwtment 1968. to $£5bn- in 1976.' 

a Middle East peace settlement j ems v/e are going to stoo this ^ arc ° s ‘, d M rms . tbe . -* Tb 5 l gr ^M p of .. exporting entities m the Republic of South tributor to Canada’s . overall intentions survey, the Depart- deficit ori current account m 

when he returns to Jerusalem waT \n* shS, for t0 f ^ Nam ‘ bi3 ^ ^ Mm of payments deflciL meat of Trado^’lndustry %nd projected to level off at « 

to-morrow. che Africans." Man,la whlch ended t<Hlay< r L c 0nd °Siw -nn C l ud ^ ^ «P ort aod r f1 Xp0r1 When all the data are in for Commerce seeing to imply that fe.fibn. this year. 

Israeli officials insist that the T ~ F ^ a joint commumque issued ^rs. ULCu>sion na. uon* 0 f commodities and data to first two months of this year, foreign-owned companies .are Asa result, large future 

ball is still in the Egyptian Mai .fJL’ this morning, both countries nn n 1fri se 7* IC f eqmpn l en ^ ow ' n f d ' it will probably be evident why more pessimistic abopt Canada’s -rowings will be necessary ju 

court, as it has not responded Mallouin Niger s President underscored the need to SJJJ? fnS° thS? !.« tl IS tro ’ 1 * d ’ or used, by or for such ^ Government has decided to future than Canadian-owned cover the. service payment 

to the proposals made by Israel X s Kouoh-he. and the stre ngth e o their bilateral re la- ^ orLs jn ° f fae,r usc t0 ^ ua T? entities, the regulations state. ma fc P me of the standby credit companies. Foreira-o^ned com- past borrowings. ' 

a few weeks ago. Tbe officiads ?“ d p° ese .™e-pres«lenL ti 0ns 6 wi th all three Indochina ^ ainsf DUclBar weapons P«h- “Also recipients m these desti- y ™ ww- P «i 

S3y thai while there has been elGa rt m *i- Communist States. feration. nations of U.S.-origin technical - . .- . • 

no change in the Israeli position, lDra him. are attenomg at the Tbe Lndo-China conflict is Australia is one of three dala ooay not sell or otherwise i 1 . #..#•• . j _ . ->7 7'.' • 1' ' 

there are indications that Egypt expected by observers here to more nations which have asked make available, directly or in- H nQl*flQTfllVHT ffl'ni? A 

has hardened its stance on the Chad has charged that the figure promineatly in the re- to join tbe gToup. which agreed directly, the direct product of - 'lllfl i W‘ • ■■l .BI w I11 C 7- 

peace necoriations. They attrib- Libyan Jamahiriyafa, its northern mainder of General Kriangsak’s on Common export guidelines the data to military or police O ■■ MT — 

ute this in part to continued neighbour, supports the rebels ASEAN tour in scheduled talks last month, are now being cir- entities." _ . . ■■ ’• ■ '' 

Egyptian isolation because of fighting to overthrow the Chad with the leaders of Malaysia and culated to other members of the _ - _ H n^ijavli Vi’ JM a 

the refusal of King Hussein to Government. Tripoli denies it Singapore. He visited Indonesia International Atomic Energy T T rr > x Al \T Blllf I1T £rm\y§ I ^T| ji* P 1 llPtlflllll 1 

join the talks. Reuter last week-end. Agency. IJS ff) STIPTIfl TT itVUl UX Wttl. OU AJCkV^ rfJ-Vi^WLlVW 


- r r ; ■ TTnimhoVift n j *i_ - ' »iap4« ,. 0# j al.:„ tie _ T .- 7*.— “ UIC UUVCIUUieiU U«U UCUUCU ty LUlUAC uiou vmiiauiainfiruaM u\j vvri uu> ocinw ^ajuitui 

made by Israel ^ KcHajjJphe* and strengthen their bilateral reia- ® or ? 5 tbeir use to guard entities , the regulations state. make use of the standby credit companies. Foretgn-oi<taed com- - past- borrowings. ' 

). The officiads ?“ d ?° ese , fi ” t .™- President ti 0Ils 6 witll a u thr ee Indochina! ^ a,nsf nuclBar weapons profa- •• Also recipients in these desti- y ' »»• 

here has been el-Gasim Mohamed communist States. ; feration. nations of U.S.-origin technical ----—--T- - - 

Israeli position, *r e attending at the The Indo-China conflict is I Australia is one of three data may not sell or otherwise IV • • ‘->7 ■ V ' 

Local bargaining may provide 


Senghor opens some doors in Sene: 


BY MARK WEBSTER, RECENTLY IN SENEGAL 


U.S. to spend 
$4-14bn. in 
military aid 


way out of coal strike deadloc 


BY STEWART FLEMING 


NEW YORK, Feb- 2 


THE NEWS that Senegal was to opposition, he has decided in groundnut crop for 1977 looks 
have its first multi-party elec- advance how many votes each like being 40 per cent down 
tions in 15 years arrived in a party shall receive. oo the previous year, and 

tiny village about 80 km. from There is no doubt that Presi- emergency relief work is made 
the capital Dakar by four-wheel dent Senghor wishes to see all the more urgent by the 
drive. In a huge cloud of dust emerging in his country a vocal approach of tbe elections, 
f e jr';f, hiC r e , *x!? d Up *K nd a opposition strong enough to give wiUj a per capit GNP of S310 
handful of leaflets was thrown it international credibility. On Seneaal iV nnf a rirh Im • 
out of the window to the the other hand, he has no wish p??ce con^ 
villagers. Then it drove away jo see the potitical stability of Sly sucSul m keepin^a- 

S Only two of the younger boys Everyth? dapper black franco- ^° n doWT1 aQ °^' 31 6?ure of 
in the village spoke French. One D hn e h e remains well attached 6 £ e 5>-j Ceilt ' 10 l 5 76 cot "Pared 
of them explained that the leaf- f 0 'owe* eren though h^ had Wth 22 per cent ' tije year before - 
leis were an mvitation to a panned to retire from political J But the economy is heavily 
Political meeting for one of the Iife at 70 Nl)w yi his resonan t, dependent on the export of 
three parries contesting this cuItured French accent still com- groundnuts and phosphates, and 
hunday $ e.ection. No one from 0,3^ ^ respect accorded to low'market prices for these com- 
the yiliace bad gone to the one of the rwo .. 0Id Men » of modities were largely responsible 
meet me. be said, out some of the Wcs{ Afrjcan politics—ttee other tor slowing overall economic 


sum 

»-v5y^v»-, m,-v ; 


r - ■ 


meeun>. ue *mi. some ui West Afrjcan politics—the other tor slowing overall economic 
^ 1!3 "7 r , S being President Houpbouet- growth in 1976 to 4.5 per cent 

iSf.-fEfn v‘ hC m« Boignyofthe Ivory Coast. compared with 8.6 per cent, in 

ili -‘ c^Jh°n^ h2 SIS President Senghor has good 1975 

Sen 8hor, be said reason t0 encourage a change in J be continuing efforts to keep 

55 M P «lf nf nnFiriml >mn>cr fn ^ political life of the country, inflation in check were reflected 



WITH A CRITICAL stage Jackson drew attention-to the require!* legislation.' The 

vnilifnmr • reached in the US. coal strike, fact that U.S. oil consumption ployers ate thought to favou - 

Iillll Ldry dlQ following a decision by the coal has Increased by 250,000 barrels former, the union the la 

*7 companies last night to reject a a day because utilities have been option. 

The Carter Administration has government - sponsored settle- bunting oil instead of coal to The intransigent stance bj 

n7°hn C i„ ®ent senior administration offi- generate power. - - , : employers against Adopting 

^roun^res. Renter reo^rtf from ? T ia,s we ^. meetio * at the 11 Administration does' in- PittsburghV and ^ 

Walh?n«on Offitiate P SS ^ “ orT \tof to decide tervene more drastically, which ment:.will win- them few. fri 

ihP fishro ‘rpnre.pnipri f c.r fn what should be their next step. IS not-likely, it seems to have in Washington. Although 1 


the figure represented a cut in what st,ouid be ^eir next step, is not likely, it seems to have in Washington. Although i 
real terms of 13 per cent, on last Although the Carter admin- reduced options to two ^in- favourable to the union thar 
year's total, in line with Presi- istration has warned of drastic vocation of tne Taft Hartley Act, formal lastT offer, by '- .the 
dent Carter’s declared policy of action in the event of a break- imposes an SO-day cooling- plovers’ association, it':con; 

reducing arms sales abroad. The down in collective bargaining— off period during which the clauses' deslgneftf-itu'-^iloW 
military assistance budget for the which has now manifestly strikers return to work while companies ^ greater dfedpli 
fiscal year beginning next occurred— there is sDeculation negotiations continue, or Govern- Dowers- over unofficial' "Stri 


beginning next occurred— there is peculation ne S°tiatioiis continue, or Govern- powers-•’ dfbjc .-unofficial'' Sttl 
October 1 was presented yester- w hat is being planned Is a men * ®6isure of the mines, which’ and to deal-^wdtfi: ab^ileel®] 

8L ?i»‘1SS7W!' , SL. , S^ !hU *«'»“ l ---• : j / 

cut military aid. This would be achieved by the m » s 

B1 bomber dropped industry-wide talks which would C^Q^J TStlftC^ttOD ClOSGr 

rr then, under U-S. labour law, — • _ - - - 

Congress has ended the B-I allow Individual companies, and 
I , Pragranimc, local union representatives to 




th? ^ar1v° f President SMe » al has always been one of « a tight budget for the fiscal 

the most politically sophisticated >«r 1977-78 which was planned 


Leoimld Seoahor 'has consoli- tbe most Poetically sophisticated > ear is«<-i8 which was planned 
S hispo& »“ head of to? West African countries. J? nse just over 1 percent to 



-.Sc 5 Programme, W ISdon reprSSreste ' HARTW. 

from Washington. The House of J"tt 031183 Katies being ' ratified. President -TorrtfcS- of : Pai 

Representatives voted 234 to 182 T-nfii,? to 0 ^ brighter this morning, w * s ^fanp.ticat^to.rhteniat 

to agree with the Senate in toad to what some coal in- a *dnig-traffititine- CUt very 

refusing to release $462m. for the dustry sources described as a .“owing.a procedural vote last fw> f Tt aSS- Thai iw> re 
fifth and sixth test models of the chaotic situation in the coal ^ght which -suggested- that and'that 

aircraft. The House vote came fields. Moreover, the impact of necessary two-thirds-' majority if - 

as a surprise since, on two occa- local bargaining on future labour does exist in the Senate.' • — "chined : - 
slons last December. Re presents- relations in the industry is pre- The vote was on a technicality' ’ ■ 

lives refused to cut fundme for dietahio. _• ■- • -r- - * ■ j _ 


SST since P h7^<Sa,7 iSLS never neec oBcanv CFA,„, b ,U«£» ~-5 ««* ^boc ™ «“ 

nf thp infipnpnrtpnf Rannblir- of admitted that it operated a one- revenue up „ per cent, to 

Senegal in P 1960. Yet he hae party system. The Resident is CFAIJrf-ibB. Such a small However, its support is limited Canada ‘buggill®’ 
decided to open toe doors of his «°ush of an idealist to want >Pcr«se compares with expendi- t0 u, e tovais because it has never UU SS*»& 


two more planes. 


lives refused to cut funding for dictable. 


--over which, of the two treaties . 70 s. brother- hf.w^^afflfaia 

ShniJJn ho /vmfiiHorori flVrt > • • i-.git ■ • tiL- . 


Senegal in 1960. Yet be hae P“*y system. The President is w mm i.lbc. Such a small However, its support is limited Canada entered its 80th day, Prea 

decided to open toe doors of his «°ugh ° £ an idealist to warn ’ n ^ase compares with expendi- t0 the tovros because ii has never '-' dxraoa Carter was to meet The le 

parliament to two official to practise what he preaches, ™re increases in previous years had the chance to spread its The Royal Canadian Mounted of both parties la .Congre 

opposition parties, and he has but to 01 * immediately he wants of « m bch as 50 per cent. menage further. Police 1RCMP1 instructed a U.S. noon to discuss thp admin 

even accepted a challenge to his to shake up his own party, which The leader of the PDS, Mr. agent to eavesdrop on Canada's tlon's next step. Also this 1 

own position as President ha * suffered from having no real Abdoulaye Wade, is standing as . ch itL L aw . enforcement officer, ing, tbe Labour Secretary. 


This morning, as the strike should be considered flfst by the leader" dnef curtently^fife ^ 

entered its 80th day. President Senate—and resulted hi 437 to.fa^iT 

Carter was to meet the leaders 30 defeat for the opponent^" 'of deitieF ih 'an- intewie^ti 


own position^as Presidenlhas suffered from having'no real Abdoulaye Wade, is standing as ha ve^declare^theVsc 1 ves^toe c ^L-l 3W ( enfor cemVnt offim' Ing, "tbe Labour SKretaiy? D ]S' dfvteion of the,’wST 
The legal opposition will con- opposition for too long. the only opposition candidate to t inn* d themselves in the according to a sworn statement Ray Marshall, met toe administra- to reflect very dosely-SSSe Sp 

tend all 100 seats In the in that- the experiment has the President himself. In doing elections. released in Ottawa, Reuter tion’s Coal Emergency Group, opinion at prenfiht^s 

National Assembly. Ctoe eandi- already proved successful. The so. toe PDS is stretching its ^uitfSLt^ltec- Ntorto^Caroltoa Miri^tha^he’u^ which includes toe Energy Secre- - Bie voto,S^rotf* lbf> Ihter- 

mmm isi i mmm sssfe ymm &&&** 


>■ ■ ?««?• •!. EPS E* 0 *^,"-**™ ™ s . 22L2T-J? S.~ SuS 


OI inr wmDij Will uc ---------- Sen g hor m Dartv saYS it can wben Sen.ghoi steps down- wno naa worked for uie RCMP .... 

«Jh.«57-W5 

T 5»™ wuh initeid ~ » -J » SS^ J&JZ S5 ~ ^ ^ ~ rSSSK ' 

aSSS W.T h ,h ‘ prai ' * 0 « aj h e b & New York finance 

ncaui- circum.cnoea tnc lec »i, at middle men hnvino th» The banned RassemhlumBni Senahor wishes to leave his Ravine rhat statn noncinn been, a tear of toe employsr-B.* 


.V 


murderlmkdemei 


BY ROBERT UN DIET >; . 




Sons ' Lhev are beln “ held in a that middle men were buying the The banned Rassemblemeni Senghor w-.shes to leave his Saying that state pension funds THE of:the pitoIie--rel^' Supreme Court' io -order to 

rinnd dliiiJr! ercdU ooios at discount rales National Dcmocratique (RND> country democracy sc his last could survive a New York city fj at . bargairtir^ eouncti nf -H 0ng deoartoerrts if airSm SSSSSAa .E3*£JS 

oInrf d rhp ibecause the farmers were which applied for recognition Wll l and lesiameriL “He bankruptcy, the New York state ^ Woriwra’ , f?^'- a- tffriffiSiSvSLS? 1 - 

^ l?inl. and ^ X e * J desperate for money and the before toe law legalising an doesn’t exclude toe possibility Comptroller, Mr. Arthur Levitt, union .aright, .reject further anned. forces in Chile .havg;?.. 
onnosmoa oartics. I___ _I_ ___ ,,r* ,_ _ rim.™ _ ** cniwpmnns Mr Marchall ripnifiri tho *r '"u.:;: -51. JuCtCIl&C W3S Kliie>u. 


opposition parties. 


parties are understandably more: it demands the dismantling Since then it has Fought a long said: ‘At my age you don’t fight f bc , AP-DJ reports from toe council to vote in advance'name by a feder 
piqued at being cheated of a of the huge bureaucratic machine legal battle to became legally orJ(, e you have lost' We think ^^shmgton._ In testimony to a on what would.oe an acceptable ington, sm h-av ii,.. 

chance to contest the elections, vriifcb bandies all trade by toe recognised but its appeal was if he loses he will step down." Representatives sub- settlement. The union council in the sssossihatio 

Sni,n I l. 0, ilL 0 «^rf t *f r fi Sl< iSS! tonners. turned down on a technicality. Officially, his Prime Minister. SjTTe B^nkine 6 nvn 3 531(1 ^at it wou3d accept a settle- her,-JS76,. ilii Wf ’ 

Senjior has agreed to limited Their demands are finding a “ We know there is no justice ir. Mr. Abdou Diouf, will be his Jhifh Su Kn Sr C SS tt ^ pa " men J. based . 00 tfae agreement former Chilean * 

democracy but has arranged sympathetic response among the Senegal, only the appearance of successor as leader of the" PDS fuJiStofinn mmnfSfvJEvSS reached earlier in the week with ter, Sr.Orlando L 

S^irtato JSSlr ““T*? - Up >'•" toe RND’s leader. Cheikh hut few people believe hecould C °l l 8 ^ t&ee £ 

party 2 certain Winner. tte has <q pe r cent of the population. Anta Diop. command enough support m _ guar antee, subsidiary of Gulf Oil,'and not sxiokesmen said r 

her of e nartie^riprre^ S The pea^nts’ dissatisfaction is The RND has a long political keep toe par tv together. It US. COMPANY NEWS 

“5 £,rsF“V ft ' sss: jwk.sx'e pop.c 0 ahMd; 

“jUSiS- - 




. 4UTU1TCI 

r Suptfim 


JlflB* i«kiT 


U? yfat^S^atist.ABd'.Eo 


I T I ti ll-lijjil l jv 


























3 


oaBcial. Times Friday Fefauaiy 24 1978 




Moving your business to a foreign land is truly a serious 
business. 

We want you to know why moving to New York S tate could 
be the best business move you’ll ever make. 

Tax advantages most other states can't offer. 

Of all the things you have to take under consideration the 
most important thing to consider is the bottom line. 

In New York State, corporate income tax is for most com¬ 
panies on net income alone. A company pays tax only on its profits. 
Which means,you only have to pay tax when you make a profit 

AndNew York State doesn’t tax a company’s personal 
property sudh as machinery, equipment arid inventories. Connecticut 
New Jersey and 44 other states do tax some form of a manufacturers , 
persraialproperty.' 

NewYjrk State also permits multi-state companies to 
aSocaCe sales rececpts on a destination basis. Which means only 
receipts frorhsales wifhinNew York are allocated for tax purposes. 

NewTbrks financial incentives. 

A great Incentive to come here. 

No other state has more incentives than New Yorhln New 
York your company can get Job Incentive tax credits.Ppllution 
Control tax credits. Capital Investment tax credits. Local property 
tax exemptions and even more. 

And New York does not lax raw materials used in manu¬ 
facturing. Quite a few other states do. We even give sales tax relief 
for certain materials used in the manufacturing process but not 
part of the final product 

Buttaxincentives aren’tfhe only way New York helps 
businesses. We’ll help train-new employees. A company couldhave 
half the salary of new employees in a training program paid by the 
State. 

And you will findNew York’s labor force to be an extremely 
stable, productive one. Of the 10 leading industrial states New York 
ranks third in productivity per worker. 

Overfhepastteiiyeais,1966-75, work stoppages inNewYork 
have been below the U.S. average and below the average of the 
10 leadingindustrial states. 



New York 




South 

Cuoliu 

Georgia 

Virginia 

CocpotatglceomeT^ExraipUoa. 

V 


V 





TjwteiTaiil-i'wiiptim 

Y 







TwPiMn[.ritimiwiTjnJ^j[iittlllBpHWBBIiat 

V 

V 



y 


Y 

lax Exemption on tqnipnpnt or Machinery 

Y 

V 

Y 

y 

y 


Y 

Inventory Tax Exemption tm Goods in Trans it 

y 

Y 

Y 

■ Y 

y 

Y 


DrcExxmpdon onManufecturcA Inventories 

V 

V 


y 

Y 

Y 



Y 

Y 

/ 


Y 

Y 

Y . 

Tax Esem^uioa. on Haw Material jUscd inMamitarturinc 

Y 


Y 

y 

Y 

Y 

Y 

T«Bmii[n it «u ti>lin«iiinp< Resencb and Development 

Y 



y ■ 

y I 




V 



. i y 

Y 

TOTAL 

s: 

6 

5 

_ i _ 

7 | S 

5 


We’ll prove we’re better in black and white. 

We don’t just want to tell you how your business can benefit 
by a move to New York. We’ll show you. 

New York will prepare at your request a confidential tax 
comparison between actual locations inNewYork State andarvy 
other state. 

Lastyear we did this for a number of companies.In 88% of 
the cases, we proved New York State’s taxes to be lower. A rather 
respectable figure any way you look at it. 


We offer you one of the financial 
capitals of the world: New York City. 

There’s only one city in the world like New York City. And 
it’s inNewYork State. 

New York City is the investment capital of America.lt is the 
site of the larges t money market in the world, with the infrastructure 
and communications network to support it 

It-is a city that has more international banks than anywhere 
else in America: Two hundred and thirty-three-representing 
sixty-five countries. 

What’s more, 300 of the 450 memberfirms of the New York 
Stock Exchange have headquarters in New York City. 

And finally, every financial or business service you need to 
do business in America is available in New York City. 


Two free books that explain howyou 


We can’t begin to cover all the ground you need to know 
aboutNew York State here. 

So we ve recently published two books to give you more 
detailed information: “How To Do Business In New York State” 
and “Why It Pays To Do Business In New York State? 

To obtain these books or to have a confidential tax com¬ 
parison prepared write to the Governor, Hugh Carey at the State 
Capitol, Albany,New York 12224, or contact John Dyson, 
Commissioner o£Commerce,99 Washington Avenue, Albany, 
New York12245.For faster action call him t- 


direcdvat 





Ur !I you prefer, 
contact Carlos Basaldua, 

Director of Europe, 

25 Haymarket, London, 

SW1Y 4ENf. m 

Tel: 01-839 5070. U 1 YO&jr 

Come to New Ja 
York State. 

Nobody gives 
business a break like 
we do. 


/ > 






f 


























Dell plans 


MR. EDMUND DELL. Secretary 
of State for Trade, is to visit 
Bulgaria next week for discus¬ 
sions intended to expand U.K.- 
Bulsarian business. 

He will be in Sofia from 
March 34. A trade mission with 
"3 members from the London 
Chamber of Commerce and 
Industry will be there from 
February 27-.March 4. 

Two-way trade is low. Although 
U.K. cxpcirts to Eastern Europe 
have risen over the past three 
years, exports to Bulgaria bare 
only gone up from £23m. in 1976 
to £24.9m. in 1977. One of tbc 
main problems is the very low 
level of Bulgarian exports to the 
U.K. totalled in 1976 and 

fll.Sm. in 1977. 

The trade mission plans to 
advise the Bulgarians h»w best 
to market in the U.K. and diver¬ 
sify their exports at ? one-dav 
seminar The mi-'sion led by Mr. 
Leopold Friedman, chairman of 
the chamber’s Eulaarian sector, 
will represent companies in 
comneerine. construe*ion. chemi¬ 
cals. marine equipment, mec¬ 
hanical handling equipment. 
tninina, foodstuffs and banking. 

The Bulgarians emphasise that 
they are interested in long-term 
co-operation agreements with 
Western companies and in 
setting up joint ventures in 
Bulgaria or third markets. It 
has such an agreement with 
GEC in Libya 

In discussions with Mr. Dell, 
the Bulgarians are expected to 
raise the difficulties they are 
encountering as a result of steel 
and textile import >-urhs. 




U.S. probes 
dumping 
of chemical 



over-capacity 


may worsen in Europe 


\ .$ £ R? X .. 


! BY ROBERT LINDLEY 


SANTIAGO, Feb. 23. 


WASHINGTON, Feb. 23. ^ KgvJN D0NEj CHEMICALS CORRESPONDENT 


CUPPER — which traditionally 
accounts for between 70 per cent, 
and S3 per cenl. of Chiles 
exports — last year accounted 
for barely 57 per cenL of the 
country’s export total of S2.-bn., 
it was learned to-day. 


This was partly the result of 
the current slump in the price 
of copper on the world market, 
where it now stands at about 55 
U.S. cents a pound because of 

ovcr-supplv problems. But it is 
also the re’suli of Chile's increas¬ 
ingly diversified exports and ex¬ 
panding number of international 
markets. In 1973 Chile exported 
413 product* to 48 countries, in 
1977 a total of 1.090 product? 
were sold to 93 market*. Chile * 
leading markets to-day arc 
Brazil, the l'.S. and West Ger¬ 
many. 

Between 1973 and 1977 Chiles 
non-copper exports increased in 
value from 5250m- to SHoOiti. — 
43 per cent, of the total exports, 
in three years Chile has more 
than doubled iis industrial and 
agricultural exports, according 
I to Jorge Cauas. now Chile's Am¬ 
bassador to the U.S. but until 
;a year ago the Treasury Minister 
land, as such, the chief architect 
| of the new trend in Chilean ex- 
1 ports, “the potential for further 
growth is still largely untapped. ” 
'Copper, along with saltpetre, 
molvbdemini. cellulose. and 
fishmeal are Chiles traditional 
i exports. 

The increase in the non-t.radi- 
tional export* between 1973 ^nd 
1977 is imlr less than dramatic 


From S'Oni. to Stiluni. ChieT 
among the non-traditional ex¬ 
ports are fresh fruit, onions and 
garlic, wool, seaweed, wine, 
fresh fish and frozen seafood. 

Andres Concha Rodrigues. 
e\ccuii v e secretary of ProChile. 
i Insiiluuon for the Promo lion 
of Chilean Exports), told Lbc 
Financial Times to-day that " )n 
five more years." Chile's non- 
copper exports will he more than 
50 per cent, of the total. Dr. 
Concha Rodriguez contends that 
even if there had been no slump 
ip the .world market price nf 
copper, Chile’s non-coppcr ex¬ 


ports last year would have made • 
up no more than 65 per cent, of i 
the total. 


ProChile is an autonomous; 
state institution established by! 
decree-law in 1974. The pro-[ 
^ramming of its activities and, 
il 3 general policy is handled by- 
officials in the regime's economic : 
team and representatives of tbe; 
private exporters. j 

It is complementary to the ex¬ 
porters themselves, some of 
whom have offices abroad. Last 
year. ProChile opened six offices 
in foreign cities- 


French car makers set a 
new export sales record 


THE FRENCH car sector set a 
new record foreign trade surplus 
in 1977. with exports out¬ 
stripping imports by F rs. 
20.79Pbn. a 31.6 per cent, im¬ 
provement on the Frs.l5.S0Sbn. 
trade surplus of a year before, 
the car manufacturers’ associa¬ 
tion reported to-day. 

Exports, whii h rose by 22 per 
cent. Iasi year to Frs>.42.229bn.. 
■were also at record level, while 
imports increased by only 13.5 
per cent, to Frs2!1.430bn. 

» Th>* industry body obscived 


that French car exports had | 
accounted for 13.6 per cent, of 
French exports as" a whole for 
last year, up from 125 per cent, 
in 1976. 

It said that in the seven years 
until the end of 1977, the value 
in constant terms of exports, 
imports 3nd the trade surplus 
had doubled, representing an 
average annual growth rate of 
about 10 per cent., compared 
with a rate of less than 5 per 
cent, for France’s gross domestic 
product. 

AP-l'l 


THE TREASURY is investi¬ 
gating whether Italian and 
Dutch producers are selling 
chemical products in the ILa. 
at less than fair value. Gulf 
Oil Chemicals has petitioned. 

Compensating duties may be 
demanded if the Treasury 
finds dumping is taking place 
and is harming a U23. industry. 

The Investigation involves 
cumene, a chemical used in 
pheno! and acetone, which are 
used in adhesives, 

The Treasury said cumene 
imports in the first 10 months 
of last year amounted to 
SI6Jm. from Italy and S25.4m. 
from the Netherlands. 

Reuter 

• The Treasury is also 
beginning anti-dumping in¬ 
vestigations on imports of 
bicycle tyres and tubes from 
Taiwan and Korea. 

A petition has been filed by 
Carlisle Tire and Rubber, the 
sole remaining U.S. producer, 
which says the products were 
sold In the U.S. at prices 
below those in the home 
market. 

Last year, imports or 
bicycle tyres and tubes From 
the' two countries totalled 
about S25m. 


Canada offered jets 

Panaria, the Anglo-German* 
Kalian aireraft group, has sub¬ 
mitted a bid to supply Canada 
with 150 Tornado fighters. 
■Reuter reports From Munich. 
The contract would be worth 
about S2.3bn. 


EUROPE'S PETROCHEMICAL 
producers are building ."bow 
plants faster, than, demand is 
growing for their products. 
Manufacturers axe suffering from 
depressed trading, serious ovwt 
capacity and often prices" that 
cannot justify reinvestment. 

But according to the latest 
inquiry by CEF1C. the European 
Council of Chemical Manufac¬ 
turers’ Federations.- overcapacity 
in Western Europe for important 
base petrochemicals such as 
ethylene is likely to have 
worsened 1 by 1981. 

Over the past nine months the 
predicted growth rate for the 
chemical industry in Western 
Europe has been Falling rapidly 
but the most dramatic change has 
come in petrochemicals, recently 
the main area of expansion. 

Most significantly, the growth 
for consumption of ethylene, trie 
most Important petrochemical 
building block, used in plastics, 
detergents and solvents, has been 
virtually halved 

From 1977 to 1981 CEFIC 
expects EEC consumption ot 
ethylene to grow by only 3.9 per 
cent, a year, compared with -an 
estimate of S per cent a year 
12 months ago. For Western 
Europe as a whole growth is 
likely to be 4.2 per cent, a year. 

Over the current five-year 
period West European producers 
■ outside the EEC arc expected to 
increase their capacity faster 
: than EEC producers. ThatHiay be 
; expected to stimulate consump¬ 


tion of ethylene for derivatives 
Iq tfce Von-EEC countries .of West 
Europe, CEFIC say$-. But 4t wHJ 
also result in some toss of market 
share by EEC producers. . 

■ For the first three -quarters of 
1977, ethylene plants were; only 
working at four fifths of.cspacity. 

But stagnating, trade in the 
past" -quarter pulled- plant ..work¬ 
ing down to about three quarters 
of capacity. For; the Future; 
CEFIC says the petrochemical 
industry will face permanent 
overcapacity. 

While' .ethylene consumption 
prows: between 1977-SI at .some 
4.2 ' per cent, per annum, fn 
Western Europe; capacity will 
be .growing at about 5.3-per cent. 

Hie industry has. .little . flexi¬ 
bility for manoeuvre. The .key 
investment decisions and, iB most 


cases, the" t^ros^’ctioi^^ tracts 
for'plant to-be .operatlv^hy-iss: 
art ,cdmglete<l j-Th q^finapcia 
penalties -for;: frost 

poae ments . would-J 5 ej ECta;-bigb 
says CEFIC- Capacity.neduptipn, 
could only.co&e'tiirdu^'jsjkiaa 
tial early jscra$iqg> : ^ L* [j. 

The survey shoes' jtoft&gE 
will be a particul^prESSwe- o 
nfcw etbytene 

to the: marked over ffid-qnnrwj 
years,; One or the. main"prefect 
for. od®#etion. ebon; Is .tiK&afii 
. rCI/BP ChemicafS'rpIaif^^iS 


olefins, propyl e rie^consump tioa j 
expected, to- grow/at some; 63 p? 
cent. : a year -frbmL:19?7.'ta:-JSg 
and-batadiedh demand: could,.Tjs 
by 3.6 per cent aL.yeaE^- : P : s > 


ETHYLENE ESTIMATES: FOR W-8I 


EFFECTIVE CAPACITY 

. 1*77 


1,000 tonnes 


Benelux 
W. Germany 
France 
Italy' 

UX. 


: 3.140^. 
4350 J 
2.685 
' 2J46Q 


.-•*ais.-jsr 

4.40o;" 

' 2*85* -■ 
2-550 V 


EEC 

Spain 

Austria 

Scandinavia 


12JB5- 1 

480 

105 

420- 


; 1JJ7G T H170~ 

105 ' ids:- ’ 

'"80S: 


Western Elirope 


16.430 


-CONSUMPTION 

EEC 

Western Europe 


*.fJS§-V«-UJD0’% 
10.900 -11.4S0 _ 


Vyjtf&L* *13.15 
i2jDpo: : ;vy2,6fl 
■• 'Swftwr .CE£i 


. " I 


“We're a small company, but exporting is vital to us. It gives 
us a wider base of customers to help us live with the peaks and 
troughs of the home market. 

“Although we do only about £25,000 export business a year 
we have found our ECGD policy invaluable over the last 20 years. 

“With individual products like ours we have to be careful 
with-new overseas contacts, especially when we have to give credit 

“Our ECGD policy gives us the confidence we need to export 
worldwide in the knowledge that our commitments are covered.” 

Michael Watson is the fifth generation of the family to run 
Henry Watsons Potteries at Wattisfield in Suffolk, where there has 
been a pottery industry for over 300 years. 


Mitsub ishi-Chryslerlaps 

‘ ...L, nwmt A " fit' 


TOKYO. Fal». 23: 


MITSUBISHI MOTOR of:Japan uvdreIt:«porlB^hls.Ty«n|r.6y'4 
confirmed that it has.isounded percent to 7; 

out Chrysler on using the U-S- • miacbL; the--Japang$e >tel. 


Auction in the U.S. when itssalea..start, in < AmlLi > -. GE agreed ta 
exceed 20.000 a'mbnffi. THs'TJecemBer "Td" join Hitachi - 1 
Year’s target is 12,500 a month make colour, and- .black:"as 
compared with 8.75(^ a month-hist white TV - sets. ; at GE-’s^Port 
year, a spokesman saitt moutii, Virgj|t|aj^aut in SrS38r 

Mitsubishi refused' r to" vgive -39.50 joina -venKtr?. £y. m W 
more details of the pfahir-whicb " Approvalifro’irr the tUS: ar 
would make it the first. Japanese Japanese . Governments..; !■ 
company to manufacture cars in expectedrshortly so the. n&wdqr 

the U.S. ■yrt-.'TOTfth 

Chrysler, which has. a'. 1 & per^AiqOncai .fkfkny'.'start; 
cent, stake in the Japancse"com- Plahs cairtof the initiaT.^tbdn 
pany, had not yet responded to lion. Of-not less..than lnt.-sets 
the approach. Last monti). MJtsUr. year. ■ ■' 

bishi announced plansho hfcFeaSe ‘Reptef-ami; v - 









;■ v' *• 

- ’ 

W£&& 


sfiPPON STEEL is to ; ;hefp China 
to build .an iron and rieeL piaor 
in Shanghai with an annual, capa¬ 
city of 6m. tonnes Of crude steeL . 
The.company declined -to disclose 
the v.alue-of the-deal:but-it 


“ -r if 


•will..export :iflditstrial jHapte ai 
technojp^.worth; between*:$7t 
and r . ?8bn; t. rabd'.” cw^fruotv. 
materials wortij-tElMver ^3ba. 
vChina seeking Japans 


|Hfi Mf: FM*1 F: 


Si: 






ProtectiomsiiR ^siilcidiE 

. ;BRtisSELS;';Fe£%; 


RETREAT INTO protectionism- 
would be suicidal for the EEC or 
British- economies - that depend 
on thetT ability to import,. Via- 
count 'Davignon, r _the EEC 
Industry . Commissioner,' said 
here to-day. 

In a speech to the British 
Chamber.-.of Commerce.for.-Bel-. 
glum and Luxembourg.:Viscount 
Davignoa-fiaid great changes; fai> 
ing Europe in international corn- 
petition. energy prices and rela¬ 
tions with developing countries 


.proyoke .‘a : natural: delensi 
rdketfon ^from /employe, 
workers/ad d. poll tidBi^-1. V V..-: 

."He Saidlbat iii adSlttottTOt 
inrme'diate: damage' .-'that''-a.;?, 
. tectiye trade rwar. Vtetfulft' pp 
to ’ Community, export^ith'ftiP 
cbo Fog ic al ■” da Wage; 

: a defensive; reaction; 


the spirit n^edea-.tdj.re’^il 


.industry arid: would 
, long . period 'of; ; dedipey^ 

F.rirfiTlA . .''--^r:Tfe - 


Europe,.-' ..:;;;.. 

Reuter.. s ’ • •.- - A 5r‘-v 


iBj-STSS 


■■■ -• 

:-‘;;v,V- V; •■* ’ 










mm® 




'W#;--'v-V:'■ vv ; ."W-WcC 

fill 

- r "(i -v-' • 


£'*-r v 1 •' ^ ■ 








;>W.OIflH 

.. •" r -' ; "'. ’ ; :v'Vfcv.- ' W. : ^'• ,:C ' ^^y v Wv:1 

; w’■, -v.I*-.-.y..’,ww- ; w .aww 





■UHUWny 


rag 




Wooltextffe 



■f- 

H" 


i -r: ; /: 


: r :; >V,: •;■-. . 












^ r v** *'r "'-f" - • v '. •• - 

• ; w-:*^i-rfj--• > 1 : '*&■**;f.: .;t•'->.'v' -v C-'; ’"'V-" **-,■ •-'V.*-v ; V-'>5w!^?. C : ; , ^*C'"i-llij.!*- 


•r" a ‘y; v ' 






by 3Q per centi .iast year but was value;at 
beginning to find -conditions .ih :cent. jh vpliime.” — ‘;;-W' W 
overseas, markets;mui* Tougher:: - WooiCeftnB- 
towards the end ‘oT.YBerypar.- Iwe’re'"-tijf '• jMr^peh'Cibtf 'i^ 

The. total. for the .y^rtv of>: 

ins.fo.figures.from.tfte Bfydford-yvolumel.vExpoiis-'Dt^’hi^sy 

"based- National Wool 1 : Textilp. ta.- 

Export Corporatioa,;amoamed. ta iise pj. 34 her 

£389.^i)^wmfisr«sf - whh tberWff-^tb^ 'Kiw. 

export' figure ^ y :•. 35 per.'C^jtr, 4 s; £iy&$i£.^ 

' . Bigincreases.;wpre >edjided:;r^^be^sijJdUBiy. 

in exports 'tcT.'the.’-TJ.S:* and: .to aa-JbfT^^neraf ^eleoG^-isjf3 

the Middle ."EaiL Where. Kuwait reTita:fif.tKe 

and - SaiidT:';Arabia'; weft? -’%«Mlc:t>flpi&t^-:!i!lbSafcriluCciHSkMi97>BML 

major purchasers ; : .-• 

The 1 industry fe li just; shorL^pattea .-ftY : ;|rad&^betwe«t^ 
however.- of teaching ^ 

targ« 'of -£460m. whSi H-had -Jfe-. nertr^ 
set 'for Itself -at the start.of -th# wmed .^t' jmuc^^.vajipd^ie 
year. - and for' ' : th iV tfie.'.rlSe^ -'-fa wfclcfewe. fliti 


ECGD oilers insurance cover for a vervjwide range of expons. including raw materiab- mass-produced and capital goods, services, construction contracts and sales through UK confirming houses, .cfealWit' 

merchants and oversea-? subsidiaries of UK firms. For certain business ECGD also offers bank guarantees for export finance at favourable rates (to the exporter or his customer'): ffuaranWs for nfe- tol^-h^.te’blangd:^. 


merchants and overseas subsidiaries ot t k firms. For certain business ECGD also offers bank guarantees for export finance at favourable rates (to the exporter or his customer'); guarantees for prfe- 
shipmcnc finance and performance bonds; and co>:t escalation cover. Full details' from your local ECGD office. lPS3l&335h£§i&& BSBHSfe 


Tn nuke un -T |„r iniornum-n o-ni.ict -.ht In—rnr. i? : -n -irtv: ?r. !i;r»r- • :tJ:: • ■ P« r irrm.-ni - -. 5 M..'!nc rc :'-rcntc FI’P - -ii < II.i’-ii.v, . B-.ltli-r. LccJ . M.in^hcsrcr. Eirminpham, 

CamcnJgc, biijtol, London Wc»i iin-i, u^J-.'n 01 1 -iconL.^m offivo.; .1 J-.un Ini-rmJtivR C-cctK-n. LcSjL>, AI ^rRuntwiy FJou.c : Lcnd-.-n L'.ii’stL. '.Icl: ci-600 Lxin.afS-. 

INSL'KANOS FOR BRITISH EXPORTERS. 


• yarn,.exports-4t.E77Sro. w?r^ipofU which 

tip by 38 per •«ok;Qver, ; -lfi7«;-;a^^u^-.j:;bfi*-'^7^efr&fSi* 
6 per-cent..--else iu voimriL'> R^wJCps?ppmbhF’ f 
wool exports were up 1 1,4 per "cenLv-ibme;fibuirtries^ Had been out 
in value, at • £473m; : bu i ^WerelipgvettKpija’:«gcfaf 5 ,/-V-Y:-T- 
tiowa JO per> cehL .injvbiume. 




































9 



nancial Times Friday Fetiruaiy .24 1978 


HOME NEWS 


■iU in engineering 


* b 


TV boost 
for career 
choice 

itumn is confirnied{ of engineer 



NNETH GOODING, INDUSTRIAL CORRESPONDENT 


TEE CONEIRMATION 
lort performance was 
to falter at the end 
ear comes “to-day with 
■trt of Industry statistics 
rerlng sales and orders, 
how that new. engineer- 
irt orders /ell", by 5JS 
. between' August. and 
r. 

jpartment suggests that 
es reflect .in part the 
low growth of world 
for engineering 

if price competitiveness 
>£ the rise in the value 
ig was a contributory 

gsartment holds out the 
^ that the -November 
aght prove “ erratically 
tat best there has been 
vement in the industry's 
. m orders position, or 
liveries, in the August- 
, r period. 

jsult of the drop, in the 
r new- order "hJiake.' 
rder books were $ per 


cent, down at the .end of the 
period. They have, been virtually 
unchanged since Stay last year, 
about 23 per cent, below the peak 
reached in'.1974. 

■Some large individual engin¬ 
eering contracts were signed in 
the second pact of last year. But 
these ,-liave . not - been enough to 
offset the generally .depressed 
situation..., ■ . • . 

The statistics present a rather 
stark .picture of an industry 
-bumping along at the bottom of 
the trough in demand since the 
middle of 1976, and so far there 
is little evidence of significant 
recovery. 

In the August - November 
period there was no Improve¬ 
ment in home new orders, 
although they did unt slip back. 
" The receipt of new (home) 
business seems at best steady at 
-a-rather low -level; 1 * the Depart¬ 
ment says in Trade and Indus¬ 
try magazine to-day. 

In total the' engineering 
industry's order books remained 
flararabonf3S‘peir' cent, below 
the 1974 peak. 



r technicians 


CHAEL DIXON, EDUCATION CORRESPONDENT 


By Kenneth Gooding 

AN ATTEMPT is to be made to 
see if television advertising 
would encourage a larger pro¬ 
portion of- Britain's brighter 
young people to chose a career 
in engineering. 

A test campaign will begin in 
the London area at the end of 
nest month with a 30-second 
commercial which attempts to 
explain the Importance of the 
engineering industry in the 
U.K. economy and that the 
industry needs recruits with 
imagination, skill and a sense of 
responsibility. 

The campaign is aimed at 
young people still at school, 
careers advisers, teachers and 
parents. Reactions will be 
monitored by a panel of indus¬ 
trialists, educationists and 
parents. 

It will be paid for by the 
Engineering Careers Information 
Service, which is sponsored by 
the Engineering Employers 
Federation, the Confederation of 
Shipbuilding and Engineering 
Unions and the Engineering 
Industry Training Board. 

The promblem has also 
prompted a £200,000 television 
advertising campaign by the 
M a Dp wo re Services Commission 
for its TOPS courses. 

These commercials aim to fill 
500 engineering vacancies at 
Skilicentres in target areas of 
London .the Midlands and the 
South East where shortages pre¬ 
dominate. 


Big bakers seeking 
lp-a-Ioaf increase 


BY DAVID CHURCHILL 

A RISE in the price of bread by 
at least lp a loaf is expected to 
be sought shortly by the big 
bakers. 

The Price Commission to-day 
will be notified by one of the 
largest manufacturers. Ranks 
Hovis McDougall. that it seeks 
(a £15-a-tonoe increase in the 
price of bulk flour. 

Similar increases are likely 
from the other big manufacturers 
and will almost certainly be 
followed by a bread price rise 
being sought. 

The effect of the flour price 
rise, if allowed by the Price Com¬ 
mission. will be at least lp on 
the price of a standard loaf. But 
the bakers are expected to.seek 
a much larger increase because 
of other cost increases. 


Ranks u urgently considering 
when and by how much an in¬ 
crease will be necessary. 

The price of a standard loaf 
was increased in November by 
2p. some manufacturers seeking 
a larger increase. 

It was slated at the lime that 
the poor European wheat harvest 
last year forced up prices, as did 
the need to import more than 
usual of the more expensive 
North American wheat 
The extra cost of imported 
wheat is due to the need to pay 
the full European Economic 
Community levy from the begin¬ 
ning of this year. 

The rise sought by Ranks will 
raise the price of a tonne of 
flour from £175 to £190. The Price 
Commission has four weeks to 


decide whether to investigate the 
rise before it is due tD take 
effect. 

Tbe need for a price rise so 
soon after the Iasi one has been 
forced on the manufacturers by 
the sharp rise in costs in recent 
months, not only for wheat, and 
by the supermarket price war. 

• The main tea-blenders are to 
meet Mr. Roy Hattersley, the 
Prices Secretary, to-day to explain 
why they think the substantial 
cut in tea prices recommended by 
the Price Commission would be 
unfair. 

Mr. Hattersley is expected to 
reaffirm his belief to the blenders 
that the price cuts must be intro¬ 
duced, and to be ready to back 
his belief with statutory meas¬ 
ures, if necessary. 


Unions retain ‘say’ on prices 


FINANCIAL TIMES REPORTER 

THE PRICE COMMISSION will 
continue to seek the help of 
trade unions when investigating 
price increases sought by com¬ 
panies. Mr. Charles Williams, 
Commission chairman, said 
yesterday. 

Mr. Williams, who was speak¬ 
ing at a Confederation of British 
Industry seminar on price con¬ 
trols, promised that employers 
would always be consulted when 
union help was sought. 


His re-affirmation of policy 
followed tbe recent decision by 
tbe Assol-j ation of Scientific, 
Technical and Managerial Staffs 
not to co-operate in Price Com¬ 
mission investigations. 

The Price Commission has not 
su fax sought information from 
trade unions, but in most inves¬ 
tigations it notifies the union 
officials involved that it may 
need help. 

The conference, attended by 


about 200 CBI members, was 
arranged after complaints at the 
Confederation council's Decem¬ 
ber meeting about the way that 
the Price Commission operated. 
Some industrialists said it was 
like a “star chamber." 

After hearing Ur. Williams 
yesterday, the CBI said that it 
welcomed his assurance that 
companies would always be in¬ 
formed before unions were 
approached. 


Nuclear safeguard 
scheme will 
be released to-day 


BY DAVID FISHLOCK. SCIENCE EDITOR 


A WARNING that the biggest 
nuclear risk to the world would 
be to continue to produce 
plutonium and do nothing with 
ft. will be sounded to-day by Dr. 
Walter Marshall deputy chair¬ 
man of the U.K. Atomic Energy 
Authority. 

Giving the Graham Young 
Memorial lecture at Glasgow 
University, he will disclose first 
details of a new Anglo-U.S. pro¬ 
posal for safeguarding society 
against nuclear blackmail by 
criminals or terrorists. 

The proposal challenges the 
UJS. Government's policy on pro¬ 
liferation of nuclear technology, 
and political hesitancy in the 
UJiL over the future of the con¬ 
troversial fast breeder reactor. 

Dr. Marshall’s argument rests 
od a novel perception of the fast 
reactor, as a secure "inciner¬ 
ator'* of plutonium, rather than 
as a prolific breeder of fresh 
plutonium. The Foreign Office 
rather than the Department of 
Energy has taken the initiative 
in' supporting the proposal. 

The 'scheme, which Dr. 
Marshall has worked out with 
Dr. Chauncey Starr, president of 
the Electric Power Research 
Institute—“ think tank " of the 
U.S. electricity supply industry— 
will be formally presented by the 
British Government to the Inter¬ 
national Nuclear Fuel Cycle 
Evaluation. 

Tbe organisation was launched 


by President Carter last autumn 
as a multi-national re-appraisal- 
of all nuclear technolog}’, in 
search for one that might be in¬ 
trinsically more resistant to- 
nuclear proliferation. 

Dr. Marshall states his belief, 
that the availability of plutonium- 
is not the most serious nuclear 
proliferation problem the world 
faces and its discussion should 
not be allowed to obscure “more 
weighty and difficult questions 
which need attention.” 

The basis of the technology 
proposed by Dr. Marshall is a 
way of reprocessing spent 
nuclear fuel and refashioning it 
into fuel elements for fast 
reactors, in which the materials’ 
remain iethall.v radioactive. 

Its radio-activity would be 
kept at levels high enough to 
ensure that it was highly prob¬ 
ably that anyone who attempted 
to steal it would kill himself 
inside an hour. 

The process—named Civex— 
would have to be carried out in 
a fully automated plant, behind 
thick radiation screens, but 
would be Intrinsically resistant 
to any attempt to modify the pro¬ 
cess and produce weapoos-grade 
plutonium. 

A lengthy development and 
proving period for Civex is en¬ 
visaged by Dr. Marshall, who 
meanwhile recommends the con¬ 
struction Df a few large con¬ 
ventional reprocessing plants 
Feature, Page 18 


SITY engineering 
*-•' 'fhould enable students 
short of the higher 
v ‘ requirements ; of pro¬ 
level engineering- to 
alternative route to 
-• it technician level, the 
■ - y Vice-Chancellors’ Com- 
i Id the Finniston-Inquiry 
- i nee ring yesterday, 
should also be provision 
''e initially recruited by 
s as technicians to con¬ 


tinue their studies later and 
qualify as engineers. 

“We believe it to.be vitally 
Important that the professional 
-institutions, collectively through 
tbe Council of Engineering Insti¬ 
tutions or individually, should 
define . clearly the - roles and 
educational needs of- graduate 
engineers and technologists for 
different functions-at tbe profes¬ 
sional level* 1 ’ the Vice-Chancellor 
said. 


ower return’ on 
w oil fields 


Y DAFTER, ENERGY CORRESPONDENT 




V 


LDS due to come on 
the next few. years are 
- he less profitable than 
.-ready in production; 
‘ to a new North Sea 

produced by Stock- 
Wood. Mackenzie show 
rate of return for nine 
t to he developed, will 
ises be considerably less 
t of the big fields now 

i. 

sort comes after recent 
jy Lord Keartbn, chair- 
’ ritish National Oil Cor- 
that unless a significant 
il prices occurred, the 
ta bonanza might be 
j best fields had already 
id, he saidL 

?kers have analysed tbe 
s of nine fields where 
-r>ment decision is likely 
v.aken in the next IS 
to two years: Alwyn, 
Brae. North Cormorant, 
Hutton, North West 
Aagmis and Maureen. 

Petroleum's Magnus 
■ instance, is expected to 
.i rate of return of only 
cent., assuming a S14 
oil price. 

:r cent, rise in oil price 
ost the return to 20.6 
.. while a 10. per cent, 
inflation would increase 
n to 27 per cent, 
jon’s Brae, Field and 
tlwyn Field—neither of 
is. yet been confirmed as 
mercial prospect—are 

to provide a return of 
-i 21 per cent., assuming 
. barrel oil price, 
returns contrast .sharply 
■se for the most profit- 
rth Sea fields: the Occi- 
. Group’s Piper "Field (54.2 
t.> and British Petro¬ 


leum's Forties Field (42.5 per 
cent). 

Of the nine fields subject to 
development plans the*'-most 
"profitable is considered ■ to be 
Mesa Petroleums inshore 
Beatrice Field. As the field is 
close to land in comparatively 
shallow water the development 
costs are not expected to exceed 
$460ro. 

On this basis, and with a 514 
a barrel oil price, the rate of 
return should be 31.6 per cent. 
Given a 10 per cent, rise in oil 
prices the.- return would increase 
to almost 50 per cent. 

• The' Esso/Marathon offshore 
group said yesterday that it 
would drill two wells this year 
in-the-Irish sector of the Celtic 
Sea, close to the KinsaJe Head 
gas field. : 

' Esso said that tbe wells would 
be drilled south of Cork follow¬ 
ing an extensive geological and 
geophysical study carried out 
last year. 

The first well will he drilled 
in block 48/22 by Discoverer 534, 
one of. the largest and most 
sophisticated drill ships in the 
world. The operation will begin 
in March. The second well will 
be drilled later in the year in 
block 4S/24. 

« British Gas Corporation’s 
latest appraisal well on its More- 
cam be gas field in the Irish Sea 
is believed to be capable or pro- 
'dticfng'ai the rate of 40ra. cubic 
feet a day. 

The well has helped to confirm 
Morecambe as a significant dis¬ 
cover)’ although British Gas is 
still reserving judgment about 
the commercial potential. 

The first of two further 
appraisal wells is being sunk bn 
what Is believed to be the 
northerly flank of the structure. 


jrd U.K. to expand 
ir parts service 

iRRY DODSWORTH,MOTOR INDUSTRY CORRESPONDENT 

U.K. parts, and servicesatiotis had been stopped and 
•tion is planning a strong Ford was increasing its turn- 
sh this year to keep pace over. • - « 

: company’s expected ex- The plan to expand Motorcraft 
of car sales and to re- with new centres in dealerships 
more foreign car* parts and shops will be introduced pro- 
. nent business through Its gressively throughout this year, 
all-makes Motorcraft The aim is to have 400 dealers 
. . in the scheme by December, 

-.move will include new The company and its dealers 
' 3, such as batteries and arc also considering expansion 
ors: increasing the num-of its Sure Fit scheme, which 
workshop technicians in aims to offer similar services to 
ealershtps, and bringingthe fast-fit exhaust and shock 
sed Motorcraft shops Into absorber centres, and has been, 
alerships and High Street operated on a pilot scheme basis 
, so far; ... 

s new effort comes after cm tbe service side, the coot-, 
d in which it has made a pany believes that the free diag- 
tned effort to hit back nost | C offers made by its dealers, 
the attack of independent^ special campaigns during the 
uppliers in the replace-] as t 12 months have helped to 
?ctor. . bring customers back into the 

ig the late 1960s, all large oarages and raise turnover, 
imi factoring groups lost* 

in this market and suf- -” 

urther from tbe growth of . *. ^1 aim 

urself repairs, which look AirDOFt Claim - 
iueh of the servicing bnsl- ■ ’ 

•om the -garage network. THE COUNTRY'S third inter- 
>avid Carter, head of thenational airport should be set 
organisation. *-aid yester-up at Corby.Northants, 10.create 
at these trends had beeniobs tn help solve imcm ploy¬ 
'd. The erosion of the corn-menu the town's action corn- 
business to outside orgaai-mittee said yesterdai- 


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8 





Extracts from, the Statement of the cljairman. Mr. /. D. 
Hilling.*:. O.B.E., FLiU.M.. circulated wtth the Report and 
.-liTouuts for the year ended 30tlt Scpiember, 1077 


Before dealing with the details of the Company’s activities 
during the year ended 30th September. 1977. [ have to report 
to you with regret that due to pressure of work. Mr. J. G. 
Richardson, retiring by rotation, will not be standing for 
re-election at our next Annual General Meeting. 

We are. however, fortunate in tbat Mr. L. H. G. Livingstone- 
Learmonth has agreed to offer himself for election as a 
director. 

The consolidated accounts for the year to 30th September, 
1977 show a gras; mining profit of £2,342.391 compared with 
£2.688.156 in the previous year. 

Production for the year was lower by 399m. tons and sales 
by 502.5m. tons. The effect of this considerable reduction in 
sales was largely offset by the higher average price received 
of S758 per picul compared with SS2S per picul in 1975/6. 

There was a marginal fall in production at the Rubber 
Estates, and profit was accordingly reduced to £212.495 
compared with £236.275 in 1975/6. 

The higher investment income of £199.147 and the interest 
received on repayment of the Fourth Buffer Stock con* 
iributions. £194.997, made significant contributions to the 
overall profit, whilst the more settled exchange rates between 
Sterling and the Malaysian dollar avoided the Josses on settle¬ 
ment of our Malaysian taxes which have plagued us since 1972. 

The overall profit from the miDes and estates, after 
depreciation and other charge*, and after providing for taxation 
of £1.613.520 amounts to £8362249 from which dividends of 
15 pence per share have been declared. 

29.782 piculs 1 3.801m. tons) of tin ore were produced from 
10.407.400 cubic yards of ground mined, with an average 
recovery grade of 0229 kati (0.39 lb.1 per cubic yard. This 
lower recovery grad" reflects the lower grade of the Company’s 
reserves available for treatment both currently and in the 
future. 

In addition to lower grade ground, abnormal drought 
conditions aggravated the situation and were responsible for 
reduction in yardage treated hydraulically thereby contributing 
to the sharp fall in production of tin ore. 

In the first four months of the current year 9.184 piculs 
1 555.25m. tons) have been produced, indicating that production 
has not yet fully recovered from the adverse conditions 
prevailing during the greater part of last year. Nevertheless, 
mine production for the year as a whole is expected to be 
similar to that for the year under review. 

In September last, shareholders were informed that agree¬ 
ment in principle had be°n reached between this Company, its 
subsidiary Me in hung Pi-A wan Sdn. Eerhad and Syurikat 
Pemiodalan Dan Perusahaan Perak Berhad for the joint 
development or certain sections of their lin-henrinc k-nds in 
Perak, subject to the approval of governmental authorities in 
the United Kingdom and Malaysia. 1 am pleased lo say that 
these approvals have now been received on a broad has;?, 
though discussion on details continues. A letter giving full 
information wall be despatched to shareholders as soon as 
possible. 

Throughout most of 1977 the tin price continued its rising 
trend, no doubt as a result of falling production failing to meet 
the demand for the metal. Despite the higher prices of the 
past year, there has been little positive sign of the development 
of new mines to alleviate this shortage position. 

Not surprisingly in the circumstances, there have been 
growing indications of consumer resistance to higher tin metal 
prices, and as a result these have now fallen back from the 
peak reached in October. 1977. Attempts that are being made 
in the United States to introduce legislation for the release of 
substantial tonnages of metal from the Strategic Stockpile 
have no doubt had considerable influence on the present 
situation. 

Det-pite these uncertainties, a fundamental shortage of the 
metal is apparent. and 1 think it is of great advantage In the 
long term io have concluded an agreement with Bumlputra 
partners for ibe development «>f the Mambang di-Awan 
Company. 

The derision of the Malaysian Government itself tn finance 
its contributions to the Buffer Slock of the International Tin 
Agreement i* a move in the right direction and will result in 
the releases of Iho producers’ own funds which were previously 
committed for this purpose. 


PENGKALEN LIMITED 


E.rtTocfs from the Statement of ihe Chairman. 

Mr. J. r. Chopper. C.B.E., F.l.M.M- circulated tcilh the 
Report and Accounts for the year ended 30th September. 19/,. 

The profit for ihe year, before taxation amounts ta £37“0S1 
compared with £235.299 for the year 1975/76. Output for the 
year was 20S.5 metric tons (220.75 merric tons in 1975/76». 
The im-rea«e in profit is attributable principally to the 
increased average price received for our tin concentrates 
i £3.027 per metric Ion cum pa red with £2.524 per metric ion 
in the previous year). 

After taxation uf £202.204 the net profit for the year 
amounts to £169.677. From thi?. £104.000 fias been distributed 
to shareholders by way of dividends totalling 6.5 pence per 
share, increasing the balance carried forward to the current 
year io £254.146. 

Provided that the tin price is maintained at a satisfactory 
level, it is now anticipated tbat the dredge will continue tn 
operate with moderate profitability until the first quarter of 
1979. 

The protracted discussions with the State Government in 
respect of the proposed road deviation and new bridge over 
the river have not yet heen concluded. Shareholders will be 
informed as soon as a definite decision is reached. 




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Canada-tougher line on tax evasion. 


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Viffiers ‘neglectful’ 
during steel crisis 

BY ROY HODSON 

SIR CHARLES VTLLEERS; chairman of the British Steel Corporation, was 
yesterday accused by an all-party committee of MPs of “ neglecting the 
Corporation’s own interests ” during 1 last year’s crisis over finances. The 
The MPs say of Sir Charles: “If he wised to make early policy changes to 
ensure that forecast losses did not materialise it was essential to warn the 
Secretary of State (Mr. Varfey) at the earliest possible stage and to secure 

his backing for such changes.” - 

The committee makes two other main charges: That there was a grave 
lack of communication and confidence between Ministers and the chairman 
of a nationalised industry which should not be tolerated; and there was a 
failure by Ministers to press for proper information. 



The fifth report of ihe Select 
Committee on Nationalised Indus¬ 
tries follows two earlier reports 
into British Steel's affairs pub¬ 
lished on January 11. The com¬ 
mittee ordered Mr. Varley and 
Sir Charles to appear before it 
to give further evidence of the 
discussions between British Steel 
and the Government last year 
over the crisis. 

The committee states in the 
latest report that the further 
evidence obtained “ fully justi¬ 
fies the steps to which they bad 
to resort to obtain it.” 

This is a reference to the com¬ 
mittee's issuing an Order forcing 
British Steel to give further 
i n formation- 

The committee soys it does not 
find “ wholly convincing a stale- 
mem by British Steel after the 
Order was issued claiming that 
the informtion being sought on 
financial forecosts “ had not been 
previously requested.” 

It goes on- "The evidence 
taken from the Corporation on 
January 30 seL- out very clearly 
the occasions on which informa¬ 
tion was sought and not 
provided.’’ 

The report continues: “Your 
committee are content to leave 
it to the judgment of the House 
to decide, in the light of all the 
evidence, whether the failure to 
supply information was a deliber¬ 
ate attempt to conceal the situa¬ 
tion or a genuine misunderstand¬ 
ing of what was wanted. In 
either event, the failure to give 
this information was undoubtedly 
an error or judgment by the 
Corporation. 

The report deals mainly with 
the period July-September last 
year 

It says that during the period 
of 1S-22 July two public state¬ 
ments on the future prospects for 
the. steel industry were made. 
On Tuesday 19 ihe Chairman of 
tin* British S«eH Corporation 
gave a Press conference follow¬ 


ing publication of the report and 
accounts of the Corporation for 

1976- 77: in his statement he fore¬ 
cast that the loss for 1977-78 
would be “substantially greater 
than last year and might even 
be comparable with the losses 
of 1975-76.” He added that, in the 
event of an explosion of wages 
or energy costs, then the losses 
would be higher still. 

In evidence on January 30 he 
said that this bad not in fact 
occurred. Three days later the 
Minister of State for Industry 
moved the Iron and Steel (Bor- 

Need to judge 
whether the 
public would 
be misled 

rowing Powers! Order in the 
House: in bis speech he referred 
to the Chairman's statement in 
these words: “As the Chairman 
in his public statement this week 
has not sought to put a gloss on 
the current very serious situa¬ 
tion, I do not think that he is 
indulging in over-optimism.” In 
the light of the information now 
available, it is “the task of the 
committee and . the House to 
judge whether these statements 
were likely to mislead Parliament 
and the public.” 

On July 14 the managing direc¬ 
tor (Finance and Supplies'! had 
told the Chairman that rather 
than the annual operating plan 
forecast of £350 million there 
was now an indicated loss for 

1977- 78 of "getting on for E450 
million.” This was confirmed by 
the Chief Executive. 

The Chairman gave the MPs 
three main reasons for justify in 2 
his public statement or July 19 
in The light of the information 
available io him at the time. H* 1 
claimed that the forecast given 


to him on July 14 was, if not 
“crude" as he had claimed in a 
number of statements to the 
Press, at any rate uncstahiished. 
He also claimed that the Cor¬ 
poration used forecasts to show 
not what would eventually hap¬ 
pen, but what might happen if 
existing policies continued: it 
was the intention of the Corpora¬ 
tion at that point to change the 
policies. Finally be men¬ 
tioned that “once you have an¬ 
nounced a loss your management 
colleagues are apt to regard this 
as inevitable and not something 
you have to fight against all the 
time." 

Referring to the Minister of 
State's Commons speech on July 
22. the committee says that a 
judgment on the extent to which 
this statement was misleading 
depends largely on the informa¬ 
tion in the Minister's possession 
at the time. 

Taken at face value, the evi¬ 
dence given both by Ministers 
and by the Corporation suggests 
that neither the Secretary oF 
State nor the Minister of State 
knew of the forecast of 1443m. 
put forward on July 14 and con¬ 
firmed by the Chief Executive 
on July 22. the very day of the 
debate. 

On that assumption the Mini¬ 
ster of State was basing his 
statement on the forecast of a 
maximum loss of £35Ora. which 
was the basis of the annual 
operating plan submitted in con¬ 
fidence to bis department on 
May 27, and on the assurances 
given by the Chairman of the 
Corporation on July IS. 

Nevertheless, he was speaking 
to a House which, on the basis 
of the Press .statement of July 19.. 
was expecting a loss of between 
£95m and £255m.. in the private 
knowledge that. nn. unchanged 
policies, ihe ln.-s would be of 
the order of £250-£350m. 

He did not tn the debate make 
any suggestions as to how the 


RUSSELL KERR . - . committee chairman. 


Corporation were going, on a 
short term basis, to deal with 
this lose, says the committee. 

There is also a very marked 
contrast between his optimistic, 
statement in the debate that 
“ the upturn that is taking place 

will assist the Corporation " and 
the more pessimistic statement 
made to him in private by the 
Chairman of the Corporation four 
days previously that “ I am bound' 
to say 1 do not yet see a signifi¬ 
cant upturn in demand or price.’ 

The report has strong words 
for senior members of the 
Government. 

It says: “Senior Ministers or 
the Crown four days before .a 
major debate in which the House 
of Commons was being asked to 

Ministers were 
content to rely 
on forecasts 
two months old 

approve an increase in the 
borrowing powers of the Cor¬ 
poration of £l,000m. from 
£3,000m. to £4.000m.- did not see 
fit to press the Corporation 
to what their expected loss was 
on the latest possible figures. 

Instead they were content to 
work on forecasts submitted two 
months before, even though' 
experience over the previous 12 
months had shown that such 
forecasts were liable to become 
rapidly ont of date and it was 
known that figures based on the. 
qua iter ending June 30 were 
about to become available." 

The MPs give a countdown of 
the varying figures produced 
during the period—from an 
expected profit of £346ra. (fore¬ 
cast in May 1976 j. to a £20nr., 
loss i November», hreak even 
(February "77». £350ni. Joss 

iMay), £466m. (July). 

The report comments: “This" 


Terry- Kirk 


LOANS totalling ..nearly -fyoi 
have bees "made r tq£he.pul 
and : private - sector^ ? of. 
British steej industry., by 
European. Economic; Commur 
- . and the.'European SteeFand C 
... Community . Since Britain-bica 
financial decline was associated a member in -1973,. ^writes.] 
with.a corresponding decline in Hudson, • . 

sales prospects. It is dear there- \tb e .figures ' werejuxmded 
fore that the Corporation were jj* - HuckfieTd^TUiit 

not .misleading themselves as to.:Secretary of State atjfae’iPep, 
situation. Tt is equally clear ttor meat -of "Industry, ihi-.ansver 
Your Committee were.misled, it parliamentary' ' questions 
also seems that, at.the crucialpolished ifi. Trade, and.-Indus 

Three principal causes for the sources .have, .proved 
delay (a -taking actraa during bteel. wth. more Jkaffrgtam. 
the critical July-September regional,aid and mpre.^in £ 
period are spotlighted by the com-, in -grants. 
nuttee: = . .. Retails are as follows:^. 

The apparent lack of C °P“‘ Loans under articlev54 of 
muni cation between the. Corpora-- - pa-js . 

tlon.and the Department-of In- * r ^ at Y. ot “f? 15 ' 
dustry; 

The 


Plant ..1 


’.'Amir 



Electricity 
Board sells 
obsolete 



to 76 companies 


by james McDonald 


__apparent Tack of sensi-' 

fivity as to the depth of the crisis; - 
# The political pressures. 

On the last point, the MPs say: 19*4- • - -vr'-’ri 
.“.The Secretry of State referred.: BSC Scunthorpe : JX 

inorg than once , in his evidence BSC Scnuthorpe .^-.^.?.., 7. 
as' he had done in the t House on RSC TempIehorougiirX.V l 
J anuary 16 .to''.the."political con- wGodhead Components-’, : 
sequences .of taldfig drastic ' 'rg&eiBelrt .“a 
measures. Your Committee be- ?* 

lieve that th e delay in taxing *-■“? X 
action was at least to some extent’ -i -. - • ’ .. . -U 

the-result of- political' decisions .BSCTTnsiey yarK ..jig. 
including a commitment to main-'' BSC port 7 Talbot <7.; .35: 

tain plants previously scheduled- BSC, (Chemicals) 1 <thv r -~ 
for rundown and for closures - greiave)’ . 

“The Secretary of State has of BSCJVormanby But!., 1 
course a right to take such deci- BSCTClvdesdale ‘ ' : > 6. 

«v“r 2S* w! n 

difficulty of the measures that **1^ <»^erham) ... 0. 

need to be taken. Indeedmiuch,.. JSpartan.-Steel. .Alloys-,, 
of jherr first.and;secBffai«pbr*si : (NlKsM^VitPdU Tytte). 
was i given to . recommending 1976 • 

means of reducing that'difficulty BSC Shepcote , Lane 
whilst achieving necessary im- (Sheffield) •-V...-I:.-..... So! 
provements/or the incUistrs; ; . _ ESC HmrLmrtnr " V 1 -- 
.TKp cost meanwhile, sdtttl as“". gsgpk*t.- TaJbot'r ** ' : *i 
well as financial has be’eir.’enor- ■ 601 . *■ 

rnous. in the view of Your Cpm : - -f?- 

niiuee. it may well . ff Ihdcar/Slli.-Teeik 

earlier action had been taken—: side- , -^.,..150. 

and, on the figures available then.'.BSC- ; t Qpebec 

tp the Corporation, such a'ctiea Lake) ......._.Vi-38. 

was clearly essential—these costs.- BSC Sheffield ■ 5 

would have been significantly. BSC.TbessIde 

I 65 - __ BSCHunterston : :yj. 

BSC Scunthorpe -v,...., .4. 
BSC Rayehscraig 7. 

. BSC.pqrt Talbot ,-.. ;5. 

North 1 SCTrtren’CoiH^::-.- 
’’2S. 

BSC- Apitiehy Frodihg- : : 
ham 4. 

BQC Redcar/Sth. Tees- 
-^de ....... ‘ 5. 

- Total .'454. 





BY RAY DAFTER. ENERGY CORRESPONDENT 


Financial Time* Reporter 


.V LION'S share or growing TupI 
.-.ales is being won hy British 
Gas Corporaliun, according io 
latesi Energy Department 
statistics. 

Gas consumption rose by 6 
per crnl. last year, accounting 
for almusi hair of the total in¬ 
crease in primary energy con¬ 
sumption. 

More than . 15-thn. (herms 
were seni out during the year, 
Rfinr.i. therms more than in 1976 
and the fastest rate of growth 
since 1974. 

Most of the growth was 
between April and September 
and the rate of increase fell 
away sharply in the last 
quarter, considerably warmer 
than that of the previous year. 

Total energy consuntprion, 
measured on a primary fuel im- 
put basis, was 332.4m'. tons of 
coal equivalent Cmtce) in 1977. 
some 7.7 mice higher than in 
the previous year. 

Coal consumption—ailjusiod 
for net foreign trade and >lock 
changes, rose by } m . tons in 
121m. ions, rhe hiehesi let el 
since the 1973 eoerev crisis. 


Deep-miued rnal production 
last year was 2.8 per cent, lower 
than in the previous year, but 
half the decline of more ihau 
3m. tons was offset by a rise in 
opencast outpul. 

Consumption of coal in tofcc 
ovens fell by 9.4 per ccnl. to 


iTHE DEPARTMENT of Industry anff- Go. in . the ftorth ;West, 
j ottered sectoral assistance of £91.929 to Helen ware ajid £27.423 
£5.000 or more to 76 companies. tD Courtaulds Knltwcdr in the 
I which received, first pay ments East Midlands, 1 ^hd . £$5,607 to 
! OBSOLETE oower station jn’ between Octobe/1 and December A. Grantham in -Yorkshire and! 

iNonhampion was sold yesterday^ 1 last year. - - . Humberside.. . . . 

■ hy (he Central Electriciiv Gen-< Among companies, assisted mesa Manufacturing receives 
• crating Board. This is the first! under the ferrousTbundry Indus- ^47,544 covering more than -one 
;.jf .several planned sales of old try scheme under Section S of area and Peter -England, rtn 

i eoa 1-burmns plants in Midlands Industry Act 19<- are : Crane L ^ 

(£1.33m. ; committed) and Lake Under the paper and board 
... _ land • -Elliot Founders and industry scheme, Bowater-Scoft 

which firs t I Engineers £210,757) in_ the and C. TownSend Hook in 

and the South -.East 
respectively £S2.752 .and 


town centres. 
The station. 



Loans' under: article 56. of 
Treaty of Paris 


Plant 


Amo 

. <£r 


Electricity supplies during 
the year were nearly 3 per cent, 
up on 1976: about half the 
additional electricity was pro¬ 
vided by nuclear slutiuns. where 
output rose by 11 per cent. 

With North Sea fields produc¬ 
ing 37.5m. tons of nil, imports 


i grain merchatns of Northampton, 
j Mr. Rex Miller. Farthinsstone 
('chairman, said railway facilities 
and the size of the building 
made it attractive for storage. 

Other plants at Wolverhampton 
! and Burton-nn-Trent may be sold 


of crude oil fell sharply. Net j shortly, while a third station at 
arrivals of overseas crude oil i Lincoln may come on the market 
totalled 54m. tons, 33m. tons j later this year Offers have aiso 
less than in 1976. iheen received for a sl'e at Wor¬ 


cester. where the plant is being 
demolished. 


The Board wants to get the best j region. £100.000 


Foundry (1914) (£129.000), and Burnley Paper Works. £102224 
James Dickie and Co. (Drop and Ribble Paper-Hills. £170.750, 
Forgings) (£126.720) in Scotland. TPT—Yorkshire-and Humberside 

In the Yorkshire and Humber-receives £S8,K)2:- - 

side 'region, Hepworth and 
Grandage wll receive £263.000 Print’ maphini>rv 
and in the East and West Mid- rruu uiauuuerj 

lands!-Rice Shell Mould £94.100. ' Assistance to -the- printing 

Under the machine tool machinery- industry includes 

industry scheme. Dean Smith £64,473 to Fry^s Metals: 
will receive £211,200 m the York- Trade and Industry fisuresalfip 
shire and Humberside Legion, published to-day show that first 
Bronx Engineering in the west payments were made durihg’the 
Midlands £78,575, and Browne fourth quarter of last year to 19 
and Sharpe in the South- West companies under the accelerated 


--v; r.->" • 

■ BSC* Rare nscr aig 
3975 

-BSC Ebbw Vale • 15, 

1976 ■ . ’ 'V ' 

BSC. Taf amaubach 1. 

ValdKirh (Blyth) . L 

Natural .. Gas Tubesi 
' .(Ebbw Vale) 

Nut a rah ..Gas 
(Ebbw Vale) L 

Natural : . - Gas Tubes -. . 
(Tafaraaubach).. -• / 1. 


projects scheme, aimed at' pro- 


by 68 per cent, io Il.fiSbn. 


when no longer aeeded. 


office 


By Lynton McLain. Industrial Staff 


The value of crude oil Im¬ 
ports during ihn fourth qaar- 
tpr was £-898m.. £340m. less than 

in the comparable ihrce j price possible for its old plant.' In London and the South East mating chunter-cyclical Vnvest- 

monthN of 1976. On ihp other ] it said yesterday that it had a E. F. Cole and Sons receives ment aCd modernisation which 

hand, lhc value of oil cxpurls [duty to take Care or its assets nn-LS42. would not otherwise have taken 

ror rhe uhole of Iasi year rose » a nd to sell tiieni a Ivanijiieously, The clothin? industry scheme place because, nf the adverse 

includes aid of £34.149 to F. Ellis economic'climate. 

_I_* ... The largest amount of assist 

ance committed is £2.1m. to 
International Nickel in -Wales, 
followed by £i.3m. -to Joaiah- 
Wedgwood and Sons in the Wert 
Midlands, and £Im. each to GEC 
Machines and Lansing BaKnaIl¬ 
ea ve ring more'than one area.’ 

In the North Wert. £500;000 is 
committed to Cadbury. $825,000 
DV uiru .,| Ri AKinehi to Triplex Safety. Glass-in the 

BY MICHAEL BLANDEN West Midlands, and £739.000 to 

British Cellophane In the South 


Gradual rise in gold price 
will continue, says dealer 


A CONTINUED gradual rise in of some sizeable central bank some of the strongest cturencies 

the price of gold is expected this purchases or sales in the market, showed a nee of less than 10 per ♦>,__ , , ■ . 

.year by Samuel Montagu, the and thesa could create “wild cent. In terms of the $dund, i -' ect J Vfi 

THE OFFICE of Fair Trading isi merchant hank bullion dealers, fluctuations in the price." however,, it was about 22 per 

pparing a reply to a'claim byj The bank say* in its annual “it is still our hope that some cent, up at an average price of cJzP* ■ 

rmi K-.ntc uni coa « L. -p -fi . or more against .which.- first .pay-, 

dej^iriagUieJfinal 



TotaL-.Sfi. 


Grants, under article 
of the Treaty of Paris^fiSiOi 


Grants under jutlde-iSS’.'-’- : 
of the Treaty 


Loans f rom'f he European 
InvestmiaiU"TL •. .i 


PhuU‘ 


Amo 


MPs th3t the office of fair Irud- 


inierrufional last year of S147.71 represented 


ratified in the nvit 


t . £4502348r-1ATales,£6?i:560‘>’Yort 

the supply side, httie sbire and . -Humberside, 
, ... . .was expected in gold n.-16241113: - -North ^ : West 

Tew compared with the previous year, production and sales by the n 4 S$3 544--Northern ££642 956- 

drtUar 3 t'h^ n!\r lhP 'r fal ,li in - tbc USSR were fxpecicd-'to remain South- West £241008;'-arid Easi 
Concern about ihe scrap buy-! This would free central bank- ar ' pnce ° r gold as3,nst 31 a ,evei *mV*z to last year. Midlands £149,680:: -v.' • 

IQS' policy arose in 1974. when a [operations in the gold . market 
change From an open Jjuying;and a large number of^central 


Fund io an inerenr of about 18 per ronL cb»«o 

say what other complaints havc |D0 iU 
been received. - ; raonths - 


policy to one Involving 15 direct 
suppliers was Introduced withont 
consuliaiion. 

The British Scrap Federation, 
representing merchants handling 
95 per cent, of Britain’s scrap. 

ubsequently demanded that,_ 

British Steel deoi with as many j pa fed. 
suppliers as possible. 


The corporation refused.! 


banks would revalue their sold 
stocks at market-related price*. 

The effect of such moves would 
be largely psychological, as 
“heavy outright purchases by 
official institutions in the large • 

surplus countries are not antlci- COMPANIES have been warned scheme must ensure that their These include" •calcidattob of 
""*“** ” by Standard Life Assurance, one administrative procedures cater guaranteed mfnimiini bensiOM 


New pensions system alert 


iXDlairttnq that seme smallef!. a(M , ion P s , lavo!vin - ? nnk3 - to 

•eras coniractors hart renaaod on ;' L " ^ ,^' ere expected lo go 


>cr 

contract.® forcing British Steel to 
pay a premium" of between £4 
and C5 per tonne fur .-icrap 
supplied pxvlusiveiv u> thy enr- 
poratinr: hy 15 ^h>i»cn "direct 
suppliers 


.1973 •" ;" 

BSGTeesside 2.4 

jJBSC-LlaBL.; ; £4 
1974‘ -t ■,' 
BSC Pert Taftot ^^ v«. 
BfejUThryheirgh Bbther- r,' 
ham . v ..„.-12. 

BSC - -5 

?BSCCo^tfi'^L:;^Ui>:.:. f 
.BSC V 

1976 :’ • ' : J T. : - ; 

BSC Po rt ’ W 

jStefcN:; 2- 

Hartlepcof/QjSe^ " - 

197V v -• • 

BSC JRavenscxalg14 

'BSC .JustingtOtlV/PnB 
Wdoa 

; BSC Kavenserai&_ - r : v . 

SSC' Templetoo '(&&■.£ v- 

. BSC Pt Clarence "(Tm* 




COntrlhfitio n 5 


. /'v7’.‘‘W-VT 

.. ry.~f r (h 


1976 

BSC Dalr...,» dO. 
BSGTafarnaH^ad! ';?Koj 


There could be more trans- of the largest pension companies, * or . the ..P ew ; requirements and and’ of corfiribUtion '-equivalenT 

prepare for the changes 3ii eventualities from Qie prOnfiiuns end a'^irtahee 

thnju^h ,™r t , L I„ fact . ^ >"JS a “ a a.st n ° f ^ 

wh,cn c "“« ,nt0 'Of” wrier-of 'Stantfytl forsii'wfjlcli The. aim.'.is l 

’ ,. , . . will enable employers to v ’deal benefits are .’paid DfOBmHv ! and : 

hu,,vor. r,-nprti.c. which have eon- w.th-the atImfntoiration, with a Zl dSa JSSaffi 
of -the new btule mininjuia'of difficulty. . • %tralive comategi 11 ^~ :; -:? * t 

- 1 - - - * r’-.i A -ri f '. ; ■- • 


foreseen. 

ll v ,i.- nut imwiMf. 
entirely tv exclude Uu: |>if.si,ihilily ir.i<-(ed-oui 

























±mn 


Higher education offer over 
coming ‘teenage hump’ 


Brazilian Group 
seeks compromise 
on £1.6m. claim 



BY MICHAEL-DtXON. EDUCATION CORRESPONDENT 


IAN HARGREAVES* TRANSPORT CORRESPONDENT ’ 


haulage ' and transport. 
s jjroup owned by the 
at Freight - Corporations 
'■ Road - Services, 
edits'trading-profit-by 19 
it last year to £6.8m. I£s 
plus was a record, £2^in. 

over rose from £98m. fo 
p- and For the first time, 
than Half ' the group's 
a— wai’ generated ' by 
as .outside the conven- 
spot general haulage 

diversification into lower 
’as. such as contract hire, 
ental and vehicle rescue, 
e key to British . Road 
s improved financial 
lance, said Mr. David 
group managing director, 
let profit figure is reached 
deducting British Road 
s share of the interest on 
ent corporation’s capital 
.s well as pensions and 
parties wjthin the group's 
siness. National Freight 
hi. net last year, but-bad 
ig surplus of £13.5m. 

' Vhiie said -that the level 
liability, although com- 
.favourably with, that of 
large u.K. transport 
rs, was still .“obviously 
h enough to provide for 
neiit of capital, equip- 
d vehicles." 

>u?d have needed £llm. 
profit to cover all capital 
oent costs last year, 
irs' rates were unable to 
. ce with infiation because 
competition within the 
_ Rates had been kept 
ily low when. - some 
costs were rising at 35 
. t. a year. . . . 

h Road Services' general 


haulage busines^stlll - one of 
the largest in Europe, with a 
fleet of 2tiX)9 trncjw—reduced i« 
volume of business- by- about 5 
per cent lastyeiiy 

But this was xobce. than offs®* 
in revenue-terms Tiy the growth 
from scratch last year of the 
group’s Truck- Rescue scheme, 
which now bad a! turnover oj 
over £lm, while the truck rental 
operation bad virtually doubled- 
Truck Rental had .a flee! of 
about 1,000 vehicles, including 
specialist refrigerated trucks.' 

Another specialist business 
would, almost.: certainly he 
launched by British Road Ser¬ 
vices this year,--continuing the 
substantial diversification each 
year since 1976.. 

Although the group’s product 
mix had changed “radically—five 
years ago it .was_T5 per cent, 
general haulage—rfts workforce 
had remained constant in die 
last year, at around 10,000. 

Mx. White said that there was 
still no sign of a quickening of 
the pace of industrial activity 
on which hauliers depended. 

But the recently adopted EEC 
regulations limiting a single- 
manned, non-rigid “■ ■ vehicle 
without tachograph to SSl miles 
a- day, should work in favour 
of the group, which had a dense 
natiooal network.of 150 depots 
and swiTch-over points in its 
eight regional companies. 

The group’s recent pay settle¬ 
ment within the Government's 
10 per cent, pay limit when other 
hauliers had exceeded the guide¬ 
line had however ' increased 
British Road Services* vulner¬ 
ability to the loss of skilled staff, 
especially fitters, when the up¬ 
turn came. 


CHANGES .in higher education 
—including- - greatly increased 
admisiona of older sad working- 
class students—were offered by 
the Government yesterday in 
return..Tor a further permanent 
£240m/*a-year -expansion of 
universities., polytechnics and 
colleges. 

The present bill for higher 
education, is about £l.34bn. a 
year. 

The offer came in a document 
discussing possible higher 
educational policies f o deal with 
the “teenage hump** during the 
next 16 years. ■ when normal 
student admissions first.will rise, 
the'' fall rapidly. 

The permanent expansion to 
perhaps 600.000 regular students, 
compared with 520.000 now. is 
only one of five-strategies oui- 
lined In the document. But it 
is evidently the favourite option 
of. Ministers and senior civil 
servants, and lecturers’ union 
officials. 

The - other four strategics to. 
cope with the hump—which on 
the middle of three projections 
of likely student demand would 
rise to 600.000 in 1984-85 and 
fall to 530.000 in 1994—are 
.broadly as follows: 

1— Increase the present system 
*’ to accommodate the rising 
numbers and then reduce it 
again in line with the fall. This 
would raise difficulties later in 
disposing of buildings and. more 
particularly, of staff: 


2— To hold the increase of the 
present system at about the 

560.000 regular student places 
planned Tor 19S1. This would 
reduce higher educational oppor¬ 
tunities for school-leavers in the 
years of peak demand between 
1982 and 1990: 

3 — To accommodate the hump 
within the present system 

by the use of temporary 
premises, part-time staff and so 
on, to cover peak demand. This 
would cau3e much upheaval and 
reduce "quality’’ without neces¬ 
sarily producing savings in unit 
costs: 

Part-time 

4— To change the system so as 
to reduce the strain of the 

peak demand by. for example, 
extending two-year courses, di¬ 
verting people to part-time 
studies, and requiring many more 
youngsters lo wait a year be¬ 
tween leaving school and enter¬ 
ing higher institutions. *‘Ii is 
difficult lo *ee such a scheme 
operating fairly on a systematic 
basis." the document adds. 

The fifth, and evidently pre¬ 
ferred. choice would he to 
provide accommodation for the 
peak number of IS to '21-year- 
olds. and thereafter to fill addi¬ 
tional places by stimulating 
demand from older, and 
especially from working-class 
students. . 

Although the regular-student 
population has almost tripled 
since 1960. the proportion of 


students from the two top 
socioeconomic classes of pro¬ 
fessional and admin i sura five 
and managerial workers—which 
forms about a quarter of the 
total population—is still about 
51 per cent. 

Measures in stimulate the 
extra demand might include 
priority admission for those who 
had missed the opportunity 
earlier. higher grants. or 
possibly a systematic scheme for 
continuing education at later 
ages. 

"This kind or possibility would 
he of direct concern not only 
to the education service, but also 
more -widely, and particularly 
to the Trades Union Congress 
and the Confederation of British 
Industry in so far as it might 
have implications for employ¬ 
ment levels and for the terms 
and conditions of employment 
of individuals." the document 
adds. 

Mr. Gordon uakes. Minister of 
State for Higher Education, 
denied yesterday that the 
Government had in mind a 
scheme or compulsory release of 
workers for continued education. 
But the costs or accommodating 
older people under the per¬ 
manent-expansion strategy might 
well be met partly by employers. 

A precondition of this, and of 
some of the other choices, would 
be the introduction of academic 
credits hv which people passing 
lower-level courses would have 
their success counted towards ? 


higher-level award at a differentt: 
institution. 

The object of the document‘ 
was to start a debate among; 
employers and unions, as well; 
as educational interests, about' 
the future of higher studies. Mr. 
Oakes said. The Government ■ 
probably would state its choice 
of policy next year. ■ 

The five stated strategies were] 
not mutually exclusive—“and if! 
there's a sixth or seventh option! 
that somebody c-an think of. then! 
we at the Department of Educa-; 
lion and Science want to hear of ‘ 
it." he added. 

Higher Education into the! 
1990s: available from Boom. 1137. 1 
Department of Education and; 
Science, York Road. London SEl \ 
7PH: or Mrs. Young. Division V.i 
Scottish Education Department. 
S. George Street. Edinburgh. 

Editorial comment. Page IS 


Avon enters 
skateboarding 

AVON BOOSTERS—new. all- 
weather wheels—were launched 
yesterday on the ran idly expand¬ 
ing U.K. skateboard market by 
Avon Industrial Polymers, of 
Mi-lkshain, Wilts. 

The urethane wheels have been 
designed specifically for British 
conditions to allow skateboarders 
to perform where -the surface 
changes between w.?t and dry. 


BT JOHN MOORE 

THE BRAZLLJAN reinsurance 
group currently being sued by 
Lloyd's underwriting syndicate 
F. H. Sasse for claims of S3.14ni. 
(£1.6m.). is seeking a com¬ 
promise settlement out of court. 

The move follows the arrival 
in London of Dr. Jose Lopes de 
Oliveira, president of Instiiuto 
de Resseguros do Brasil flRB). 
wbo has discussed the matter 
with the group’s solicitors 
Elhorne Mitchell and loss 
adjusters Graham. Miller. 

On behalf or 1RB. Elborne 
Mitchell yesterday issued a 
statement which said: "As a 
result of recent meetings held in 
London concerning the reinsur¬ 
ance claim made against them 
bv F. . Sasse and others the 
IRB are prepared to seek a reso¬ 
lution of the present litigation 
through and in conjunction with 
the London insurance com¬ 
munity. 

“ Elborne Mitchell and Com¬ 
pany. (heir solicitors, have boon 
instructed to explore the possi¬ 


bility of such a resolution and 
will proceed accordingly. 

“If a resolution satisfactory 
to the IRB cannot be achieved in 
this way the IRB. who continue 
to reserve all their rights, are 
prepared for the dispute to be 
resolved in the courts.” 

The claim by F. H. Sasse 
arises out of 1.300 contracts 
made through the syndicate's 
Florida agents Don-Har Under¬ 
writers. by which clients were 
insured against damage to their 
buildings up to the first $500,000. 

The syndicate has met valid 
claims under some of the 
policies, and alleges lhat IRB. 
under the terms of reinsurance 
for the first $100,000. now has 
to meet its share of the 
liability. So far 1P.B has onlv 
sen led $500,000. The F. H. Sasse. 
syndicate was suspended by 
Lloyd's last December until the 
dispute was settled. 

IRB declined to pay the 
balance of the rlaims until a 
complete report has been pre¬ 
pared 


STC to lay £18m. phones cable 


A CONTRACT for. the largest 
undersea cable' front the U.K. 
] worth £18ni„ was awarded yester¬ 
day to STC. the British subsi- 
] diary of ITT, writes John Lloyd. 

The cable will be capable or 
■ carrying 4.000 phone calls simul- 
1 tancously- 


Expected to be in service by 
the summer of 19S0. the cable is 
the third between the U.K. and 
Spain, and will treble the 
capacity of its predecessors. It 
will run for 4‘22 nautical miles 
from Land's End lo Rodiles, in 
north-west Spain. 


/ " / 


*>1. - ■ 


aid oil if 
paub 


igher weight limi 
i lorries proposed 

TNTON MckAIN, INDUSTRIAL STAFF 


JM BRITISH lorry 
may he raised by over 
to 44 tonnes if sugges- 
:rom the EEC. are 

i s truck industry will 
EC officials and Euro- 
mufacturers in Brussels 
h 7 to discuss the sug- 
Other radical new Ideas 
iiange’ axle loads, ‘ ban 
rith had load'dstribu- 
m Europe and extend 
a permissible. vehicle 

suggestions appear . in 
papers from the EEC!s 
I directorate, 
include new maximum 
ads of 40 tonnes for a 
„ truck. 42 tonnes for a 
e truck and 44 tonnes 
ruck with a three-aqle 


towing vehicle and a-three-axle 
trailer. • All the ideas are no 
more than options open to modi¬ 
fication or rejection. * •- ’ 

Other, suggestions attempt to 
make road damage .--from heavy 

trucks less dcpendent .on axle 
load. At the moment British 
and Irish trucks are fimUcd to a 
maximum axle load of teirtohnes. 
In West Germany . and the 
Benelux countries!, the maximum 
is 11 tonnes, with*’ 12 tonnes 
allowed in Italy and 13 tonne* 
in France. Ideas to be discussed 
on March 7 include reducing the 
maximum to nearer ten tonnes. 

* Any suggestions agreed on 
March 7 -would be passed to 
national governments in prepara¬ 
tion for further talks in Brussels 
on March 21. 


500,000 rescue 
an sought 
>r Dawes Cycles 


UR MIDLANDS STAFF . 

ORS OF Dawes Cycles 
Birmingham to-day to 
the company's fulure. 
nrs were last night try- 
devise a rescue scheme 
‘ 50-year-nld Birmingham? 
mc-evn. which needs up to 
tn survive. The company 
ling temporary employ- 
•ippteniem ot retain the 
ig ' workforce while 
ions continue, 
s Cycles, with an output 
of* 40.000 units a year, is 
I-known manufacturer, 
a small compared to TI 
. ihe market leader, 
ompany's problems began 
e three years ago. Since 
lances have deteriorated, 
ated by the 10 per cent, 
he U.K. market last year. 
Dawes' output goes to the 
larket. 

Jawes predicament comes 
le cycle industry is more 
ac about prospects. A 
: strike, at Raleigh's 


Nottingham factories before 
Christmas cut Latal U.K. output 
by 10. per cent., to 1.7m. units 
last year. . 

But exports.* accounting - - for 
about 80 per cent. eT output, are 
thounbt to have increased by up 
tn 20 per cenU or £54m.i last 
year.- : • . 

This year, the important U.S. 
cycles market is expected to 
grow from the 1975 level of 6m. 
units lo between Sm. and, 9m. 
Prospects in Europe for British 
cycles, especially, sports models; 
■have been improved by Raleigh's 
team win in the Tour de France. 

Cycle manufacturers are also 
looking to an improvement ' tn 
the home market, now running 
at about lm. sales a year. This 
is regarded as very low com¬ 
pared with other industrialised 
countries. 

The cycling population in ..the 
U.S. and Scandinavia is 40-per 
L000 inhabitants, compared 
with only 21.-in. the UJv. 






V/' ?} 


First we beat ourrivals in the Edgware Rd. 
Now we lead them up the Khyber. 


V ■ The traffic-snarled Edgware Road was one of 
the routes chosen by Truck Magazine last year for a 
test on the Shekpa van and four principal rivals. 

The overdrive Sherpa clocked up a remarkabl e 
31.1 mpg—miles ahead of its nearest competitor. 

In second place was the standard Sherpa. 

Other magazine road tests confirmed the 
Sherpa's unique ability to sip where others gulp. 

Taking the rough with the rough. 

More recently, the Sherpa scaled new heights 
of endurance for a van. and proved that it can 
take more punishment than even its Leyland 
designers suspected. 

• The Carlisle Mountaineering Club drove a 
pair of two-year-old standard Sherpas to 
the Kishtwar Himalayas and back—a distance 
equivalent to half way n mud the world. 

Both vehicles were fully-loaded with burly 
team members, stores and climbing 
gear, and had to surmount some of 
PfmSrBflh the toughest terrain that 


Europe and the Middle East can offer. 

There were gradients as steep as 1 in 4. 

There was a desert temperature that exploded 
a thermometer in the cab. 

There were rivers to ford, .and roads where the 
underbellies of the Sherpas grounded again 
and again. • 

There were freezing nights and oxygen-thin air. 

And yes, there were problems with the Sherpas. 

The extraordinary thing js that they were so 
minor and so easily fixed. ; • 

Overall petrol consumption was 19.u2mpg. 
which.considering the loads and die roads, was no 
less remarkable than the Truck Mag*dzine figure. 

Oil consumption was a little over one gallon 
per vehicle throughout the whole uip. 

Team member. Peter Thompson, summed it up: 
“Both vehicles w ere very comfortable to drive*, 
and even afiernur longest day—i >\*er 1.000 Km 
through Afghanistan—there uas no fatigue due to 
the seating arrangements... 1 was sad to prut 
with such reliable vehicles that had served the team 
so well? 

One of those Sherpas is now pail of a mobile 
display unit. 


It still carries Britain's best warranty. 

After all that, it*s not surprising that no other 
van carries a warranty to rival the Sherpas. 

Like all vehicles from Leyland Cars, it comes 
with Supercover. 

And that includes a year’s freeno-mileagelimit 
with parts and labour: a year’s 24-hour roadside 
assistance from the A. A.: a year’s A. A.Relay 
Recovery Service i approved conversions andU.K. 
mainland only i; a 69 point pre-sale checkout, and the 
opportunity of renewing it all for a second year*. 

Some warranty! 

The Sherpa body options include vans, mini¬ 
buses, crewbuses, chassis-cabs, and pick-ups. 

Engine options include a 1622cc and 1798cc petrol 
and ]79Sce diesel. 

Overdrive is an optional extra tin the 179Scc 
pefri.il and diesel. 

For further information please visit your 
nearest dealer, or write to: 

Light Commercial Vehicle Sales. Ley kind Cars, 
Grosvenor House. Prospect Hill, Redditch, 
Worcestershire B97 4DQ. 


@ Sherpa 




iw Society urges -H| 

imp duty changes 98 

4ICHAEL CASSELL, BUtLDING CORRESPONDENT - Xjg|gGgj 

AWS affecting stamp duty house at the same price .the 
-,ebold. properties should stamp duty would have oe?n 
anged, says - the Law under £79. . '. - rSg&BuS 

-The society recommends that 

if l SL T SSS r SHS!' StoffSttiS date the term' 

,iat Sili lJTmes Sg erern rather than from the date Fgggg 
or less are exempt from of the lease. - . 

duty, owners of leasehold - It also recommend* that the 
.ies can be badly hit. income of anyone over 65 «iould 
■r- existing legislation, he treated as. earnedJ»Be|«P 
ure liable lo stamp duty to two-thuds of 
-sehold properties, if . the and that the final earnings should 
ground rent exceeds be adjusted fw. inMtiotL 
On homes costing more Earlier this month the building 

151000 . the charges could societies called for a raisin g qt 

sidcrahlv higher than for the starting point Tor stamp apty 
old property of the same liability. The present. £15.000 

limit was introduced in 1974^nd 
society cites the case of a the ' Building Societies Associa- 
lat in London being sold tion - believes that th? fignre 
.>.750 on a 99-year .{ease, should now be adjusted upwards ■Bp|| 
imp duty charge was £339 tn F25.000. . . ■_**' 

averac* rent was more Revenue from stamp duty-last 
150 a year, but if the year rose io £85m. against only- 
liad bought a. freehold 10 years..before., . . . «■■■ 




* v . s 








wmmt 


’X v'/ViSiV. v! 






L.11. " .rf., ^ 

hui:./.// r * 












sam 


t. 














Financial Times Friday Febnwfjr^' 


EUROPEAN SALES 

• hhts is 2 career opportunity, at corporate level, in a higuly 
profitable British group, operating mceraarionall)'. 

* the role is to be profit rcbpenrible. for rbe turtiier development 

,-rt j r».-v- .4 tv-i»i«-ii-i nurlvmii' j Oi *11 Ll>411C 1 ’ uGUlPtTJSHt! 


and agents. 

• r?.OTE?f success in the general management of e:;port rales 
and marketing operation?, backed by evidence or entrepreneurial 
itair. is essential. A knowledge of luropean languages would be 
an advantage. 


• ,\GL under 4.5. 'With profit participation, remuneration is unlikel; 
to bclcss than ^1.5,000. 

'Write-in complete confidence 
to K. C. Slater as adviser to the group. 


TYZACK &: PARTNERS LTD 


IO MALLAM STP.ttT 
1Z CKAF.LOTTt SQUARE 


losdo v r-PT 

LD1N BUF.Cl-5 X\Jf- 


Audit Management 

MERCHANT BANKING 


• oni of the principal City Accepting Houses is strengthening 
the internal audit department in the light of expansion in business 
at home aud overseas. 

• two senior appointments are to be made. Responsibility will 
include audit planning and computer based systems improvement. 

• ENTEBfENCE of conducting banking audits either internal or 
external is essential and may have been acquired witli a merchant 
bank or in the accountancy profession. 

• TRiFERMt) age 2” to ‘,o. Salary indicator ^S.ooo with 
customary 7 banking sector fringe benefits, 

"Write in complete confidence 
to N. C. Humphrey* as adviser to the Bant. 

TYZACK & PARTNERS LTD 

lo HALT. AM STREET LONDON WIN *?DJ 

H CHARLOTTE SQltAF-E ■ EDINBURGH EH2 4DN' 


INTERNATIONAL APPOINTMENTS 


for a British public company, with sales in excess oi .-£3001*1 
in commodity trading. 

• supported by a competent professional staff, responsibility 
will be for finance policy and control tor the Group. There 
is prospect of a broader role within a few years. 

• the need is for a record of achievement as head ot the 
finance function of an international trading operation and a 
period in general management either at home or ever-eat. 

• mtcxERxaoN is negotiable with a flexible package 
starting at not less than £20,000. Preferred age late 30s 
early 40s. 

Write in complete confidence 
to P. T. Prentice as adviser to the company. 

TYZACK & PARTNERS LTD 

20 HALL AM STREET LONDON u ; .V *pf 

and 

12 CHARLOTTE SQUARE • EDINBURGH Eii: 4 DN 


OVERSEAS 

DEVELOPMENT 

KNOW-HOW :\ital toiie\eloping countries 


Expert in Economic Planning arid 
Project Evaluation for Social 
Infrastructure Sri Lanka 

To a:sis: staff of Central Projc«s Unir 'CPU > Duties include evaluating projects submitted 
for local and foreign financing: formulatin': training programmes for stiff within 
National Planning Division and line Ministries. Anplicants should have 1st degree in 
Economics, and preferably ; postgraduate qualification plus st-rorai years' 
practical experience 

Appointment 2 years. Salary * U.K taxable 1 to be arranged plus :a* free Overseas 
Allowance in range £42Q-£l.« q 0 p.a. 1 Ref. 320 Di. 

The post is wholly financed by the British Government under Britain’s programme of 
aid to the developing countries. In addition to basic salary and overseas allowances other 
benefits normally include paid leave, free family passages, children’s education allowances 
2 nd holiday visits, free accommodation and medical attention. Applicants should be 
citizens of the United Kingdom. 

For full details and application form please apply, quoting reference stating post 
concuro*»d. ?nd o.Vi nr details of age. qualifications and experience to:— 


st ssn bsb n tk" 
EOT B 


Appointment* Officer. 

MINISTRY OF OVERSEAS DEVELOPMENT, 
Room 301, Eland House. 

Stag Place. London SW1E 5DH. 

HELPING NATIONS HELP THEMSELVES 


COMPANY 

NOTICES 


'hran 


c. £30,000 Tax Free 


KENT AREA 
HEALTH AUTHORITY 

District 

Finance Officer 

Tunbridge Wells 
Health District 

5»ian, Scale: i5,25?-£lO fo* Plus Pnast II 5upplen,«nr 

The p'ricni holder of this pos: ^ill be retiring from :n. 
National Hc»Ith Service m April 1973 and a successor is 
required fsr this important and -shaller,gin 2 appoinrmep:. 
Applicants should hold a recognised acceuntancy qualifica¬ 
tion and h».-e senior nurugijmeiu experience w the public 
sector or in a commercial undertaking. 

The os;, is based in pleasanr surroundings a: District 
Headquarters. Sherwood Park. Tunbridje Wells 

The District Finance Officer will be responsible fo* 
advisin? ;h? District Management Team on *1! aspects of 
financial management. The District budge: is approxi¬ 
mately £19' million per annum and the District employs 
approximately S.500 people < id bospiraf. 43 cfinics/fccalth 
centres). The District Finance Officer is a member of 
the District Managsmcnr Team and must be able to 
demonstrate his/her ability to work within a team 
environment. 

The successful applicant will have extensive knowledge ot 
computer techniques and of management accounting 
principles. Experience oF corporate planning techniques 
would be a significant advantage. 

Application form and job description a/ailabfc from: 
Personnel Manager. Kent Area Health Authority. Preston 
H 3 I!. Maidstone. Kent. ME20 7NR. Tel: Maidstqn? 79261. 
Ext. 28. 

Closing date for completed applications: Mth March. 1973. 


WWMMikl 


: UNIVERSITY Of 
, THMBGY 

INTERNATIONAL 

BUSINESS 

A iS' :,r).V Jft 'n..;rd '> 1 

IT.jrrf -r, 

F it i»-i, •!! th* Dsp.rt.-ncnt s ; 


UNIVERSITY OF 
BRADFORD 

CHAIR 

IN 

INDUSTRIAL 

TECHNOLOGY 

e«i!ir*:ieK «re m-ilvd ter tsis 
f'-smu 'atieiisher Chat* so a«- 

?lop iitrrdJSCialinarv eOuCftioo 

rp;»;i v) asserts at rnaiwirg. 
artui-ai mg ,9ci>l Klvncri relevant 
?j SHt *»M9eme:it ot inoustriai 
p-oe union aroctnev Furlti»r par- 
sltillirt Prsra tns Rfl'IMr Uni- wr- 
*it> 01 Bradford BP7 ID*. so 
•fair iooiicailona should be a-ib- 
m,*.'-- *,«• MsnH*. 10 Aarli I97S. 


m 1 UNIVERSITY 
a\ 0 F-BRADFORD 



ir-lsmarionai Housing Iran is a US construction 
company undertaking projects in Iran. 

The/ require a Controller reporting to the managing 
director, to take charge of ell local financial and 
accounting wort-, v.-ith particular emphasis on 
setting up new systems, preparing budgets, and 
reoortma bac 1 to US corporate headquarters. 

Candidates should be qualified accountants vaith 
onperianc* of r on? true lion and associated sales 
operations a; 5 senior le-. el. Fluency in Farsi would 
bp ar, advantage The remuneration package for the 
.successful applicant i.< flexible and lax fie*, and will 
nckide furnished housing and 6 weeks annual 
rrave. 

rlef*9« wrftfe h rent'd#re? with conch* personal 

anc carrier deXads quoting Raf. T852 to J. D. 
Axeberfoy. 


Arthur y rung Management Services 
Rafts House 

7 RqN* SuUd/ngs. Reiter Lane. 

L ondon £C4 A /A fL 


Di .-vrvfi-d. muItinational manuMcturvr ef consumer saods 
( Annual Saicj ypprox. USS2.000m.; hetdquarrered m th- USA. 


requires 



CITY OF OSLO 

1974/1992 8} c o UA I2J3BO.DOO 
V"is .1 th- -mount of ,, *."'C.r< - n 
hiv* been drawn on February 10. 
.•■4 i.. i>' u..icoc( or . a Notary 
Public lor redenpeon on Ap.-ii Hr 
1978. 

The fetlotfinz Boobs w»H 9f r#- 
inburstd coupon due April lac. 1979 
and followinj atuched: 

JIB7 to 1331 inch: 33-W to 3456 
inti.: 3441 re 34$* me!.: 34~l to 
3598 inel.: 3519 :o 35«8 rnel.: 
3620 to 3693 i«i. 

Argauni aucnard.ng: UA fo.40B.0DD. 
OuKtindioj dra«n Sonde. 
a*J* to 4>«9 Incl.. 4155 to 4157 
ind . 41*4 and 41*5. 

THE FIS*' 1 * , " r * , T 
K.F.EDIETBANK 
5.9. LuAilPbOurjcouc 

Luirnibou'g. 

Februory l*. IS7S 


MURATA MANUFACTURING 
COMPANY LTD. 
(CDRs) 

Thy undtrugned announcoi char [hi 
5*(n>arpiiil Piport fo # nv months 
rndtd Scptamber 20. 1977 of Muriti 
Hanufacturinj Com»>ny Ltd. will b« 
■ viilibl; in Luvcmbourj at. 

Birvquc Ginmi* du Luncmbouri 5 A. 
and lu.-thfr n & muerdajn at: 
Alg-mrnr Bank Nidirtaod N.V . 
Amcttrdtm-kottfrdam Bjnk N.V . 
Rank M,ia i Hops N.'/.. 

Piarton H«iorini $ Piarson N.V.. 
Ku-Anwnr • N.V. 

AMS7TP.OAM DEPThSiTtJY 
COMPANY BI.V. 

Aoi«e'4;m. 
rrbiliary J47J 


TNC DIRMIHGHAM MINT LIMITED 

NOTICE IS HEREBY GIVEN wai , 
oiviqtoo el J.lp eer jhart m niMc: of 
1 Iht Pt mortbs Eodod 3i;t Mfrch 1979 
Will Os and CK 1st Ai.rU 1378 to ell 
1 Prcierence Sharenoidcn rrj’stfrM - io 
the hoote of the cameeny ft tbq elect 
el busmw on Frteav. jrd Maren. 19T8. 

Bv Oroer q| tht Board. 

A SINGER. Secrtiarv. 


LEGAL NOTICES 


- .--r•'*."A^ 1 ’ ¥~***"i -~/ r 

'itURfcv ira; ; j^‘Myus^i|£;4e^gL‘. 

7 hwy. of tns. i#P , q oa Wa^ i 


i in Tlvr 'HH.H CodPT- OT tcsticb ^ #r headna in -pehwB or by 

t3ian*-<?rj- Pivlwnn Lon-.Mmit Court. *n Wg Counsel for tiut purpose;-aad i 
rpe Matters of • ropy, or the r PMUioa wtU be.qeirnittiyi 

' ^ i rMifp'n rop rhe undtfsipiofid.-«. ‘'■WNiwdtjo^idr 

I DRONft OtYD TRAKFWRT LIMITED | J^ rltrororc , af ; .the .■Mil'l ^CBtnptoy 


I.V.-I.IW 6 . rn _ v n... i King’s'Beam HWS*., . 

i xo TJCR I S HLBEBT I 3 W 1 . Sin* . - 

rvuiions for the WlndiPS-Us' London EC3« ■ ■ ,• -- 

I nwhinfl co»nwJi'.« bi’ HJ* jS, 0 "-®'' . Sultana- » the Pettvofcwi > 

lus-nc.-* were, nn rhe Pjrtl flit a ROTE.—Anv porsw wlW • HScihJ* U 

[ IKS. presemvd « i»t **£ “HUg apWur on tfic hewUi* PsWon 

THE COMMISSIONERS 0? CISTO-MS wn -t on.' .or fi<wl bg. Wit M Ole 

VXD EXCISE or Wnse BMm HWW-. abor{ .. n j m ,j notice In wfiUPtf..«C h» 
TPJI. Mark Lane Unjfw E intention sb lb d«. The ROW* must Witt, 

aad that :h" said PetUl BM are ilirgetefl ^ nB - mg , an d addxes* of.tffl pewoa. «, 
to be heard hnrnre Ihc Cww stttlns ***,...the ( «Me. and 

me Royal Cn«m of 5^?; [tinrt. vrar nftsf ht? Ti^^3sri07 

Ixnrtn.i WC2A -LL. on }.•» firm or bis or. tficlr. SpGttfbrwjEalwi. 

Marti i«»- »n<* 49 V rv^aor mujftie vrwi. nr. if' ubstwr imw 

horoty or aw ot lie ihjFSSSlSe {b” sent Dr nw fn so#rtdeot ; tftae to 
diplron* to supewrr or oppose the mwunf I Thf ^bf.ve-iMinetl. not ,-iatcr dun 
of an Order on of the fouc. p-iytKifc. .ip liie^jRefoqm .ot th* 

may appear at _rhr of Marti'»«S 

dpi-sm) or hy bn Coutnel to., that pnrooM^ - it^ ' nMWiT T - -- r ~ 

: and » rmt t>T tfie PVDtlan Will B ® ^O- B3»C “ **0. 

•fliruj!ih«l by ■b ' 1 undersigned l« an? j in tit HIGH C0LTIT-:0E j^USTLGE 

Icmdlrer or'contfibuloTT of any of the t^amceir DiYKItm O^wilrtrfc^n In 
UaVi Comnanw* r*oulrlns such com on iht». Manor oi- JEXPRESS COMhUTD-G 
SwdST5 *° c ** rK lor PERSOXXEL LIMITED, anflL,tt tt 6 l«.B!l,r 

i*ie same ' of The OmuaPies ACl. IMS ., . 

me Mim. r; It n.\K. XCrTICE K SEREBT C.MSfi n 

kIju’s Beam House. r»eiltlon for The. q-iinlinB-Uft' of the'aflbve- 

.woi Mark L*nt narnrf Company fij- me «««frr of 

i.nndnn FCW THE. Jiiitice wi*. on the llkh ddV of Fetarary 

soilcHor mr ihe Petitioners WT 8 . preaenitsi to• the. _»id• .Caun..he 

‘ snTF—Ane person who mifudr to ; fUE cm.SM 3 SSPTSF.R 5 OE GMR 9 MS 
: igmrn th- h-arfna af anr of :h<- ?aid . NNT> EXCISE .or Kins'* BcaratH5lM.\ 
' Pein'ons muei %-rvf on. or »end by »os» isjwj. Mart? Lane. 1 option EC-W -Tffe.. 
i to tile ibji-e-aamed ' nonde in H-ntinB.; 8n d that the 93 n! .Pinlhojr Is Mntntil 
,at his iniennnn m l« do. The notiee; [0 h-ani berord ihe_C»nrt SIM* at 
I niii.ii Sti<- njoit' and ?ddrevs or fhc.| Royal. Courts -M JUHire, S.ffane. 

■ uemoh or if * firm the nam.-' and i t.qndon WC3A 4I.L. on .’he Wlb-.-dof "of 
1 sddrfsi' of'ihe firm, and mun be fiisned ( Mifch. 1973. and any. credrajf orcjMBr- 
I by itae u-rson or firm, nr »us or Bietr , t,wnry of *« uM.' Company . do 4 fr«u 
; sohcaor uf jtivi. musn «crv*d I ^ support or opcode thr mttkLna ‘Of u 
lor if'pooled, must he sew by past in [Order or. tBe Void Prtir/dn rife?; swear 

■ vuBciem ume in roach th« abovMiamed a , the of bearing In swrewuor.bj 


□ W Idler nun MAMr Uk.vw* 9 “■■■ I 1115 iwr t^i _rwi|*v«.-- 

! noon of the nth day of March 19T«. . I rop*' n< the PftlUeh v»Hi bje-' rwrauM 

l-rr -jut, of , 9 'P - j hy thr onderflOTCd id any. cwdifor 'or 

1 I» the H.^H™Or;*T ttF J-ffnCIl. 2j5« ?'Life 


r&ri$ .ssssis. 


i j LratrraD^and' Matter of ihe j ■ ^j n ^, C B r ^HoaW. ' .V', Y : 

r Companies Act. 194S- »b_»i Mark Uan«-.- • •-•- 

I: NOTICE is HEREBY GIVEN lhai «i . -. V ondam B&R-TITE 

Resitiao for rbs itp tte gbow- • Sol 1 c n or rorJl , PrtiUnMrt. ' 

named Compan ft, th« Hlrt Coue. or j rfoTE>- .- All)f p-rron wthi ; iipeRdi re 
JuMie. vss on rtt «m day of . appear on rb? Heartna’dr the sWl-petition 

1 PtmER* Iserve m. otand By odatf-.w't*. 

: 2 J T^ E .i- above-named untie* tn. *o , jtii!B?-.ot..toi 

. rjMjrep Pats TV MO. Arti. , at( . (i:i0B M l(} Jo. Tbe .roJcfe pma itSte 

i I London tv . 1 5QQ. and -hat Mw 9 »ld Pentlon ^ . B ' n j addren of ihc person, «*. 

I [s directed to br h^ni Mrfore the ^oori , )f ^ firm . ItIe name and artdrroa W the 
.litliag »t the *vd i Hrm. and must be signed by the wrafo 

Strand. London VC3 -LL. on the I ih i n _ ^ op jj is or s a u f jfor Hf-am-y 
'Iday of March. I9>f. ^ 1 and must be irrved. or., i? wwied. mjn 

| rontrlbulory of the said Corapan, devlroiis . ^ w Bv pOTj ^ s-uQh-pnr -firnA i« 
■A wppon or ■ oppose I?|e m rtipu of an ■ jy, yc* .above-named.- oot iaser .tSin 
Order on ihe «ald Petttloo msv appear . ' 0 -rtpH.- ip ib*' uflernoro - Of'lk» 

at the time of the heannts. In perron or ^ . af Uaccll , .' 

by bt» counrel for urn ournoa-- and a , —-- 7 3 5 = 77 : ..' s - 

■ onr or the P.’titioti will D* Enrnlshfd by ; Nn. PAiia of . ■ 

the undrrsipnM to anj creditor or con- lu the HIGH COURT OF JUST+CK. 
tnhutory or the Mid Company fi-niiirinc 1 .^lafKTry.'PIrwo-n COTrt>tu^ga>nrr>tr 
-qrieh rftpr on p»yrQcrii pT ihfr resulted* L-ibr XTa^l’T of 30uSW» iNr 
ehiran for iht wm'.' • - j rtEvetnPATENTS'- X-ratlTEB iaffiPflfc.tiii 


imeh copy on paj-roen 
cbarac for ihe ■sam'-.- 


LT7tfKI>THRS A PAINES. 
Ref. DCh, 

Earnneton Hou<!*. 

384ff Orc«iham SircM. : 
London EC3V 7.1 A. 

Solicitor; for rhe Petnioner. 


Ma:rcr of The Cortipanlo* Art. IM». 

NOTICE IS - HEREBY GIVEN nhil 1 
Petition for thv windins tip-ot the. 
named Company br- *hhe' TO^t-'-Crort'm 
Jnmcc was on tUe iirtt day of February 
Uire. presented to shr >isdd Court bi 


MOTE — Any nernen u-ho mtendf to T4RMAT KOADSTOME JWLDITtiSI 
appear or th* hcanna of sfe« Mid PetiftBP ( LTMTTED whoso -TMtSU-nd-k 
trntst ger>-<r on. or send br Post to. the . «trira;c at Etnnyahaf].' WolyiHumpton 
.iboi-e-turned noure in wnting of hi; [ tvT4 6 JP. and lhat - the k*B FAtHob- n 
intention .w to do The no:ice. imwt , directed ML he' heard before. Gu/.Cour 
etate the namr and addrew of the person, j ^ttlng r* die Roya^-. Courts -of-.-dottier 
or. ir a firm the name And address of the , strand. London. HTC2.A ILL -'dfl^fhe ?W 
firm and mint be nsned by the person : ^ 4y 0 j starch. 1993. .and- sBy_credilor m 
nr flm. or 'ms or thrr Mllntor <tf any* 1 contributory of ihc said Cwnpinj-iteainia! 
and mu;i be served, or. ir poeted. must 'to -uippori ne oppoac The raaiund of as 
' he srnt br pw m sufficient rime tn j order on the sain Petition -may ipoitai 
reach the aho**-iraai«J «t later than at the t:nv of beartr*. fr.peraop' b 
four" o’clock in the afternoon of the IDtn try hu couuacl. : tor. UiW atm 1 

day . of Jlarch. 18IS.' ; ropy of the Petition vdi .'bc .fiiziiMMl.Jii 

-•-=Tn IVUT" Of urrs ' tb* .nnderst«ned To anv siaiiftor ns'.bba 

; . ... „.,-n Tnl-BT OF lllSTtr’E fribiunrv of :fw K3l<f notnpAar fenmriw 

oJLS? rirtS. ! KSJU, “ «sj"! « *■■ 

Maher of FLEET STORE AND 0 PFICF. , ^^.RPP^ p'RrTKHAim * 
DEVELOPJIENTS LIMITED and in the --Tm a JSi' - ■ 


tl. F. GL0AR. - 
Riut'i Beam House. 

S«41. Mark Unt. - 
London EC3R 71TE. 
Solicitor to ibe Pcnttonen* 


Matter nf The Connianifn icr 1945 i?-Uon^f«B r ffPZ 4 

NOTICE IS HEREBY GIVEN Uiw • «S?a afc MN 

Petition fo- 1 he n-indina-w of th* Abo;.*• . 

named comoanv by the Huth Conrt r.t ; S Victors the Potmor^, 

.Turnice WS 5 . "" Ihe nth day « Ktbruiry ' J^ ,TE ^ \g*^*£*f*. 

IB-9, nroxemed in rhn «*jd Court h* : *£ l £*'**!S 

THE COMMISSIONERS OF CUSTOMS , wVSf 0? M 

AND EXCISE nr Kms'j Beam Hooi». - 

19-41. Mar'- L»ne. . London KCJR THE. *. intoa«loil M ^ 

and that rftr «aid P«irlon ts directed, 

?nmi«n 0 wc -14 "ll. mi ihST^ttta dS^or ‘i or firn - ° r B f thek telidwe fk-ie* 

M.^h" re"5 -A anil atur^criditor^or wntrt- l and miw( lw w." » VtMed pUQ 

blISS- Sf s,: ..iS cS^r’dHS j * « w ■w.ig-.y ie-jpL; 

to auppnr: or opf-t-w the tnalane ot an 1 2 r £±M 

. Prter 00 1 hr said Pvntitm may aPPMr • Iwr «*iMJn XttetpspjV, 

jj- th- tirar of hearing ta-person «ir by. ^ 01 Marctl1 1W *-- '* - . 

bu Counsel foe that purpose: and . a • - - . yo.- DOW of }0*. ~ _ 

I copy of tBA Fe til ton will be furnished | Tn- ihe HlCHt»THee^^ JWWJI 

ibv rhr undfTSlsqed- lo am creditfir or i Chancery Division. CoOMbM OJbmv * 
: contrthiiiory of the oaid Company- ■ t hr MrfUtr of EEMPCaCtX,xaMJW»D-»B 
requiring tmeft ropy on .payment of the I w die Matter of Ur' CauteidM vfeoL HP 
rdguiiftd dunce ftr the «a«, ! TfOTlCE XS -BEECWT .«CT»T'artt 

E; GLOar. ■ Petition for the- wftrfiw qp'PMhj-abwi 

Kin* ■ Beam House. [ named Company by.. Hi* IS*. CJWt « 

39-41. Mark Un«_- turtle- waa wl His' 17* fey-at 

London EC3R THE. J iws. presented' M» «re jsdtf-.OalBt It 

SnUd’.or lo ibe PeaBWor* ■ ■ COSSACK- CARA YAKS I^TTOR. _wpp« 
1 NDTE.-Any person who wuMi to rrgJaured office U» ttmldeFit CUlfekv 
| app’ar on ihc heanag of the s«jd Peaunn L chambers. Nsnto Bar ~Wpftrs, IPmfea 
| mn* serve on. or send by pofti to the 1 xordi Humberside, aod -ilup’.llto w* 
*bove-nanted notsc- ui wntloa. of bis j peiiGon tr directed TO bp. heanMNfc* 
intention so ts do. Th* notice mas state th C otun. e'.icmd- m Jbfi I's&ali CMft* 4 
me name and addrew of the derami. *ft-1 juctic*. Wraod.-LoariOT wo* «U o 
'f i firm. z*e mm- and address bf tfie I the 10*' Say:of AfardL HW'ltnd 'fe 

J.-m and mm h* wsnw* by Ute proton i crWitnr nr erntrUnirory ot the *a& Om 

or ftrm. or his.or their Solicitor i if awL p>n y desmms ’to .support, or mpofejP 
1 jnd must be served, or. if posted. Itiom tnaVin*. of an Order .on the ssld.PotWo 
h- «en: hy post in eufficieni .nice .'® Lmay -appear alw tom* ot hfeHW-1 
; rr ach the ahm e-named not later thaif f- OTrM0 by his roonwr, for that-ptaydoe 
four o doch In *e afternoon of the . aB i a copy of the PeLWoa rttt, b 
! mb day nl March tPTg. rrumithc^f . by- the. -nfidurtigBod ''Id ■ so 

1 No. B94S4 of I97V I creditor or " romrihutory of the “Sal 

I Tn *e HIGH COURT OF JUSTICE Company requiem* sucli copy 1 tm-paymS 
dum cry Division Cnmnamea Court In tf ifir reaula»cd ^hafe^ for Um.rmii. 

: Ihe Matter* 0 ? SHARPE PlUTCHARD » C 8 „ r ‘ 

■ B.ARLSHODRNE LIMITED- 1 «. Kingaway. . : .- 

1 No. |W4S7 Of 1 FTS London WCJB «PZ.- - . -ft 

! EXPRESS STAFF AC.EyrY LiyrrKV R?J: IS RfL Tel:»W*.- -. 

I and in the Matter of Th- Companies WhCttor* Wr the PNttloiwr. ? 

. A.-i. ]M9. * NOTE. — Any person .wt\^ -. tOfiiSs- f 

NOTICE IS HEREBY GI'.'EN that ‘ apnror c*n tfr* hearing of the saJd-PMSto 
; Petition* for the Wlndtns-Up of rhe above- J muit serve on^. dr. .^entl .hy.'pjtet JW., ip 
. c?m«it QozruNUues by th- Btgh Court of! abo*Tt-oamed nobro |r vvrHftW: of -hi 
■funjce were, on ri*e Uth day of February] intehfion sd to do." Hie *9mc^.-aiiii 
lOfS, pren-nfed to th'- «td Court hy ■ rtate the name and *<fdness of .thq woau 
Tup. COMMISSIONERS OF CUSTOMS ; or. If a. tirm the. name.-and addtf95ip€ di 
; AND EXCISE of Kine'< Beam Hons-. , firm and must be signed by'tte: Jfrso 
^■41. yarfc lam- . Lamdon EC3R THE. lor fC.tn. or his or in-lr solfctftrmjt'ato 
and that. *<• said Petitions are directed j and most b» served, or. -re-poAttEABW 
■0 be heard h.twe the Court sat Ids at 1 br reni-by post in euffidrnt p@c. 1 
Roytl Courts of .Jusnc-' Strand ' reach tfip. above-tuuned' 01 ft "IMur.‘AW 
Londnp wra* ILL nn th- 3ttb 'day nl < TOW o'cf*w9' in'tlw ^fteraodri-ot W.T.7I 
: *Lrni tor?, and any creditor or «-ontn- t day of AJatcfa. 1979. ->->->•..£?.• 

hu.-ory .of any of the said Companies : r No. BMSJ Uf t3'- ■ 

d.-nrous to sitDPon or pppOw? rbi msktne I , h Hh-.u i-ourt 

■ !:■ “Sr « *.£2V2SSX i <»■■«“ g^yoS^gi BSR 

mj Spoear lit the time oi hearing In j , h » m r;ii^jtNIsC-tN.-t5MfT£i 

l .t T "vvi'nX amf ' ,n fht W«w or Tlt-GJimaH 

| AfY\ g i*0Dr O' rn r ^■n-.nn iviU DC | . .. «r»e 

• litrnwhed by. the ur.dvrsicncd ;n any ;' \nTirF i«i' hfrkby■ : 6 lGESrWr 
said Companies reaitlrng roch com «i (miunf'-k; «i>^. -torf r -fano ( 

Z™:*' « ** '**“'■»«« ^“ r “ e 
..he wmt. | l«n. praarowd. incite; 

I Kite s B^m Hoia- j ™ UNfTED JtfreffOO«7LIMf^J3; wfer 

K-*UK' £S£*.lSSttl 


SHARPE PRITCHARD *'«*./*' 
198. lUngaway. . : • 

London WC3B «PZ.- - . 

B-J: U RR. Tel: W-4» PRH. 
AfliciTorv Mr the Perth oner. 

NOTE. — Any t*rwm .wt^i icffcife < 


t ail* UT 1111 B«JU \.VU4|Ptf>ir-77i . • v« 00553 rtf lOTB* V8,. ri? ■ 

10 siiDpijn of PWttw rbi tDBkins I i n .l. Rinu tuiURT i>ss^it j 

iVrZ ’Z ’!£'j ai-cK a!?ii!«yc£Laira83 

”5 h “‘ Ih,> Mwier of. nEMlNISttN-'USCiTEl 


STOCKBROKING 

firfii "itb a fuel expandinp Pnvale Qieri 
U-rpartmuin seeks Assistant to the Manager of 
ihe Department. The successful candidate: will 
have experience of haodiios discretionary 
clients, trust work and will, hopefully, have 
some kno-Aicdge <»f analytical ’Anri-'. Th* 
poMiiiin offers very considerable ^copp. Sa!ar v 
according to -xperience. 

Writp Box 314. c/o Manway Rouse 
S Uark'-i Place. Bisliopseaie. London EL2.V 4B-I 


: COMKUOIIY ilHrjiN.lniNIJ LTD. 

rroults Iractra in Grain. Prolt.n.. 
I Coco*. Cchce. Suqar. Minis, o 14 . A'-.c 
Tr?-n*<» ana Amnani] ler U.K.. 

1 Eu-eet. li.S.A. soi. Her.fl vans. Tel.: 
QfiCiOT 5:ew*rt 01-439 170-:. 


APPOINTMENTS 

WANTED 


CIViL EfJGINEER 
196’ Graduitc 

uii.;tif'ji:? -.t-jdiu IJ..— 
-f ■- 7‘ iJ'ftlli? F-»-k*. 1 ?; 

Pft.D /.t HyO.-rlc £f. t taai- 
in; -ar s pstion in E-j-obi z.i: * 

■ ~l '.5 -rs-i an.-^ht-f m -.h; * 3-1 rf 
’Inn. r«r( r 

*• 5 If. »uf. L* :i7‘ 
ren=.-» 'ina 5-viT,T59L*tio 


Responsibilities include all aspects of financial and operational 
auditing r«por:in* directly to the parent company in the Ui. 

The position requires «tensiv4 travel that includes most of rhe 
West European counrries. bu: may no: be limited to this region. 

Applicant; must be fluent in English and speak a second major 
European language. Prior auditing experience n essential. 

The ccrr-.pany offers excellent opportunities far advancement. 
Satan v,'ill depend on experience 

Please wnre ir. confidence. st*tm; cmpJo/nisnr iiutory r«o?i-i* 
•me. amount of travel and desired salary to Box Abl’d. Fir,arc>al 
Tims}. IQ Cannon S;rr«. EC4F* <67. 


f, h ClrtAli | pmtiTOUi ^IWjV-JWV* 

? SSJSiV’ 

■ 1 jKrtWS6ss».2s»ri 
t^ss or 1 ?™ yr-s -jss 

-of his mieniwn « to do Th»- notlov 
mus: *tate tfbr-nam- -and addivw of Th-- -. ^ 

Mison. or. .1 4 firm, thi name arid,! I 

■ *t|dr;S5 nf thr firm and immi 0 - yisnpd ’ 

. bv the per.cn or firm, or h,, of rhdr . 

S«i.-i:or «ir anj.. and mint be served | xa 

or. if potted, niuai b* ivnt h> poet In J, 0 * ‘rfolrnr Of. wnrWlUffi.W-T ” w 
sulS.uni tim- to reach the -hov.^uinwl 1 
nm umr u, an four o'clock m th-' after- : 84 

. SLi^LlIS. *!L 5L«!£2 lfl ?-_ . . 

No. OMfS of IBIS -a.’SS. FteAI SUtti.'-;-. 

: -In *r niRR -COURT tip JUSIICE Unba. iCWHU.ifnVi’;. ' 

I Clun-T-IT Dfvlpinn Cornpaoies CourL In . R«C JLMVrtBt Td|Aat^9 .'JJrt.l ■’ 
Iiht Matter Ot ivy BROOK I.fMrrBD and SoKcnofi fdr- 

1 ,n *r MattM nf Thv Coffipatuei Act. • HOtfc — Ar.y . prowft. - 

1 w 5?- -.. . ■ _ anp»ar unite benilM dfvto‘3«4:-Rt0ji‘ 

NOTICE IS HEREBY GfYEN-thal a [tnttsi TOrve 6q: uT«€»^C4lP#^a. 0 

■ Petition for 1 ho winding-up of Uu>. above--! s ti 6 TM» 9 fn»ifl“ ndQro 4, -»!??«SBa4 ,i --9f-^ b 
‘ tr-itiwf company by the Hlfh-Coon of ' UUtnrten .-m to 

; •'uv.ic* v.'ki . on Ih* L4rt> d»y of T-bnuiry 1 the 

|i9T->. [krea-niM 10 the sx/tl court by *>. ir*. firm iJw namf jb8‘«fl4r9^rbr tl 
l Ttte COMMISSIONERS OF CUSTOMS 1 linn and mqat fe.-alwfe-qtVj-lte.-pent 

■AMI EXCISE nl Kbit's Hoiiae. ! Br‘fichi“(ir h 5 ^« 

I 39-41. Murk Lane. London EC3R. THE. ; md mU« be.^’-fervei^for t Wfe 1 
and dial the xsid JYUtinn )s dirreted 1 bp sent hy 00 M - m Tbot. 
■in hr heard btface the Court. irtlns • at' ] reach rte - -alwrl->m*W ; d''Yi9t , la{n r '!rtt l 

■ thr Royal Conns of .insure. Strand. | four n'daek lo’th«<-^arnhbwiilF-'lBair 7 
1 London WGiA 3LL,'on rhe llWi day of . day of ABctt.'OBTfj.- 



U 5 A. 


... rr r - •.-^ -. 

tf-.Y"; r” ; ?«■"• 




GENERAL MANAGEMENT 

- ■ ' I-'" \ . ■_ ‘ l_ - 

U?- Domiciled executive, currently responsible for Nbrth AmerU^ff>- 
subsi diaries of substantial British industrial corporation,"^seeks^iMja?- ? - 
position but with greater prospects of significant expansion'CwUffior’'i- 
generated internally or by acQuisition). “ ' ' " - yV:.' ;Vf:' 1 ; v l. 

Considerable aiid successful international experience <North'aiid^Sdutli'" 
America and Europe); multilingual; innovative; and adaptable^ 


Please write Bo^ A.6277, FinaneiSl Times, r 
10, Gannon Street, EC4P4BV.- & . 























































11 


Times' Friday February. 24 -1878; 


R NEWS 



£38m. 


JR BRISTOL CORRESPONDENT 


ENTNG of BristoL’s new 
ayal Portbury Dock lias 
postponed indefinitely, 
of Industrial relations 
} within lie port J 
'employers ":claim' that 
.ai numbers of dock 
have failed to keep a 
tot to 1 delay, tie' open- 
dock by' making pay 

poTt officials say the 
.could delay tie dock 
ral years and damage 
jade in tie port of 

tan ley Turner,., general 
erf' the port autbority- 
felt betrayed by man; 
lock workers. He Had 
when Ihe new dock 
.art work. 

. rial peace lias depended 
nay demand by tie 
's 1,300 registered 
They bad refused !to 
Royal Portbary until 


last "week, when : they-won an 
award, within the ^Government's 
lOTper cent, pay -guidelines, plus 
a bonds and productivity- deal. 

Other staff employed by tie 
authority and 'independent com¬ 
panies in A-vomnoutb. Bristol, 
bad postponed their- pay nego¬ 
tiations while ' awaiting the 
outcome of the dockers’ claim. 

Mr. Turner said: - “ Various 
sections of staff have now made 
claims on us and Imposed condi¬ 
tions for working Royal Pdrtbury 
Dock that we cannot possibly 
accept.’? .-.' . 

Harwich, move : : /' 

Tor Line, tfie Scandinavian 
shippers, are r the authority's 
partners.in a company called 
SWIFT, established to manage 
-and ih'arket No-. 1 berth and roll¬ 
on roll-off .facilities -in the new 
dock. 

.Mr. Paul'Ihsley. .Tor managing 
director,'said: •* We have other 


people actively wanting to use 
the dock hut* quite frankly, I 
think they will now find 
'alternatives.” 

He said a new customer. 
Shippers Cast Line, had hoped 
to handle 20.000 containers a year 
through Royal Portbury. Instead. 
Cast will now go to' Harwich and 
only consider Royal Portbury 
once it has proved itself. 

Mr. Tom Lord. Cast managing 
director, confirming the move to 
Harwich, said: “Royal Portbury 
is just not a working dock. If 
it should get off the ground and 
Prove itself a viable proposition, 
we may consider a trial with a 
few ships. 1 * 

The arrival of the MV Hesselp 
in the new dock to-day with a 
cargo of Cast containers has been 
cancelled. 

The new dock should have 
been- working before it was 
named by the Queen on August 
S last year. 


. G. Thomson pay 
case opens 



Y PERM AN, SCOTTISH CORRESPONDENT 


VnONAL UNION of 
ts began- a Central 
m Committee action in 
yesterday' against the 
wwxi publishing group, 
.> largest non-union con- 
one of the most profit- 
ate cpmpanies in the 

aring is being closely 
>y print unions, which 
with the NUJ. have 
ng to break the anti- 
’.nee tbe company, has 
4 ' since the 1926 
Strike. Other applic3- 
ir industrial legislation 

n*. ■ ' . 

■ar Thomson's turnover 
.-31m., and its pretax 
; £6.6m-, of.which a third 
»e from investments. In¬ 
stake of 24.8 per cent: 
m TV. . 

refage ■ wage . for. its 
loyees was £&2S4.-and 
n directors,-five- out of. 
»m are members of tbe, 
-"amity, only on.e person 
rganisa tion was - ■ paid 
r£10;OQO. : ' - ~" 
J seeks parity between 
-rs.in tbe Glasgow office 
Sunday. Post:' largest 
le TborasoD group with 
circulation of 1-Sm_ 
jeneraVlevel ** of wages 


and conditions for similar news¬ 
paper offices in Glasgow. 

At the hearing the company 
maintained that the Sunday Post 
was unique and: could' not be 
compared with other. Sunday 
newspapers. Jt was note-national 
newspaper and the .bulk of its 
sales were in Scotland, although 
it did have'an English edition, j 
• The company rejected an a ne¬ 
gation that it - treated .Us staff j 
badly. -In responselothe union's, 
demand for.'information, it said 
that it would need .four to si\ 
weeks to produce details of the 
salaries and'conditions-of its 36 
Journalists - .in.'Glasgow, and to 
make comparisons with levels on 
other newspapers. •' .- . 

• !n its evidence ■' the union 
refused to give the names of its 
members in. Thomson’s because 
in. the past, once identified, they 
had *’ not done-too well", in tbe 
organisation. . : . . • «*' 

-Mr. - John - Hodgeman.—NUJ 
Scottish : organiser.; sald:\**Our 
members BhoUld pot. suffer, the 
situation that because their man- 
agement Is among the most 
successful of the world's publish¬ 
ing employers, they'should be at 
the bottom of tbe'wages scale.” 

The tribunal was adjourned 
until March 2f. 


Speke strike likely 
to be called off 
at meeting to-day 

BY PHILIP BASSETT, LABOUR STAFF 


British Steel pact 
key to viable future 


BY PAULINE CLARK. LABOUR STAFF 


pbuilders defer 
ision on union 

\N PIKE, LABOUR CORRESPONDENT 


~NTHLY' British . Ship- 
Board meeting yester- 
to resolve the. question 
r the Shipbuilding and 
idustri h Management 
■n is’ to be- recognised 
dustry. 

:h the recognition issue 
ie agenda. Board,mem- 
■n deferred a firm de- 
-a December tbe-Board 
i approach the Advisory 
. on ' and Arbitration 
nd is apparently still 
information, although 
-e been discussions be¬ 
lli ?h Shipbuilders and 
■eials. -. 

anagement association. 

of the TUO&fflliated 
■5. and Managers Asso- 
? currently engaged In 
time ban- in -protest 
lei ays .‘by the British 
era Board in. coining to 

UC general ■ council, is 


also • pressing for an early 
: decision, but it is insisting that 
recognition in- shipbuilding must 
be confined to unions affiliated 
to the Confederation of Ship¬ 
building .and Engineering 
Unions, which does not -include 
the. management association. •_ 


Tide and Tide 
dismisses staff • 

THE EIGHT editorial staff' cif 
tbe. magazine. Time and .Tide 
have been given two raopihsq 
notice to quit because of finan¬ 
cial losses. '• • ' 

Mr. Ian Lyon. editor, said last 
night that negotiations were 
under way for the sale of/the 
magazine. If a purchase could 
be. agreed, the magarfne - might 
besavedl - .. : : i 


Minister 
warns 
the bad 
employers 

ONE small group in Britain 
ought to fear the unfair dis¬ 
missals laws—the bad employers, 
Mr. Harold Walker. Employment 
Minister, told the University of 
Kent Industrial Relations Society 
yesterday. 

The remainder — the great 
majority of good employers— 
could be left to get on-with their 
job of'managing." 

“ Hundreds of thousands of 
job changes take place every 
year. Th the six or so years' ex¬ 
perience since the introduction 
of unfair dismissal legislation in. 
1972 under the then . Govern-; 
ment's Industrial Act only a 
fraction have involved unfair 
dismissal claims. 

“Critics of the legislation have 
lo ask themselves: ‘Do they 
think it right that someone 
should be dismissed unfairly? ’ 

“ Of course, a few unscrupu¬ 
lous employers would gladly he 
rid. oE^all obligations to their 
staff byt most accept they have 
to act-fairly towards their em¬ 
ployees: 

Safely no employer worth 
bis saR; demands a right to sack 
someone unfairly.".. 

Even where an employer did 
become Involved in an unfair 
dismissal claim he could couni 
on fair treatment from the 
Advisory. Conciliation and Arbi¬ 
tration. Service and - Industrial 
[Tribunals. * 

’ “Tribunals consist’ of'a legally 
qualified chairman', a trade union 
representative and an employer 
representative. , 

“About 96 per cent, of their 
decisions are unanimous—surely 
confirmation that they are un¬ 
biased. Nor should we overlook 
that two-thirds of their decisions 
go in the employer’s favour.” 

Mr. Walker dismissed the alle¬ 
gation at it is Impossible for 
as employer to sack someone. 

“An employee can be dismissed 
Tor almost any reason during his 
first six months in a new job 
bectftivr. genera ly speaking, this 
period is excluded frort unfair 
dismissal protection. But - of 
course. 1 expect emplovers to 
behave responsibly and fairly. 

“From then on. the legislation 
leaves an employer free to dis¬ 
miss an employee on a wide 
range of grounds, for example on 
grounds of redundancy, follow¬ 
ing consultation' with the trade 
union, or on grounds of the em 
pioyee's capability or quaiifi 
cation m do the job. or for bis 
conduct.” . 


THE 17-WEEK strike at British 
Leyland's car plant at Speke, 
Merseyside, seems likely to be 
called oG at a meeting of the 
1,800 strikers to-day. 

Meanwbile al EeylamTs 
Cowley factory 900 engineer¬ 
ing union members in the body 
plant voted yesterday lo go 
back to work after a strike over 
a lunchtime working demarca¬ 
tion dispute. 

Production of Maxi and 
Princess bodies was resumed 
after the meeting. The fitters’ 
claim for parity on lunchtime 
working with men in the 
Cowley assembly plant will he 
discussed al a meeting with 
Ley land management next 
week. 

Agreement on new manning 
levels and production line 
speeds at Speke was reached 
yesterday for the final sections 
or the factor?'. 

A proposal for a return tn 
work wiU he put to-day lo the 
meeting, whicb is the first tn 
be called to test feeling »n the 
strike since November 21 last 
year. 

ThP strikers, \»ith agreement 
on the line speeds and faced 
with the prospect of the .Num¬ 
ber Two plant closing, seem 
certain lo return. 

- But they go( no enrnurage- 
ment that Leyland’s decision 
to close the TR7 plant might 
be reversed when national 
union leaders met Mr. Eric 
Varley. Industry Secretary, in 
London yesterday. 

Mr. Varley told national 
officials from five trade unions 
who had asked him lo inter¬ 
vene in tbe closure that any 
derision was a mailer for Ley- 
land in consultation with the 
National Enterprise Board. 


daily liable and if it had full 
union co-operation. 

Mr. tirenville llawley. 
national automotive secretary 
or Ihe Transport and General 
Workers’ Union, who led the 
union side, said after the moot¬ 
ing that as Mr. Varley had 
made it clear he could not 
Intervene, ihc unions would 
. apply for an early meeting 
with Ley land. 

The Most Rev. Derek War- 
lock, Roman Catholic Arch¬ 
bishop or Liverpool, yesterday 
appealed Tor Ihe Speke plant 
to be kept open, and said 
lo-day's meeting should end 
the strike. The meeting will 
he picketed by wives of the 
strikers and members of the 
Mersey side Right tn Work 
Campaign. 

• More than 7(H) workers at 
Rolls-Rovce factories at Hill- 
inglon and East Kilbride, 
Scotland, have secured “fair 
wage ” rises nf between six and 
11 per cent, nn top or increases 
already agreed under Govern¬ 
ment pay guidelines. 


Co>operation 


When he re re i red th 1 * Lev- 
land corporate plan he would 
put lo ihe Cabinet any re¬ 
quirements in it for extra 
finance, hut that could only lie 
given if the plan was rommer-' 


Director ends 
questionnaire 
protest 

THE MANAGING director Qf a 
small bookbinding company in 
Birmingham, who refused to fill 
in a statutory questionnaire, 
claiming that he was being asked 
tu supply confidential informa¬ 
tion nf mi interest tn anyone 
except his com pet it ora. eon ceded 
defeat in ihe Price Commission 

yesterday. 

Mr. Philip Lawrence il tn hand 
in a black box containing the 
completed form at the commis¬ 
sion's offices m London lo-dav. 

The move comes after Mr. 
Lawrence was threatened with 
High L'iniri action which, hr 
feared, could have made his firm 
bankrupt. 


! THERE were no cries nf victory 
' from either side yesterday in the 
aftermath of the midnight sign¬ 
ing on Wednesday of a union 
agreement to co-operate with 
; British Steel Corporation's plans 
I to save the industry. 

The agreement, which emerged 
from nearly nine hours’ bargain¬ 
ing between the corporation's 
: management and the full eveeu- 
.iive of the. iron and Slept Trades 
: Confederation — the industry's 
.biggest union — covered most 
points long considered vital to 
: restoring a' viable sleet industry. 

■ Union leaders representing 
some 63.000 manual workers in 

; British Steel reaffirmed their 
January' 1976 commitment lo lin- 

• prove industrial relations and 
recognise the need for early- 

■ rlo«urc of loss-making steel¬ 
works. 

In return for the ln«s of 
i several thousand jobs, the union 
■won a 10 per cent, wage increase 
:anri the right to take part in 
decisions to cto'p high-cost plants 
lotheqthan those an the Berwick 
, list. 

British Steel called the' agree- 
> inpnt “ a breakthrough." 

! although difficult negotiations 
[may lie ahead in tackling the 
| overmanning and obsolescent 
[plant problems contributing to 
this year's 1320m. projected loss. 

I The corporation is certainly 
■encouraged by the., union 

• leaders' agreement to co-operate 
with early closures. It esti¬ 
mates that- by bringing forward 
the dales of Bcswick closure by 
between IS months and two 

J years. Ihe industry will save 
“millions of pounds" over the 
next few years. 

But it is conscious that the 
new agreement is merely sym¬ 
bolic of “ a winning of hearts 
ami minds." and that is just the 
first stage in tackling the prob¬ 
lem. 

British Steel is also awaiting 
a decision liy craftsmen and 
lilastfurnaeemcn. two group’s 
with piiwerful industrial muo-le. 
on whether tu accept the terms 


0NEWS ANALYSIS 
—RESCUE PLANS 


of fhc Iron and Sled Trades 
Confederation agreement. 

There can be no guarantee 
of this, at least until the crafts¬ 
men meet in Sheffield un March 
13. 

Leaders of the Iron and Si eel 
Confederation have acquiesced 
on five points contained in the 
early 1976 agreement between 
the corporation and steel union 
leaders, but not implemented 
because of pay policy restric¬ 
tions. 

Apart from the need for early 
closure of Berwick plants, they 
are expected to co-nperaie in 
reducing The incidence of wild 
rat strikes, absenteeism and 
poor iime-keepjng. 

The union has also agreed lo 
en-nperale in work-measured in¬ 
centive schemes to be negotiated 
at plant level, in spile or its dis¬ 
like of what is essentially a 
scheme based nn fewer men 
doing the same number of jobs, 
rather un increased production. 

It is also hoped the union will 
help tn prevent undue delay in 
commissioning new^planis. This 
would slop repetition oT the year¬ 
long row over manning of the 
S2Sin. new sinter - plant at 
Rcdcar. 

How rruftperative the unions 
will be in pressing ahead with 
plans lo close so far unspecified 
high-cosi plants remains to he 
seen. The definition of high-cosi 
plants has been argued before 
by the unions, who feel that 


depreciation and interest costs 
should not necessarily be in¬ 
cluded in the calculations. 

The only remaining obvioiy; 
candidate for cuts at present is 
the old-fa.shirined. open-hearth 
furnace section at Shotteij. 
where some 0.000 workers stand 
to lose their jobs. The heavy 
end of the plant has been kept 
alive only because nf a political 
decision tree! up with the future 
of Port Talbot. 

The scale or redundancies 
needed in the industry has not 
been specified but speculation on 
a possible 25.000 tn - 10.000 jobs 
seems more soundly based al the 
lower end. 

unly 4.5011 jobs remain at risk 
from ihe Berwick list, hut many 
more redundancies will he 

required if overmanning is to 

end. 

The figure of 40.000 was first 
floated by Hr. Monty Finnesrnn 
some two years agn. when the 
total number of jobs in the 
industry was about 22S.OOO. Since 
then, with the recent closures by 
n voluntary plant agreement at 
Hartlepool and Clyde Jrnn. the 
figure has fallen to 199.500. 

Voluntary redundancies m the 
industry have al?u helped in cut 
jobs by about $.000 since April.. 

Bui union- fear Thai because 
redundancy and severance pay 
is highc-t i around t'7.000 in total 
at the peak") for the higher 
skilled and those with most rx- 
nenen-r w the industry, the 
industry could suffer in future 
from a lack of high calibre man¬ 
power. 

British Steel admits this is a 
problem. Hopes for arresting 
the trend necessarily li* in the 
success of locally ncgoiiat^d 
self-financing bonus schemes;: 


Rig radio officers 5 work-to-rule goes on 


BY OUR LABOUR STAFF 

RADI OFFICERS on North Sea 
oil rigs who have been working 
to rule since last Monday 
because of a pay dispute til] 
continue their action for at least 
another week. 

During this time, their em¬ 
ployers will discuss options for 
a solution to the dispute 
with Employment Department 
officials. 


This vvas decided after the 
Radio and Electronic Officers’ 
Union agreed to postpone until 
March 3 a meeting originally 
scheduled to take place yester¬ 
day with management of Marconi 
Marine., - • - 

The radio officers omipv key 
communication posts on about 
12 oil rigs. They control, among 
niher things, the operations nf 


helicopters and supply vessels. 

Affected oil companies are 
claiming only minimal impact at 
present from the work-to-rule. 

But there are fears of disrup¬ 
tion to production in the Brent 
field and the preparations for 
bringing the Thistle piatform on 
stream if threatened strike 
action takes place. . 

The union is objecting tn 


Freeson seeks promise 

BY ARTHUR SMITH, MIDLANDS CORRESPONDENT 

ASSURANCES about alternative or tho f.atihur>-Schwrppi»s tea 
employment for the 55n worker* packing plant. Rirmmc’.am. were 
lo be made redundant by closure nought w\,rerday by Mr. Bqe 

Freeson. Housing Minister. 

Mr. Frvcsnn met Sir Adrian 
r..idhury. chairman. i» express 
Government concern about the 
impact of a -huldnwn of the 
Bnrdcselj Street plant upon 
Birmingham’s declining inner 
city area. 

Mr- Krecsun will report in 
Birmingham un Tuesday in the 
partnership committee set up hy 
the Cot emmem. to form plans 
lu revive employment in tbe city. 

Gad bury-Schweppes intends in 
rontentratc packaging of 
Typhoo Ira at its More ton plant, 
near Birkenhead, an assisted 
area. 


management's refusal so far tn 
pay the radio officers on oil rigs 
the same bonuses as have been 
awarded by the National Mari¬ 
time Board to those on deep-^ea 
vessels while a separate agree¬ 
ment is tmder negotiation. 

Management fears that an in¬ 
terim payment of this kind 
would breach the Government's 
pay guidelines. 


jther alleges persecution 
Financial Times 



JORDON TETHER, the 
• Tithes columnist dis« 
'ter a dispute, about the 
rontrol. of his column, 
objected yesterday to a 
n that be-wanted copies 
.iai Union of Journalist 
linutes- for use. in pro* 
gainst Mr..Mark van de 
the Financial Times 
'T the Chapel. - - 

her, 64, who contends he 
irly dismissed 16 months 
Mr. Van de Weyer had 
lied him with copies of 
af four ChapeL meeting; 
September and Decent- 
i, January.’ 1975, and 
s - 976. .-s 

f/ether said ..that the 
7jf those meetings could 
siderable relevance, 
lomas Morison,' counsel 
newspaper, commented: 
:t that Mr. Tether wants 
in.respect of this claim 
in relation ta proceed- 
>ants to take against Me; 
• i'/Veyer." 

V . tly relevant documents 
’■ n to the chapel com- 
' inutes had, as far as he 
-e, been' produced. 

start 

ether called on Mr. 
to withdraw his allegi¬ 
ng it was impugning his 

illiam- Wells, QC, the 
,* intervened: “ Accusa* 
I counter-accusations do 


nor enable tin to get on with the 
the proceedings.*’ - 

Mr. TCther. went on to read - 
from a dasier.o£.79 Setters illns- 
trating the NUJ*s- involvement In 
his dispute- from the time he 
raised it with .his. office chapel 
two years before'bis dismissal, 

' One letter to a union official 
in which .Mr.-Tether spoke.of. 
the Financial Times* “pergecif- 
tion" and “attempted debase¬ 
ment!* provoked-Mr. Veils Jujo; 
-asking: “ Are .you really wanting. 
•tb T be reinstated by 'employers' 
.who .persecute' and debase ypuT* 

' Mri.-Tether.replied: “ Yes.;l 
have no doubt they' could mend 
their ways. We all know, how 
to say ‘ Sorry ’ and start afresh., 

_ The letter, written in % 
1976. was. to -Mr. Robert Nona*, 
afi JNU.T national Organiser. 
it. Mr. Tether said; “If :the 
Financial Times can get away- 
with the kind of persecution and 
attempted _ debasement of a 
member pf the union that it baa 
been' ti 1 '*******—and.^s continu¬ 
ing to dircct with ever increasing, 
force at- me, no member of the 
.union is ever “going to be sa«- V 
. He said "that-They could, he 
**picked- off’’ one-byone and 
forced to ' suffer . whatever 
indignity,’ ^denigration, depraya, 
tipn. loss reputation, victimis¬ 
ation/or other maltreatment that 
thefr. editors .chose, for atry 
reason to infUct on tbept. 

Later/ Mr. WeUs commented 


that Mr. Tether had said “ con¬ 
stantly ’* in bis letters to union 
ofRdals that -he was fighting a 
battle for journalists, -for free¬ 
dom-, of the Press and freedom 
to write. Was there any letter 
in ..which any union official 
accepted that position? 

Mr. Tether replied that as far 
as he was aware, there was 
nothing in writing. But this was 
6 question the tribunal could 
put to Mr. Norris when be gave 
evidence.' 

. :fer. Tether quoted a. letter he 
wrote to Mr. Norris, in .August, 
1976, a month before he ceased 
to .be Lombard. In which he com¬ 
plained that his position in rela¬ 
tion .to the Financial Times had 
been -compromised and preju¬ 
diced' by "unsatisfactory aspects” 
of toe 1 beba'vionr of the disputes 
committee' and by the “mis¬ 
handling” of the’ situation by the 
Chapel committee. 

.He: claimed that the disputes 
'Committee' and’the Chapel com¬ 
mittee bad given .the Financial 
Times assistance in taking away 
his job, which- seemed deplorable. 
The fight ■-he had been waging 
against- the-editor's attempt to 
“roll back” the Tccognised inde¬ 
pendence and wide tanging 
character of his'eolumn had been 
concerned with question k of prin¬ 
ciple of great - significance for 
NUJ ..members—Pi*ess freedom 
and security of employroBnU 

The bearing continues- to-day 




I should like to know more. 


r 

I Development Board for Rural Wales 
Financial incentives. * Freepost Newtown Powys SY161BR 

Housing, g 

Factories on special terms. J Name 


Advice: technical, I Company 
management, ■ — ■ ■ 

rt»tinor.arrnimtincr I 


marketing,accounting. J Address 

Communityand i 
Social Grants. J 


I 

1 


i 

I 

l 

■ 

I 

8 

I 

I 

I 

I 

I 


Development Board J ~~ 
for Rural Wales *—- 

Ladywell l^ouse, Newtown, PowysSY161JB * ft24 2 . 73 
Telephone: Newtown (0686) 26965 
















12 


.Financial Times'Friday February 24 197.8 


PARLIAMENT AND POLITICS 




: Healey proposes 
use of scope for stimulus 



Caution on 
referendum 



demand 


Rees hacks 
police action 
after Front 
march ban 


BY RICHARD EYANS, LOBBY EDITOR 


BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT 


MfMSTERS were being pressed tinn less 
yesterday 


Hfcelv. But a more coijtinue on Thursday- 

ill 


By Rupert Conwet^£eH>ySt*ff 

. There REES last ijijht 

T R fr *fwVdate teMthe general view was that” Hr. Calu’ will inevitably be numerous ^rew his weight bebindtte 

MR. DENIS HEALEY, Chancel- amount provided for a year ago. in Britain 1 ? economic perform- f rn J h P ,a ^ l J^' h3t *' nuld happen referendum on Scottish timing genera” 1 electiotL SSS^long the* lines of the necesssr? tomorrow to 

lor of the Exchequer, -told the “We propose to follow the type a nee. hV addedhowever that my Un F no later than Septemher-1. j 1 "j ' *. , fi ^ f Oclo . charges forced ib the Scottish dal it& poss ib2e trooble. Arising 

Commons yesterday that he m- of flexibility that has been sue- The Chancellor agreed Lh-t the He -ddej. ^ following the passing of the p 0 ii he wiUno to the court- legislation. . . . front the ban on tije : Nation jU 

tends 10 lake full advantage of cess fully followed in German/’ financial Improvement had not stimulus ^eaf lo ? dSccrou's BiH ' s l u hir ? " adl !J?- ,n 3 ^-.Suv try then. U In particular, anti-devolutionist ^ront march there. - - 

the scope for MM the in impute JP5SS «2 b >' 2,1 ,0 2# '‘ » nw,Bn0 ‘The SeMInd Bill received its « P ect tjat *e M^erjnL ™ 

« r -.«s5=^ ^^Es?3 S*2«3SS 

ip a general J5,__ 


reduce further 


«£* to recognise ng“=r‘fc,“S3 ^hVknd ecvould expect -.We %***,"£& 
t. year’s monetary targets to be to be reflected in ine hiiild up ^hich txisioa amon 


lower thau 


this of stocks and new production in trading partners. That was ;'hy j,[ ert j nn ' v \\\ *call for skilful 
the com ins months. the level of earning* remained C,e - Iro 


rates of interest. 

Mr. Healey was 3 Iso optimistic significantly - — . . r,, rcma'iieu . . „ „ „ , 

that the recent increase jn the year. tne comma months. nnnnrtani & judgment From Mr. Callaghan, 

growth of money supply could be Mr. Healey replied that he was The recent gloomy employment « T Litlprick Ministers are well aware that 

brought down in the coming not prepared at this stage to give forecast from the Cambridcp n-*ki demanded that the a September referendum which 

month'!. He marie it clear that hi* view* on next year's mone- Group was raised by Mr. Dennis 
he intends to follow the example tary turret*. He referred Sir Skinner tLab.. Bolsoreri who saw 
i>f Germany which had adopted Geoffrey to the fact (hat Germany ihi* as a reason for hacking the 
a flexible programme of ” genuine had consi'tentb overshot an- expansionist Budgetary *ir;avv 
growth “ although its 

supply had exceeded the staled nut Ihe consequences which Ihfi Benn. Energy Secretary, 
target. Tories expected. Mr. Healey reflected that, in the 

On industrial production in Germany had sensibly set 
the U.K.. the Chancellor took monetary t a reels so a? lo leav 

a cheerful view of the prospects genuine scope for growth without reel. But he added emphatically: 


mittec stage after Easier. 

Meanwhile, the Wales Bill will 
start its committee stage in the 
Commons next Wednesday and 


As there is much less enthusi* be in Ilford despite the^bte foi 
rtmlnW.1.. tor dilution, this 


could be 
hurdle. 


an 


(Solly uwi gave "the Scottish National Party 

Government should thins n fnr ;.,hiiaiinn nr which 

* hm " TTrZ'rr JSSici m cXdcoL 

more ahniit fulfil ling its side of • t . Jfl 


for the months ahead. But be n? 

would not he drawn into spern- to follow that example 
lating what type of wage spoliey Chancellor stressed, 
might be introduced in the In other exchanges Mr. Douglas to take 
summer when the present in per j ay /Lab.. Battersea X.) argued stimulus." 


non which fell below the 4fi per 
to mi- 

th 3 l lhe niense complications anti damage 
Miimilus Labour prospecls in a suhse- 

et past, the Cambridge Croup fore- ‘to “the economy *!««>* general election, 

re casts had nor always been cor- 4cpenaed upon the extent to Tlie Prime Minister will harp 

which British industry was mm- 


nao conni*'cnii‘ utvrsHni an- qxpanMomsi puogciary snrial rnnirirl in order to ‘ ,nr ‘ wn,cn 

inoney nounced monetary targets with- tionA nf Mr. Anthony Wedawood , nrre , HS p production. rent, hurdle, could lead 

Mr. Healey replied 

exiont In which any 


-igniting inflation. “We propose ** 1 do think there should be scope ni ,fj r jve The level of earning 
Follow that example." the for some stimulus to the economy r Hation to productivity wa 

in the coming Budget. 1 prbP«e pssrmia , ln this regard, 
full advantage of that a;;reed tha , wa „ 

now slightly 


to make his judgment in the late 
summer when the Scotland BiU 
i« expected to reach the Statute 

.... Bonk, on whether to press ahead 

wage levels' were with the referendum in Septem- 
above !b*» 10 per ber or to find an excuse to delay 
it until next spring. 

The call for a referendum no 


Bid for halt on aid 
misuse promised 

BY IVOR OWEN, PARLIAMENTARY 5TAff 


was 

He 


cent, guidelines come to an end. that interest rates in Britain were This brought an aitack from ,. pnt figure tint not to the extent 
During a Jengtby question s tj|j j fln high and that there was Sir Geoffrey Howe, who said that w 'r>i'-h the Tones had forecast, 
session, the Chancellor took a every reason for bringing them output in each quarter of the Dealing with the clirrem rate later than September 1:1 came 

consistently expansionist line as down. past year had hern below the 0 r sterling, the Chancellor said primarily from Mr. -Tim Sillars 

he came in for intensive grilling Mr. Healey lold him: “1 hope rale achieved in 1973. There was th;i j pn : na | a nce. it was not and Mr. John Robertson, of ihe 

ahout the current state of /he j t w ni he possible. But one. has no sign of tbs- upturn which the damaging the economy. Unless Scottish Labour Party, and from 

~ ' "' ' _ L “ »•/» brought down the level nf Mr. John Mackintosh, the pro- 


economy and his intentions for m consider imprest rates a.« one Chancellor had forecast in his 
the rest nf the year. 0 [ the variable 1 * which contribute Budget last autumn. He iaid tha 

iDn money supply. Mr. Healey welfare nf the economy.” iho Prime Minister 

recalled that in the month to Mr Huah Dykes (C.. Harrow apparent!;, share Mr. 
mid-January. M3 grew at 2i per jr t suggested that while there oprimistlc view nf the economy, 
cent. The excess over Hie had been a financial improve- Questioned about pay policy 
desired rate or growth for 1977- m ent in rerem months there had Mr. Hpalc; said that it was far 

not been any real improvement ton ear!) for him tn announce 


197S as a whole could he 
accounted for largely by the 
once-and-for-ail effect of the tax- 
refunds resulting from the 
reliefs announced in October. 


inflation and reduced wage costs, devolution Labour MP for 
nr !‘ any sub'tantial increase in thp Berwick and East Lothian 
Healeys v; ,j u? n f the £ would damage our Mr. Sillars said in a statement 
industrial performance. that the September date would 

Mr. Joel Bameti* Chief Socre- ensure that the Scottish people 
iary to the Treasury, said that the had the chance to vote on the 
Government wanted to spe an in- assembly before there was a 


UBSurmoua table day's by-election. Ml 

was called'In yesterday to Scot 
land Yard to explain his inteii 
tiong foc_ toitnorrijivr.-..;. _ __ 

Speaking in the cOBStitueacj 
‘ last Bight., the."Home'Secretii? 
set out to counter the Cotiwn-a 
five's latest campaign theme tha 
Labour had been slack-pa-la-j 
aruS orter.. . ’. ' 

“The ConiOrvatfvo Pwty i: 
trying to do on law-apdi.ordi 
. w’hat it has done oh irom^ratioi 
* ,n —'exaggerate the real problem 
BRITAIN WANTS the EEC to Uganda last year, simply -wilt e xe lte the fears of-the toWtimnit-; 
take action which will prevent not do.” Aid or trade arrange^ ^ offer no practical pTbpRSals; 
assistance provided through ments. he insisted, should- not Mr. Rees said, 
overseas aid programmes being he to bolster a crudely repres- 

misused hv regimes such as that sive regime. . _ ; . -- 

of President Amin of Uganda. Mr.-. Jud dvigorousJy_ upheld there were .instant. T.. 

Thi' objective of Government tht defence of British interests complicated problems*/ 
policy was stated by Mr. Frank undertaken by Ministers hi advantage of coacerrLxM 
Judd Foreign Office Minister of Brussels and contended, that ^ the country. TJusj- 
utate in the Commons last night, there eould .be no justification peasant, untcue ;. 

for interpreting their apt ran. as The Home Secret 

signifying that Britain was not that justified fearS;* 
prepared to work-in accordance ticularly ajnon&tbe.-G 
with .the spirit of Community urban vandaliwn^ But 
membership. . • ,Was to continue jn 

The Government accepted that police and to ensure: ! 

.. _ _ a balance had to be held between had adeqimtelwi? 

ensure that the aid provided was national and common interests, offenders. • 


In ddingso-,-they werftWfl^cail; 
fostering; the v; irapref‘ 



in a debate on developments in 
the EEC. 

He told MPs that in the re¬ 
negotiation of the Rome Con¬ 
vention. thp Government was 
determined to press for the in¬ 
clusion of a provision which 


Example 


He was confident that the next 
few months would show the trend 
to be within the desired range. 

Mr. Nicholas Ridley IC.. Ciren¬ 
cester and Tewkesbury) asked 
whether, if the growth of money 
supply was still above target. 

the Chancellor would gire prf- _ 

oritv to reducing it or to going “'miracle” is already dead. This 

was the message last night from 
Mr. Peler Walker, former Tory 


Tories ‘will inherit 
second depression 9 

BY RUPERT CORNWELL 

BRITAIN'S short lived economic of Management at Swindon that 



S a ST#TS ~sr-" >5 ” eararsv* »avsjj'« 

f^ncell^VuS'^^^ a n S Tutumn S referendum"woul"^ "S^udd said: “The present StefaJTd io?.^ 0 autbShSian 

something about it in his Budget, make an autumn general elec- basis, as we saw in the case or 


Hardly a shrinking violet 


ahead win tax cuts. 

Mr. Healey relorted that fluc¬ 
tuations in money supply from Cabinet Minister, who claimed 
month to month were perfectly that hui for North Sea oil and a 
consistent with keeping monetary strong exchange rate. January 
aggregates under control. In fleV- would have produced a record 
many, the increase in money sup- risible trade deficit of £650m. 
ply over the last three months unemployment of 1.75m and 
had hren at an annual rate of inflation well into double figures. 
15.5 per cent., yearly double the He fold 


\ Caplan Profile 

Group Limited 



1977 

1976 

Group Turnover 

£4.024,473 

£3.096,711 

Profit before Tax 

£652,658 

£431,916 

Profit after Tax 

£504.606 

£197.048 

Earnings per Share 

15.91 p 

6.57p 

Dividends per Share 

4.79p 

4.29p 

Dividend Cover 

3.51 

1.53 

Assets per Share 

85.47p 

78.60p 


this year could easily witness a 
second depression “before the 
first depression has disappeared.” 

“When, as 1 believe, will 
happen, the Conservatives arc 
returned to office later in 197S. 
it will not be tD preside over the 
oil-rich years hut to tackle a 
vei->‘ serious economic situation, 
one in which the servicing of 
Ihe British Institute '|r Healey's debts will be £n 
added burden. 

Meanwhile. Sir Geoffrey How*, 
shadow ChanceHow. expounded 
at a by-election meeting in 
Ilford the three goals of a 
future Tory Government: incen¬ 
tives to work harder, curb 4 on 
public spending, and an *>nd to 
“war on business” through such 
devices as the Bullock report, 
pay sanrtsons and planning 
agreements. 

Export-led growth, the panacea 
held nui by Labour, had already 
failed, said Sir Geoffrey. In the 
last qwaster of 1977. exports had 
dropped by 6 per rcnK and 
import* had risen hy 3f per cent, 
compared with the preceding 
three months. 

’.Mr. Walker underlined the 
rt.sk that the U.S was about to 
join Germany and Japan as a 
formidable competitor for Britain 
in world markets, helped by the 
immense advantage of a che.?p 
dollar. 


Highlights from the Statement by the 
Chairman, Mr, Ian Caplan. 

1 am pleased to report that 1977 was a year of growth in 
both turnover and profitability. Profits before taxation 
were a record £652,658, an increase of 49%. 

There was a continually increasing demand for our 
office equipment products, which represented about 
80% of our turnover. All divisions operated- profitably 
and current trends suggest a continued growth in 
demand. 

Since the summer, there has been a major improvement 
in demand in our plastic processing division and current 
trading is most satisfactory. 

Current sales of our Associated Company in Canada are 
far in excess of the corresponding period last year. 

Sales and production of Braemore Furniture have in¬ 
creased rapidly since the beginning of the current 
financial year. 

Prospects 

We are ideally situated to take maximum advantage of 
the inevitable increase in demand which would result 
from any form of economic stability. I am confident that 
our growth potential will be satisfied in the foreseeable 
future. 

c r ;r? QeoQ'TsndAzca&rsa-.-a''sn : e V"? T -e 
Cer-?' P"deO'-O Linked. Cpcvp Kclzs, Oaxnefler S'-jvT, 
Lcr.acn 5 6?S. 


PERKIMLMER LIMITED 


INTERIM STATEMENT 


Tli*’ rc/cuJfx for ihe six moviJis 375/ Prrejnher 197“ 

based, on unaudited aeeounif are as jollours.— 



Six months ended 

Year ended 


31st December 

30th June 


1977 

1878 

1977 


£ 

£ 

£ 

Turnover . 

5.490.980 

4.635.773 

10.974.440 

Profit before Taxation . . 

.vnusn 

4fi0.77S 

I 

Les>. Taxation Prcnteiun 


239.605 

srtn.nnn 

Profit after T* vat urn 

H2.iS.tl74 


£>i«lS.3£Jli 


BY IVOR OWEN 

A ROUND of political joust¬ 
ing between Mr. Callaghan 
and Mrs. Margaret Thatcher 
brought another whiff of the 
hustings lo the Commons 

No new clues were provided 
about the date of the general 
election, although the Prime 
Minister promised the eager 
Mr. Kenneth Baker <C_ Si. 
Marylebonr) that there would 
be one “in due course.” 

Mrs. Thatcher claimed that 
a*t a result of Governmenf 
policy, the real take-home pay 
nf ihe average worker had 
heen reduced by t~ » week, 
while men at Swan Hunter, 
who bad refused Jobs, could 
rolled .redundancy payments 
for amounts up tn £10.01)0. 
** Do you think this is a sen¬ 
sible use of scarce 
resources? ” she challenged, 
amid Tory rheers. 

Mr. Callaghan confessed to 
a «cnsc of shock at Mrs. 
Thatcher's ••effrontery.” But 
he quickly -pressed a counter 
charge that the Tory leader 
had demonstrated she opposed 
Government policies which 
helped tn create or keep jobs. 

If Tory policies were to he 
implemented, lit* inserted, at 
least one million jobs would 
go in Ihe \ery near future. 

Mrs. Thatcher seemed 


equally shocked. Either un¬ 
wittingly or deliberately—Tory 
backbenchers did not seem tn 
share her doubts—the Prime 
Minister had deliberately re¬ 
fused to answer the question 
about redundancy- payments to 
ihose who refused jobs. Was 
it right that those who worked 
should have a raw deal com¬ 
pared with those who refused 
work? 

Mr. Callaghan rountered: 
“That is a totally irrelevant 
question, ft is the kind or 
pious platitude in which we 
are becoming accustomed from 
Mrs. Thatcher . . . totally 
meaningless and full or that 
kind or spurious gentility 
which we have come to asso¬ 
ciate with ber.” 

Dpspite the Tory leader’s 
willingness to take care of 
her>elf. the unlikely figure of 
Mr. Joe Ashton <I,ab_ Basset- 
Jaw) seemed intent on riding 
In the rescue. He reminded 
ihe Prime Minister of news¬ 
paper comment that Mrs. 
Thaicher had hern unfairly 
treated o\er her speeches on 
immigration. Some offer of 
sympathy seemed to he re¬ 
quired. he suggested, particu¬ 
larly as her majority in 
Finchley had dropped from 


16.000 In 1959 to 3,900 at the 
last election. 

For good measure, Mr. Ash¬ 
ton added that last year the 
National Front received more 
votes in Finchley tbap in 
Paddington, VauxJiall or Lam¬ 
beth- 

Tory MPs cheered when the 
Prime Minister admitted to 
having read that Mis. Thatcher 
did not intend t0~ be bullied or 
intimidated over the immigra¬ 
tion issue- “ I way say that the:' 
role, of shrinking vioiel Is one F : 
would not really associate will] 
her.” he scoffed. 

But there was nt> reaL need 
to have any sympathy for Mrs. 
Thaicher. tlie Prime Minister 
assured the Labour benches. 
“This side of the House ,Is 
attacked consistently by that 
house organ of the Tory Party, 
the Daily Mail. The difference 
between us and Mrs. Thatcher 
is that we don’t whine when 
we are attacked.” 

There was a -prompt dis¬ 
claimer from the Prime 
Minister when Mr.-Peter Emery 
(C- Honlton) accused him of 
employing “studied insists” 
against Mrs. Thatcher. “ I pro¬ 
mise you that my insults were 
not studied. They wonld have 
been far better than that if 
they had been,” 


institution. than in 1974. the 

Mr. Judd re-stated the Govern- were last iq power. 
meat’s determination to ensure “ Let. us hot exag^s^L op 
that the interests -of Britain's problem- We live-ih oniTjf-tfi 
Aching industry are adequately freest .--and.- ^tabliit -Sadeti* 
safeguarded in the Common in The world.” 

Fisheries Polic yand .also re- : The Labour Party'^vras: s^el^n 
affihned ih eintention to seeure to continue this "Vdiv.a JJagls.* 
Modification of the Common conciliation. - not by ffeSr ao 
Agricultural Policy. division.”:Jfri ixeer sali>> -v, 


Arguing for stronger powers, Mr. Michael Marshall, MP, recalls 
one Minister's comment on Select Committees 



ot damn-all out of me 


9 


THTE STEEL row hay hreught ir.Tn 
slurp form l|;* rol« oi S?|ov; 
Conunjtiers. As one vijn '.cried 
■jn the Select Gommiite* «.»n river- 
reas Development »vl»cn it l..-r 
considered s possible mquirv into 


tin- SCUl 

.-i;i*-- 

nf the r.rnv u Ag«-nis 

and. :«s 

:i r»u 

rrent memli^r >■! the 

Spinel G 

mnm 

*tii*«- nn V?:jo'i ili-i ij 

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def-j 

lif-f-. Ihr lr.ifjili-i:i.i| 

:*nd preshgn. 

■Us -vnrk nf the Pun- 


lie Accounts jnd Expenditure 
Committee^ and such recent inno- 
varj*»n.i j? the c unmil on 
EEC lerisiainn ^nd unmiaration. 

Almost dll Select Coinmilice* 
have increasingly laced llv? prob¬ 
lem's created by -.he fjnivrntnem's 
srowins intolvenien! in both 
public and private trade and in¬ 
dustry It i« this industrial pinn¬ 
ate winch has coloured further 
examination of the problems as 
’.veil as Hie opportunities nf 
strengthening Select Committee- 

At ihr outset, it is necessary 
tn dispel some of the iradiiumal 
evilin^ms of Select GonimitTiT-.. 
Such attacks hav** r»une from n 

wide varipn i.r sources bul 

mainly from those most im¬ 
mediately involved—. Parliament 
itself, the Civil Service. Ministers 
and the Press. 

Parliamentary critics tingle 
oui the role, of Whips tn appoint¬ 
ing memhers of Select Com¬ 
mittees and the history of offer¬ 
ing Jobs in Government lo 
rroublesnme critics. But this 
view ignores the growth in sire 
and •scope of committee? and the 
changed mo"<l uF Parliament. 
Kxcludins 'h-- pa>ro!l vutp ( ,f 
Govern moot Ministers and mer.i- 
ivrs oi minentv parlte-. alnm<t 
two-ihirds f ‘f these free to do 
so join Sclri-i i'.nimnitii*— E‘nr 
ni".-t. it provides an 'U'iiortunity 
of pursuing i '-ihti.j inien--t .m»| 
KCfpin:- >lp tu H^lr wilh liirrea — 
incly cftiimlev :ire:i. t.r Govern- 
mcc; ar,.j Giii^idr. dVU'-ilie#. 



Mr. Michael Marshall . . . 

wants permanent advisers. 

Increasingly, too, there are many 
who feel lhat this is the only 
way in which ai teast a partial 
ehprk can be cxeivisotl on the 
Exec u live. 

At Hie highest level—the com- 
111111^0 ehainiK-n—Select Com¬ 
ini trees are :■ eon as an alfern-'itii-e 
,-arecr Mrurlure Tor those, in¬ 
cluding vv-Mintsicrs: v.-jm pn-fer 
such work in sh.olo'.v or actual 
Ministerial service. 

Th<* Civil Service i.tiIus are 
typified hy Sir Anthony p ; ,rr, fur- 
me.,- Permaneni Secretary at ihe 
Donyrtnionl nf lndiiftrj-.'who. in 
a reccm Sunday Times article, 
emphasised the dangers nf 
breaching commercial confiden- 
liallv. ln general, hii views were 
more enlightened than most, 
particularly in suzeesltns the 
civil servants' interest and 
willingness to advise on improve¬ 
ments to ihe committee system. 

His fear-. hnv."cv«r. <\in lar^e|v 
be discounted hy any di-pu«- 
■iionaieytudy of rhe " Mr/eJininL' ” 
t'tenmriu*' fnr li'-.Ietin^ sensitive 
rnten in a term | and the hv.uI- 
-inilif nf pm ate i-runmiitce 
se^-'inn.-. 

For Mini-ter<. rnlm.mis nf 
Select Gn m nutters .-re mnie 

ri;ffu>e «od often reified to 


historic anlarnnism. One Minis¬ 
ter remarked ni the end of a 
tenet hy and inconclusive session 
as we left the Cnmmiitee Room: 
“Weil, \ oil got damn-all mil of 
me ” 

A more subtle hut equally 
suspect view is Mr Michael 
Foot's suggeslion that Select 
Gommiltees create two clones • »f 
MP. \s ihe whole point of Select 
Gonimitters is to prepare reports 
for the House itself, tin- is 
hardly a cunvinvitvj aremnem 
and must inm the list of 
jmrson.il prrjudiie- ulm-h ex¬ 
plain Hu- at l iturt— of many 
Ministers. 

Some, nf the Pres- criticisms 
arc mure lellin-*. They point in 
the muni nature of some of ihe 

pi-ocepriinns m which MPs. with 
many iilher comniiunenis. 
depend heavily on quesliuns nre- 
pared by part-rime advisers. But 
ihe haste advantage of question¬ 
ing civil servanis as well as 
Ministers, remains. Moreover, 
rerent exam pies of reports on the 
Rvdor pljn fur British Ley land 
and nn British Sled show an tn- 
creosin? awareness hv MPs nf 
their rote as Ihe taxpayer's mDre- 
seniartve. white the Press itself 
has nla-i.ed a ennsiderahlc part m 
^iipporitne this inuaher atliiudn 
in the snarrh fur more open 
Government. 

In aeneral. this search ran not 
be fhvnn-orl from the wholesale 
reform of Parliament which is 
currently preoccupy in i the 
Select Cnmniillei* on Procedure. 
Bul this massive task wijl not bp 
speedily accomplished ' and m 

suite opopnenis of Select Com- 
milled reform to argue for in¬ 
definite delay 

White Ihe rote of Sctect Gmn- 
mtliees cannni be separated from 
olher aspects of the reform nf 
Parliament, for example, in 
merging at least part nf the pro- 
eedintts of Select and Standing 
Committees to provide proper 

-rruiinv nf legislation, in th«? 
broadcasting of Parliament, in¬ 
cluding enmmitteps and in the 
.ippoinfmpnf of an Ombudsman 
fnr ih>’ nntinnaiicod mdnsiries. 
••’"'h dcvrlupniente v. ill lake 
nine. 

• bn* i mined lair chan go which 
could improve ihr Pariiamcn- 
1 'tv Write bring function of Select 
Conimtures is ihe appointmenl 


of permanent advisers. This is 
already Ihe case for the Select 
Committee on Defence which 
has two full time civil servants 
seconded from the Comptroller 
and Auditor General's office. 
The extension of this scale of 
manning, drawn from outside 
sources as well as the Civil Ser 
vice, could be achieved at an 
annual cost which represents a 
fraction of ihe daily - loss hy 
several of our nationalised In¬ 
dustries 

The addition of permanent, 
.idvisers is. in any event, an 
es«(*niial development - if. 'as 
seems certain. Select Commit¬ 
tees move prnqrcssively inwards 
tetal cover nf each individual 
Government department Almost 
all committees take on part- 
time advisers for particular in¬ 
quiries. but their expertise is 
often Inst when the inquiry is 
com n let ed. 

The immediate' advantages 
offered hy permanent advisers 
can he summarised in four wavs. 
First, pending substantial legis¬ 
lative reforms to improve thp 

relationship between Govern¬ 
ment and nationalised indus¬ 
tries. Select Committees could 
he used nn a much more effec¬ 
tive basis as “friends at court" 
hy nationalised industries. 

Second, civil servants would 
have greater opportunities tn 
indirate their equally valid diffi¬ 
culties in facing political pre.*- 
sure-. They would also have 
better nporhinities to display the 
generally high standards ’ and 
dedication which should ■give 
'hem Itttle cause For Tear from 
more public exposure. 

Third. MPs would h$ve tn show 
oven greater willingness to-grasp 
the nettle or industrial change 
in the national, as- opposed to 
purely ronstfmency. interest. 

Finally, permanent advisers 
would provide a much better 
chance of establishing an early 
warning system. It is hard to 
r^aue the conclusion, based on 
hitler and direrr experience, that 
such a system mu Id have savpd 
the taxpayer many millions of 
pounds if Parliament hart been 
a I Pried earlier to the deteriorat¬ 
ing affaire nT ihe Crown Agents 
ns well as targe parts nf out 

industry—bpth public and pri¬ 
vate. 


RATCLIFFS 

(GREAT BRIDGE) LIMITED f 



•••v-v-'-frfe 


P ■ 4l 


t r s}p-t*v* rorv 


PRELIMINARY ANNOUNCEMENT 

RESULTS Km TEAR TO 3l5T DEtSMfifR lf77 . 


1977 


1974'. 


.....S*--— 

Group Sales • ‘ ’ 

• 40545^00 

' ;36i<8^ 

Group Earqihgs before Tax \ . ’ 
Taxation Thereon • \ 

Nett after Taxation • ; - \ - 

. TA43.400 ' 

774300 : - 
868.900 ~ / 

• 1J6S.V 

, • ■ ^66001 


Dividends on 
Ordinary Shares— 

First interim—paid 
Second interim—proposed 
Third Interim <1976) 

Total for the year 
Earnings per share 
Total Dividend distribution 
exclusive of A.C.T. 


Ti- 


O6S0p 

T.2^p 

.. l.8«7p 
- 17.6Sp 


6 , 


. r 

• eww; 
uiis; 

:‘W 


1977 A record year for both Great Bridge and our Canadian subsldiar 
Retaining earnings for year V - _ ; : 

These would have been rdduced'by approximately £)85.000 If'depteciatu 
charged in the accounts had been related to replacement dost Tnsre; 
of historical cost. v ; . 

Oividertd '• . ^ -• ' \ - r • C/yY 

Second interim dividend proposed represents the maximam u *8odFab 

under present Government, regulations. I, .. ; . 

Prospects * . .. • : 

Strength of sterling has reduced.margins oh export sales FreM 'xRivUi 
apart from this rider.a. satisfactory year is anticipated for both 




Erfwtefrom^ortflftheChairo»n l: 

-New^raperslimits.AraaSfte^fer ; 

ye»aj&^D<jcerabff3I,1977. -if 
Grcjup Profit 

io£2^2^j|,3!^isarecoFElfofthe 

rijiV- .-C ••'.. 

com^y.Theajinpateh^ fcr • v- T. 


xnmt 


-.^--^J.’lny^worabe .... 

. much njjpFOvej Ksf^your DirectoPSc i tis-A 
^^ommendingiFinal Dividend V. . 

distrihuccm for^^ar hi ' 


: j : ,T” -J.V-T, ■ _*p . • p .> • 

.. apers.K «v'as aycarot Kg»’t]«o^ ■ '.X'. 

‘ : andyet a year & consolidaiioffj ItWs 


. WI6YWI in wii^tiiiietdpuaiijxonbUTa> • • .-j--- 

. - . tionofiteConraanyLfc 

1 1 " .* L ‘ - ' 1 , *?■' . * ' * . ' -Li i ii Vi i Vif «. j; 


GnwgTnriiOTEr'! 
Pf^Tt before tas 






ProfitafterTaxaifan ‘ ■:. 

Earnings igrOdin^ShattaftgTaxatroh ' ^' AZ32» K , _ 

Jhifeid per 

. . :; Conies of « X.jr& 

•. .&aten^4^Ai^nihfqr l97rfr6flle-^i 
•. John MJtd^5epES*rv 


















Map by Geoige PhtUp and Son LuL C 1978. 


17 1 MIHf/ IMW UlfM JUtf. w *y 

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nationalFinance. Competitively, m m M 

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from Samuel Montagu, a major Merchant Bank and 
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iy To ensure your company 
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For a prompt answer, contact 
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TESTUS. 


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Midland Bank Limited, International Division, 60 Gracechurch Street, London EC3P 3BN. Tel: 01-606 9944. 



Delivers! 


























®TtS BY ARTHUR BEBRJETTAND TED SCHQCTERS 




before ICL can use the plant as 
it intends. But by mid-79 it 
should be ready for the computer 
designers to move in and lay 
down the plans for the machines 
of the next decade. 

This is an immensely expensive 
operation, possibly around £ 8 m., 
but it is a necessary one if the 
company is to be around in the 
1990s. 

The question can be asked why 
ICL should not tell device sup¬ 
pliers like Motorola and Plessey 
exactly what it will be needing. 
(Plessey has indeed provided 
valuable assistance on the ICL 

<SMALL is beautiful In elec- Such units are not comparable project largely based on Plessey 
-Ironies because the smaller the with the large machines which technology and Plessey will be 

device the lew current ,t tabes run hank networks or predict the the preferred suppUer.i The 

tho ' ‘ . ‘ weather. But it is only a matter answer is that development times 

‘ e , . ter ]t less of time before the technology on are lengthening as the designers 

neat it produces. which they are based penetrates demand more complex circuits. 

In computers, which can use deeply into the world of rhe ( n this way ICL is gaining 

several thousand such devices, large computer. This is why ICL time foy being able to specify 

heat dissipation and compactness is developing its own force scale Jt5 designs accurately. At the 
t have how become critical and integrated circuit expertise. 

’contradictory. This is because 
4 modern logic and circuits can SflicOH 
work at such high speeds that „ ^ 

the length of interconnecting Unveiled rof the first tune yes- 
wires has a major influence on t ^ rd ® y . a . t . v il? Gorton *u -tl? 

.operating characteristics. plant which IC.L has been build- 

‘ _. . . in? and commissioning since the 

mis demands compactness, pn-ahead was announced in . 

But at tiie same time rapidly November. 1975. For 15 months and will be employing these 
operating devices run hot and it a plant to make high-purity extensively in the West Gorton 
■demands a fine balance of design s iiioon on which the whole circuit plant, 
to accommodate the need to pro- 0 f integrated circuit process This i+ not a production unit 

7 * ha-ed ha* boon operating. Out- b ut a development centre. It 
put is now 5.000 two-inch silicon will, however, provide standby 
wafers a year. capacity should there be a 

Progressively, pilot lines for shortage of some vital com- 
the manufacture of more and ponent. as can often happen in 
more complex logic devices have the electronics industry, it is 
hecn set up in conditions of an essential ingredient of ICL’s 
clinical cleanliness- development plans. 

There is still some way to yo TED 5CHOETERS 


same time computer engineers 
are moving Into the heart of the 
problem by extending their ideas 
into the circuit chip where before 
this operation stopped at the 
level of the printed circuit board. 

TCL already has long experi¬ 
ence of automated design aids 


-tect heat-sensitive circuitry and 
•at tiie same time make it go 
-as fast as-possible. 

Meanwhile, technology has 
'been galloping ahead with 
entire computers formed on a 
'small slice of active material 
‘oniv‘ 3 quarter ' of an inch 
square. 



rw7 bearings 

1 ^xdW(Q) 


quolity 
tfcfivered 
on time 


4 


• PROCESSING 



Clinical cleanliness is demanded of companies operating in advanced 
microelectronics, as can be seen in this shot of a technician position¬ 
ing a photographic pattern on a camera unit which will transfer 
h to the surface of a silicon wafer. ICL at its West Gorton com¬ 
puter development centre is now operating what is probably the 
most modem large-scale integrated circuit centre in Europe. 


Notice of Redemption 


Norpipe A/S 

U.S. $50,090,000. Bonds Dae 1986 

NOTICE IS HEREBY GIVEN that pursuant t" Section 5(A) of the. Terms and Conditions of the Bonds, S 4 . 000 . 000 . aggregate principal amount of 
such Bonds oi the ioBoiring distinctive numbers his been selected tor redemption on April l, 197S at Lhe redemption price oi 100fo of the principal 


su 

amount there c.i: 


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43 fttWI -ie'54 6743 
f+ esr.1 4C'-S 17744 
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83 5T4** 4473 67«6 

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313 2557 4705 f»31 
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129 2616 4743 6638 
132 25-.0 4744 C8f« 

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174 2643 +77= ffi»13 
229 2649 4737 <w=* 

23ft 2666 4733 Ki£| 

278 2712 4321 6961 
264 2763 4623 6U69 
237 2762 4f“9 CM 
31S =7:<l 48JS 7003 
330 =785 4471 7012 
3.77 27«2 4874 7CU9 
339 2795 4601 7045 

349 2609 46*3 7072 

350 2SH 469a 7039 
389 2625 +9*"S 7135 
382 2427 4907 7141 
3*5 2640 40,4 7142 
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724 3CU1 5171 7399 
727 3059 ?24S 7415 
731 24)66 52*6 7424 9486 

74* 5072 3773 7423 5301 



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9016 11527 23196 17*433 
902S 11333 1321P 13435 
9111 11340 13225 3 5433 
PIJ9 313<2 13231 15434 
9121 11345 13261 1M88 
91.17 11.146 1326+ 1.7489 
9160 11363 13234 13S0O 
0180 11377 13285 1W!8 
919.% 31591 12287 13523 
9213 11402 1.--297 IS537 

9267 11414 13302 17*545 

9268 114=4 333*13 15559 
9273 1147.6 13311 15565 
9250 11438 1.1345 l.WW 
9.100 21443 1S3«3 15573 
9SP1 1145S 1338.1 35578 
P80S li:*-3 17*335 15588 
9506 314?l 13403 15397 
9>tt 11495 15415 156.W 
3313 J1.«W 13416 17.806 
9315 31?r! 114422 1V-11 
9?34 11543 13431 15615 
9345 11547 1347-5 25638 
9147 11549 2 3462 15043 
97 94 33552 13483 l r -8-»7 
*995 21564 13477 17*67.2 
9414 11568 13482 13CH0 
9416 1139.1 12433 15631 
9413 11595 11514 1S6<2 
9-*3l 21615 13532 1VJI7 
9436 11617 11536 1*723 
9463 11620 11573 1.1729 

11KI3 15582 13733 

_ 11635 13384 17.747 

•SO# 11636 17,567 15749 
97-13 11654 13004 17,77,2 
7*519 11658 13620. 15765 
9.123 11674 13621 7 7.778 
9724 117** 156-16 17,779 
9530 11727 13663 15790 
9543 117-iJ 11677 13606 
9749 1177*7 11700 17.819 
95.7* 17706 13701 15836 
0562 11768 1.1701 1587*7 
958*1 11770 13704 158R2 
9024 11792 13710 158 SO 
0011 11607 13711 15861 
9P73 11813 13718 15363 
9647 11814 13719 15865 
0672 11319 13748 1SR74 
9S73 11S43 13750 25977 
•680 11843 13773 15938 
0716 11849 13778 15941 
9713 11880 13802 15942 
11897 liaaS 15973 
12302 15839 16018 
liana 13344 16026 
11918 13655 16028 


17=07 19243 21261 2-1283 25305 27313 39419 31464 3361*1 35746 37805 39P36 42013 44048 46003 4S'.*T7 

17221 19250 21262 23291 25310 27315 29458 31499 33611 35755 37905 30988 42016 44048 46006 43115 

17223 19263 21265 23295 25312 27342 STM>71 31507 3361R 35763 37937 40*114 42032 44060 46016 4R121 

17=27 33UF5 212R0 23304 25314 27284 29465 31520 33529 35784 37953 40018 42T*51 44074 46017 48143 

-- - - - - ---- 42055 44078 46039 43154 

42045 44060 46047 48255 
42066 44087 48055 48164 


17341 19389 21327 23412 25426 27561 =9560 31649 33*33 35881 28101 4'>'P* 42163 44216 46143 48257 

17150 19414 31"*4 23472 25441 27561 23565 31672 31815 35662 38102 4«11C2 42179 44239 46102 49290 

17153 19417 21135 23476 25446 27509 =9571 3l«63 33844 35877 38104 40113 421V* 44258 46170 48311 


19421 21441 23500 2541*4 27815 2^65? 1.719 31920 35923 38158 4016? 42207 44293 462.-0 4P‘*79 

- =9065 31723 33931 WOO 38161 40164 42203 44310 462V. 48357 

29613 31714 33'>6S 3W« 3816= <0174 4=216 44344 4624*1 481*97 
=970*5 21749 5=967 35973 38169 4'": "M 422=7 44546 462'* 48398 

297.V? 3175*) 3337*1 ?5*.‘82 3817 * 4* =16 42253 44?-.= 46J.»6 48430 

1432 23591 253=2 27643 2971.1 91778 33980 15389 38.192 4'Ol.Vl 4:’295 447*66 4^312 48441 


171197 _ 

174*19 18451 2I4S7 2*515 25393 27621 
17418 19574 214WJ 33361 23507 27611= 
17430 11534 21479 23S3S 27.5;? 27834 
17?45 19577 21480 23390 25517 27M2 
37451 33578 
17456 1-VW1 21531 23593 35520 2"iW? 


. _ _ __ _ 29727 31764 VCTO 36004 38197 4"2*4 4=2 .*6 44370 46315 43454 

17*62 1!*662 21543 =3598 S5562 27649 29734 U787 :*5?97. 3tM07 3R217 40258 4=3"7 44174 *6325 4 8456 

1747? 12094 21569 =3601 25568 27656 25740 31793 14016 716065 38239 4>*=6S 42.12R 41375 46937 <3523 

- - - - _ -- 27fiw :9 - h7 aiIJfc | ^ 4^23 3 Rn R< 3a:;4s 40=7'* 42369 44411 <636? 45537 

n-ccn n-«e unii -icing ng-icc ,n-M jn-7'i aAj 10 nun 


174S3 19700 =1573 21621 25377 


17464 15712 21536 23822 25533 27659 29770 31795 34031 36108 382^6 40=54 4=.".79 44419 46387 48540 

17485 19723 216=3 23845 3S5M 2746') =t'771 31804 34036 38118 38271 402*»4 42:183 44420 483W 48543 

17504 19734 216=,} .= t :<7 =5*503 2767= =:‘7SS 3(645 34069 36125 38293 40VC 42291 44*21 46403 48551 

17312 1972?. 216<i =3648 25616 276F1 =97**3 31815 34071 3G131 38311 <0:20 4=::'.*4 44425 46415 4ESST 

17539 1972" 21850 23662 256= 274?S 2 r >797 316*7» 34077 36138 38548 40127 <2428 444=8 46434 48582 

17540 19734 S1663 =3*763 25681 2T707 293'X 31664 34091 36160 38386 40335 4=431 44436 4«45I 48609 

17549 1*>740 =1539 23670 25672 27731 MUJ 31845 3409ft 36205 1069 4CC46 42132 44454 46453 43620 

17553 19741 =17=5 23677 2567*1 277?= =9350 31860 34140 36252 36380 40748 4=448 44460 46472 48626 

1755!* 39746 =17.-6 21678 25684 27723 =9*64 31892 34142 36234 38384 40349 4=453 44463 40505 48629 

17162 19796 =1=33 23688 25636 27750 20365 31896 34163 36237 33S?9 40360 42453 44479 46516 48644 

17572 1951X1 =1783 23689 25687 27772 29896 31900 34176 36317 38192 4037: 42473 44434 46356 4B548 

17577 12208 21805 23701 25715 27817 23897 31912 34201 36319 38197 40492 42477 44487 44573 46*50 

17573 1?KS7 21806 23708 2S735 3TB18 2990$ 31918 34213 30321 36406 4(M05 42492 44519 46379 48666 

17393 1**673 21819 23723 =5737 27843 29913 31923 34317 36330 ?«415 40417 42504 44527 46580 41667 

17634 19891 21821 25727 25768 27870 29920 31941 34244 38333 38433 4*1437 42530 44542 44396 4847# 

17654 19913 21829 237.15 25780 27B7I 29336 31957 34345 36347 38448 4MM 42544 44544 46604 48673 

17656 199=3 21853 23738 25781 27889 29938 32006'34257 36373 38453 40435 42551 44353 48613 4*688 
17659 1*»23 21*60 23740 25786 27832 29939 32012 34268 30419 38463 40453 41*71 44556 46615 48705 

17663 19942 21877 23736 25814 27696 29947 3=021 34269 36424 38466 40465 42575 44563 46617 48729 

17674 19943 21891 23765 25357 27902 2*981 32037 34277 36458 38319 <■>«*> 42579 4456.’. 4.7566 43730 

17678 19944 21897 23768 25867 27908 29999 33041 34301 38461 33539 4'MIT 42564 44564 45*592 48749 

17715 39989 21915 2.1770 286*8 27936 30900 32062 34318 36<« 3*541 40490 42593 <4615 4'*93 49754 

17728 2000* 21997 23796 25879 2T190 30020 320S3 34339 36479 38347 49492 42594 44RS1 46697 48787 

17730 20040 2=1)19 23802 25674 28*XM .10030 32107 34354 3«4b7 361.76 40493 42*08 44678 4K705 48-99 

17732 20043 22083 27*330 25835 2RU26 30041 32109 34303 36496 38803 4'-Vi 42607 44696 46733 46806 

17741 20051 22091 23843 25910 28028 30*52 32110 34370 36S03 36650 4V307 42010 44701 <8740 4ft? 14 

17811 20056 22115 23850 25912 23029 30»*5) 32132 3438L 30323 38852 4004? 42011 44710 40755 48*25 

178=9 2*1076 221=4 23885 25928 2?'K4 20066 3=186 343?? 36543 3-171= 49555 4=6!? 44726 46781 48331 

17832 =9108 22133 23609 =5939 =8053 30112 32194 3441= 36556 31737 40554 4=1-17 44741 4r.T68 4R.153 

17838 20117 22144 23920 25934 28063 .10127 32=07 344=0 30564 587*9 4-VW4 426)8 44743 46789 43861 

1785= 2nilR 2=168 23921 25959 26070 3014*5 3=35 34447 36573 38751 4W.65 420=0 44747 J6770 4fW85 

17361 2''IJ 19 2217(1 23934 =5963 .28071 39*65 .1224-1 34490 36581 38756 4 059= 42821 4476'.* 48775 4B901 

17869 291=4 22174 =3935 259?9 28116 30182 3=70 34502 56SP1 38759 40«** 4=8= 44770 46779 48906 

17879 20134 2=1K4 23941 26010 28117 30187 3=81 345=6 36592 38771 406=1 4=627 44774 46802 4*909 

23091 28*»B 17881 mi36 ==12 23963 26016 28131 .10213 32296 34539 36599 357fi0 4l>'4n <2644 447H4 46.911 48910 

14008 1*102 179TO 20185 2=13 24004 26019 2«1=S 31*215 32306 34541 36«I3 38781 4*1678 4='»4« 41i.o7 40833 4R9JI 

140=1 1610+ 17910 2*1|0* 2=16 24018 20024 2814-1 302=0 32326 34545 15623 3B?19 -»'.'0'S 4267.2 44K.,8 <0835 48319 

17912 2irj*r« ==5 24025 26*111 28101 3(1=3 32349 34549 36645 38321 4M47 4=061 44H81 46838 48925 

17322 20218 222*7 24042 26039 28169 90246 3=281 34554 3G6fi<) 3SK2* 4**71= 4=085 44'?l= 4*W8 48914 

17926 =0=64 2=68 24063 280.12 28181 3**=6l 32382 34558 356*5:? 3 KCS. 4076*5 4=69.1 44"26 46870 48963 

17933 20272 22291 =4006 26075 28193 #0283 32385 345*50 36672 ?PR<5 4**06 426-.15 44-,?.0 4r3!7B 48977 

17115” 20375 =2294 =4070 26CS5 = 8=110 :**.*310 3=391 34568 3*5730 3385= <*>819 42724 44*‘4I 46398 48n 

1797= 202S3 2=296 =4073 =6097 282=6 30.329 32411 34582 36717 33874 4i)P.2!» 4=. ?1 4 4 *48 4^'.*=2 40000 

17978 2-I10S =23*17 24074 26107 =8=35 30320 32416 3460J 36739 3808.1 4-V*3= 42733 419.7! 46*135 490-57 

17983 =0110 22331 24075 26111 28265 30343 52427 34602 36763 38886 4uR4= 42754 44>16= 46339 49008 

13005 =1*345 2=45 24089 26113 33=86 3W>3 3=434 3460*2 .16764 33894 40.1+4 <=7k? 44S62 46954 49028 

.. IflOH 20355 22355 24093 26123 28267 303K4 32442 34687 36769 3889= 40645 42775 44916 4*1966 49048 

141=2 )6=J= 18026 20=56 22373 24)19 261=5 282W WB?« 32453 34715 36772 38899 «(«« 42005 449W <4970 < 9032 

14124 162=2 1*037 2W® 22396 24122 26130 283® 30389 32472 34738 36774 36902 4MM 42817 44991 <6977 4 «67 

14181 13=43 1£« 20377 58401 24135 2*152 23319 30401 32475 24744 36815 38001 40894 42918 43016 46986 43069 

14118 1P=5R 1«0*9 =03:4.9 22403 24154 26161 28330 30403 -32480 34754 36355 38913 4'IT-** 42f.=2 49*132 4=003 4*176 

1413? 162*1 130.9 =0384 22409 2415*5 26240 28345 30406 32492 34904 36360 38935 40906 42851 45040 47018 41101 

lflf.OS =0138 =2410 =4163 28=96 2817= 30420 3=513 34633 36372 38936 40915 4=695 45055 47026 4il*)2 

2*1391 =417 24165 26=99 28380 30425 32527 34*36 36896 38933 40921 4239= 45**51 470?S 41108 

20401 22428 24171 26301 2840= 30431 325=9 34t*4 36897 3R953 40925 42894 45U72 47U.19 4SI4T 

='*427 2245* 24175 =6304 2840J 30450 32556 34854 369U8 3**jS2 40935 42931 451*73 47042 4J1R3 

=0441 =4OS 24195 26329 =84-.7 30458 325*2 34855 36910 33:*92 401*1 42914 45074 47047 49205 

2*1445 22489 24197 26339 28453 30499 32576 3436= 36915 39913 40964 42957 46*196 47048 49206 

13-,'*B =.M4ft 22479 24212 26364 2H3I1 30508 325*» 341*8 36933 3-1015 40467 4=971 -if,*':■:< 47057 49=49 

163=2 2-MSI =2460 24215 26368 2Ml4 30513 32*ID 34881 36939 39016 4*.r'77 42986 4 5101 47071 49=63 

l?-- 4 2*M8I 22490 24217 26378 23528 r*OS=L 32657 3490*1 3*990 31017 4u9?l 43(4)9 411 OH 47102 ■ifT.'HS 

1R2--7 10464 =2492 24=37 26383 28577 30532 3=680 34934 3fe*72 39**24 4H-C 4.311? 4M«1 47110 4P=8B 

16247 =o4Ml =2506 24=39 26290 265’*= 30TM5 327**5 34947 3*5174 3H*=9 CO*** 4:-.0 :j3 4.1)6M 47118 4P.TU 

11*2 -0 =*S*t 2=508 =4243 26409 =*538 30549 .1=707 3495= 369S4 39037 4101% 43048 45l*i= 47145 49105 

18=7- 2040*-. ==517 24244 =«?4S« 23*40 30555 32734 34982 36992 3904*? 4l»<14 4Hli!l C.I'V? 4715.1 40,09 

162*t5 2*150*1 225=4 24246 28459 28M8 305*0 3=740 3*937 =*.997 35*j5>) 4U'"= 4:-*.*--7 451:« 471*V* t'1'4 

m:i*£. =0r-22 ==5?S 24390 =&*H< 21*i.Vl 30561 .12767 35021 3.; »*» 990M 410.3 < 7ilLM 45=0= 47170 4934*1 

183)3 =053= 2T55R 24=7+ 26415 =«85= 3066.1 .3=764 3502? 370=0 33074 411*1% < lifts < 5==4 47=13 43 .*72 
l ? - : —1 =‘.'512 22361 24290 2*7467 26*571 3*1584 .7=7X0 35**50 37ii.ll 33i*75 411=5 4310= 4S==9 47=1% 4P?*2 

18o4= =0547 225(4! =4214 263**1 21f.*W 3nC^*0 32735*155 37*135 3J0B4 +11.”. 4'!!0?. 4724T 472=11 4-*:!"7 

If.'trM 2**561 2=5® 2434« =<>!B =f370 . , *«.WI1B 327?1 35071 37051 3*WW.S 41106 4M I!i 432.18 47=31 4'J.T?6 

1PII74 -=0549 ==n*Vl 24335 2652! 2867S MW 17 ?=7!M 35075 37(1»>4 39009 41171 47131 45271 47237 4 W .17 

18404 aiV*7 =2Qi)8 2436= 2*'.53*> 23*44 a**6W 52K06 .35080 37076 .I'MIO 411.36 4 : 1 ; 11 45=33 47250 494**5 

IfWOfi 20*1-10 2=6=7 24.163 26541 =8721 .M».60 3282*1 35141 37032 2)1=0 41187 431 *.5 4 '-!'J= 47=69 4M24 

7K<r.4 2'.>;*M ==«3J 24388 2654= 28750 .nxsei) 3=8S? 35142 37090 39122 41188 43185 41’ilU 47 =h0 49431 

16418 20' 07 22*137 24391 2*7.56 =8755 30681 32866 35147 37103 3-*140 41!93 431' J 3 45312 477*15 49435 


11944 15875 IG041 

11945 13882 16051 

11946 13923 16067 
11951 13926 1 6074 
11984 
11957 
11038 
11964 141'38 16123 
12*104 14040 16133 
12*lu9 1404* 16146 
1=013 14*114 161+9 
12'1M 149?? 1*153 
12*115 14065 1*155 
12021 14V *3 1*171 
12V36 1410+ 161M 
12H37 1 + 118 1*12(17 
12*17.0 14119 16710 
J2"ll 


13175 14*« 16«1 
121=5 l + l.il 162en 
I2H1 I4!6t 16=,..-, 

UH? 14177 16=91 
12153 1416? !«='•« 

12*97 14190 1S***7- l?i:*4 
1-4=03 14=*.*l T.-..J3 
12219 142*1= 101S3 
12=20 142*.+ 1637? 

1224.? 14217 1»:;74 
12244 14=:i0 1*.')77, 

1225? 14223 li:33ri 
12261 14263 16391 


12S45 143=1 16424 
12.141 147?) 16+2.+ 
12365 14337 1K+-J7 
12373 143*6 104=1 
12-39*9 14V*P 16467 
1241*9 14.171 16,7*7 
124.14 t+*l.M 16484 


18111 
IF 154 
13176 
1 ? 1?1 


124*3 14401 1*M:*4 
1247R 14 + 16 1+496 
.12437 74+17 164:W 
1=486 144=2 165*17 
1=7.1+ 14417 16115 - 

12517 l4-t74 16526 185W 

12522 1447M 15536 18516 

12539 14460 1K580 18535 

12!H2 14496 1*582 165+6 

12554 14512 1*5583 18681 

12558 J4514 16SG2 185S9 

12560 14550 1M02 185S4 _ ... _ ___ _ 

12585 1+R20 10603 18371 =07ffl =786 24577 36738 23B77 30Al&.33(>08 3S251 37314 3930* 41338 4333T 4%4KI 

125?r, 146.10 16637 16574 20776 22797 24593 26743 2869*) - S0662 33*11 35284 3732'i 3031 f. 41360 4.1342 4547.5 

12-733 14672 lCKM 1650# 20788 23632 24817 - - - ” - - - 

12034 1+0U5 1^39 1C611 20317 Z" 

12615 14714 15642 18624 20344 

1=809 1+728 1804S 1B626 20345 

12691 14755 16879 16839 20847 22S70 24856 26775 28940 30941 33063 35356 37383 39408 41533 433KI 475=4 <7506 



47450 4+606 
5 47458 +362* 


2.740 


2;.4>j 4134 P?CiO ?754 10-81= 1=658 14?Z6 1W60 

23%f, 44ul 1-551' 67*13 Kr?f<1 1=7.6= 14P49 1*>361 

1380 -'.r-* M6S .17=0 1M07 32387 15*21 16862 

2 *74 4-133 6.VS 377* 1C**=I 12»74 15*33 

2330 4491 65,19 8700 1.1946 12663 15040 

2=34 4507 6802 5799 liV.*0= 12? 14 15041 

2335 452!l Cb=8 SHT’. 1U0M 12915 150F2 

24++ +55* iJfii* B?*6 lU-J'X* 12.123 15092 

2413 4577 6*131 8603 1H9P3 1=927 

2466 4591 6S3»i 6849 11001 120+3 

24ft(l <6*1= 8704 3?M IllllB 12!*64 

2439 4605 6705 885* 11022 12!>74 

2496 4654 6120 8889 11024 12970 


-o.'u 'rr*. *iuu, —ij-rj sm./ ..-c'.-u axi *yi vrkk 41660 

26-H 11920 1(7 .*,3 18849 Z1010 2=f*08 =4699 26881 2910+ 3UC7 33183 3S452 37487 39001 41078 

2854 14?22 16855 1W46 21032 23019 24309 26882 29115 31043 33170 3S4S+ 275C*0 39619 41727 

'ECS tin-E ir.ee* 1RRS3 ?irufi MfPT n+<i,R man -)ui-*i -ii.iu out. ->uu 


45645 47693 49PRS 
4.1594 45C.86 47,.94 49313 
41*110 + 5677 47704 49926 


1BB52 21043 23027 24918 263P0 29124 31*154 33174 -15456 

l«a*« 21048 21060 2+921 26896 29142 31058 

1M?5 21047 23061 24937 2rt901 291B8 21062 

laftT? 21049 2.103# 24938 26903 39191 

16890 21050 23097 2"' ^ 

’R(**?0 =1050 23104 
18002' 21062 231 
. .... 181*17 21072 23l_. 

18BTH 16967 21077 23127 
16906 16981 210B6 23134 
151+0 16911 18983 21100 23137 

15153 16923 1BU93 21101 23143 25001 26989 =92=8 311*16 333*2 35547- P7635 3-»730 4184# +3778 451^4 J-Sfs 

15172 lS385 19057 211 O 6 =3150 25003 =6995 2*229 31167 33401 35S51 376S7 39731 41800 4379a 4&302 47BM 


151*0 

1S137 


16R66 

16869 

16870 
16650 
18883 




tank- Oa ind after the redemption date, interest on *u selected Bonds irill cea-o :« wie. The im**:;nr er afI v «&<ir,ar .riri-iT-d r. n < mri h, 

deduced fcw-tt. rum due. Coupeu -»*« M 1, WT+ h 0 «v„, iould be deUcfaed SS?. 


Febra.iri !'• 1.73 


NORPIPE-A/S 
By: CITIBANK. N.A., 

Principal Paying A Rent 



• COMMIIfiiCATIONS 

ITT into facsimile 

FORESHADOWED <m this p&& . Apart togn Ote treaflflisrfoii 
in December. HTs move into speed, trim* nr claims a not 
facsimile fnactaaes has been, for- matched by ttJ 
mally revealed to be a tie-up medUue for tf>e reotri oj «5/ 

with a subsidiary of oil giant month, the system is truly port- 

Exxon called Qwip. afa,e - , p 

Owip started by Exxon three Telefax measures . about 
years ago as part <rf a diversifies- 18 t 8 x 7 inched and itfei$ljs*“ 
tion sdieme, has already sold only 17 fts- It U normally con- - 
10,000 machines in the U S- and aected via a jack plug to i phone 
is understood to have nearly 50 line; although the wmpaity will 
per cent of the market there. be offering an acoustic:.toupler : 

ITT Business Systems has in The near future so . that lhe 
taken the basic scanning system machine can fie used -virtuAlly p : / • . 

frtm Owip's “six minuie" anywhere. . /If HlllK J - ‘ ' 

machine and revised the elec- Through its eight locations and . . 

tronlcs to produce a CCITT Grou p 300 str<? ng sales . department, LAUNCHED in the- U.K- 

2 device, that Is one able to trins- nTBS is presenting Telefax, as philips -via : Pye Ether, 
mit a picture in two minutes to A oi office equipment—like Steveuag*, is a ■ very, compli 
European standard#. Brand a typewriter or copier. Main ten- tan g e - >0 £ pyo»» aroSbl uh 
name is Telefax. ^^ anco will coi^ist of replacing w hich can be put'iogethar;'as 

B *" 5 1 * J th®.whole machine. - - syrtpm tailored to a vifie ,virfc 

reading, with writing on tom- ^ ftas declared war on 0 f applications '. - y 

^ 1 * 3 ? diS' R4ak Xerns leader), called PCS TOO it mdpdss 

rL m J3tihS f ^heid te nJ£ Mnirteid. Kalle Infotee, Plessey doreh.'differeflt senwts'raveri 

S ^ Siemens « a VX. mtfM .. mdustriaJ . partmett 
fibrek from spurtj to aJ>out £i«.5m. in 1977 and transmitters, ’ power' sttppli 

t 6 become £32m. by.SKBn" modules,. ■: 

SSSS.5%toft5??S*»»S«?2“:^* 30 *« r « nt -' 4hlrt ^+«»w 

■ - - #fc-» output signal converters jmd 

GEpfVMTT CHAJUJSH the necessary final dements 
as .yalvfes and actuators. 

■■ pontrollersbave.-a 144x: 

•• •,. . . front panel tm which is. mount 

^*“25 ' . . • a'dual bar graph display jfijew 1 

A NTJKBER of new items of the earlier model-Beil the value tff. theproctes^uaruf 
transmission and reception equip-Canada—of .wfiicb. 17.Qi» on the left and the isef pdihf 

znent for radio paging have been been ordered—tbp company is, the -right Resdlu^dn is-B.S j 
announced by Mirititone and are introducing a ~ se 5 »Ba_ -genera--. eenC-r A short IwrisiJntirHn* 
to be introduced at “ Communi-tion " of digital receiver a ,viv T.xin imbm ainafc-flw .haw 
eations 78” la Birmingham,.April gTVfes a vitoial numerical d^ay;^^ ftq,pereerrtag«oirippl- 
4 to 7. ‘ as-- well as eight distmctiye -,, 4 ^. 1 ^ ^ delfvirinfc^ 

RA 306 for example, is a high- “Weep ’■ ” u ^10 * ^c^onferoUer^^Mve^ 

performance fm tone and voice used. 10 systems rarrgihg front lO tinuous , or «teppediJUtput:it 1 
r«eiv e r for belt or poetat «ej ^ &g?.M£..SBKaa 

It operates with the company’s a-wide area, ana is .called R» 15V nbwer suddW 
fra mid-band or high band two-- There is also -a new^encodw- O'to JnvS 

tone systems having up to 876 coming on te tfii'tt"**^* 

receivers ind is suitable for both ifl which considerable stte reduC- ^Sg g^gS S 

on-site and extended range use. . tion his been actaered by the JJ® JW® 

Following in the footsteps of iis 6 of. micropreeesser etrattOL irtoSrf maS* 

the RB ill digital recSvwr. > Store • ^yjraOmod 
adopted by the Post Office for Street, London Nl. -7JT. (01-253 b 
OR r GIN ALLY developed for the London paging service and 7611). r- 

b„ mb di,po»l ..am, (or Icking _ WAMHHc' 

tnciALrvviminu -ratio confrol-nr: . 

work to a com puter^fqrrib&tli: 
pain t and direct digital, cpntr 
- Field' tt«nStiiittei*sv7are£iav 

A NON-CORROSIVE process for Water. Applied As a WiterbOtJW aWe for .all imporfant;*™ 
■ii n 'mm V anri rpasnrabl** we/cht joining aluminium that could skury it adheres suffiaentfy Veil van^JieS. boured ra fugged Cs 
»„! US kind of Sment 26 help broaden the weight reducing to permit .handling and tranA- anff MitaWe f^P P^Of . v 
k-p chmi’H lead to field use In for- efforts of the automotive indus- portation ef parts. Treated, parts'mqnntihg. .-Twfi: teHtrlnaU, 
-Sic work raSteriate tosn^ try. and extend the use of fihK-OB.be stored for weeks -before-nred latei«UA 
fions njLe^fructive IS minium into several other fields, brazing. , ... . , .- freto which 4he.signal 

?nd some ratdlcal applications . 8 has been announced by Alcah... * Testing haS included, t «* 1 f 
T-rav irtensitv is adjustable Aluminium in Canada. jrifh heat eXrfiangvs . installed- jpontrollcr or^conuK ) 1 xoom- ^ 

fcS^OWttWwSSf? After jert vorte, tt. g-. m rtWL-i:; }!&&■-JSPS?St£JFj£$ig 

four position switch and the rays company's research centres In radiators, air -rtmditfonfog ; ^JLS^S&sSBS. 
are emitted as a single 100 Canada and-the_UJL. a process evaporators and condensers. 


in modem sends signals down the * im - 
line. 

Units far paging 


® INSTRUMENTS 

X-ray check 
in field 


at parkases believed to contain 
explosives, the SA 93 portable 
x-ray unit from SAS Develop¬ 
ments is now available for more 
general use. 

Its compactness f620 x 270 x 


Advance in brazing 


(wn *i tinu. 1 (tij r„rrn aluminium .raoiaior pyazea- yim-jwniU rirmitu: and oftwer strep 

hi elded and cannot harm toe h ghIy ^ the new process, and .complemeo-; SS^re^^tded 

the operator provided that ®Yim^ ihi Mtrhtiv-hoodM-***71 >arls ' would take-ig*-to &:*«. smaratHHi^U- activttiefi- xti--- 
%%Hi at ” T ?P < * a ^.ea ttooil c^trol: room. a,, b., ly*i 

4 °t>2L Jni fil m' D with C cnpHsl “ as-brazed ” surface is com- trucks could account for much 0 to ID volt signks io 

SraulifonavailaMe Jrom^SAS patibfowith fSSS, oils “d «i*ater weight fiaringk the com- SS rmg$ 

The Sim can be devplnned on engine coolants. It also provides PfW **'’Pw new.:-proc«ss-4s-^>-<nA andgazL 3 fi j 

cite, in normal daylight, pro- an excellent base for painting also ronshte red^ hge appO^ ^dp^a ^ore.st^Ie ^qu^fi,., 

during positive radiographs in and can be directly -chramfite.-Jtenr-and. ert^pn.. 
a few seconds. The unit is conversion Coated, or eleclxo- lnduftrt^^eqtt^ment-f- Trip* 

equipped with nickel cadmium Coated, without prefre a totont. ■». .^Tbe^ Ndcwofcjpwefes 


barteries and a charger. 

More from Vernon 
WC1B 4DF (01 4045711). 


© SECURITY 


___ . .,,, -.. r — and : .--^u!|dd ' ia 

Nncolok flux is a white ptrtas- available in the U^_ from Ajcan' : t* g P£ pmployigg^a.matotena 
Place, sium fiuo - shsminate powder Plate, Kitts Green. Birmingham 7 ^*. 

. which is essentially insoluble in (621-783 4050). . fr^f Sfotf wS^^ 



its give access 


. • '• ..v. . • - Herts. (0488 4422):-;; 1 

' ' ' ■ ’ - HY|i«AUUC» 


-• >\-r* 


Fhwh mounted hi .the an*t 
travft is a light emitting, dfode 
which, emitfi 4 'ccwfed ;Ihfra- | 
red beam. ISmllirly miiifited in .J 

ANOTHER of the U.K.'s leading to “off" the unit becomes opera- 
security companies, Warshaw, tional only on the code entered. whi 2 

has introduced a digital door Correct key depression by ^ diHSoTdtodi - - ... . .. - ... 

lock. intending entrant will operate an DIA^ITO^ - - 

Known as Memorilok, this electric lock powered from the !2?2i5luidi-*^SSlte' ^Circuit • - .S&Ok'? 

mains operated device has no control bor. - . . ■ ' *!VJSK*S mebileAtofirin® nntf-qiflAai 

that is lBSS.25 using .toineBT-pa-b! 

—.— — the code carried; otitVi 

by tampering with either the key 5?- “JJJ* *1 '^^- tbe Hydrbtrac : test lipitr/!.';. 

pad or control unit .-The bafiie unit emmsts r 


a hey~d More fr 0m 1 . Westgate Street, a ^ e ®?V^made to interpose a reading flwftaeter ; :.' 

tP e outside. Lo ad0 n E8 3BR (01-986 6321). Pwne reflector in the clearance. 2 to 25 gal:/mih- e«q 

nw prin ft k.T, P . gap, triggering takes place,- ; : U) a manifold On wfeeb 

Keeps doors 
secure 


has no control box. 

tumbler switches or plug con- The company claims that 
nectors for changing the access imposaible ^to find out^ 
code. 

There are two units, 
for mounting on 

angled to prevent overlooking, __ 

and a control box mounted on the J Li*t emttting. dlpde, mounted :_a"~gl^ci 4 rt 0 e;, >fi 

inside r.f the room or premises J\CCDS QCMjrS circuit and photo pressure gauge calibrated _< 

to which access is to be gained. Mr diode are Jhoused in a 15 mm j.000 psi, and a dial the? 

The person authorised t0 diameterfbody-wfiil^t&r-re 8 efctor-'nietfer 0 to 100 deg. G. . 

change the code uses a key- vpi"|irfr* is 22.mm across.and of Flowje eonltolled bytaa-J 

switch mounted on the control • . design.”.'- Testticipt-valve ',.A ^ the ot 

unit; when turned to "on" this A VARIANT 0 # the "broken The device. toJled .'IrWwifeKWftfcb^ntay be:i4fl^ttdi;Ur 
enables him to enter the new beam" intruder detector teeb-has thebecondary benefit of beings fnu^ load from.' fully., open 

code on the keypad outside nlque has been used by Euro- able' tb detect a- firt in. close fully closed. A safety blew 

whereupon a green diode lamp switch in a device to prevent proximity, doe to - the iofra’-red plug Operatfog at S.TJO 

tells him the code has been the unauthorised opening of sensitive" pdtotodelL More on fitted tfi: the 1 ; jnaitifq^.": : . 

accepted. With the key returned steel doors. 01-39J3015. . . ' ■ ; : . .ForThtt^-fiocU^De^lrtadJ 

at f low: flow rites' j^ alterti* 
flowmeter " 0.5 t 6 

gaJL/ipln. -^tted^u 

tional preR^^^fee-calibr 

to 1 t. of 

aCfile fox.'tfe,3oVtfftters and 
of: fuB sdale for 


© STORAGE 0 RADIO 

Containers resist weather Increases 


NOW AVAILABLE as specials claimed to withstand wide varia- 

from Ashton Containers, are rions in climatic conditions. ..... nf<-, fffn r - •• -— 

extra toush weather resistant delivered flat, UNUSUAL aspect Of an Omni- Uetaflx frtJin the^feJierZ 

, ■ ~ . . . Dreorinted to customers reourn*. dirpctrnnal Mcrt, franitmiw - L,e WMS. *r 


9 POLLUTION 


the containers are fabricated Details from Ashton Con- radiatiag tower pruSpIe.in^^te'^. - 

from wax-53 1 urated double-wall tamers. Clay Crosfi, Derbys. in fact horizontally polarfced. *. ad7 ^ te * t; - i ^r En r 
corrugated fibreboard, and are (0246 863737). Operating.;over Lbe^ frequency- F ^ u ^ 1 ^ Z ^ 0 ^ '‘ atl ^ 

range foiir to 30 MUk- the aeriaL 
ii .de«igned;/for long distance 

transmisslon .tWer "liBO, km) 

and*-has fi giin of7 dH.at:4 MH 2 ®* < 

rising to 1O dBiat 30 MHn . . .. 

Use of horizontal polfiriSatiorni ' 

eliminates the .- .ground L . losses] - — : — : — : — * a ' — 

found in most vertical structures 
and^ there-ismfi naed-fo tostal a 

BOVIS Civil Engineering has machines plus weighbridge and metafile grtJhnd -v-gcreeu; ' the 
begun work on a £658,000 solid access ramp and administration aerial, eailed rOaht- Gain, \per~. ? 
waste transfer station at Hum Iniildillg. forms w61L. : iegardUS8..of. the m * : 

West for Dorset County Council. , V- hen compete, the transfer M^e ofthe site ,terrain.;; -. 7 -•.■--SBhj 

station will be able, -to handle . The design provides-* aibjtfia. 
a throughput of some 300 tons of tiai vertical 'aperture ifcnr-tailorS 
domestic refuse per day. .Refuse the.radiatioii angle as.a ^Unctifin 

u - ( i, _. . . .... - * in be compacted into steel con- *? ftequfeficy. . It is composed oT 

with trapezoidal steel cladding tamers and removed by road to two related, fourisided curtains, 
to house four refuse compacting disposal sites. ode stacked upon the ottor/T^ 

Thi azimutfr.piide^pitfenrris’ 
circular to dpe' degrge and the 
take-off fiugle is 27 deg, at the 
low frequency etxd r nine deg. 

,i,K 5S5.MSfS 4fiLi t5L!».*!_«??• 


Waste handling plant 


The contract, to be completed 
in 30 weeks, is for a two level 
structural steel framed buildin 


f CONFERENCES 


iniincc-v ** -SKF J" pete dives' seminar, organised Height i*12frfeefc 

Indusurj at a technical meeting by Benn Business Promotions. It Mort from 5a, Gregory iw, 

sec ^ on of de .^ with- the law, arrest, 

the International Solar Energy and police and court procedure ." ~ 1 1 ' ** ' ■ *'*'' r 
Society on Monday. February 27, The same company is holding a 
at the Royal institution, London. Retail Security Conference at 
Details on 0X493 6601. the London International- Press 

® structural plastics foam Centre on March SO. intended 
will be the subject of a con- for senior management and 
fprepce ‘n h* held at the Norfolk owners of retail outlets, which 
Dardens Hotel. Bradford, Yorks., will deal with theft prevention. 

March 14-15. Organised nv the Dpi ails on 0732 863944 

Section of the Plastics ft The financial and power dosses 
and Rnbhpr Institute, papers will caused by leakages in hydraulic 
pnrer production by both mould- and pneumatic equipment will 
Details on be discussed at a conference to 



imAcM 


inc and extrusion. 

i!'?, 5 ,? 5 *?' r o . r j hpfd ,0 London on April 6 V 

ft At the Cafe Royal, London, on Details on 01-242 24SL 



JFwWlC^ofj _ 

LONDON Of-56ftrt8 



































Nv 




^1. •*-;*.* ■•' 

\ - fc 7 •_;• >; i *?-**-■» _.?■••• - • . • V , '. ;•'•-■■ 

vj - \ - 7 V : . ’V- • 


’ Times Ftfiiay. February 2*'1978 




It 


1 M 

I.V 1 


-up with- -i 



+. 


•tV-v- 


-s ^ 


•"IT*-.- - 


m* 


tfeSSSSSHKrjfejw® ^-c • ^'V.•;■; . ■ , 

mg^s^dHaafenosp^iwbeii..:. jxz-.- ■■ —.’ - 

..:- .'.1 

-r n 

j 11 , 5 ^toseljEjuainess; which : .JL .:,: 'J'. C' ■. _' 

'. ugjgenerafetf'■£^'fcrrinyyer'.raa^&'a^- *ff. over - Si n. .'people. 

,.'• To-day the basic for- there--te-rno - sensq.C'to' moving' 
' away -£romwhat hejcouws best. 

.'"'-. ' OUoWPer are t outside-the .His--attitudes have-Tint always 
: : . isojT and they!are essen*. endeared'hini to tb^x.ejrt oF^he 
- . Strieted to wojHen'.over ttade aad iris nty stexet that 
.. - men over'.63. ;-.The ffitiefoveTs It) St''between him 

.though; -ate:-now. much; and the. large majority: of travel 
and: ra nge from, a - £33; ‘agents. a ’ ^situatii®.- crea fed . 
St^jr ia a British^"Se»-" largely Ky,.jtfie to'cL'CSat many: 
... ’ ■- riling-Mouse to"a. £6,500 agejits^ io - the^iialyciin^days of 
’-»■ Ftif**r V ;;.'.1 the. package.- .-.jufliday, - were- 
,.*■- 'aisyxo be pynlcsil-.about not,-Interested io.tise very-low- 

- busness^ given Its-.priced. deals .wilb.^^nimum 

’• ■ iy-to creal^ dreams:that , ot ■ commissiODL' ;’ that -. Saga 

^ to 'materialise and^the- offered. .- •i-7'.i.- 

*. la 5 '.'. • ^ere*. •.-. that - an* alternative to. agents. 
^ 3u«t a- few^yeara ago. ^therefore Saga has huilt up a 

:; .^gj2i •' ; Haa ^.foSbteKSe^eontacS It 
V Saga Holidays, some- ^clndes ,affii2tfon of over 
30.000 dubs with Saga (ranging 
fa Z. t ^ ,es ? rt . 1 pa f^ cular from bridge and coffee morning 
' ... ‘JJ?**-* ^clubs to those set up tiy. cora- 

- • " iS? P^° ies for their, pensioners), 

., ' Starts .with iocaT adfliorities 

- ndpies f ^*r*z%2^J£%zr P 

p « t *fr of:over. 4OT.000, virtually all of 
' 7 *r£5!!iLi' Wh °m Will have been oh a Saga 
£J 2 J 2 ^ i fioliffay.iAnd given- tfcij: around 

totudes. it tnes to en- ^ per.cent. of Ssiga^ -customers 


cement Pace 


A Saga of growth for the man 


EDITED BY CHRISTOPHER LORENZ 


sells holidays to pensioners 


BY NICHOLAS LESLIE 



Mr. Sidney de Haan, chairman of Saga Travel (left), and the company's managing director, 

Mr. Roger lie Haan. 


ra/in^ 




among all: of its em- 

- - ,• each year are people who have 

■ .■ •■ ■ holidayed with the"'company 

_ T before (on average; people take 

' DiemS : ; th^® e holidays With Sdga? 1 the 

" company must-receiVfe-rf “very 
tat it can—or ,perhaps high positive response from its- 
-en want to—daim tbat promothraal efforts^ 

'o not. go wrong., -.Cror - Sidney De.Haah comes across 
last year- there 'wtfre ^ someone who has-studied his 
ases of custometo not customers dosely: ' More than 
, to the right place at. anything^ he - says, ‘they have 
...; fame. But mtse were loneliness- in common eod are 
-• 1«F t. 0 . adimnistrative therefore looking .for. coru- 
s?r « arising from .the. p^Qjjgyp^ .^ijo ^itiisimport- 
,a move. Into, new head-, anf- 10 - gi ve them Interesting 
•• ®“ d ^ ^^'^ tliings. to talk abouL^ ; : .There- 
• a . c°to p y^*£f 6ed fore, holidays arfe designed not 

J SSSSiSS^ on^to'XrhustS the 
■ ■i^Ha^s , 5prtaeh:°W" r ^‘ y “‘"f 
^ris higi^ indtodu- Phces.->! ^ *>. 

"' r ’’onseouentiy lie'' lias- ^ enty of 001610 do s°. Wnstle- 
.: ^n“d\-fook to- ffP <*** ^-definitely 

.;. „: f the travet-trade, for-: excluded. ^ . 

. V'fl'or help;- Nor lias --Because elderly;people; look 
;• Seen more than' rnDdly/for -something’.- of •;interest to- 
' to pitch .iritd the main- gefher With cpmpahibnship they 
- f the package holiday are more ^flexible ahoat'-whfere 
:. \ He ta^kes -the' view. they'wili go^-ao important fac- 
, l a potential. , current -tor (which the.compatW a«mow-' 


ledges) in being able to per¬ 
suade customers to’take alter¬ 
native locations if-a particular 
resort Ss'.. fully , booked. The 
elderly -are also more adven¬ 
turous. says Sidney De Haan. 
And this, among other things, 
has enabled Saga to exploit 
holidays ou various of the uni¬ 
versity campuses in the L’.K 
during the summer breaks 
where,- as well as a traditional 
holiday; the customers can also, 
for example, enjoy -bridge 
tournaments^ 

But If elderly. people are 
more flexible,-they also' require 
more personal attention;.-which 
means!hat Sagans administrative 
ser-up has to be larger than- 
would otherwise" be the case. 
The dderly are more pains¬ 
taking'll ip ' organising" thetr 
holidays, tending to. ask many 
questions about where, they 
should go and how they should 
get there. As a result each 
person corresponds - with the 
company, oh average, seven 


times, which is more than twice 
the industry average. 

The number of people Saga 
employs to answer such queries 
is greater than it might be 
Simply because Sidney De Haan 
insists that replies should be 
as personal as possible. 

At each hotel it uses. Saga 
employs a nurse, and ai some 
there is even a resident vicar. 

This attention to detail is also 
reflected in the company's staff 
training programme. It is 
policy to take in young people 
straight from school or—in 
limited numbers—from univer¬ 
sities and to educate them in 
the ways of the company. At 
sometime or other all employees 
go out to meet the customers as 
part of a programme of ensuring 
that they understand who it is 
the company'deals with. These 
meetings may. for example, take 
place at film screenings which 
the company arranges from time 
to time at cinemas around the 
country. 


In recent years, the company, 
which is to shed its status as a 
private concern by going 
public before the summer, 
has grown rapidly. Between the 
years ending June 1975 and June 
1977, pre-tax profits rose from 
£342,000 to £1.35m.. on a turn¬ 
over up front £4.3m. to £13.1m. 
This growth has put a strain 
ou the company, not least on its 
management and management 
systems. 

However, as Roger De Haan, 
managing director of the com¬ 
pany and the son of the 
founder, says, the directors 
have been aware of this. A 
new layer of management, just 
below Board level, was intro¬ 
duced a few years ago. bringing 
in from outside a new group 
accountant, a data processing 
manager, and an operationa 
manager to head a new depart¬ 
ment devoted entirely to 
organising travel arrangements. 
Previously there were two dif¬ 
ferent departments: for U.K. 


travel and for foreign travel 
and each handled both the book¬ 
ings and arrangements of holi¬ 
days, together with travel 
facilities. 

A computer system was intro¬ 
duced when It was realised that 
the manual system of organis¬ 
ing bookings—particularly when 
so much correspondence was 
generated by each—and their 
concomitant train; air and sea 
travel arrangements, would not 
be able to cope at the rate of 
growth being achieved. 

At tbe heart of Saga’s ability 
to grow is not -only the ex¬ 
tremely close contact with exist¬ 
ing and potential customers, but 
also a financing system that en¬ 
sures the company cannot over¬ 
reach itself. By expanding very 
carefully and by prudent use of 
resources a very large “core 
of money has been generated 
wbicb is kept constantly in¬ 
vested in local authority securi¬ 
ties. The ^essential idea, worked 
out by Sidney De Haan, and 
clearly his absorbing interest, is 
as follows: 

The company always uses the 
cash reserves built up over pre¬ 
vious years—and not overdraft 
money—to finance each current 
year’s trading. Thus, for ex¬ 
ample. if it had £5m. at the end 
of the 1978 trading year it might 
set aside £1.5m. for 1977 work¬ 
ing capital; leaving the balance 
invested with local authorities. 
The sum of £5m. is determined 
by the company knowing what 
level of bookings it will have 
throughout the year, when and 
how much-cash will be coming 
in and going out at any given 
point: and therefore the maxi¬ 
mum amount of cash it will need 
at any one time. 

At the same time, the growth 
target At each year is partially 
determined by the amount it is 
felt prudent'to set aside from 
the cash reserves for working 
capital. The company is helped 
in this whole process by the 
fact that' pensioners tend to 
book early, especially for 
repeat holidays 

This brief explanation of 
Saga's financing tends to pre¬ 
sent it as a very simple system. 
Basically it is, but it is a form 
of financing which is probably 
not widespread among com¬ 
panies in tbe U.K. Investment 
Income clearly forms a signifi¬ 
cant part of the company’s pre¬ 
tax profits each year, but 
according to Sidney De Haan. a 
heavy fall in -interest rates does 
not materially affect the com¬ 
pany since it - requires only a 
marginal increase in holiday 
rates to compensate. 




A; ’’Xi J 1 

'A- 



'X*>. 


on safety legislation 


Jjf 


BY RHYS DAVID 




1 .CH tougher JegJsrafaim;|' r -.' 
qtog into, effect-"'.inf" ’*• “ f 

safeguard .fimpfoyees.- ' ■ 

.is provingheadache-. > 

"i-' compaisies; ' but tor-. ;-, '<*• 

presentsj It golden ...... . .. ... 

: W- . . 7 place—to the Initial and a lot Of small firms supplying The new breed of managers, for Sketchley Safety- Services, 

•own for its- 530 dry- Advance lineir hire and work- the market and often offering Wightman believes, will want to which will be run, along with 
shops, .Sketchley is businesses (owned by only a limited range of pro- talk to a big organisation which workwear, as part of the com- 

this year to see Briferii 'Eferffic Traction)—the ducts.. Each industrial centre can advise them on safety pany’s industrial services divi- 
’af its activities bring ■compa^’s;;|rowth has already has one or two local companies equipment and undertake to sion. 

-profits -“'the supply been fastLast year, saw:toe but there arc not many people supply a whole range of items The move comes less than 
wear.” Hjisi through landing of. a, plum" contract, for providing a national sen-ice." rather than individual products a year after the failure rif 
-wear activities that supply'-of .overalls.to Ford’s f ‘Sketchley belibVes that - as for ear, eye, hand or foot Sketchfey's attempt to take over 
.. expects to make Jn'. ' 55 .o(W-UJ^ einployees, -a- deal. legislation takes' effect - the protection. ; its arch-rivals in the dry-cleaning 

o the^UJL*-market tor «stimated'toi>e worth move than, 'demand from within, industry Sketchley, which had sales of business. Johnson-Bollom, but 
d-oper similar equip- ££ 00 , 006 . - - ^ ■■ - • - increasingly be.for £16m. in the first half of its wightman claims safety equip- 

ich is nflw estimated The: workwear busin^sxiS.nni^ co-ordinated approach to the present, year and profits of men t j s n ot a substitute f° r * 
■fHOrn. a year. n . by acetchley from a-network supply .of. safmy ^equipment £ 1 - 8 m., will use its regional bjgg er stake in diy-deaning. 
.4,000 companies- and "of ninecentres in 1 the main AJ.IL- 'Major companies .have- now centres, as bases tor its om to g^tra shops which would 
vorkers--an-British tor;industrial areks. “The supply of--begun - to appoint senior break into the_safeiy equipment jj ave come through a merger 
. eceive ^their.. overalls" safety equipment is . highly managers 1 to take charge of market but, Wightman stresses, were> ^ Wightman points out, 

k from Sketchiey?® hire, fragmented;*' Gerald Wightman, safety on a group basis, instead it will not simply be a case of on ] y part 0 f t h e attraction of 

■and although in tlfis' chairman executive of of leaving the task to more trying to nog gloves ana goggles Johnson. Sketchley bad its ey 

etchley ■ has- to ; yield Sketchley, claims. “There are -junior staff at individual works, along with the weeks supply of ma i n ]y on the spare capaci 

- =■-— 5 -—---■■■ ■ f clean overalls. .. 


jfXlfHJli-COLOUR UTERATURE 


* I »*’ =.-r' ” ■. 


kV - ‘ 





-X 


•t 


is not necessary to call Paris for reservations 
it your Paris hotel,; Pj; L-! [Mj Saint-Jacques. 


....... ^ 

. . ; Frerui\WInx^.Fttai^Guyana,!^ . . . - 

[: >'Vr, _ a^foiple fo: . 

isxH. London ; /1- " i R™- . 

B.TJLMAWCteSIBB; BXH. STftAtFORD/flVOW 


only part of the attraction of 
Johnson. Sketchley bad its eyes 
mainly on the spare capacity 
which it believed to exist in 
some of Johnson’s regional 

^nAPl’alktc depots, and which could have 

k3£FCH*XlJ9i-A * been used to expand the work- 

^smssm £SHS f S 

sjffiat: SSsSvSSS 

K M-r «Uj 

SSS. •» » 

case of molten metal spillages. There are dangers, Sketchley 
Altogether some £300,000 capital admits, that the industrial 
investment is envisaged during safety field could become over- 
the first 12 months of operation subscribed -with a number of 


other groups also deciding it 
offers good growth potential. 
Some of the other workwear 
hire groups are already in¬ 
volved, or surveying the market, 
and a number of textile com¬ 
panies have also seen it as 
an attractive area for 
diversification. 

Sketchley will not, however, 
be involved itself in the.manu¬ 
facture of safety equipment but 
will be bringing it together 
from various sources including 
overseas. Industrial gloves, the 
tpost important safety equip¬ 
ment item, will come very 
largely from the Par East (Hong 
Kdng in particular) and East 
Europe. 

T^e development, if success: 
ful wiD give Sketchley a 
broader base as a supplier of 
industrial services and will 
reduce its dependence on dry- 
cleaning and its traditional 
textile activities. 


Favouring State 
support for 
strikers’ families 


Financing Strikes by John Gen- 
nard. Macmillan.- £8.95. 184 
pages 


IN THIS short book, John Gen- 
nard, a lecturer at LSE, bas 
effectively demolished the argu¬ 
ments of those popular news¬ 
papers and politicians who wish 
to remove or limit supplemen¬ 
tary benefit paid out to strikers’ 
dependants (and, in certain cir¬ 
cumstances, id strikers) in the 
belief that this would reduce 
the number of strikes. 


Pattern 


r It is true that state support 
to strikers and their families 
which in one form or another 
has existed for over a century 
in this country and also occurs 
in other comparable countries, 
increased during the late 1960s 
and early 70s: and that in 1972 
(the worst year for disputes! 
it cost the country £Sm. * But 
the increase reflected a change 
in the pattern of strikes. Un¬ 
til the late 1960s tbe overwhelm¬ 
ing majority of strikes were 
shon and unofficial—and. as most 
strikers are not entitled to claim 
benefit until they have been out 
of work for at least two weeks, 
the percentage of strikers en¬ 
titled to benefit never rose above 
25 per cent., and even went as 
low as 2 per cent. With the in¬ 
crease in the Dumber of longer, 
official strikes (particularly in 
the public sector)'in the early 
1970s the percentage of those 
entitled to receive benefit in¬ 
evitably rose, though they re¬ 
mained a minority of all strikers. 

Gennard shows that despite the 
increase in the numbers entitled 
to receive supplementary benefit, 
the percentage of those eligible 
who actually received benefit 
was low. ranging from between 
37 per cent to 12 per cent. Even 
in 1971. when the take-up rate 
was higher than before, two- 
thirds of those involved in dis¬ 
putes lasting at least two weeks 
did not receive benefit. 

Furthermore, supplementary 
benefit plays only a minor role 


in the budgets of those on strike. 
Gennard contacted workers in¬ 
volved in two disputes — the 
postal strike of 1971 and the 
Chrysler maintenance electri¬ 
cians strike of 1973. Only a 
smalt minority in either dispute 
knew they were entitled to state 
benefits. As things turned out. 
in tbe Chrysler strike supple¬ 
mentary benefit accounted for 
less than 1.5 per cent. oF the 
total income of the average 
strikers* households. It was more 
important for postmen, as their 
union’s strike fund was totally 
inadequate. But even so, less 
than 15 per cent, of their income 
came from the state. 

Interestingly enough, apart 
from 'strike benefit paid out by 
unions, the major source of 
income appears to come from 
the strikers’ own resources, and 
from the employers with whom 
they are in dispute. Strikers run 
down their savings, defer their 
hire purchase arid mortgage 
insurance and live off their 
wives’ earnings—and they re¬ 
ceive back-pay and tax rebates. 


Risks 


The author is right to conclude 
that “ there is little point in 
making a fundamental change in 
tho provision of supplementary 
benefit to striker households.*” 
If supplementary benefit to tbe 
dependants of strikers was 
either reduced or removed, it 
would risk dividing citizens into 
“ deserving ~ and “ undeserving " 
categories — thus breaching a 
fundamental principle of tbe 
welfare state. There is also no 
evidence that a radical alteration 
would affect strike behaviour 
which is largely shaped by other 
factors, such as tbe state of tbe 
labour market. government 
policy, and tbe pattern of indus¬ 
trial relations, particularly at 
shop floor level. What is certain 
is that any government which 
introduced changes of this kind 
in the benefit system would put 
at risk its relationship with the 
Trade Union Movement, with 
few compensating gains. 

Giles Radice 









-,\^ A 



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10 

LOMBARD 


JtancMTiiixre Trifey FeT^raary ^ ^ 78 


Putting a monkey Pra y in § for g° od newS from S P eke 

Uillllg A UlAFllA.V'^J by ARTHUR SMITH, Midlands Correspondent 


the Board 


BY ANTHONY HARRIS 

THE FIRST round of .evidence more than that the proposed law 
to the Wilson Committee, on the is an ass. as I have argued be- 
provision oF finance for industry, fore, then the Wilson Committee 
left the City looking pretty could simply propose as a 
effective, although more than a matter of urgency that it should 
little smug. Now Sir Harold's be dropped—though so much 
attention has turned to the con- moral outrage has now been in- 
irol of investment and of com- vested io the Bill that the idea 
party activities: and some of the that deals between consenting 
early evidence from the Institu- adults are no concern of the 
tinnaf Shareholders' Committee ] aw - ls probably too radical to 
and the CBI shows a business stand a chance. However, the 
world that is even smugger than question of Insider dealing is 
before, but this time, so far onJy incidental. The real diffi- 
f^.reiy- ineffective. If Sir CU [ty ar j S es from institutional 
Harold is hoping to find paydirt, determination that freedom to 



he should dig here. 


deal is not only a substitute for 


_ _ UOUl tint vil Ij H 1 UI 

The new submissions arc o'er- management involvement but a 

■whelmmgly gentleman!}, and vastiv^oreferabte substitute 
show any amount of goodwill on vasuy vreienme suosuture. 

both sides; but once you strip The right to seU the duds is 
away ail the expressions of naturally precious to the indi- 
mutual regard, and the desire to vidual in vestment manager: but 
improve communications la it is not a right which can sen- 
phrase much loved by those who sibiy be claimed on behalf of 
may have something to hide) a the investment institutions col- 
rcmarkably puny proposal lectively. rt makes as much 
emerges. Boards should try to sense as a TUC demand that all 
get hold of three outside direc- unions are entitled to get more 
tors apiece. than die average wage increase. 

Ji) It is almost impossible to per- 

W flat gOOQ ■ suade anyone in the investment 

Thp TRl inrt the ISC both industry of this argument, but 
[he seanih^for the lo f ic is for . 

suitable persons, which is some **■' ll t d h „ t0 ,/*S.*; *™ p Iy 

advance at least on looking them e ^P.° ne 1 u f 

„ n in n*hrpttv hut it is not at P 35 * > ears or ?D - ^ 
all clear what good they are sup- institutions have been large net 
posed to do. They are certainly *»u>'eri of stock If you insist on 
nor supposed to keep institu- Jour r ‘S ht *° “M dud st “ ks * 
tion.nl shareholders regularly and al ®° ' nsisl n = on . . P r °" 

fully informed about the affairs Jf__ a h *„ a ^ 

of the company, because as the st>1 ?* r * ad - v l0 t . buy lhem - 

CBI points out. that would turn a pd on the figures that minis 
' the institutions into insiders, and almost certain to be another 
once that happened, any dealings institution. There s a certain 
in the shares would become a cynical attraction in the pro- 
criminal offence. position mat institutions are 

In ail normal times, than, the stupider than all others, but ii 
outside directors won id be. so far }* n 1 logical. Collect i\ ely, there 
as their sponsors are concerned. 15 escaping the fact that the 
three wise monkeys, seeing no savings institutions are locked 
evil, hearing no evil aad speaking ,n to the equity oF British mdus- 
. no eviL If things got desperate, to'- outside directors may or 
it is true, they could propose a may not be available, but the 
special consultation with the supply of outside mugs ran out 
major shareholders, who would l 0 "’ a 3°- 
“ naturally.” according to the # f 

CBI, have to undertake to suspend I hlC fTTI ill 
dealings when they were given 

the inside information. It is only when institutional 

It Is only too easy to imagine investors are prepared to 
the reluctance of outside direc- acknowledge this truth—as the 
tors to take such a step: the wiser among them privately do 
whole set-up makes it almost im- admit—that sensible remedies 
possible for them to do the job can be proposed. This might in- 
•that is really needed—to get volve the establishment of a 
pressure brought to bear on com- special £lass of management 
panics when problems arc just shareholding, in which the holder 
beginning to appear, rather than would give up the right to deal 
waiting until they are virtually but gain instead the right to 
incurable. What is more, the in- full information, a seat on the 
stitutions will not necessarily be Board, and a right to convene 
attentive when rheir nominees do a shareholders' meeting. Such 
sound the alarm bell. The posi- a director could achieve more 
non of a pension fund which with a hinr than a whole Board- 
declined to be informed, but sold room of wise monkeys, and so 
out in response tu the invitation, provide at least one of the two 
would make a tricky case under things which British Boards so 
the new law on insider dealing, sorely need to motivate them: 

If this problem proved no not the carrot, but the stick. 


THE OUTCOME of to-day's mass 
meeting on Merseyside, when 
the I £00 strikers at Leyland's 
Speke plant decide whether to 
end their 1 7-week stoppage, 
will be awaited anxiously in 
Coventry. 

The gathering will present 
the first opportunity- for the 
rank-and-file membership to 
express their news about the 
proposal to sack nearly 3,000 
workers and switch assembly of 
the TR7 sports car to the 
Triumph Plant at Canley. 
Coventry. The meeting has 
been called to consider the 
immediate issue of a return to 
work, but the Coventry shop 
stewards will be looking for 
pointers to the Merseyside 
reaction to closure of the Speke 
No. 2 plant. 

There is obvious satisfaction 
In Coventry that the .initiative 
by Mr. Michael Edwardes, 
British Ley land’s new chairman, 
offers the prospect of more jobs 
—though certainly not as many 
as the 3,000 to be lost on Mersey¬ 
side as production targets are to 
be reduced. But the city is also 
conscious that Mr. Edwardes 
has taken a calculated gamble 
that could halt car assembly at 
Canley altogether. The Coventry 


plant, which assembles the 
Dolomite, is totally dependent 
upon Speke for the supply of 
body pressings and, as a result 



of the latest dispute, has had 
more than a quarter of its 9.500 
workforce laid off for nearly 17 
weeks. 

Leyland has taken a tough 
line in pointing out that the 
TR7 is unprofitable, and there 
are union fears that opposition 
to the transfer could lead to the 
model being abandoned. More 
seriously, the Canley stewards 
are aware that, if workers in 
the Speke No. 1 press shop give 
support to colleagues in the 
Liverpool assembly plant oppos¬ 
ing the transfer of the TB7 the 
Dolomite could also be placed 
at risk. 

Demand for the Dolomite has 
been disappointing and, though 
a profitable product, speculation 
has been rife at Canley that 
Leyland is about to drop the 
model. There axe plans to face¬ 


lift the Dolomite and extend its 
life well into the 1980s but the 
fears remain. 

Mr. Edwardes' decision to 
transfer the TR7 has posed diffi¬ 
cult moral and practical prob¬ 
lems far the Canley stewards. 
In terms of trade union loyalty 
there is a powerful case for the 
Coventry plant refusing co¬ 
operation, but the stewards can¬ 
not count upon the support of 
their membership for such a 
stand. 

Leyland stewards have tradi¬ 
tionally refused to accept the 
transfer of work without the 
prior agreement of the work¬ 
force affected. In recent months 
Canley has benefited from the 
practice. It was opposition from 
Rover shop stewards, at Solihull, 
that persuaded the company to 
drop plans to switch assembly 
of the DolomiLe to the Birming¬ 
ham plant. 

In the words of one senior 
steward: “ For us to go back 
on the idea of supporting 
fellow trade unionists would 
be unforgiveable. There are 
already enough divisions 
among the Leyland unions. If 
we do not stand by Speke the 
company will pick us off plant 
by plant and we are all 
finished.” 


The private hope at Canley 
must be that the- Speke worker^ 
will not put such loyalty to the 
test " and will agree to the 
redundancy terms. For there 
can be no mistaking the rank 
and file hostility of many 
Canley workers to the Speke 
argument for keeping the jobs 
on Merseyside. In the pubs and 
clubs the Canley men complain 
that production of the Triumph 
sports car should never have 
been transferred from Coventry 
and that the Merseysiders have 
brought the trouble upon them¬ 
selves by low productivity. 

Certainly a poll of the 2,500 
workers still laid off because of 
the Speke dispute would pro¬ 
duce a landslide majority in 
favour of taking the TR7. Men 
arriving at the Canley plant 



yesterday to collect tax rebates. 
were bitter about their en¬ 
forced idleness and the hard¬ 
ship' it has caused. 


Numbers drifting away to 
find work elsewhere have been 
minimal, but that is only be¬ 
cause the jobs are not available 
in Coventry at the moment. 
“Morale Is so low that* given 
the chance, there would be a 
mass exodus from Canley” the 
workers complain. Coventry, 
the. symbol of the on ce-pros- 
peroos tJJC. motor Industry, is 
only now recovering from the; 
impact of the financial collapse 
of. both British Leyland and 
Chrysler U.K. in 2975. 

Unemployment in January 
and. Ferbuary, at 5.8 per 
cent., has fallen below- the 
national average For the first 
time for nearly four years. But, 
with around 60 per cent of the 
working population concentra¬ 
ted in manufacturing industry, 
there is concern within the city 
about Its . restricted economic; 
base. .Like other towns In the 
West Midlands.. Coventry com¬ 
plains that ft has been starved, 
of growth industries by the 
rigorous application of* Govern¬ 
mental regional policies. 

However, the City Council in 
its quarterly review of the local 
economy, just published; takes 
some encouragement from sighs 
of an upturn in activity. Atten- 


COVENTRY 


tkm is drawn to -the 
meat in the number of Jo®* 
amdes, investment; ihe propeay 
market and export, orders- 

The decision by r Chrysler Jto 
switch; production of its n®* 
- li gh t, car, planned for-next y6?T* 
■ from Linwood, Scotland, to, 
Coventry plant at Rytan hfi* 
given a boost to the city's seH 
confidence. The more coojd 
mean a considerable increase-fti 
employment at Kyton wher e w 
1,400 workers have’won pI *S 
for the consistent output 
quality of the successful AlpSge 
model. - - • _ * -• • _ j 3 . 

Around a dosed large 
concerns including GEC, 3®*?- 
. seyFeiguson, Dunlop and 
Boyce, account for almost 80 per 
cent, of the total employment- 
Not until such companies begin 
to take on labour in significant 
numbers will the local economy 
really start to move. It is aga£i$t 
a background of emerging, bgt 
s till fragile, business confidence 
that Coventry will await neap 
from the Speke strikers. 


Dighton pictures fetch £50,000 


THE ORIGINAL watercolours oF 
the ISth century artist Robert 
Digh -100 were m demand at 
Sotheby’s yesterday with a colleo: 
tion of liis works making £50.960. 
Many prices were above estimate. 

Dighton prints were popular in 
the late ISth century and his pub¬ 
lisher. the London firm of 
Carrington Bowles, bound ail the 
originals in an album which re¬ 
mained in the print-seller’s family 
until 1953. when it was sold at 
Sotheby's to the London dealer 
Sabin for £720. Sabin sold it 
immediately to the late Mr. 
Jeffrey Rose for £900. and now it 
has been split up and the water¬ 
colours dispersed. 

Dighton portrayed ISth century 
England in all aspects. The top 
price yesterday was £3.000 from 
Baskett and Day for a pair. 
Pheasant Shooting and Snipe 
Shooting. The price was double 
the estimate. 

A set of 12. depicting scenes 
from Tristram Shandy, made 
£2.400, and Edmonds, a London 
dealer, paid £1,700 for a pair 
Death and Life Contrjsted and 
Life and Death Contrasted. 

Top price yesterday was in 
Sothby's jewels sale which 
realised £21.431. A 19th-century 
set of an emerald brooch and 
pendant earrings was sold for 
£72.00. An emerald and diamond 
ring was sold for £12.00. and 
S. J. Phillips bought an emerald 


and diamond brooch about 19S30 
for £6.500. 

At Christie's. South Kensing¬ 
ton. in a customes auction, an 
officer's helmet and cutose, of 
the Lire Guards 1871 pattern, 
fetched £12350. The Victoria and 
Albert paid £600 for a late 15th- 
century chasuble. It has the 
cope which goes.with it. In 
oriental ceramics, a pair of early 


SALEROOM 

BY ANTHONY THORNCROFT 


19th-century Cantonese vases 
made £1.600. 

In Bonham's sale of European 
pictures, a Boudoir interior by 
Henry Giindoni sold for £1.400 
and a summer landscape by the 
pre-Raphaelite. Edward (I. Booth, 
made the high Drice of £950. 

A George III mahogany oval 
library table, with leather-lined 
top and 12 frieze drawers, was 
sold for £7,000 Id a sale of 
English furniture at Christies, 
which- totalled £93,785. It was 
bought by the Loudon dealer 
Apter Fredericks. 

A Regency mahogany break- 
front bookcase went for £2.500 
and a late George II mahogany 
pedestal desk at £2.000 to Lita 
Kaye, a Hampshire dealer. 
Among a large number of inter¬ 


national bidders. Svenson, th'e 
Danish dealer, paid £1,900 for a 
mahogany break-front bookcase. 

A sale of fine Japanese 
ceramics. lacquer and bronzes in 
the same saleroom made £65.610. 
The sale's top price at £3.200—a 
17th century Kakiemon balaster 
jar in iron-red and coloured 
enamels—was paid by Hasegawa, 
the Japanese dealer. 

In other high-priced lots, 
London dealers had a slight edge 
against strong competition from 
the Far East. Spink paid £2,800 
for a large Imari deep bowl and 
domed cover. 

A pair of flattened, lozenge- 
shaped lacquer vases, decorated 
in Shibayama style, went to 
Noble Arts at £2.300. and Woods- 
Wilson paid £2.200 for a pair of 
Imari balaster jars with high 
dome covers surmounted by- 
hawks. 

Phillips is to expand into 
Europe with the acquisition of 
saleroom premises in Amsterdam. 
From March 1. the firm will 
operate salerooms at 3S. Nieuwe 
Spiegelstraat. the principal 
“antiques" street of Holland’s 
business capital, in 18th century 
premises which were formerly 
Wynne's auction rooms. 

The move will give Phillips its 
first permanent salerooms on the 
Continent. 


Profit ‘the key to successful 
British bloodstock industry’ 


THE REPORT of the Joint 
Racing Board’s working party on 
assistance to the breeding 
industry is published to-day. It 
makes ’fascinating reading for 
anyone interested in the blood¬ 
stock breeding industry. 

The six-man working party, 
who set out last year under the 
chairmanship of Major Michael 
Wyatt to examine if the present 
methods of assistance to the 
breeding industry contribute 
most effectively to the improve¬ 
ment of the breed, have made 
detailed recommendations on 
alternative or additional 
methods ' of- achieving ibis 
objective. 

It will he extremely interest¬ 
ing to see the response they 
receive. 

The Levy Board and the 
Jockey Club steward will make 
their decisions on the recommen¬ 
dations in the report after it 
has been discussed by the Racing 
Industry Liaison Committee and 
comments have been received 
from all other interested parlies. 

Until the implications of the 
determination of the 17th Levy 
Scheme have been assessed, the 
Levy Board is unable to say 
what finance will be available to 
implement the report's recom-. 


mendations. should they be 
accepted in principle after con¬ 
sultation within the Industry. 

The working party, whose 
members include the tireleBS Bob 
McCreery of the Thoroughbred 


RACING 

BY DOMINIC WIGAN 


Breeders Association, has come 
up with some sobering facts and. 
figures. “The quality of UJL- 
bred horses is declining in.the 
face of international competi¬ 
tion." the report says. 

It strengthens the - claim by 
pointing oat that the proportion 
of additional Pattern Races won 
by British-bred horses has been 
declining alarmingly—from 55 
per cent, in 1971 to 38.5 per 
cent last year. 

h concedes, however, that 
“ this is partly attributable to 
the increase in Pattern Race 
values which * has attracted 
increased foreign competition." 

Last year was, without doubt, 
a depressing fiat season with an 
eye to the coming campaign, 
with four out of the five' Group 
One- juvenile events falling, to 


U.S.-bred borses find only one* 
sixth of the horses in. the 1977 
International Classification 

(European Free Handicap) 
British bred. 

The report goes an to com¬ 
ment on the lack of re-investment 
which it believes ' is due to 
“shortage of money rather than 
lack of will to Invest" Tfle 
working party feel that, profit is, 
principally, the key to a success¬ 
ful British bloodstock industry. 

“Improved profits cap lie 
achieved by producing a strong 
market for British-bred yearlings. 
The industry must be capable of 
retaining bloodstock of tfce 
highest class and acquiring neVr 
blood lines' from abroad." ' 

' Racing seerns vlrtuaHy assured 
of .resuming today at Kempton, 
where Tiepolino and that 
apparently top-class. recruit to 
the hurdling ranks, Norfolk Air 
appeal as best bets.- 

KEMPTON . 

L30—Blue Streak ' '* 

2.00—'iiepofino*** 

230—Woody Woodpecker 
3JHX—Serpent Prince •’ ; 

3.30-—Southern Lad" 

4.00—Norfolk Air** 



t Indicates programme in 
black and while. 

BBC 1 

6.40.-7-55 a.m. Open University. 
9J30 For Schools. Colleges. 10.45 
You and Me. 1L05 For Schools. 
Colleges. 12.45 pjn. News. 3.90 
Pebble Mill. 1.45 Mr. Benn. 2.05 
For Schools, Colleges. 3.20 Trem. 
3.53 Regional News for England 
(except London). 3A5 Play 
School. 420 It's the Wolf. 4J5 
jackanory. 4.40 The Clangers. 
4.55 Crackerjack. 5.35 Padding¬ 
ton. 

5.40 News. 

5.55 Nationwide (London and 
South-East onlyl. 

620 Nationwide. 


6.40 Sportswide. 

“A0 Cartoon Time 

7J0 The Wonderful World of 
Disney. 

8.00 The Goodies. 

8J30 Going Straight 

9.00 News. 

9.25 Life At Stake. 

10.15 To-aighr (London and 
South-East only). 

10.45 Regional News. 

10.46 The Late Film: “The Lost 
Continent." 

All Regions as BBC 1 except at 
the following times:— 

Wales—1.43-2.00 p.m. Sioncyn 
Sboncyn. 5.55-6-20 Wales Tn-rtuv. 
7.00 Heddiw. 7.25-8.00 Crufts. 
10.15 Kane on Friday. 10.45-10.46 
News for Wales. 

Scotland—1923-10.45 and 11.05- 
1L35 am. For Schools. 5JS5-6.20 
Reporting Scotland. 10.15 Spec¬ 
trum. 10 j 45-10.4G News for Scot¬ 
land. 


F.T. CROSSWORD PUZZLE No. 3.602 


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ACR05S 

1 Dresser's assistant clipped 
round weed (S» 

5 I bleed unnaturally and may 
be taken in (6) 

10 Jockey seen on scales (5) 

11 One who supplies offal taken 
from stag (9i 

12 Musicians making money 
that’s prohibited it's said 
15. 4) 

13 Fish on textile fibre (a> 

14 Suppress part of list ii legible 
(6) 

35 Cut female and slide away (i t 

18 Tedium in which Pole accepts 
communist (7) 

20 Dance, but I'm married and 
shy about it l6) 

22 Be superior at 40 in Rome we 
hear (5) 

24 Sailor and saint in cover (9) 

.25 Eobnt produciog a -French 
article about fruit (9) 

26 Liitie devil the Spanish urge 
forward (5) 

27 Infatuate and finish with 
listener <6) 

28 Animal to restrain and rush 
back (.Si 

DOWN’ 

1 Writer acquiring copy in the 
south-east (6) 

2 Ancient teacher of painting 7 
(3. 6/ 

3 Arm fashion model to create 

a perplexity v5, 2, 1, 7) 


4 Broadcast for help to come up 
' in speed (7 j 

6 Variety, required if one cat 
appears in detour (15 1 

7 Bachelor soldiers could be 
mad (5) 

8 Go wrong v.ith an attempt to 
show quixotic behaviour (81 

9 Dashing fellows who shouldn't 
catch crabs (6» 

16 Food fnr those wishing to 
climb down <6-3i 

17 Renounce sailor going io 
north-eastern entrance <S» 

19 Silent at inside change (6) 

20 Peculiar way over mountains 
(7) 

21 Corner right for a fisherman 
(61 

23 Summoned detectives to 
accept note (5» 

Solution lo Puzzle No. 3,601 


hhchcih ESHEiaass 

g n a fn n B- 0 

anaosa HsnaEQSH 
naRnaHQB 
nraasnH 
a a ei n 3 m a n 

O0£59 BHEH0E3Q 

q s b h b a a 0 

HSQEtSna QHE® 

a raa a n a a h 
HHiilEiraEI’ 001300000 
□ a & ci a a d ns 
ssansEBB twmrmm 
a b s m m m- a 
□BBncEEE aoanaa 


Northern Ireland — 1023-10.38 
a.m. For Schools. 3.53-3.55 
Northern Ireland News. 5.55-6.20 
Scene Around Six. 30.15 Perspec¬ 
tives. 10.45-10.46 News for 
Northern Ireland. 

F.ngland—5.55-620 p.m. Look 
East (Norwich): Look North 
(Leeds. Manchester. Newcastle;: 
Midlands To-day (Birmingham): 
Points West I Bristol); South To¬ 
day (Southampton); Spotlight 
South West (Plymouth). 10.15- 

10.45 East (Norwich! On Camera: 
Midlands (Birmingham) Shades of 
Grey: North (Leeds) Let the 
People Talk: North East (New¬ 
castle) Watch This Space: North 
West (Manchester) Watchwords; 
South (Southampton) Conversa¬ 
tion: South West (Plymouth) 
Peninsula; West (Bristol) The 
Past Around Us. 

BBC 2 

6.40-7.55 ajn. Open University. 
11.00 Play School (as BBC 1 
3.55 p.m.). 

-L55 p.m. Open University. 

7.00 News on 2 headlines. 

7.05 Indoors Outdoors. 

7.30 Newsday. 

8.10 KUvert's Diary. 

825 The Money Programme: 

the role of auditors. 

9.00 Pol Black 7$. 

9.30 BlackcurrcnL 
10.15 Horizon. 

11.10 The Mayor of Casterbridge. 
12.05 an. News Summary. 
12.10-12.15 Music at Night by 
Poulenc. 

LONDON 

9.30 a.m. Schools Programme*. 
1L54 Fells the Cat. 12.0U Song 
Book. 12.10 p.m. Stepping Stones. 
12.30 Look Who’s Talking. 1.00 
News plus FT index. J-20 Help- 
TJJ0 Money-Go-F.ound, 1.55 Beryl's 
Lot 2.23 Friday Matinee: “Prince 
Valiant.** 4.15 Horse in the House. 

4.45 Magpie. 5.15 Emmerdalc 
Farm. 

5.43 News. 

6.00 Thames at 6. 

6J35 Crossroads. 

7.00 Mind Your Language. 

7.30 Maggie and Her. 

8.06 General Hospital. 

9.00 The Professionals. 


RADIO I 

(5) SiereonhBnic broadcast 
(QJ Quadrophonic broadcast 
fcJXJ a. ni. As Ra<ifa U. 7.02 Xa~i 
Edmar.ds. 4JQ Sfmun Ujv;. U-jl Paul 
Bumen including U,i>) p.m. \\us&:ai. 
2 M Tonv Blacktiurc. *.31 Da-.*- L- ? 
Travis including J.’<> N'wtbca!. • 7-CO Til? 
Tod Heath Bund >S and C> 'joins Kaoiu 
10.02 John Peel «S». 12 . 0 e- 12 . 0 S a.m. 
As Sad In •!. 

VHP Radies 1 and 2: S.00 aum. V S 

Hidiu nieikidica i y> Q.m. no-id 

IllS. 10.02 Wlru Radio 1. 12JO-12.K. a.m. 

With rlidio -J. 

RADIO 2 l->n0m and VIIF 

DO &.m. s Sumntjrv. UZ rn. i-,:: 
Sedund Test—Z-alind v C.r.i.la.id 
'report*. S.03 Kay ttaw? vfUt Tv- K.i-'? 
J5hrv.tr <Si including h-15 Pause (or Thought. 
7.32 Cried-.»: Second Tf»i iclR»e-oi-play 
report'. TJJ David .Vise <S. -i.:Iud.>s 
Ratuna Bulletin and 4.43 Piiui- !i-r 
Thought. 10.02 Jimmy Your.* 

12.15 pjh. Wj^fios-irs’ Walk. 12^0 Pete 
Murray's Open House in Aiaire; --si 
IccJudJng 1.45 Sports Desk. 2-50 Da-rid 
Hamilton >S* including 2.45 a=d 3.4j 
Spurts DerS. 4.3B V/a^jocers' Wats. 4.45 
Spnrts Desk. 4.47 Jotu Dunn fS* includ¬ 
ing 3.*3 Suons Desk. 4.45 Sports D*-fc. 
7.02 TZic Tud Heath Band in Band P-rade 
fS sod Q'. 8-02 Frank Ducks 2 cM con- 

duett the BBC Radio Orchestra '5 -. 3.45 
Friday Xisht is lloei.; Sight .S-. 045 

Spurts Desk. 10412 Treble Chan-.-?. LMO 
L.-i's Co Latin wlib Carlos Romanos and 
his Dance Orchestra. 11.03 Cric*---: 
S-icond Test ircporfi. 11.03 Br.ja 
j!a(fhsB> -van The ure Saow. lita- 
12-06 a.m. Sews MctiMIra Crwe:— 
ae&ir.d Test •farUvr n-por*. 

RADIO 3 464m. Stereo & \HF 
tHedlum Wave only 
tSS a.m. WoaUzsr. T-M Scan. 7JZ» 


10.00 News. 

10.30 Police 5. 

10.40 An Audience with Jasper 
Carrott. 

1.1.10 Bareua. 

12.05 a.m. Stars on Ice. 

12.35 Close—Psalm reading by 
Neville Jason. 

All IBA Rep in ns as Tiomion 
except at the following times:— 

ANGLIA 

1JS P.m. .Mu;l(a Novrt. 2JS Frtd*y 
Fiim llpTinoe: “I Lore You . . . Good- 
by-?." 340 Out of Tow^. 5.15 Happy 
Days. 640 About A-nUia. MJ0 Probe. 
U40 Frday Law Film: Slucpnnz for 
Robbery." J2J5 s.m. Women IVbo 
Matter. 

ATV 

U45 a.m. The Adventures of PaHlav. 
UD p.m. ATV .Newsdesk. 145 Indoor 
league. US The Suflnan/. J-25 R-ryl e 
Lal J.50 Stirs on 1 «. 5.15 Get Some 
In. 6.00 ATV Today. 1040 The Price Of 
e aar: “ The f:f." r.arr.a-s Vincent Price. 

BORDER 

fa.20 p.m. Eerd'.r Niu'S. 145 Britv 
B»>a Cartoon. 240 Ma-:net: “ The 
Sian^er." 340 Beryl * L-ot. 545 Th-. 
Practice. 6.00 (.oofcaround (■'rlday. 1040 
Wlw-rzaw. U.OO M-rMKlar. ard YHIe. 
tl245 a.m. Border Xe« Suininary. 

CHANNEL 

l.U p.m. Chsr.nel iuncfirnre 
anc A'hi", «jn '-ft?re. 145 Canoomlme 
' B--“ P.e»>y. Z.W Et-.-— 1 *-• Lot. 2.38 The 
Frida;. :-:a-;r.t—: The r.tcs; Danstrous 

\!tn ir :h- W'-r.'l" 6 .CO H-;pon at'Six. 
10 J3 Ch a ?1 L«-r 1042 Law 

['istcn. 1040 la:» ::ijzh: Movi.-: 

• 3ra:n fora." 12L45 a.m. News and 
V.'-.a - j;:r :r. “rcorh. 

GRAMPIAN 

a.2i a.m. r.rs: Th..ia. 1J0 pan. Gram- 
piA .1 r.-.-.S Headline*. U5 i-.door Laacne. 
2.25 Fr.day Ma-ir.--.: "The Sotld Gold 
Kllratrair.s" 540 E<-rr;v Lo'. 6.00 
C.-a.-.’S:.— Tirfav. 740 • r;ni MacLeod 

Fit Tv. 10.30 ~ oes. [v.itr.i od bp read 

s- r;;:-—. ‘1045 r r. i.v.- rlL-a: 'Of 
arc Men." erjrrtr.s 3-arscss Mere- 

granada- 

1J0 p.m. Ta.- :? You- Risnr. 145 
Cartoon. ;m I r.-ra. t Fr^nuer. 2.25 
Fnlao Ma^r.sc: ■ Tb- Galuoraia KJd." 
340 Ber : 1 Let. 5.18 T.;s is Your P.Iiht 
1 s’tnr.d :nar,ve :n is* Lari Winsaolvs's 
Prc«raci>~... 5-15 ’.ro j sroads. 6.00 
iira-.adj 6.50 V.y op. ip.m 

Reporn Extra. -1140 G--a: Films W lie 
Centum •• l-dttr.: the M'lsd. ■ 

HTV 

1.20 p.m. S??ir j; tad (me*. 1J25 

P.ocr Wji.t H-. jiL.n.-s. 140 Indoor 
L-.a^ra.-. 100 _ ?r. iiaiy. t2JS 

Mom tv. c: Da-.a-.-r. ■ lesrnng Trin? 
Pw.-ird. 5.15 Th.- L'.-.d.-rjtj Aieenrurr, 

■■‘-...r'ur. ■« . 2.00 -, s . aj )5 Mcnn-i; 

Comer; ■■».-. 9.00 This v.v.-ii-s 

Ciaiyjser: G:*xurov »«■. *45 BBC 

: irtser.-t Irclvpz cratt’ira iSi. 10 M 
v.virs Artois' n.ao Erjsllsb 

Swn -a-. 12.15 p.m. iLirdiff Midday 

Pro:;;. =ir-_ l.co »-s. i.B Playbill 

1-20 i-ard.:j Miiisr Prum. parr 2. 
2.05 3M<r SJerlav-Johnson ,-nano reciial. 
sar - 1 •? . 245 IkWtj; “tadina. 300 

r.t> rt «t?r:a-e-.lche;o::. 1. 3M 

Bira.-s.iiRi ;*ia ;r? »s,. a.ss Tim 

Y'-.ui-s ::--i % . a ss ;-:-ii-..-..-ard B-iur.d. 

**■05 '<£••-. j ts.io I'n,. .--jrd Edited »ciit- 
:64a L:;. t.r.—• l.»norc and 

R. ■r-.-a-oi 743 'io-- fr.vn H-bhl- :ilil. 

'■ • 3 . Oil C J- 

• j:-. O.SO p L -boIe :i:C. 

Z -S . lAD L. . D.**r-n-in jad ib.- 

ri- -i r..:rii:-; ; 940 j;u-.-r in 

Tit- 1C40 '•■I-.- -:<r, JL2S 

UJO-ZUS tr.d Is. .jtat's Schubert 
oa re :ord. 

Radio 3 VHF onlj, —-is a.m. and 
5.05-7.30 n.m. Open lr.-. cvy 

RADIO 4 

■424m. HGOm. 2 S"m and VHF 

645 a.m. 7ti.--.-5. 6.J7 F.irmmn Today. 

645 l; ;o lit. Hoar. 642 -VHF, Regional 
7.DO -.. 740 Tail?. 745 : . p 
IO the Hour 1 -- 1 . 742 ilHiFi 

Brs.''!]*: S. -.5. 3.00 3.10 Todjv. 

S. a5 Y- n pjrL 9.00 7.'tws. 

*645 ViMte of rhe p. f-ple. tlO-HO .V-u-ji. 
ns.DS O'.e-:- rr ir-.x> Daily Survive. 

310.1S Morning 7 . U 2.00 :,v A -s LU-05 
up-i: 71140 L ;:,- r Frii® . . 
12.00 N--.. s. 12J2 p.m. You and Yours. 
12 27 itu-.:; - 5 .. S12.55 Wcatner. pro- 

sraattn.; r.--.-* VHP -“xe-p- London ecd 
SE‘> R.-ztonel Nevs. 1.00 The World at 
On?. 140 T-.e reh-rs 1.45 Worisi;'« 
Esur *'t from 2 .io- front Bristol, ladud- 

!">S y.r- - 5 . 24-45 Llrtea hiUi 

Mother. 3.M r.evp, 3,05 .Vt-rnoon 
Tneatre. 440 v*-es 105 Th* Leader nt 
Uzo Baid. 445 S'.on' Tas-.e. 5-00 P )1 


ft Captain Nemo. 5.20 Crossroads. 6 J» 
r.-nnrt Wen. 6.15 Report Wales. 640 
Emmerdale Farm. 1045 Report Extra. 
11.05 The Fndax Flint: ■■ Toe Trygoo 
Fa tor." 

HTV Cymro'Wales—As HTV General 
Servjc-* 1 -xrepr: 1.20-1.25 p.m. Penawdau 
N-.-cjddiop y Drdd. 4.15-a^S Caman 
CantamJI. 6.00645 V Dydd. 104S414B 
Out-ook. 

HTV West—As HTV General Service 
ei-vpt: 1.2D-140 p.m. Report West Head¬ 
lines. 6.14440 Report West. 

SCOXTISHT 

1.25 p.m. News and Road Report. 14S 
Beiry Eoop. riOQ Frida>- Film Mallnee: 
’• Seven Thunders." 340 Beryl's Lot. 545 
Pip- and Friends. 5J0 Crossroads. 6.80 
Scotland Today. 640 The Better Sex. 
10.30 Ways and Means. LLOO Late Call. 
14.05 Feature Film: " City of Bad Men ." 1 

SOUTHERN 

1.20 p.m. Southern News. ZOO Women 
Only. 2.25 Friday bratmec: “ MHes to jro 
Before I SIei.'O.” 3-50 Beryl's Lot. 540 
Weekend. 5.20 Crossroads. 6.00 Day by 
Day ■ Chant Is 6 . II. 27. -C, 39 and 60 > 
6.00 Scene South East 1 Channels 10 . -13. 
M jnd ’n only •. 640 Out of Town. 1040 
\ Southern Repon. U.00 SouUu-rn News 
Extra. 11.10 •' Lisa Bright and Dark.” 

TYNE TEES 

04D a.m. The Good Word followed by 
Nor-b East News Headlines. 3-H> p.m. 
North East News aad Lookaround. X45 
U':sc You Were Here . . .? t240 Friday 
Film Mii:in>.'*: ■■ Young and frrno<?enl.” 
340 B-.ryl'? Lor- 545 Mr. and Mrs. 
640 North .-rr. Life. 1040 Foortstlm*. 11.05 
T.i.- Knd-y NLiht Film: " Creatures the 
World Forsor." 1 ZM a.m. Epllozne. 

ULSTER 

1.20 p.m. Lunchtime. tlS Friday 
Mitin-c- “Seven Thunders" 340 Beryl's 
Lot. 3.13 Ulster News Headlines. 5.15 
Tb- Brady Bunch. 6.00 Ulster Television 
N— »s. 6.05 CrrKsrnuds. 640 Reports. 648 
Pol.ce Sac- 7.C0 4 Drop in Vour Hand. 
1040 T-v£i ir 10 . 10 . 1045 SporscaaL JL85 
Friday Film: Lanmttan's Rabbi followed 
by Bedtanc. 

westward 

640 a.m. W-’U Ccumry Job Finder. 
1440 I.M-tk and See. 12-24 p.m. Cus 
irou-.-rt'in's Birrtidays. 140 Westward 
:-'lws ^ cadi in-. 145 CanoocSme iBeny 
f 003 • 100 B-ryt's Lot. 2J0 The Friday 
The ll-JH Dangerous Man In 
:hc World." 6.00 Wesrward Diary and 
■Sports Dcs!'\ ID,28 Westward Late News. 
1045 Late With Dunten. tlBJO Late Night 
.\Jonc: “ Brain Storm." izao un. Faith 
(or Lite. 

YORKSHIRE 

1.20 P.m. CakDdar Nows. 145 Beity 
B*iP rzoo Friday Flhn Matinee: Seven 
Thur.d->rs." 340 Bi-ryl's Lot. 545 Calen¬ 
dar Sr«>n. 6 .DO Calendar CEnHey Moor 
and Belrciin: ^d:ciui»>. 10 SM News at 
T-n. 1040 Great Films Of the Century: 1 

Inherit Ui: Wind.” 1 


A FINANCIAL TIMES CONFERENCE 

ON 


Reports. 5.S0 S-.rendipi:y. ~-55 Vtoather, 
programme iVHf 1 Ri-iyonal News. 

6.00 Nc.v*. 640 Going Places. 740 News. 
7.D5 The Archers. 740 pick o( the Week 
<» . 840 L"naccustomed As I Am . . 
£.30 Any Questions? 945 Letter from 
.vron:j. 94 fl Kalddasropc. 9 J 9 
W-jUicr. 10-00 The World Tonight. 1040 
Wc* 6 - Ending . . . 1045 Mr Delir.bt, 

11.00 A 650k A: Bedtime. 1L15 The 
Kiianeial World Toiidhi. 1140 Today In 
Peril ax •!!!. u.au Sew». 

Fnr Schools (VHF only) 9J0 a.m.-IZOO 
and Z00-3 .00 p.m. 

BBC Radio London 

206n» and 9-L9 VHF 

6.00 a.m. As R:idio 3 640 Rush Hour 

9.00 Looey. 9. 2 D London Live. uj» in 
Toe r. 1Z03 p.m. Can In. 2413 ?rn 
9 ho-. 7 i>. 4.03 Home Run. 640 Lannnn 
Spans D.-sk. 6 JS Gmsi Fishing. 7.00 
Uxt. Sic 3 . L'-iU-ll. “JO In Town 'as 
f nr. 3 -a..:. 840 Blacf: Ixindun^ri 18.00 
TrotJr R- iiJrd. lZOO-Cloco As Radio 2 . 

Loudon Broadcasting 

261 m and 97.3 VHF 
fj» a.m. Jlnr.s !.!n>!c. b.co a.m — 
rrin-;:cp sew'-, travel, sport. i*-riews. 
n:em:jiio-.. 10.00 Rr:.in Hav-.-s. LOO p.m. 
LBC R.-p-irt'- inc!ud:nx Geers-- Gsl-.-’s 
r. '’'CIO-:* Call. 8.00 ifler .«. 9.C0 Night- 
II'-.-. 1.00-540 a.m. Nish:-Extra. 

Capital Radio 

)04m and 93.8 VHF 

6-00 p.m. Graftsm Dear's Breakfast 
S'm.-. e.OO A4t>cL 2ZOO Dave 

Ca'h w-'-ft Cavti un Detiv-.-ry >S(. 3.00 p.m. 
Rmt.-r Scot: with fas Three O'Clock Thnll 
-S*. T.BO Lvndnn Ttriax. 740 Adrian 
Lo-ai's Oc;a L.nc >'SV. 9JSB Nicky Horne's 
Your Homer WcMiidn't Like It fS-. u.00 
Mike Alk-fl't Uk Shftii- i'S* including 
1 LS 0 MoiKfnt of Terror. ZOO a.m. tso 
Dj-.-idiia's LondM L!sk tzunutioiul l&i. 



Hotel Inter-ContinentaE London 
APRIL d 7 1978 

The Financial Times, in association with tiie Institute fisr fi&a! 
Studies, is organising a conference .on. the Meade Report at the 
Hotel Inter-Continental, London on April 6 ancI 7e ■ ' . ,ri : . 

Professor J. E. Meade, Chaiiroan of-the committee .which pro-' 
duced the report "The Structure and Reform of Direct-Taxation'', 
and the deputy Chairman Mr. D. J. Ironside together.withtheir 
colleagues, as well as Mr; Dick Taverhe, ■ Q.C V Director of the 
Institute, will be explaining the proposals and giving answers to the; 
comments that will be .made on-them.' . 

City, industrial and trades unions' views on the Msade -Report 
will be presented from their ihdivlduarstandpoints by leadind 
speakers from these areas. - - • ' • - • ■ •>. ■' r > ;« 

The conference will allow substantial opportunity for quesdtms 
and discussion. . ' ^ 

FINANCIAL TIMES 

EUROPES BUSHES NEWSIttPER 

To bo completed and returned tot 

The Financial Times Limited, Conference-Organisation 

Bracken House. 10 Cannon Street; London EC4P 4BY 

Telephone 01-236 4382 Telex: 27347 FT Conf G , -- ■- 

Please send me further details of THE MEADE REPORT CONFERENCE ' 

Namn-_ _ 

BLOCK CAPITALS PLEASE ' . J. [ !. . • j 

Titlg.„^„.. _ t J ' - 

Company.^_ _ ' ... : 

Address._• ' •_ 


-ZM 

v rr~ m~ -, i r^,-.. ^ 











TiM Frkk^ Fekruarp .24 *973 

*•■:■“•: >.'.••'• "7 • '■'■ *.*/.'• ' . •' 



C hicwH 


IT 


From Marx to Punk 


by NIGEL. ANDREWS 


Barry Foster and Clive Franc's 


Leonard Burt 


After The Devil Probably, 

Jonah who will be 25 in the Year 
2000. A week after Robert 
Bresson's cri de coeur about the 
social and technological horrors 
of life .in the mid-1970s—and his 
conclusion that suicide is modern 
man’s only, sane and decent 
answer—Alain Tanner's Jonah 

offers us a more buoyant response 
to the evils of the age. Tanner's 
checklist of political and ecologi¬ 
cal scandals is much the same 
as Bresson’s: pollution, exploita¬ 
tion. cruelty to animals, a 

general decline in the “quality 
of life.” But bis solution is dif¬ 
ferent. __The Swiss ^director is 
concerned with trying to resusci¬ 
tate the patient rather than 
handing him over, still twitchin, 

^tfce- horrible H. • ML absence, and on only one occa- casually signs and gives to the and cura ^ e - to the undertaker. 

• „ 1 . ran* to. rescue Emin sion used a Christian .name; that infamous Tippoo Tib. Jeremy Tanner’s co-writer, as in nis 

f |i*F h, Equatoria in 1887,-he they.drank toasts tp. their girls. Irons plays him very smoothly; previous films (The Salamander, 

column" at Yam- and sang carols at Christinas, he is clearly the Chums hero The Middle of the World) is 

Ui-J* v i uflc ** on 'of tiie and went in for sketching and until the last moment, when his English expatriate John Berger. 

tbeAruwlmi, and set bird-walchjng and sculpture. (1 foolishness is revealed. The witty Berger's Marxism is mellowing 

•“ country to-, can't believe that norie of them Ward, played by Simon Ward in with the years. Jonah is written 

e Albert, promising to tried to learn Arabic or Kiswa- one of his best performances for and set during the disenchanted 

chm. five months. He hiii:) But their conversation ;i ] 0ng time> gives Mr. Gray an aftermath of May. 1968. No 

ome hack for over a has an. artificial touch, as if Mr. opportunity for some chat in a socialist Utopia was precipitated 

when he did he found Gray .were secretly-mocking bis s ivle more characteristic of him. by the events of that month, and 

mJumn, in his. words, .characters as well as recording c f ive Fnmds P i ays the hot- some of its bruised survivors are 

by the irresolution, of what he supposes to have been tera pered Troup, and Donald Gee now to be found alive and well 

, neglect of rthetr pro- their activities. the medical otderlv Bonny, l-ish) and living in the capitalist 

.indifference to their He is handicapped too by the whose form of deterioration is Utopia of Switzerland. 

v C |!f fhn rtiiT minmn'c * act *k at activities do not to dip into medical stores and Eight of these proviae me 

L j amount to much, apart From blame the shortage on his main characters in this film. 

R™? ra<ieS ■ Thfrt arc 3 Amins COU P' e 

Barttelot, the senior- offirer, i* . j t . ^ a. slow evening, in spue (Roger Jendly and Dominique 

th£ criminally unimaginative in his of a scrupulous Harold Pinter Labourier) and their socialist- 

- ittS for cS dS P rodu «^W- The second of the dreamer foreman (Rufus). There 

■ tind of ddv^fre A i - hi acts cont ^ ns littJe bul * the latter's wife (Myriara 

~ ^count was written bv background detail By the end of Boyer), pregnant with the 

Dse irresolute officers, his behaviour to the Sudanese ^ act ’ of , the eponymous Jonas. There is . a 

oup (represented here an d SSs until be final!v audie “ re " ere . s J owta S their teacher (Jacques Denis) with 
kome and short of half-kills bis own personal boV ‘Snorance by giggling. Rousseau-esque ideas on liberal 

■ut Mr. Gray has put i n a s ni y fit of rage at some E f ll ^ en ? iss ^ sel ’ a bl £ slore education. There is the super 

own on the armatures drumming outside. “ with raktm mats, has the 

'torn history. . '■ right.African air about it: but 

resultant personnel At 11x6 °* her end ? T * e scale - where is the heat? No one C* John’s, 

with more than a Jameson, his second-in-command, swears, clothes — decile the * 

mma in their dialogue, becomes so engrossed in study- absence of a train of servants Smith Sniiaro 

be the effect on The ing .bis surroundings- that he such as the Array would have » 

_ Gray of the-Victorian buys an 11-year-old girj. from taken — arc always clean and 

'.’of the.officers. He is the slavers andjjives h$r to a neat. A wet sponge dubbed 

ist that they addressed cannibal village so that he can under everyone's armpits would 

sr as “Mr.,"’ and spoke make drawings of the cooking do wonders at evoking the sordid 

ttanley” even in his ceremony, copies of which he reality of the tropics. 


E Mll i e . r . ^ a ' ou ' sr '°w) with adore the farmhouse in the film: vision Song. Contest; Borgia-Ginz the crashing gears of one cwn- 
Jonah who win be 25 in the Year USSSnSf j? - ,ove *- “ innocent " in their multi- (Orlando), a bald impresario berous plot twist after another. 

2000 nci specialty is undercnarging the coloured confusion, but hiding a with a hyena tackle, who has 

2000 „ Pan^Po0man and poorer customers.) There is a lively instinct for satire and sub- bought up Buckingham Palace to * 

Phoenix East Finchley disillusioned Marxist (Jean-Luc version. turn it into “ the world’s biggest ln HolDamst snon 

«-® asftffiA sssrst * asr 

.111 Bloomsbuir) . He practiwj love Md * . btetins trough desert moun- 

S “” r “Sc if „ I, , hflaSfS “f* trf the ftrtnre There is also Queen Elisabeth S[uo“pS plSt ^ewhiS 

~ tsssr^n A lssrtnt 

Wages of Fear (AA) tv. Uves of ' tfa = hf :ir °“ h ?^S y punk gang leader and reincarana- warned, ushered in by the birth 

Empire Leleester Square .haraeters are imerttriued with dSSfte thS histow aud U aU'thfs’ tel&^MeaVSid ^,d the h?”s™ tlC Simou “wfrt 
[-Dark Star (A) Screen on a casual ingenuity worthy of Christianity had got the Roman DpdmiSiadS? one tffia It k wnnrfer^f 

- sss'iAs&Lffsa 

able to invoke and air serious the wish-fulfilment Passion of a Liareff bw bS^ne 

social issues without strain or homosezual masochist. Their CTdubl » rJStlo^T disilMsio^ be Averted “ . . 

ment with socialism Cone charac- The film was co-produced by 


isiinglon Green 




Garden 



rn" 


by . E L I Z A B E T.H FORE E S 



The 

Schubert 
Concert 

by DAVID MURRAY 

On March 26, 1828. Schubert 
managed to put on in Vienna 
a concert of his own works. He 
died within the year, and the 


ter observes. “It’s a. tragedy that Embassy Productions (Rome) 
socialism and freedota weren’t and Aston Films Ltd. (London), 
compatible”), and in which love and its Angio-Italian pedigree 
has long ago lost the battle with tells ail. English stiff-upper- 
sex, sadism " and. sensation- lippery (in the shape of Virginia 
seeking. But the film no sooner McKenna. Geoffrey Keen and 
airs its social and political other ’50s stalwarts of the 
notions than it forgets a boat British screen) is awkwardlv 
them, and nothing so grand as an harnessed to Italian bloodlust (a 
Idea Followed-th rough graces disembowel ment. a truncation 
the remorselessly madcap and a decapitation by helicoper 
succession of punk dance scenes, propeller being among the items 
orgy scenes, beating-up scenes for your delectation). And the 
and scenes of smashed co-production dialogue defeats 
Bobemianism & la WarhoL even the teeth-gritting deter- 
Jarman is a director with more mination of Kirk Douglas, 
vitality, than most—indeed, than 
almost any in modern Britain. -* 

But as we know from Ken ..._. _ . 

Russell, too much vitality is often " , ^ ,am 

as bad as too little, and this %f 0TCK J } Fnedkin s reworking of 
movie seems to have come to us Ciouwtis tense 3933 film about 
from the St Vitus school of film- P* journey of two lorries carry- 
making. In & nitroglycerine across bumpy 

roads to a vital destination. 

* (Both films are based on the 

French . novel by Georges 

im.„. th _, Arnaud.) Friedkin has staged 

one or n '’° heart-stopping scenes 
f'n V npt y irf 1 here—the lorries crossing a frail 

SbIS 1 !!!?- a L?S»S and rtcVety rope-and-timber 

bridge, the sudden moment when 

lSifries ™ characterisatio^at- «“eJorry blows a tyre and hurtles 

to destruction—but he has badlv 

r 7 Sifth fluffed the characterisation. All 

d Jvm JL°S the w **^ en 8 xnMred suspense in 

the world is worth little if we 
?n£^L!£rVn care nothing 2 bout the partici- 

TP Pants. The cast here includes Rov 

in gh Aw--, Scheider. Francisco RabaJ and 

FWand Bruno Grenier, but the film gives 
Switzerland, Persia and England. none of them a c h a nce to do any- 

Michael Caine is the Mafia thing other than to grunt and 
agent setting up a new bank in perspire in the statutory Holly- 
Lugano, Louis Jordan the Italian wood manner. A sad waste of 
prince who helps him. David good material and a good oppor- 
Warner and Stepbane Audran tunity. 
the oumers of an alleged silver + 

pedagogue^;. There is a beautiful new film is likely to be no less Sarie? 0 W Gray° b °tb? W C 'multi- A brief commendation for 
scene in which our main charec- controversial and parades a rai i lfonalre is breathing Dark Star. This kooky science 

ters sit around a farmhouse table similar mixture of ingenuity and dowo ^ bank . g Qeck wanrin g fiction film, directed by John 
peeling onions and weeping and daft-beadedne^ t0 buy and CvbilJ Shepherd Carpenter and co-written by him 

discussing the ills of the age; a U i S se t in a futuristic England a wacky American girl who and Dan O’Bannon. was shown 
scene whose ambiguity (which where law-and-order has given somehow strays into the confu- on TV recently but is worth a 
activity is causing the tears.) is way to anarchy, and where “the sion. The audience knows how second visit if you saw it then, a 
both moving and funny. The frenzied mass is going through she feels. There are little human first if you didn't. Its cast of 
film is too rambling and thrown a ritualistic dance of death.” touches in ex-Czech director Ivan hippy astronauts, spaced out in 
together for some tastes (it Among the dancing citizens of Passer’s direction that bespeak Space, perform comical wonders 
never made it. for. example, to this Punk-Age London are Amyl the heritage of the 1960s Czech in a genre usually long on 
the London Film Festival), but Nitrate (Jordan), a lady who New Wave, and that have some- solemnity and pseudo-science and 
for me its loose shaping and rejoices in zig-zag make-up and how eluded the steamroller pro- short on wit The film shows at 
childlike vitality are most of its orange hair, and who is busy gress of the ploL But elsewhere the Screen on Islington Green 
charm. It is an adult version of rehearsing a punk version ‘of all we hear is the roar of advance from Thursday and is well worth 
the Children’s paintings that Rule Britannia for the Euro- £ng narrative, interspersed with a pilgrimage. 



Jenny Run acre in ‘ Jubilee ’ 


k j , * oieu wiuud ide year, nuu uu. 

' V. v-»y af ifce year, prob-' projected, with, a clear, forward makes a . stalwart, thoroughly enterprise had no successor: it 
hour of the day. some- timbre, is veiy well suited to amiable Sharpless, full of soli might have been more exten¬ 
th e world, a per- Puccini's music. ' She phrases citude for Butterfly and Severe lively noticed had Paganini not 
•f Mndama Butterfly is with great fefeling and her words in his disapproval of Pinkerton, blown into town three days 
5. On Wednesday 3t are clearly carried on the stream Suzuki i* another character ,aler - capturing the attention of 
irden Puccini's tear-, of -tone, i In,-at:negative sense' who invites svmnathv and Gmian the Press at the expense of mere 
revived in the produc- .she 3 is hetped by being Japanese Knight plays and sines the role local production^ like Schubert's, 
jally by Robert .Help- ^ thar^she.does nor^need to^m- JSSSlv Franc!■ E"?rtS! Someone has had the amiable 

Wf*5 .SS&SSJSSSS^ SLW.tfi~ 3T“fi 

ys sensitive, and. at rearii her b.esfc voice and most, contribute subsmntially to the the exeStion The ortrinS 

'ecTacuIaf/ - . Richard -assured form until the love duet performance. The conductor. ^ The orign^ 

carefully stkfeed the'-at the end of the first act Here Antbn • Guadagno, draws * as oy mouern 

due reswt . fof she is fervently supported by ^rgeously rich sound from SSjJe? 

Ubility. " a : more &an usually likeable the orchestra, but there could c °”!! >b ” pieces, .(with the G 

role is sung -by Pinkerton, to the person of Neil be more light and shade, more JS^tiSPnSrt#! 1 iJImSm/”’ 
j-shi, vbo was sdso:Shicdff, the American tenor subtlety of phrasing, in ^ iJLSfJ IK 
the part .rat. Covent-. making his Co vent Garden debut. rea.ding of the score; he paces reprwentea only by tsg 

w years agb.i-Miss He^ seems to find PucdniV Ae work weU and leads up to movement). _song^ smaU choral 


.. Tdice- vAverage ,; in-;-for tbg gtea.lest . .. 

U-focus^iat^ keenly. Ip. nfoE contrast, Peter Glossop. herself, most powerfully. 





Yasuko Hayashi, Peter Glossop and Pranas Egerton 


Antony and Cleopatra 


vt 


have ended the evening,, so the 
remaining works were re¬ 
ordered. Even then, Wednes¬ 
day’s concert took .a long two and 
three-quarter hours, for every 
piece was introduced by Bernard 
Keefe—appositely enough, but 
no part of what Schubert’s 
audience taas given. 

Under the circumstances, the 
concert became more or less an 
occasion for displaying student 
performers in Schubert Their 
powers were predictably uneven: 
fortunately the longest work, the 
E-flat Piano Trio which Con¬ 
cluded the programe, also en¬ 
joyed the most confident period 
mance. Though ideally the Trio 
should not he so obviously led 
by the piano as it was .here, all 
three Royal College players 
sounded robustly, stylish in 1L A 
Trinity College team made much 
of the charming StBndchen for 
soprano and female chorus. 
Among toe songs, all performed 
by -students from the Guildhall 
School, one was glad of the 
chance to hear “Auf dem Stroni.” 
which has a horn obbligato that 
keeps it but of ordinary recitals: 
and among the singers—all of 
them better at-pronouncing Ger¬ 
man than at colouring the words 
—the big dramatic soprano and 
sheer presence, of Atme Mackay 
should ensure that we hear more 
of her, 

Blake at the Tate 

From March 9.until Way 21 the 
Tate Gallery, in association with 
the William -Blake Trust, .will be 
showing a major Blake exhibition 
of over 300 items drawn from 
public and private 'collections in 
Great Britain, the U.S. and Aus- 


7 

] \y : - by MICHAEL COVENE-Y ... 

■' itly cast and slightjy is no questioning tbe flood of homosexrtaa tension between the {jjjjj ^Siibltiop 0 *comprt£og 
ndid to look at, the passion that engulfs them. Mi« Octavius of Terence Witton and paintings, drawings and prints 
production rattles on to is . SUP® 1 *: forceful, Antony than when Derek Jacobi ^ ve u as separate pages from a 

' . tlAA - j nhT1 Turner and pijysica ^ 31,11 haunting.- played ^Caesar s hew, with the number of Blake's books. 

_ Juses. John turner ana Tony Robertson s production is resulr that the galley revels go 
Jefford are perhaps successful at maintaining a with less strident gaiety than 

iously suited to the title How .of excitement through the before. ENO North 

n were Alec McCowen political ’ and. martial action, Trevor Martin now doubles as 
.. s Rhy Tutln. Mr. Tinner though it scores with such a sturdy Pompey and the turn- ' armointment 
■ inch a soldier and resonant effects as the sombre coat Decretas; Daphne Rogers is ’ . 

lestnous, world-shaking sound of music under tbe earth a .strangely colourless - Octavta; English National Opera North 
r h the Queen of tbe Nile as Hercules deserts Antony while Qz Clarke is in confident posses- has appointed Patrick Libby as 
, luously summarised in. Enobarbus (Kenneth Gilbert) sion of several'small'parts. The their'director of productions. He 
ing masque of 1 dotage creeps off to die-in a ditch. And scale of tbe play still seems just will be responsible . for ENO 
-• / billowing veils, a fire- Michael Howard’s Dotobella is beyond Prospect’s grasp, but col- North's first production ‘at the 

•••■ d.rattles. The couple’s convincingly moved by the-cap- lectors of important classical Grand Theatre Leeds in Novem- 

ds .are delivered with tive Queen,:adding dimension to performances will not weal to ber this year—Saint Sain’s 

. iggles. Thereafter there the final tragedy. There is lass, miss the central duel Samson and Delilah. 


ENTERTAINMENT 

GUIDE 

C.C.—These theatres Jcceot certain credit 
cards by telephone or at tho b ut olftce. 


. OPERA & BALLET 

COLISEUM. ' Creb't cards OT-Z40 5258. 
Resenratlons 01-ts3b 3161. 
ENGLISH NATIONAL OPERA 
Ton lorn & Tues- next 7-SO Toccl; Tomor. 
A Thors, next 7.30 Duke Bluebearo's 
CanleiGranni Sciucchi new prodn. 
■■ Visionary . . . Gon. -Plenty ol wit. 
This: Wed. A In. next 7 30 Don 
Giosanni. 10 * bx'cony seat* always 
avatUWe day cl periormarce. _ 


CO VENT GARDEN. CC. 2*0 1066. 

(Garaencnarye credit cards B36 8903) 
THE ROYAL BALLET 
Tonight A. MM. 7.30 g.m Mare^ ln O- 
Wed. 7.30 p.m. La Bavaoe-e. A Month 
in the Country. Elite Syncopations. Thors. 
7.SO p.m. Swan Lake- 

THE ROYAL OPERA 
Tomor. & Toes. 7.30 P.m. Madama 
Butterfly. 6S AMpM’ s**ts for all peris, 
on sate from 10 a.m. on day «* aerf. 


SADLER'S WELLS THEATRE. Rosebery 
A-eTE.C.1 (837' 16721. - UntiiMar. «. 
A BALLET THEATRE &NTEMPORA1H 
E*s. 7JO. Sat- Mats. 2.30. To»)9»t * 
Tomor.: Ndlts. Trauma (Tomor ere. S ans 
Titre). Autumn field. CooMna French. 


THEATRES 

AO EL PHI THEATRE. CC 01-iM 7611. 
Evos 7.30. Mats. Thurs. 3.a Sat. «*». 
- LONDON'S BEST NIGHt OUT. 


SPEC^a'r^VA^KIffbNES 
AND RACV eOMtOY.- S. Peotrte. 

.NSTANT..J i 5g i FmME^^RED 7 .T.CA RO 


BOOK 


ON D1. 


7611. 


ALBERT. 836 387B. CredH card bkes. 
836 1071 iexcept SaL'. Mtm.-Fri. 7 *5. 
ThtirL mat 4.30. Sats. *.30 and 0-00- 
■■ A THOUSAND TIMES WEi.COM5 IS 
LIONEL BARTS ^ _ 

MIRACULOUS MUSICAL.” F«l». Times. 

with ROY HUDD. joan turner 
■■ CONSIDER YOURSELF LUCKY TO BE 
ABLE TO SEE IT AGAIN •’ Deity Mirror. 

NOW BOOKING THROUGH t97B. 


THEATRE5 

DUCHESS. 838 8243. Mon. to Thur*. 
Eirss. 8 00. Frl_ Sat- 6 1S rnd 9:00. 
OH ! CALCUTTA ! 

" The Nudity is stunn.rg. ' Daily Tel. 
Bth SENSATIONAL YEAR 


ALDWYCH. 836 6404. Info. 8M S3S2. 
• ROYAL SHAKESPEARE COMPANY 
in repertoire . 

Brecnt’f THE DAYS OF TOE COMMUNE 
"SO pood." Guardian. 

RSC also at .THE WAREHOUSE «see 
under Wi and at - Piccadilly Theatre In 
Piter Nlcnoh™ PRIVATES ON PARADE. 


AMBASSADORS. 01-036 T171. 

Tomght 0.00. .Tomor. S and B 
SJOBHAN MCKENNA 
as Sarah -Bernhardt In MEMOIR 
with NIALL BUGGY 
" Perfect. A song of trlbmph." E. New*. 
Student tickets £1. 

LIMITED SEASON. ENDS SAT. 


APOLLO. 01-437 2663. Eves. 8.00. 
MUv Thurs. 1 3.00...Sats. S.00 a»W B OO. 


Actor of the Year/ E . 

- IS SUPERB/-- -N- of Wortd. 
SHUT YOUR EYES AND 
THINK OP ENGLAND ' 
'"WICKEDLY FUNNY.” Timed 


ARTS THEATRE. 01-836 2132. 

TOM STOPPARDS 
.DIRTY LINEN __ 

“Hilarious . . . see sorviay Times. 
Monday to J Thur«ny 8.30. Friday and 
Saturday at. 7.00 and 9.15. 


ASTORIA THEATRE. Charing Cress .Road. ■ 
01-73* 4291. Nearest Time. Tottenham 
Court Rd. Mon.-UiUrv 8.0 P.m.. Fri. and 
sat. 6.00 and 8.45. 

ELVIS 

Tickets £1^0-£5S0. Instant Credit 
CArd Res. - Eat in our ruth licensee 


or 


.. after sfiore — bookable In j 
Combined-dinner and top bricel 


ticket £8.90, 

- ELVIS 

“ Infecrous, appealing, Jool-siomping and 
neart-t nutn pfra/^-Observer. 

BEST MUSICAL OF THE YEAR 
EVENING STANDARD AWARD 
Halt hour before Shew any available ted 
pr'Ce tKket* £2.so. . Mon.-Thurs. and 
Fri. 6.00 pan. perf only. 

Bfit £§£ M 

w&mS&Si&tikStu* 


COMEDY. - . D1-930 2578. 

Evenings BiO. Mat. Thurs. s.0* Sat S JO 
_and • b.30. 

"™‘ DM 
“ GENUINELY FUNNv “dT|^(|. 


CRTTERIONl 
■ Evenings B 


fnpcecswg -^--PARj fier.“ S,. 71me» 
■■ HILARIOUSLY PUNNy!” N. of Werirf. 


“8337 *52 3S5! 

A ™ sSSSSr^V'r?^’ “» tooW,,nB 

HRmRF. 5. Times. ‘ 


DUKE OfF YORK'S. 
Ewrings 5.00. 


TWNti C2 SO Inc. gi ui (0 wtnp. 
•"nils IS wttbost doubt the nost ertra- 
prdinary en tertainm ent Ip London.” 
C*CfWQ NCVm. 

Sue to eno miptis sween win transfor u 
Amb ai sada w Thoatiw 27tti Feb. 


[duke OF YORK'S. 01-B36 SI22. 

Prevs. Tue. & Wed. at 8^ Opens Thurs. 
at 7. Subs, evs 8- Mat Sat. at 3. John 
G>eiguj in Julian Mitchell's HALF-LIFE. 
A National Theatre Production. -A dune 
of hlgn comedy *J. C. Trewln-i Instant 
credit card resenratrons Dinner and loo 
price seal £7.00 

FORTUNE. E36 2238 Evgs. 8. Thurs. 3. 
Sat. 5.00 and 8.00. 

Muriel Pavlow as MISS MARPLE IP 
MURDER AT THE VICARAGE 

Th.rd Great Year. 

GARRICK THEATRE. 01-836 4601. 

E*g>. C.O. Wed. Mat. 3.0. Sat. 5.15. 8.30 
JILL MARTIN. JULIA SUTTON 
• ERIC FLYNN and ROBIN RAY 
.*» toe 

"BRILLIANT MUSICAL 
ENTERTAINMENT.-' Pro Me 

SIDE BY SIDE BV SONDHEIM 
“ GO TWICE." S. Morhi Punch. 
“GO THREE TIMES." C Barnes- NYT. 

GLOBE. 01-437 1 592. Evgs 8.0. Mats. 
Wed. at 3.0- 

BARRY FOSTER- CLIVE FRANCIS 
DONALD GEE- JEREMY IRONS and 
SIMON WARD n 

TOE REAR COLUMN 

A New Play bv SIMON GRAY 
Directed bv HAROLD PINTER. 

GREENWICH THEATRE. 01-BS8 77SS. 
Evgs. 7-30. Mat Sats. 2.30. AN IDEAL 
HUSBAND bv Oscar WJidc. " ** applaud 
an entertaining evening ,r D. iei. 

HAYMARKET. 31-930 9S32. Evgs. 8-0. 
Mat. Weds. 2.30. Sau 4.30 and B.OO. 
INGRID BERGMAN' 

WENDY HILLER 

DEREK DORIS FRANCIS 

GODFREY HARE LUKA 

' WATERS Of' n THE MOON 
■* Ingrid Bergman mal es (he stage 

radiate-unavailable charisma. D- Mall. 

•’ Wenav Hiller Is superb “ S Mirror. 

HER MAJESTY’S. CC 01-930 6606. 
Evgs. 8.00 Wed, and Sat.-2.0D >na B.OO. 
GlYNIS JOHNS 

LEE MONTAGUE. HELEN LINDSAY 
in TERENCE RATTIGAN-s 

CAUSE CELEBRB 

“ RATTIGAN REVEALS HIS MASTERY." 
S. Tel. -GLYNIS JOHNS Plays 

brilliantly.“ D. Tef. LAST 2 WEEKS. 

HER MAJESTY’S- CC. 01-930 6606. 

Opening March 26 

BRUCE FORSYTH 

Hi Leslie Bricuise and Anthony Newtev’S 
TRAVELLING MUSIC SHOW 
with DEREK GRIFFITHS 

Directed by burt shevelove . 
Previews from March 16. 

KING'S ROAD THEATRE. - 3S2 7488. 

Mon. to Thurs. 9-0 Fri. Sal. 7 M. 9-30. 
TOE ROCKY HORROR SHOW 

NOW IN ITS 5th ROCKING YEAR 

THE GREAT ROCK ’N’ ROLL MUSICAL 

LONDON PALLADIUM. CC. 437 7373. 
LAST 2 DAYS' 

ENOS TOMORROW 

Tonight 7.30. Tomorrow 2.4S A 7.30. 
HANS ANDERSEN 

CREDIT CARO BOOKING 01-734 6961. 

LONDON PALLADIUM. 01-437 17373. 

MARCH 20th FOR TWO WEEKS 

MISS 

GINGER ROGERS 
and Seectal Gatd Star 

DONALD O’CONNOR 
and CHARLIE SMITHERS 

A GREAT EVENING’S ENTERTAINMENT 
WITH HOLLYWOOD'S FOREMOST 
MUSICAL COMEDY STARS 

BOOK NOW—Seats £2-£6. 

LONDON PALLADIUM. CC- 01-437 7373. 
THE TWO RONNIES 

FROM MAY 2S to AUGUST 19 

LYRIC THEATRE. 01-437 3686. Evs S.O. 
Mats. Thurs 3.0. Sats S.O .-nd BJO. 
JOAN PLOWRIGHT 

COLIN BLAKELY 1 

and PATRICIA HAYES in 1 

PILUMENA , 

, by Eduardo de FHkdpo 

Directed bv FRANCO ZEFFIRELLI 
“ TOTAL TRIUMPH.'* Ev. News. 

•■AN .EVENT TO TREASURE.” D Mir. 

- MAY IT FILL THE LYRlC FOR A 
HUNDRED YEARS.” Sunday Times. 

MAY FAIR. CC. 629 Z036. 

Mpn, Jo Fri. 8 . 0 . Sat 5.3D and 5.45- 
GO ROON CNATER " Brilliant" E.N.. In 
THE ELOCUTION CF 

BENJAMIN FRANKL N 
by Steve J. Spears. 

A compassionate (winy Bercely eloaomt 
play.” Gdn ■’Hilarious." E. Std. “Wickedly 
amiufng.” E. News. " Spellblndl ig." Obs. 

MERMAID. 248 76SS. Rest 248 2935. 
Mon-Sat. 8.15. Mat. Wad. A Sat. 5J0. 
DAVY JONeS. MICKY DOLENZ 

In HARRY NILSSON'S 

THE POINT 

“A WINNER.’* D. Mirror.- 
^ Stall tickets £1JS-£3J0. 

Combined dinner-theatre tickets £545. 
Mint end Sat. 

Meet Production Torn CONTI J»n* ASHER 
_ in whose life is it anyway. 
Opens Mar. 6 7. Prevs, from Mar. 1 8.15 


THEATRES 

OLD VIC_ 92B 7616. 

PROSPECT AT THE OLD VIC 

S tn ln reP^* SOn t0 *^ l * rch 25 
SAINT JOAN tonignt 7JO. -Sat 2JQ 
a no 7 JO 

ANTONY AND CLEOPATRA returns 
Feb 27_ . 

HAMLET returns March 2 _ . • 

ALL FOR LOVE returns March 6 
.Sunday March 26 4J.7.30 
THAT MIGHTY HEART 
with. Barbara JeScrd. Jonn Turner. 


OPEN SPACE. 01-3B7 - 6969 wpens Feb 
ZB 7.0. Sobs. • Toes j-S un J 80. Mat 
sat. 5.0 urrtJ March 11. PENTA OulCh 
Sureai ’ Theatre Ot iwstneni. Frayn 
March 14 STEPS. NOTES AND SQUEAKS 
Gielgud. Seymour. Beriossowa 


PALACE. Ot-437 683* 

Mon.-Thurs. 8.0b Fri.. Sal 6.00 & 8 JO. 
JESUS CHRIST SUPERSTAR 


PHOENIX. . 01-836 8611. 

LOW PRICE PREVIEW TONIGH1 AT 6. 
FRANK FINLAY in 
The Lewie Brtcusse Musical 
KINGS AND CLOWNS 
Directed by Mel Shajnrit 
Opens March. 1 at 7.0. Subs Evgs 8.0. 
Weds, mac 3.0- S*L 5 and 8. 


PICCADILLY. .437 4506. Credit card bkgs 
836 1071 Evgs B. Sat 4.45 and 8.15 
„ Wed Mat. 3-0. 

BEST COMEDY OF THE YEAR 
Evening Std. Aware and SWET Award 
Royal Shakespeare Company In 
PRIVATES ON PARADE 
by Peter Ntchas 

(Perhaps Net suitable for Children) 

” HUGELY ENTERTAINING 
EXTRAVAGANZA'- S Time*. 


PRINCE OF WALES. -CC- 01-930 66B1. 
Monday to ‘Friday at 8 p.m. 

Sat. 5.30 and 8.45. Mat. Thurs. 3.00. 
•‘THE STAGE IS AGLOW." 

Dai iy-T elegraph. 

RICHARD BECKINSALt 

_ I LOVE MY WIFE 
-NAUGHTY BUT NICE WITH A LOT 
OF LAUGHS." News. Of the World. 
INSTANT CONFIRMED CREDIT CARD 
BOOKINGS ON. 01-930 0346 


THEATRES 

VAUDEVILLE. d3b 39 pp. Evgs. at 8. 
Mao. Tues. 2.45. Sats. 5 ana 8. 
Dinah SHERi OAN. Oukle GRAY 
Eleanor SummeRFULO. James GROUT 
A MURDER IS ANNOUNCED 
THE NEWEST WHOOUNIT HIT 
by AGATHA CHRISTIE 
"Re-enter Agatha with another who¬ 
dunit hit. Agacna Christie Is stalking 
the West Eod vet again with another 
p t her fiendishly Ingcnloos murder 
mysteries." Felia Barker. E*g- News. ■ 

WAREHOUSE. Dor mar Theatre B36 6808. 
Royal Shakespeare Company. Ton 1 ! 8.00 
James Robson's FACTORY BIRDS. " It 
takes off like a rocker.' Times. All scale 
El JO. Ady. bkgs. Atawych. . 


WEMBLEY EMPIRE POOL. Lair * peris. 
LAVISH ICE PANTOMIME 
„ HUMPTY DUMPTY 

Tonight 7.45. Tomor. 2. 5 A a. Childn. A 
Senior Cits hall price Tonignr & Tomor. 
at 8. Pay at doors. Spacious car park. 

Enquiries 902 1234. _ 

WESTMINSTER THEATRE. CC 01-B3* 
0283. Evenings B.OO. Mat Tnurs. 3.00. 
Saruroavs 5 and R 
Ticket* £1.50 to £4.00 
PAUL JONES In 
DRAKE’S DREAM 
_MUST END MARCH 4 


WHITBIALL. 01.930 6692-7769. 

„ Ek«- OJO. Sal- 6.45 and 5.0. 

Paul Raymond presents the Sensational 
Sc* Revue of me Century 
DEEP THROAT 

Now Live on Stage. Limited Season. 
12-week jMMB prior to World Tour. 


WINDMILL THEATRE CC. 437 6312. 
Twice Nlghdv 8.0 and ‘0.0. 

OPEN SUNDAYS S.OO and : .00. 
PAUL RAYMOND o.-esents 
RIP OFF 

THE EROTIC EXPERIENCE OF THfi 
... MOOERN ERA 

Takes to unprecedented limits what 1e 
permissible on our stages.” Erg. News. 
You mav drink and smoke In the 
Auditorium. 


QUEEN'S THEATRE. ' 01-724 1166. 

Evgs. 8.0. Sat- 5J. flJO Mat. Wed. 3.0 
_ GUINNESS 

BEST ACTOR OF THE YEAR 
ViriMy Cluti of GS Award In 
TH* OLD .-COUNTRY 
A New Play bv ALAN BENNETT 
Directed by CLIFFORD WI-LIAMS 
BEST PLAT'OF TH* YEAR 
Pfevs and Players London .titles award:. 


RAYMOND REVUEBAR. CC 01-734 1593 
At 7 p.m -1 9 B.m.. 11 ■ p.m. ('Open Suns-i 
PAUL R AYMO ND oresemc 
THE FESTI VAL. OF 

PuMy Air Qmditlooed. Yo« .may 
drink end- smoke -In the auditorium 


ROUND HOUSE. . 267 ,2554. Eves. 8. 
THE LIVERPOOL PLAVhOUSE CO. with 
James AUBREY and Don WARRINGTON 
In London Premiere of 
STREAMERS 
by David Rabe 


ROYAL COURT. 730 1745- Evs. 8. Sat. S 
and BJO. THE-BEAR by Chekhov. THE 
KREUTZER SONATA by Tolstov See also 
Theatre Upstairs. 


ROYALTY. CC. 01-40S 8004. 

Moodar-Thursday Evening 8.00. Friday 
5.30 and 8.45, Saturday 3.00 and 8JK>. 
_ . London critta vote_ 
BUBBLING BROWN SUGAR 
Best Musical of 1977 
Tel. bkgs. accepted. 


WYNDHAM-S. B36 3028. Credit Card 
bookings 836 1071 (except 5«.) Mon.. 
Thurs 8. Fri. and 5at. 5.15 and 8.30. 
"ENORMOUSLY RICH 
VERY FUNNY." Evening tews. 
Mary O'Malley's smash-h.i Comedy 
ONCE A CATHOLIC 


YOUNG VIC inear Old Vic) 92 8 6363. 
Ton’t at 7.45 THE REAL INSPECTOR 
HOUND with SEASIDE POSTCARD. 


YOUNG VIC STUDIOS. 
Dantne Ahse's GONE 
. Tonight at S.O. 


<=20 6363. 
JANUARY. 


CINEMAS 

ABC 1 & 2. SHAFTESBURY OVE. B3I 
8861. Sep Perf*. ALL SEATS BKBLE. 
1. The saver Bears (At. Wk. & Sun. 
1.45 5.00 BOO. Lath Show Tonight 4 
Sat. 11.20 2. Abba. The Movie (U1. 

Wk & Sun. 2.00 S.1S. 8 15. Lafe shew 
J bnjpht t. Sat. 1115 Hast 6 days). 

CAMDEN PLAZA foop. Camden Town 
Tube}. 485 2443. Robert Bresson's 
masterpiece THE DEVIL PROBABLY 1*1. 
4.45. 6.50. 9.00. 


CLASSIC 1. 2. 3. 4. Oxford St. (ObB. 
Tottenham Court Rd. TnbeJ. 636 0310- 
1; ABBA THE MOVIE Wi Stereophonic 
Sound.. Progs. 1.30. 3.SO 6.10. 8.30. 
Late show 10.30 pm. 

2i THE HIDING PLACE fAL Sen. Peris. 
2.00. 5.00. 8.00. Late Show 11pm. PAT 
GARRETT AND BILLY THE KID CXI. 
SLITHER (AA). James Caan. 

3: TOE DUELLISTS I A). Progs. 1 JO. 
3.05. 5.40. 8.15. Late show 10JSS cm. 
4: HOLOCAUST 2000 (Xi. Progs. 1 JO. 
3.40. 6.05. BJ5. Late show 1OJ0 pm. 


SAVOY. 01-836 8886. 

Nightly at J p.m. Mats. Weu- 2 JO & LOO 
JOHN FRASER . 

LADY ' HARRY 
An unusual' suspense drama 
'by NorqiM Krasna 

Prices Mats. £1 to-£3. Evgs. £1 to £4. 
Credit booking accented. 


CURZON. Ctvzan Street. W.1 499 3737. 
„ PARDON MON AFFAIRE CX). (EnoHsh 

Makr credit cards. I sub-titles).. " A sparkling New French 
Mator creoi. crus., Coraetfv Ofrected w|, h frneue by Yvei 

Robert.” Sunday_Ejrpress^ Props. »t 1-50 


NATIONAL THEATRE 928 2252. 

Olivier Cooen Rut): Tout 7.30 Tomor 
2 J5 and 7.30 THE COUNTRY WIFE by 
William WVcherley. 

LYTTELTON tproscenlum stage); - Tent 
7-48- Tomor 3 and 7-45 BEDROOM 
FARCE try Alan Ayckbourn. 

COTTESLOE (small auditorium}; Twit 8 
Tomor 3 and 8 FOUR WEEKS IN THE 
CITY by William Martin (Workshop 
produc t ion, all mass 50p) 


SHAW. . _ - fll-388 1 394. 

Evgs. 7JO. fNo wf. Mon.) Mat Thors. 

' AN IN SP E C TO R CALLS 
■ by j. B. Priestley_ , 

■ “Highly EntettahUng. 1 ' O. TeL 
Low Prices. Easy Parking. 


.^*&JaB!Xn££8* 

Bv; Wolf. MankowiB 


“memorable." D. TeL Yi 
lOO Euston Ro. 


TeL YOotstandlng" GO 
01-MB 1394. BIOS. 


Mai. Thor. 


5.50 and BJO. 


NO^ttX- ^PUEa!*— 

_ WE'RE BRITISH __ 

"USSffl S&SF 


Mat. Too. 2.45. Sab A Good Fri. 5 i > 
AGATHA CHRISTIE’S 
. THE MOUSETRAP 
.WORLD'S LONGEST EVER RUN 
SBth YEAJJ. 


•not Sun.). 3.55. 


and 8.30 


GATE TWO CINEMA. B37 0042)1177. 
• Formerly E.M.I. International). Russell 
Stnjare Time. DEREK JARMAN'S 
JUBILEE (X). Sen. Peris, l.oo, 3.00. 
5.00. 7.00. 9.10 A NIGHt AT — 
OPERA (U) 11.15. 


THE 


LEICESTER SQUARE THEATRE (930 
52S2 >. STAR WAM (U>. See. prOQS. 
Dly. 2.00. S.1 S. 8 . 55 . Late Show Fri. 
* _ Sat- 11.45 dm. Seats bkbte. (or 
5.15 * B.S5 Progs, wks. & all progs. 
Sit. & San. 

^ OV £?. !£, P DEO '‘ l MARBLE ARCH— 
2nd MARCH I 


ODEON HAYMARKET (930 2738(2771). 
Jane Panda Vanessa Redgrave 
in a Fred Zinnemann aim 

JULIA lA) 

See. orogo. Dlv. 2. jo. S45 BJS, 
feature Div. _8J S. 6 DO. 9.00. Late 
■how Fri. A Sat Prog. Comm. lUSom 
Feature 1 2.00. All seats bfcble. 


rALK OP TOE TOWN. CC. 734 S051. 
8.00. Dialog. Dancing.-9J0. Soper Revue 
RA22LE DAZZLE 
and at 1 T ojti. 

V)MC HILL 

non Moil JACKIE TRENT and TONY 
' HATCH. 


THEATRE UPSTAIRS. 730 235*. Evs. 7 JO. 
. IN- THE BLOOD 
■r Lenka Janlurefc 


TOE DEEP (AL Sea. proas, every day. 

l£2.- *i£> n 7 -ihi. L * a *•*« Frts - * 

MARBLE ARCHCT23 2011/2L 

2 jo- UO.ua Son. 4-SO. 8.1 S, 
Late show Fri. > Sat. 124)0 pm. 


PRINCE CHARLES. Ujc. SO 4S7 8181. 

view"™? ?“* 22L "ISS 01 8 salon 
KITTY (X). 5eo- Peris. Dlv. line, son J. 
2 45 . 6.1S. 9.00 Late Show Fri'andSat 
11-55. Seats BkCXc. Ue'B Bar. FroSi 
March 9 SWEPT AWAY XJ Boa Office 

Now upm. 


SCENE 2, Me. Sq. IWardoor St.]. 
439 4470. THE PINK PANTHER 

STRIKES AGAIN iU). Son .-Thar. 1.30. 
SJ5. 9.S5. Pei. am) Sal. 12 AO. 4JS. 
8.4S. 12.45- THE RETURN OF THE PINK 
PANTHER W). Sun.-Thur. 3.25, - ?JA 
Fri. and Sat. 2.SS. 6.40. 10.40. 
























Ftnancfal Times Friday PsJ & TsSTS 


its 

J Yi 


FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BT 
Telegrams: Flnantlmo, London P54. Telex: 886341/2, 883897 
Telephone: 01-248 8006 

Friday February 24 1978 





the 




BY DAVID FISHLOCK, Science Editor 


CHANGES in the birthrate 
which have already taken place 
are the basis of the discussion 
document put out yesterday by 
the Department of Education 
and Science. Estimates of the 
demand for higher education 
are, as experience has shown, 
exceedingly difficult to make, 
since demographic trends are 
only one of the factors involved: 
the gap between the Depart¬ 
ment's highest and lowest esti- 
mated variants is very large. 
On its central projection, how¬ 
ever, the total numbers engaged 
in full-time and sandwich higher 
education would rise from 
520.000 at present to 560.000 in 
19SI and 600.000 in the mid- 
’eighties. The figure would stay 
at about that level until the 
end of the decade and then fall 
back sharply to around 530.000 
in 1994. The Department puts 
forward for debate five possible 
methods of dealing with this 
prospect: the first three envis¬ 
age the pattern (as opposed to 
the scale) of higher education 
remaining much as a? present, 
the other two envisage certain 
changes. 

The course eventually chosen 
will almost certainly be a com¬ 
promise, and a good deal of 
research as well as discussion 
will be needed before its precise 
shape can be determined. But 
some thoughts occur to the out¬ 
sider immediately. The first 
choice, to expand facilities in 
line with the central projection 
of demand, may well be that 
most favoured by those involved 

The choices 

That in itself, the cynic might 
suggest, would be reason enough 
for dismissing it. Less cynical 
reasons are the very high cost, 
the loss in quality of teachers 
which accompanies very rapid 
expansion, and the difficulty of 
getting rid of these lower- 
quality teachers when demand 
falls off. The third choice, to 
accommodate the expected in¬ 
crease in numbers by making 
more intensive use of existing 
facilities and teaching staff and 
perhaps by taking advantage of 
advances in educational tech¬ 
nology, can only be judged after 
more research has been done. 
Greater use of new technology, 
for example, does not neces¬ 
sarily save much money. Of 


the first three choices, the 
second—holding back the scale 
of expansion after 1981—seems 
the most promising. At the 
worst, this would Imply a tem¬ 
porary break with the principle 
of making higher education 
available to all wbo want it 
and are qualified for.il At the 
best, if the low projection of 
demand after 1981 proved to be 
the correct one, there would be 
no loss of educational oppor¬ 
tunity. 

There remain the two models 
which imply a change in the 
present pattern of higher educa¬ 
tion. The first of these would 
ease the pressure by a combina¬ 
tion of methods—accelerated 
degTee courses for the most 
able, a switch from full-time to 
part-time courses, and a gap 
between leaving school and 
beginning higher education. The 
second would deal with the drop 
in demand expected after the 
mid-nineties by encouraging a 
greater spread of higher educa¬ 
tion among social classes and 
making available more facilities 
for re-training and for mature 
students. 

Wider debate 

Most of these suggestions 
have practical disadvantages as 
well as superficial attraction, 
especially since it is exceedingly 
bard to foresee the state of un¬ 
employment—Jet alone the rela¬ 
tive impact of unemployment on 
those with and without certifi¬ 
cates of higher education—so 
many years ahead. But there 
does seem much to be said for 
putting more of our resources 
for higher education into those 
who are already at work, 
whether they hav e entered In* 
dustry straight from school or 
whether their original training 
has been overtaken by technical 
change. There seems much to 
be said too, to go a stage further, 
for putting more of our total 
educational effort into secondary 
schooling rather than higher 
education. This document, in¬ 
tended to deal with a purely 
demographic problem, may be 
useful in reopening among the 
general public, and especially 
in industry, a wider debate 
about the value which the 
country is getting for the money 
it puts into education as a 
whole. 


Capital spending 
gathers pace 


AT FIRST sight the latest 
figures for manufacturing 
investment may seem a trifle 
disappointing. In volume terms, 
the level of investment la the 
fourth quarter of last year is 
provisionally estimated to have 
been no higher than in the 
third quarter. The overall 
increase for the year as a whole 
has thus turned out to be about 
6 per cent, fractionally less 
than Ministers had recently 
been hoping and substantially 
lower than the forecasts which 
were made earlier last year. But 
too much should not be read 
into changes between one quar¬ 
ter and another, especially 
during a period when, because 
the rate of price increases Is 
varying, estimates of changes 
in volume are more than nor¬ 
mally susceptible to error. A 
closer look at the figures over 
a longer run suggests that the 
underlying trend of manufac¬ 
turing investment is not at all 
discouraging. 

Drastic 

In the first place, it should be 
remembered that by the first 
half of 1976 the volume of 
capital spending in manufactur¬ 
ing industry had fallen to its 
lowest level for over 10 years. 
Since then, the pace of recovery 
has been gradually accelerating. 
By the closing months of 1976 
and the first quarter of 1977. the 
annual rate of increase in 
volume terms had reached 
3-4 per cent. Since then, it has 
doubled to about 6-8 per cent, 
which means that by the end of 
last year manufacturing invest¬ 
ment had risen to about 12 per 
cent, above the low point of 
18-24 months earlier. 

Secondly, the figures for 
manufacturing industry as a 
whole have been affected by 
the drastic cut-backs in invest¬ 
ment spending by the British 
Steel Corporation. Excluding 
the iron and steel sector, which 
accounted for a sixth of all 
manufacturing Investment in 
1976, one finds a much more 
favourable picture. By the end 
of 1976 and early 1977, the 
volume of investment io the 
remainder of manufacturing 
was increasing in volume hv 
about 8-9 per cent a year md 
the rate has since risen lo about 
15 per cent, a year. In other 
words, by the end of last year 


manufacturing industry other 
than the iron and steel sector 
was spending in real terms 
about 24 per cent more than 
18-24 months earlier. 

Compared with equivalent 
phases of past investment 
cycles, this is an impressive 
recovery and it should help to 
scorch further talk of an "in¬ 
vestment strike,” a phrase that 
has been much in vogue lately. 
However, the main question 
now is whether the recovery is 
likely to be sustained. The 
latest Department of Industry 
survey of investment intentions 
indicated a further increase in 
manufacturing investment of 
about 10-13 per cent during the 
coming year. This was some¬ 
what lower than the 12-17 per 
cent, increase which was fore¬ 
cast at the end of last summer. 
Although marked changes up or 
down between successive fore¬ 
casts are not uncommon, the 
fact remains that these figures, 
unlike some other predictions, 
are derived from a sample 
survey of (mainly large) com¬ 
panies and thus reflect revi¬ 
sions in companies' spending 
plans. Given the level of idle 
capacity, the uncertain pros¬ 
pects for world trade and the 
pressure on profit margins, the 
possibility of some further 
scaling down of investment 
intentions for 197S cannot be 
ruled out. 

Confident 

As against that the Con¬ 
federation of British Industry, 
whose latest predictions are in 
line with the current Depart¬ 
ment of Industry forecasts, 
remains confident that the re¬ 
covery will be maintained and 
random reports from sectors 
like chemicals and vehicles point 
in a similar direction. More¬ 
over, the Indications which are 
now coming through of a revival 
in consumer spending could 
help to sustain a bullish mood 
on investment as well as pos¬ 
sibly help to bring manufac¬ 
turers* and distributors’ stocks 
into better balance. Although 
stocks declined in the last half 
of last year, the reductions only, 
partly offset the large rises 
earlier in the year when con¬ 
sumer spending was lower than 
had been expected. As a result 
stock/output ratios are still 
somewhat on the high side. 


A CHALLENGE to recent 
thinking on the non-pro¬ 
liferation of nuclear 
materials—including that of 
President Carter and Mr. 
Anthony Wedgwood Benn—is 
about to be launched by two 
eminent scientists, a Briton and 
an American. 

The brief history of nuclear 
energy is strewn with issues 
which opponents of the tech¬ 
nology hare raised as reasons 
why it should not be pursued, 
but which upon closer examina¬ 
tion have proved to be unwar¬ 
ranted or exaggerated fears: 
Exploding reactors, unsafe 
pressure vessels, inadequate 
emergency cooling, hot plu¬ 
tonium particles are just some 
of yesterday's “worries." 

To-day’s worries—as stressed 
by the nuclear report of the 
Royal Commission on Environ¬ 
ment Pollution IS months ago 
—are the safe storage of 
nuclear wastes and the prolifer¬ 
ation of nuclear explosives 
through what Sir. Brian Flowers 
—then chairman of the Com¬ 
mission—himself insists on 
calling "traffic" in plutonium. 

The two eminent scientists— 
one in London and the other in 
California—have now collabor¬ 
ated to produce a scheme they 
believe could dispel public fears 
that criminals, terrorists, even 
ill-intentioned Heads of State, 
might ever make bombs out of 
stolen plutonium. 

Dr. Waller Marshall, deputy 
chairman of the U.K. Atomic 
Energy Authority—and Chief 
Scientist at the Energy Depart¬ 
ment until last summer when he 
was dismissed by Mr. Wedg¬ 
wood Benn, the Secretary of 
State, for advocating nuclear 
poiver too enthusiastically—is 
presenting the underlying 
philosophy of the terrorist- 
proof technology in his Graham 
Young Memorial Lecture at 
Glasgow University to-day. On 
Monday his collaborator. Dr. 
Chauncey Starr, president of 
the Electrical Power Research 
Institute, the “think tank" of 
the U.S. electricity supply in¬ 
dustry, will present the support¬ 
ing technical case an the open¬ 
ing day of the Energy 
Technology Conference in 
Washington. 

Britain, it has been agreed, 
will present the scheme form¬ 
ally to the International 
Nuclear Fuel Cycle Evaluation, 
the multinational search for any 
technology resistant to diversion 
into nuclear weapons, set up by 
President Carter. 

As Dr. Starr sees it the col¬ 
laborators have had two main 
objectives. One was to restore 
to favour the much-criticised 
fast breeder reactor as a highly 
desirable part of international 
energy policy. The other was to 
scotch the idea that nuclear 
energy itself is somehow "sin¬ 
ful”: that plutonium was 

advisedly named after the devil. 
(In fact it was named, by a 
quite different process of logic, 
after Pluto, the outermost 
planet, beyond Uranus.) 

As Dr. Marshall sees it, every 
nation which has — or is sus¬ 
pected of having — developed 
nuclear weapons has done so as 


an independent military objec¬ 
tive, and not on the back of a 
civil power programme. There 
is virtually nothing the world 
can do to prevent a Government 
determined to acquire nuclear 
weapons from doing so eventu¬ 
ally by making its own fissile 
materials. 

The big problem which has 
emerged m the 1970s is the pos¬ 
sibility that criminals and ter¬ 
rorists might acquire the know¬ 
how to make nuclear weapons, 
and then hi-jack the materials 
ftom a civil power programme. 
Such programmes have tended 
to assume that society would 
remain (or become) orderly and 
peaceful, but recent experience 
has not tended to verify that 
assumption. Marshall's aim has 
been to discover what technolo* 
gies and policies might best re¬ 
strict accessibility to plutonium, 
so that civil and weapon tech¬ 
niques might be more cleanly 


spent fuel decayed away. 

The Royal Society was swayed 
by Marshall's arguments and 
called for quicker progress on 
the fast reactor. But in tile U.S„ 
President Carter was persuaded 
last spring to call for a go-slow 
in developing the fast reactor, 
and for a moratorium on ail 
domestic reprocessing of spent 
nuclear fuel. 

There are some irrefutable 
facts underlying Marshall's 
argument that storage of spent 
fuel would greatly increase, in¬ 
stead of diminishing,, the risk 
of illicit diversion of plutonium. 
One is that spent fuel, although 
intensely radio-active when it 
emerges from a reactor—so 
viciously so that if approached 
it would kill through brain 
damage in about six minutes- 1 - 
rapidly grows less so as certain 
short-lived fission products de¬ 
cay. After a year it is about 
300 times less radioactive; after 


fuel as a means of preventing 
proliferation immediately sets' 
up a-target for anyone Wanting 
to divert plutonium into wea* 
pons, and also establishes an 
option for itself to make- Wea¬ 
pons. ' These two possibilities 
become more attainable'- with 
each year that, passes. A *jpro- 
Uferafion time-clock,’’ as he 
calls it. 

As for quantities of 
plutonium, the fast reactor has 
acquired a highly misleading 
reputation as a much more 
prolific plutonium producer 
than ..'..thermal'. ■„ .reactors!. 
The fact is that all reactors 
burning uranium create plu¬ 
tonium as a- by-product Light 
water reactors produce a net 
accretion- of about' 330 kilo^ 
grams a-year "for every 1,000 
MW generated. Canada's Candu 
reactor, and Britain’s Magnox 
and Advanced Gas-cooled 
Reactors, all produce plutonium 



- ■ 


PLUTONIUM-USED IN FA§T REACTORS 


1 Tonne*" 
Plutonium 


;i l: 

} v-^ 9 'VI/ h 

T I r i, ■ id g fc » 







. •.*'?j_ W* ’' 


I_^_I 

With the plutonium arising from “thermal" reactors safely- store* as 1fuel J" 
reactors, the world’s inventory of plutonium will begin to dwindle to veryJow pr atfnn 

fast reactors, however, the plutonium inventory will expand rapidly through the p eraoo 
of “ plutonium mines." Right: Dr. Chauncey Starr, president ot isrui. 


separated than they are to-day. 

The Royal Society, while 
studying the Flowers report and 
its conclusion that Britain 
should think hard before em¬ 
barking on a fast breeder 
reactor programme. asked 
Marshall for bis views. He re¬ 
ported back that Flowers, in 
associating the fast reactor so 
closely with the “plutonium 
economy" and "plutonium traf¬ 
fic’’ had forgotten the fact that 
present-day (thermal) reactors 
also produce plutonium. More¬ 
over, they produce it faster than 
fast reactors are likely to do. 


waste 


Marshall said that Flowers, 
in emphasising among hi- con¬ 
clusions the unsolved problems 
of nuclear waste disposal, b3d 
overlooked the fact that if 
nuclear waste was not reproces¬ 
sed but stored as spent fuel, the 
plutonium it contained became 
a nuclear waste. Moreover, it 
was a waste that became more 
accessible to thieves as each 
year passed, and the initially 
intense radio-activity of the 


ten years about 2.000 times less 
and could then be handled for 
hours before the hijacker drop¬ 
ped dead. By then, given suffi¬ 
ciently sophisticated methods of 
protection, handling and pro¬ 
cessing. the plutonium would 
be accessible—and would grow 
more accessible with each year 
that passed. 

In short, passage of time 
alone is enough to convert 
initially inaccessible plutonium 
into accessible plutonium stored 
as untreated spent nuclear fuel. 
In Britain, spent fuel is stored 
only briefly at the nuclear sta¬ 
tion before being moved—in a 
state Mill so radio-active that 
for ali practical purposes it is 
still inaccessible — to the 
"ponds” at Windscale for 
storage until the factory is 
ready to reprocess and reclaim 
unburnt fuel. Elsewhere, not¬ 
ably in ihe U.S. and Canada, 
spent fuel is stored at nuclear 
power station sites, in a pro¬ 
liferation of small “plutonium 
mines." deposits which are year- 
by-year becoming increasingly 
accessible. 

As Marshall sees it, any 
nation which decides to-adopt 
a policy of simply storing spent 


faster than this — MSgnpx 
fastest of all, about 600 kg. ~ 

But present designs of fast 
reactors will create fresh plu¬ 
tonium at a rate of only 189 kg. 
a year per 1,000 MW 
generated. 

Armed with these facts, Mar¬ 
shall began to seek ways .of 
making the growing inter¬ 
national inventory of plutonium 
—the world will have 500 
thermal reactors working by 
1985—-more secure against Illicit 
diversion. He hit upon the 
idea that- the- fast reactor itself 
was being sold on the wropj? 
premise. It- was being sold on 
the assumption that, willy nilly, 
the world would need it 
to safeguard its energy supplies 
once oil and natural gas re¬ 
serves began to . dwindle. This 
argument was being contested 
fiercely both by those who 
claimed that fossiJ-fuel reserves 
were more abundant than 
nuclear proponents predieted, 
and by those, who said that the 
world should learn to manage 
with less energy if it could not 
harness safer sources. 

Marshall turned the conven¬ 
tional case for the fast reactor 
on its head. First and fore- 


* Dr Walter Marshall, depoty chiirman, United Sfagx 
Atomic Ener^y Authoxity. -' / ' V- 

most. he argued/ it would be wratore themrelves^e 

needed as an “inctaeratoriV-a. be plarad at 

way • of -todring hjr.- sa^^; abll*jly Ot^e^nev|^^^,. 

and consuming the worfiPs, 1 -■ i.I? 

growing stxK^de.bF plutofifom. experience 

Iti potential'. for;' breeding" -f* 5 * ^ ee ^_ eT Teactnav-te. 

plutonium ' was , riSfSni? 

something Hi at' could be/ex- 
pJoited if 4he -worid begaa:\to 
run-short of cheap. nuclear ^el.- ^fed 
He admits that. initkyyt'fce 
encountered strong. opposition ■ 
from his colleagues; in Britem. 

He found a 

response m .the V-S, from Dr. maJ ^. &st 
Starr at EPHI* andJDfr._ : Floyd_ : .... - 

Culler, then with tfufJOak Ridge 

National .laboratory, who. liter *i, al . ‘he does not-'advooat 
joined EPRI. and J*IU succ^ed 

Starr as its president ^chosen t& mme fheifc'iei 
Thus began the .collaboration -resistiuit-te^tf^^Vi 
which has led to todays and immediately;: " 

Monday's presentations,. . present - 'Threat ^ 

. '“But the crucial point which w]jich i-idr-V. example^ 
eluded me for many months" ring. 

Marshall admits, "was how to processing 'plants 
protect fuel from diversion/*: qfte first st^p'wpuld‘%er 
-The U.K. Atomic Energy Autn- -g^jj^ ra | inreraatiqbal" 's 
ority experimented with ideas the'neit yeair or tia 
for . inducing enough radi®-. then ^Plhn£ anV-fntena 
^activity to make fast reactor, fuel demonstration, perhaps^ 
dangerous for anyone who might -trough . ..Ahe - ; Jxiterai 
try to:hi-jack it. The problem Energy*-Ageuty in..Parish 
•was how to make it lethal jget the project sipiim 
enough to combat any hi-jicker^\ political vacillations of 
sufficiently paranoid to ri$k com- fiirai -ghvftrrmtfrrts.- - 
putting suicide for fissile.-, - ^.'-j : ;>r 

“Answer, he .and sW *«St 0B OUg] 
finally concluded, was to use the c . - - *'* ftipj •* 

fission products -themselves. - . • 

source nf the radio-aetivity, in. The .^Ihain pointed! 
spent nuclear fuel. - .Tbese' arei deinonstratiCHi- wbuhL jj 
the. unstable feoptbpes formed work out :adfiquato"!iqbtii 
when atoms; J of “ uranium and quality - a^urttnee- 
plutonium split to release their which, at _'no' stage' cbr 
energy. . Small. .amounts/’ of apprijacbed by'peflplfe,-'- 
ruthenium^ rirophium and pio-. ; 

Mura are thersdurce of the dead- .cectyry, 5he, Gitex,| 

lihat gamma raaiitioh ih spfent would, p.rpbghly V 
Juel freshly' removed from_ a eliminate/, tije /oetC ^5! 
reactor, if some of them could radioactive, last 'reactor 
be retained in the fuel, and the Starting up- a hew fast i 
fuel could be recycled quickly is.^"tricky. _enough withoi 
into the fast reactor no Mr complication^ bjf gamma 
jacker would live long enough tion. Dri Marshall envis 
to carry out the theft small - international. dpi 

Technically, it could.he done, making jugt enough fuel 
they concluded, for tWoVreasons. the world’s fast reactors s 
One was that the fast reactor— The operation vculd.-b 
unlike thermal reactors-^bpld ducted^ under^ tight seenri 
not be affected by these reaMual safeguards. .But he.is.co: 
fission products. It- was- iEdeed a .that- once / the Teahta 
voracious ‘‘ numerator/*. it 

other was that they believed the be intrinsically safe agaii 
technology existed from whi^r - to - 

to assemble a bJghiy-autbmated/l^vex, ' 
remotely-operated fuel - mrauiu-'ava^ahl©:;>ite;/any/^tib 
facturing , operation, so ,. r th*t 1 wahad .tb.iase'it. v^ 



Fish finger men 
up in arms 

Some readers may think it im¬ 
possible to insult a frozen fish 
finger, but that is scarcely the 
way manufacturers see things. 
Fish fingers arc big business: 
last year tin? British nation con¬ 
sumed IJlbn. of them with every 
appearance of enthusiasm—the 
value of sales is expected to he 
up more than 10 per cent, to 
££4.5m. this year. So when a 
book appears bombarding the 
image, you can rely upon such 
hallowed names as Bird's Eye 
and Findus to begin leaping 
about like their own fish fingers 
in hot fat. 

Although the book is not out 
until Monday, its assertion that 
to label fish fingers as fish "is 
an affront to one of nature's 
most wholesome foods" has sent 
quivers through the quick-freeze 
industry. The Wholefood Book 
is a lavish, full-colour produc¬ 
tion—more of a coffee-table than 
a kitchen-table job. When I 
read the critical passage out to 
a spokesman at Findus he 
sounded taken aback. “ It might 
be a libel on fish fingers," he 
said. “We shall have to think 
about it" 

A spokesman at Bird’s Eye 
branded the remark as “ ill- 
founded, ill-phrased and 
wrong.” Told that the book 
said that 220 grams of fish 
fingers contain 150 grams of 
water, she remarked that ail 
fish contain a lot of their 
natural element 

I next tackled the author of 
the book, George Seddon— 
ex-farmer and former Observer 
executive. He warily backed 
away from the idea that be was 
saying Qah fingers had extra 
water pumped into Thera. 
“ Even turbot has 7a per cent, 
wafer.” he admitted/ But he 
returned to the charge that fish 
fingers are “ appalling things. 


not fish." Finally I spoke to 
Denys Bradfield, general secre¬ 
tary of the National Associa¬ 
tion of Fishmongers—and/also, 
rather remarkably, editor of a 
magazine about frozen food. 
" Nobody has ever hammered 
a fish finger like this before,” 
he said. 1 


Norman challenge 

At the risk of provoking indi¬ 
gestion wiili more gastronomic 
topics, I wonder if any FT 
readers are man—or woman— 
enough to eat three kilos or 
more of black pudding and sur¬ 
vive? Then I recommend they 
should polish up their clogs and 
book lodgings in Montagne, 
Normandy, for March 18-20. 
That is when they will be able 
to demonstrate their prowess, 
and maybe win glory for Britain. 
In the annual all-Europe boudin- 
eating contest. 

The highlight of the week¬ 
end, sandwiched between the 
courses of an orgy worthy of the 
rripemongering Fosdykes, is the 
Concours du Meilleur Boudin. 

Black-pudding makers from 
all over Europe, including an 
annual contingent of about 50 
from Britain, will be in there 
mixing it Among the cham¬ 
pions of the blood-and-guts 
league is Barnsley butcher 
Albert Hirst, an entrant (in the 
making, not eating, division) 
who won the British section cup 
last time to add to his tally of 
four gold and one silver medals. 

He has vet to win the 
supreme award. But then who 
would expect our lads to stand 
much of a chance playing away 
in the home nf spicey, light¬ 
weight boudin? The Eritish 
pudding is altogether a much 
more stolid, lumpen character. 
In a class of its own. you might 
say. 

Celebratory pig races — a 



“ And you can tell. the 
Select Committee there’s 
plenty more where these 
came from l” 


former high spot — have been 
stopped by order of the locar 
mayor, but there's still the 
pudding-eating contest. Visitors 
will put away an estimated five 
tomes of boudin during the 
festivities. 


Greek cheek 

Greek Prime Minister Con¬ 
stantine Karamanlis does not 
have too • soft a spot for 
journalists—he has refused .to 
give even one Press conference 
in Athens since the junta called, 
him back in 1974. But now, 
amid opposition outcry at his 
Government’s hogging of the 
media, he Is also under heavy 
tire for not turning up in 
Parliament to answer questions. 
“ Hnw can you expect him to 
have time,” one deputy asks, 
’’ when he has to be on tele¬ 
vision 24 hours per day." 


Precious pate 

A French cake ■ manufacturer 
got away with a commercial a 
few years ago in which the 
leading role was played by an 
actress closely resembling the 
present Queen of England. But 
the Thais show themselves far 
more sensitive, even, about 
monarchs long gone. In the 
Philippines, a detergent com¬ 
pany has provoked a diplomatic 
incident - with a TV advertise- 
~ment copied from a; scene in 
" Anna and the King of Slam.” 
The local starlet playing Anna 
is shown polishing the bald 
head of the King, played by 
opera singer Aurelio Estanislao. 

“It-is an -insult to the laws, 
customs.; - and culture • of 
Thailand" protested the Thai 
ambassador .- In . ^Manila, Chal 
Saicheaua. What. was. more, he 
said, ridicullDg baJdness was 
punishable by. law in. Thailand, 
and if the commercial were hot 
withdrawn^ there would .be 
“further action at a higher 
leveL" I cannot say whether the 
commercial was doing much for 
detergents, or if ambassador 
Saicheaua has a- good head of 
hair himself. I can t.eU you that 
the Philippines-Government has 
ordered the advert off the 
screen “for the'sake of har- 
runny‘and international ' under¬ 
standing:-” . 


Time out of mind 

A Devonshire ' reader tells me 
that when he telephoned his 
bank last Tuesday morning and 
asked- if there was -any- chance 
of seeing' tbp. manager some 
time during the day, the clerk 
who answered said, “I doubt it, 
sir. Because of the weather 
he hasn't been In yesterday 
yeL* •- - 


PRODUCTION (Tonnes) 
"Copper 
-' trad and 

SALES CToftr 

c Copper 
. Lead andr- 

■Avorase- 


files -i 
metals 
Coiff-'of 


Observer i 




, Interest 
', rebjdyafii 
r^rnrome ' 

■ ShaUTv'.of; 
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Profit;/'(Loss 

-; taxation'.. 
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;V.-. 



^ While most of the base-metal producing industry is confronted by a daunting 
lack of demand for its product, it has even greater problems ahead if it is to be ready 
to meet what could be an eventual explosion of demand for all minerals. 


J) an&rmig industry 
e greatest challenge 
.known. It is a two- 
nge: surviving the. 
pressfon in many 
ate, and preparing 
s eventual explosion 

fnf.aH minerals tftat 

witen the growing 
Nation scents the 
economic revivaL 
winds are. bitter. 

1 prices, notably of 
per and zinc, have 

1 point ait which few 
ope to do more than 

Canada's Inco, the 
idiag producer of 
rrying unsold stocks 
in 340m- lbs which 
- ith last year’s total 
the company of 

_ yy other base-metal 
, i is reducing produc- 
iying-off . employees, 
ay recently told, an 
’islature committee 
ere forced to maan- 
ction in order to 
ankruptcy would be 
il outcome. Indeed, 
ourth quarter earn- 
ed to oiriy $US4.6m. 
ollowing a total of 
the. preceding nine 
$196.Sm. for 1976. 

s of other great 

2 mining groups ran 
;d during the past 
er. " They included 
Sb, a loss for the 
541.3m,. which was 
- result of mine 
od Phelps Dodge: 

' ittie hope of any ' 


improvement In the. current 
quarter. 

Fortunately some ' minerals 
are.stSI doing weM and not aJI 
is gloom in the mining scene. 
Earning from ahunizuum are 
buoyant, tin still 'commands 
high, prices, lead is profitable 
and, ironically, the more'exotic 
products such as ' gold, 
platinum. and diamonds are in 
a rising phase. So too^'are the 
energy minerals, coal and 

u ranium. •; 

Thus the multi-metal groups 
such as Rio Tm&hZine and 
Noranda are still .doing well 
and. in Australia, Peko- 
Wallsend is heading for another 
profit record this year, thanks 
to rising revenue from the gold, 
coal and tungsten operations 
which are offsetting the decline 
in copper, bismuth and'mineral 
sands income. 

There is another aspect to 
this “ swings and roundabouts ” 
situation in mining which is less 
satisfactory. It'is the'tax system 
which bears heavily on-the great 
majority of minipg operations 
whose fortunes are dependent 
on a single product In the good 
years such as 1974 when copper 
soared to dose on £1,400 per 
tonne irt London—wdl over 
double the current sterling'level 
—politicians were swift to see 
the scope for taxation of “ wind¬ 
fall” profits. 


and the provincial governments 
competing for mining taxes to 
the point at which royalties 
have been levied without regard 
to costs and profits.'At last, how¬ 
ever, the Canadians are recog¬ 
nising the error of such polities 
while the dole queues grow. 


portantly, put into effect 
seems doubtful. Understand¬ 
ably enough countries such as 
Zambia, Zaire, Peru, and Chile, 
whose economies are very much 
dependent on exports of copper, 
face the prospect of cuts with 
extreme reluctance. Indeed, 


current low prices must be a 
good Investment in the purely 
economic sense. Not only are 
nickel and copper prices, for 
example, close to or below the 
rising production costs of exist¬ 
ing mines but they are also far 
'below the levels required to 


environmental objections; even 
the most determined of en¬ 
vironmentalists are not pre¬ 
pared to starve. The environ¬ 
mental problems will be solved 
by commonsense, compromise 
and money. They will have to 


A dual challenge 


by Kenneth Marston, Mining Editor 


Spectacle 


• Robbed of earnings in the fat 
years. ..the companies in. this 
high risk industry have .Iks 
reserves to carry thejn through 
the:, lean . years: j AwTln 
Canada, for example, there has 
been the spectacle, of; Ottawa 


However, if difficult tax laws 
make life difficult for the mining 
companies and stifle exploration 
for new mines, as has happened 
in Canada, we are still left with 
the basic imbalance of supply 
and demand for the major 
metals. There are moves afoot 
for Government aid for.mines 
facing .closure, but this trend 
can only aggravate the problem. 

Production cuts are an obvious 
answer to the over-supply prob¬ 
lem and these are already being 
forced on the transatlantic 
mines, in particular, by eco¬ 
nomic circumstances. These 
cuts, however, are insufficient to 
tilt the scales and Government 
action on voluntary cutbacks has 
been suggested by UNCTAD in 
the -case of copper. 

Whether stich action can be 
agreed, upon and, more im- 


recent talks on the subject have 
made little headway. 

A more acceptable answer 
must be some form of stock¬ 
piling policy by the govern¬ 
ments of the metal-consuming 
countries. Such stockpiling is 
not new, bnt nor is the problem 
of securing the funds for such 
operations. Even so, it is an 
answer which could be much 
to the advantage of the Western 
industrialised countries. 

Politically it would make 
sense in that such policies would 
provide needed support for the 
developing countries, notably In 
Africa where Soviet influence is 
active. Strategically it could 
safeguard supplies of vital 
materials, the lifelines of the 
industrial nations in the Euro¬ 
pean Community. 

Furthermore, stockpiling at 


justify the opening up of new 
mines. A new copper operation 
would need a metal price of 
over $1 per lb, double the 
current level. 

In due course copper will rise 
to $1 per lh. and probably more, 
because virtually no new mines 
are being started anywhere in 
the world And it must be re¬ 
membered that, quite apart from 
the time and effort needed to 
And an acceptable metal de¬ 
posit, the development of the 
new mines which will supple¬ 
ment and eventually replace 
existing operations can take up 
to 10 years to the start of pro¬ 
duction.. 

In view of this long lead time, 
the present low metal prices 
are not the main deterrent to 
companies embarking on new 
ventures. Nor are problems otf 


be paid for in dearer metal 
prices. 

The main problem, and this 
is the second part of the mining 
industry’s challenge, is that of 
security of igvestment for the 
new generation of super-mines 
which will cost anything up to 
$lbn. to reach production. 

Factors in this high cost 
structure include the need to 
accept lower ore grades and 
thus work them on a big scale 
for viable operation and tbe 
fact that it has become neces¬ 
sary for the exploration teams 
to move farther afield into 
remote areas of the world 
where costly infrastructure has 
to be created. 

Such arc the facts of life 
which are accepted by the min¬ 
ing industry. What is not 
acceptable to the industry and. 


importantly. its financial 
backers is the lack of security 
for the investment of such huge 
sums in the new areas which 
tend to be in the developing 
countries. Creeping expropria¬ 
tion and the arbitrary abroga¬ 
tion of operating and tax agree¬ 
ments have halted new invest¬ 
ment. 

Two years ago it was esti¬ 
mated in a submission by 14 of 
the leading European mining 
companies to the EEC that an 
investment of SaSbu. would be 
needed over the next 20 years 
to maintain European consump¬ 
tion of aluminium, copper, 
nickel, lead, zinc and tin. That 
figure may well be higher now 
and still the problem of 
financial safeguards is halting 
the development of the new 
mines which alone can avert 
the threat of future metal short¬ 
ages and soaring metal prices. 

Both the mining industry and. 
now, governments are fully 
aware of the urgent need to 
solve this problem. The EEC 
submission made three main 
proposals. First, it was sug* 
gested that there be cooperation 
agreements between the Com¬ 
mon Market and the developing 
countries which would provide 
a framework for operating 
agreements. Tbis held out the 
possibility of EEC pressure 
being applied to a mining host 
country which stepped out of 
line. 

Second, it was proposed that 
the EEC provide through appro¬ 
priate institutions financial con¬ 
tributions or guarantees for 
mining projects. Third, the 
submission recommended the 


establishment of an insurance 
scheme using contributions 
from the mine financiers in pro¬ 
portion tn the size of their 
investments. 

This year the concept of an 
insurance arrangement has been 
taken further. M. Cheysson. the 
Brussels EEC Commissioner in 
charge of development policy 
put forward a scheme which 
should have the collective back¬ 
ing of the nine EEC member 
countries. It would require pay¬ 
ment of premiums by mining in¬ 
vestors but M. C-hcyssnn hoped 
that it would be self-financing. 


Answer 


Perhaps the answer lies in a 
combination of a governmental, 
or EEC, stockpiling policy and a 
modest insurance scheme. The 
stockpiling policy with its good¬ 
will aspect would soften the 
implied criticism contained in 
the insurance scheme: a 
measure of goodwill between 
parties works far more wonders 
than all the most devious 
schemes of mice and men. 

It is all going to cost a good 
deal of money. But the spending 
will be small when measured 
against the hugse cost in hnth 
financial and social terras of a 
future shortage nf metals. The 
world sits on the three basic 
legs of agriculture, minerals and 
energy-. If one nf them is dis¬ 
turbed. the consequences can be 
catastrophic: the repercus¬ 

sions of the Arab oil crisis have 
given an indication of what 
could happen if the mining in¬ 
dustry should continue to be 
frustrated. 









1 * 









BUGYRUS 

excavators and drills 
produce more materiaI 
daily in opencast mines 
than those of any other 
manufacturer on earth 




RUSTON-BUCYRUS 


BUCYRUS-ERIE 




This 1260-Wis ihe first of three ordered by 
The National Coal Board Opencast Executive 
and was manufactured at the works of 
Ruston-JBucyres Liinitad, Lincoln, England. 


is your greatest 





























WORLD MINING H 


-FinafldaLTSnsS; 






i^s-:.;-r 




;rgy suppliers find 
coal attractive 





BiH 






OVER THE next few decades 
oil companies—among the big- 
best business undertakings in 
the world—will undergo a 
marked transformation as they 
move out of their traditional 
areas of interest into other 
forms of energy. The trend has 
already started: it is no accident 
that the oil majors are increas¬ 
ingly adopting the description of 
" energy companies.’* 

Crude oil production which 
has provided the foundation for 
their growth and prosperity has 
virtually doubled every decade 
since 1935. But this cannot last 
The energy crisis of 1973 
showed how dependent on oil 
the world has become, and how 
vulnerable it is to an interrup¬ 
tion in supplies. 

If oil consumption continued 
to grow at the rate maintained 
since the mid-1930s, proved 
reserves would be exhausted 
within 25 years. Shortages 
would be experienced long 
before then. These stark facts 
underline the need for energy 
conservation and the importance 
of developing as wide a range 
of energy forms as possible. 

Attraction 

This brings us to the oil com¬ 
panies* diversification plans and 
their interest in the coal indus¬ 
try in particular. Although many 
of the companies are already 
involved in solar energy, fuel 
cells, nuclear fision and nuclear 
fusion research, the exploration 
tor and recovery of coal is 


regarded a? the most logical 
extension of their traditional 
interest in oil and natural gas. 

The attraction of coal is 
obvious. A recent report by 
Shell—one of the oil groups 

with a growing mining interest 

—points out that total world 
coal production is some 2.5bn. 
tonnes a year, less than half a 
per cent of economically re¬ 
coverable reserves. “There is 
growing realisation that, as coal 
and natural gas production 
gradually begin to level off, an 
international coal trade on a 
very large scale will be needed 
to help meet growing energy 
demand while nuclear power 
and other non-tradition a l 
sources are being developed to 
their full potential.” 

The report—one of Shell's 
Briefing Service series—says 
that international trade in coal 
is likely to increase faster than 
trade in oil, perhaps even as 
fast as that in liquefied natural 
gas (a booming energy sector). 
However, development of the 
international coal business to 
meet currently foreseeable 
demands means that major 
investments must be made soon 
in mines, coal-handling equip¬ 
ment and transportation 
systems. 

Shell maintains that the re¬ 
sources and effort needed to 
meet forecast levels of inter¬ 
national coal supply are beyond 
the capacity of the existing coal 
industry. “The major oil com¬ 
panies are among the few organ¬ 
isations that have the resources 


and expertise necessary to 
assist in the rapid development 
of an international coal busi¬ 
ness.” 

The report “Energy in West¬ 
ern Europe—Vital Role Of 
Coal," published a few weeks 
ago by the Association of the 
Coal Producers of the European 
Community .(CEPCEO), also 
recognises the oil industry’s role 
(while pointing out that coal 
accounts for about 80 per cent, 
of world reserves of conven¬ 
tional energy). The report 
quotes the words of Sir David 
Steel, chairman of British 
Petroleum: “The period of com¬ 
petition between oil and coal is 
past. In order to overcome an 
energy gap which is likely to 
be worldwide in about 15 to 20 
years, we must in future pay 
more attention to other sources 
apart from oil. There is no 
doubt that the greatest import¬ 
ance must be attacbed to coaL"’ 

So the scene is set. The oil 
for energy) industries will turn 
increasingly to the exploitation 
of cuai. 

CEPCEO recognises that the 
American oil industry has long 
been involved in the coal in¬ 
dustry: in 1974, for instance, 
150m. tonnes of coat, or about 
a quarter of the total U.S. 
production was won in collieries 
in which oil companies had a 
direct or indirect holding. 

Taking those 1974 statistics, 
oil companies were the parents 
or controlling groups of 22 U.S. 
coal companies producing lm. 
or more tonnes a year. Coming 


ESTIMATED CAPITAL COSTOF SOME ALTERNATIVE 
. SOURCES OF ENERGY 

<1976 $ per daily barrel-of oU equivalent) 

North Sea oil 7,000 to 12,000 




EEa 


North Sea oU _ 7,Wtf to 

U.S. coal 1.500 to 2,000 ~ 

International coal (delivered N.W. Europe) 5,000 to 10,000 

Synth etic natural gas from coal _ 20,000 to 30,000 

Liquids from oil sands, sh ale or coal _ 15,000 to 25,000 

Ljqne fied natural gas (imported) _ 15,000 to 20,000 

Nuclear electricity output (base-load _ 

operation) 50,060 to <0, 000 + 

Source: Sir Frank McFadzean, chairman of British Airways, in 
Branckner Memorial Lecture, Chartered Institute of Transport, 
London, February 13, 197S. 


Using a mechanical shovel td Expose anopenedst coai seam- : Th&seom 
- - • behind the stfovel bucket. 1 <1 


AGN1CO-EAGLE 

mines limited 


• « • our products are GOLD and SILVER from 
operating mines in Ontario and Quebec 

The Company's gold mine at Joutef, Quebec — Canada’s largest 
new gold producer — achieved commercial production late in 1974. 
in the subsequent period to the end of 1977 over one million tons 
of ore have been mined producing gold worth more than $30 million. 
Ore reserves at year end 1976 totalled 2,222,655 tons grading 0.28 
ounce of gold per ton, equivalent to more than six years’ milling 
requirements. 

During 1976 the Company embarked on a major underground pro¬ 
gram involving the deepening of its shaft to 2,965 feet, or nearly 
double the depth from the current bottom production level at 1,500 
feet. The shaft reached its objective depth during October, 1977. 
This will enable the opening up of nine new production levels and 
provide access to further explore and develop this vast area below 
the existing workings, as well as laterally to the contiguous Com¬ 
pany-owned Tel be I property to the southeast 

The Company’s silver division. Cobalt, Ontario, consisting of several 
producing arid former producing properties, has recovered some 7 
million ounces in the 12 year period to year end 1977. 

Agnico-Eagle Mines Limited is a member of the Jakmin Investments 
Limited Group of Companies which also includes Mentor Exploration 
and Development Co., Limited, Sudbury Contact Mines, Limited and 
Goldex Mines Limited. 

Executive and Head Office 
Suite 3005 365 Bay Street 
Toronto, Canada M5H 2V1 


more up to date, five groups, 
controlled by oil companies, 
featured in the Coal Age listing- 
of top 15 U.S. co&i producing 
organisations in 1976. 

Continental Oil's wholly- 
owned subsidiary. Consolida¬ 
tion Coal Company, produced 
55.9m. tonnes, according to the 
Coal Age table, putting the 
group second in the Top )5 list. 
Little wonder then that the last 
annual report of Conoco ex¬ 
presses some concern about 
continuing talk in Washington 
about the need to dismember 
large petroleum companies. The 
idea of vertical divestiture 
(the separation of oil produc¬ 
tion from refining and market¬ 
ing operations, for instance) 
seems to have been dropped 
although the prospect of hori¬ 
zontal spiit-up (the separation of 
various energy interests) is still 
alive. This proposal particularly 
worries Conoco and other oii 
groups with coal interests. 

So Conoco's letter to stock¬ 
holders last February contends: 
“Either form of divestiture 
would seriously damage the 
nation's energy position and its 
private enterprise system, while 


failing to provide any beneficial 
results." 

Occidental is . another com¬ 
pany concerned about the 
lingering doubts over divesti¬ 
ture. It lies fourth in the Top 
15 through its wholly-owned 
subsidiary Island Creek Coal 
(17.6m. tons of production in 
1976). Arch Mineral Group 
(Ashland Oil) and Old Ben 
(Standard Oil of Ohio) are 
others which feature in the coal 
producing league table. 

The American oil industry’s 
established position In the coal 
business stems not only from 
the huge coal resources in the 
U.S. but also from the free 
enterprise system of production. 
British Petroleum and the Royal 
Dutch/Shell Group are among 
the oil companies based outside 
the U.S. which are now quickly 
building up their interests in 
coal. 

BP, for instance, has set 
itself a target of producing 
20m. tonnes a year by 1985. So 
far it has comitted well over 
£150ra. to mining developments 
in Australia, South Africa and 
Canada. The most important 
deal was announced in Sep¬ 


tember. 1976, when BP paid iaent of Energy it is ■ to *uHd' a thetic 
about £U5m. for a half-share in - pBof coal liquefartloxr plant at wtocb: wUL 

*■»■» “»•«*• MSRssssasBUiS.% iWS w an 

ment BP has tought rtselfji- important step towards a.TBP; have 

large stake m Australia s second £13Qm J£ ject t0 develop,a protons expansion - t 2 r#®tt£ 

biggest coal exporter. . . c ^ ss clean burn- viding. 

Earlier this month ' BP hog'liquid fuels from coaL) frustrated, such 'aS ^nB 

demonstrated one reason why ; - : Ret urmng fd Shea the group ture jn: 
it is. Interested in coal produo^ estimates that its cumulative. EffKglg 

tion when it signed an a gree- investment in coal between. 1975 . 

ment with the National Coal..^ ig g 5 could be well , 4 »w-«W 1 W base) sh^aT^eheir 
Board to cany out joint studies «i ba Annual. coal sales are .mining indi»t^^'|b.whPli 
into the possibilities of con- expected to rise front the pre-'i Mining 
verting coal into liquid fuels. tonnes around lpm. thdt traditionally feeir,£?5 

The company is looking towards within five yearsT and • 6®° soending+bafh in^qUa 

obtaining high grade oil- ttbrbaps 30m. *tamidi~by 1965.'$ .••««* directt^JaaMwiJ^n 

ducts, such as chemical feed- —' -.. - The. coal-hksed .. miniilg.- 

slocks and petrol. ' BP Ms *|VL• t nt ,]L v ;; .parties'. ba>e jfiSjgK 

already given help in the design. 1 * IlllwUplij • - - systematic or ^ cojiristent, 
and construction of a small- ' •' their exploration as.fefcp 

scale hydro-cracking unit St the h- 5 ! 1 * 1 },® 1p Sj£ On.the other*' 

Coal Board’s Coal ResearchSSL?.?“.«»« oQ. tgaapU* M JMi 
Establishment at Stoke Warn.Trim fee trigHJtttt: 

Orchard, near Cheltenham. I. 1 * 2 e K2f ‘ ins mdnstry.. . .There.. £& j 

’ the aim is to develop an outer- '7*3 - ijarti^iiiaxly nwr 

(A number of oil companies national coal business which Wn 

are following similar lines of will give Shell, companies. 

research. Within the past fort- share, of metalfurgical-coal-mar- dontin^t irtie^ wiSr-S 
night Exxon has announced that kets and also to scil .apd pip- R U pnhes. ^ 
along with the Electric Power mote the use ofc&alasrmin- • 

Research Institute, Phillips dustrial fuel.'tamger^enttaims-; 

Petroleum and the U.S. Depart- are lo i helji provide.-the syn- . . Ener^g CorreSpm 

•: r. \i r.‘>-:**' • * * -' - ' - '*iH 

-.5 v.i••.’i -yrC^ 




Wealth under 





Suppliers of equipment to the world's mining industries for over fifty 
years. Howden Group companies in the UK who specialise in this type of 
equipment are: 

James Howden - surface ventilation fans, both axial and radial flow 

Carter Howden - underground auxiliary and booster fans 

Airscrew Howden - a range of axial and mixed flow fans for underground 

use. Light v/eight cooling packs for spot cooiing 

Holima Refrigeration- water chillers for dust supression and underground 

cooling. Refrigeration plant for ground freezing 

Howden Engineering - dust collection systems and scrubbers 

Howden Compressors - refrigeration screw compressors for mine 

cooling-, oil free screw compressors for air and gas duties. Howdenair 

package screw compressors, oil free blowers for air duties 

Where appropriate Howden products have NCB acceptance ^ 


NEXT MONTH delegate* to the with mineral resources and 

UN Law of the Sea Conference those without 

again attempt to come to terms The centre of the debate is 

with the vexed and divisive the manganese nodule, a con- 

issue of defining an interna- cretion. resting on the seabed, 

tional regime for ocean mining, which is irregularly spherical 

In many respects they will be in shape but varies in size be- 

seeking to reconcile opposites, tween a grape and a football. 

_ M oir „« The existence of the nodules 

On one hand they seek an _ 

■ . LtiiLiH. -l! eiitlinrift- vt'kinh fiFSt OCC3IEM? KHOVD ^*160 li70V 

intemanonal autnontj which ram „ . T . .j y,.. 

embodies in theorj* and practice «j? i? t he lg7(K 
the concept that the resources Si 

of tlie ocean floor are the com- Si’“SSh? 1 
men heritage of mankind. On 

the other hand they have to dld TOt 

take into account the reality e “ er * e unbl h 1 ® 
that the technology for exploi- “ 1S I10w established that 
ration of the ocean floor is uar- nodules are found in most of 
rowly held—in consortia where *h e oceans of the world, al- 
tho U.S. influence is pre- though geologists find it hard to 
dominant—and that therefore dowm general conditions 
international sovereignty has to w bich would determine the size 
be tempered by commercial iron- nbtiules and the wealth 

siderations. < ** metal within them. Certainly 

Six session, of the Lav o< the ^ " t ° dUleS 

^soive 0 ^™?, 8 ™^-^ ^TSLdta thi 

^'JSSTb. hlfT'a^we?^ eiamPl h h T 

other facet of the dispute be- “ ,a “f '^onate 

tween rich and poor, overlaid th05e f0Und m 

by the clash of interests be- A ^ c ' 

tween coastal and landlocked within a certain area nodules 
states and berween countries ma ^ ^ a . ve a rou 6bly consistent 

■ - — — compositroD, but their abun- 

dance on the seafloor changes. 
In mining terms therefore any 
U company considering exploita- 
M tion is concerned with much 
^ larger areas than would be the 
B rast ' at a land-based mine. 
H Often, however, the nodules are 
H more than 800 miles from the 
H nearest land-mass at depths 
B greater than 4,000 feet 


Explored 



HOWDEN 

GROUP 

LIMITED 


195 Scotland Street, Glasgow G5 8PJ. Tel: 041-42S 2131. Telex: 778943. 


The most heavily explored 
ocean area is the North Pacific: 
outside this region evaluation of 
the resources available has so 
far been cursory. From the 
work done in the Pacific, the 
U.S. mining industry estimates 
the approximate metal content 
of ore-bearing nodules at 1.4 per 
cent nickel, 1.2 per cent copper. 
0.25 per cent cobalt and 28 per 
cent manganese. 

Research in recent years has 
ted to a considerable modifica¬ 
tion of the heady estimates of 
the wealth available on the 
ocean floor. Calculations in the 
1960s that the Pacific held 1.3 
trillion tons of manganese 
nodules, containing 7.9bn. tons 
of copper and lLTbn. tons of 
nickel are now largely ignored. 

Studies done inside the 
Canadian Department of Energy, 
Mines and Resources and pub¬ 
lished in 1976 were related to 
what was economically feasible 
he fore the end of the century. 
They concluded that in the nor* 
there Pacific there was a 95 oer 
cent, chance of there being 2m. 


tons of recoverable copper and 
3m. tons of recoverable nickel 
and a 50 per cent, chance of 
there being 17m. tons of coppefr 
and 19m. tons of nickel. 

Despite tbe imprecision about 
the extent of these 'ocean re¬ 
sources, enough is known to 
state that they are a valuable 
addition to the stock of the 
world’s raw materials, but that 
they are not so immediately 
valuable as to justify a rush to 
exploit them before the next 
decade at tbe earliest 

The scale of investment Sn 
research and the number of 
companies involved is .slight 
enough to suggest'that when 
production does start to make a 
contribution to land-based out¬ 
put it will not be on a large 
enough basis to affect, prices 
unduly. 

“The most attractive economic 
prize for sea bed miners is high 
density nodule concentration 
combined with above-normal 
nickel, copper and cobalt values, 
for at this stage it is only the 
combined value of these key 
metals which promise the sort 
of financial returns which in the 
future might justify the heavy 
capital requirements needed” 
wrote-Victor Prescott of the 
University of Melbourne. 

For his part Mr. Alfred 
Statham, vice president of'Inca 
United States, a subsidiary of 
Inco of Canada, the world's 
largest nickel producer,-has told 
a U.S. Congress committee of 
, ‘thfe general agreement that fee 
economic viability of ocean 
mining will be dependent on 
the nickel value of the nodules." 

This remark. • made last 
October, is of especial signifi¬ 
cance in the light of the depres¬ 
sion in the nickel industry which 
has led to widespread mine 
dosores and cutbacks, not only 
at Inco operations in Canada, 
but also at newer developments 
elsewhere in the world. 

“Existing nickel- production 
capacity is adequate to meet 
anticipated. consumption until 
around 1985," said Mr. Statham. 
It is around this time that ocean 
mining is expected, to come, jo 
production on a limited, scale. 
It is possible, however, that fee 
savaging the metals industry has 
received at the hahdh of reces¬ 
sion and inflation could retard 
this date. New land mines are 
difficult enough to finance and 
by comparison ocean mining 
looks even more speculative; 

Actual costs . wjll vary ~ of 
course, but few will, disagtge 
with the general point of. Mr. 
Statham. “The cost of produc¬ 
ing nickel in existing operations 
will be tower than the cost of 
producing nickel in the fore¬ 
seeable future from sea nodules. 


Although we will not kngW-this of fee jStandard OiT (Indi 
with certainty until we WfiBjtily §fpup., Biffitan which-.-ia 
have experience »" ocean Royal Dutch Shell minerals 
mining', our present e^tima^ and BfeW I^eahMlnfiiaIs,y 
and projections suggest t&s win is owned by the Dutch 
be the case." _- . ^Dos I&tiis WertmlqBtep.; - , 

The AmericanJtfimhg ::Con- 1 AD In different wa^^xVt 
: gress has been more specific.' * 10 :yrp.tik ; 'on ’ • ; - dis 

“Demonstration and' final • pro- elements bf ocean i 

cessing plants' will cause caste tern :of : cqQectis)r iho : jh» 
to spiral upward.-Total at-sea - from- th? ocean flbor. ^ rWt 
and' on-shore expenditures for 1 iftin g .Th > .hbdule$ qff'-thei 
commercial facilities, are- esti- securing a vessel f6r iztinibg 
mated to require capital rang- another suftable fifir -tra^ 
ing from $500m. to $750m. for- 0 f: fee rnodtries, '.and Tqst 
each: consortia nr, depending-.on means of - extracting', the c 
the size-of the operation ” f from-the nodule. 


Techniques, arejnqw. ayai 
for Oarir^fercp^WJpent j 

, . . _ . .of the mfpi«g5cjp$Tatiob ; -3 

Among, the consortia Tvoriong & 
out these sums, is one embrac- perimn^ -oa^a I«r» 
ing Kennecott Copper of 

Noranda of Canada, Mitsu-- 

bishi of Japan and Consolidated; work .'fo^-bperatitms 
Gold Fields,.Rio Tintqjfinc and- 
British Petroleum,_ all 


Gonsorfia 


of. the U.S, T)OMCd of, jhparr/-respond'--^^fiadasSSy.-Twtifi 
'and AMR of Germany,. ' ^ \•' 

is called .Ocean Minerals-adduhilateraf TuIes^: 

combines Lockheed." of feeTJJS^. . 

Amoco Minerals ^which -..’ts pari 




























THE FINNMINERS GROUP 




^ lElj&^ofr taxation ina> 

^industry 
f w^aft of.ihe general 
Jfflg, ^-satotess .'.of 'reVsmte 
’-?£ owe a great 

^ I^te’s^view ■ of. the 
1 ’ i . l \'iaKbold..be. played 
t^pmenVof natural; 

. . the national 
3Be issues involved 
>re more complicated 
^osed by establishing 
•rporale taxation for, 
rapturing. 

rting point for the 
ms is the ownership 
lurces. Both develop- 
developed countries 
2 'principle of the 
/ereignty over the 
esources within its 
This is enshrined in 
d- Nations General 
Resolution 1803 of 

• •: Resolution carries 

of difficulty. “The 

- v ived miist be shared 
’ - ortions freely agreed 

. tcb case, between the 
and the recipient 
care being taken to 
.t there is no impair- 
any reason, of that 
vereignty over its 
nlth and resources.” 

. rtion of state primacy 
distinct break with 
il practice, when, as 
1 Brown has pointed 

* role, of the state in 

- ?meht of mineral re- 
. as seen almost ex- 
. i regulatory terms.”* 

leant that in most 
f the world, the min- 
anies were to be 
t for special treat 

concept of State 
is pursued far 
en the role of. the 
tn be reduced to that 
mating contractor and 
i which is no more 
■eed return on capital 
Any revenues 
lat agreed return 

* the State through 

oathema to the comr 
o can argue that 

• find the orebody in 
ice the State receives 
om taxes and that 
e. the capital risks 

, i exploration, where 
v .inf a viable find are 
limited, demand that 

_ 5" 


any exceptional .returns should 
-belong to them.' .They should, 
in short, be compensated by an 
easy tax regime. '. w i. . 

. .The- level whicb_ift e taxa¬ 
tion of mining companies is set 
therefore depends the 

ability of'both sidgs tb find a 
compromise of interests. 'What¬ 
ever the compromise; the State 
still holds die wtriphand. and 
this, is~ as true, in' the regions 
favoured by mining -companies 
for new investment:as- in the 
developing, countries: 

South Africa .has- tradition¬ 
ally welcomed the flew of invest¬ 
ment brought in by the mining 
companies and the contribution 
to the balance of payments they 
make. But while there are 
allowances for capital expendi¬ 
ture. the State makes certain of 
its share of high 'profits for 
established enterprises. 

Til April last year, before the 
bullion price climbed to its 
recent high levels. Mr. Harry 
Oppenheimer. the chairman nf 
Anglo American Corporation, 
complained that the levels were 
too high'. 

Profitability 

“The tax structure of the 
gold mining industry is .based 
on formulae linked .to profit¬ 
ability, It ‘ is most unfortunate 
that -the Government should 
have chosen at a time of great 
difficulty for the industry to in¬ 
crease the rate of tax payable 
through higher surcharges and 
loan levies. The effect of these 
changes is that richer mines 
now may contribute asr much as 
74 per cent of their profits to 
the fiscus. 

“ It is believed that the upper 
limit of equitable-taxation levels 
has been exceeded' by these 
increases, and that the imposi¬ 
tion of : any further taxes. will 
erode seriously the already low 
levels of investor confidence,” 
Mr. Oppenheimer said. 

From this it follows that the 
trick for the State is.to pitch 
the level of taxation at a; rale 
which gives it a steady return 
but which permits the. com¬ 
panies to embark on investment 
and expansion programmes in 
order to increase the return to 
the State still further. Although 
the recent international: reces¬ 
sion has distorted investment 
patterns in the industry, there 


is evidence that, even in coun¬ 
tries accustomed and well-dis¬ 
posed to mining, the trick has 
been wrongly played.'- 

Complaints in the industry 
have -been levelled as much at 
the. way the taxes are raised 
as at the level at which payment 
is demanded. Looking at African 
Contmonweahh countries, Mr. 
Mike Faber, has isolated three 
ways in which Governments 
raise revenue. 

His headings have. a. wider 
application. They are. first, 
imposts like rents, fees and 
licence charges, generally of a 
minor amount, which can be 
regarded as payments for the 
use of land or for adminis¬ 
trative services. Second, there 
are royalties, or other forms of 
impost, which are payments by 
the mining Company to the 
owners of the mineral rights, 
usually the state, for extracting, 
processing and selling. Third, 
there is regular taxation,-like 
corporation or vdthoTding tax, 
which are not special to the 
mining company. 

The contentious section is the 
second because .royalty pay¬ 
ments are frequently demanded 
on what is produced rather than 
on (he -profits made from what 
is sold. Such a system pays 
scant attention to the- often 
volatile nature of the inter¬ 
national metal markets. 

In February 1974 the Cana¬ 
dian province of British 
Columbia changed its mining 
tax system so that two tiers of 
royalty were imposed. The first 
was basic on production, and 
the second was related to metaJ 
prices but was in effect a way 
of creaming off very high 
profits. The system was with¬ 
drawn In January 1977 because 
a new provincial'. Government 
was anxious to see Industry in¬ 
vestment increased. 

But the application of the 
royally in two tiers raises the 
difficulty of excessive profits 
and how such profits may be 
defined. The desire of theslate 
to share in a windfall- is under¬ 
standable on the basis that It is 
the owner of the property which 
is being exploited and is there¬ 
fore diminishing as an asset 

ThiA attitude received clear 
expression recently When Mr. 
Reuben'Baelx, the' Minister nf 
Energy In Ontario, asserted. 
** The Government can and will 
collect windfall taxes ” if 


Denison Minds made too much 
profit on a uranium contract 
with Ontario Hydro. 

Although Mr. fiaetz did not 
define a windfall, his determina¬ 
tion was part of a pattern which 
has been spreading. This is the 
changing of tax systems to give 
the state a larger and larger 
percentage of the profits when 
the profits increase above a 
certain level. 

This is embodied in the 
agreement reached last year 
between New Jersey Zinc, a 
unit of GulF and Western Indus¬ 
tries. and the Thai Government. 
The company is to exploit a 
zinc deposit and the Govern¬ 
ment, in addition to taking 45 
per cent, of the equity in the 
project, will receive a 2.5 per 
cent, royalty on gross sales up 
to 40,000 tonnes a year and a 
7 per cent, royalty on sales 
between 40,000 and 50,000 
tohnes. 

Last December the Govern¬ 
ment of Papua New Guinea out¬ 
lined a new tax code in a White 
Paper which contained pro¬ 
vision for an Additional Profits 
Tax on cash flows in excess of 
a “reasonable” rate of return 
on capital investment 

Borrowing 

The reasonable rate of return 
was put as “a discounted cash 
flow return on total funds of 
ten percentage points above U.S. 
prime corporate borrowing rates 
assessed in U.S. currency.” The 
new tax rate would be 70 per 
cent, less the ruling company 
tax rate, -and would be levied 
on a project basis. 

The fact that some mining 
companies have accepted to 
invest in PNG Dn similar terras 
shows that the Industry is adapt¬ 
ing. if unwillingly, to these sort 
of new terms. If the terms are 
settled—if, as it were, the rules 
of the game do not always 
change—then the companies 
will feel better able to invest 
They will always be attracted 
to a valuable deposit, but only 
in conditions of some financial 
stability. 

* Some policy and legal issues 
affecting mining legislation and . 
agreements in African Common¬ 
wealth Countries by Roland 
Brown and Mike Faber: Com¬ 
monwealth Secretariat; £2.50. 

Paul Cheeseright 



■ kon ore mbies • Other mines 


Recent Flnnminers' deliveries 


FINNMINERS is an export collaboration group 
established by the Finnish Foreign Trade Associ¬ 
ation. which is a central organisation for the promo¬ 
tion of exports from Finland. The Group consists of 
mining companies, manufacturers of machines and 
equipment for the mining industry as well as 
exploration and consulting companies operating in 
the mining branch. 

The purpose of the Group is to promote exports 
of the member companies and make Finnish min¬ 
ing technology and potential known in the world. 
This is done in close cooperation with the Commer¬ 
cial Secretaries attached to Finnish Embassies 
abroad'covering 56 countries. 


The Finnish mining industry is modem. Close 
cooperation between Finnish mining companies 
and equipment manufacturers has lead to the 
development of many machines and methods that 
are unique in their technical solution and economi¬ 
cal in use. This modem technology which extends 
from ore prospecting to complete metallurgical 
plants is offered by the FINNMINERS Group and its 
member companies to other companies and coun¬ 
tries throughout the world involved in the mining 
industry. 


• RONE • OUTOKUMPU 
RAUMA-REP0LA-TAMR0CR 

For additional information, please c on t a ct 

THE FINNISH FOREIGN TRADE ASSOCIATION 
Arkacfiankatu 4—6 B, Box 908 

SF-00101 Helsinki 10, Finland. Telephone 358-0-556, Telex 12-1695 bade sf 


up 


r S that U.K investors 
iB mining; companies 
longer have to siir- 
5 per cent., of the 
t dollar premium oh 
of their shares has 
• 1 new enthusiasm to 
nd created a more 
■ket than has been the 
line years. 

ioval of the surrender 
quoted as the prime 
r. the entry in April, 
md firm . of jobbers, 
rnd Smithers, to the 
re market and '.the 
impetition ought to he 
e. 

. > speaking, shares can 
d into two categories 
. nt: golds, platinums, 
and energy stocks on 
hand and base-metal 
i on the other. Riding 
»st of a wave, recently, 
i the producers of the 
metals and to a lesser 
diamonds and energy 

g at gold shares on the 
Gold Mines index 
an all time peak of 
v 22. 1975. the bullion 
i $174.50. At the time 
jg- the bullion price is 
^t$0. but the Gold Mines 
,- now 153.7, less than 35 
v of the May. 1975 peak., 
e ' discrepancy? The 

& • is - politics and econo- 

£ ^ 

•j ‘ • 

. ’ ession 

bullion price dropped 
15.50 to $104-375 in the 

l' :; two U.S. Treasury gold 
3 a. succession of.Inter- 
Monetary Fimd gold. 
■ . On the political front 
?lling of South Africa* 
• followed the Angolaii 
r and an avalanche of 
lonal selling devastated 
i the wake of the 'out- 
? civil unrest in Soweto 
1976. By August, 1976, 
1 Mines index had fallen 

>roved to be the turning 
By October 1977 the 
nes index had recovered 
5 .on the back ;of 4he 
bullion price, which 
i the continuing balance 
aents deficit being run 
US-; 'and the resultant 
a bn the dollar. 

came the Steve Bifco 
n -South Africa which 
ie. index hack to just, 
-135" "during. November. 
;ing pressure on ibe'. 


dollar enabled the bullion price 
to maintain its upward move¬ 
ment and the prospect of 
increased earnings and 
dividends again began to attract 
buying interest in golds,, notably 
from the UJS. . 

So the course of both bullion 
and gold shares seems to rely 
mainly on the outlook for .the 
U-S- economy and the chances 
of a stable political environment 
in South Africa. Given a-con¬ 
tinuation of the current U.S.< 
trade deficit the bullion price: 
may well move . ahead—scene 
observers have forecast prices of 
up to- $250 an ounce in 197$. -. 

Another precious metal, 
platinum, has seen its “ free ” 
market price soar in recent 
weeks, mainly because the 
Soviet Union, the major sup¬ 
plier to the free market stopped; 
selling the metal and came, in 
as a buyer thereby creating ai 
shortage. Also affecting the 
market was anticipation of the 
U.S. adding more of the metal 
to its strategic stockpile, 
coupled with strong Japanese 
demand. 

The two major non-ConuniiT 
nist producers of platinum are 
South Africa’s Rustenbnrg aftfl 
Impala mines. Rustenburg’s 
shares have moved ahead, 
strongly recently, while those of; 
Bishopsgate' Platinum, the best" 
means of entry into .Impala^ 
have performed similarly. 

Both Rustenburg and Impala 
have raised their platinum sell¬ 
ing prices from $1S0‘ to $205; 
Any farther significant ■ rise in 
the free market platinum price 
will .enable Rustenburg and 
Tmpaia to increase- production 1 
and'. take advantage of the: 
favourable conditions. 

Practically - speaking,, -dia¬ 
monds means De Beers, when 
yon consider-that De Beers pro¬ 
duces over 22. per bent, of world 
production- nf, industrial and 
gem diamonds and markets'over 
80 per cent - of. world .output 
through its Central. Selling 
Organisation. So successful has 
it been that It has never had to/ 
lower Jthe selling price of. dia¬ 
monds sold through the CSO in 
the ’ 44-year history of'. the 1 
organisation. . 

Tri the year to December . 31. 
1977, the CSO announced sales 
of -.rough -gem and industrial 
diamends"of I7.SJ52.07bn.. an in¬ 
crease, of 33 percent, oyer 1976. 
And in, December-.the CSO 
raised overall diamond prices by 
17 per cent,'WhiclT could well 


mean a further rise in sales re¬ 
venue in 1978. • 

-Even if the political climate 
Ur South and South West Africa 
worsens De Beers still has large 
npn-South African interests. 
Currant- projects .include the 
potentially huge Jwaneng de¬ 
posit in Botswana, which is 
expected to begin production in 
1982 with some 2m. carats in 
that year. As ever the future 
for De Beers looks reasonably 
Bright 

.Ai the world's oil supplies 
dwindle, alternative energy 
sources' have to be utilised. In¬ 
creasingly attention has been 
.focused on goal and uranium. 
In Australia the great uranium 
debate continues. Indeed one 
of'. the major issues on which 
the December 1977 Federal elec¬ 
tion was fought was whether to 
mine and export uranium. The 
rilling Liberal and Country 
Party came in for considerable 
criticism overits uranium policy 
from the Labor Pirty and the 
Australian Council of Trades 
Unions but still won the day. 


Exports 


However, union pressure has 
forced-the Federal Government 
to delay uranium exports until 
'mid-February. t So. .the future 
of the massive-Northern Terri¬ 
toryUranium deposits of Pan- 
continental and the Peko- 
Wallsend/EZ Industries part¬ 
nership is difficult to assess. 

.. South Africa has 'stolen a 
march cm Australia as far as 
uranium is 'concerned. Gold 
producers with a uranium capa¬ 
city have expanded operations 
with the help' of customer 
financing. 

The transition from oH 
powered energy.-to nuclear 
energy has-created a gap which 
has in turn brought coal to the 
tore: - / 

In South Africa, a rise In the 
. domestic price of coal and the 
export opportunities arising 
from the new Richards BAy rail¬ 
way have’ seen, the Anglo 
American . Coal -Corporation's 
earnings and. dividends in¬ 
crease.. In Australia, ■■ Utah 
Development, was the., second 
'Australian' company' to break 
through; the: SAlOOm. earn¬ 
ings Barrier, while other, coal 
producers like. OaKbridge , and 
Thi ess.have aJso.-done well. • 

If .you believe in the old 
adage in mining circles that the 
time ‘ to . buy mining shares is 
when .both the.share price.and, 
metal , price arc at their lows 


then it may be that now is the 
time to invest in base-metal 
producers. The worldwide re¬ 
cession has left base-metal 
prices in a parlous state. 

Copper shares have long 
lingered at rock bottom prices 
while lead/rinc producers .have 
not fared much better. And 
the outlook for all three is still 
under a cloud. Even the mighty 
Rio Tintb-Zinc with its vast 
spread of interests including 
uranium, and iron - ore 
languishes a fraction above the 
1977-78 low. of 170p. 

Equally depressed are nickel 
producers. World stocks of 
nickel are around 340,000"ton¬ 
nes. while in the light of re¬ 
cently. announced production 
cutbacks. 1976 production of 
around 440,000 tohnes will face 
a demand of roughly 500.000 
tonnes. Therefore the pro¬ 
ducers must face the financing 
of huge stocks. 

. A lone good performer among 
ba£e-xnetals is tin which touched 
a record £7.355 per tonne on 
December 9 last year. Tin 
shares moved ahead strongly 
during 1976 and 1977 following 
the advance in the metal 
market 

Sentiment In the share market 
was- also helped by moves on 
behalf of many of the tin com¬ 
panies io' transfer their domi¬ 
ciles to the Far East with the 
result that their share prices 
became enhanced by the Inclu¬ 
sion of the investment premium 
and 'the freedom from U.K. 
dividend restraint. 

Recently, however. Malaysian 
producers have tended to mark 
time as the metai price has 
eased on fears that the U.S. 
may releara tin from its stock¬ 
pile. If the U.S. sales do not 
materialise the metaJ price may 
well regain its upward path. 

- To sum tip, the outlook for 
the precious metals sector, in¬ 
cluding diamonds, looks reason¬ 
ably fair in. view of the plight 
of-the-dollar, the U.S. economy 
and; the' uneasiness over the 
much .heralded world economic 
recovery. On the other hand, 
base-metal producers will have 
to struggle on with the cur¬ 
rently depressed price levels tor 
copper, lead and zinc, while 
awaiting an upturn in Industrial 
activity. Energy stocks • like 
uranium, and coal issues seem 
well placed to take advantage 
bf the world’s growing depen¬ 
dence on alternative power 
sources. . 

Steven Thompson 








i^>. ■■■■ 




V'f 
















Open-cut mining engineers talking about: 


. ^ — >Digging coal, . 
winning nifin0ffn!Sf0drtlinioifin0i 

3 loading and . 

Open-cut mining needs O&K. VKlIlCRiAlVIflfi 

The giant excavators proven in operation 11 « H la ■ 

all over the world: bucket wheel excava- m x mm ^ m H m* 

Tors with outputs tram 250 to 20 000 bank BUbAm AthBLBk M 
m 3 /h with service weights of. up to^13 5001 nl[|| JL 

Allhurirai ilir- hi irWot uuhppl pyrauafftre iMllh H ™ 


Open-cut mining needs O&K. VP9 N W 

The giant excavators proven in operation 
all over the world: bucket wheel excava- _ x ^ m 
tors with outputs trom 250 to 20 000 bank IuhAm 
m J /h with service weights oi. up to13 500 L n hEB ■ 

Allhydrauiic bucket wheel excavators with » * ■ m 
outputs from 250 to 4 000 bank m 3 /h. Please ask tor further informatioa 
BeJtwagonsand spreaders. But also 

bucket chain excavators, CONFLOW ship O&K Orenslein & Koppel 
unloaders and floating dredgers from Akiiengesellschaft 

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excavators from 02 m 3 to 10.0 m 3 , wheel Bnsiedelstrasse 6 ^ 

■ loaders from 0.4 to 4.0 m 3 bucket capacity D-2400 Luebeckt 
and much more. In addition dumpers and Telephone (4 51) 4 5011 I 

.graders, mobile cranes and fork lift trucks. Telex 26823 
The complete know how for open-cut Cables orenkop, luebeck ^ 

mining and earthmoving from O&K. 

















A n international conference on die economic*, peKtk* 
and ftodal implicatwv of resource use and conservation 

20-22 Marc* fP78, Christ Church, Oxford, U.K. 

Pro g r a mme 

fs Firturs supply and demand for resource 

I!: Monopoly in resource* supply 
itt: Optimal resource usage 

IV: National resources policies In developed countries 
V: Resources issues and policies in less developed countries 

Speakers will indude: 

Hans Undsberg (USA): Jean-Paul Drolet (Canada); 

Sir Kingsley Dunham FP.5 <UK); Benno Risch <EEC|; 

W. Michalski (OECD;: M. H. and G. J. 5. Go-ett VAustralia) 

Organised by the journal Resources Policy 

Further information and registration form f'om 
Dr Ivan Klimes. IPC Science and Technology Press Ltd. 

32 High Street. Guildford. Surrey GUI 3EW 
Tel: (H83 71651. Telex: 859556 Sdtec G 


Base metal prices have tfivided into two 
camps—copper, zinc, nickel and iron are at very 
low levels, but tin, lead sad aluminium are still finding a 
firm market. However producers of all the base metals would 
agree tbat they need a recovery in industrial demand. 






recovery 



Gold and 



THE MARK OP 
QUALITY METALS 

HARRINGTONS METALLURGISTS PTY. LTD. 

PRECIOUS METAL DEALERS, REFINERS & A SHAVERS 
THE INDEPENDENT, ALL AUSTRALIAN COMPANY, 
ESTABLISHED 1906 

Manufacturer! and Suppliers cl: 

Gold. 5 i|y*'. Platinum. Palladium Metals and Alio,* 
in all Forrr.s for Industry 
HEAD OFFICE: 

37-49 O'CONNOR STREET. 

CHIPPENDALE. N-S.W. 20M. 

AUSTRALIA. 

Phenes: 211-2366 Cables: Anaiys TH«uc AA24C63 

Ea.-iken: ANZ 3anitir.2 G«u? Ltd.: flanqus Nisi anal* de Part 
Subsidiary Companies: 

Pi.M. Proper^ Development Co. Pzf. Ltd. — Aoi'.rUn 
OS Shore & Mineral Surveyi *ty. Ltd. — Aust-alia 

r**--rinjt9r» South Eai: Alia Ltd — Ho-ij (Ceng 

Ir.tentate Offices: 


— Australis 

— Aust-ali; 

— Hong Ken a 


briasane — 

Melbourne — 

A jeU.de — 

Perth — 

R-prrsentatirw Overses:: 
Auckland — 

Bangkok — 

Hong Kong — 

Jakarta — 

London — 

Manila — 

New York — 

Port Moresby — 

Singapore —— 


Queensland 

Vismrii 

South Auswwfi* 
Western AuitratH 


New Zealand 
Thailand 
Hong Kong 
Indonesia 
United Kingdom 
Pilllipoines 

United States of America 
Papua New Guinea 
Republic Of Singapore 


Nickel 


DISASTROUS IS to* only word 
which describes the present 
state of the nickel industry. Pro¬ 
duction has exceeded consump¬ 
tion for five years in succession, 
with particularly large surpluses 
in the past three years, and the 
result has been a huge build-up 
in surplus stocks. 

International Nickel of 
Canada, the world's leading 
producer, had estimated stocks 
of 340ni. I-bs at the end of 1977, 
which exceeded its sales figures 
of 312m. lbs for the year. The 
financial burden nf the stocks 
has become so great that the 
company has embarked on a 
severe production cutback pro¬ 
gramme as the only alternative 
to bankruptcy. Other nickel pro¬ 
ducers are in a similar state. 

The main cause of the hard 
times which have hit the indus¬ 
try is the failure of demand tr> 
recover as expected and the 
continued recession in the steel 
industry — nickel's main cus¬ 
tomer. This has meant that 
ambitious plans to expand pro¬ 
duction of the ■•wonder” metal 
have come to fruition at a time 


These reports were written Till 

by John Edwards, m ^ ^ _ ESJf £*£?££& '2£FSS*&£ 

.... ■jr-i . THE TIN market ^ thebuHlioiLptioa rides along that- 

Commodities Editor i««ed boom tames during toe “ a near thiee^car peak of Sales coulff s*rvettTOfe 

_ _ s _ Pafit two years with pne^ siro an ounce. . tain stability to 

rocketing from yist over £ 3 .ww JnveStmeot . demand atoms .. contrast witS,«Q 
a tonne to a peak « nearly mzixdy from tie current weak- ^suffered 

when demand has been falling rescind previous increases. £7,000- Surplus holdings av ^ of the dollar in the face o£ industrial twsmw ■ afe'ft’: 

instead of increasing. This has Other producers have lowered quired by the buffer stock ot me a continuing heavy U-S. balance, grown less of i JmbTwsm- 

been aggravated by the entry their prices too and very com- international Tin Council were payments .deficit. This has more of an 

of newcomers into the industry, petitive market conditions exhausted at the begimwig ot jn a strong U5. demand modity. 

notably Ann, adopting an remain. 1977 after disposing of toe tin for gold ^ a c^ency hedge. 

a egress ive sales policy to cap- Any sustained recovery is purchased during support buy- Europe, ■JPTench buying of 

ture a share of the declining likely to take some time to ing programmes m 1974 And and gpid coins has intensi- 

sales. As a result there has been materialise in view of heavy 1975 . A shortage of supplies was ^ ^ uf the Mardi 12 * with^ohSaftl 

a mice war. Inco has abandoned surplus stocks, but producers created by two years in which Election. A Left-wing toa4bll*r 

its traditional price leadership hope the sharp cutbacks in out- consumption exceeded produc- ^ rtory ^ ahbm st certainly be 

and is now keeping its prices put will begin bringing supply tion by a large amount. In 1976 ^ -* <vraa heavier • ‘J 

confidential, although to remain and demand closer to equili- the deficit of primary tra output Lgymp. 01 ■ ™ i.g.. 


THE TRADITIONAL role' of A major&earisfrj 
gold as a store of : value in gold is the posab^^. 
troubled has- once .again U1& Treasury 


brought the metal to.the fore moves ahead too amfflyys 
THE TIN market has expet- r? . —Hp* rides alone that case, iovewf. T 


notably 
a Egress iv 
ture a $ 


. 1 . although to remain ana aeinana closer u> equiu- me aenen w jmusirj an uu^ :£.■ ■■ ■ *- - 

competitive it was forced to brium during 1978. to demand was over 13,000 rjw. e monetary role of gold A : harfe 

tonnes and in 1977 around 18,000 . declined following two U.S. deficit m more^ tfag^, 
tonnes. Treasury sales, a succession of sales, by boarde rs;-a p<r 

9mmwm The main shortfall was In international Monetary Fund scrap reiMnrMy ' 

r />n /I nyil r| r* Malaysia, where higher prices an rtj 0DS an d tho impending ^ the ■immed»ti? f(«ap 

I fl 1 111 / , I I 5 have failed so far to ha« a removal of gold from the articles sflver looks *6 be.Vfepemfea: 

L^vu>va WAAV * decline in output because of the of j^grgement of tiie IMF. a recovery in vorifll indini 

difficulty of replacing exhausted 3 ^ following the ratificatiaj activity, although tiiemnaij 
STi ZINC the two both its main outlets. The deposits. Exports by Osina also ^ ^ second Amendment the;& e traditional Hxfl&s '*{&':■ 

metals Often mined depression in the steel industry declined significantly, and de- central banks wiU be allowed to should provide wane m^oi 


Lead and Zinc 


LEAD AND ZINC, the two both its main outlets. 


r m--' 








fiver” reaching 5 i-tiine price tution by alternative materials, Howov^, 4dtiuwgh another ^ *. Vv . ‘ •* 

peaks in 1973, is now firmly in notably plastics and aluminium, ppplydefeat : 1 

the doldrums, overshadowed by have stolen a large proportion for 19TO to P™** ha ^ ' T\* <1 in rvtl/1 C Otld 

a huge build-up of surplus of zanc required for diecasting, substantially m toe part few ill 3.U10HQ-S 0,11 ti JT ld;U|iUl 

stocks and poor demand pro-The more towards lighter cars, months. This refiems the rirong 

spects a result it is now to save on petrol consumption, possibility of the Unwed States :.'.*• V ' V. 

priced below load where supply has aiso hit zinc sales. releasing surplus supplies of tin last YEAR brought an unpre- however, wa* toe ®»WH 

and demand is much closer in In lead, demand for batteries from its strategic stockpile canted booot in diamond platiauar.?»?»»» 

balance -*ith prospects of remains strong. Far-reaching which at 200,000 tonnes still sales, those handled by Be the month was oaf 

shortages rather than a surplus changes in the battery market, represents almost a year's world Beers Central Selling Organfca- raised its selling ;pn».n 

developing. including a switch away from consumption. It is also fdt that fc 0 n overtaking the 1976 record ^182 to. $W5 peromfle.; ^ 

’ . , . lead-antimony batteries in toe higher prices must soon start of $i. 55 bn. to readi $2.07hn. So v ^eda'^latrt';' 

brace tne scarcity of i »#3 farour of -maintenance free” to stimulate increased produc- strong was the demand last Mh _ maior ^"vtSHfaBtitfiUk 
Fvrhani ^ nvpr^O batteries ha3 ' if anything meant tion, and tend to discourage eda- year,', especially tor the small 

f S S a dwnanci for primary nmption. gens of under 14 raralis^thsre 

teM ‘n pht. of the traditional m 142 curat, m the ounoe) 






Copper 





Iron Ore 






' supply the coal mining industry in Britain and 
throughout the world with powerful and sophisticated 
mining machines for longwall coa! face 
extraction: mine roadway development, loading and 
conveyor transport: hard metal cutting elements, 
electrical and electronic control gear. 


aw* 11 ttI" -wU”-.,* lead place of the traditional are 142 carats to the ounce) inHn«di&tdy 

The European official ^ antimonial lead tbat the CSO. which marines 

mirf^inder direct r,?covered - At the swne time ’ diamonds on behalf of De Beera L predooers 

”?i d moves to phase out lead in | At^'nAf and other producers, raised the ShL' 

» .S!El y H 22 : P stro! >.»™ been .lowed down V^UUUCl averag. price of gems by » »«*“ 

^ h. i*r the pressure on oil supplies r XT mooh as 15 per eeit in Man* *S»d fS 

r nn „f a h6 m and the need to maintain, or and, to everybody’s surprise. rise $220. 

Si9 d to '-•-50 a tonne. increase, the mileage per gallon COPPER PRICES are dose to lifted them again in December -- f. . •■• - 

Demand for zinc has fallen in rates in motor vehicles. their lowest levels for two years by 17 per cent- • \ The revival wafi4riggetff 

on the London. Metal Exchange. It wa3 noticeable, however, by. .rising; price* in the;: 
This reflects the huge surplus ^ at in the second half of ina^ketwWchteahe-eixlya 
_ _ ^PPly position, with world ig77 faited to matc^ the hlgh' of 'tHs year crossod. the 

Tmn Ora 5tDd “ currenttv levels of the first half, perhaps nmrk to xeach foar-yrar,h 

il Oil UI C OTer 2 , m ' tooneS -^S ril ^ * g oba i the market has been riding . The. ®ee: market t is- 1 k 

annual consumption figure of cnU of ^ ^ coidd sopptied by- Sovi^-metal, 

around 8 . 0 m. tonnes and tiecmoio somewhat less biroyahf buyers found; iige^avfc 

IRON ORE producer? have been to growing (and expensive) *\. estern worid demand at about ^ jgr^g yr there is no pick-up and, iiadew^ the-Itoa donff t 

going through a difficult time, stockpiles. o.om. tonnes. in the economy of the TT.S. selves weneVbnyariSTn'^rai 

The recession in the steel With this general background. The build-up in stocks is the w-faich is the biggest buyer. But .JB 0 rt_.thefr s^les cpnttiacitS- 

industry worldwide has lasted prices negotiated for 1978 have result of production exceeding the current year’s CSO yiajue a farther Wrist tp.the w 

much longer than expected and been far from generous for iron consumption for the past four ^ he bolstered by a fUH year pribe. spiral iga oraelri 
in ctinsequence the build-up of ore mines and have seriously years, despite some drastic cut- ®f the 17 per 'cent racrease^ gtroni^J^^ese d^umnd i 
surplus stocks has forced pro- affected investment in new backs in output mainly in North (^sq diamond prices are. never tiiere ha^beea tv jk nf p« 
duction cutbacks and depressed projects. America during the past two reduced. • purchases for the UJS. rtps 

prices. But efforts put into expansion yeare. As recently as toe besinning. 'stockpile-' Pripes“:<iD tte- 

Steel producers. notably programmes in the past few Demand has failed so far to of last November iRostenburg tWIm* 1 havg moved up ^ 
Japan, have exercised options in decades have indicated that recover to the peak levels Platinum Minesi ffie worid , o to.around $230; bv^tobE^ 
iong-tenn supply contracts to known reserves are more than reached in the ** boom ” year of leading platinum - producer, becwve leag exdted and 
reduce their iron ore purchases, adequate to meet likely demand. 1973. and prospects remain none announced- that it was'cutting market appears to baveeia' 


ecoDomicJeveJsasan aiiernacve least 1979 and possible later. However it is generally recog¬ 
nised that copper prices cannot 
remain below the cost of pro- 
* .« ■ * due tion for the majority . of 

A nmmintY) mines for too long. especially in 

view of the damage done to toe 

economies developing coun¬ 
tries reJytng on copper exports. 

ALUMINIUM HAS escaped enabled the industry to trim The low prices, and escalating 
much of the depression which surplus stocks to a reasonable costs, have almost compietBiy 
has hit the other base metals level * unlj ke copper, nickel and discouraged expiorataoo for new 

v,..-, zinc. deposits and toe expansion of 

been * raised steadily by pro- Tnese cutback s and an aggres- existing plants. It is feared this 

duoreioon»ttli, »i»umri» siTe h , ™* e V n f P 01 ^- co^d l«l J" » $££u£JIf 
in oroductian cosb; ae-Travated enab,ed industry to survive copper during toe 1980s. Mean- 
osppciailv in tlip of ^ generally depressed state of while moves are afoot to boost 

aluminium bv rh? wen ris* in industrial demand better than ct^per prices to more reason- 

toe ro"*Tf en«r»v ? most other metals, although the aWe levels by artificial means. 

*■ “■' Japanese industry has been hit Copper is one of toe ten core 

Production of aluminium by heavy surpluses. However, commodities in the-Unctad -iQ- 

requires more energy input than in recent months demand for tegrated commodities pro- 
other metals, and the industry aluminium has noticeably slack- gramme, which woifid include a 
recognises that it will no longer ened and the upward trend in common fund to finance any 
in future be able to rely on prices has been halted. A major buffer stock required to remove 
price competitiveness to win question for the future is how surplus supplies off toe market, 
markets from competitive badly energy shortages in North Hie Intergoverainental Council 
materials. Instead the emphasis America will affect the major for Copper Exporting Countries 
has shifted to ensuring a reason- source of production there, and (known as Capec) is niso urging 
able rate of return. Sharp cut- disrupt existing trade patterns its members to cut wtpat so as 
backs in production during 1975, by shifting new production else- to restore toe balance between 
when demand fell to a low ebb, where to lower-cost areas.. supply and demand. 




Aluminium 


Anderson House 47BroadStreet Glasgow C402QW 





J, K. SMJT:^SC^::; . 
DIAMOND TQOIS;Ei0D. 

MANUFACTURERS & - 

. of 

DIAMOND DRIIJ^G MACHINES & ACCfeSC^I 
DIAMOND Em’FOR SURFACE^UNDSiGRC^ 
ESPLORATION & PRCfeuferidN DRI^ro 

Abo a full range of-diamond, hto^ue^s rV '..- - 

CXJNWAY ROAD, 

CLWYD USA 

Tdepbooe: OdSM&lZ Tql^taaisr Cqrbon Stx&% u 

Abo *t SdBimdi Frtmce, ’AuStayiti^^ 
























WORLD MTOWG T 




BS IN mining' teeh- 
^ 'usually take place 
>7 ' and are often 
. mt J _ar -advances . on 
-techniques. - - Fortu-- 
iad-in contradiction- to 
«ix>wih of raanaiig 
-gy^frina tJra Industrial 
>»nto«be last ytar, im- 
o$- nowadays is invari- 
A*d wlafa ,advances in 

* - w il safety. 

' * 't 6as always been 'a 
*ts profession — its 
„ saaMy ties in the magni- 
: Dd circumstances of 
s..'which happen in an 
' - ■ sent which is alien and 
u2 to most people. But 
c ' -' majority of. mine aoei- 
e small -injuries to'in- 
5, usually in contact 
leblnery, and . equally 
■* -L :in other heavy Indus- 

- *1 was no surprise that 
.ioal miners found the 

'nty dement in Aheir 
pay offer suspicious, 
sow all too well that 
. 'proEduetivity ’* used to. 
. >..jymous with a. decline 
^standards. •; 

ays. - however, im- 
■lffiriency and produc- 
often -United with 
.automation. That 
Deans that the opera- 
. t .. • a miner is that much 
,_ l ' physically removed 

' 7 V. potential Source of 
_There are two prime 
. of this. One is work- 
the other, unfor- 
was ahead of its time, 
^: defeated mainly by its 
7 " Mexity. 

ro • ’ the more dangerous 
^ hard rock mining is 

' ...• * -aises, or winze-raise 

• - ns, tunnels running 

down through -the 
rock, usually at an 
dose to vertical as is 
! ‘For technical reasons.- 

* "■- usually out. front the 

ip wards (a raise—a 
. T . ...the same tunnel cut 
. ... .top downwards). But 

* \ and working in a 

umlng upwards at 33 
>r more can be very 
^ * hazardous work. Now 
d bbre has been 
aad . fr being tested^ 

- -• an 1 cut’"the - Wfi6)e 
: i. " being drawn up 


from "the top on a ca£te ; passing 
tfcrqhgjh a previotufiy ' drilled 
small diameter “cHatoorid drill 
Sole. " 

:; The other example, is the 
now famous Bevercoates coal 
mine in north Nottmgham shire, 
which --made mining history 
when It came into operation in 
1964-65. Here, wholecoal faces 
were cut trammed-, hnd sup¬ 
ported by one ' operator 
working at a remote Control 
panel. The whole' opera¬ 
tion was run automatically, and 
was planned to operate a seven- 
day shift. There was consider¬ 
able union opposition at the 
time, but its reversion -to the 
semi-automatic system" which is 
common on other British coal 
mines was really the- result of 
its -own over-sophistication- it 
used existing support, • cutting 
and. tramming systems, but tied 
them all together: Although 
normally reliable, eaefr of these 
individual systems had: its own 
occasional problems or mal¬ 
functions, and these: were 
magnified and multiped by 
the central operation system. 

Nucleonic - 

Bevercoaties was .brave 
effort which failed to vrork as 
planned. But the broad.trend 
in jboth coal and .hard, rock 
mining is still towards more 
automation. Nucleonic .’steering 
has ; been introduce .since 
the Bevercoates 1 experiment, 
adding a further automatic 
dimension to the coal, cutting 
Operation. .Quite simply, it is a 
radioactive device ... Which 
detects coal from .waste;rock 
and adjusts the machine height 
automatically, 

Since Flan for Ooali and the 
realisation that Erita&Ts oil 
reserves will last for dofisider- 
ably less time than the aban¬ 
don txoal supplies-(sw^ed by 
Selby and Belvoir lasf-ydar) the 
National Coal Board; which is 
responsible for a great deal of 
the stimulation of new .tech¬ 
nology in. British mining, has 
gone ii> at the deep end In its 
efforts' to improve joining condi¬ 
tions all round. : . .. 

- Advanced Tectaology jHtmiUg 
(A^MXlwaa introduced Jnvtbe 
middle of last year, a frial^h- 
cept at collieries in Yorkshire 


and the Midlands which brings 
together the most advanced 
designs in underground produc¬ 
tion machinery. Basically, it is 
an effort to get back to the 
Bevereoates ideal, but gradually 
and carefully, making cure that 
machinery and equipment per¬ 
forming different tasks will 
integrate satisfactorily. It also 
means advanced automation, but 
this is still a delicate subject 
with, the unions. 

AHied with the advance in 
technology in coal mining is the 
advance in mining method itself. 
Retreat mining, which used to 
be considered expensive because 
of the cost of developing road¬ 
ways round the circumference 
of the orebody before any 
winning could take place, has 
become far more attractive with 
greater mechanisation, and auto¬ 
mation. But it still cannot be 
practised on the scale the NCB 
would like because this par¬ 
ticular method is prey to 
engineering and-geological com¬ 
plications. 

The NCB is committed, how¬ 
ever, to retreat working and .sub¬ 
stantiates its reasoning by point¬ 
ing out that with present 
systems, productivity in terms of 
output per manshift, and bulk 
output, is virtually doubled — 
mainly due to manpower saving. 
In a test case last year, 103 
retreat faces out of 722 mechan¬ 
ised coalfaces produced 20 per 
cent of all deep mined coal. 

Much of the credit for 
curent advances in both method 
and mechanical automation tech¬ 
nology is due to the NCB's 
Mining Research and Develop¬ 
ment Establishment at Stanhope 
Bretby-. Jt also has a test bay 
site at Swadlincote, and -in the 
three years since Plan for Coal, 
MRDE’s staff has increased from 
650 to 1,000, and its facilities 
have been broadened. MRDE 
has done much towards develop¬ 
ing new mining equipment, 
often in collaboration with com¬ 
mercial equipment suppliers. 

But the two areas in which 
most recent advance has been 
made have actually been 
removed from the coal 
face; faster and more 
economic transport of ore 
and materials and quicker trans¬ 
port of men to and from the 
workihg face. The increase In 


materials handling is being 
taken care of by a now com men 
-surface transport development— 
palletisation and containersa- 
tion, so that materials and equip¬ 
ment are now leaving the 
factory and being moved 
directly to thn point at which 
they will be used underground. 


isEaeS 




m*". V 


Loads 


BPS® 


Ore and coal handling are 
being speeded up by the intro¬ 
duction of a container-like 
device at the shaft station which 
can take larger loads than the 
older skip-car method—between 
5 and 10 tons can be pulled per 
wind—and this reduces loading 
and unloading times. 

Men and material movement 
haE been speeded up by using 
a new type of rail, rather like 
a rolled steel joist, on which 
the vehicle carrying wheels are 
supplemented by secondary 
wheels running horizontally in 
the web of the rail. This system 
allied to an MRDE-developed 
rail fail-safe brake has gone 
a long way towards reducing 
derailments, and consequently, 
allowed speeds to be increased. 
Some mines have tried employ¬ 
ing special travelling roadways 
which run direct and at high 
speed to the working place, 
avoiding the usually tortaons 
route that develops as working 
areas advance, and in reducing 
travelling time, allow more time 
at the working place. 

Technical advancement has 
not been restricted to under¬ 
ground coal alone. Plan for 
Coal envisaged increasing out¬ 
put from opencast workings to 
15m. tons by 1680. and the NCB 
expects to show that by the end 
of the financial year this March 
it wiU have produced J2m. tons 
from an annual average of 00 
sites. There could be 80 sites 
by the end of the decade. 

The biggest single advance in 
opencast coal mining, as the 
NCB’s Opencast Executive justly 
boasts, js not in mining method 
or equipment so much as 
environmental restoration. It is 
generally accepted that Britain 
leads the world in what is called 
Environmental Impact Tech¬ 
nology, but it is largely a 
phenomenon of the past five 


■■ 


One of the largest ventilation fans ever made, James Hoicden’s 17 ft. diameter impeller for the NCB's Abernam 

Colliery. 


years. Now, restoration planning 
starts right at Lhe beginning of 
a project, before shafts are 
sunk or pits are cut. 

“Hiding Lhe site or improv¬ 
ing its appearance are the two 
basic rules,'* says Dr. Christo¬ 
pher Down, leciurer in Environ¬ 
mental Impact Technology at the 
Royal School of Mines, imperial 
College,” and this can mean 
thinking carefully about the 
aethethic aspects of surface 
plant design, as well as land¬ 
scaping and forestation.” The 
Open cast Executive actually 
has a model farm at Bryngwyn 
in south Wales, which it runs 
in conjunction with the Soil 
Association and the University 
of Wales to study organic farm¬ 
ing techniques on land disturbed 
by mining operations. About 
two-tbirds or the acreage is 
reclaimed and about a third is 
normal arable land used as a 
control. 

Specialisation 

Serving the mining industry 
In Britain and abroad is the 
highly specialised mining equip¬ 
ment manufacturing industry. 
Britain’s contribution to world 


mining machinery has always 
been considerable, and a sub¬ 
stantial export earner i£68m. in 
1676) and about £70m. last year. 
Tbe industry consists of 
about 100 companies employing 
26,000 people and makes a com¬ 
prehensive range of products 
from coal cutters and hard rock 
drills to safety and communica¬ 
tions systems. 

The trade association con¬ 
cerned with export is the Asso¬ 
ciation of British Mining Equip¬ 
ment Exporters (ABMEX) and, 
as might be expected, excels at 
selling coal face installations 
abroad. ABMEX also has the 
support of the NCB. which pro¬ 
vides a useful sales aid service 
both to ABMEX and CUMM. 
the domestic Coancil of Under¬ 
ground Machinery Manufac¬ 
turers. Both CUMM and 
ABMEX are expected to join 
together in the future, since 
many manufacturers are mem¬ 
bers of both organisations. 

International competition for 
mining equipment contracts is 
fierce, particularly from the 
French and the Germans. Tbe 
U.S. makes a great deal of 
alining enuinment. and the 


Japanese are a force to be 
reckoned with. The NEDO has 
a mining machinery sector 
working party, which among 
other things, is working towards 
streamiing the British industry 
in such a way that supply 
bottlenecks are avoided, and 
with the NCB, is trying to pro¬ 
duce a co-operative export 
organisation. 

Apart from the independent 
export consu ltan ts, ABMEX 
members have the advantage of 
tbe services of PD/NCB Con¬ 
sultants. a consultancy half 
owned by the NCB and half 
owned by Powell Duffryn, and a 
prime example of the kind of 
co-operation which exists be¬ 
tween the state body and tbe 
industry. The NCB. it should 
be added bought 50 per cent 
of Powell Duffryn in 1974. 

One of the problems which 
has faced the equipment manu¬ 
facturing industry in the past 
tbut which will move closer 
to solution as export growth 
continues) has been the mono¬ 
polistic nature of its domestic 
customer, the NCB. Although 
relations between the NCB and 
the manufacturers arc. and 


always have been, very good 
indeed, any reduction in NCB 1 
activity, usually as a diroert 
result of government policy 
as much as economic con¬ 
siderations themselves, has , 
meant an immediate drop in 
demand for the manufac¬ 
turers. 

Consequently, past experi¬ 
ence has led the equip- I 
merit manufacturing industry. 

The CUMM members, to be 
fairly cautious about new 
investment, and forward plan¬ 
ning. Evidence of the NCR's 
concern about this lies in it* 
continuing efforts to persuade 
CUMM members to drrersifjr 
into export markets. 

Plan for Coal has gone a 
long way towards reassuring 
the British industry of it* 
longer term future, and equip¬ 
ment suppliers are growing 
more confident in their for¬ 
ward investment planning. 
This ought to spin off into 
exports if they can maintain 
and build on their reputation 
as some of the most sophisti¬ 
cated miniag equipment mum* 
facturers in the world. 

Rodney Smith 






OUST 



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On the next three pages, correspondents 
from some of the major mineral producing areas 
examine local mining conditions and assess the outlook 

for the future. 


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Exclusive sellers of Peruvian copper, silver, iron 
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Telex: 2246S MINPEC G 


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IN SIMPLE TERMS, the major 
problem in the U.K. coal-mining 
industry four years ago was 
where to get capital. In equally 
simple terms., the 'major prob¬ 
lem of to-day is—where to 
spend iL 

. Four years ago was the period 
beFnre the Plan for Coal—one 
nF the -many, by-products of the 
Arab oil producers test of 
strength—when, investment in 
the National Coal Board was at 
a low level and when, as Lord 
Rohe ns. the chairman of the 
NCB throughout the 1960s, re¬ 
cently reminded us. civil ser¬ 
vants were talking of outputs of 
SOm. tonnes a year, or less. 

After the publication of Plan 
for Coal, in which the Govern¬ 
ment promised to invest what 
turned out to be (so far) 
£3.700m. in return for the NCB 
and the miners* promising to 
raise output to 170m. tonnes by 
the year 2000. the Board has 
been suffering from some of the 
pangs of the benign disease 
known as embarras de 
richesse. 

The form this embarrassment 
has taken is one of being un¬ 
able to spend the money which 
must be spent if productivity 
and output are to be raised. The 
twin problems have been in the 
first place, the miners, and in 
the second place, everybody 
else. 

Intransigence 

The miners have been less.in¬ 
transigent than everyone else. 
While the national coal produc¬ 
tivity scheme was rejected by a 
ballot of the mineworkers last 
November, local schemes have 
been going through in one area 
after another. The more pro¬ 
ductive areas—which had gener¬ 
ally voted for the productivity 
scheme in the ballot—led the 
way: and. as the Coal Board 
had expected, workers in other 
areas decided first, that they 
were unlikely to get much more 
than a 10 per cent, rise on their 
basic pay, and second, that the 
bonus scheme—while it meant 
harder work, and might mean 


more danger—was nevertheless 
money in the hand. 

So the miners have taken the 
money, and early indications are 
that they are producing The 
coal. The NCB. expects a rise 
in output of about 10 per cent, 
in the next few months, as all 
the areas begin to operate the 
bonus scheme. 

But what of everyone else? 
The problem, at least with those 
who live in or near mining 
areas—is ■ that they are no 
longer prepared to put up with 
the mess coal mining makes. 
The increasing strength of the 
environmental lobby is 
seriously delaying the work of 
two crucial areas of NCB de¬ 
velopment—opencast mining, 
and the proposed big new pit 
in the Vale of Belvoir. 

There has never been any 
doubt that opencast mining is 
messy: not only is the ground 
ripped up over hundreds of 
acres, but the roads round the 
site are quickly covered in 
black sludge, and the grime in¬ 
evitably seeps into gardens and 
homes. A visit to some South 
Wales mining villages still sur¬ 
rounded with worked-out sites 
provides a graphic illustration 
of why people are crying 
“ enough.” 

The protests are not confined 
to South Wales. In the Mid¬ 
lands. North East and in Scot¬ 
land, more and more sites are 
now being contested: objections 
mean an enquiry, wbich delays 
the commencement of work— 
in a few cases, it means that 
the site is not exploited at ail. 
The irony—for the NCB—is 
that its standards Of cleanliness 
and of care for the environment 
have never been higher. 

The same kind of objections 
are delaying the opening of a 
substantial deep mine in the 
Vale of Belvoir, north of 
Melton Mowbray on the 
Leicester - Nottinghamshire 
border. The reserves are 
thought to amount to 510m. 
tons, worth around £10bn., cost¬ 
ing £500m. to exploit. The NCB 
plans to-sink three pits, each 
covering 80 acres of land: the 


complex will employ nearly 
4,000 workers. 

Clearly, Belvoir is a vital part 
of NCB future planning, rank¬ 
ing with the Selby mine (from 
which a similar output is ex¬ 
pected). but causing much more 
trouble. The area is not in¬ 
dustrial': indeed, the objections 
to exploitation at Belvoir appear 
to be not only on environmental 
grounds, but also on social ones. 
While the environmentalists— 
headed up by the Duke of Rut¬ 
land—privately don't expect 
total victory, they do want to 
minimise what they see as the 
damage; 

That means, at the very least 
the Coal Board will have to 
ensure that schools, housing and 
other essential provisions are 


made both well in advance of | 
the arrival of the miners, and 1 
also that the provisions are 
made with the agreement of the 
local people. Diplomacy is the 
order of the day. 

Elsewhere, expansion pro¬ 
ceeds more smoothly. Last 
October, the Board fanned a 
subsidiary called British Coal 
International, which handles the 
renewed emphasis on exporting, 
as well as a growing number of 
joint ventures with overseas 
coal producers. BCI takes in,, 
for the first time, the Associa¬ 
tion of British Mining Equip¬ 
ment Manufacturers (ABMEX), 
whose sales overseas last year 
were worth around £7Qm. 

John Lloyd 


depressed. The American zme s^ch- 
industry has-asked Washington Imperial 
forstrong protective- measures 
and this has been v .causing 

anxiety to C^dlan /p^au^ ^^?^^^^ 

The strongest** the toa^i ^ Western eoal, Canai 
mining companies, white ^their yjnL-Sons*y 

stocks probably ?apa 

about 25 per cent of-their, value 
on the exchanges 

be able to survive the preset Eaa f V i a ,the. : fcd6e 
difficult period. since: tjuv- are Oulufe 

producers of a wide vanety nf -The QueWw^hfcppt 
products, including, ,fermpers faH moved tb' talw bw&As 


Canada 


LARGE INVENTORIES of 
some key non-ferrous metals 
dominated the Canadian 
minerals industry in the last 
half of 1977. and will continue 
to do so well into 1978, These 
high inventories in nickel and 
copper, and also zinc, have 
strained the liquidity of such 
major integrated mining 
corporations as Inco and 
No ran da Mines, and have 
caused the layoff of several 
thousand workers in Ontario 
and Quebec and severe produc¬ 
tion cutbacks! . . 

The cause.is the deepest post¬ 
war recession and prolonged 
slowdown in European, 
Japanese and North American 
economic growth. The heavy 
overcapacity of steel and diffi¬ 
culties in the consuming indus¬ 
tries are the reason for an 
excess of iron ore, though prices 
have been maintained better 
than in non-ferrous metals. 

Uranium exploration, develop¬ 
ment and production (located 
mainly in the Elliot Lake 
region of Northern Ontario and 
gathering pace in Northern 


Saskatchewan) remains the 
strongest area, though ‘due to 
long delays in' nuclear power 
station building in many 
countries, oxide prices may now 
remain on a plateau for several 
years. The present world price 
is around $U.S.42 a pound for 
1980 delivery. 

Production 

There has-also been strength 
in lead, partly due to lagging 
production and smelter capacity 
in many countries. Some miner 
metals .such as molybdenum 
have remained in good demand 
and should continue to do so. 
A general levelling-out in lead: 
prices is expected this year.:. 

Gold mining is not a large m- 
dustry now in Canada, though 
high prices have induced con¬ 
tinued exploration and several 
small properties are coining to 
the exploitation stage in Eastern 
Canada. *■■■.:• 

Canada has become ' the 
Western world's largest .pro¬ 
ducer of newly-mined zinc. 
Inventories are high and prices 


and- industrial materials:jSome.-g^^fc^ 
minor metals in:good; demandproducer lii^^Saaadiaj 
come as by-products of 'non- ! Dynam^'irf-tiiE 

ferrous smelting; and. refining., -pr^jniniary itegJfSbinrinE 
VThe taxation; problems of been held and'both.side 
1975-76 between some provinces p^a^g their valuation 
and the Federal .Govenupent proSraeted negetieThvssiwi 
have been largely: resolved, and expected: \ ■■ 

1 the punitive tax structure. im- l - 
posed 1 briefly by the new Demo- ... 7 

erat Government of OBritish .Dpcporn 
Columbia! reversed. There Is a- a -V ; : 

better climate for exploration. .The Quebec Goveriunei 
over almost all Canada, al- ^ U p. the Natimai -As 
though there is some hesitation cwp.. with, 
fof political 1 reasons ftr 

There any new. mining proper^ p£ Asb'es|^!^EMGenera 
.ties to be developed In the next gmics iKjh^54.6i>et cent 
few years (such as the $30Om. for settih^up. a.-. go?ef 
asbestos deposit of Brinco) will asbestos research JsrgaaUa 
almost certainly require equity / The GovGromenl's ,ob; 
participation by the provincial ^ txx-increase proce^ing o 
government as an insuranre ^- ^ 
against possible political action seht g pert-cehL . to 20: pei 
later. ' : "iin the next. ten tq 15 yga 

Expropriation' - • of- . more.amhitious targetr It : ala*- 
foreign-owned potash mines by’ y) ,set new. environmenta 
the Saskatchewan, Qovermhqntr dafdsJ 7 v? \-\f- . r.-.. 

in 1977 has turned interpatictnah. With: thgiast dmrdopm 
minerals of the U.S. fa r Ngw the WeSt aniTpipelines pn 
Brunswick potash, deposit^.'imd to.the- Acctic. ar.ca^chyni 
a new mine there is possible ploratibh ^is moving :4 
within two or three years: * - nortfiT^n pver before. 

Again in the east,:,the. Kitts- the.first time some mo rep 
Micheiin uranium- ^deposit Bp^^^aLresas of • the -JSii 
Labrador is delayed4ndefihitelyTyukfla -and the North 
: by high costs and problems werferritories are being-4q^ 
port facilities./. .Met^UgeseU^with. jnoderh equipment 
schaft of West - Germaw - is. at .the northwest tip bf 
minority partner with Island.the high-grade . 

Uranium- Exploration, "instill cona-. zinc-mmfi has, aart 
oh the 'upswing hi NorthernQanada’smostnortberlj 
Ontario, Northern Saskatchewan Others will fallow, .as': o 
and more recently hi the gas exploration opens u 
British Columbia Cordillera.. ; Arctic .areas farther in tb 
West German financial backing decade. $X-' -•* 
is prominent En recent years. ' r bxfirik Hill 

several major oti companies . - ^ 



xpenence 
lining 
rig oFcoaL 


United States 




y . ■ 

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m 




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Briti sh Coal International is an organi sation xs hich brings together 
unique expertise in the mining, marketing and utilisation of coal. 

It includes in its total resources all the experience ofthe UK coal 
mjning industry, which is the biggest in Western Europe. It comprises many 
specialised companies who cov er activities as diverse as exploration, mining, 
transport, coking, briquetting and the development of liquid fuels, including 
petrochemicals. 

Present activities of BCI members overseas range from major coal 
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All this experience is available, through BCI. to industries,governments 
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If you need help on any aspect of coal contact: 


THROUGHOUT MOST of 1977 
the main sectors of the U.S. 
mining industry have been 
amongst the most depressed 
parts of the economy. The one 
really bright spot in the mining 
sector, the aluminium com¬ 
panies, depend on imported 
bauxite for about 90 per cent, 
of their raw material and even 
their prosperity has been based 
on factors which some analysts 
argue may not persist. 

As energy costs in the U.S. 
rise to world levels the advan¬ 
tages which the alumipium com¬ 
panies have had in this respect 
will be eroded and there are 
suggestions that they could 
move more of their operations 
off-shore. At the same time, it 
is a moot point whether the car 
industry, for example, will con¬ 
tinue to increase its consump¬ 
tion of aluminium at the recent 
pace in order to help meet 
Government imposed mileage 
standards, and whether it will 
continue to raise its share of 
the soft drink packaging 
market. 

Aluminium aside, key sectors 
oF the mining industry have 
been struggling with problems 
with which they have not shown 
much sign of controlling. The 
weakness of the world-wide 
economic recovery has been a 
factor in the industry's difficul¬ 
ties, particularly for the copper 
producers. But in addition, over¬ 
capacity in steel and the associ¬ 
ated recession in the industry 
has had a depressing impact 
on U.S. iron ore operations and 
on the metallurgical coal mar¬ 
ket The steel industry’s woes 
have also had an impact on one 
of its main supplies, the nickel 
Industry’. 

But while the overall 


economic picture has been a 
factor in the mining industry’s 
performance, special circum¬ 
stances have in many cases 
been at least as important. 

In the copper market, for 
example, by the end of last 
year copper prices in the U.S. 
at around 61 cents a pound were 
close to 30 per cent, below their 
1074 high. Overproduction, in 
developing countries auxious to 
keep foreign earnings up to try 
and meet their owh inter¬ 
national payments problems, 
have created huge stocks of the 
metal and led to the U.S. mar¬ 
ket being floded with low'wst 
copper imports. Last year, im¬ 
ports of refined copper captured 
17 per cent of the tLS, market 
and were running-at a rate half 
as high again as in 1976. 

Predictably, the impact has 
been to force massive layoffs 
and cost cutting measures on 
the copper companies, iriclud-- 
ing mine closures, which were^ 
particularly serious-in the State 
of Arizona where the bulk of the 
nation’s copper mining is 
carried on. 

The impact of these events 
shows up dearly on the profit 
and loss accounts of some, of the 
leading companies, including 
the Industry giant Kennecott 
Copper. For the year as a 
whole,, the company incurred a 
net loss on its operations which 
was offset by income' from items 
Eiich as its sale of Peabody 
Coal, so that overall it was able 
to report a paper thin profit of 
$7m. 

Against this background, 
appeals far some ..protection 
■from imports, in the fonn of 
higher tariffs for example, have 
been raised, which are 


■'•. %: : ~ i 4 ’y'r.'.L- 

reminiscent . of the-. detaand^. ifi'Sfillfa progress. ^Thatei 
which the steeJ ; industiy>:^as^ of the strike wl 
been making. - a^arerrt;:‘ti!>W:imore; likely to fayo: 
success. The Carter Admiqi»: do^qs than; th'e : ihdusti 
tration with its free trade cnidV-questinn of. whether ,ui« 
mitmern. is,unlikely to-Be, ^'^raa^tenris will donityth 
any hurry to respond ■ to-itbese'- Iabour relations 

caAis however. ' . ’•£. x. C in^^try.with ithc : worst. 

- : ' - m ^ country, js moot. - 

u Another.area gm 

showin*-*!^ toVsftiir betetlmik, amL'li 

porary jinapcial .sef>a(* Os : thb; ;be before aahoir 

mil"- inriaistrv .■ ftarlv last' -VP3r 


on the^hbrirerl' ts 

■ W- ^ that heayy -inw 

turn’s energy -fo W coal.mining;Ta«lj 

'hpntin uto g and the. ^oBt 

oatpur by 1 ^/to aronndX^ : - 

tons MnuaMy. ... ■. Y‘ : • saunjes isJikeiy. touhe" pre 

i jn^’Xan" increasingly;'^ 
Prncrippt' ' •' T » : *c r ;-hto^|y ymrUFrcmjOfl^^;' 

>:r 

.The prospect* -of a "jaA& zT In- • ^catiph, There 1 
crease -in-ooai-’s'Share- of ^fhe’:ri lc h^ : ' aia J or " testtiirtptm 
energy market has resohrce^jqiwpn 

dimmed not so much by the he^.£§h eral - ElpctiicCs^p^fl.. 


TOToiunentaJ 'air qnaHrit re^rfai ^^;? 
'tionsi'v which,- •conitt- aa^they. 
stand,; tI rtualiy: ; elhinhatethe^ 
cost advantages nf ; western 
mined'coal in eastern, .and" ■ ^*5 

Tvest- inai4;ets, at Teast.'bVer,.ti^ ^1^ ra H 
' time period envisaged ' by . th e 
target . '; , - ; :■ nxttor^^ 


DJt 

c^-attygctP' 
E’ajbt e’hqU.y 

- There-are' too relateit- 
' port problems whi ch, ■ through' o 
the. target into doubt.'. But ip.;; lii^a^i^e" 1= ’" 
wesjern coal.us-.not. toi' grdw; 

rapidly, is has been anticipated; ‘ 

what •-are >the prospects' ifor, treasimfes 
higher production from AppaIa-Uj)aniM 
cbiah;fields."* A" .'ntejorr icpn-^^v^ 
iideratioii here has td'bel^d^soureex 
relatiohs/the threart*/5Uch^i^tv’ > tjm toMfp'g 
duction has been uhdarEned;^ 
the lowest co^ .arike'ijd^bistory j'?;' " 
which after two.aiid^ikif mbnilur 


fV» #«t •»; 




ritish Gcxil International 


il- i t':ir l . H--ii• it .-^rn->rPl.i-. r Irtr.conf*W IN 7AE.Encland 


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L'tci ijr.ir.vi 


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inn-r-i.'.Ki'.uwn'.ji F«ij LiAViici 


O' pr^en* l.'oal Dp-.-pInpim-nV" Limil«?d. 

of British Minin; Equipment Erpwtm, 
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S toical Times Friday -F.e3)ijiaxy 24 1978 



EARLY A CENTURY 

We have almost 100 years of 
experience in electrical manufacturing. 

We supply medium and high voltage 
motors and control gear to the 
mining industry from a wide product 
range including motors up to ' ■ 

11,000 KW. 

We are represented in over 30 . r: 
countries across the world. : 


URENCE, SCOTT - 
ELECTROMOTORS LTD. 

NORWICH, NR1 1JD. 

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it SKILLED EXPERIENCED 
MINING EN6INEERS 

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WORLD MINING VH 


Australia 


AMALGAMATED 
CONSTRUCTION GO LTD 

WHALLEY ROAD.-. BARNSLEY, i . 
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Telephones BA R MSLEY 6326l6S6l*JU671; 
Te/ex.* S47401. 


w. 

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■ :'-U 


THE IMPENDING energy Port¬ 
age in Australia due to dwind¬ 
ling all reserves has resulted in 
a.marked change of emphasis in 
the- mining, industry from the 
base metals to the alternative 
energy resource, coal, over the 
past two years. .The steel re¬ 
cession in Japan, Australia’s 
biggest coal customer, has failed 
to dampen the optimism, of the 
leading Australian coal com¬ 
panies, who see the long-term 
prospects for . coat as perhaps 
the brightest tin the local 
mining scene. 

• Australia must find its energy 
requirements from somewhere. 
And the lead times required to 
bring nuclear and solar power 
technology into practical use 
make coal a natural bridge over 
the energy gap—more so in the 
light of current interest and 
research in the field of conver¬ 
sion of coal into petroleum pro¬ 
ducts, which at present account 
for the great bulk of this coun¬ 
try's consumption. Prospects 
for coal exports, particularly to 
the U.S., are also improving. 

Iron ore. which used to be 
the strength of the Australian 
mining industry, has taken 
second position to coal in recent 
years due to the prolonged 
worldwide recession in steel. 
While the mineral is still a 
strong earner—the industry 
leader, Hamersley, has turned 
in a record profit—the pressure 
for price cuts on exports to 
Japan due to the slump in 
demand is being increasingly 
felt. 

Although Hamersley and 
Mount Newman,.which together 
provide about 36 per cent of 
Japan's iron ore imports, are 
planning significant lifts in pro¬ 
duction when their new concen¬ 
trating plants come on stream 
in 1979, combined shipments in 
1977 represented, only 77 per 
cent of annual eapacilyJn 1978., 
BHP will replace Japan's Nippon 
Steel as Mount Newman's 
biggest customer here again. 
The longer term outlook is 
brighter as . witnessed by the 
expansion programme which 
will cost Hamersley $A375ra. 
and Mt. Newman $A113m. 

Tin mining in Australia is 
one of the few sectors enjoying 
a buoyant world market for its 
product According to an inter¬ 
national trade council estimate, 
world tin consumption 
exceeded production in 1977 by 
about" ’ 20,000 tons, ~ and was 
likely to run at a similar level 
this year. Australia's: biggest 
producer of. this semi-precious 
metal. CGFA stable member 
Renfson Ltd, earned a peak 
profit in the interim period to 


December, 1977 and Is known 
to be looking at optimising its 
output wath a view to expand¬ 
ing production capacity and 
possibly building Its own 
smelter. World commercial 
stocks are at high levels and 
the market is faced with record 
high prices as well as a sub¬ 
stantial projected production 
deficit. 

Meanwhile the slump In world 
demand for copper has severely 
eroded revenue from the metal 
for Australia, to the point where 
one mine, the Gunpowder opera¬ 
tion in Queensland, has been 
forced to close down because 
copper prices do not cover pro¬ 
duction costs. Gunpowder is 
owned by Consolidated Gold 
Fields Australia, which is also 
the parent company nf Tas¬ 
manian copper producer Mount 
Lyell Mi oing. 


Fate 


Mount Lyell has been forced 
rely on Government aid in 
recent months to reduce its loss 
rate, and its fate depends on 
the outcome of a Government 
inquiry into the industry. Gun¬ 
powder. a rich and low-cost 
operation by Australian and 
world standards, would need an 
estimated price for copper of 
SA1.450 to break even against, 
the current level of 6A1.080 a 
tonne on the local marker. 
Bougainville. which broke 
records in 1973 with a $A145ra. 
profit, has been suffering a~ 
severe earnings decline and 
earned only $A33m. last year. 

Bauxite is another area of 
contrast to the rest of tbe min¬ 
ing industry in Australia. 


Already the world's largest sup¬ 
plier of raw materials for 
aluminium smelting is on the 
verge of becoming the dominant 
global producer of bauxite and 
alumina, according to one 
pundit. Utilisation of the finished 
metal is growing especially in 
the transport, building and 
aerospace industries, and the 
predicted continuation of this 
growth Is expected to lead to 
world . shortages in coming 
years. Australian producers 
have been quick to recognise 
the potential for future bauxite 
sales; and at present two new 
alumina refineries in Western 
Australia are in the planning 
stages. World prices are already 
increasing, and these resulted 
in peak profits for two Austra¬ 
lian bauxite-alumina companies 
—Comalco and Alcoa—in the 
past fall year. 

. Lead and zinc, found together 
in- the New South Wales 
deposit at Broken Hill, where 
two of-, the world's richest mines 
are located, have been following 
divergent paths in the past year. 
Australian Mining and Smelting, 
which owns the two Broken Hill 
mines, has switched its produc¬ 
tion emphasis from tine to lead 
following sagging tine prices 
and concurrent steady demand 
for lead. Nevertheless, pro¬ 
ducers expect consumption of 
tbe two metals to rise at a rate 
of about 2 to '3 per cent, a year 
over .the next decade, and plans 
are being made to develop new 
deposits. Conzinc Rio Tinto of 
Australia, a partner in the 
only present development, the 
SASOm. Wood I awn venture in 
Col bourn, NSW, and whose 



An unusual mineral deposit; Coober Pedy, ttie 
world’s largest opalfield, which is about half way 
betweeti Adelaide and Alice Springs. 


Mount Isa deposit is a tradi¬ 
tional source of lead and tine, 
has proven reserves at Hilton, 
north of the present mine in 
Queensland and is looking at 
building a SA200m. refinery for 
the ore at Townsville. 

Dwindling reserves of gold in 
Australia have left only a few 
mines active, tbe biggest of 
which is the Kaigoorlie opera¬ 
tion owned by Kaigoorlie Mining 
Associates. This company, along 
with Central Norseman, Peko- 
Wallsend and Australian 
Development, was profitable in 
1976-77, when the gold price was 
SA150 an ounce. Higher prices 
may indicate some recently 


closed gold mines, especially In 
the Kaigoorlie region, to re¬ 
open, but the fortunes of 
Australian mines in recent years 
have been subject to wide 
fluctuations. 

The nickel price slump has 
proved a disaster for Australian 
nickel miners, the most famous 
casualty being the one-time high¬ 
flyer. Poseidon, whose former 
mine at Windarra was recently 
closed by the new owners. 
Western Mining cut output at 
Great Boulder by 10 per cent, 
last September and the smaller 
Redress mine also closed down 
only last week. 

Steven CaMer 


Latin America 


;v \ -■ 



THE LAST. 13 months could go 
down in the history of mining 
in Latin America as a- year in 
which much was talked about, 
little achieved and some big 
plans cancelled. As in other 
parts of the world the low price 
of metals and the prospect at, 
best of a very gentle firming of, 
demand meant that only the 
biggest companies were* able to 
take a long view and make new 
commitments. . Some big inves¬ 
tors did exactly that but others 
stood still or even' revoked 
earlier projects. Many foreign 
investors continued to be put 
off by the spectre of political 
and economic instability even 
in those countries which did 
their best to welcome them. 

Expensive.. 

Typical of the big-projects 
which were left in the lurch 
was the Serra dos Carajas iron 
ore scheme in the Brazilian 
Amazonian jungle. During the 
world steel slump, the principal 
shareholder, U.S. Steel, was un¬ 
willing to push ahead with a 
potentially. - rewarding ■ hut 
extremely expensive plan which 
involved the building of 
hundreds of miles of railway 
through jungles and across 
-rivers. 

Brazil was also to Buffer when 
Japanese interests decided that 
a big bauxite scheme. Tram- 
betas, was not sufficiently in¬ 


teresting for them at the 
moment 

Among the most depressed of 
all metals has been copper 
whore prices on the London 
Metal Exchange drifted mostly 
under the S0.60c. per pound 
mark, a level which is below the 
cost of production in all but the 
most efficient and rich of Latin 
America's mines. 

The,region's biggest producer. 
Chile, saw its output cut last 
year to. -971,600 tonnes, down 
10,000 from the previous year. 
.The. rock-bottom, price of the 
metal and the depressed selling 
price of mines provoked a not¬ 
able development however, in 
the decision of Exxon, the 
world's biggest oil company, to 
buy tbe Disputada de las Con¬ 
ties mine near Santiago. The 
company hinted that it could 
spend more than §lbn- on de¬ 
veloping the mine to make it a 
rival of the Chuquicamata and 
El Teniente operations which 
are the largest in Chile. It ap¬ 
pears, however, that it will be 
at least two years before the 
company will have completed its 
evaluation of Disputada. The 
reports that Atlantic-Rich field, 
the U.S. oil company which re¬ 
ceived oil drilling concessions in- 
southern Chile, may also de¬ 
cide to branch into mining in 
Chile may mean that that coun¬ 
try could become a laboratory 
of how oil companies achieve 
diversification. 

The low copper figures .have 
made as depressing reading in 
Peru as they have in Chile, 


though Peru, with a much more 
diversified export sector, is not 
as much at the mercy of copper 
as Chile is. The low copper 
price has made the job of get¬ 
ting some early return from 
the very large investments made 
in copper mines in recent years 
an extremely difficult one. Pro¬ 
duction costs at Cuajone, the 
biggest of tbe recent new' 
copper. mines to come into 
operation, are put at 80.70c. per 
pound. The hard pressed Stale 
company Miner opera is having 
to rely more and more on 
private finance for new ventures. 

Distinction 

The brightest spot on the 
mining map of Latin America 
has been the continuing high 
price of tin from which Bolivia 
-has been the grateful bene¬ 
ficiary. The price is now so 
high that it is able to absorb 
the cost of being flown from 
Bolivia to producers in Europe, 
thus sharing a distinction 
hitherto reserved for pirccious 
metals such as gold and 
platinum. 

The world price of $1,700 per 
picul is several multiples of 
what it was only a few years 
ago and the prospect of a con¬ 
tinuing gap of between 15,000 
and 20,000 tonnes between tbe 
amount the world's producers 
will turn out this year and that 
tiie market will demand this 
year is keeping the price up. 
The principal bearish element 
in the situation is the possir 


bility that the U.S. could decide 
to sell up to 50,000 tonnes of 
metal from its strategic stock¬ 
pile between now and 1980. 

The fortunate Bolivians have 
been pushing ahead with one 
of the silent revolutions of 
Latin American mining as they 
refine increasingly high propor¬ 
tions of their ores, not just tin 
but also antimony, lead, zinc and 
bismuth. As the next decade 
progresses the Bolivians hope to 
cease being exporters of many 
ores and be exclusively selling 
metals. 

After decades of planning the 
Bolivians hope also to achieve 
real progress in the exploitation 
of tbe Mutdn iron ore deposit in 
the far south east corner of the 
country. The possibility of pro¬ 
ducing steel from Martin has 
been something that has enticed 
successive Bolivian governments 
and when the world moves out 
of its present situation of over¬ 
capacity Bolivian planners 
expect to make Mutfin a going 
concern. 

Nickel seems to have a bright 
future In two countries of Latin 
America. With Soviet help Cuba 
hopes to raise its present pro¬ 
ductive capacity of about 38,000 
tonnes a year by half in the next 
few years while at mid-year 
the Exmibal nickel operation of 
International Nickel and Hanna 
Mining started up in eastern 
Guatemala ' with a production 
capacity of abont 10.000 tonnes a 
year. 

Hugh O’Shaughnessy 


South Africa 


AtRandMines, 






we 

- - - RaricTMrnes is a major praidtider of gold, 

chroma, uranium and coal and has extensive interests 
in other minerals. But it is our people-alt 84.000 
- ofthem-who are our greatest resource. - ; 

They deserve, and receive, a great deal or 
consideration. That is why we are striving to create 
equal opportunities for all of them to advance within 
the group and improve their qualityof life. • . 

.-•■- Salaries, and wages, housing, feed ing. recreation. 

: training programmes, medical serviced end retirement. 

’ bm^tssreconstantiy being improved hi ail : 

. .. \ our operations^ *•- " z 

• • -; - thesejmprovements^oinanymors,are 


thetenoroflifelofthe better. 






THOUGH SOUTH Africa has 
expanded massively into base 
mineral exports in recent years, 
it is a striking fact of the 
Republic’s mining scene . .that 
gold remains' by far The most 
important product The gradual 
decline in gold output continued 
In 1977 and at 697 tons, produc¬ 
tion levels were well, down on 
the 1970 peak of 1,000 tons. But 
thanks to an improving bullion 
price, which averaged .$143.75 
per oz. to the South African gold 
mining industry, receipts were 
up from R2.35bn. in 1976 to 
R2.8bn. 

A combination of the higher 
[gold price and strong demand 
. for uranium, a common by¬ 
product in many of the Re¬ 
public’s gold occurrences, and 
i with generally weak base metal 
prices, has put the quest for 
new- gold prospects at the top 
| of-the local r exploration league. 
-Furthest advanced so far is the 
intensive drilling programme by 
[Union Corporation^; and - .Anglo 
American In the - Orange Free 
State, South of the existing gold 
field,. -where two- xjowj. gold- 
uranium mines are- possible. 
Exploration also, continues for 
extensions to other .gold-fields. 
| particularly to the West Wits 
Line abont 60 miles wist of 
■Johannesburg. 

In addition, over-the next 
18 months three new goldmines 
{whose development Thu been in 
[hand for five or six yeafs will 
come ‘ into production..- Gold 
output' from Uitfwl, Deelkraal 
and Elandsrand will help offset 
(the decline in gold production 
as older established -mines 
i gradually’ exhaust rich: areas or 


reduee grade milled in line with 
the gold price to extend lives. 

Output will also gain slightly 
from the Ergo scheme, whiclris 
re-treating old surface accumu¬ 
lations for gold, uranium and 
sulphuric acid. So there are 
hopes that 1978 will see a 
modest rise in gold output after 
some years of decline. 

Along with -exploration,, for 
new areas has gone expansion at 
existing mines* “some of which,' 
notably in the Orange Free 
State, have raised the tonnage 
of ore treated to compensate for 
lower grades of - gold. - Anglo 
American alone plane to spend 
Rlbn. over the five years to 
1981 and the- other mining 
houses have comparable 
schemes in hand. . 


Activity 


Much of this activity, how¬ 
ever, is directed toward 
uranium as much as to gold. 
Though value figures for 
uranium output are not pub¬ 
lished. tonnage produced has 
risen from 3£55 tonnes in 1976 
to 3,793 tonnes in 1977. In the 
current year, two major projects 
will come on stream, at Band- 
fontein and at the joint metal¬ 
lurgical complex, a reclamation 
scheme timilar to Ergo, in the 
Orange Free State, and 
uranium output is expected to 
rise to 5,313 tonnes. With 
further expansion already in the 
course of development the 
figure will probably reach 7,300 
to 8,600 tonnes by 1981, making 
the Republic one of the largest 
producers in the world. All 
these figures exclude South 


West Africa, where Rio Tinto’s 
Rossing mine -is in production 
and at least one other deposit, 
the General Mining Group's 
Langer Heinrich, may get a go- 
ahead. 

Though base minerals bave- 
tended recently to take a back 
seat, .a number of projects -are 
still maturing. In the north¬ 
west Cape, focus of much atten¬ 
tion over the past five years. 
Gold Fields of Sonrh Africa and 
Phelps Dodge are pressing on 
with their Aggeneys lead-zinc- 
copper-silver mine despite dis¬ 
couraging metal prices and a 
capital cost of R181m. to bring 
the mine to the self-supporting 
stage. Initial ontput is expected 
in early I960 and annual net 
revenue was put at R50m. last 
October. 

The nearby Gamsberg zinc 
project, the other fruit of recent 
exploration in the area, has been 
shelved pending an increase in 
metal prices and better zinc 
demand. Anglo American is 
partnering O'Kiep and Newmont 
in opening up the deposit, which 
so far contains reserves of 
145.5m. tons oF zinc at 7.07 per 
cent, and 0.56 per cent. lead. 
Initial estimates were that about 
R180m. would be needed to 
bring the Gamsberg into 
production at output of 
350,000 tons annually of rise 
concentrates. Now there is the 
possibility of a smaller 
operation, at least as a means of 
opening it up, while the long¬ 
term plan envisages tieing a zinc 
refinery into the mining project 
as well. 

Base metal exports improved 
from R.794m. in 1976 to 
RLQSta. in 1977 and the bulk 


of this increase was derived 
from sharply higher sales of 
coal and iron ore, in which the 
Japanese market has been an 
important factor. In the late 
1960s basic plans were drawn 
up for two new ports. 
Saldanha on the West coast and 
Richards Bay on the east Com¬ 
missioned during 1976, these 
two had their first full year of 
operations last year. 

Expansion 

The effects on mineral 
exports have been pronounced. 
Coal exports excluding the well- 
established anthracite trade, 
went up from R.74m. in 1976 to 
over R~2D0m. in 1977, while for 
iron ore the comparable figures 
were IL27m. in 1876 and about 
R175m. last year. Both harbours 
have the possibility of further 
major expansion, but the 
current weakness of the inter¬ 
national steel industry is 
proving to be a dampener. How¬ 
ever, the coal industry is 
optimistic about obtaining 
additional long4erm contracts 
to supply foreign coal-fired 
power stations. 

It is ironical that although 
the new ports were intended to 
offset the effects of declining 
gold output, as it has turned 
out gold has preserved its key 
role in the South African 
mining sector. However, with 
the newly established in¬ 
frastructure, the base metal 
miners expect to be in a strong 
position to compete for new 
business once end markets 
improve. 

Richard Rolfe 





O 
































26 




Ffoancistf Tines 


WORLD MINING Vm 




» II*- 1 ILMI 


and 




lor 

Feasibility Studies -Testwork-Design- 
Engineering-Procurement-Construction- 
Commissioning-Operation. 

Australia to Zambia— 

World-wide our strengths are currently at work. 

Aluminium to Zinc- 

Expertise in all major non-ferrous 
metals and minerals. 


Davy Powergas Ltd.. Mon-Ferrous Metallurgical Division, 
49,Wigmore Street, London W1H 9LE. Telephone: 01487 588L Telex: 8811910 


The New 1978 

Mining International 
^fearBook- 
your guide to 
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mining industry 


1978 edition routable March Who earns what, their capital 

The 1978 edition of Skinner’s structure, profits, dividends, and other 

Mining International Year Book contains available financial data including 

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throughout the world. It has been years. 

revised and updated with their assistance Who sells what. A suppliers 

to bring you a most comprehensive work Directoryand Buyers* Guide of some 

of the mining industry. 3 j000 beddings and listings. 

Who owns and does what including Who owns whom. A cro ss- ^ 

details of properties, production, reference index of over 4,000 mining, 

claims, mineral deposits, on reserves and subsidiary and associated companies in 

other relevant data. over 100 countries. 

Who & who. Some 10,000names of 

_- directors and principal operating 

officers and executives. 

Who is where. Addresses of head 
V and other offices and Geographical 
Index by country listing principal 
H ' s, operating companies. 

' If mining is vour business 
• -i International Mining Year 
- • ' .’•• Book is your indispensable 

: •' '• ’ •; 700 page reference guide. 

* 'V r;. ' 1 A veritable mine of 

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Regained Office: Bracken Hon, Cannon Son, Landes EC4P4BY ^ 


■ \fe 


THE MALAY Peninsula has The State governments (in operate 


new.State Government to - exploit Cectial'Sumatra. TSe wor 
: What is the world**- Wgg^st- carried 


iwnas * uu F gruuiL ------ - grayO. pump mines known to contain weu. over cluoiiis «ur 

the export trade of Malaysia, to xoreign and Chinese miners taxes, s» vui ono tf> n o nf tho rarfai, .•-■• With * the depletion-of : 

"ssr’sr 

nsisiafsasms control “t s 3t u s , s , =^ss>'^“ 

export trade. ' Th. world’s capital, let alone the experts «*0aliawd-.- ’ 

richest tin belt lies in the Malay The gravel pump mines. The Malaysian Government- (l ;, t fnr th( * marginal or too remote 

Archipelago. It stretches for which account for bj^fof sponsored Peroas Group is now ^^is expec^to b^fi^e r explore<l>d 

more than a thousand miles, in Malaysia’s output are particu- in con trol of the wbEkTstiiggest - .^. rMning. : i- •••-'•. "%a 

a north-south direction, begin- Larly vulnerable to fluctuating mining company, thereby giving 37 eld 1] , One of the biggest‘-prebj 

ning in Ranong in the Isthmus prices. Eighty per cent of the u, e Malays a big say in the.irt-the iea ff S : ' V v zis the Sge^'ttS the T iwfoiw 

Of Kra, proceeding southwards 700 gravel mines iD Malaysia dustiy. This was achieved Tb® Perak GoTOrnnaent. has flredg ^ mos r of'them 
along the west coast of V ork on tailings or dredged through a'complicated partner- also joined another left^ers from toe Batch 

peninsular Malaysia, and ends at ground. Production costs are ship-management arrangement based company, uopeng-.uop- Indonesian authorities -' 


been declining very gradually costs are expected to rise to poration, with Pernas holding 71 reported to be keen for partiiws. ^^ a bput<L40Lttere$ 
during the past few years, and Ringg.1.355 per pikul by 1979. per cent and" Charter tbe rest, Indonesia used to produce as current aiuwal production." 
with prices soaring, fears have The present floor price under ^ taken over the mining com- much -as 50,000 tons of -tin a. Both-Malaysia' aad foehn 


rj-.iJiy. , .y aT 


richest and most easily year, there had been encourag- partnership will work out, but very little prospecting- naa ments a ^xe . fortommmgr 

accessible deposits are fast mg signs that both the Pederal MMC will be an important test been done, and this. in : an-;.aa 

depleting. But recent prospect-and State Governments have of reconciling the aims of the ^oc manner. .... ■ ■■: .. od iVi -f^tirabrd ; ^!trt«s6[ 

ing has also shown that there recognised the need to stimulate new economic policy and the Tin prospecting has been- ■ - in these -ermntfriag 

are still large reserves of tin in new investment in the industry, profit motives of the foreign intensified, with the bulk of the gttractive 'Vorid' prieei-f'er 

the Malay Peninsula, although. On the other hand, foreign companies effort concentrated «m_ the juetal.'' - 

one must add, they lie in much companies have come round to MMC is currently in Islands of -Bangka, Belitungv ,- - ' 

more difficult terrain, either in accepting that they must negotiation with the Selangor Kartmum and In the intenor of v.., . r ,; 
hilly areas, or deep in the tj ■>•••. i- 

ground, or offshore. - - ; ; / - 

To exploit these reserves ' ’ly*».;■* 

would require new investment . ./• .. .... ---V---VV- 

and the goodwill of the govern- - .. y % \: ■ .",v ” v 

ments concerned. These days. _ m ]-z- -si ; 

Eir Dcvclopiiis Couiitrics 

impose tougher regulations and v v JL^ ' T ; ^ . . ■-£??;:; .-y.r 

demand a bigger slice of the ■ ' ‘ *- 

cake. ' ’ . . 

There has been very little EVIDENCE HAS been mounting and interference in manage-industries is on the decline. rive^ fot. chahge-otL eitiier 
investment—either foreign or for some titne ^at mineral menL” according to the report, with d l m j galt *:/- c- r.". ~ 

local—in the Malaysian tin shortages could occur in the The result has been that while expenditures by U5. ^hidustry exampleS^bTan ac 

industry in the past ten years. jggQ s Qne way to avoid short- exploration expenditure by decreasing in real' dollars from 'andSaBdh. of interesfeliaVe : 
This, plus the fact that existing % ges ^ t0 ^den the geographi- European companies in the de- $9.4bn. in 1971, to an estimated, seen in Pa^ua New Gu 
deposits are being exhausted, cal basis of mining investment, veloping countries was 57 per $3.fibn. in 1976 ” Mr. Carlson Tndonesia rand' Btrtswana. 
has led to a steady decline in yet it ^ ^nic that when this cent, of their total in 1961. the'said. ... PNG, Broken Hill Proprii 

production. . _ j s most necessary mining com- proportion had fallen to 13.5. gome extent the-dedlihe- Australia 1 is ■ leading 

,jL rom a p / ak ° f /6 * 800 t0DS J " panies have preferred to con- per cent by 1973-75. - of mining investment over 4he sortium ^te; mves^ga^rthi 

p r° ao * * iaS - centrate their activities in areas “it has been calculated that’ last three or fouryeare^fcas been Tedi copper;-Sepofil^j-hi 

steadily to 63400 tons in 1976. traditionally known to be con- to maintain supplies of the'caused as much by the interim- negotiated^ jin*- asr^m^o^ 1 : 

Malaysian tin mining com- g en ] a ] t ]Oc e the U.S. and South ma i n non-ferrous metals to tibnal recession as ‘by - the thO; Goverament . on | 
Snfitc +htntl al 5if fi >,ilh ry ^°° d Africa and to a lesser extent Europe over the next decade an companies’perception: t^cdndl- A 

profiL, thanks to high price., Cjm^a and Australia. investment of $24bn. or $2.4bn. tions in possible hosticouhtries. c^used Kehnecott-Copper o 

bilitiesfb mSv ^P^stnbutfne Bv comparison the developing per annum will be needed.. By But this period has'also seen. u ^- tp^riftdraw from Ok.' 
mnxit nf ^K y n rofitc d tn countries have scarcely been contrast the total expenditure‘of some redressing of the balance "lu.ladonesia a.new geaei 

hHiHrar? Tt ic nSt touched, although, according to the European mining companies between the host 1 countries arid f$ regulatioms foroveraeas 

tin wmoanips to nav fToo o°r the European Commission.for d „ring the 1960s and early 1970s the companies J ^inthe.y^k-np-^^^M , ®s. te d, 
rlnt dKnd W 00 P five essential minerals (cobalt, averaged only about $400m. per'to and including 1974 -the* rev 2val.of foreigninteresrt 
Cent. CUVIdeno. .. _, . __* > •> T> nr>-.;r> the __. muirrhVc ntiTlnral-vKoni-rv 


itc neurPPfmnmir nftlin’ a mainr Lnac rel " K n 1,011 *“ ,u ASSWMUUH w uir ..* — “” C ‘ U J' UJ S wuiauw S oio, V 

Tf wh^is P m niv^^he all free world supplies will have annual meeting last December, mar a ^rihgent rantiol over ^of-London. 

a btoi share ?f to l to be provided by toe develop- *" ■* their own' resources,-* 

^nnSr^upaUh ^ top JdLavl in S countries in 19S5. 1 Decline then international economic -touches W au fagre^pat 

m S But the mining companies pressures have worked towards* *? e 

virtually no share in the tin operate on normal commercial There has been a similar an accommodation of-.totemti. 

industry, the Government has criteria and many of them have decline in investment from the Mining companies/ through:; \ /> i a ; ;U' • 

gone out of its way to ensure felt quite simply, that the risks u.S. At toe American Mining the development .of a new • 

that this is remedied, and in of investment in toe developing Congress last September. Mr. deposit, can strehgtben the in- JL/IlICrvIlCC 

the process, has indirectly world have been too great to jack Carlson, chief economist at dustrial base of a developing.■; : 

brought about problems for the contemplate. What has fre- the Chamber of Commerce of country especially if an.;eleinent The difference between 

miners. quently been absent has been the U.S„ referred to a report of processing can take-.place in arrangements and those t 

' State governments are security of return, in their view. f ro m toe National Commission situ. They can bring in^pitai - ^.^S fn colxmial time&'b 

dragging their feet in renewing The problems, listed by toe of the Supplies and Shortages, and by toe sale of their priiduct .toe^ ccmlpajiy and Gbvprr 

raining leases. Very few signi- Commission, are “creeping ex- “Governmental policies may produce a source of forei^iex- ^aresetting up or havemad' 

Scant tracts of land have been propriation measures such as remove the incentive to risk- change. If deposits are in.ire--‘ 'tfsihn to establish some^t 

released for mining in recent the gradual erosion of expioita- taking in precisely those areas mote areas they can'provide partnership. One Side ha 

years. Taxes are high and some- tioo conditions, imposition ot where low-cost mineral costly infrastructure perhapsThe. other ^h*; n 
times take as much as 70 per additional charges, obstacles to resources are located^ Overseas sooner than the host cojmtry'rj^--**^*® 

cent of profits. freely-determined export policy investment in the minerals would contemplate of its nwip-^ArguiWy'^ it. Is^tois so 

volition. ''approaat, buttr^seffl^r'gu 

If aU this is done within * 

^ settled legal and financial frame- r? *bepms of. 17A;4nsa 

J work established by the host. {fa VjBga^ 

I T^P ! Q 17 n conntI y. «>en a xnutoai balance Comaj ssana 

I I i j I r\ I I I X of interests results. It is when “onfit, whsch wtH proyid 

the.framework has been uncer- 
tain or has shifted that toe diffi- . —*f ’ th 

IT IS LESS than a >*ear since cent, of all prospecting licences moving rapidly into the search ^ CQmpa ^ > 315d ’world—after^the “ 

Tara Mines, which has the lion’s in the Republic. IMEG has for deeper deposits covered by J;”™"; ,, 1L Deg u P‘ , . ^ a - 

share of Europe's largest lead- made no secret of its belief that thick residual overburden and ^ : tias ' pepp struc k mren-, 
zinc deposit at Navan, outside Dublin’s rules governing having no surface expression 
Dublin, went onstream. But toe mineral ownership as well as and. even further in the future, 

preoccupation of toe raining exploration are in need of a to deposits covered by barren 

industry in Ireland is not with considerable shake-up. rock.” 

production but with exploration. The position of mineral The need for expensive invest 
For the Navan orebody was dis- ownership is, to say toe least, ment in new drilling techniques 
covered seven years ago and confused. A prime example is an d bits designed for Irish con- 
toere have been no significant the celebrated Navan lead-zinc ditions is likely to lead to more 
finds since. orebody itself. The rights to joint venture among toe explora- 

The mining companies are Tara's 61m.-ton deposit were tion companies. Whether or not 
concerned that a major new find rested in the State, those to the* present Fkurna Fail Govern- 
is needed soon if toe Irish Bula’s adjacent 24m.-ton ment, despite its image as “ the 
industry is to maintain the deposits across toe Blackwater businessman's friend,” 


Ireland 


METALi TRADERS 

MINING 




VISITORS WELCOME from Mining, Civil Engineering & Construction Industries 

INTERNATIONAL MINING & METALLURGICAL EXHIBITION 
Hung Horn HONGKONG 8-12 MAY 1978 10.30-18.30 

In conjunction with toe ELEVENTH COMMONWEALTH MINING and METALLURGICAL CONGRESS 
Exhibition details from: CHRISTOPHER BRADLEY LTD., 78 VINEYARD HILL ROAD. 

__WIMBLEDON PARK, LONDON, ENGLAND. SW19 7JJ 


momentum of toe past 20 years. River are privately owned. accede to demands for conces- 
and they are equally troubled by sionary tax legislation is doubt- 

official policies which are dis- p -i.- n fu l. The last Goverament 

couraging prospecting. i U3U1AI11 rescinded tbe various tax hoii 

Ireland's established mineral days that bad given ground to 

riches range from zinc and The msh state m tact owns accu sations of an “ £800m. 
copper through high quality about 4a per cent, of all mineral mineraJs rQ bbery “ by foreign 
barytes (sulphate of barium) to nghts. and in some counties, entrepreneur an< j the oresent 
by product silver and mercury, such as Kerry and Donegal, its mood P of the C0UDtry it 

Intriguing traces have been position is clear cut la many ^ t w ^ 

established of uranium, thorium others of the Republic’s 26 ftat ^ Would ^ 

and lithium, while in industry counties private ownership is Ui .... 

circles there is talk of toe need common, while in other areas ™. preddem nevertoeless 
to start exploration in earnest the Position is still largely remains that unless toe mining 
for rhenium, yttrium, vanadium, undetermined. IMEG put for- giants can be encouftiged- to 
californium and zirconium. Yet war d suggested changes to the Pvsh ahead with exploration 
in the past year or so the rate ke 7 194t > Minerals Development which will yield a major find, 
of surrender oF prospecting Act in April 1976, but with no Irish mining in the 1980s could 
licences in Ireland has been result Indeed, the only changes add up to little more than the 
double that of new licences tha * hav ® ^ eetl ^ ade ones Navan orebody. 

. being taken out that the exploration companies The finds which' .dominated 

J The Irish government's min- in IMEG strongly disapprove Irish mining in. the. 1960s are 
ing policies, it appears, are in March the previous running out Tynagh, the major 

the melting pot. Until they I 7 * 5 " government introduced producer of by-product silver 
emerge as. a rationalised and new rules governing the terms has six years left, and the Silver- 
coherent plan, however, they oE prospecting licences: to dis- mines lead-zinc deposit in Co 
will continue to be the object of coura p. claim-hoarding and Tipperary has about five years, 
strong criticism from bodies speculative licence holding, the At present, though, exploration 
such as the Irish 'Mineral Eine tiael-Labour Government i s proceeding, with Canadian 
Exploration Group. The IMEG f et tl]e lei »gto of prospecting concerns such - as Noctheate 
is affiliated to the Confederation ?!S C ' n 55 s at - vears ' extend- haring increased their spending 
of Irish Industry and groups 22 ! bl ® t0 up <0 six years if work and drilling activity intensifying 
exploration companies—includ- ls ao " e on th f claim. A licence around the Bog' of Allen, in Co ; 
1 ing . Rio Tinto-Zinc, Tara ” n extend^ past six years Kildare. Nor is toe - Klondike 
'} Exploration. Minerex and jLii® ^ d , ustry ^ mis / er ’, b “ t spirit dead in .Irish : hearts. Not 
^ Noranda—that hold over 80 per 7*“^ maintains that toe basic i ong ag0 ^ anonymous advert 

- - Lw °? w term 1510 ° tiwrt. tiser in a Dublin newspaper 

% . . . The underlying point in all sought a £100,000 backer ro fes*. 

construction Industries this is that toe nature of drill his land for lead-rinc and 

CAL EXHIBITION w™ oon 1 2 « Ir !! ail l J if 8 confiim ««*■«* frames, with 

™ become more difficult, and the directness that must strike a 

>78 10.30-18.30 nuamg . comp ^f jes are seetens chord In any miner’s breast toe 

ETALLURGICALCONGRESS supportive rather than restric- advert concluded: “If the 

D HILL ROAD Dr 'r is not w ortowhile, it lsmimey 

iw»o -7H * Patterson, chairman of IMEG, down toe drain.” • 

Wf 9 7JJ recently commented: “ The Irish 

—— — ■ exploration industry is now Giles'Merritt 


If you have, a mining operation, or min-: 
eral prospects, and require technical as- _ 

sistanre OT'markBt%Jmow-bpw, coi^cf: 

Metal Thafets. -t--'* 


ir- 

fcNllr 


Metal Traders, Inc. 
445 Park Avenue’' '' 
New York, N.Y. 10022 
Teb ( 212 ) 42!-4970 - 

Telex: 232330 


MacJa in e, VVaison * Co. 4 
2“4 : Idol Lane 
London EC3R 5DL 
IG:' 0!“283 85it 
Teisx: 833854 






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This, authartdve imok .®fPtet^,tfee^^or: 
c^apsr 

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Financial' Times Friday FeBruaiy SC I07S 


POLITICS TO DAY 






DEBATE over the future 
British Steel Corporation 
. ught with fundamental 
ierstandings. The chief of 
-and for which misuiider- 
iS is an understatement 
between Sir Charles 
s, .the Chairman of. the 
■atiofl. and the Select 
:ttee,- on Nationalised 
ries whose third report 
C was published yester- 
ir Charles is so ineensed 
Committee that he can 
bring himself to talk 
it -The Committee, in 
ias alleged that the Cor- 
-n withheld information 
from Committee mem* 
sr the Department of 
y, or both, -which, if it 
teen disclosed earlier, 
lave prevented the crisis 
caching its present pro* 
.s. 

e is also a misunder- 
-g between the Commit* 
d Mr. Eric Varley, the 
y Secretary. In part, this 
use the dehate over steel 
:ome mixed up with the 
■nt about the powers of 
Committees, with Mr. 
and others believing that 
mnittee has overreached 
\t the same time, how* 
there is an apparent 
ice to recognise that the 
rtee might have come up 
me rather sensible pro- 
Mr. Varley appears to 
'he Committee for being 
an in the sense that 
and Tory members have 
*\> the same conclusions. 

rles, on the other hand, 

., r a bipartisan approach, 
'5 to see that that is pie* 
/hat the Committee has 
d. Such is the bitterness 
i that it seems that all 
ties to the debate are 
on different sides. 


Yet the paradox is that if the 
personal differences can be 
removed, there is a large amount 
of common ground. It is now 
generally agreed.''for example, 
that British Steel is in a state 
of crisis, and that something 
radical will have to be done 
about St within weeks rather 
than months:' That itself is a 
notable change from the position 
taken by- Mr. Varley when the 
Committee’s first two reports 
appeared in the middle of 
January. 

Net importer 

To illustrate the crisis, one 
could do worse than to refer 
to the descriptive parts of the 
first report. Here, for instance, 
are some random statistics. The 
UJK. became a net importer of 
steel for the first time ever in 
3974. In 1970 BSC was respon¬ 
sible for 70.4 per cent.‘of steel 
deliveries to the domestic mar¬ 
ket By 1975 the figure had 
fallen to- 53.4 per cent BSC's 
place in the market had been 
taken not only by imports, but 
also by the independent sector. 
The current breakeven point of 
BSC is a 93.3 per cent use of 
available capacity, a figure so 
high that the Committee doubts 
whether it can be achieved by 
any enterprise whether indepen¬ 
dent nr public. 

There is again tbe question of 
customer reaction. British Ley- 
land, which is one of the 
country's main steel-users, said 
in evidence to the Committee 
that in the. year to September, 
1976, only one-third of its steel 
off-take from BSC was delivered 
on time, and less than two-thirds 
was delivered within two weeks 
of the promised date. There 
were complaints from other 
companies not only about de¬ 


liveries, but also about quality 
and the failure of BSC to sup¬ 
ply the amounts or specifications 
of products required. 

Not least, there is the ques¬ 
tion of tbe Corporation's powers 
to raise finance. In 1976 these 
were limited, by statute, to 
£ 400 m. The figure has been pro¬ 
gressively raised to stand now 
at £4bn. But even that is not 
enough. It has become a matter 
of urgency that the ceiling 
should be raised yet again. That, 
however, is more easily said 
than done. Tbe Corporation is 
already strained by the cost of 
debt servicing, and we have 
the word of Sir Charles him¬ 
self that the prospect of it being 
able to pay interest on any 
future Joans is remote. 

It is sometimes said, in ex¬ 
tenuation, that since this is the 
longest and deepest steel reces¬ 
sion that the post-war world has 
known, all other major pro¬ 
ducers are in difficulties; Japan, 
for example, currently has ex¬ 
cess capacity of around 40 per 
cent All that is true, up to a 
point But it overlooks the evi¬ 
dence thBt BSC’s decline seems 
to have gone on longer—benee 
the -fall in its domestic market 
share; and anyway the fact that 
others are in a similar boat is 
still no excuse for inaction. 

Moreover, there may be worse 
to come. Sir Charles is quite 
frank about this: “I hope.” he 
says, “that we are bumping 
along the bottom.” But he is by 
no means confident. A degree of 
stabilisation has been achieved 
by the Davignon plan of the 
European Commission which 
set minimum prices for some 
products, but it may not last. 
The consequences of any fur¬ 
ther deterioration, says Sir 
Charles, would be “quite far- 
reaching.” 


Pit 


So it is agreed that something 
must be done, but the question 
is: what? And it is here that 
Sir Charles and the Select Com¬ 
mittee seem to part company.' 
Sir Charles's views may be sum-' 
marised as follows. Like' Mr. 
Varley. he has no love for the 
Committee, regarding it as a 
kind of “alternative govern¬ 
ment” or usurper. He believes 
that it is necessary to recog¬ 
nise the world as it‘is. and that 
means dealing with the Govern¬ 
ment a* purse master and with 
the unions, which have the 
puwer to wreck any plan 
of action and which could 
always go and complain 
to the Government if the 
Corporation sought to impose 
something unacceptable. But he 
also believes that the pit of a 
recession is the wrong time to 
make major decisions; radical 
cut-backs now, for instance, 
could lead 10 too little capacity 
when demand recovers. 

The aim therefore is 10 make 
such reductions in manning and 
obsolete plant as are desirable 
in their own right, to improve 
the organisation, to increase 
qualify and to strengthen the 
relationship with the customers, 
sn that when the recession ends 
in a year or twn’s time BSC will 
emerge in reasonably stmri 
shape. In practice, that means 
persuading the Government to 
pn back nn its commitment*! to 
tho Beswiek Reports of 1975 
which postponed the closure of 
some plants on social and 
employment grounds. 

In the latter Sir Charles has 
nnt been entirely unsuccessful, 
and he has gone about it in a 
politically sensible way: that is. 
the Government has not been 
forced to eat its words in pub¬ 
lic. Thus Mr. Varley could still 
say in the House of Commons 


as recently as January 16: “We 
are the guardians of the Beswiek 
Report and we arc fulfilling that 
duty." Bui the fact is that 
■redundancies are taking place 
at plant level without.the Gnv- 
'ernment being involved, and 
this week’s 1«’l per cent, pay 
agreement in the Corporation 
was an attempt to persuade the 
work force to accept yet mure 
closures and more improve¬ 
ments m manning levels. How 
else can one explain a ten pur 
cent, award by a company which 
will lose around £520m. this 
year alone? 

The questions remain whether 
this approach is adequate and 
what is to he done about fin¬ 
ancial reconstruction. Sir 
Charles'* reply to the former 
is that it is probably the besr 
that can be done in the real 
world. As lor the financial side, 
he says that he has not yet 
reached a cam.*] union. though his 
preference jeeras to be that the 
Government *hould provide a 
further large fum of money 
while .promising support lor 
more closures and better man¬ 
ning levels, but at the same time 
the Corporation should.continue 
to work hand-in-glove with the 
Department of Industry. 

Reconstruction 

Vet the rnieslion of financial 
reconstruction is clearly crucial. 
There is no doubt that it is go¬ 
ing to have to be undertaken in 
some form or other and under¬ 
taken quickly, for the obvious 
reason that BSC’s present finan¬ 
cial position makes it unavoid¬ 
able. But is it wise simply to 
write off debt, pour in more 
money and leave the existing 
organisation and the existing 
relationship with Government 
more or ie>s unchanged? Should 


rm«i;K!r;!!«jni»r 

flitfi' \M\ 

!:#■ 

wm 



jr 



Sir Charles Yillicrs: no love for the Committee. 


not the opportunity be taken 
for a more fundamental reform? 

It is there that Sir Charles' 
and the Select Committee seem 
to differ most. The Committee 
is basically against a financial 
reconstruction, though for rea¬ 
sons stated above it is hard now 
not to see this as. inevitable. 
What it is most interested in, 
however, is giving the Corpora¬ 
tion greater autonomy. Once 
the objectives of the Corpora¬ 
tion have been achieved, says its 
first report, the management 
■'should he given- executive 
powers over, and responsibility 
for. the day-to-day running of 
the business in order to achieve 
those goals .. . The Corporation 


should not be required to main¬ 
tain a continuous reporting sys¬ 
tem to the Government, nor 
suffer continual interventions 
in matters which are strictly tbe 
prerogative of management and 
for which they are respon¬ 
sible to the Secretary of State." 
And indeed one might add that 
if the broad objectives were 
agreed, continuous interventions 
by the Government would be¬ 
come unnecessary. 

In general tills approach is 
known as the ” BP solution" 
and has been advocated at times 
from within BSC itself. It 
would allow the Corporation to 
go into joint ventures with the 
private sector and with foreign 


companies, whether public or 
private. It could sell or acquire 
assets as it wisbed. It would 
not be obliged to be confined 
to steel, which is one reason, 
for example, why Thyssen in 
West Germany feels the present 
recession rather less than BSC. 
Government sanctions could be 
restricted to the right to dis¬ 
miss the Board and to enforce 
incomes policy and cash limits, 
the latter perhaps with some 
sub-ceiling to ensure that a. 
certain amount was devoted to 
investment. 

What is striking is that there 
is nothing in the reports of the 
Select Committee to indicate 
that such an approach would be 
unacceptable to as wide a 
spectrum of political opinion as 
you are likely to find in the 
House of Commons. It is not 
acceptable, however, to 5ir 
Charles, though perhaps partly 

on the grounds that he believes 
the present financial situation 
is so desperate as to make the 
BP solution unviable. 

The question now' is who will 
win the ear of Mr. Varley and 
the Cabinet. The Secretary of 
State is due to make a state¬ 
ment before Easter. It cannot 
now be a bolding affair. At the 
very least he will have to out¬ 
line a conceptual approach to 
the Corporation and to give 
some details of how it can be 
put into practice. But as tbe 
debate goes on it would be help¬ 
ful if the bitterness about the 
proceedings of the Select Com¬ 
mittee could be set aside. It 
would be a pity if its findings 
were overlooked because of 
prejudice about its behaviour. 
In the present atmosphere 
there is some danger of that 
happening. 

Malcolm Rutherford 



Letters to the Editor 


;gage at 
athrow 

.e Deputy Chairman 
'.} Executive, 

\incays. 

■ First, 1 want to apolo- 
Hr. Gubb'ay (February 
be inconvenience he and 
outh African Airways 
■rs experienced at Heath- 
•"ebruary 13. 

elay in getting baggage 
• aircraft and into the 
hail was caused by 
problems. Specialised- 
needed fo- unload 747 
simply could not b4 re- 
that morning as petrol 
available because of a 
drivers’ dispute. Others 
serviceable and on top 
we were badly bit by 
mess. 

jor reason for the un- 
y that we have suffered 
>me of the ground equip- 
abicles used to move 
id baggage are just too 
inadequate design and 
heavy maintenance, 
r. their replacement has 
a long. They are custom- 
i have a long lead-time, 
we have nine new ones 
ved design.and there are 
16 to be delivered by 
ember. 

deeply concerned that 
form a nee has pot been 
ac standards our custo- 
pecL I am very much 
if it and have taken 
begin to ensure that pas- 
arriving at Heathrow get 
iggage promptly and to 
our service in other 

to-day we will concert* 
a handling passengers’ 
■before cargo for as long 

resources remain over- 
--'jj/ This- is unavoidable, 
this situation wUi not 
tpo long. Consequently, 
w SFsii to restrict the use of 
i ”'rfgPj'pes of cargo container 
*-^ |g^yjbre of tbe new vehicles 
0*r'\ : • *it ipment — £2m. worth — 

■ Sr. ordered are delivered, 

unton. 

Airways Head, Office, 
e JO ; Heathrow Airport 
. 1 ), Hounslow. 


lestrian 


Ikway rr; 

y ke Public Belottoiw - 

- j^-TlexrOxtma Airport. ■ 
Engert (February 
^ics that the moving walk*. 
j jgjfo . the Terminal 3 pedes* 
$9Gpifeay. ; at Heathrow Is “so 
-bo and several 
'©£ other--passengers 
seei_ it. 

rjSfcsubway is. 167 yards. In 
ragland 26 feet wide. For 
Jf5afe of the length* the sub* 
H gy divided into three lanes: 
/ ng walkway to the left, 
y .eet wide overall,-With- a 
v^ot six inches tread; a 
•V^ootpath *2 feet wide and 
’ tg walkway to the right, 
ieven feet wide with a 
et six inches tread. The 
ys, therefore, take up 
.ban half . of the total 
if the subway, 
using the walkway, pas- 
can reach Terminal 2 
ie central station in. two 

day. 

■ Airports Authority.- 
; Building, 

\ jno Airport, . 

. pw, Middlesex. 

S ting social 
.rndards 

* Mr. D. Richardson. 

-With reference to Mr. L. 
■'s letter “ Baggage at 
ow” (February 21),. I 
• like- to reply with ‘a 
; observation; on TLK. 

y- 


Mr. Gubbay and his fellow 
passengers threatened to para¬ 
lyse the airport, which is exactly 
what British Airways staff 
threatened if tbe unfortunate 
passengers had attempted to 
unload their own luggage. 

I wonder, therefore, if the 
current syndrome of bringing 
Industry to a standstill is a 
reflection of our society to-day 
and not merely a prerogative or 
our overpowerful unions and 
labour, force in the U.K. 

It could, however, be even 
more sinister, and that, is that 
the unions are now so strong 
that they can also influence our 
social standards: ‘ L -' 

D; K. Richardson, 

37. Ford Wop. 

Doumley, High Wycombe, 

Bucks. 

Pennies per 
mile 

From thdChairman, 

Qantai Afncays. 

Sir.—Iread with interest your 
report (February 17) that Mr. 
Laker told his audience at the 
luncheon of the American Cham¬ 
ber of Commerce (U.K.) that it 
was possible to reduce air fares 
to 2t2p per passenger mile and 
still make a profit. 

In March last year Qantas 
introduced a new advance pur¬ 
chase fare to Australia, a low 
of £450 London/Sydney return. 
That is a fare of 2p per passen¬ 
ger mile. 

Our passengers have standards 
of comfort and amenities, as 
well as frequency of services, 
that are unsurpassed. And we 
too- make a profit. 

1 appreciate the compliment 
to tbe innovative fares policies 
of the scheduled airlines that is 
implied in your report. 

(Sir) Lenox Hewitt. 

Qantas Airways. 

49S-500, Chiswick High Road, 

W.4. 

No place for 
a committee 

From the President, Institute 
of Actuaries 

Sir.—Mr. Layborn (February 
17) asks for ihe actuaryVtask 
to be eased by a “spread of re¬ 
sponsibility for the judgments 
'being made.” This is to .ask for 
professional judgments to he 
made, effectively.- by a commit¬ 
tee. 

Obviously no professional man 
—or woman—makes bis judg¬ 
ments in. a vacuum. He should 
tak* account of all tbe informa: 
cion and opinions available on .a 
subject... But at the end of The 
day be must make, and be. 
accountable for, bis own judg¬ 
ment. This judgment will cer¬ 
tainly be informed by discus¬ 
sion with any relevant parties, 
but will be ruled by the inde¬ 
pendence required by tbe pro¬ 
fession's ethical standards as 
well as by its specialised techni¬ 
cal and practical training. -. . 

Mir. Layborn describes the; 
Government Actuary's responsi¬ 
bility- as ' “awesome” but the 
-assessments which be bas to. 
make. are not materially dif¬ 
ferent from assessments made 
by the many actuaries In this 
country advising pension funds, 
some of which are also very 
large. Is this responsibility more 
awesome than some of those car¬ 
ried by, say, accountants, sur¬ 
veyors, or structural engineers, 
where very .'Urge financial 
amounts can be Involved? 

I believe that it is In the public 
interest that the professions as 
we know them in this country 
should continue to exist, and 
that their members should re¬ 
main individually accountable' 
for the professional judgment 


which necessarily they ; must 
exercise. In this area a commit¬ 
tee has no place. 

G. M. O'Brien, 

Bui-dett House. 

15. Buckingham Street, W.C-2.. 


England 

rules 


From Mr. G. Evans, IMP. 

Sir,—Those who. like yourself 
in your editorial of February 20. 
see the Scotland Bill as abhor¬ 
rent because of the influence 
Scottish MPs will have on Eng¬ 
lish affairs after the establish¬ 
ment of the assembly, might 
reflect on one matter. 

English Members of Parlia¬ 
ment have had a voice and a 
vote—and an overwhelming one 
—on purely Scottish legislation 
over the years. They have often 
swamped the wishes of Scottish 
and Welsh MPs on issues that 
were predominantly Scottish or 
Welsh. Now that the boot is on 
the other foot perhaps you can 
better appreciate Scottish and 
Welsh feelings that have led to 
the growing pressure for home 
rule. 

The final irony is that the 40 
per cent, clause in tbe Scotland 
Bill was inserted against the 
overwhelming desire of Scottish 
MPs. 

Gwynfor Evans. 

House of Commons, S.WJ. 

Industrial 

dilemma 

From Mr. G. Robinson, MP. 

. Sir.—In his article “ Facts, 
figures and fantasies ” (February 
9) Samuel Brittan has descended 
below bis usual high standard of 
statistical analysis with reference 
to the comparative levels of 
various countries' manufacturing 
investment. 

., It may well be fashionable to 
exaggerate the importance of 
increased capital investment in 
1 improving the performance of 
tho UJL’s manufacturing indus¬ 
try. but the fact that Mr. Brittan 
refers to it presumes that be 
-accords it some importance.. 

■ It follows, therefore. that the 
criteria for international com¬ 
parisons should be as meaningful 
as possible. The CBl compari¬ 
son. which is quoted by Mr. 
Brittan and which expresses the 
volume of investment as a per¬ 
centage of value added, conld 
scarcely be more misleading. _ 

The reality is that the U.K. 
value added is woefully less than 
its competitors, listed in the 
■ sample. Its Investment in 
absolute terms, per person 
employed and as a percentage 
of GNP is less too. As a per¬ 
centage of GNP (for presenL pur¬ 
poses probably as useful a 
'measure as any provided' regard 
is paid to the actual percentage 
of total stock of fixed capital 
represented by investment in 
manufacturing and to the 
importance of the manufacturing 
seetor to a given country’s 
economic viability) the U.K. is 
at the bottom of the table. The 
U.K. is worsted only by the U.S, 
which anyway is showing the 
same ominous trends of 
deteriorating industrial com¬ 
petitiveness as the U.K. These 
considerations suggest that more 
investment Is required both 
-absolutely and relatively as a 
contribution to regaining com¬ 
petitiveness and indeed to (□- 
.increasing u value- added. 

To argue, however, for more 
investment is not to deny that 
the U.K.'s net output per unit 
of new investment has been 
alarmingly lower than that of our 
competitors—here the CBl com¬ 
parison is valid ia its conclusion 
—nor ts ft to deny that wc could 
produce iar more from our exkt- 
rng'. plant and machinery even 
when these are theoretically 
touch more fully utilised than in 
the present recession. 

The remedy for these two 


defects is a combination of 
better design and production 
engineering with better manning 
levels and working practices and 
bulk arc urgently required if 
the U.K.’s manufacturing in¬ 
dustry is w regain competitive¬ 
ness. But so 100 is more invest¬ 
ment. All three can and should 
ku together. But none is likely 
to happen quickly enough or on 
a sufficient scale without a 
higher level of demand. Inter¬ 
nationally there is little the U.K. 
can do. Domestically as soon 
as we expand the economy we 
suck In too many imports. 

Is not this tbe real dilemma? 
And could nor Mr. Brittan turn 
his incisive and informed mind 
to its solution? For if we don’t 
solve it more and more of 
U.K. manufacturing is likely to 
develop terminal symptoms. 
Geoffrey Robinson. 

House of Commons, S.W.1. 

Calories and 


GENERAL 

Liberal national executive and 
its Party council begin n«o tia>s 
of meetings on election strategy 
Of . power-sharing with major 
parties. 

Muss meeting of British 
Leyland v.writers at -ts Speke. 
Liverpool, plant vote on whether 
to end their strike. 

Mr. Dai Id Ennals. Social 
Sen-ices secretary, addresses con¬ 
ference on Government's new 
pension scheme organised by 
West Midlands region of the 
Labour Parry. Walcall Town Hall. 

Mr. Richard Sutton, Northern 
region o'irector. Department of 
Industry. inaugurates project 
aimed a: encouraging develop¬ 
ment of new Pinal I business?* ;n 
toe North. Durham Universisy 
> Business School. 


To-day’s Events 


Mr. Joel Barnett. Chief 
Secretary. Treasury, accompanied 
by . .Mr. Gregor . MacKcnzie, 
Minister of State. Scottish Office, 
visits Glasgow and attends 
monthly meeting of British 
National Oil Corporation. 

Prince of Wales visit* Claymore 
and Piper production platforms in 
North Sc a. 

Duke of Edinburgh visits 
University of Saiford. 
PARLIAMENTARY EL'SLNESS 
House or Common*: Private 
Members’ Bills 
COMPANY RESULT 
Television (half-year). 
COMPANY .trEFTTlNGS 
CGSB. Newcastle-upon-Tyne. 


•J.GU. French fThomas). Man¬ 
chester, lg.:W. Grange Trust. 7U. 
Finsbury Pavement JE.C.. 12.30. 
Lowe (Robert H.). Cheshire. 12. 
Raeburn Investment Trust, 21, 
Moorfields. E.C.. 2.30. Turner 
Manufacturing. Wolverhampton, 
32.30. Ward (Thomas W.), 
Sheffield 3. Wearra. Ketterinu, 
N'orthants. 12. Willoughby'.;. 
Cheapside House. E.C., 12 . 

OPERA 

English National Opera pro¬ 
duction of Tosca. Coliseum 
Theatre. W.C 2 . 7-30 p.iu. 

BALLET 

Royal ‘ Ballet dance .Mayer!mg. 
Covent Garden. "W.C.2. 7.30 p.m. 


MUSIC 

Royal Liverpool Philharmonic 
Orchestra, conductor Karsten 
Andersen, soloist Henryk Szeryng 
(violin >. in programme of 
Svendsen (Carnival in Pariai: 
Tchaikovsky (Violin Concerto ire 
D); and Shostakovich (Symphony 
No. 12), Royal Festival ilall. SJS.1. 
S p.m. 

Northern Siafoniu Orchestra, 
conductor Christopher Seaman, 
soloist John Liil 1 piano), perform 
works by Mendelssohn (String 
Symphony No. 12 in G minor); 
Beehoven (Piano Concerto No. 1 
in C 1 : and Haydn (Symphony 
No. 1001 . Queen Elizabeth Hah, 
S.E. 1 . 7.45 p.m. 

SPORT 

Squash: British women's open 
tournament. Wembley. 


’'Our Nationwide CapitalBondpays6t;worthmore than 9b % gross 
and a regular monthly income” 


agriculture 


From Sir. R. Mancell 

Sir,—Mr. Frank W. Roberts 
(February IS) Is under the mis- 
appreheosion that all calories 
are equal. 

The unit for measuring the 
quantity of heat is the gram- 
caloric, the amount of heat re¬ 
quired to raise the temperature 
of 1 gram of water from 0 degree 
C. to 1 degTee C., or 15 degrees 
C. to 16 degrees C. (Or the mean 
calorie— 100 th part of the heat 
required - to raise 1 gram of water 
from 0 degree C. to 100 degrees 
C.). The unit used to express 
the energy value of foods is the 
great or kilogram calorie, equiva¬ 
lent 10 the amount of heat re¬ 
quired to raise the temperature 
of 1 kilogram of water 1 degree 
C. 

Richard D. Maxwell, 

SI. BZabeholl Road. 

Carshalton Beeches. Surrey. 







■ > 


•rJ- v: 


M i 









: '-C: 

• rm 


Paying for 
education 


mm 


From Mr. C. McNally. 

Sir,—Mrs. P. C. Atkinson (Feb¬ 
ruary 18) is quite right—it is 
logical that "those who have not 
enjoyed the benefits of higher 
education should pay less in 
rates and taxes." 

They do—generally graduates 
have better paid jobs than non- 
graduates and live in better 
houses and therefore pay more 
in rates and income-tax than 
non-graduares. 

The fact that we all know 
instances to the contrary, for 
exumple. a company chairman 
who left school at 14 and a 
graduate emptying dustbins, does 
not affect the general rule. 

C. V. McNally. 

27. Charley Drive, 

Sheffield. 

Public sector 






mm 


:s y 






KMft 


contracts 


From The President, 

The National Federation of 
Building Trades Employers. 

Sir.—L refer to your report 
on page 42 or February 23 in 
which’you sraie: “The National 
Federation of Building Trades 
Employers is Urging contractors 
not to accept any Government 
work until It has discussed the 
situation with Mr. Peter Shore, 
Environment Secretary The 
precise terms of the guidance 
the Federation bas issued are as 
follows: " If members are about 
to enter into contracts and arc 
asked to agree to tbe use of 
new' clauses they should refer to 
the urgent requests from the 
Federations for discussion with 
Mr..Shore and ’say that before 
agreeing 10 any. such clauses 
they need to know the outcome 
of these discussions." 

C. P. Morley. 

NFETE. 

82< Nob Cavendish Street, WJ. 


It pays to decide Nationwide 

Nationwide Capital Bonds guarantee extra interest and a regular monthly income 


' 4 yeqrlenn; 

E x tfcr.nin tferpsr ’ 
McntWy l»v:c-rr>«. 

;3:yeariterm . -) 

.Extra.l^lnfereit if 
iVVjnthly;. Incoro* • 


2 . yoar term ■ ' 

1 Extroji’lnferest’ '*■ 
.MobtHylfjwrri* ; . 

m 

•Sham,^:;'; J|^‘50 * \ 
AiCOOftf : 


6 ' 50 * 

i so? 


9 -85 ! 

GROSS 

®'85' 

Across 


•09* 


.33% 


*P:> w-,i«.ii> "miitruJj’. !i , 

►t «ir in: rtii ■ PT > inCitfM jlmic l 


You can invest from £500-£15,000 (up to 
£50,000 m a joint account) for fixed terras 
ol 2,5 or 4 years.Tbe tiro year Bond offers 

1 .'cstrnml crust above Share Account rate, 
the three and four year Bonds offer I'* 
c.\tra intcrcsr.The Share Account rate 
■ nuv fluaajan: bur the extra interest is 
guaranteed for the full period. Your 
intcre.st cun ekherbe compounded half- 
yeorlrrpajd half-yearly by unrranr or 
t ransferTcd'Ct cry month to your hnnfc. 
Nation'.* ide Capital Bonds ol I enroll A 

an excellent return 1 with complete 
v ccurit i-.There are now over 525 A&si 
Nationwide branches-you’ll JBRFfk 

1 ind t he address of your local 
brain: h in Yel low Pages or MW 

juqpo*»L the coupon. JUST £1 


l To. Njrk*widcBtakfiirc Sodctv.EVwt^MC.NtH' OiiarJ Hry ^r. 

| Kjh Holbaro. LoodonWCl\ r 6PW 

■ lAVc enclose a chtqur fur£ 

I ubciinccndtnN&Da'ridcajiAdicanl 

■ 1 . to a 2 -rear Gjptal Band □ 4.fa aKaioonidf Share Acrmmr □ 

j 2- Ina 3-year Capital Bend □ Inter cic to be compo un ded □ 

I 3. In a 4-year Capiul Bond O or paid at end of June and 

I December cadi fear. Q 

Capital Bond interest mbcpaid at end of each toontli.n 
I' Ieuritr'»«tA«»aI& nnCtpo(Boftfa a nI rintbee»agcft! «h nM r « , idmH 


Nationwide 

The Building Society of a lifetime 

fgw- .ij.iidw'vJ M iUi M- As' lt£ tut Crimea, in UK<u>NtC!iWW>M Uu tiwU«> 5 » cSei M ,At ^ K , y . i wh 


*■ r — 


























Financial Times B 





COM PAN V N EWS +COM \1 E NT 


HooTer down £4.7m. after disappointing year 


DIVIDENDS ANNOUNCED 


LN'CUJDLNG AN increase from 
JED.am. to £0.71 ra. in the contribu¬ 
tion from Hoover (Holland) but. 
after exchange losses of 
£L 4 Sm. compared with profits of 
£2.3Sm., pre-tax profits of Tloover 
fell from £ 16 . 98111 . to £l£24m. for 
1977 on turnover of £i90.99m. 
against £180.05m. 

The directors say that 1977 was 
disappointing, the improvement 
expected towards the end of the 
year did not materialise. Sales 
in the Iasi quarter amounted to 
£49.8Sm. compared with fjT.'ibm 
in the last quarter of 1976 which 
was artificially boosted by fears 
of higher VAT in the December 
Bud Eel. 

Although conditions overseas 
were also difficult, exports for 
the year reached a record £18.Im. 
and iriding profiis earned in 
Europe showed a small improve¬ 
ment. 

The outlook for 197S is 
brighter, members arc told. 
Although no change is expected 
in conditions in the first quarter, 
it is anticipated that Ibere will 
he sonic expansion in the L.K. 
market for domestic appliance* 
following the April Budget. 

A range of new products h.is 
just been announced placing the 
companv in an escelleni position 
to like'advantage of any rise in 
the markets both ai home and 
overseas. 

Full year earnings are shown 
a I 23p 
final d 

maximum permitted 14.S2p 
(13.27pi total. 


INDEX TO COMPANY HIGHLIGHTS 



Company 

Page Col. 

Company 

Page CoL 

Allied insulators 

28 

7 

Leyland Paint 

28 

8 

Barclays Bank 

29 

4 

Nat. Carbonising 

29 

3 

Berisfords 

28 

5 

Neepsend 

28 

2 

Bolton Textile 

30 

4 

New York & Gartmore 

29 

4 

Caplan Profile 

28 

6 

Ratcliffs (Gt Bridge) 

28 

8 

Cardinal Tst. 

28 

5 

Scottish American 

29 

4 

Cornercroft 

30 

3 

Scottish Invest. 

29 

3 

Derby trust 

30 

3 

Smith Bros. 

28 

4 

EPIC 

28 

5 

Spencer Clark 

30 

2 

Hawley Goodail 

29 

2 

Squirrel Horn 

28 

3 

Hoover 

23 

) 

Standard Life 

28 

5 

Howard Machinery 

31 

3 

Utd. Scientific 

30 

4 

ICi 

29 

1 

Westwood Dawes 

28 

8 

Johnson & Firth Brown 

30 

1 

Westinghouse Brake 

29 

1 


Current: 
payment 

Allied Insulators.. — 2:63 

Australian and'IntL ...int. 1 

Berisfords . 

Cardinal Inf. . 

Comercroft . 

. EPIC ..in*- 

from the Nationat Coal Board floorer ............ 

Pension Funds, the guaranteed jci...2nd ipL 

minimum cash price of 165p a Johnson and Firth ...int 
share, and not 16£22p a share as Lancs and London In*.... 


Smith Bros. 
£704,282 

midway 

REFLECTING a generally satis¬ 
factory level of Stock Exchange 
turnover jobbers Smith Pro**. 


Ley land Faint ...2nd int 

London Shop.iut. 

Natl. Carbonising.mL 

Nee pseud .inL 

Ratcliffs (CL Br.) 2nd int. 

Rights and Issues-. 

Smith Eros.*..ioL 

Squirrel Horn . 

Westwood Dawes . 


1-72* 

2.4 

2.25 
1 

921 
7.52 
1.3 f 
1.8 

2.35 
0J9 
0.66 
0^2 

1.25 

2.35 

1.5 
0.91 
3.44 


Date Corre^ 
of sponding 
payment div. 

Apr. 4 
Apr. 28 


Mar. 24 
Apr. 2 
Apr. 4 

Apr. 5 
July S 
Apr. 5 
Apr. 4 
Apr. 28 
Apr. 3 
May 12 
May 1 

Mar. 31 
Apr. 14 


2 

Nil. 

1.53- 

2.13 

2.08 

0.5 

7.73 

6.7S 

1.3 

1.5$ 

o!ss 

Nil 

0.S4 

1.03 

1.94 

1.5 

QJ37 

3 


Total 

for 

year 

403 

2.42 ; 

3.9 

3J.9 

1182 

16.52 

1.8 


L9 

2.33 

L54 

3.44 


Total 

last 

year 

3.5 
2.7 
2.17 • 
33* 

2.56 
1 . 
IS 57 
14.78 
4.26 

1.56 
33 
2.99 

23* 

L71 

1.94 

4^4 

1.57 
3 



FOLLOWING A £32,000_ fi• paymfiatiKV.tt 
fall to £691,000 

finance charges _of SSrary -emptoymieoj'j 

£76,000. Sales for theyear. were 

up from £12LSm- totJ232m. v, ... ... .... 

The directors- state ; that_ the ; : . . 

value of the company’s .. * 

at January 1 represented atai«rt- 

siz months' produ> % 

level budgeted for WW-ajMhg 
say that this augurs .well for .the, 
immediate future. . *• 



Dividends shown pence per share net except where otherwise £>*4- 

5 Equivalent after allowing for +0" capital demand .for m^ten^ 

increased by rights/and or acquisition 
for 1975-76; 5 For 15 months. S Includes 



advance 
Neepsend 

SALES FOR the si* mouths to 
September 30. 1977 of .Neepsend 
expanded from £9.2m. to £122'-” 


for the period from May 7. 1977, 
lo October 28. 2977. compared 
with a loss of £56,524 for the May 
t. 1976, to October 29. 1976. 
period. Profit for the 1976-*# 
year was £824.313. 

Tbe directors say that although 

the removal of the dollar 
surrender will 

company, there has Mlum , Wl * 

. ®9 u, *y p**™* trimmings, 

volume since October and it is f urn ijbiii' T s 


Berisfords profit 
over £lm. mark 


SFSl Sid & W*tt&S* 5H5bi UMgm# 

per ram- . . aw'B ner irMnvniM^ Tootle 


factor contributing to an 8 , per 
cent..fair in group profits._ - . from 
.Both Mason 'and Burns and the -After tax 
low' tension products division net -profit. 
dOsnatcbed a higher volume of earnings, .SJgJ 

2555 San the venous.: ye*-v<r*6p 

£KEL;4 this the results-at; At half W profit a 


but despite this th® . . 

P Works were W 1^320 
At Uniltrtor £110,650- 


AFTER RISING from to 

benefit in the first half, pre-tax 

been 3 profits of Berisfords, the ribbons. 

labels, and home 
group, finished the 


» while 100 «« r| y to Predict the outcome .. ear l0 \ 0 veraber 24. 1977 ahead group to remain 
a wniie fop the fuJ1 year - -ei ft.- markail sa 


yewr earnings are shown pre-tax profits improved fr.nn i'ie dividend and 
,4 j p, j n ^ r sha f e ' Th * C349.000 to £656.000. similar rate of inei 

vidend is 9.-1 p net fnr a ^ g lan j e y Speight, the chvr- Unal the shares look 


i-oyn (ufln depressed trading conditions. out for the year drops to 
iw.wi iso.iu* olher areas of ihc group have 
line with .-sped a 


Tmnuv-r . 

Frnoi IlDiit #r Holland 
Trading p-»Bi . . 
F*>.'tian4#‘ In--.?.' 

Prsiai proOl . 

r K. i-r . 

Forfi?n lax 
Hniisr HnlUnd l:ix . 
.Ni-r nr-sRi 

From KH rH.trv*# . 
D:Tidni(|s . 


* r'.aifi- 
i Hnlland' 


* Fpiainr#! 


7#w 
la.rjn 
I.47S 

12 JM 
•S.44II 

is 
* * 1 ’. 

.■.S4:' 
hv llnnvcr 


in 


The directors say ihat Hoover 
maintained its market share ;n 
the L r .K. but industry 'ales .vmi 
down and ihis was reflected in 
Horn er sales. 


Ham-' — 

rxpvri n.n . 
Total sales 
Trurf'w: prnfi* 
lux mi. uiwiitf • 
Bank inicr#-i 

The c=-=npany took some or the pram tcrore ia» 
strain on stocks in the hope of a Tax 
boost from the budget. This profi ' 

meant some reduction in fiquidnv 
but having started the year v.sh 
very stronc liquidity it ended v iih 
a vood position, the dividend 
would be covered on an intWimn 
accounting basis, they add. 

Homer would like to -ee the 
deposit percentage reduced from 
20 per cent, to 15 per cent, in ;l,u 
budget. 


progressed 

!.V|A lions and indications are rliai a 
li!^T 7 satisfncinry profit should 'ie 
achieved for Hie Dill year. 

-■JM The interim dividend is lified 
sui from 0«75n l« 0.KI2SP «et. U-l 
«*::« y ,. nr \ t<->t—I was 2.93125r> rod pre- 
tax profits came to fl.fifim 

Six inainlv> 

i«*rr 

lAua 
10 KB 


margins despite pressures caused 
by cheap imported steel. Imports 
have dropped back sine* Decern- ™ ®?Jg' 
her but there is still a large 
amount of Toroign steel around to 
depress the market for 

'confidentfor ^ Second ^^"on The interim dividend is main- oa turnover 

nr a continued advance ia fned ST 15 P net Q* T 25 P sharc £ 6 . 10 m. 

rrnm its finished tool products. ant * *h e directors intend to Earnings are shpwn at U.Sp 
So M'm nre-tas looks possible recommend a 3.41444p finil—last (jop) p^r 25p share and the divi- 

tlU vcar For the firs? rime - v ” r ‘s was 2944 ^ dend total is lifted from 3.M93P 

for the >c«r. ror me first time ^ Tony Lewis, the chairman, to the maximum permitted 

says there has been a welcome 2.4229p net with a final of 1.71S6p. 

increase in the level 'of enquiries An additional 0.0235p Is also pro- 

in the Kaffir market, and if the posed for 19io-76 following the 

generally improves reduction in ACT. 
in South Africa, there could be In his annual statement Mr. 
a considerable increase in busi- John Sebire. the chairman, says 
ness. There are some signs of a 
slicht improvemenfaiready show¬ 
ing through, he adds. 

Half year 


.since 1974 the company has raised 
assuming a 
increase for the 
under priced 


man. reports that the s*;?«*! with a prospective yield of 12 per irfJYI! e, l*i 

division is still experiencing ccnt a, t 44 ip the fully-taxed p#e 


Squirrel 


near 


.5m. 


12.20S 

««4 

-1 


197* 

Ifrt.ll 

S i* 1 .' 

t-tst MANUFACTURERS 
’'i” non feet ioncry, toffee, and 


OF 


t-'rum invest, and prop. 

site". . 

Milk HU . 

Dividend . 

Ri-i.iIik-4 . 

• comment 


bS6 

1 C I 
335 


-.:3 

"ill 


l-w- Squirrel Horn report, turn- Smith Br0SL made 
o\cr up from £4.J2m. lo io-Oom. ronn.fWM nr^-tax in th. 


34B 

17: 

177 


114 

63 


sugar 
choco- 
rn- 

up from £4. 12 m. to ±o.05m. 
for 1977 and a rise in pre-tax 
profits from £342.117 to £487.954 
after depreciation of £75,601 com¬ 
pared with £61.104. 

in August, reporting a first-half 
surpius of £ 221.121 against 
£234.374. the directors said they 
were confident of a --alisfactory 
full year increase. 

With corporation tax taking 
£228.223 1 £95.338) and deferred 
•ax £25.S32 t£ 103.662 1 . full ve#r 
to be ahead 
per 12 ?p share 
and the dividend intal is lifted 
in profits against the depressed from 13R3p to 1.3373p net with 
comparable period, has come from a final or 0.9123P. 
the finished tools division, where 
there ha* been a significant up¬ 
turn in demand for DiY products 
and a good advance in sales to in accordance with the terms 
ihe engineering sector. SteqJ. of the schemes agreed on Febru- 
meanwhile. ha-- remained slag- ary 13. former holders of the 
nant. though Neepsend reckons it convertible loan stocks of British 
has held its volume and its Investment Trust ” 


Pro-lax profit . 

varporaiitin tax 
Prior rnr adjustment 

'.'er nrofl; ■. 

Jarcnm dirldend . 

Leavini! . 

Brought forward . 

Carrii>tJ (oruard . 

- Loss t Credit. 

comment 


JS77 

t 

70S.4*2 
330 Iktfl 


197B 

£ 


— T134.7B3 


*54.2*1 
IIJ.H’J 
34«7I 
I nog.911 
1.230. is: 


SiS tarset 

-.W S.S" 


Lpnpton . _ 

Investment in re-equipmeni .of T^bS^Ceramlc?" erport 
plant is now showmg results increased by over 20 jrjjj 

and productivity in the main they state, .-and. sCa ®f. £3 

ribbon shed ha. r ’^ubled in the Materials Enmneennc direcUy -tmwise^o .expert' 

„ .... ST - some . 

from £ 0 .S.m. ty ngM Mj; 

profit sharing schetre for all earnings per 25p share are14.60p, - - 

employees with it for longer than (tl.TSpl and the ' dividend is "tfV -• J .^ 

five P years. This applies to well stepped tip to 4.325n-(3J5p)-«»nih ; - i/ OrAII * 

over 50 per cenL oF the Congle- a ne t final of 2.625P,. absorbing ■_ 

ton workforce. ' , £3714150 (£315,(K»l. ' -. ' 

Mr. Sebire says that Although ’ Durlhg the year the company. ; 

be is optimistic enough to fore- acquired 75 per cent ;,ofthe 

cast that Berisfords will continue capital of Advanced' .Materials' 
to produce good results, t***" Engineering of Gateshead, a manp- - 
must be tempered by the general facturer of Silicon . Nitride,., 
outlook. ' . together with 20 per cent of an 

In recent months there has associated activity in-" the U.S.' 
been a slackening off in' demadd ^der the control of- Kawecki copper . .. ^ 

and resistance to increased nrices Berylco Industries Inc. For'the Bridge) liftedpneHlfOE-'i 
in both home and export markets, gj* months in 1977 . that- this £L27m: to-a- i:ecdid5 
The slowing down or inflation and jnjsiness has been controlled, it 1977 with £0^803-, , 

the strengthening of sterling will has incurred a small trad rag 4o»s' coming in-the first Jjxl 
make it more difficult to maintain is expected to con tribute'.to .• After, tax- of £ffJ74£hij 
profit margimt. ' . . profits during 1978. • with 

However the re-negotiatiorr'-of . Puture capital -expenditure . IP--are shown-fPhfeapeait^ciii^ 
the Multi-Fibre Arrangement e i u des £190.00 authorised iri re-. to !7.651p r per 
putting restrictions on imports of epect of plant and equipment- for. dividend' _U»tal-' 
cheap clothing from 4ow cost ^ at Gateshead and wQT be l:n4^pttQ.l^^m^p! 
countries roust have a beneficial funded from resources presently interimor 

effect on the U.h. clothing manu- W ]thin AME - — 

facturers and if Berteford’s commitments' 
they win 


weH 


that the substantiai increase in 
turnover was due partly to'infla¬ 
tion but more so to intensive sell¬ 
ing in various products including 
large quantities of patriotic 
*54524 ribbons in connection with the 
1 Jubilee celebrations. 

The group achieved its export 
of ri^m. and ha? set a 
new target for 197S which calls 
wsari for bigger volume sales. 

777 5 'fl Following a serious fire at th> 
Macclesfield mill in February. 
1977 the group was offered large 
premises by Cnndura Fabrics on 
a site adjoining Congleton Mills, 
over This provided additional space at 



customers are busy 


£800.000 pre-tax in the second half least 12 months - earlier and 


Neepsend ha? staged ? strong 
reeoverv and interim profits arc 

.. . .. ..... above most outside expectations. 

nuo-ei the VAT rate cut f<-nm thanks to n bunyant performance 
luxury to standard, and a ihrxv- Trom its machine and cutting tools earnings are shovvn 
year HP repayment period l»r division. \ 1 r tu a 11 y a II the third rrnm |* \ 

goods costing loss than £100 and increase in sales and hb pei c.nt, 
a four-year period for gords 
costing more than £ 10 U. 

The company would not like m 
see controls removed at a .-'i«»ko. 
say the directors as this vcu : d 
simply open up the way fr.r 
imports. 

See Lex 

Hoover U.S. results. Page 32 


BIT VALUE 


will 


of last year, a period when the 
value of turnover in the equity 
market as a whole was about a 
fifth lower than in the latest six 
months. So the profits reported 
yesterday ore not that ex¬ 
ceptional. However business has 
al*o been relatively firm in the 
third quarter, and the removal 
or Ihe dollar premium ‘surrender 
is bringing higher activity in gold 
shares, one of Smith’s specialities, 
in addition, the company i* gain¬ 
ing more international business, 
helped by recent trading links 
with firms in Paris and South 
Africa. Four-fifths of the forecast 
dividend payment in already 
covered out of half-year earn¬ 
ings and the shares yield a far 
131 per cent, at 56p. The next 
piece or excitement will be the 
Monopolies report on the pro¬ 
posed link with Bi.«good. due to 
receive be published any week now. 


cheaper than it would have cost 
to build at present day 'prices. 
The company has agreed to take 
over these premises early in 1978 
and hopes to have new plant 
installed and operational by the 
end of the year. 

AJ! the narrow fabric and.yarn 
processing activities will then be 
concentrated which will contri¬ 
bute towards greater efficiency. 


Major additional 
include expehdi- . ... 

, , . tdre for diversification of products T avridrin 

require more ribboru labels and ^ hWl ^ i oW terision diri- LiGVKlUll 
trimmingslas aeoessonM. sions aod new product develop- - 

Mr. Sebire is confident the j^t a t Unilater Technical- Cera- 
group vnU get its share, with per- mlcs _ Sufficient facilities for 
haps a little more of the market fi nance ar e aV aaaWe tb fond these ^ 
available. 


Stafenwrt,-_ _ .. 

-■jutotps 

" ••4'" jv rw 





ED0O 

DOS 

Group turnover .. 

7.U2 

C.1K 

Profit before tax ................. 

LOSS 

no 

Tax .. 

. S.H 

4A4- 

Net profit 

4T9 

40S 

Extraord credits .-. 

Ill 

— 

Dividends .. .. 

90 

HS 

Retained ..-.. 

4fl 

SIS 


ibts-is projects, directors state. •• • r—-- 0 - T ,. . t^--- 

WTs-rs During the past five years tffe - ^ ■-■ JkuaiAJZ i 

ra nit!ii.«iMn. - The directors of XCyiaud^ 


approaching 



EPIC rises to £0.S4m. 
at halftime 




• • » 


• • • • 






***** • ® ® • * 


■*•*•*•* «*1 


.%v 


V.VeV. 


v.v 


Hon of some additional capacity 
which remain: available:.:to. take ■ 
advantage of mcreaseff demand in 
the Future. . ■ that ^e .result fQ 

Net borowings of the group ■ in-:Wfflg....cpm;wmr 
creased by alraost' fflOO.BOO. re- the recon* Jtt^ft.nL.achxQva 

. '. q nired primarily to provide .th& previpus .^2 mqt uha^v^:^ 

additional working capital due to ‘ A second u>teron dpimgr 
continuing pressure from escalat- aTmoonoed. of. 2 ^. net 
GROSS RENTS received by or maturity payable on the sum i"g costs. .Stock levels have al$o share. The total‘ for 

Estates Properly Investment Com- assured and attaching bonuses. ’ increased following_an qptUrVi m 

panyin the six months to Ocio- On with-profits personal ped- achvty during the ffnal month -of mitxedtotid ^ ba*__ 
ber 31, I9«< increased from £0.98m. sion policies, the bonus rate for . ;; • *•" for I97n-ii. • v 5. V 

to fLllra. aad with interest annual premium contracts ..is ... .. .. 

charges absorbing £380.000, against lifted to £5.25 per cenL per annum 

from £5 and on single premium 


• • 
• • 




•• 


• •••■■••a.. 

aaaaaiaa aaaaaaaaaaa 
■••• aaaaaa 
ala- ----- 
aaaa •••• 
aaaa a- aaaa 
■aaa -aa aaaa 


BNP 



£442.000, income from completed 
properties before tax advanced 
from £361.000 to £542.000. 

Tax takes £196,000 (£95,000) and 
net interest arising in the U.K. 
ai tribu table to the Belgian 
development £179,000 (£185.000) 
leaving the available surplus 
ahead from £81.000 to £167.000. 

The interim dividend is doubled 
from O.Sp to Ip net per 23p share 
costing £146,000 (£ 73 , 0001 . The 
total for ali 1976-77 was Ip and 
pre-tax income came to £715.000. 

Interest for tbe six months 
attributable to properties in 
course of development amount¬ 
ing 10 £24.0dfl (£33.000), has been 
excluded from the figures and 
will be charged to reserves. 

In Brussels the discussions are 
making good progress, say the 
directors. 

Statement page 28 


With effect from 
Monday, 27ih February, 
the Head Office address of 
Banque Nationale de Paris 
Limited will be as follows: 

PO Box416 



London EC4P4HS 


Telephone and Telex 
numbers remain unchanged 

Telephone 01-626 5678 
Telex 883412 BNPLNBG 
Cables Bancomind London 


•• 


•Vi* •%* iVi* M* •* •'« 


»••«•••••• • • 1 ’rr* •’• ••••%% t • 1 




_ on 

policies to £4.75 per cent, from 
£4.30 per cent. In each ease the 
bonus related to the hasicbeneGt 
plus bonus additions. On annual 
premium Stanplan A (for execu¬ 
tive pension schemes) the bonus 
rate is increased to £>.25 per cent, 
from £0 per cent of the sum 
assured and attaching bonuses 
and to £4.75 per cent, from £4.50 
per cent, on single 
contracts. 


Mid 


NEWS 




Milbury cash call 




•V) 


Caplan Profile 
sees good 
first half 


Milbury, a housing development paid Ordinary 25p'shares.- 
company. Is proposing to .raise shareholders', meeting,is' 1 
premium £242,920 from shareholders..by a convened £ 6 r..March '20,.'j ^'; 
rights issue. • *: -■ ^ 

Terms are one-for-four at 50p • m ‘ -J- 

each: Tbe shares closed unchanged ■MIDLANDt 1 , =-S2.6% 
at l 00 p in the market - j 
Saint Ptraii, which • acquired BLdland Bank -disclosed; ju 
control'of Milbury in 1973 and day that only' 82jS pet 'cep 
owns 79.93 percent of tbe-shares, its 08m. ri^tts tesat-haa 
has unconditionally agreedAo take ^ up . when theiisfiao c 
up its entitlement of 395^28 new 

shares. The balance has been 9* rue ?“y s^ops 

Group reported in S^earl^Pi!? ^r^^the^rentext of- the issue ^Scen^c^Se ?antj‘Suij£ 

duction and sales—should cer- The Tissue was, .of .jmariy 

talnly be reflected in the.fim-haU ^arosdn:thebams.of.Pbwo 

results, the chairman Mr. Tan S80p. each.- 

Caplan told the annual meeting. ^ terras- were'.Viwpot 

The new subsidiary Braeraore-^^^S^nairf^tS^iri^^ft^ ^ dL ^ n 4 ,,s P?k» fefr* 
Furniture and the associate in divid ? fl<,s ; of tiie market. 

Canada. Profile Expanded Plastics, p..^^ : t0 of business 

were now trading profitably and wore standing- 

Total revenue for 1977 »t '^ d ^SF*Ti£a « 

Cardinal Invcsimem Tnlst rose L.-jn-i 0 " s ^ n ® tiie current purdiase additionaI;/skes. as thfe Tb& 
from E0.99m. to £I.09m.' Including p " Th ' ha _ bppn _ -n n <!idprahti» Board believes that-the revival >n taken U^lMs^ 

franked investment income oF jm Dr Lement in the Srrand 3 ?^ the house building.-sector makes premiimr -ariij the:.. 

a ^ ar 

Jn SSS-" terM? LAND- INVESTORS ;■ m 

fr w o M i Mr, anri ih/rtiri upholgiery manufacturers to ra- v it ’ 

rrom 3.o3p to 4.08n and me divi- cIude jn programmes pro- Land Investors announces a 4 Tl^ sharbs- 

dend total is effectively-raised p ucts based on Profile's .frames scrip issub of twd-fdr-one Tri fully fhe markets^ 
irom to -3.ilp net wiin a, 

final.of 2.4p. ' 

The market value of quoted 
investments at the year-end was 
£ 19.5m. (£15.0fim.) and unquoted 
£0.72 m. (£U25m.) Freehold 
nroperly and other fixed, assets 
stood at £220.419 (£21fi03fi| . 

Net asset l'slues with .full 
investment currency nremmrn 
are shown at I47jp (I22p) per 
neferred share and £119.54 
(£9S.6R) ner £100 of convertible 
loan stock. 


Cardinal 
Trust 
pays 3.9p 


Total rcrtniK . 

Admin, and interest 
Revenue befaru tux 

Til _ 

Nei reronue ........... 

Pref. dividend . 

Available . 

□et-rr-d dividends 
To reservo .. 


1*77 

1.0M.A19 

SS 2 .TO 

707-626 

2JP.4SI 

*4i_X4S 

wr>9 
4?».314 
4<n T« 
1S.7A9 


1«7S 

C 

WW.H40 
374,483 
UiJSt 
237^15 

1XS39 

37B.1T3 

34S.46* 

.W.r« 


Record bonus 
from 

Standard Life 

Scotland’s largest life company. 
Standard Life Assurance Com¬ 
pany, has declared record bonus 
rates for the year ending Novem¬ 
ber 15, 1977. On ordinary with- 
profits contracts in force on 
March 1, 197S, the rale on the 
basic sum assured Is lifted to £4 
per cenL per annum from £3.75 
per cent, previous, while the rale 
applicable to attaching bonuses is 
kept at £5 per cent, per annum. 

This Improvement is in contrast 
to the action taken by other life 
companies which declare their 
bonu$ in this farm. They have 
maintained ihe rate on the sum 
assured and improved that Tor 
attaching bonuses. This action of 
Standard Life means that all 
policies get the same bonus added 
per unit of policy, whereas the 
action of other companlea save 
more bonus to the longer in force 
contracts. 

The company has also made 
some improvement, in its special 
claims bonus payable on death 



Interim-Beport’ 


;J *: SlstOc&ber: . _ 

v- 4 r J97e ' 


Gross rents receivable 

Net property.-income 
Interest • charges 



Income from completed properties before-.; :-'-'; ; r/’~ 

««Bo» ..^ 



Taxation 

Income from 
taxation 
Interest (net) 

attributable to tbe Belgian development•-. r-' ;- 


GROUP SURPLUS 
DISTRIBUTION 






DIVIDEND 

Notes: 


AVAILABLE ’ ;F0iT - j: y--, 

• • -' V; —- r. < 

-«* M ■' ■ - -Jl. '.-. S ■V.t'g M >?iwyA-*vW 



















*■ 








ffivtT r yf**' , ...... ... 

J|. financial-Times Friday February 24 1978 



pJtOErr; margins ‘ eroded 
^.stronger, pound-;severely 

ics^Vaf- -cut ja~th& final 
'- '°£Vl977 fpora SXXZia, to 
■ leaWngr. the' full year 
: down from £540m. to 

v&agjit: Exchange -.'fluctua- 
>n M*ent. assfetS total 
t or, the. year was. £30m. 
^aif j£512ip, -There was an 
dmim of ~£29m. ■ (£5Sin. 
ith the final quarter - share 
£13m. deficit), . 

. final - 'quarter ' figures 
only one ■ month's -contri- 
. from-. Imperial- Metal 
es< ; -.. : ; , 

• quarter sales- were 
a&Unat £U4bn^ taking 

!nsl .total to £t««bnv. 13 
itcjabead pf last year's 

ors . say sales -volumes 
din the first,half of the 
ell '»way . in the- third 
and- made some recovery 
jnrth. 

■-erosion of -profit margins 
i. the, third quarter and 
4 for the remainder of 
, resulting from increased 
•ich were not matched by 
) rices. 

profitability. of UJC 
..was severely reduced in 

• quarter by the strength- 

• sterling. 

OB value of exports from 


1077 



xm. 

First quarter' - 


Aalee •* - 

- 1.100 

.fhroat. , 

Second’-quarter 

141 

Safes- 

VSi 

i Prefur 

Third quarter * 

068 

Safes _ 

1.124 

' T’roflt 

103 

Poimh quarter 

• SaM ...... 

1413 

Proor ..,. . 

:« 


J.ju 

112 


V 5 ?- £93m. Cf83nO. Shareholder will 

iMreased from be asked at the AGM to confirm 
p-62bn. ton.87bn.. and overseas the second interim as the final 
from £232bn.:to ftSba. payment for the year. 

j?? In registration statements filed 
in December in the U.S. in con- 
9 m oection with its- ?175m. public 
13S debenture offering ICI said its 
current performance continued 
to be affected by the disappoint¬ 
ing level of worldwide economic 
Lon activity and increased costs of 
no in the U.K. 

Difficulties in . petrochemicals, 
fibres and plastics had continued 
into the fourth quarter. It said, 
interest of EVU resulted Jn a min although significant parts of the 
shortfall between tfie proceeds of bu ®. ,ness continued to perform 

the sale mid the group's siiate W ?I 1 /_ . , 

of the net assets of JMI-at the Tbese factors were expected to 
date of disposal. This makes up continue into 1978, although some 
much of the £29m. extraordinary “°P«>YWneDt In economic condi- 
loss (f 46 tu_). ■ tlor, s was expected during the 
After tax, less grants. of £202m. ye f™. ... , , . 

(£214m.), minority-interests and , anjlua ^ report will include 
extraordinary items{ attributable ? .supplementary statement coo- 
profit ^Ses T^fS^ com! tauune adjusted results. 

- - — .. ]S78 

Em. 
■Lira 
205 


after Overseas side 
boosts Barclays 


29 


pared, with- £245m.-.last time. 
Earnings per. share: are. given at 
*15.4p compared with 54.4p per £1 
Share. Tax consists^of £l&Gm. of 

UJC-tax, £52m. overseas and £lBm. 
for. associate companies.- reduced 
by credits for U.K., .Government 

grants of £22m. . • 

A second interim dividend of 
7.51587p net. per share, has been 
declared against 6.78G35p, taking 
the total for. the year to me 
maximumpermitted.. lB.5i5S7p 
(24.78035PJ. Dividends wili absorb 


External xdes .. 

1977 

DO. 

4.68S 

Depredation . 

■”1 

Exchange deficit ........ 

29 

Profit before tax _ 

483 

Tax- . 

M3 

Xet profit . 

281 

To manorldcs . 

:s 

Gxtra-ord. losses . 

29 

Attributable . 

2K 

Dividends . 

03 

Retained . 

133 

t Gain. • L*S6 srtmts. 



214 

33S 

35 

46 

3« 

S3 

MB 


Statement, page 30 
See Lex 


r estinghouse looks for growth 


iii 


ATE-pf. the order boobs A geographical analysis of 
V throughout Westing- group sales and trading’ profic 
•ake and Signal Company, shows: U.K. £42.7m. t£43.75m.» 
3 U-S an improvement in and £ 3 . 1 m. (£248m.); Australia 
J profitability, Mr_ Leslie £J6.97m. (£16.10m.) ind £ 2 m. 

n. the chairman, ' tells <£L92m.l; Europe •••: £1.17m. 
Iras in .his annual state- (£0.S5m.i and £4,000 loss fflS.ooo 
> profit): and U.S. £1.12m. (£l.37m.) 

jrted on January 20. with * n d £75,000 loss (£53*000 profit), 
almost, maintained at rha ,. nar : - r 

pan ng_ ■ nh» During the year some £3.3m. 

expend!iLire was authorised m 
f S2S5 thruje and £L9m. in the over- 

-nrf Ih S® 3 * subsidiaries.'. The-chairman 

to oSmiSSv^ that .the ladlitiaavailable 

4 exT improvement for the *». the e T0U , p are ad^uate for 
'S3 be* dependent u^n J e Went teve! of:fading and 

.i economic situation, he jjg. “?«£* «*""«£ 

.or the parent and UJC. to meeL 

v companies, satisfactory projected, growth, 
lust also be dependent - On ' a CCA basis thfe. profit 
.tonal and'company wage before tax and interest £fi89m. 
iry settlements . being (£58?m.j less depreciation £i.U'fn. 
ivemment guidelines,- he (£0.95m.> * and cost of- - sales 
such, settlements being adjustments ■ £2.53m. (£4tn.); less 
-without disruption to interest £ 1.27m. (£L35nL): plus 
a in the' company or its the gearing adjustment £0.67m. 

- pr:customers. <il. 02 m.fr' makes an adjusted pre- 

- isions concerned In the profit of £289m. (ifffim.). 

markets: signal and ■ A director of an overseas sub- 
aiiway brake and door, si diary received £16,000 for com- 

- Gresham and Craven, pensation for loss of office during 
ue'controls and traction, the year. A -statement of source 
sales of over £23m. for and application of funds shows an 
of. which £7m. were ’ ex- increase in liquid funds of £1.05m. 
While total-sales were (£78m.);.- 

wer, their contribution - Meeting;- Connaught' Ttooms, 

- profit? snfastahtially in- "WIG, March 20 at 1180 aan.- 
he chairman states. 

ar-end combined order L . ' • 
these divisions; totalled I Vtinrn'irPTIIPTlt 
-3m': and Mr. Thompson *111 JlX UrClUCUl 
ie‘current year's-jsroflta -^'11 l , 
reflect the order book SCC 11 DV 
these divisions coJJec- -7 

“ ntou ^^H^ley-GbodaIl 

Trading prospects .t- • for the 
f.n Principal activities at Hawley- 
GoodaH -Group for 197S are 
i over £19rn. and_wnh encouraging say the directors who 
boob aneaq .by 36 per also -announce aq issue of shares 
chairman rays there Is a t raising £71,000 through 

•t as Tor confidence in a a piling. 

verall improvement m ^ already knowti the gradual 
s-year * . . closure' of -the' company's sports 

house Brake ana Signal goods’ outlets will have an adverse 

- -(Australia) -increased effect on the 'full, year results for 
by 20 per cent 10 . 1977 , but..sales of camping equip- 

id its profits by 32 per ment.reached the. expected leveL 

- S2Sm. despite a slow “during the yeaf. 

-the year arising from The restructuring of the group’s 
ssed economy there, management since September has 
proved results are hot led to' many difficulties being, 
noted in the accounts, resolved and the issue of £150,000 
. -pson says, by reason of Convertible Debenture Stock-1980/ 
ioratJoh of. 'the . Aus- 1984 Improved. liquidity, the 
lollar in. relation to directors state. 

3y stringent control , of As a result they consider that 
ow the demands arising the group can look forward to an 
eased sales were kept improved trading performance In 
icceptable ' limits, he the current year. The restructur- 
• (he company remained ing also opens up the possibility 
Ion to consider further of developing the company's main 
ties to expand, its activities in the future. 

The .Board intends to achieve 


this both by increasing sales and 
by acquiring other businesses 
which could profitably be com¬ 
bined with existing activities. It 
also wishes to reduce bank 
borrowings in the short term and 
to strengthen the capital base to 
put the company in a better 
position to take advantage of any 
opportunity for small acquisitions 
that might arise. 

The new money raised by the 
share placing will go towards this. 
The company Is to issue 0.75m. 5p 
Ordinary shares by way of placing 
at lOp each. 

The Issue will raise the com¬ 
pany’s equity capital by 188 per 
cent, but the Board does not 
consider that this would 
significantly affect control of the 
company. The additional shares 
will be placed as medium term 
investments. 

National 
Carbonising 
pays interim 

As forecast in their interim re¬ 
port, the directors of National 
Carbonising are paying an interim 
dividend of 0 . 66 p per 10p share. 

In the half year to Septem¬ 
ber 30, 1977, the smokeless fuel, 
etc., group made pre-tax profits of 
£ 22 , 000 , compared with a loss of 
£239,000 for the comparative first 
half and a profit ot £27,000 for all 
1976-77. The dividend for 1976-77 
was-1.3p net. 

“"In declaring the interim divi¬ 
dend, the directors have borne in 
mind that the company has bene¬ 
fited by special profits arising 
during the year from the sale of 
part of its holding of Ordinary 
shares iri London and Scottish 
Marine Oil Company and feel that 
stockholders .should share In these 
profits, even though the company 
is earning only modest trading 
profits while going through a 
period of consolidation. 


WITH international operations 
contributing significantly, 1977 
pre-tax profit of Barclays Bank 
jumped £69.7zn. 10 £287.6m. At 
the interim stage the advance was 
£38.Im. to £131.5m. 

Better performances by Barclay- 
card. Mercantile Credit and Bar* 
clays Merchant Bank also helped 
to offset a second half decline in 
clearing bank business. This 
decline was due to lower interest 
rate levels and little increase In 
industry's demand for money. 
although funds were readily avail¬ 
able. says Mr. Anthony Tuke, 
chairman. 

After tax and minorities the 
return on capital and reserves 
was 12.7 per cent, which Mr. Tuke 
states can be regarded ax satis¬ 
factory and comparable to the 
results of other major UJC in¬ 
dustrial and commercial com¬ 
panies. 

In the UJC., lendings rose by S 
per cent, over the year 10 £ 6 - 2 bn., 
but this must be seen against an 
inflation rate of 12 per cent A 
fall in seven-day deposits was 
more than compensated by the 
rise in current account balances 
and total deposits increased by 7 
per cent to £S. 6 bn. 

Yearly earnings per a share 
are shown to be up from 40p 10 
60 . 6 p and with a final dividend 
of 5.6282p net the total payment 
is lifted from 9.8924p to 11.1282p. 
The final includes an additional 
payment of 0.07Blp in respect of 
1976. *nie final dividend on staff 
stock is 7p bringing t-he total for 
the year to 14p. 

In 19i ( the group's share of 
profits of Barclays Bank of Nigeria 
(£ll.Sm.) is included in the share 
of associated companies profit, 
following the reduction of the 
group's interest to 40 per cent. In 
1976 BBN's entire profit (£15.9sn.) 
was Included in operating profit, 
and the net-profit attributable to 
the then 48.33 per cent, minority 
interest deducted from profit 
after tax 

Profits and losses on the reali¬ 
sation of investments other than 


trade investments are taken to 
profit and loss account in equal 
annual instalments over a period 
of five years commencing with the 
year In which they arise. Losses 
charged against operating profit 
amount to £2.4m. (£7-3m.). Profits 
realised during the year amount 
to £2A2m. flS.Sm.}. 

The amount allocated to 
Trustees for the profit sharing 
scheme and charged against 
operating profit is £10m. (£7.2™.>. 

During the year Barclays Over¬ 
seas Investment Company, 
wholly-owned subsidiary of 
Barclays Bank International BY, 
raised the sum of $US100m_ by 
the issue of Sfr per cent. 
Unsecured Guaranteed Bonds 
1992. Barclays Bank SA. also a 
wholly-owned subsidiary of 
Barclays Bank International, 
raised-Frs.lQOm. by the Issue of 
an Unsecured Guaranteed Loan 
1980-85 with a floating interest 
rate (minimum 9} per cent.). 

The accounts of Barclays Inter 
national, already published, show 
an increase in lendings in the 
year to September 30, 1977 by 23 
per cent, to £Sbn., and in deposits 
by 17 per cent, to £10.35bn. 

Total capital resources of the 
group amount to £1.33bn. 
(£L36bn.). made up of stock¬ 
holders funds £l.Q2bn. (£913m.), 
minority interests in subsidiaries-! 
£69.6m. (£66m.) and loan capital 
£240.5m. (£177.7m.). 



1977 

10781 


Im. 

fra. 

Openttins profttt . 

943.4 

UW.fl 

Siure' of assoc. -- 

29.2 

18.S 

Loan lmorret .— 

la.D 

1J.S 

Profit before tax _ 

267A 

1W.9 

Tax ... 

033.4 

105-0 

Profit after tax . 

134.3 

P1J8 

srjnonty profits . 

C.ff 

22.4 

Extra-ord. credits . 

0.3 

•0.5 

Attributable . 

123-3 

79 7 

Interim dividend . 

11.2 

9.6 

Final .. 

11.4 

10.4 

RNalned .. 

99-9 

39.7 


■ OoMte. ♦ Stand after providing for 
depredation of rtfi.Tn. i£33Jm.' an bank 
premise*, miter properties and eomproem. 
Of which lo.lm. 1 fcj.Sm.i is In respect of 
Ibc dopreaaiutn of freehold promises. 

Statement page 31 
See Lex 


Scottish American 
income to rise 


Scottish 

Investment 


. Total income of Scottish Invest¬ 
ment Trust for the three months 
to January 31, 1978 came to 
£IJ24m. against Il.lm. Total 
income for all 1B76-77 was £4.45m. 

The net asset value at January 
31 was 113.7p (I23.1p). 

Since October 31,1977 the com¬ 
pany has borrowed SUS5.5m. by 
means oF a reciprocal loan. 




ROPERTY 



Income of Scottish American 
Investment Company is expected 
to continue to increase, Mr. P. J. 
Oliphant, chairman, says in his 
review with accounts. 

He says that many of the com¬ 
pany's unquoted investments are 
at an early stage of development 
and provide little or no income. 
But this will gradually rise. 

In 1977 pre-tax revenue of the 
company lifted from £2.05m. to 
£2.58m. 

In the year the company 
increased the proportion of its 
U.S. assets held through loans 
from 56 per cent- to 71 per cent 
in July by drawing down a $5m. 
loan and transferring assets from 
the premium to the loan port¬ 
folio. 

Mr. Oliphant says .this was 
done to reduce the potential loss 
from fluctuation in the dollar 
premium. 

The company is to maintain its 
position in the U.S., but views 
the immediate futures cautiously 
It recently arranged ’ a S7m 
borrowing, but only half of this 
has been drawn down. 

In the U.K. the company's 
holding in London and Scottish 
Marine Oil moved from the 
unquoted to quoted portfolio, and 
with the public issue in July the 
company raid 25 per cent, of Its 
holding, realising more than its 
total initial investment. 

Oil production Is scheduled to 
begin in May and dividends should 
begin in 1980. 

Scottish American's stake »n 
Brazil was increased mainly 
through Brasfivest. an investment 
company where the company is 
represented on the supervisory 
board. 

A six per cent, stake in Scottish 
Television was also acquired in 
the year. Overall the group 
intends to maintain its stake in 
tbp British market. 

The UJC accounts for 50.2 per 
cent of equity investments and 
the U.S. and Canada 39.2 per 
cent. 

Total investments at balance 
date were £73.46m. (£54.44m.), and 
net assets stood at £59.5m. 
(£46.51m.). 

There was a £3.03m. decrease 
<£ 0 . 81 m. increase) In liquidity 'in 
the year, with the £2J}4m. drop 
in cash and shon-term deposits 
to £1.36m. making up the major 
part of this. 

Statement, page 31 

New York & 
Gartmore 
more flexible 

Accounts of New York and 
Gartmore Investment Trust show 
a change in empfbaris during 1977. 
The managers have decided to 
replace the -back-to-back loan 
negotiated in 1972—which was 
partially repaid In 1974, at a 
penalty—with a more flexible five- 
year loan facility, and to apply 
the sterling funds so released tin 
buying short-dated gilts. 

The net result has been eHmi- 
nertnon of the 12.75m, sterling 
fixed deposit shown in the 1976 
accounts, a marginal JaH hi the 
value of investments from £5 53m. 


to £5.4&n_—jwtith the latter com¬ 
posed as ro £2.02 ul UJC gilts and 
£3.4ftm. investments abroad—arid 
an ubprovement in cash on de¬ 
posit from £110,000 ro £495JXM... 

The balance* sheet total has 
dipped from £7.7ra. to £6.04m., 
and net asset value per share 
has dropped by 18.9 per cent, to 
36.4p. 

The directors have, neverthe¬ 
less* recommended a snail in¬ 
crease in the -dividend, from O^p 
to 0.4p per share, though net 
revenue is not quite sufficient to 
cover the payment. They are, 
they say. "cautiously optimistic" 
on the outlook for -American stock 
prices, ond they believe “that 
your company's fortunes will pro¬ 
gress towards full recovery." The 
sma-U increase in the dividend is 
a token of their faith in *the 
future. — ‘ 




Edited by Denys Sutton 

THE WORLD’S LEADING MAGAZINE OF ARTS AND ANTIQUES 

PufMhhed Monthly price £1.50 Annual Subfcripeion £21.00 fhlmi) 

0*tntu mbtcripdon £24 USA & Canada Air Aiaiitnj {41 

Apollo Magazine, Bracken House, 10, Cannon Street, London EC4P 43Y. Tel. 01-240 8000 


BANK RETURN 


"' Wednesday Iw. i-t-l ur 
! Tti h. 28 I De*-. (—1 
’ 1978 for week 


BANKING DEPARTMENT 

LIABILITIES I £ £ 

Capilal.■ 11.563.0a): — 

Public Drrpo.li ....I £4,061,879 — 8S7.3M 

special UppmJra.. 1^39..m0ud «. 336.000 

Bnnken.I 354.S96.l*7r- l^lS.B9b 

Koerna A Other '[■ 

Ajea.-.I err.HajBO 1 ^ £.39&,filb 


2^29.888.026,+ 247.264 


ASSETS | 

Gm-t. derurltina..'1.(961.171,068! + 17.796,001 
Advanced AOtberi 

Artn>.( I£0Ji£&,44£j— 2JI&J7L 

Premise*. Equip't] I 

Author Sere. lfia,716.703i+ 46,602 

Hotre ... 


e.31 u«oi— M jsa'&n 
176,049'+ 31.826 


l 2^B9.88BjaB| + £*7.260 


rtSPE DEPARTMENT 
X/ABIU’flES'~| I i 2 

Note* loaned..7.7OO.C0O.O9O4- 36.000.000 

fn Circa let (on. '7,691,838,260+ 3fl.813.99E 
Inliaok'giW 8-511.740.— 14.B1££K 

ASSETS ; 

Gott. Debt*- 1 Tl.OU5.100l - 

Other Govt. 6ere.'6,8OT.187J04|+ 28.417.S38 
Other Securities. 1.061,796^06 - 3.417.938 


'7.700.000, QOO.+ 2SJOO.OPQ 



ADVICE 




For ‘The Complete Picture,’ a brochure 
describing all our property:S£ivices,. 
write to-A.f. M. FluntieAF.fUXIS. 
Richard Elis, 64 GornhilL 
London EC3V3PS. Tel: 01-283 3090 


Richard Ellis 

.CharteredSurveyors-' - 



























30 


' nnancial Mfies. 



Firth Brown 
declines at mid term 


Although sales increased to 
£107.S3m. against £95.16m^ pre-tax 
profits of Johnson and Firth 
Brown declined front £4,562,000 to 
£4^017,000 for the hair year to 
December 31, 1977. For the whole 
of the previous year, a record 
£11.43m. surplus was recorded. 

Mr. J. lit. Clay, the chairman, 
states that the first, half was a 
difficult period for the group, with 
a low level of demand being com¬ 
plicated by industrial disputes in 
its own and many of its customers' 
factories. 

The group is now making rood 
some part of tbe sales lost during 
the period, but he says it will not 
be possible to recoup all the 
short-fall In the current year. 

However, although the market 

for many of the group's products 

is still depressed, the directors 
remain confident that full year 
result? will be satisfactory. 

Half year earnings per 23p 
share are shown as 4.3p- fR.Spi 

basic, and 4.3p ffipi diluted and 
the interim dividend is kept as 
1.3p net. on capital increased by 
the one-for-five rights issue- The 
directors e.vpect to recommend an 
increased final as forecast at the 
time of the November, 1077 
rights. giving a total 10 per cent, 
higher than the previous year's 
4-2821 p. 


Tumnrcr ... 

Half-year 
1977 19i"n 

£000 COW 

. 107.^7 SS. |«2 

Tradinc profli . 

. j.rso 


Slecl .. 

. t i.n 

3.W1 

R ntl and wire. 

G.J93 

•:.44» 

Engineering . 



Property and avert ... 

-J77 


return! sdmio. coji- ... 

•JS.-. 


fitere^i ftiarseu . 


2.. v »9 

Sh»re nf . 

*94 

y.* 

Profit hcfpr, tax .. 

4.IU7 

a.5*2 

Tax .. . . . 

r nun 


N» omflt . 

n.n;; 

S.«C9 

rt(rao-fl. cr<vJ ; j, . 

■(( 

Afl 

\n rentable . 

r-.OT'i 


|-»rdinir- dlf*. 

1 

;«?7 

Preference dlv.. 

:i;u 

n?* 

Rl'aioM . 

1. 

r-j-m 


Mr. Clay reports that rhe steel 
division was badly affected by 
the industrial relations problems 
and also suffered from par¬ 
ticularly difficult market con¬ 
ditions worldwide. While the 
diversity of the division's pro¬ 
ducts continues to insulate it 
from the worst effects of reces¬ 
sion. there are as yet no signs of 
improvement in the general sales 
outlook. 

The cast roll making companies, 
acquired as part of British Roll- 
makers Corporation in June, 1977, 
are living up to expectations and, 
while not Immune from the poor 
trading conditions, they are 
expected to make a worthwhile 
contribution an their first year in 
the division. 

The rod and wire division again 
did well, says the chairman, 
materially improving on its per¬ 
formance over the corresponding 
period of last year. While the 
level of activity remains lower 
than the directors would wish, it 
should again record a useful im¬ 
provement in profitability this 
year. 

The engineering division main¬ 
tained its profits Tor the half 
year, the improvement coming 
from the first time inclusion of 
RRC's engineers' tools and equip¬ 
ment companies, which performed 


particularly well. In the property 
and investment division, property 
market conditions are now im¬ 
proving and the outlook is en¬ 
couraging. Mr. Clay adds. 

He points out that the recent 
rights issue has enhanced the 
group's financial position, giving 
it ample resources to complete 
its capital expenditure plans and 
to finance a higher level of 
activity. 

First half capital expenditure 
amounted to £4.2m. (£6.1ir-). 

• comment 

Johnson and Firth Brown's steel 
profits may have been reduced 
by as much as tljra. by internal 
and external disputes during the 
first half. There may be some 
recovery in the second half as 
the division catches-up with 
deliveries but the underlying 
trading picture remains flat and 
steel profits are expected to be 
stilt sharply down at the year end. 
Meanwhile, the rationalisation of 
the rod and wire operations has 
left the division to concentrate ou 
the hisher margin wire business 
and this is clearly bearing fruit. 
Rod and wire profits have risen 
by 26 per cent, despite generally 
sluggish demand. 

Elsewhere the engineering divi¬ 
sion has lifted its profits by 61 
per cent, thanks largely to a first 
time contribution of £fra. from 
Richard Lloyd, part of British 
Rollmakers Corporation acquired 
last June. The non-steel interests 
may show a further advance in 
the second half while the total 
full year contribution from BRC 
may be around £lm. to £llm. Sn 
group profits way be around 
£12.5m. Meanwhile, the effect of 
the recenr rights issue has been 
to reduce nearing from 57 per 
cent, to 44 per cent. . The shares 
at Rip yield an attractive 11.9 per 
cent, while the prospective n e 
(taking a line through the interim 
tax charso) is H. On a full tax 
charge the p’e is 9-S. 

Spencer Clark 
chief on 
prospects 

In his annual statement with 
accounts, Mr. J. G. N. Edge, the 
chairman of Spencer Clark Metal 
Industries, says that the improved 
level of business noted towards 
the end of last year Is likely to 
be at least maintained. 

But, with tbe prevailing 
uncertainty and short view one 
can take in the steel industry at 
this time, any projection of the 
current year's results should oe 
treated with caution, he adds. 

Members are told the directors' 
aim is that when easier trading 
conditions arrive, the company 
will be able to take full advantage 
of them and that meanwhile when 
profitable opportunities to 
broaden interests appear, they 
will not be overlooked. 

As known, pre-tax profits for 
the year to September 30. 1977 
were lower at £303.739 i£312.685>, 


on sales ahead- from £4.im. to 
£4.71 m. The dividend is lifted to 
239p (£2.14p> net 
Mr. Edge reports that the 
widely forecast and expected 
regrowth of business did not 
materialise during the year, and 
consequently overall activity was 
less than planned. How ever, there 
was an improvement in trading 
in the second half, although the 
final result fell below what would 
be acceptable in more favourable 
times. 

Cornercroft 
down to 
£259,716 

MECHANICAL AND aeronautical 
engineering group Cornercroft 
suffered a decline in pre-tax profit 
from £277,416 to £259,716 in the 
September 30. 1977 year. 

At half-way, profits were £16.000 
ahead at £109.000. The result is 
subject to tax of £212,138 
(£145.6561, leaving net profit at 
£138,578, against £131,760 last time. 
Earnings per 20p share are shown 
at 5.4p <5.1pl. 

The final dividend is up from 
2.0Sp to 2.2ol9p net per share, 
taking the total to 3.1944p (2.86p). 

Derby Trust 
looks to 
longer term 

IX HIS annual statement Mr. 
David Montagu, the chairman of 
Derby Trust, says that the values 
offered in the U.K.. the U.S. and 
Can acta are s-till extremely attrac¬ 
tive at current levels but wide¬ 
spread improvement »n prices will 
be contained in ibe new term by 
political uncertainties. 

In a world of continuing un¬ 
certainty, the outlook for 
investors remains difficult to 
foreenst accurately, he tells 
members. It could be argued 
that the U.K. is faced with an 
opportunity to build the sound 
grow til structure which since the 
end oF World War n has, for a 
variety of reasons, eluded it. “ We 
could have a relatively firm 
currency’ and a period of balance 
of payments surplus, or at w’orst 
an absence of deficits of the 
magnitude previously experienced. 

The Board has taken the view 
that the U.S. stock marker must 
at some time reflect the basic 
strength of that economy and 
with the recent decline in prices 
the market represents a very 
attractive area for long term 
investment However, until con¬ 
fidence in the Administration and 
in the dollar is restored.no signifi¬ 
cant upward movement can 
reasonably be anticipated. The 
As reported on January 37. pre¬ 
tax revenue advanced from 
£487—92 10 £330.330 for 1977. The 
dividend total is 13.429p tll.STp) 
per £1 income share. 

Sleeting Portman Hotel. \V, on 
March 21 at noon. 


£27ra. order 
book at Utd. 
Scientific 

THE COMBINED order book of 
United Scientific Holdings, in* 
eluding the recently acquired 
Optic Electronic Corporation of 
Texas, is currently in excess of 
£27m.. says the chairman. Me, 
J. D. Robertshaw, in his annual 
statement, and this guarantees 
the current year's turnover and 
a good part of that for 1979. 

Trading has so far continued 
at levels higher than those of 
1977 and the directors expect to 
report a further increase in profits 
in December. 

As reported on December 16 
pre-tax profits rose from £l.9m, 
to £27ra. in the year to Septem¬ 
ber 30 1977 on turnover of 
£13.54m. compared with HO.im. 

The directors have every hope 
that the acquisition of OEC will 
prove to be a milestone in the 
group’s history similar to the 
acquisitions of HeHo Mirror 
Company and Avimo, as well as 
the opening of the factory in 
Singapore. 

Investment in new buildings, 
plant and equipment in the U.K. 
has continued unabated. Tbe new 
factory’ in Taunton has now been 
completed and the added capacity 
is already needed to meet the 
large order book for laser range¬ 
finders which are in ever 
increasing demand throughout the 
world. 

Members are told that in view 
of the increasingly substantial 
export content or the group's 
turnover, the directors are always 
faced with decisions as to ihe best 
currencies in which to transact 
business. Generally speaking, 
internationally, the group can 
trade in either sterling or U.S. 
dollars, and has tended to keep a 
fairly balanced order book on this 
basis. In past rears the fall in 
sterling has meant increased 
profits on dollar contracts. In 
view of the recent rise in sterling, 
however, the group caunot expect 
another boost from this direction, 
but nevertheless Ihe directors do 
not anticipate any significantly 
adverse- effects. The profit contri¬ 
bution for OEC will, of course, be 
directly related to the value of 
the U.S. dollar at the year end, 
thev point out. 

Meeting. Howard Hotel. YV.C, on 
March 14 at noon. 

Bolton Textile 
slight rise 
at half year 

On turnover of £5.7m. against 
£5.5m. for the half-year to October 
31, 1977 textile and clothing 

manufacturers and distributors. 
Bolton Textile Mill Companv. 
turned in taxable profit up 
slightly to £163.000 compared with 
£155,000. Profit for the 197S-.. 
year recovered from a depressed 
£31,000 to £300,000. 

The directors say that order 
books are full for the next few 
months and they anticipate 
higher profits for the full year. 

Tax took £85.000 (£80,000) and 
after an extraordinary credit or 
£ 20 ,onn (nil), the surplus on the 
redemption and cancellation of 
Loan Stock during the period, 
the attributable amount came to 
£98.000 (£73.0001. 


Exports 

from the UK 


1976 1977 

£822m £936m 



The Board of Directors of Imperial Chemical Industries Ltd. announce 
the following trading results of tbe Group for the year 1977, subject 
to the completion of the audit, with comparative figures for 3976. 


The following tabic summarises the quarterly sales and profits 
before taxation: 


1976 

£ millions 


1977 

£ millions 

4135 

Sales to external customers 

4t>63 

540 

Profit before taxation and grants 

482 


After: 

— — 

1 205 ! 

Providing for depreciation 

. 221 ' 

j 58: 

Exchange gain/deficit on net current assets 

-29 

214 

Taxation less grants 

202 

326 

Profit after taxation and grants 

281 

-35 

Applicable to minorities 

-26 

291 


255 

-46 

Extraordinary items 

-29 

245 

Profit after taxation and grants applicable to 
Imperial Chemical Industries Ltd. 

226 

S3 

Dividends 

93 

162. 

Profit retained 

133 

245 


226 

54.4 pence Earnings before extraordinary items 
per £1 Ordinary stock 

45.4 pence 


197 6 

Group Sales 
£m 

Group profit before tax 

Excluding 

exchange Exchange 

gain [deficit gainjdcficit 
£m £m 

Total 

£m 

1st Quarter 

936 

115 

15 

J28 

2nd Quarter 

1024 

J 2 fi 

25 

.151 

3rd Quarter 

1033 

116 


149 

4th Quarter 

1142 

125 

~15 

112 

Tear 

41=5 

482 

5S 

540 

3977 





1st Quarter 

1190 

148 

— 7 

141 

2nd Quarter 

J224 

169 

-1 

168 

3rd Quarter 

1136 

107 

_i 

105 

4ih Quarter* 

1J15 

88 

— 19 

69 

Year 

4663 

SI 2 

-29 

483 

“IMt iiwfudcJ i" 

"( Otiobcr (T” 7 onfy. 




The Group sold its 63 ?•' interest in Imperial Metal Industries Ltd. 
in early November 1977. ICl's estimates of IMI's results have been 
included hi Group results up to 31 October 19 77. The difference 
between the proceeds of the sale of the Group's interest in IMI and 
the Group's share ol'the book value of f Mi's net assets at the date of 
disposal, amounting to £27m. is the m^jor extraordinary item in the 
accounts for the year. 

Group sales, at £4663m. were 13 % above those achieved in 1976. 
Sales in the UK increased from £l 6 l 6 m to £1868ni (up ! 6 " n ) and sales 
in overseas markets rose from £2519m to £2795m (up 11 “^i.The FOB 
value of exports from the UK was £936m U976£S22m. up 14 %i. 

Sales volume for the Group increased in the first half year, fell 
away in the third quarter and made some recovery in the fourth. 
However, an erosion of profit margins, which started in the third 
quarter and continued for the rest of the year, resulted from 
increased costs which were not matched by higher prices. 
Furthermore, in the tourth quarter, with the strengthening of 
sterling, theprofitabiliiyof exports froraihe UK was severely reduced. 


In November iy77 ihc Accounting Standards Committee issued 
interim recommendations on inflation accounting. ICl has 
considered these and will, in its Annual Report to be issued on. 

8 March 197$. provide a supplementary statement containing 
inflation adjusted results with accompanying explanation. 

The charge for taxation for the year 1977 consisted of £156m of 
UK corporation tax.£52mofoverseasiaxand £16m of tax on 
principal associated companies less credits of£ 22 m for UK 
G ovemment grants. 

Dividend for 1977 

The Board has declared a second interim dividend of7.51587 pence 
per£l unit, w hich the Annual General Meeting will be asked to 
confirm as the final dividend for 1977, payable on 5 April 1978 to 
members on the Register yesterday. This, together with the first 
interim dividend of 9.0 pence makes a total Ordinary dividend of 
16.51587 pence for the yea r. Including rhe impu ted tax credit of 
S.50S 1S pence this is equivalent to a gross dividend 
of 25.02405 pence compared with 22.739 pence in 1976. 

This increase is the maximum permitted by the 
Government's dividend restraint regulations. The 
second interim dividend will absorb£42m and 
together with the first interim dividend makes 
a tola! of £95m for the year. 



ureiuiusfv«i - - - • 

Stephens Board aod'lo^me- 
by Simon - of irrevocable* 
takin gs fa accept- the Sim©' 
bv ■ members of. .rthe. 

some www ui m* ••■■■ JI eiiintisu —V. -rmx*«»«-■■ — -- in rritnpbtv 

be satisfied by the issue of 199.9 10 rfeons a nd Crosfield bought 9-S4 OCKHART ‘ 

fa^m n a rSt^rice^ d l?3 n p^e R^er 

*38* ltsstake “ p w *Mtsjswg 

Behind the acquisition lies p At ^e beginning . of 1977, has announced ana^reed SLXm- t h 

Geographical expansion. The deal H & c j 13C j a stake of 44,55 per bid from Irish ^opes.. Rooks' w'^Tioint' audit 4^^ 

will add 13 shops to Churchs cent in Lunu va but the recent -Terms are- or». Irish 

existing chain of 80 A. Jones and ciipcessFul offers for Malaya!am share plus £1 -for -every Lockh auditors Jta 7^5^ : . 

Sons outlets in England. pjjmtations and Harems fo^l- sbare. . T!b f ris ^ St R 0 Ss W j 1 s § 0 ? S De& (n : 

chain is concentrated m London mmn Trust have brought the price of Irish Jtopes js-±©.p. Dealings . 


BIDS AND DEALS 



spending 

on retail expansion 



the Mfcxs--.—- 
- January; 26. 1378., 

A further- K-<L^-. 
of the shares of _Sa p.pt,-: 
. an d Reedpak-hwwetfb*ei 
and obtained from :tfie JjK 

burg . Stock J^ehanse;-.-;-. 

" 

m 


*siHO^;.i 

TOBroFt>R ; : 
JOHNSON-$TE^t 
Simon 


negotiating wilt) 

Stephens : HoMBa®s aa 

— — - ^ principal shareholder* W 

. _• .affect yams for England Trust, 'Witbj!®. !* 

1 JJTisf «sSf - *5 SSKsSsSSa 3&SS& 

to expand its retail operations f u, e retail company. . S!°’25'r ended August 31. 1977. that if would bepreparajb 

A spokesman for Church said ^^^“(£.776. ' . a formal offer 

_ — yesterday that no further acquit* profits reffeer. an -Capital of .JohnwnvSteplwi 

yesterday that it was spending -- to® 


£IUSm. on buying two companies. 
Ellens Ltd. and R. P. Ellen, 
wholesalers and retailers of 
medium to high-quality, shoes. 
Some £346.000 of the price will 


dons were planned. 

H. & C. HAS 65% 

OF LUNUVA 
It emerged yesterday that Bar- ;A{JREED BID FDR 
■ ^ ” A. LOCKHART 


■2T ne knd must Meet, inter aha. 4 

regarded as -exceptionally mentation, ■ of - the * v * 

high. 


chain is concentrated in London Trust have brought the price of Irish -Hopes 

fit has a shop at Oxford Circus) up l0 53.4 per cent Hating jSSa* a total v^ue on the 

Essex and Hertfordshire. Churoh more ^an 50 per -cent, of offer of 230p per snare. .S'tT iWShSS 

also has a chain of shops m aeaulBi- n,- rfmreboMers not wishing at Mart* 31. Vffi were it* 

Scotland operating under the 
name Church-Allan. Both com 


sk. ^ 

Jones making profits of ta on felt in some quarter swp per share Ttas/ltwitativ* 

turnover of £7.am. In the first t t j, e acquisition of Harcros ^ only available until -the first ^^trwe o 

half of 1977 the London stores should have^triggered a bid for dosing date of the offer. «33 

jS'S.fSSLg & for HareM went — ■ ^ o, h.4rvev ?,•« 

Ylined ?v l currency 6 * wind'faU^ The mam asset of Lunuva i* ttakharf for 1977 were also . . FotbergflT -ahcf^Bar^ 
fuelled bj, curre ^ . ■ ” thought to be a stake in Ham-: -aje-gej yesterday. They show a Agreed in prinetpfe.'-W'Ji 

f oul iL v LJSSS? £dw« sonsMalaysian Estates worth over y pro m • of ■ £219,000 proofings T opecawpj-njl 

mined. Neverthele^den^a vas ^ pre w* o n turnover up at compoflex dfvtei«ii4ri»ni 

continuing to outstrip manufoc- Tm) - - • -• . iiexible ^Tnbes. 

turin? capacity and expansion of irnAMt: £2An. <£1.7m). • • ba«^d in LrttTeboroug^ ' 

the workforce would.be needed. S. JEROME .. REED INTNL. ' takes the coafift? Wlwl 

The acquisition 0 / Ellen could S. Jerome and Sons (Holdings) c . , rDhn i l i ftr 5 of Union- Corpora- textile Jabr^ -^TOOOmn' 
add a further 13 per cent, or so has agreed to buy 99.98 per Mnt. Shareb^dere of um gappi. synthetic rubfcer&^Artd 
to profits. Combined pre-tax of William Wilei ^ S“*f | *SSu2?and CC-’Slth materials suppliers 
profits for Ellen in the year to (Huddersfield) for £2S7,B00 ca^ Krtfiw; Brottere coo- regards th« aequ.Sftfdtf 1 as 

March. 1977 amounted to £246.000 White carries on a bunun isbtta&foade in ful extension; to.^ji|S^lrM 

with the retaU company providing engaged in the manufacture of-tmuing progress is oem* product* ; - 

TIET has statedt^iHffT. 
making' this -sale.inJordeV^ 

centrate resbiirees- 1 oi)L'Jfs 
bnsines5 isi - the:4natitrfaet 
composite and metollie .ho 
... " bdlows.. Ttfe be1ieVed-:-ti: 

, nu71?n DRfYR'vris fnr iQ ?7 rirawal of the opposing bid from, .company is now as fouows -7 0 pp 0r ^utrHies fof.’ialSd'^.pr 
M2?- a S? Of tadJSJi aiofWtoSS’ directors. J.J. B. Warrugoa-benefid^ bSsbie^-cafibest'-fe^d 

b z wS 

JharehSdS coJcereiig th? plus options on a further 155 per -13.799 shares. totalirapercCTt- rfegl oh -dFaMr^ J* 
acSmsitlon of C F lilor. The cent, from other shareholders... •• Malayalam Piantations-Ham- deration for assets am 


EIS sees profit downturn 


. , comrideration for assets'.atfi 

. sons and Crosfield, having re- -^uj wHl be 'haSed’hh ’Vtf 
HOSKINS & HORTCW ceived further acceptances In rp- Marc h 3i< 19781. • . 1 ^ 
ctViac rncc rrt - apect of 367^98 shares,^ita^interest v-.--v;--. 

- .. now totals 25,065.096-r (82.21 per x»a fw ’- 'i-i; 

MIDDLE EAST cent.). . : - 

Artec, the Middle East "™~' 

idustrial action at both Hick chant bank; has inquired ou 1 b&- (fujiy-pald)'at iOp on-PetK Fat? Sow a. /membeiiLs 

largreares and Kontak. due to half of Middle East clients a nMlri , s o|_ .• ' BabcoclC'and WtLcis-'GtJg 

dissatisfaction with pay con- 23^ per cent, stake in engineers - - • recently acquired 91 p 3 i 

trols" was exacerbated by dJs- Hoskins and Horton. The stake oz-w-* 0ENIES ' ' or §ve-^cawtal, of 

ruptions to materials supplies was acquired indirectly from . rilA PflPC' -- -" cdiiTpaO'y looted &TTurin 

caused by industrial action at Mr. R. G. Horton, a director. Who AIRCO CHARGES Samma-xuanufaeturfe ibauJ 

the suppliers. sold them in pie market. ^ At ROC International has denied dies for alumlnlfira.' ‘ 

IOP eiihelanlit-p in Airm___■ im.. 


dividend, to be announced with 
the figures on April 24. is likely 
to be maintained at last year's 
level. 

Shareholders were told yester¬ 
day by Mr. M. Q. Waiters th3t 
industrial action at both Hick 
Hargreaves 


,h K filler ta th, federa! court- COMEi^^il 
W-iknington, Delaware, the <*raJet Radiotirion’s ^co 
company In 'turn made take-over bid for He^y,; 

' bas‘ heeS.nccepted 4 teiU'hoI< 



was in excess of that for 1976. company with Middle East j 
the order book remains satisfac- idterests. and also to the Iranian in 1 

Tory and trading profits for 1977 investment Company. These two UJC __ . . 

are expected to be close to the groups recently acquired just charges against Airco. 

I9ih level. \our directors are under a 30 per cent stake in the ” * 
confident *•—.’’ - — 

tied in .. _ _ ___ __ _ __ _ r _ 

1 he maintenance of the 19.6 divi- Board. had made untrue and misleading sharear .Pxtor-to'tiie-'W- 

a . ni ,i C i.i nn nf A spokesman for Artoc, how- statements concerning, various held 95,000' GriCtaiy-i. 
Tumin to the acau'sjtion of W| stressed yesierday that the asptectsrof flberidlBiAlte.""V ' "'shares. ; *. 

tha tit hSLenhouB ht7or^ stake fn Hosklas to putely for As • previously reported HOC The - offer^. 

‘■Innrpr t.™"’ nAtmtiai f Half investment and is not intended earlier this .year increased- its op posed,-by the^.V^pg 
of Tavlor's remoJer the manu- t0 ** stral ^ ie - No 8031,(1 r ^P re ' f (ake ^49 per/pent .which- claims thesuppori 

facture of aireraft -al ev SmiS- sentirtlon is being soughL through a *43 a dtate- temte-.r:,per.^enti of equfty^w 

In its l&weult Airco - charged extended 1 iraffl iMarcft^: 
SSS fo? .hie ‘- mav orevl d‘ffi SHARE STAKES in part that'purdmae of 1M term.■ are: 

cult in lO^and^rVe^ Harrisons and CrosfieU-Mr. JJ™ ^ ^ SR■ 

after the replacement nr seeing G O. Peake, has acquired a non- AirS?shares at ^kiw^nd imS-interhn ditidend^pf 
aircraft fleets worldwide should beneficial .interest in 15.780 and JJg ' siaxes - “ a ww anu uata»,mrei^airtaen^ 


provide siernifirant opnorfuiiifies. 4,842 Ordinary shares and, 13,000 
The Ia«T availahlp n*-nfit figures 64 per cent, (no w4.55 per cent.) 
for Tavior. to December. 1976, Preference shares, 
were (358.000 pre-tax on turnover Automated Security Holdings— 
ot £ ' m - London Trust has acquired 220.000 

WnVTmm 8per cent. Conversion Preference 

TriitiUUK shares through the recent rights 

The offer documents from issue. No allowance has been 
A. A. Clark for Wintour Holdings, mad® for shares which may be 
contain a letter of recommends- issued in connection with the 
rion from Win tour's managing acquisition of Brocks Alarms by 
director, Mr. A. S. Kennard. and A.S.H 

an estimate that pre-tax profits Thomas Warrington and Sons— 
11 amount to £70,000 for 1977 Mr. T. J. B. Warrington, has 
--ss non-recurring expenses) transferred to his daughter, Miss 
compared with £51,319 for 1976. M. E. G. Warrington 5,000 
A. A. Clark, whose revised Ordinary shares. Mr. Warring- 
offer of 104p cash led to the with- ton's interest in he capital of the 


-..V’iVh.- 


Allied 
I nsulators 


Limited 


Preliminary Results 

Year ended 31st December 


External Sales 
Trading Profit 
Profit before taxation 
Profit after taxation 
Expenditure on fixed assets ' 
Depreciation 

Net Assets pence per Share 
Earnings per Ordinary Share- 
Dh/idends per Ordinary Share 
Final 
Interim 

Dividend cover 


1977 
' £000*s' 
12,918 ' 
1,524 
1,462 
1 r 35S 
476 
235 ‘ 
80.6 
14.69 

2.625 

1.5 

3.56 


.1978 

COOO's 

1Z362- 

1,644 

1,568 

1,082 

476 

214 

6&4 

11-78 

• - 2.0 

1.5 

a37 


FUTURE PROSPECTS 

Extracts from tha Statement by Mr. Alan Lloyd (Chatman) 

The increased value of the pound internationally must 
adversely affect our competitive situation in export - 
markets and much will depend in the long term upon 
containing costs that are controllable. Howeverthe 
value of our order book at 1 st January 1978 
represented almost six months production at the level 
budgeted for 1978 and this augurs well for the 
immediate future. 

Annual General Meeting to be held on Thursday 23rd March, T97tl 
at federation House, Station Hoad, Stoke-on-Trent a1 7 f.30aan. 





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31 


Inanctal : 

ilNfr NEWS 


P6brnagrt:24:1978 


. profit 


NNETH MAftSTON, MINING EDITOR 


AFRICA’S ' Anglo 
Corporation raining, 
sum! finance group, has 
a. - better than . expected 
: for the 12 months to 
: 31. of R 143.8m. 
- equal, to earnings p n 
6fi-5 cents (39.3p). 
eat results include those 
' Selection and other 
• t following the merger 
became effective on 
. 1977. and are thus not 
. le with Anglo’s 1B7S 
R86.3m. Extraordinary 
* of R32.mj. on. the 
easfon reflect wrftinc- 
the investments in the 
" per Botswana RST and 
idetf Tenke Fungurume 
eject in Zaire. 



Twelve 
mAnlhs 
ended ■ 

Six 

months 

ended 


SI.13.1T 

30.1.77 

« tax - 

ROMs 
MS.2S& - 

RtHH 

92.671 


T4.«* 

7.945 

m. 

tr.HK 

84.138 

-etavUern .. 

17.678 

11947 




._ 

143.B32 

. MJ79 

.. 

43.KT 

■I tuts 

ofli before 



tem .. 

50.055 

5=^94 

.‘in . 

.■a.jw 

9.089 

Tfit . 


43.164 


□elal year-end of Anglo 
changed to March 31 
f the merger deal and 
rent accounting period 
■or 15 months to that 
.-pecial dividend of 8L25 
declared last May and 
ved by a second pay* 
. >2 cents in November. 

ir the 15 months to 
' ire expected at the end 
nd the annual report 
posted towards the end 

•" up did not anticipate 
™ igs for the six months 
■r sr 31 would be as high 
ior the preceding six 
. cause of the changed 
profits arising out of 
Selection take-over. In 
however, earnings for 
six months have 
o R74.3m. from RfflJro. 
higher investment 

-mre, Anglo reckons 

• - ings for the three 

March 31 next are 
- • proportion aly higher 

• • se previous six-month. 

is better-than-expectetf 
... 13 be largely explained 
act that gold and 
ire the ffiainr sources 
tent income. 


The price of gold moved 
. higher yesterday by -$1-75 to a 
■ three-year Ugh of 518342$ per 
ounce.- The gold mines, index, 
however, cased slightly. .to 
157.1 owing to year-end tax 
selling of gold. shares in 
Johannesburg and a laeh of U.S. 
buying. 

Platinum was pise.. In the 
news following a further rise 
tn the South African! Rnsteo- 
tnirg Platinum Mines' selling 
price from $205. to $220. per 
ounce. No change from the 5205 
level was announced .-.by the 
rival Impala Platinum and on 
the free market the metal was 
5232. (□ the share' market, 
Snstenburg rose Iftp to.SOp after 
having earlier eased to 86 p. 

Copper, on the other hand, 
fell £13 to £616 per tonne in 
London and was reported to 
have weakened sharply iu New 
York. Zambia's Ncbanga Con¬ 
solidated Copper' Stines an¬ 
nounced 'a further quarterly 
operating loss.' 

EEC guarantees 
for mining 

THE European Economic- Com¬ 
munity wil propose multinational 
private investment guarantees for 
mining ventures and ot£er pro¬ 
jects in developing countries 
when the EC begins negotiations 
later this year with 53 African- 
Caribhean and Pacific countries, 
according to an EC official.. 

M. Claude Cheyxsoiv the EC's 
Commissioner for Development, 
outlined the proposed investment 
guarantees, to bo backed by the 
nine-nation EC as a group, r at a 
Washington Press conference. M. 
Cbeyssoq was in Washington to 
discuss various types of economic 
aid programmes for developing 
countries with the Carter Admini¬ 
stration Officials and members of 
Congress. ■ 7 

Iff. Chejrsson. a former’French 
Government official, will be the 
EC’s chief- negotiator-to-=-.the 
coming month's on the renewal 
and expansion of the so-called 
Lome convention, the EC’s'-**c'on- 
tracturat" agreement with the 53 
developing nations, which among 


other things gives these countries 
■free access to ’Western European 
markets for their exports. 

In negotiating a new Lome 
convention. M. Cheysson said 
that the EC wants to find a place 
for the exports 'of the African 
countries, for example. Id Lhe EC 
market, but may have to make 
some special arrangements for 
textiles and other imports 
because, of resistance in the EC 
countries to such Imports. 

CAIL boosts 
earnings: new 
bid coming? 

ANOTHER example of the growth 
of Australia's coal Industry comes 
from the New South Wales pro¬ 
ducer, Coal and Allied Industries. 
Earnings for the half-year to 
December 31 have advanced to 
SA4.83m.. (J2JS3m.) from 5A2.1m. 
in the same period of the previous 
year.-. - 

CAIL has boosted Us coai nut- 
put. In .-the latest-period to 1 . 86 m. 
tonnes from 1.50m. tonnes. Aided 
by coal - bought From other com¬ 
panies. the company's domestic 
and ' export. sales have increased 
to 2.16m. tonnes from 2 m. tonnes. 
The interim dividend has been 
raised to 8 cents (4.7p) from 6 
cents. 

As reported here on Wednes¬ 
day; CAIL is now to be allowed 
by the NSW Government to mine 
some 406m. tonnes of coal— 
sufficient for more than 40 years’ 
operations—from the GOOm. tonne'?’ 
deposit the company has proved 
up in the Warkwork coal region. 
Previously, the NSW Government 
had decided to pass the coal 
mining rights on to the State's 
electricity utility. 

The ' latter' decision. now 
reversed, thwarted plans for an 
5A80m_ take-over of CAIL by the 
Rio Tinto-Zinc group's Coniine 
R lotto to of Australia in associa¬ 
tion with Australia's Howard 
Smith group. NSW Government 
guidelines to. foreign investment 
in...minerals have -.now been 
announced and with the - Work- 
worth coal having been .returned 
to CAIL.- .the CRA-Smitb partners 
are expected to renew their take¬ 
over bid. 



While the price of gold has continued to climb against a background 
of weakness in the UJS. dollar, general instability in currencies and 
a steady industrial demand, basc-mctal prices have succumbed to 
the industrial recession. Both copper and zinc are in over-supply 
and their prices are either dose to, or below the costs of production. 
Tin. however, has been buoyed up by a continuing good demand 
in the face of virtually static production. Consecuently. many of the 
world's base-metal mines have run into losses while diversified groups 
such as Anglo American, Consolidated Gold Fields. Rio Tinto-Zinc 
and Noranda arc still managing to do well. 


BHP wins £147m. coal 
deal with Brazil 


TTISH AMERICAN 
TESTMENT CO LTD 


3 dollar 


1977 • 

■ .; 

Increase % 

- - .. “ ' -• 


' : e 

1Q6.5p 

- 78.4p 

- : 35.s;; 

5.2p 

O.Sp ■■■ 


£73,360.097 

£57.560.219 

‘ 27.4'' 

£1,465,571 . 

' £1,110,762 

31.0 

2.50p ; 

1.95p ■ ■ 

28.2 


r 

tar 
i uhl 

-nt 

.*• jgi 
/ t irisi 

Is 


ANCE 

tfolio rose by 14.1*» in dollar terms against a fall Df 17.3*i in 
nes Index. The U.K. quoted equity portfolio; rose by 66.9% 
ith a rise of 36.8% in the F.T. Ordinary Index. - 

l RATION 

rear London and Scottish Marine Oil became quoted and 
it £3,459,000 on 31st December 1977 after realizing nearly 
e Than the iota! original cost of the investment Drilling is 
s year on blocks 23/27 and 3/30. 


on of U.S. assets held through loans was increased from 
o in July 1977 by drawing down a $5m loan and transferring 
from the premium to the loan portfolio. Recently a further 
Aias been arranged but only $3,5m of this has been drawn 


7 RTF OLIO . - 

.t geared at 31st December, 1977 and was distributed as 


ROUND-UP 

Mr. J. T. Chappel. lhe chairman 
of Prngkalen, the Malaysian tin 
producer, says in his annual 
statement to-day that provided 
the tin price is maintained at a 
satisfactory level, the dredge will 
operate "with moderate profit¬ 
ability” until the first quarter of 
1979. 

* 4r * 

Power shortages in Illinois have 
led Amix to shut down produc¬ 
tion at its Satiget zinc refinery. 
Buf there have been no interrup¬ 
tions in supplies to customers. 

■fp' * * 

Soviet geologists believe that 
the heat and pressure of large 
meteorites hit tins the earth can 
produce diamonds. Their hypo¬ 
thesis has been supported by a 
find of diamonds at small depth 
In a depression to 1 north-central 
Siberia. Tas*. the news agency 
-said. 'But lh£re was no indication 
of th? size or quantity of the 
diamonds. 

★ . + 

In Malaysia, the Sarawak Min¬ 
ing -Industries 'Association 
announced that two. antimony 
deposits of commercial value have 
been found In the Rati district. 
Antimony ore is already mined in 
the area. 


AUSTRALIA'S largest company. 
Broken Hill Proprietary, cele¬ 
brated the signing oF an Auslraha- 
Rrazil trade agreement yesterday 
by clinching a SA25flm. t£147m.j 
long Term coal contract to supply 
Brazilian steelmakers. writes 
Janies Forth From Sydney. 

The coal will come from RHP's 
new $A300m. Gregory open cut 
coal mine in Queensland, which is 
currently under construction. Ii 
is the second contract for Gregory. 
The first, worth about SAI. 2 . 1 bn. 
(£732m.) over 15 years was signed 
last August with a consortium of 
eight Japanese steelmakers. 

The Gregory coal will go in ihe 
state-owned holding company for 
three of Brazil's big steelmakers. 
Sidervrgia, Rrnsileria SA anil 
Sfderhras. The deal calls for 
initial shipments totalling 230,(100 
tonnes in 19R0 rising to 500.000 
tonnes in each of. the following 
nine years, making a total of 
4 .«nm. tonnes. 

Tngcther with lhe earlier 

Japanese orders the Gregory mine 
now has export orders represent¬ 
ing 2.4m. tonnes annually of the 
planned capacity of 3m. tonnes 
per annum. 

Mr. Marcel? Fernandes. 

Sidorbras' director tor commercial 
co-ordinafion. said in Canberra 
yesterday that Brazil had plans 
to expand Its stocfmnkinc rapacity 
from the llm. tonnes produced in 
1077 to between 30m. and .Tint, 
tonnes in 1093. This would 

require annual coal imports or 
ltlm. mnnes by IR 8 S 

The Gregory arrangement ij the 
find long-term contract to supply 
Australian coal to Brn.-il but 
Xiderhras is talking to the Utah 
crotio and other Australian c.vd 
frannrtors. Brazil is speklnz tn 

diversify ils eoal snnnlies. to 
reduce the 50 ner rent, prnnnrMin 
coming from the U.S. and Canada. 

RAND LONDON 
EARNS MORE 

The Johannesburg group. Rarid 
London Corporation, expects to 
declare an annual dividend o r at 
least 10 cents fSJJIpl in October. 
This was staled yesterday as a 
sharp increase in net profits for 
lhe year to December wa« 
announced. 

Net income for li»77 was 
R902.000 (£533.317) anaiost 


Hlti.M /0 m 197$. hut these latter | 
figures relate to the former Nigel 
Coal Mining Company, prior to' 
the merger with Rand London. 
The shares jesterday were 5bp. 1 

UCI takes a 
cautious view 

TAKING A very i-autinus view of 
the recent firmness in the gold 
and platinum market-. Mr fc. 
Pavitt. rhv chairman of South 
Africa's L'C In vestments, refuses 
to make any penmates atmut 
proiitobilit.v for !!i7S in his annual 
statement. 

“All ion -sfton in Ihe past v\e 
have seen how rapidly pructou- 
metnl prices *_-.,n change, both 
upward and downward, no) only 
becau-e or the supply-demond 
ratios b'ui b«w:uj--» nf •Nubility or 
turmoil in international currency 
markets."-he -.tv-. 

Mr..Pavitt cues no further than 
commenting that, if present prices 
arc an indication of precious metal 
marker conditions tor the rest of 
the year, investment income 
should improve 

Mr. Ian Ging .the chairman of 
Impala Platinum, a holding in 
which makes up 17.37 per rent 
of UCl’s portfolio, has already 
hardened lhe possibility of im¬ 
provement with a qualified 
promise of higher dividends in 
the year to June. 

A further indication of ihe 
'firmness of the platinum -market 
i-ame yesterday when Rustenhurg 
Platinum raised its producer In 
$220 an ounce from 5203. the 
level it had shared with Impala. 

UCI is the main investment 
company in the Union Corpora¬ 
tion group. Its holdings stretch 
through cold mines—henvv 
'takes are held in Kinross and 
Wiiikelliaak—to industrial metal-s 
like asbestos, copper and man¬ 
ganese. With further . holdings 
in industrial groups, it is well 
balanced. 

The market value nf ils hold¬ 
ings at ihe end of December I!»77 
w-is RllW.47m. i iiil. IT i. com¬ 
pared with R85.3m. a year before. 
Nd prnliis tor the year to Decem¬ 
ber were R7 2m. i£4.2Sm.i and 
dri tdcntls were . 1(1 cents a sharp, 
the same as rn ^ 1 fiTfi. The shares 
were 2 :U!p yesterday in from of 
the statement. 


Howard Machy overseas hope 


i and Canada 
udiia 


Europe 
Other Araas 
Unquoted 


STRATEGY • 

k ] | i objective is growth in both capital arid income over The long 
features include a high proportion overseas, financed 
.■* jgh dollar loan*, a widespread of holdings, a willingness ip 
. rise:in small companies and an unquoted portfolio selected 
1 J.erage growth. 


V .ND ACCOUNTS 

taining a full list of equity investments, can be obtained from 
Stewart Fund Managers Limited 
.-.X45 Charlotte Square, Edinburgh, EH2 4HW 


ertisement is issued in compliance with the re- 
its of the Council of The Stock Exchange. It does 
' titute an invitation to any person to subscribe for 
ase any Preference Shares. - 

calibur Jewellery 
Limited 

: rporated under the Companies Act 1348) 

E OF 364,006 11,5 PER-CENT. (WET) 

- tfULATIVE PREFERENCE SHARES 
OF £1 EACH 

M ~ 

incii of The Stock Exchange, has granted, a listing 
above-mentioned Preference .Shares.' Particulars 
gh!s attaching to them are available in the Extel, 
al Service and copies of the Statistical Card may 
ned during usual business hours.on any weekday. 
iys and Bank Holidays excepted) up to and in- 
; 4th March. 1978 from: 


IN HIS annual statement. Mr- P. 
Cdleclough, the chairman of Tarm 
equipment group Howard 
Machinery, says that the grouji is 
hv-.-'ho doubt that its strong 
presence overseas will be one of 
the.factors which wil] contribute 
ttf .lt .forging ahead, again and 
taking full advantage or a resurg¬ 
ence In its markets when this 
takes place. He adds though, 
that sales In the first two months 
oT'the current year reveal little 
$ign of such a trend. 

As reported op February 1, pre¬ 
tax profits tor the year to October 
XL 1977 fell rrom £3.2fim, to 
£L51m. on sales up tobm £Bn54m. 
to £74.45m. The dividend total is 
rpaintained at 2J233p net. 

In 1977 the world market tor 
'.farm machinery was depressed, 
the chairman explains, and this 
time there was no major area to 
compensate tor llie group's 
general weakness. 

;; In the U.K. J. Mann and Snn 
and Howard Harvest ore producer! 
good results, but the group’s 


major company. Howard Rntavaror 
was unable to obi a in the necessary 
home or export orders to provide 
the group's factories with the 
profitable volume nf production 
for which They were planned. 

The foundry department of thp 
Halesworth factory was closed 
during the year, as welt as the 
assembly plant at Ipswich, thus 
making some 15 per cent, of the 
employees at Howard Ralavator 
U.K. redundant. 

Mr. Coleclough adds that it was 
also necessary to make cutbacks 
In the groups factories in Aus¬ 
tralia. Brazil, France and Ger¬ 
many as a result or lower levels 
of activity. . 

The group has diversified 
successfully into the vineyard 
and grape processing-markets, ho 
says and he Teels that the 
increased research and develop¬ 
ment programme will lead to 
other promising and innovative 
machines. 

Steps have been taken to 
strengthen the croup's financial 


pnsjimn by even stricter controls 
or stocks and debtors. Although 
sale- increased hv 7 5 per reni.. 
stock- were reduced and debtors 
remained level, partly due to a 
reduction in rhe sreriing value 
of the mer-cas inventories as a 
resuli of the increased value of 
the pound. This has airo led lo 
a reduction in reserves Working 
capii.il decreased by £0 4Hm. com¬ 
pared wiili an increase of £Z.03m 

PKIDL 7 & CL4RKE 

The offers by Inchrnpe to 
acquire lhe capital nf Pride and I 
Clarki- have been accepted by the 
holders of ljtio.046 Ordinary and 
7.500.1S4 new Ordinary shares 
allotted pursuant to the rt solu¬ 
tion passed on February 21 and 
by the holders nf 223.725 Prefer¬ 
ence --hares. These acceptances 
represent P3.fi per cent, or the 
Ordinary and (IDS per cent, of 
the Preference capital. 

The offers have now become 
unconditional ip all respects and 
will remain open. 



Bull credit supply 


Bank of England Minimum 
" Lending Rale 61 per cent, 
{since January. 6, 1978) 

' Day-to-day credit, was in good 
supply In the London money 
market yesterday, and the author¬ 
ities -absorbed nurptas funds by 
selling a very large - 'amount of 
Treasury bills to Che discount 
house&r 

; Banks 'brought forward surplus 


balances, very large Government 
disbursements exceeded revenue 
payments .to the Exchequer, and 
the market was also helped by 
a slight fall in the.note circula¬ 
tion. On the other hand there 
was a fairly large net take-up of 
Treasury bliLs, and settlement 
was made or gilt-edged sales. 

Discount houses paid 5-54 per 
cent, for secured call ■ loans tn 
the early part, and closing 


balances were taken at 4-5 per 
cent. 

In the interbank market over¬ 
night loans opened at 5J-6 per 
cent., and Tell io 4-44 per cent., 
before rising To 5}-6’ per cent., 
and closing -at 3-4 p« r cent. 

NhurMerm fixed period interest 
rales were slightly easier in calm 
trading. 

Rotes in the table below are 
nominal in some cases. 


. Sharp & Co.- 
House 

lewhall Street 
iam 


bru^ry, 1378. 


' Midland -Bank -Urnite'd 
Stock Office ___ 
Head 0fffce ‘ 

26-32 Poultry- 
London EC’2P 2"BX 


Feb. as 
197- 

aier’iOK. 

.Cenlfieei*-: 

-lot4fftoAh | 

l»x. 

Vuilwntv 

•lepmit. 

U**i Suit, 
iieentiatiup 

hiflil. 

hmnp 

Hinuuf 

Uppmlla 

(,<im|all\ 

Dfl* IBfl-* 

lliMimui 

irmrkL-l 

1 I9III1U 

h'litilitt 

Uflflk 

Uillp 4 , 

■Kill's trail. 
Hill >4 

Overuigbi.... 

1 “ 1 

i 6 

- 

_ 

_ 

53* 

4-5l S 

- 


_ 

•.rtaymnnnc*.. 

r! ' - ’ 


5 s,-tt 

-• ■■ 

— 


— 

— 

— 

■ — 

t iJsVi or 

; ■ i 

-. 









'dari nutt^t.* 


51, 61, . [ 

S-'a-Gti 


fiver,. 

61, 

5’? 65, 

- 


' 

'/«■ nmnih,,.. 

1 . Gri’et* j 

6U 6.i f 

.6<a6>< 

Sif 61 , 

6 * 6*4 

61; 

fl ; i 5 -1 



7 

fw.j nvunh*.. 


6,i-6.i ‘ ^ 

• 

64968 * 

61 , 7», 


6 . 6.4 

5-- &■»; 

61 , 

7 

Fbree mnmh> 

i- -ea-esa-.-. 

Oii-7 


6V B 6J P . 

6Vf 7J* • 

— 

bUbi* 

9,; 

6 r 6-f 

7 

Ms m.rfiih>..: 

i- ■nji.r, 

7i s 7V 

71, 

Eta as* 

7i, 81* 

_ 

— 


7, -, 7L 

7 ?, 

Nine i&Mib... 

l 7vl 7ii- 

7>,Slj 


7S 7l». 

. - 8 >i • 

— 

- 

— 



• >neie4r. •8 77. , 

8-8*4 

a 

8 'h 7.b 

Hi* 

— 

— 

— 


. 

fiM vnra...... 


- - - 

• 9 . 

“ 


' ‘ — 

” 


- 



l-oril aiHhonnrr'iMui fiaaruv h«us« wvi-n da>s’ udiiit. nihprs dais' flxrd 'Lonc-urm Inrat aurtioruy mnnsiai' 
r»lc npminally ilm:*- yt-srt 101-108 pt-r cent : Tom- yrirsr• 1 U*- 10 C per rpni : Hr* rrar* d-t *ftanli hill rare' m i.ihl. 

aro huyuiK raws f»r pnmr pap"r Burin* rales (nr fnur-momh bank oilU p-r «>nt. fniir-iiimnh irjd*. bills Mi p-r i-.-ni 
Aopmxmuir Rulbnii ralun mr nnr-mtmih TrpASsrj; bill* .ff-aUit. nor crr.i : rvo-mnnrlt u-L: prr t«,ni’.: and ihrm-mniuli 
sy»S5jlii^ B«r i:eiK .Atwrmuruie siting rate fpr. bank biu« .HMs o«r n-m : tu vr ■■nai. ar.d -Jtw- 

rqhn'lir l>»r wmi- . rin»-iwnrh inidi* Will' M n*r ivrn : ’ iH-n-mnnrA p<r c»n- • an<i »Ki ihro^ raninh s; p-r 

; Ftnancc-Koosc Jluc Itair* ipobiisbrd by Ur Finarcp. Bmis'i Nsvr.tBtinn-. r ?-r i-u' Imn: [■•bruar-. I. ur^. ClMrinp 
Bp'nk Dnrait n»I« <lur small iiiDi« at v v»n itays- notlcti > per rem. Clearlnq B*nk Run fur Miutina 4} p-?r cr'ni. Treasury 
»4Jb : Airrait lender rai mi. of.disrouni. IftiM par cant- 



Limited. 


The Directors of Barclays Bank Limited 
report the following Group results 
for the year ended 31st December 1977: 


"Our international operations in more than seventy countries contributed 
significantly to the Group's improved profits for 1977. Better performances by 
Barclaycard, Mercantile Credit and Barclays Merchant-Bank also helped to offset 
the second half decline in profit from the Clearing Bank business. This decline was 
due to the lower levels of interest rates and little increase in industry's demand for 
money though funds were readily available. 

“After tax and minority interests the return on capital and reserves of 12.7'’., 
can be regarded as satisfactory and comparable to the results of other major British 
-industrial and cotnmerdaJ companies. 

“In this country, lendings rose by 8 n „ over the year rn £6.200 million, but this 
must be seen against an inflation rate of 12" 0 . A fall in seven-day deposits was more 
than compensated by a rise in current account balances and total deposits increased 
over the year by 7% to £8,600 million. 

“The accounts of Barclays International, already published, show.an increase in 
lendings in the year to end September 1977 by 23" rt to £8,000 million and in deposits 
by 17% to £10,350 million." a ^ 

/Th. TluOutX. 


Anthony Tukc, Chairman of Barclays Bank Limited. 


The Directors of Barclays Bank Limited report the following Group 
the vear ended 31st December 19 / 1 : 


results for 


Operating profit notes 1 and 2>. 

Add: Share of profit of associated companies 


Deduct: Interest on loan capital 


Profit before taxation and extraordinary items. 

Deduct: Taxation. 


Profit after taxation. 

Deduct: Profit attributable to minority stockholders of sub¬ 
sidiaries . 1 . 


Add: Extraordinary items 0976 deduct). 

Profit attributable to members of Barclays Bank Limited- 

Dividends >note 3j: 

Interim. 

Proposed final. 


Profit retained. 

Earnings per £1 Ordinary stock (note 4) 


1977 

£m 

243.4 

39.2 

1976 

£m 

190,0 

10.8 

2 S 2 .fi 

:in.7 

15.0 

12 .R 

267.6 

197.0 

133.4 

lOo.n 

134.2 

91.9 

12.0 

11.4 

122 . 2 ' 

80.5 

0.3 

P.R 

122.5 

79.7 

11.2 

O.fi 

11.4 

10.4 

22.6 

20.0 

99-9 

50.7 

fiO.fip 

40.Op 

of the 107 

ft annual 

nd now allow for the 


NOTES: 


recovery of the deficit over a longer period than the estimated remaining service of 
the istaff concerned. This change of basis is immaterial in the context of the profits 
reported for 1976 and 1977. 

In 1977 the Group's share of profit of Barclays Bank of Nigeria '.jCJI-Rml i« included 
in the share of profit of associated companies following the reduction of the Group’s 
interest to 40' .. of the issued share capital. In che comparative figures for 1976, 
BBS's entire profit i£l 5.9ml is included in operating profit, and the net profit 
attributable 10 the then 48.33"„ minority interest deducted from the Group's profit 
al ter taxation. 

Profits and losses on realisation of investments other than trade investments are 
taken to profit and loss account in equal annual instalments over a period of five 
years commencing with the year in which they arise. Losses charged against operat¬ 
ing profit amount to £2.4m (1976 - £7. 2m;. Profits realised during the year amount 
to 4'24.2m 1.1976 - £6.3m losses 1 . 

' Operating profit is stated after providing for depreciation of £36.7m •' 1976 - £33.3mj 
on Bank premises, other properties and equipment, of which 46 . 1 m ■. 1976 - £5.5m i 
is in respect of the depreciation of freehold premises. 

The amount allocated to Trustees for the profit sharing scheme and charged against 
operating profit is £10.0m i!976-£7.2m'i. 

Interim dividends of 5.50p per £1 Ordinary stock and of 7p per £1 Staff stock were 
paid on 3rd October 1977. These payments with the imputed tax credit amounted to 
the equivalent of 8.3333 per cent gross on the Ordinary stock and 10.60M percent 
grov< on the Staff stock. 

The Directors recommend a final dividend for the year ended 31st December 1077 
01 5.6282p per £1 Ordinary stock which, together with the imputed tax credit at the 
current rate, will amount to the equivalent of 8-5276 per cent gross on that stock and 
a final dividend of 7.00p per £1 Staff stock, the equivalent of 10.6061 per cent grosa 
on that stock. The final dividend recommended for payment on the Ordinary stock is 
the maximum permissible within rhe terms of the Government's current provisions 
tor restraint on dividends and includes 0.0791p per £1 Ordinary stock additionally 
Payable in respect of 1976, following the reduction of the basic rate of taxation as 
from 6 th April 1977. 

The proposed dividends, if approved, will be paid on 21sr April 1978 in respect of 
the stock registered in the books of the Company at the close of business on 10th 
March 1978 in the case of the Ordinary stock and 3Jst December 1977 in the case 
of Staff stock. 

The total of distributions on the Ordinary stock for rbc year of 11.1282p per £ I stock 
is equivalent to 16.86 per cent gross on chat stock. The equivalent gross total for 
197* was 15.10 per cent. 

Earnings per £1 Ordinary stock are based upon profit after taxation and after 
deducting profit attributable to the minority siodtholders of subsidiaries, but before 
extraordinary items. Dividends on the Staff stock are also deducted. 

The earnings amount to £122.0m (.1976 - £S0.3m» and are related to the weighted 
averegc of £201.5m Ordinary stock (1976 - £200.8rai in issue during the year. 
Dividends are covered 5.4 times (1976 - 4.0 times.! by profit, before extraordinary 
items. 

■Stockholders’ funds (issued capital and reserves.' have increased as follows: 


At beginning of year... 

Issues of stock -‘including share premium).. 

Surplus on revaluation of properties. .. 

Goodwill on acquisition of interests in subsidiary and associated 

companies..:. 

Non-trading exchange deficir 1.1976 surplus;. 

Change - 1 in Group structure. 

Alovemcni on investment suspense account. 

Profit retained . 


At end of year 


1977 

1976 

£m 

£m 

913.0 

772.6 

2.1 

1.7 

2.4 

57.0 

(0-5) 

_ 

(10.5) 

21.6 

(0.9) 

— 

13.2 

0.4 

99.9 

50.7 

1018.7 

913.0 


During the year Barclays Overseas Investment Company B.V., a wholly-owned 
subsidiary company of Barclays Bank International Limited, raised the sum of 
U.S. 100 million by the issue of 8 J r, „ Unsecured Guaranteed Bonds 1992. Barclays 
Bank SA. also a wholly-owned subsidiary company of Barclays Bank International 
Limited, raised F.Fes. 100 million by the issue of an unsecured guaranteed loan 
1980 85 with a floating interest rare i minimum 92%.'- 
The total capital resources of the Group amount to; 

1977 1976 

£m fro 

Stockholders'funds.... 1018-7 913.0 

Miaortry interests in' subsidiaries.- - - 69.6 66.0 

Loan capital .... 240.5 177.7 

1328.S 1156.7 


BY ORDER OF THE BOARD D. H. JOHNSON. SECRETARY 

REG. OFFICE: 

JJUk 54 LOMBARD STREET, 

MQW LONDON EC3P 3AH. 

VjlJF Reg. No. 48839 & 1026167. 

V 1 23rd February 197R 


BARCLAYS 











































32 


Financial Times Friday. 


INTERIVAflONAL FINANCIAL AND COMPANY NEWS 


WORTH AMERICAN NEWS QnKintfpH$in7 P 

Good year Strong fourth quarter Currency . . * , 

forecast , . translation JgfJ jjy mail Oftler ««»«"> 

by Revlon flOOStS PepSICO earillllgS lifts Hoover —J 

10.13L 'TZ 'UK PEPSICO. to try- „ 2 ^.rtoto n, to increase . " A second ba.f E a,„ ,™ 55J* K- * W »** Jg ' 

^ sbvsti ssr^r^ssTp^ b:«i?ss arwsaB’Ss jek 

fnrrea.^ in annual eamings over *^re aaamsi SIJJO in the pie- nonneed. Cu* sales jywth introductions indicate a |uni- J gainst S 6 ^ able growth rates reported by 12.1 per cent, to DMSOIhl to 

19-fi. according m Mr. M.rhaH v«mi* ypar Tniai hp| t wrn,nx« domesf.rally was about 12 per anrnnd for Wilson to 13^. be |a '[\ w nn sales of s580.7m. other West German retailers contrast, home tanuwwjynt up .JJgWJ^S^gg® 
r.. Bersprar. chairman and chief 9 * 1 'an*‘‘d From $153.Sni. to cent, far ahead of the industry said. against S5719m Mail order turnover provided the by 4 per cent, from UMl.SSbn, mmet ^ 

exemt,Ve. S1S7:J "’-- "» «** . ‘ ,r M* 1 *- - ' «*>'*■ *"* rTVT Mr. Kend-ill also noted that a f 7* _ . ££2?Srthe expansion/to- DM2.06bn. . • £^3SK : 

,, r lU romparprf'virli $-y.a?lm. wen stronger. Snack foods pa .„, cha „ 1V ,_ vp , r For the fourth quarter, earn- 'tic' h {hp ermiins storesThe Sehickedans .industrial department store 

M I h %S;?P q «™ n« mcrease ISTSS^lSjffSi 5E? £??■*!?“ "5 J KMSp Sff±5 mcSr^^y 


•niiTjao. 


£;Sr — ; ^rlSrSi k ■« W--S s^-s» % SS2? ;gI8§ 

\olime tnpp ,Ln .SHI Pm. rcfleripd >ale« nf m*- r |tn. of leases and the conversion of $15S.5ra. SJJJ}* D M753m up on 1P76'» Even to. they rose by 5 per WB *t ■■ SSSrfJSfSrf^SL 

. , T , t t ^nwu'rln^nvTrnPd SH3bn. rmnparrd With $al7.2m. . R^enues were also up sub- Firea Hur investment tax credits Th foilrth quart pr figures in- DM7.53bn. Of this, the Quelle ;to DM99Sm. . .. ;. 

h_p*\ih products company e.irii->d nro rD . tatp . OantiaJly m fond service opera- to Pepsico's a mnrli ration basis— r ,.; rt0 ' , „ in ss.TSm. or 21 ma ,i order concern contributed In the mail order field. PW.WJJJ- 

ahom 90 rents a share in the T * f n - ‘ r !' f ; nnnv represented hv pin-* Hut. and bv foreign exchange losses. _ . ' . a |n S5 of DM4 Uhn^ -which was 1M per Quelie has a reputatatm foi;■ This .year 4j| 

fnnrth qiiartpr. a£»m«t ?-4m nr 1n reflet . p . ,, " l, ^ rf n p _ T J nnH ,n m,r fran ^Port 3 tioD bnsi- “In the fourth quarter which st57m or U cent* anfl the year cent* nr ’ nM547m. above the being one of the most fngctiVB 

79 cents a ■•‘bare a year wrlmr. with Vut* Hul and park com- nPSJ! Wiisnn/ hnwm. wpen- had IT weeks instead of the 1* a of 25 cents a SSJioas fimre. concerns ,n the hifl nm. Every per cent: :,:^ r ^ u 

JjJII 5 . c:«-p-=deH ^" an ' P . 'V^mmim^^ndarrtl pnrefl 3 n rofit d cclmR nttrihut- of IBTfi. opera tin z profits rose 17 . a " 2am J 3 | p « n f 74- rents. P fra,] Grete Schirkedanz, the second bousehnld in West •■ T Ste 

M-..l«n. h* ««d Theja.isite* Financial .vrnimttn,. standards ah!p ma , n jy to supply and percent while the profit marzio f ro m foreign cucrenev trans- r hief executive.'said that 1977 Germany is reckoned ot have bc 

fizur« include f»-n months *al-< ir, for riPn ,and imhalnnce, in a sluggish was off slightiy due to unusually 1';'™ CU “ had been a diffici.lt! though sue- access to its catalogi,es. and it CQndiTmn^and.Cpgf 

— ahout si. m From muni Mr Tionald At Kendall, chair- sporting goods market and tn heavy investment spending and A-» en cies res«ful year Undoubtedly, access to its'catalogue, and it .comptf itrtq-- • 

rhirH^rnli 1 'rievhound ronna- n,3T1 3nd rh "? f executive, said suhstantiai investment spending the December strengthening of ** s L<cx uw substantially helped local agent*. ■ 

chi?ed fvom Gr hound -°r v .ra •• w j, l)p a u n „ r major hn»* of unriprfakpn by the company the Swiss franc, he said. hv the fart that it was QuelleV-- To supplement tts direct mail fee inenme tax 


—ahoiit SISm.—Frmn Armnur 
Fharn.’aceulical which was piir- 
ch^?ed Fmm Grprhpund Corpora¬ 
tion in Nnvemhpr. 

Rovldn'c annual earmnps were 
rln^p fn S3.20 a share. Fcr^erac 
s^*d. apa*n't Ski Sm. nr S2.fik a 
share in 197*1. Sale* wore about 
5J.4hn.. again*, ?P5S fin. 

Bergerac noted that currency 

trans! a I mn m the finv! quarter 
Had. an adverse eFfect of S rents 


business except sporting goods during the year 


Allis-Chalmers income record 


MILWAUKEE, Feb. 23. 


a share, a tain St an adverse effert ALLIS-CHALMERS, the VS. *>n- mge increased to Sl.OS a share acquisitions. lireasings. and slie< j Xerov Corpnratmn. alleg- ^g.g pel - rent at PM45flm. at a. s^rvfre 
of 7 cent* in the 197« qmrtpr. sm eenng group, confirmed yes- or S13 1m fmm $o.PS nr Sfl.?rn. new market and product de- j n g Xerox's word processing tlme w b en international curv telenhn 


Fnr the year ciirrerfrv transl'- terday that eamincs por share in lh° year ago period, on sales velopmeuL systems infringe seven of IBMs 

hons had an sdrerce effect nf 25 f n r 1*977 have merpased by 22 of S^P.Im. against $36S-6m. He added that sales and earn- u.S. patents. 

c»nt<. against 23 cents previously. p 9r CPn t. m a record $5.52 nn a. Mr. David C. Scott, the chair- ings continued strong in the j a 3 statement. IBM said the 


larions. naa oeen a imnnui, uigugu bul- «u —- - _ 

Agencies cessful. year Undoubtedly, access to its catalogue, and it -“JJ^hnSnSii 

See Lex sales were substantially helped local agents. , 

bv the fart that it was Quelle*-. To supplement Us direct'mail■ 

-rnm m golden jubilee and consumers -order business, the 1 group also that .^Ine^gdded 

IBM SUG5 were offered a special jubilee Dins a chain of department. ten»v 

AOlv A „ t attractive prices. : store.* which run the same range 

r'nmn Altogether. Sch.ckedanz mail of ^ock as the catol^ie.as well an average 

Xerox Corpn^ order turnover went up by 14S -. a .< a wide netvrork of showrooms. 

pL o, per rent, to r»M4.99bn. It is which display product f lmes and ■ 

ARMONK, Feb. -3. inter „ tins t0 note that accept orders.. A couple of-yeare 

INTERNATIONAL Business there was particularly strong .ago. it tightenedI its grip op the b«* .an^n^^ bjt; 
Machines Corporation said it. Krow th overseas, with sales up market further by introducing a 

sued Xerov Corporation, alleg- iys per reQ L at DM450m. at a. service which books orders by- :™T; 

ing Xerox's word processing tlme w hen international cur-, telenhone. r ■' y f'T r^ 

systems infringe seven of IBMs rpT irv fluctuations made trading :~Tbe management porn to out Hunr. ■ or 


systems infringe seven of IBM's rpnn? fluctuations made trading : The management pom to out swc.-_ or 
U.S. patents. conditions partictilarly difficult- that the backbone of the QueUe is maWng no 


Esmark first 
quarter slip 


not total of $fi7m. compared man and president, paid that electrical businesses and said .. ■ w i-j C b jpji ce«ks m- 

with SSS.7m Sales or 51.3m. rbe process equipment sector that demand remained hizh fnr - nctl0ns against Xerox and un- 
wwpaTC vT.h a similar total last was ihe strongest contributor to equipment and service.* for re- , DBci g e j damages* was filed in 
time sale* and earnings and had pair, upkeep, economical opera- _r. District court Northern 

For the Fourth quarter, earn- worldwide growth through tions and pollution control Q f ■j eX a S j D ’ Dallas. 


Ahold raises dividend 


growth 


PHILADELPHIA. Feb 25. ft 

ESMARK. the etiers?-. chomicals u-«Mrvrmv F«h o-; 1 _ .1 

and foods group was hard hit hy " ASHINGT^N. Feh. >->. 1_^ WPathpr 

Fevere weather »n the first qirar- THE Communications vire i* in the public interest J 

ter arcnrdinc to its president Commis*inn cFCCl ha* ruled Thr commission also said that CAMBRIDGE, Fel 

and chief nfficer Mr. Donald P ,hat American Telephone and individual specialised carriers _ OT . nniT , 

Fell? T^lesrarh due* not now have to imv a*b for a hearing nn inter- 

Evpectaunp* than he company provide connections tor public enoneenno* while the study. fa|| - in rhe northea*t 

ff'lrr.S'p^r'iS rents W K.TI? ^tr^e^g ’sU 

™-s -^cunn.-- AT* T ta.er to mJfe e to con- 

thp n fir.'f"inTS l nnnniT'nf'sM.lnv ^Thr rtMnmi'-tinn mt«-t "-tn-l In VCt Lt-r Hilt II I, IHNlini J" “'l'''- 5 ® LIKE.!" 14 


AT&T wins connection ruling 


Polaroid hit 
by weather 


CAMBRIDGE. Feb 


District of Texas in Dallas. BY CHARLES BATCHELOR . AMSTERDAM, Feb. 23. . 

Reuter THE RETAIL margins of Ahold, ^fash and 3i per cent. in-.shares. 

—, .. . . »» j the stores and food processing .'The trust set up by Ahtild lafet , Jai hwh . ^, 

^mke tnros [VJeaa group, came under pressure ia.octob?r to group itt foreign . v?T3E>-'. , 2 , r^a 

Atoad Tomoratjon’* first quarter 1ST7 - However, increased sales..intends wiU pay no dividend : B*Robert 

2S!nS?mBlSr«*«* :z*‘ s&~- 

ih. eiQCm At- 70 rptitc s Sharp O' I.iinjuv I vv ij m a ~, llc:i | inn TH-TJT1 last Ansusf. marniijwrtmvr.- vFlf 


Strike trims Mead 


per share were unfulfilled in the porauwi s V 
even! With a net outturn for ianre servirr. 

the first 197 S period of 314.1 m. Vo^ deterin i rir the Frr"riilinc as it heUeve* (be first-quarter performance. ? nd . disrnonres vinp, ln c *sh and 10 per cent, in shares ' Profits per share were higher and thc loStitut ^S^ 

Sa~ -“* »riSwS 

^^ Onejtep" low-priced instant ,teins - in 19i6 and gave shareholders when the 1976 profit is adjusted Fnpahartn.tfe« capital an 


’v - ieb fnr 3 h^nne nn inter- receto ^avv ST inw- man. AP-D-I reports from Cleve- ?c?o'nL relative ‘ pro^t levei Fte - 28 - 6m ' in 1976 • Including totaDiiig «a»e-FW.38$gl t >R 

noernon* while ,he study, ev- }^ y in th V h /Tori h eaVt of toe The Ohio company s results ^ re,al, ' e profit - levels BI-LO net profit rose 28-7 *«■ assart :0.f:thft paittT^? 

r.ed to be lengthv. is heme ' J" f J*ted to a Juh«taiit,al a r « b,? > n a adversely afferted by r °R pfl(irt1n . thi , improvement ceQl - tn FT»-®*- 8 “. 0!16.7mV\., reorganisation^^sphen^i^; 
nde The study may require JJ“, ,r J f e tJJiIdu C tfnD both of ** coal stnke and be depressed A £?2lf ifiSll torrels“ ,te Ket profit as a share of turnover . ^ Fi ^ u3f% gSSgg 
TttonT 3 ° m,ke Uie cameras and film, which will have Pulp W™*- hut demand for other payment per Fls^Q rose to 0.89 per cent, from 0.S4 group, W&ch ha*: 

Mrr ijter said i, }* apneaimz an a dverse impact on the 197S products i s .itrung. MVad Pf^d nornJna ] 5 hare in 3977 to Fls^. 6 Ct-P er cen ^- • .•• •'• stak®.'in?_■ Bi-"GhfPcl£»D) 

p Frr riiiiiir-a* it heliere* the first-quarter performance. distnbntes pulp, paper m Pas h and 10 per cent, in shares ' Frofito per share were higher and the. toStituf^r^ 


U S. QUARTERLIES 


HEWLETT "ACKARD 


Flrjl QulHtr 
Revenue . 

Net profits . 

Net per share... 


CARNATION 


KAR0 nmioN'ii iNT- 

- ennHii Qonri'r 

im nn „ 

5 s Revenue . 

3fiS0m. 29R.nm. Net profit' .... 
33.0m. 26.0m. Net pe r share... 

1.14 0.93 

Revenue . 


Fourth Quarter 

Revenue . 624.0m. 559.0m. Revenue . 

Net profits . 28.0m. 27.0m. Np» profit?. 

Net per share... 0.76 0.73 Net. per share... 

Year v«ar 

Revenue . 2.3bn. 2.2Ho. Revenue . 

Net profits . 109.0m. 104.0m. N*t profits. 


Net profit*. 47.0m. S 

Net per share .. 4 02 

RFFRKV & HUTCHINSON 

Fourth Quarter tut I 


STANLEY' WORKS 

jqrr HT* F»urth Qaarwr 1 

* * 

313 0m. 275 0 m. Revenue . W 

]•* Sm. 13.7m. Net profits . S 

J.27 1 17 i Ne, per share... 

Y*i*r 

979.0m. S s 7Om. Revenue . 64f 

47.0m. 50.0m. Net profits. 3.. 

4 02 4 29 Net per share .. 


camera has continued at a high rj* rt _ 

' Wei so Far this year and. “we IVlCVyraW-tdlSOn 

dn not expect to he able to k-pp McGraw-Edisnn expects first- 
KS n P , i p uiand in the first quarter earning? "better than" 

--- quarter dpspite around-the^ock vpar „„ st4.6m. or 90 cents 

% l s prnduefton a share, say?'president and chief 

lfifi lm. 156 3m. For rfip fourth quarter of 1977 operating officer Mr. Edward J 
S7Sm. 6 76m. the company reported net earn- William.*. AF-P-J reports from 
l ll 0 85 mg* of S3“.7m. or SI.15 a share Pittsburgh. “U paraings grow 
„ acainst 331.9m. F9S cents a share) we expect the quarterly divi- 
640 2m. 566 ’m. i n the same 1976 period. Sales dend to increase," he said. 
32.8901. 2* 38m , n the ia*t quarter were S366.6m. 

4 12 •> 44 against S303m. » t c- r-- i_ c_ i . 


the option of taking Fls.3.20 m for the share distribution. 

EUROBONDS 

German issue calendar 


while ■’the 1 Trehrii Ebodohti 
Social .Develoipra^fvfKtg 
. utete soffelnan- ajKncSnyti] 
Ihe boiftpanyjjg. 

The^itodsare-deMHafe 
majoc T^550h£ inrofifSeffl 
-j gramtae. fa modeccflBe., tJW 
• ] pany^fi^twd 'i~ac toriWfc 


‘whirlpool 

I Fniirib Quarter 


Net per share... 


2.78 1 Net p<»r share.. 


191.9m. 173 7m. Revenue . 433.0m. 359.0m. 

6 3m. 9 3m Met profit* . 26.0m. 21.0m. 

n.65 0 961 M>t P e r share... 0 72 0.5B 

I Y»a» 

7032m. 684.7m.j Revenue . 1 9hn. l.fihn. 

22.6m. 24.1m |N>| profits . 110.0m 76.0m. 

? 31 2 4S 1 Net per share... 3 04 2 11 


O'W vviui.-j.i- iciniM.ru w cam- »v 111 wiu.t. i-'-f tiium* - - ■- - yr ■ ~ 

0 85 me* of S3..7m. or -*1.15 a share Pittsburzh. "If earning* pw B V MARY CAMPBELL nSt 

„ acainst S31.9m. f9S cents a share) we expect the quarterly divi- r-\i rivmATj ( w a e „ tnr , n ut 7, 

iHfi 8 m. in the *amp 1976 period Sales Rend to increace" he *aid T ^ 5 CALENDAR for the Ger- The D-mark sector to general La CJi^teBe-DarhBy.rlM* 

:7.38m n the lac. anarter were S366 6 m deDd tr> ' crea ‘ e ’ he ‘ aidl man foreign bond issues . lo continued strong yesterday. Mar- turnover Of 

3 44 i",iMt S 43Sr . March has been set at about ket sources said that the coupon year, butj.^iswti*)^ 

- " , . . 4 . „ I I.S. Gvosam booeful ■’ T >M 1 . 3 bn, Slightly less than thto nn* ^the .Eurnpean -In^es^meDl losses over 

This advance brought full- mnnth . The firsT „ f nps1 month’s Bank's bKeruie had been "cut to Though the reOT®&2^ 

- year earniDES to S923m <83.81 U.S. Gypsum's sales and net issue* is likely to he for Mexico'* 5J per cent, from the scheduled net yet been ma^'$&S3g&' 

1W J* 3 ^hare) on sales of Sl.nfibn. esmings are expected to increase Connsinn Federal de Electncldad. 5f per cent and that the amount are mrrrtrd fir^ ’frftfiif'V 

50 nm 2H!P rt tbp y**r profit of over the 1977 record levels, when followine issues for Trandad size of the issue was likely to be previous yea^^F^I3(htti 
oi L' <52.43 a share) on sales the company earned SS9-8m. on and Tobaso (due for announce- raised by DMSOm; to DM250m. . . ; .™p 

• .j of SWOm. sales of $i IShn.. said Mr. ment to-day), the Philippines Meanwhile, the dollar sector ' • 

Mr McGune said the full vear ''’faham -I. Morgan, Chairman, and Tauerrtautobahn (due tor remained unchanged. Prices of 

l.fihn. and fourth-quarter tax rates in AP-D-I reports from New York, announcement early next week), sterling issues were up, however 
76.0m. 13.1 were less than in 1976 . T ’~”' ..' " 

2 11 Asencie* _ ' SELECTED EURODOLLAR BOND PR1CE5 ; 


MID-DAY INDICATIONS 


Bank Hapoafim BJUI 

CONDENSED CONSOLIDATED BALANCE SHEET AS AT 
DECEMBER 31,1977* 


ASSETS 

Cash and Due from B^nls 

Securities, including Government Bonds 

Deposiis with and Loani «o Go-ernment 

Loans and Bills Discounted 

Other Accounts 

Bank Premises and Equipment 

Customers' Liabilities 


LIABILITIES 

Capital Reserves and Surplus 
Capital Notes 

Minority Interest of Outside Shareholders 
Convertible Debentures - Issued by Subsidiaries 

Notes 

Deposits 

Deposits for.ths Granting of Loans 
Other Accounts 

Debentures issued hy Subsidiaries 
Liabilities on Account of Customers 


US Dollar? 
1,7?0,375,00*) 
206.576,000 
1,519,502,000 
3,551,732,000 
32.365,000 
33.096.000 
651.751,000 

52,055,354,000 


US Dollar? 
165.733,000 
27.3fi3.0pQ 
193,0?fi.0fl0 
23.045,000 
6.561,009 
223,000.000 
53,295,000 
3,356.935,000 
1,365,521,000 
63,954,000 
1,59* ,oi 3,000 
651,751,000 
56,055,554,000 


CONDENSED CONSOLIDATED PROFIT AND LOSS STATEMENT 
FOR THE YEAR ENDED DECEMBER 31,1977 


Operating Income 
Operating Expenses 

Provision far Taxes 

Net Operating Income after Taves 

Minority Interest in the Net Operating Income - Subsidiary C'ompanie* 

Net Extraordinary Income 
Net Income 


US Dollars 
1,354,515,000 

1 ,290.51 0,000 

55,005,000 

53,170.000 

32,855,000 

3,857,000 

25,978,000 

2,514,000 

531,493.000 


• The financial statements of fhebanfc are stated In Israeli Pounds, and are arithmetic ally- 
converted into US Dollars at the official exchange rate prevailing on Balance Sheet date. 
1.0.31.12.77. US Dollar 1.00 = IL15.3SS3. 



lul 


SS7 Branches of BankHapoalim Group throughout Israel, Branchos, Subsidiaries, Affiliates and Offices Abroad-. 
New York, Los Angeles, Chicago, 5oston, Zurich, Paris, Cayman islands. 

Toronto, Montreal, Buenos Aires, Sao Paulo, Caracas, AmpaJ, Canpal. 


London 

T«JaI« Itoif ™?~J nrl Ef ^ ch 3 ; 12 E«H*5!?Mt.W1 VIA A. Tel.W-4»IM« 

Tel Avu, Israel. Tel. 62*211 City Eranch 22/23 Lamrense Lane, ECtyaPA. TaJ-tn-flan ^yig 


HonchoHrr 

7 Charloilo Stre«t;MI 4RH. 
Tel. C61 -2232406 


STRaiCHTS 

Alrin A’jsrtall* ?R>c 1SOT 
AMEV Spr i?f7 
Avsrr^ln -ipr w<c . 
Aitr*.rali4n ,[ 4 5 *irr vj 
Fsr.Ure Funk *}pc 1 OT?... 
Bnv ai»r ?lrw IOT7 . 

'"an ». Kaih>-4? JUpr 1«»3* 
’■'■•'ll, Narnjnai s»r<: IKS 
OnmarV s^nc |?*4 
|W . 

Cr* siflr iri7 . 

FIF Si.--- ir>7 

F?,T| «» Pl - 10=0 

Pn-'tonn iior li-i 
E?’" ?n ,_ l" 1 * Nov 
<■.1 I.jL-oc r^p»r sjp.- I9«4 
U^mofl.v n*pi- w 
K'dm rnirh—■ Opr ino; 

TCI 10«7 

I?V. Sip. - 1 nB * 

MArniliUn Fl<»«ijn| Ipr ‘07 

F«rKW»"n ^tpr l»*l 
JT"-h»l,n OJpr loan 
MMlani Inr. Fm *,pr lior 
’.'ml. r.njl Fn*nf Spr I«i7 
?'ornl Mumnilr Qpr |W( 

Ve V fnijnft]an4 *rr I OH 
v«re«o Frtm. *:k. vpr o' 
T-ir ’V H' dr** sip«- w 
Vnn|f HtiIw ?lpr K 4 o<~ ‘O' 
r>i|n 5fu- ]0« 

I^irts *irrnnitr , .E Orr J931 
Fmv plKll»r Op- IjKJS 
Pr*n- *.«tatrh «jpr ] 0 « 
tnrrrnonnpj,| ipr jnsj 
PUM Opr 1W7 
'"l^rttre T«i sjjir 1000 
'bjnrf Fn*WHs 1*1 

r.Fr *nr 10 *T 

-T'anni' :| nr 1?B7 

I'ntlm, Ki;.-IHT p pf i«o 
Vni,-o spr io?r M*rrh 

HQTP* 

A'jvr^llo Tijr ihi 
F* ti rjnjtifi 'tpr lit? 

Ft Cnl'imhn H’>I ?lpc *5 
Cun Fir Sicc lps| 

C"-V I'bimirtl Spr. lOJS , 

Fr.* 7ipr w 
E 1 "* s|p p ,-*r> 

EFT; Tipr |wr> 

EFi* N> I?U 
Fntn iliPfHr ft* D r iau 
Ci»inrl»i| 7Jor 10T- 

►‘nrliipiK Tos - ! 

Virjialm |03- 

NTnrilr'lI f'rhap ;}[*- iosi 
N ‘ Frun* «r.- I**J 
V*w Fnins Pm, f-jtr 
f.«w 2*a|.wl Sloe ins-i 
Vorrjir ,m- Rant 7jpr 
■Vnral, U;.rim TJ D r |pr» 

?.'.*ru T{pr )«" 
rtnlarln Hvrfrn 9pr |B!7 . 
*ire»r *Jpr US? 

? nf *rol Flrr 5»pr Inst 
tlll ' , n 'F ijoni ■ jipr jo ;7 
^'■oifiph *iate rn. 7|pr 'S 3 
v«im-s nipr j»s4 
Trnn;rn rjpr ina7 jfav 

Vn|kw,.j B * n ;}0.. ipj7 

STCPLIMC BOKDS 
Courtsuld. njpr ] 9 «i . . 

Pipe 1**3 .. 

KIB *ipc IP 1 * .. . 

EI6 *inc IW 
finance fnr jm a^pr ip»7 
Fiwu* in*T»r 13S7 
'Nl IPpr 1**? 

Bwnrrrp io$pr- teas 

mipr 1«5ji 
Total oil Pipe 1M4 

OM BONDS' 

Aisfrll *t|K IM1 . ... 

BFCC 7pc 1M? . 

p.nmart- Rk 1 PK . 

PTR -ir<- ins* . 

'Irsnd M»f Tpr |U5i . i 
Hrtro-nii«b»f fiipf w*7 .. i 
l r l *Jpt 1*57 . . . 1 

MnntT.?l 7pr l«7 .... I 

.*‘nrt«a nss Tpr JOS* . . | 

Sort Rydr" *{p' 13** 1 

N'lrea* *ipr I**; i 

fh^ll i'll"- I* 5 * ... 1 

F|?*in **ik l*?i.j 

Su-*ri»p cipr , 

World Isnlf ,poj ^ 

PLQATIHC **TE HOTR.t 
Rank i*r Tnk-.n IP*4 ”'"l*Dr 
Rrr.E IP.=-I "or 
Fxr i"*-; 7i»r 
r.rF I-W- Spr 
rr.MF u«t 7ipr 
fr«dtfanptnl» 1**4 TJpr 
■"rrriit L*ennaii WPS ?nr 
PG Bin*- 1«2 »lltapt . . 
G3S 1351 Ttoc . 1 


Inti WFtmnrtT 'M 7I3|sor fl*i 

Llmds ]») 7ipr.100i 

LTCB 1P?3 9pc.P*S 

Midland IWJ *pc .. UR 

Midlvtri 1P*T 7U,*pc .. . m 
OBB IS*3 7»dt . . . . OT* 

SN'CF IW5 8tOT . mi 

SM. and Gh r , r 4 m 711 ,«pc PP+ 
Wma and Glj-n* ‘*4 si^p.- ppj 

Swore?: White Weld Securities. 

CONVERTIBLES 

4merlraji Earpre?* Up*- '*■ fi" 
Ashland Sw IP** , s«| 

Pab' D'.-k * WiI -^17 fi lnc ?t *31 
Peairire FnceJ* up-- 1*97 «T| 
E-"imr» F<t(Ms 44 pr ,114 

B«*erham *lpr WPJ .. 0*4 

Burden SpC 1**3 P"4 

Brnadvay Halo ajpc ]P87 7* 

ramalipn »or I9S7 754 

rhormn ?p.; 1P®5 . n*i 

Parr 4 »bc 1*57 W* 

Fajiman Kudsk 44 k 754 

Frvwmir Lah® Upr IDSf P?4 
FimMOit Sp.- IB55 7fl 

Pnrd 5 ik 1 *? .. P? 

Ij-nrr.il Flortnr 4*DC 1W*7 75V 

Gil,of,*- 4Jpc 1**7 74* 


Cnnld 5pC W ... 

Golf and Western Spc W88 

Runs ape I M2 .. 

HonerweD Spc 1B86 .,• 

ICl «uc 1M3 . 

1NA 8pc 1397 ..L.. 

Inrhcape fiipc 1383 ...'.. 

nr 4i pc }»57. 

.Tiwcn fipc 19M. 

Komarso 7*pc 1333 . 

J. Ray McDermott «pc T! 

Mataiuhita «pr 1983 . 

Mitao, Tipc ivw . ;... 
J. p Morgan 4»pc IM7 ... 

Nabisco ttpc IPM . 

Owvns nUnojs 4tpc 1987 _ 

J C. Penney ajbc 1393 
PeTlon 4tpc 1987 ...: .. 
Reynolds Metals Spc 19SS 

Sandvik Sipc 1388 • . 

5cerry Bend «r*c 1957 . 

Sqiilbh" *Vb<: 13P7 . 

Texaco 44pc 1PM 

Toshiba Hpc 1032 . . 

f/Mon Carhlde ajpc 159?. 
Warner iambeih 4*pc io*i 
wapner Lambert 44pc. 19M 
R-rro Bnc TS8S. ..... 

Snnrt*: ' JCMder. Peabody 


BM. Offer 

WV au.w*-; 

is '■ 

m m, 

K, . -j^s •» 

so- tu¬ 
rn 1 M : G 
, rife 
wit. : mg - 
us* im . 
14T •- 7<3 

12S • US. . 

1931“ WM 
911 - 93» 

m , iw 
ms* ■ 110 » 

'74 - . -70“.: 
137 ;W.: 

8 H.- OTJ- 
i 1084 
«f . „«J . 

77- 73- 

75_ . 7S^ 
IBS 1H 

30 .33 

'To .'. M . 

-7* -...:• TSii 

T31.. :T7* 
BOuurtrtf.^ 





Pji Sh• gBijtflf r 


II.C 


(Incorporatedto the Republic of South 

High fights from theR&de 
by the Chairman, 

* The strength of the bullion maricetin 
- heartening, demonstrating forcefully 
IM F sales in addition to offerings oft 


interests, benefited fro.m^hen^tier.gp«fprKio.nitne^a^^^ 
31 st December, and ail four mines hayeTeportedsignificant 
increases in working profits.'; _ ■ ■ V 

*' Impaia Platinum, anothermajormvestmeht; jhad a satKfebtoty 
yearto30tbJune‘I;977 * - * .. 

* Netprofit for thayearwas R7,244,{)00 cbmparad.Wife j 

R6,323,000 in 1976; dividends declared were 30-centS pet^l^tf ' 

(1 976 same). ' ■ ■■ : -v V.. 

* The market value of the investment portfolio at^tstiDeceffS^SS- 
1977 was R103,477,000(1976 R85,301,000). Net a^setvaiU&- " 
at 31 st December 1977 was527 cents pershaire. ; r . 

* Since the end of December the prices of 

risen further but it would be misleading to^attembta®^rtWw_ 
estimates of profrtabilhyfor 1978 as alTtoo 
have seen how rapidly prices can chang^botftumtfirdaM^ 
downward. . 

.. The firif report for the year ended3 IstDecmb&nfi * ^ ~ * 
obtained from the L ondor Secretaftes; ttrtfbn CorD 0 f& 8 Qft& ' 





(UXJLimited t 95 Gresham Strae^ondmEcM^BS^ ' 

A MEMBER OF THE UNION CORPORAltiONli^li^ 1 

—- . • ' ,V" : . -C-,-.-- 


-• •■ - • if' "^.i. : r'"W _ ^2" 























*1 


an/ 6 . 


February ^ I97S" 

.■ - r ^7T7^.»r/;: i~-a-f ;*•.!.- - a • v V: .>;■ ■ ;,■•,-.'• r ■. 


ail 




Sharp fall AUSTRAL,AN NEWS 

at Abercom Woolworths profit and payout up 

Investments 8Y JAMS FORTH SYDNEY. Feb. : 


Ati V tJUHVllW st jakss forth SYDNEY. Feb. 23. 

airMiirniuH ' V FineneW Times Reporter WQOLWORTH. a md.iw variety valuation adjustment of &A22Sm. for the continued development 9A5.3m on a 19.4 per cent ia- 

«r wumN** . y PARIS, F«h. S3. A SHARP decline in profits and and supermarket rela jjr r . has Hast year SA2^m.J. already announced. Woolworth crease in sales to SAUSm. 

-WliV-:.'-Si s i•• •« i f, 1 --r' ; ■■ - ■ ■. *-. reduced dividend are lifted >t» dwdend and is seeking A final dividend of 6 cents a is in the middle of a five-year The interim dividend is held 

r" e “V v Ccwuote d AqubaiAd. .C*JiUiOM..Th« inveffcpifnt was-made origin- announced by Abercom Invest- sAlJ.om. from shareholders by share has been declared, lifting SA600m. expansion programme, at 2.5 cents a share on capital 

aapor-Bp^pmp -araup,, d*Strasbourg.-Cellulose d’Alizay. ally hi-1974-, merits; the South African con-if* nghts^isaue after a solid gam the payout Jroro S.5 cents to-9.5 which will see the. opening of increased recently by a one-for- 

Fi R^gotlaajia-a com-, apd -Cellulose das - Ardennes ef i& the. ptstttto years, Macmil- glomerate which earlier this year 1 jn* profit for the year to January tents.. This is covered by earn- at-least 100 new stores. ten scrip issue, 

tat- under, which it Belgium, and Jour timber- com- Ian, which ip- Canada's largest found itself at the centre of aj~*-. - -- „ -- . ings of 20.8'centS a share, against The issue is oh the basis of- The latest issue will be on the 

-manasement control panics controlled ^by Cellulose forest- produces--company, has major Boardroom reshuffle. Oroup prom before lax rose 15.85. cents previously. _ one new share for every eight basis of .one new share for everv 

■^-7?^ u,,e,n i exI f d'Aqimaine, -■; - .. been concentrating ©n Improving Profits before tax for the first 1B.S per-cent., front $A39.bzn. to Wool worth's chairman. Sir held at a price of 85 .cents a eight held at an Issue prlee of 

• -V®** 11108 ® .WF-jretJirn -The-state’. Institute of Indus--its own profltaWttty, building up baH of 1977-78 are more thanj SA46J.m. (USS52.5m.> on sales Theo Kelly, said, difficult trading share. This is a considerable 50. cents. Based on lo-dav's 
ctiuorof Us.stake in trial:--Development (IDlL and its domestic base, improving two-fifths lower nt R3.49m. (S4m.l "'Meh increased 20-S per con., conditions prevailed during the discount on to-day's closing mar- market price for the shares‘of 

Adding CQmpany. . - another economic interestfcrtjup- managemant and-recHicing foreign- while earnings per share have! from SAX.237m. >o SAl.49oni. .'•‘ear. particularly in the second ket price of SA1.63 a share. 70 cents, the theoretical value of 

ring. Safeco (49 per ceiftt). Which commitments. In the high-nroftt dropped to*'18 cents rrom 27.0 i (USS1.7Mm.i. half. the rights will be about 18 cents. 

I6-. French, -paper-making days of tfie 1860s and early 1970e cents, a decline of-35 per cent.I The net result, however was Food sales were buoyant but A nm :l _lonr The directors expect to maintain 

y^pqn^orea .gnora TO companies, also have stakes in the company moved into several The interim dividend is reduced;up 23J per cent, from SA22.]8m. margins were affected by severe /\.L1U11 Uldll!) the current dividend rate on the 

^Cellulose 4*Aquitaine.. foreign investments. But In 1975 hy 2 ID S cents a share. .to SA27J3m. : largely because of competitor!. The company had . . A . enlarged capital. 

■ nmmSnii * i.r, - y?r. The deal foresee® a raising of it became loss-untiring for the Business conditions during the; an income tax benefit from invest- managed to maintain its growth. riPlltS 1SS1IG 
? Cellulose, d'Aqu»aine’s ■> present first time because of the recession flrsi six months were -as difficult allowance, .in market share and the sales & J 

- -ii capital of Frs.3?m. (abourta^m.V and heavy losse*on shinning. as expected." The Consani com- The tax provision rose from increase of 20.8 per cent, was ACMIL, building materials and I |)|Tlff|p|*n|Ol . 

-~ ' y -~ fry*Fra.fiOro^-m be subscribed in Calvert Knudsen was"brancht panics-and the Sprins manufac-l SAli.6m. lb SAlSTm.. alter lak- well ahead, or'(he national reuil plastics group, plans to raise v/viiUMVi V401 

w different proportions shy 4 the in - as President from Wever-' 'uting group had a bad. first half.! mg Into accoitm SA2.om. for in- average of aboui 12 percent. SA6.36ra. (SUST^m.l from a T) | • 

■-?? shareholders. -As a result-Mar- haeuser of^The-Uli and heMid ,Th * reorganisation of the Spring a E compared Sir Then said although i he rights issue to shareholders after KQf] |( 2ll02fl 

the companies cop-. miUan- Bloedel. though- it-would- -recently* "fiur f'neuji mdav «.aroupi« well -under way- and i w bh ■j»A904.0(Vt in the previous company s financial position was a a.2 per cent, increase in earn- SlllV'ClU 

fina i- d ® tail s gain management coiitrolof‘fiEO. strictlv "on the bottonr' line« should produre improved wullwJwir-However/ihw l^xcIudc^ |a\ >nund. ihc Board had derided mgs for Ihe December-half year. THK Commercial Bank of 

JPi, UP.- . - _ - . ... ..wpuid accept-a reduction -of-its In-tho first nine months Bf! nT er Ihe next frw months. In thrlreliBf : from an estimated slock on a rights' isiuc bavin; regard Profit rose from S A5 07m. to Australia lifted profit by a 

l Bloedel. currenthr financial .participatiort in' .'ihe . 1977 ..^^Maemillan earned SiSfim i Consani rompanies.'more aggres- - _ • modest7.Spercem.inihe De- 

"=eeut^stake in Cello* -holdbtg : company;from 40 10 .35 Canadian • or 65 cents a shire" slv< * i®nderins has already par- -- i-ember half year, hut only 

itaine. the holding - P er on revenues of Sl^bn.; against 1 t,a J ly ■}*-.. "J .ADaucce uruie through a solid performance 

f; 6EC, which • is a Robert- Gibbon* .-writes from si3.4m. or 63 cents on volume brK, ^. s 4n f < workload, and-JAPANESE NEWS from its wholly-owned finance 

French-type of in dun- Montreal: MaeMiUan ■ Blpede! is n F 51.1hn‘ avwcarlier Thf |. the f ? rAard is herter aH ] _______ * company. General Credits. 


■5--■Wrv>tVt*r Mvie tirfll « nt|unaJn«5 . umeuz mat lune uentJM Ol inE reCE5MOn »'Bi 3IA 1HIIUU1.' mi-ir ua un 

capital of Frs-32m. (abouTSfi^m.V and heavy losses on shipping. ■ fas expected." The Consani 
i!2Su'-rf ^^^rr^yi^fiOw- rD be subscribed in Calvert Knudsea was -brought J Pani^ and the Spring mar 


Acmil plans 
rights issue 


The directors expect to maintain 
the current dividend rate on the 
enlarged capital. 


manufar-l SAl7.6fii. 16 SAISTm.. alter 


accept, -a reduction -of - its ‘ Itj iH* r^i over Ihe next few months. Mn the I relief : Trom an estimated slock on a rights' isiuc having regard Profit rose from SA5 07m. 

i\ .participatiort in , ihp ' M2«£iSaii SdrnS * 15 Am^^i c on*ani rompani^. more aggres-f- • ' 

: : company ;frojp 40 10 .35 Canadian •or 65 cents a tendering has already par-j. ‘ -- i-einber half year, hut only 

it. ■ nn-TOBBUM Of sSbn.: .355 ^ . ** a lan« nff A - • . ' ' • 'hrough a solid performance 

rt- Glhhenv -writes from S13.4m. or 63 cents on volume 4n f < workload, and JAPANESE NEWS frn m its wholly-owned finance 

_____al: MaeMilhin.Bloede! is of RUbnV a rS ^?ari"er^ ThJ . ,he forward ouUonk » better aH - company. General Credits. 

satien known as an believed ready to rake over the ,-ompany provided.S22Jm. a s a ro S„ airte.- n wll | ttl . L'i/I n 1 Earnings from hanking opera- 

mle ^ 9 t irouplng/r .nwnagemenl «> the loMpalung reserve against possible wrrte- V a^'l Wrtal/and^kJlfrhave OGTlCll ftSTIItlfllft L , ? n! L ■««■»>■ declined from 

umbrella • company french company but.only.o» con- offs: of its investment is the WVIIVII. VJLUUttil/ UfV'J. l/UiJViJ SA4.50m. to SA4.13m.. nut this 

H»: operations - of- dition it can soil its interest later. French pulp firm. • •• a ”f^™ RhoJ^‘ ^rr w '“ mnrp »>»an compensated for 

. .r DOUGiA* »*HS.Y -.TOKYO. Feb. a 

I S0ME ‘, ^ 3nt> ' iTPfiltnr, ‘ «re Mcuiar. Paiwa Bank's total lend- dees as expected, and affords SA7.3m. The group profit in- 
- - 2"E«7 "SS »-« , ti« the verdict tn ing to the Etdai parent com- Eidai Company court protection creased Trom SAID.67m. to 

' B P were ihe banded dnwn in the new pany is put at ARO^bn. together from its creditors' over several SA11.5m. tSU.S-13.lm.). 

reasOB^DlP- . Rv^ dwvK hv an Hictrirt- Yfihn mvini* from nrfnl'c -m __ 


tjlt !;]>■?->H 

- * • • - *4 ); ij 


ftY DOUGLAS RAMSEY 


3 jester 


OSLO. Feb. 23. 


EUerine boost 
for Tedeiex 

By Richard Rolf* 

JOHANNESBURG, Feb 23. 


_ M ' . .' • rouapsea on .nonaay and a$Kea rending by Eidai s five pnnctpa! Eidais parent company habih- in the New Zealand operation* 

TtOLEUM, the Nor- part of the Stratfjord ofl and and delays in feedstock supplies Till - *• ■ • ,or courr P^tortion from its bankers is understood to be as lies at YlSObn. Besides this as factors in the poor banking 

opsorniuu baeked-by gas field ll.fi? per cent if-.the at the 'complex contributed to KUfinnfi DOOSt creditors on'T ISOhn. fSi50fn.) in follows: Daiw-a Bank Y30Jtbn.; amount. Eidai subsidiaries and result. Income from hankinx 

f Norway s leading field as a whole), and tija-annuaJ last year's deficit. They have also „ • _ _ group 'liabilities under Japan's Bank of Tokyo ^Tfl-Tbn.: Mitsu- affiliates owe a further Y50fon. activities B t SA73.1m dipped 

IftStiial and-enaperri report-say$ that.-deapite delays forced the company to raise its tnr I PflPIPY • corpoWR rehabilitation law.’ bi*hi Trust YlO.Thn.: Fuji Bank (though not all companies below that of non-bankins 

fiprte a deficit m Us end cost overruns, the field — estimates of future capital needs. 1U1 The Eidai parent company'* YT.Sbn.: and Daichi K.anayo covered by this have applied activities a-i SA74.9m. In the 

aceounts for 1977 no*'expected tri bfffijln prbdiKS It hoW-plans'to s$ek additional By Richard Rolf* ■ iimulative detV-it is thought to Bank (DKBl Y7.11»n. Smaller for court protection). same period of the previous 

(8232m.)..-. . tlon, late.Jn 1,978—sUU appears loan capital and to restructure • JOHANNESBURG, Feb 23. 1 he 50 per. cent, higher than banks.account for the remaining Th however do not >' ear banking income was 

includes-all explora- to-be a-good econqmle projeet existing debts. Ah increase in TELEVISION and Electrical Mriier estimates—at Y36.Sbn. in- \15bn. or so hank debt. SA67.0m, well ahead of the 

• ufurred during- the whi(*. will be of great imperonce equity fttpital is also foreseen. Holdings (Tedeiex) which hold* H,ea d of Y24bn. Thus. th<* com- Among. - Eidais non-bank iwdiuucs or companies gAS5.Bm." from non-banking 

iga’s part'of the.1977.for Saga's further devefmune.nL - Blaaupunkt and Sony franchise# ! Pa".v had more -than a YISbn. creditors, however, are several which may not have a capital activities. The interim dividend 

lag? -Petrokjemi, its - Saga also has a $38? per-t*ot. 7 n . In South' Africa and “is a market; !<»* in A*”] 1977. indicating a large troding companies. Milsu- tie-up wlih Eidai bur-which ls maintained at S centa per 

iW - subsidiary', m .stake in the Heimdai .gas-fields ra S ersta red leader in the television sector, i mueh worse performance than bisht Corporation is owed a total nevertheless depend on Eidai for 5 hare. 

a 52 pereefltsUka in Norway's sector, and aSper IN THE pretifnisarv report for has reported profits up rroini m °.st. industry, analysts were Y2.6bn. from Eidai Company a critical share of their sales. 

Tpspgs bring the cent, ^take in the UJC. Braefield. 1977. Fagerata. the Swedish Rg.sm. to RU.3m. (S13m:i at [heprerfictlng. itself. Sumllomn is owed Y 1 . 9 bn.. Nor does it include creditore p onQf l Q 

paul Rted •deficit since p 0 j. hoth fields, development-is spe»nal steel and rock drifting nre-tax level for the 12 .months; Yesterday, ihe Tokyo Slock Xissho-lwai is owed \ l^bn_ and w>hich may he forced into bank- \^3.I1«Q3 SIOW S 

flft 1972;to KrJf08m. being studied but-has not yet equipment manufacturer, shows 10 end-Deeember After increased Exchange announced that it will Toy© Meaka (it>e!f an ailina com- rupicy before Eidai can make t* ■» 
g" costs 1a*t year-he.en definitely.decided on. .The a loss of Kr.70m: (S15m.1 tom- la v and a higher proportion of ; investigate Eidai share deals in panr) has Y5O0m. outstanding good ite debts. So the .MSpbn. fvOClfl SrOWth 

• rJ9reoinpared Norwegian governraeat.-recently, pared : _wtth pre-tax earnings of 0r0 fits attributable^ to^ the 50.1 Ihe .several, months preceding from Eidai. . figure for liabilities in the Eidai , ^ .. 

Ton in 1976. andTecoramended. snbject io parity. Kr.4Tni. in ' 1976; writes.' John p er cear ^nvned furniture group/ Eidai's collapse for evidence of H Ibe Osaka District Court collapse Is an absolute raimmum. the intep. 

- .Awpertiqr. eosjmantaryapprora!. that the group Walker from Stockholm; - EUerine." which became a sub--!insider trading. . .. considering closing ‘down wide 

group was. formed -should' W given -a 5-percent. The company’s turnover for : S idiarv thirin» rhe vear earnings A derailed breakdown of the T m« . 1 _ 11 1 

'***?}*• * f -stake _ irfblbc k34 / 10 . th^most 1977 rhsefjy KrlS5|S. to a .total £^u£ from 49 t.to 38e. - J amounts-owed by Eidai Com- Japail MetSlS SUSpeilded Oil lOSS Sie^ ho*dh£ £5 SroSS 

deficit,-.- Of: =tbU promisiBg of W ftew Nertli Sea of Kf.J3tai-(SO^bn!). The re -\ v T h e group is switching 10 a Pany mot - including sub- ^ r result Profit for the DpcpK? 

30 year-end, and 1 10 'J -RY YWO SHiBATA TOKYO. Feb 23. half 0 ear dipped^ 


“ ■ Sictl anu rDtA QIIIIUI^ D rpJ 3 T lor IllC Vi Jlninirra : icxiciym;. uiu'-r - ’ ” i f J,. j . j v»^**^*^ UAV rr sj 

jmenl manufacturer, shows 10 end-Deeember After increased Exchange announced that it v/il! Tnyo Meoka (it-e!f an ailing com- rupicy before Eidai can make |> | - 

s of Kr.70m: (S15m.l tom- laJ ? and a higher proportion of; investigate Eidai share deals in panr) has YonOm. outstanding sood ite debts So the .YISpbn. ROClH SrOWtu 

J with pre-tax earnings of arofilrattrlbulable to lhe 501 ‘the several, months preceding from Eidai. figure for liabilities in the Eidai ' VA “ g* T 11 

m. in 1976; writes'John l SJfSSU I urnllu regroup, j Eidai's collapse for evidence of H the Osaka District Court collapse is an absolute minimum. 

; er from Stockholm.; • Slerine. which became a milder trading. considering closing down “ 

%w%y B< 3r:iSS|m!7i r total I^VhRns^eK^^ajMtte.*^! amounts - owed by Eidai Com- Japan Metals suspended on loss °re its h c o13S/ n S ra z" * 


TOKYO. Feb. 23. 


}X i 


96?a. has been-i pent bloeta. which the ■ government suit doMnot Include the profits Ju j, e 30 vear-ead, and a ioc si diaries) to its principal erddi- AY YOKO SHIBATA . TOKYO. Feb. 23. h .. • 

petcdlBiun finds.Intends ts eptn up fay Oil' 2 nd 'of Fagersta's mlnerity holding tii i Ql orim dividend has- beenp ln rV. S |P WS _ the figures .upan METALS and Chemiral The marked deterioration was SAl.O'fim. (U.S.S12m.'» after a 
nado. - ■ ■ • ; prospecting. _ ■ ... .the SECO Toojs Company which declared, with the promise of 3 ! Corporation. Japan's foremost blamed on a sharp fall of ferro- 6 per cent decline in sales tn 

by investment a nd - Saga Prtrokjemi. the petfo- amoiinted to Kr.tSrn. # further declaration in August “JFJ .ferroalloy producer- reported a alloy exports resulting from the $A27.Im. tU.S.330.9m ). 

•pbase^Saw -.cmiDj chemicals suhsldian\ had ■ The loss is slightly larger than .. 3ub j eet l0 „ 0 further general !2SVnIen t » ,C ?i*i!i ? current account deficit of yen appreciation and production Activities m Canada, which 

S* 1 SLf%dm S?Sr ° he ^ delerioraUon lolhe economy.. hi5k borwrin- tS1.5m.) for the fi^al.curtailmeni of blister steel. Sales showed a slight improvement 

lnvastmeate-is a vaitnfer wdWi Ellerine accounted for RB.lm.i! 1 * 8, JJJ. 111 hA* therefore y<* r 197". pnded m Recemhcr. were Y77./rim., down 11.3 per Iasi year, were hampered bv the 

-ay-. whiob -js -and Rtatoil- tn_the, new .petro-.- The Board, recommends that , T^ilpiex'* Rjlfim nrofils.i nn . i ^ xnererore. . Ha.. r ease rrom the cent. siuorish »mnoinv anH th«» R na rri 

i.^.. _ .* Rjifnpc Mdlp’rh shs" h^lF th^ Amount vssif^ laut j Acquired' near the end of th ®! on^fnaUy'^cstimated**- YToim 6 Yl.06bn. P profit recorded in the However. Ihe company shewed is suspicious of the newly-elected 

y’sJrtlL*'Jlir* ha f ^ am ?^ Bt p ?* d Iart television boom, it has prpvidedj ^ ^ another Y30bn in bank previous year. net profits of Y254m. (Y5lSm. secessionist Party Quebecois. Mr. 

t. in the Nbrisegi^n- overrunf. coiwtruction hold-ups, year. vital offset, to Tedeiexs TVu^.- viami <..k tn the liaht of the oerform- in 1976). Allan Gawler. Rocla's manamn? 


: ‘ Georg FiscJier improving 


“subjeeT W no tunper general — ■ —y— - - current account defii.it ot yen appreciation ano production Activities m Canada, which 

deterioration 1 b the economy. injriuae com•"«"* y^tQm. (SI.5m.) for the fiscal .curtailment of blister steel. Sales showed a slight improvement 

«i7' EUerine accounted for R9.1m.i- ■ «u da «. R hooks therefore’ •'• par 197 ". ended m December, were YTT.nbn., down 11.3 per Iasi year, were hampered by the 

ixSoi!!?'i^fiwo : -^.Vj •'A > of Tede]fix's TUUm. profits.[_ ntT)es ro yaohn instead of ihe '* shar P decrease from the cent. sluggish economy, and the Board 

' Ihar? IlhJ i a«I Aequlred near the end of j h S'oriKinally estimated • Y70bn YUWbn. profit recorded in the However, the company showed is suspicious of the newly-elected 

‘ ha,f ***« amouat paid la* 1 ' television boom. it has provided f P *, 5 - another Y30bn in bank previous year. net profits of \2Mm. (Y5lSm. secessionist Party Quepecois. Jlr. 

coiwtruction hold-ups, year. . | a vital offset, to Tedelex's TV inr^nS hv Eidai " sub m the light of the perform- in 1976). Allan Gawler. Rocla's managing 

business. kid'iar'ies and affiliates 1 an «?- trading in the company’s They kee no sign of recovery director, is currently in Canada. 

---' Although Daiwa Bank w easily *»cn*.wa« suspended yesterday for the current fiscal year, the The croup is unlikely to pull out 

CoUwonnoc - Eidai's hiccest creditor: other by the Tokyo Stock Exchange, company suspended - dividend of Canada entirely, but it is 

OCIIvTCppca • hank* and-trading companies though dealing was expected tn payment (Y5 in the previous probable that operations may 


Schweppes 
slump in 


I face large writeoffs too. Tn p.vr-.be resumed to-day. 


cease in Quebec and Ontario. 


\ Ti *' 



A . ..7 -by-john wicks- - juwch, Feb. 23 . | Mutup • • 

robbed r; cobmany GROUP tiffoover .ijf’ the Swiss market* and the export potential . RHodCS!*!. 

voise d’lnstrun^nU engineering .concert?^ Georg of Swis^baXed works is hecom- . 

(SIP) record* -» Ftsch??. ..-reached ,-SwFrsl.4hiv ma increasingly Impeded. »y T mmr Mawtuos 

:tti anmialt n6t-hiss (SO^bp,).: last ..mri compared The casting and plastic pro- . SALISBURY Feb- -3. 

o'9m and SwFrs. with. SwEral.34hn> in 1976. while ducts sectors are seep as profit- THE RHODESIAN subsidiary of 

- two previous, vears the volume ef ;new orders ing particularly From an expan. the Cad bury-Schweppes group— 

iJJflO ■ ($52,000) in improved by 10 per cent and » j on in sales, while uncertainty Schweppes Cearral Africa— 4 o-day 
ver rose to Sw.Frs. the total order-book value by 12 exist in the fifW of machinery announced a 74 per cent, fall 4o 

n.) for flic'year, ak per cent. and-plant operations. t^x-ed profits which the company 

1ft Sw.Frs.SOfim: til * AecOrding to the proppeclus to . ' . + ' ;+. . +.. . . attributes to the ileprasseii ecou* 

- Frs.46.5m- in 1975. a S«iFrs50b». bond Issue.by pRieni ■ . • • - :• .-• emic situation in RhndwiR.and 

d• will again -be.company Georg Flgcber AG. of:RETAIL turnover of thtf. Swiss “extremely-tough operating eoo- , 

-Schaffhausep, group -profits went discount chain Depner .AG, r .of. ditioiiK " .notwithstanding.-- the 
•*- . -w up i'n 1977 despite a conibiiia- Zurich, totalled Sw.Frs.708.lm. operation o(, U.K. ecdtramle rah?- ; 

,d group - Vales uf'tion. of - the uufavourahl? ($38&9m.} last year, or.*IWuty tions against Rhodes^ 

0d-«rocesSfne firm ecottomie conditions. ~ more than' th* SwiFrs.704.Siti. ' Schweppes eompieced » major 

eh.' Rorahbacfi.-rosa Ip view of the concern’s good booked.foe 1976.,With an expan- new factop project In mid-19r6 
o 'Bw.Frs.149m. market position and - intensive aion ol the chain of shops rrom and has since embarked upon a . 
qfnrt Sw.Fra.146m. cost ; control" . Georg Fischer 138 lo 146. this meant that turn- programme of modernising 1(5 
lareholders contain- hopes to repeat the 1977 results over per outlet dropped by some poor or aeliveo’ ana trunk . 
al turnover figures this -year. >' A further rise in 5 per cent.'over the year. ■ vehicles in an effort to restrain • 
per cent, fail in the group turnover .'Ts anticipated. . Gross profits were also lower distribution costs. -. 

reel sale* by the given unchanged exchange rates, a( Sw.Frs-I2.ini. (Sw.Frs.14.6m.). . Toe chairman sayv i that, 
ffj, ttf Sw.Frs.6r.8ra. even-though no major recovery and- not profits at Sw.Fr«.«.3ro. Schweppes should be in a rtrone 
i.f: * ■ ' is -anticipated in international (83.4m.) against Sw.Fr*‘. 9.3m.‘ posttioo to exploit tlte growth’' 

- - . ■ -■ ■ -^- - . . .- — ---— . .*3 that..should malerialise Tn. tlte 

•: • - : , • ■'- • . ... -• ■ . eveat of a successful, coaclusiou 

■- . ’ ' to the present political talks. 

I ; r ~, Schweppes Centra) Africa'has 

- v - - ~ " - t ii >'«i a _ — ■ ^ heen exefuded from .the^ : Inter- 

ERCOM INVESTMENTS - v S5SS52S 

*&--• -^ —* -• .sanctions my« the Ci^irmah. 

>■ ■ IlflIVfiik Nr. -Mike Currie, _ but in the ' 

I IMI ri*ll X Ml m event.of a.successful Bettlement . 

* LI ml I CU • ~ML “Mnp of economic • 

mPhN>HB sanctions-rthe .Rhedealao com- 

(JncortwttMd m the Republic of South Africa) pany would be able to parti eipate 

in *t Jeast seme of.-this expansion ■ 
and diveraifieatioti.' , • 

. - ^;J5STERIM PROFIT STATOftENT; '’ - i-i - V 1 ' ' 

" S'J T: % S' ,... A? Israeli bonds.,; ... 

** - ■ ■ -••.-* 111 3 |.12.77 " 31.12.76 Percent age 8^ 

000 . R’000 - R r 000 Change reCeDtlOH 

)96 Sales to third pftirties 7.: 56.610 54.450 ■+ 4.0 . . 

J40 Income before tax ............... ' 3 ’1^ - " ?“221 ~ 40 S tel aViv. Feb. 23 , : 

J82 Tax .. *«•> . i.r/5 the Israeli investing-public 

■ ' -- . -- has given a cool.initial reception 

•; ’7S Income'after tax ......2,721 4.126 ■ : - L° 

■ J6S - Outsit shareHoWers’-interests - 192 ::^IS - - S wtfrof » 

— ; - - ’ " r ' 1 ’’ - - - ' .. ‘ ' __ _ per cent., to riSCs-IP tbe 'cosi of • 

■ H6 Earned for Ordinaries. 2,5Z9 . 3.911 —35.3 * living index.. Only just- over 

__ '.-■ : | - >f oae^tbird. 35m. Israel pounds.' 

wr-p^tejwwiw)H«6 Ji«M2 ;• Wi 

9.9 Eamine? per sifarer-ceRts.:. 18^0 - - 2t.9 -t-3o.d sold to-day. 

- 0.4 Earnings per share—pence... 19.7.::, 1S.S The dual linkage means that : 

■_ the buyer can decide at ihe time- 

«PITAtOT>mj*r_ tTSS'SS 

-' Eommitments:’ . . - 31.12.t6 dollar rale, prevailing .at tHit 

Contracted -for ,...■__. ■ - 1,089 3,543 -.. ■ tim?, or Recording to the iadex 

Aj»thnn«ML-hu* nnt vet ‘ '■ The bonds were offered le-day' 

- fLM '. : :AUU3mnsea_ D u t_ TlOt^>et: x- _ 0 -- . - at par and from to-morrow will ' 

oraereu ..—. ,So ® - .f 1 "- “ be ‘sold at par plus linkage 

■ - 1 differentials which, .however. 

h-_ - r i •.. j. - 1.427 '4,262- - ■ ■■ will-j.be fractional in ■ the first . 

€ - vr i scii-'.r 7 -: ~ r' There was practically n'u ' 

.1 .■ ? - -"-t " . . ’• Interest in the two other new .- 

TAX ' issues offered to-day ..one linked . 

he ^overall rate- of Ration has benefited from coptfpUed new plant Sh^otbe** Ui?keri U 8e" per-ceiitf’Iu 

ment^esultingincapital allowances. ■ V ■ . ihe cost of. living index. Each 

l ; .'•- . '. -1 ■■'■. • • • issue- consisted of bonds to -a 

-/ - SjBIVlDEVD * face value of 100m. Israel 

.n interim dividend of S cents per share (197&—10 cepts) has \)een . . -- 

ed - =to shareholders .registered off i Oth-March 1978 abd’^dll be paid Club Mediteirariec 

about '3rd Xprll l^S. This dividend absorbs ^123,6^0. its present CLUB Medite^nce is^ptao^og 

. «g equivalent value is 4.7 pen<;e per share. ' “ KCr1 «P. Cnn ; 

° M r a W jx c j • iolidated net profit for the year 

By Order OF the Board. ended - October 31. 1977 wan 

- “• r) T MeT/HTRHI T-Jtf \r>tfr+*xr\’ PYb.6IJKih. Rffainst Kfa53.Sbn'. in 

-- /ltS , e .- -;■ , r ;- *. j. ^ ... the previous year. Tit*proposal 

iPHiy 1915: "... - .- ... dividend for the.- year was 

FrflTsn'agalnsi FrsS.3S,-a share 
•' _Reuter 




UNITED 

IIMTERIMATIOIMAL 
BANK LIMITED 


Highlights from the Audited Report and Accounts at 31st December,1977: 


)96 Sales to third parties :.....7.; 

140 Income before tax ............... 

102 Tax . 


- ; :*7S Income'after tax. 

H®"‘ Outa ^shareholders - interests 

• H6 Earned for Ordinaries ......... 

)46: OrdiraryShares In issufe .f *000) 
9.9 Earning? per share—^ents.:. 

- 0.4 Earnings per share—pence... 


31.12.77 

31.12.76 Percentage 

. R’OtiO 

R r 000 

Chanse 

56.61 ft 

54.450 

■+ 4.0 

3.494 

5.901 

-40.8 

773 

1.775 


2,721 

4.126 ' 

: 

192 

::2is 

, ^ . - „ 

2.529 

3.911 

— 35.3 

14.406 

" 14,042 


18.0 

-- -27.9 

— 35.5 

10.7, 

: 18.S 



Liabilities: 


Capital 

Subordinated Loans 8® o 1982 
General Reserve 
Unappropriated Profit 

Total Shareholders’ Funds 
Contingency Reserve 
Dividend Proposed 

Current & Deposit Accounts & Certificates 
of Deposit issued 
Other Liabilities 


Assets: 

Cash on hand & money at call & short notice 
Short term lo^hs including £18.747928 
of medium term loans maturing within 1 year 
Medium Term Loans 
Other assets -. 


Profit: 


Profit before tax 
Profit aftertax : 


1977 

1976 

£000 

£000 

6,000 

6,000 

2,000 

2,000 

1,750 

1,300 

47 . 

... 4- 

9,797 

9.304 

300 

300 

270 

270 

208,616 

202,390 

3,525 

3,717 

222,508 

215,981 

39,751 

42,820 

99,444 

86.789 

77,911 

81.827- 

5,402 

4.545 

222,508 

215.981 

1,603 

1.695 

763 

803 


CAPITAL “EXPENBITURE 


Commitments:' - . * ' 

Contracted -for-....' —*. 
... : Authorised but not - yet. 
ordered 


31.12.77 

1,089 


"31.12.76 
i ■3,343 


1.437 4,262 


he ^overall rate- of taxation has benefited from cpiit&ijM new plant 
ment^esuitingiilcapital allowances. ■ "V ■ 

' ' ^mvId^bD ■ 

.n interim dividend of S cents per share (197ft—10 cepts) has V een 
ed^to shareholders .registered oir ) Oth March 1978 and' will be paid 
. about ‘3rd “"Apr)). 1978. This dividend absorbs ftl, 12$,6fi0. Iis present 
ig equivalent value is 4.7 pence per share. 

By Order of the Board. 

. D J Me^UGHLTN'.Secreian-. 

sruary'lUVS: • V f ‘ ■■'■.P: - ■' ** 


Extracts from the Chairman’s Statement: 

Net earnings, aftertax, were £763.225 representmga5°o decrease on1976. The Board recommends maintenance 
of the dividend at4JV General and Contingency Reserves amount to C2.050.000. 

While foreign exchange operations continued to be profitable, earnings were affected by the lower Sterling value of 
the Bank s foreign currency assets. Profits from medium-term lending were also lower due to reduced demand at 
acceptable margins. Furthermore, in view ot the generally unsettled economic conditions in the industrialised 
West, the Bank deemed if prudent to continue to make provision against its loan portfolio. 

Balance sheet totals stood at £222.5-million. While medium-tenm loans were reduced to £779 million, short-term 
commercial lending continued its expansion.- Fee generation "more than doubled during the year and primary 
activity in Eurobonds also developed successfully. 

The Bank's presence in the United Arab Emirates was instrumental in extending financing in the Gulf area and was 
a source of continued profitability. 

In 1977the Bank created a subsidiary in Jersey. Channel Islands, to provide investment advice and managements 
the new United International Bond Fund. 

The Board believes that with the present management policies the Bank is well placed to reap increased benefit 
from the diversification of activities undertaken during the year. §; r n onnan R Biggs, Chairman 

Copiesofth&Fui! Report and Accounts can be obtained from W. E Davis. Secretary, United International Bank Limited, 
30 Finsbury Square. London EC2A1SN. Telephone . 01 -638 0266. 

UNITED INTERNATIONAL BANK LIMITED 

Shareholders: Banco de Bilbao. Bank Mees & Hope NV. Banque Francaise du Commerce Exteneur. 
Bayerische Hypotheken -urid Wechsel-Bank. Credit du Nord, Crocker National Bank, PKbanken, Privatbanken, 
The Bankof Nova Scotia. Williams & GlyrYs Bank Ltd- •, 



























RV-.rV-J.-f'ii 


BY JOHN BRENNAN 



Events leading tn tin* ptir- 
chase. valuation and subsequent 
establishment or losses on one 
of Regional Properties' develop¬ 
ment sites provide shareholders 
with a rare glimpse behind Hie 
scenes of the property world. 

Regional's approach in this 
site also provides an insight iniu 
the problems facing a company 
which lias to balance commer¬ 
cial expediency against share¬ 
holders' right to know. 

The site is St. Stephen's Pre¬ 
cinct. two acres of housing, 
hotels, and converted offices on 
the Cromwell Road in the Royal 
Borough of Kensington and 
Chelsea. 

St. Stephen's Precinct was 
assembled in the lfMHK hv a 
private 'property developer. Mr. 
Edward Pintles. Mr Pin cl os 
discussed the comprehensive re¬ 
development of the sitp with Hie 
local planning authority. But 
by 1973 no concrete proposals 
for redevelopment had bepn 
hammered out and Mr. Pinelea 
decided to offer the site for sale 
by tender. 

In April. 1373 Mr. Pun-trs 
asked Michael Laurie and Part¬ 
ners and Jones Lang Wnotion iu 
invite tenders for the sale of the 
site from a number of property 
companies. Around fin companies 
were approached, and Regional 
emerged as the purchaser. 

At ihe tune uf the tender in a 
'otter dated April 26. 1973. Mr. 
Neville Conrad. Regional's chief 
executive, write to Mr. Sidney 


Kayp. the architect who had 
drawn up provisional redevelop¬ 
ment plan? for Mr. Pinoles, say¬ 
ing that “I intend to make a very 
bullish attempt io acquire liere." 

Mr. Conrad'.*, “bullish attempt*' 
resulted in Regional outbidding 
the competition by a spectacular 
margin. The £9.5m. eventually 

paid wj? 13.5m. more than the 
nearest tender, from the Fir>l 
St tu.'iiiye Investment Trust, and 
£2 5m in ore than an earlier i.ller 
from Raglan Properly Trim. 

Mr. Omrad later explained, toe 
purchase in a circultU In ahaic- 
imldcrs on August 10. 1973 The 
circular announced die purchase 
of '"tiiia outstanding freehold 
siie" dnrt Regional published a 
comment *m ihe value or this 
acciuisiliun b> .Junes Lang 
Wont ion. 

In .« Idler to JLW or June 12. 
1973. Mr. Conrad mnflrmcd ih:i* 
the firm would hr abb- to submit 
h enmmcni on the value of 1 h»- 
<ile despite its earlier association 
with ihe sale. The Slack F.x- 
rhanue merely asked that Hie 

i>rliflc:ili* bn signed try ;< part jut 
not connected with Lhe tender 

Jones I ..in.' Wool inn wrote 
that, on the information it had. 
and ■* subject (i> planning ;»«-r- 
ini-sion heing obtained! the 
consideiatiun paid by your emu- 
pan* fur ihe freehold interest m 
these properties is reasonable." 

Whai shareholders were not 
mid \ms ihe quality i.f ihe 
infnrm.itinn available In JLW <jr 
the pro'pcfis of receiving that 


all important planning permis¬ 
sion 

Just who misled who at the 
lime of the purchase and its 
announcement remains to be 
decided in court, for a tangled 
web of litigation has been, 
woven around the St. Stephen -s 
purchase. 

St. Stephen’s has spawned 
three lpgal actions to dale. 
Kir-i. Mr Charles Hudson, 
former chief planning officer ai 
Kensington, has been charged 
under sections of the Public 
Rndies Corrupt Practices Act of 
1SS9. Secondly. Mr. Conrad has 
sued Mr. Pinoles. .Mr. Hudson. 
Kensington Council. Michael 
Laurie, and a Michael Laurie 
partner claiming “damages due 
lo fraud and/or conspiracy lo 
defraud.. “ Finally. Mr Pinoles 
has Mivd Mr. Conrad for libel. 

Despii'* Hie :■ gal confu-um 
>;hareli*iltiers willing to delv.- in 
Companies House have been able 
m work out the east uf ihe St. 
Stephen’s deal by -sitidying the 
subsidiary acemints of Regional. 

In March 1976 ‘be -Me. an.I tne 
bulk of the group's deielonmcni 
properties. Were profcs-Mmaliy 
revalued on an oj.cn mark el. 
existing use basis. At Mia. time 
SI. Stephen's was 3a illy written 
down to jir>l -iSi.l4.uoo :-'ter .« 
£2.044in. transfer of properties to 
tin* holding compa.ij. »mlguii.g- 
Ips- incumc added £3.97nv lo Hi-: 
£9 Sin purchase f*isl. making Hie 
iivela 1! i.is-' around ilOm. exclud¬ 
ing any subsequent losses on tiie 

transferred properties. 



that -“Tbe' Bdata'.^efes'j.BOt 
sider itappropriate’ TO a t Mveir 

professional ffl®' 

velopraeot sites; until.sucft 
as ’ planning' .'-.pennis&on"^ » Af 


put for. 

against- the reduction■_ m. vafiifc, 

•-of this site arising f&mthe 
..sent uncertainties &irtowdi*£*- 
development projects of . J^SSSoSk 
3126-. . - • a; ,-fonnaj:^‘T^ti^tfe: 

' :But on September 24; 1974,. Regional: ' .’ T < r ;. •£' 
Mr Conrad wrote-to Mr;5anwel - No mention was made.. 
Levy at Jams' Lang Woottgn- ggr reyore' efforts:•»;«$ 

- . .L.... jg, TtiiTXJTS aivAillltS. ' • ■ - 


• -ft UQVCluWUiCtf l atm. !»•«•« ■. — - ■ r - , ■ 

-chased as such;1 see no .reason stored . valiwnoi^,. 4TOi 
why the eristins properties could sorve-yors^— 

•not be chargeable,- security for advUetk .te. 

_• • _ l^mm nncitlnr) Ifl • MQAffPit^f.. 



St. Stephen's Precinct, locus of a mass of litigation 


Jjftfeii JlshuocH 


Part disposals of the -site may 
have since retrieved pari uf the 
com. But the part >alca also 
eliminate any possibility nl a 
comprehensive r-dev-.-l ipmcnt 
by Regional, and crmlv establish 
tin* massive fall : n vaiuc from 
tin- ** outstanding “ develop men: 
of 1973. 

The jest of the “£45m. develop- 
mem programme" announced by 
Regional in J973 has fared little 
iifiit-r. Subsidiary accounts show 
that ihe group's £3.3m. site in 
Clemcats Lane, E.C.4. cu-t around 
£4.3m. overall by March 1876. 

1 1 was written down tu £t.6m. m 
iliat year and has since been sold 
lor around that figure. The loss 
here is increased by recent 
refurbishment costs, and could 
now total £2.Sm. or su. The 
croup's £1.6m. scheme at Clap- 
ham Junction. S.W.11. cost an 
overall £2.4m. by 1976. and was 


then valued at £504,750. a Il.UlTL 
loss. 

Regional's “ Project Great 
Western" siie in Ealing .cost 
£4.5 m. Accumulated interest 
charges less income pushed 
the overall cost lo £6.5ni. by 
March. J976. But here the direc¬ 
tors have adopted a different 
valuation basis, as the site is 
still held for development. The 
directors have used the unusual 
valuation ha«is of properties with 
"development potential dis¬ 
counted for an appropriate time 
in which lo secure a lessee." On 
that basis Ealing is valued at 
£3..5m. Ali the - other major 
development sites are now held 
for resale and have been valued 
nn an open-market, existiug-usc 
basis since 1976. 

The dynamic expansion 
directed by Mr. Conrad in 1972-73 
has cost Regional dear. The 
fdOni. company he joined in 


1972 with plans for "an aggres¬ 
sive development programme ” 
reported shareholders capital and. 

reserve.-, uf jusr £lS.3m, less 
than.six years later, it could be. 
argued, that Ihe unfa rum ate tim-- 
in? that left Regional—along 
with many others in the property, 
sector—with increasingly expen¬ 
sive debts and undevelopable 
sites, is now part of the history 
of the properly crash. 

But one aspect of that history 
has not previously been written, 
and it throws an interesting light 
on Regional's management style. 

This concerns the commission¬ 
ing of a valuation of the St.-. 
Stephen's site, rrnnt Jones Lang' 
Wootton and Oh ester tons in the 
autumn uf 1974. The results.of 
this work were never published. 

In Regional's annual accounts 
Tor the year ended March 31. 
1974, published in Sepfemhe^- 
Mr. Conrad told shareholders'- 


a most oeanso vatnauim auu-uuo 

*?> .»* ggg§g$8jSSS& 

On October 2.1974 Mr. Conrad gave '/tire* properties vs/i* 
confirmed Instructions, for JLj'' book •; ofi.t teeVT] 

to value.. St.. Stephen's anplichbte^'’hettreBt^yrai" 

basis of existing use ^alue 
mortgage, purposes as 

willing vepdor - and purchaser. RiotS^y^at* 
should” Mr.,Conrad : 

emphasised in the valuation .lua.v £L 5 tn,-r 
no account has befen taken or any ^ : JLW’^add::C 


piuitu u»i 7° “• iiav UJHL, iii'iTiij. ivewuii 

—that there - clearly . ; 3am& 

-■ deveiopmtain potennal...; development 
.and Chestertons (who wew to■•wbnWt.^Lfbertfotc^fliiw 
value the residential.property pn anpearcd Jn' the^gronp’^ ai 

site) were to share iL fee ;.or v^ ec k on ^ittd 

£7.000. •. .the iisS-baSS; ; -d 

Mr. Conrad wrote - to JLW.jti: aod Chgsterton'&^iabylatlr 
the following weeks pointing, out tine >Swth -liehferrf^jn 
comparable office -rents in- the industry ; praptfee.^4^?t»Q 
area, and poleadar V gowd estate not publish jrtdjyida$£:pj 
management. benefitSi" But an valhatjons'. 
informal meeting .showedj that- Reg'tottal's^ deqlM^r'i 


its 1973 'cost, excluding r-suhi.;4haf ^ the 

sequent interest, charges. Chesier- 1 forbial publica 

ton"*' eventual valuation showed . Rostonars 

a figure of £l r 323m. for the resi- hdd". TO the; 

deniiaU and Vhcitel properties, fofrhal^. obUgatt<rt^-^#f; 

JLW's schedule 1 of the dooimer : 4*scldSTrre by propewfeffiJd 

cial properties’: - amounted^ TO- in ftitotc: - 

, r ; •• t.v.. 


D BUSINESS 



'll 


;SM— 


m) for Industry 

LONDON. N.ll. 


ALPERTON, Middx. 
10.640 &q. (r. 

ASHFORD. Kent - 
from 6.0C0 sq. ft. 
BIL5TON 

5.870/12.000/24.000 sq.fr. 

BRADFORD 

4.800/14.400 sq. ft. 

BRIGHTON, Sussex 

9.210-43.460 sq. ft. 

CAMBERLEY 

10.000 sq. ft. 

CLAYTON, Manchester 
units of 6.421 sq- ft- 
and 14,113 sq. ft. 
COVENTRY 
5.000 sq. ft.- . 

250.000 sq: ft.'; . 
EDMONTON. N-l*. 
85.000 sq. ft. 

ENFIELD 
50.000 sq. ft. 
ERDINGTON 
15.474 sq. ft. 

FELTHAM, Middx. 

52.000 sq. ft. • 
GILLINGHAM, Kent 
from 5.000 sq ft. 
GOOLE, Humberside 
2.800'35.000 sq. ft. 
HEATHROW AIRPORT 
Middx. 

26.000 sq. ft. 
HODDESDON 
40.500 sq. ft. • -*'•• 

KING5 LYNN 
50,000 sq. ft. 

LEEDS 
11.490 sq. ft. 

LEEDS 
68.000 sq. ft. 

LEWES. Sussex 
3.850/38.000 sq. ft. 


LONDON. N.ll. 

7,000 sq. ft.- 
19BJ1U0 sq. ft. 
LOSTOCK, -Bolton 
New units 

I0.8S0-2MI2 sq it. 
NEWCASTLE 
34.000 sq. ft. 
•NORWICH 
Industrial land 
PILSWORTH. Bury 
New units 6.615 sq. ft.' , 
13.000 sq. ft. - • • - 
POOLE 

5.600 Sq. ft. 

READING, Berks. 

27.000 sq. ft. 

ROMFORD 
9.000 sq. ft. 

ROTHERHAM 

20.400 sq. ft. -•'* 

.SOUTHAMPTON - > 

20.000 sq.ft. - '*' 

STAPLE CORNER. . 

N.W.2. 

19.000 sq. ft.‘ 

SWINDON 
- 15,000 sq. ft. 

.TAUNTON 

'4.350 kq: ft; -•••'■ 

TONBRIDGE, Kent 
4.256 sq. ft.-28.600 sq. ft. 
TOTTENHAM. N.17. 

15.600 sq. ft. 

WATFORD 
34.083 sqi ft. 

WEST MOLESEY 
32JOO sq. ft. " 
WORSLEY, 

Greater Manchester _ 

2 remaining units 
4.050 sq. ft. & 

U.375 sq. ft. 

, WYTHENSHAW. 

South Manchester 
5085 sq. fc.-31,870 sq.ft. 



h i TSi tr l 

mTTfpl 

[Mtn 


j USjl 




King & Co 

Chartered Surveyors ■ 

1 Snow Hill, London, EC1 

01-236 3000 Telex 885485 
Manchester, Leeds and Brussels 



location 


For further details and an invitation to view contact- 

Richard EHis, Chartered Surveyors 6-ioSrutonStrce* London Wix SOU.Telephone: 01-499 7151 


R 



Ellis 


KEARSLEY Nr. BOLTON 

Within I mile M6I Motorway 

FOR SALE 

EXCELLENT WAREHOUSE PREMISES 

(formerly known as Kearsley Mill) 

Approx. 222,500 Sq. Feet (Nett) 

Fully sprinkiered : centrally heated; 

Extensive loading with 5 modern hoists anrf ample parking. 

SITE AREA APPROX. 7 ACRES 


!ES3£j&ai£ari 


.W.10. 




Prestige Self-Contained 
Office Suites 
10,300sq.ft, (approx.) 


L£SUE LPPOTT ft ASSOCIATES 


KlhnoTrJix-t’l 


FACTORY 
AND OFFICES 

51,000 SQ. FT. 

FOR SALE 

l 

5ole Agents!— 

b HENRY BERNEY ROWLAND & PTNS. 

HOUSE. 87 REGENT 5TREET. LONDON W1R 7HF. 
TEL; 01-734 3522/4 



Chartered, surveyors .... 
79, Mosley Street, Manchester,' MZ-$LP 
061-2226411 V 




__ PHASE 2 

b|i Industrial & Storage Units 




^-nwMnnikkSN I 


. vjtasiv:?;.. ■ 

m . 

v .: .• 


► III tl'A » 


■rifrai 





FO R OF FfCE -,f I^DjJST^Y 

^RWGMmMr W%24\ 


Ask for Bl i L CGB8 (H3Stii;gsrSn?ox?yf! umincii) 







































































ancial-Tiroes-Fnday February 24 1978 


AN INDIVIDUAL GROUND FLOOR 


CAN NOW BE PROVIDED WITH 








OF NEW AIR-CONDITIONED OFFICES AT 


; mi ['ITWi 


550LD BROAD STREET? LONDON EC2 

- • JOINT LETTING AGENTS 

_ Richard Ellis 

DOWGAIE Hill EC4 64 CORN HI 11EC3 

1 - 236-7831 01 - 283-3090 


Hampton & Sons 


NEAR FORDS 

BRIDGEND 

MOD. IND UNIT 

9.400 SQ. FT. 

FOR SALE OR TO LET 

■ On Q.82 Acrt Sits 

Barnes Kirkwood & Woolf 
1 

104 York Street.. London, W.l. 
01-402 0246 • 


Available now 

9,000 sq. ft. 

of carpeted, air conditioned 
accommodation together with 
full administrative servicer, 
within S miles of Central 
London at 

£2 per sq.ft. 

plus management charges 
Ring Shepherds on 01-499 0271 
for full details. 


y 

don 


CN THE INSTRUCTIONS OF BRITISH RAIL PROPERTY BOARD 


Edward Erdman and Company • Surveyors 

6 Grosvcnor Street, London WIX OAD •Telcphone-Ol , 629 8191 *Telex: 28169 
LONDON PARIS GLASGOW AMSTERDAM 


Property Board 


105-109 
Cannon Street 




For an international organisation 
seeking to establish a base in the 
U.KL, Milestone House could be a 
breafcjhrough. 

Your company needs its own 
building. 

A building that complements 
your reputation, but of workable size. 
Milestone House is one of the few 
buildings able to provide that 
specification. 

. MifestoneHouseisanew 
self-contained luxury office building, 
located in the heart of the City's 
banking area. 

It offers 13.310 square feet with 
the prestige normally associated with 
a much larger building. 

Firstly Milestone House is in a 
very prominent position situated on 
the North side of Cannon Street and 
directly opposite Cannon Street 
Station where main line and 3 
underground lines meet 




The Bank of England is only a 
' few minutes away. 

Miiestone House is an 
impressive and aesthetically very 
pleasing building both inside and out 
It comprises a banking hall on the 
ground floor and five office floors. 

The entire building is air- 
conditioned to maintain a constant 
temperature all the year round. 

Offices are finished to an 
extremely high standard and carpeted 
throughout.Two high speed lifts 
serve ali floors. Male and female toilets 
are provided on alternate floors and 
there are provisions for the installation 
of kitchens situated on the third and 
sixth floors. 

Milestone House could be a 
milestone in your company's future. If 
you would like further details contact- 




Richard Elfls, Chartered Surveyors 
64CornhiH, London EC3V3PS.Telephone: 01-283 3090. 

London Wl.Scpf and Beioum. r'ance Holland Spain. South Africa, Austral. U S A. Canada. Singapore. Hor.g Kong 


Richard Ellis 


Offices 
Office sites 
factories 
Warehouses 

Telephone: 

0733-68931 

Ext326 

Churf Estates Surveys* 
Peterborough 
Development 
Corporation 

ro Rox 3 Peterborough PEI UU 











__ -11^ ' A: j <- :.t 


leases to be assigned either separately or together 
contact Roger Dean 




13 Hill Street London WIX 8DL 


629 7282 




ROYAL WINDSOR 
1 HIGH STREET 

PRESTIGE OFFICE BUILDING 
TO LET 

Total Area 7.645 Sq. Ft. 

Car Parking 
Immediate Occupation 
Jo: n* *-e 




A-CJVost&Co 



ON THE INSTRUCTIONS OF THE RECEIVER 

CORNWALL 

BY AUCTION 
on 

7th April. 1978 
(unless sold previously) 

GLENHAVEN CARAYAN PARK. HELSTON 
Residential & Touring 
also 


LEISURE COMPLEX 
68 ACRES 

Planning permission for 125 chalets 
known as 

DOUBLEBOIS HOUSE. Near LISKEARD 
MILLER ft COMPANY, 

Mansion House, Truro, Cornwall. Tel. Truro (0872) 4211 



JS 5 !*wrj k _ 

mm 


i§L. 

; Midlandtiwpl 
Grey Iron Fouii. 

■{Capaa.tY;35Q tons a 

□□ GHrriley&sohP^r 

j □□ 021236 8236 

^ ...» 

■J, Benry' 

^ . - '• i20-.-'Cho'^3ide'^LdHdQp^-y;:^r^^ 

. EC2V .16 ^ 


Chartered Surveyors Property Consultants 


BLOOMSBURY WC1 

Self-contained 
Office Building To Let 
6,000 sq. ft. 


DONALDSONS 

70 Jermyn Street 
London SW1Y6PE . 

01 -9301090 .. 


Prestige Office 
Building To Let 
7850 sq. ft. 


ipswich & Chelmsford 
Shops in prime positions 


Mayfair/St. James's 
Small Office Suites 
To Let 



































































Provincial Offices 

Chatham 

Sovereign House,Pentagon Centre. 
.93,500 sq.ft 

Southampton 

Frobisher House.Nelson Gate, 
opposite Central Station. 47.500 sq.ft 
Norwich 

Elliot House, City Centre, 29.549 sqit 
modem offices.integral car parking. 

Bletchiey 

Derby House. Town Centre location. 
27,850 sq.ft new offices. 32 car parking 
spaces. 

Chester 

Windsor House.Prime Central 
location, remaining Floor or 
10.000 sq.ft in new building. 

Exeter 

Finance House. 20.000 sq.ft, remaining 
in air-conditonedtown centre offices. 


Two of (he 

juvcomwjton 


Suburban Offices 

East Sheen, SW14 

Period office building-fully air conditionedL 
3130 sq.ft. Central position. 

Immediate occupation. 
Richmond-upon-Thames, Surrey 
Self-contained air-conditioned office building. 
46.200 sq.ft. Centrally located. 

Immediate occupation. 

StAlbans, Hertfordshire 
New two phase office development which will 
provide approximately 24,000 sq.ft.net by 
Decembers 78. Adjoining Civic Centre. 
Battersea, SWlt 

Refurbished self-contained office building 
within a few yards of the Thames. 8.650 sq.ft 
Immediate occupation. 

Tolwortb, Nr. Surbiton, Surrey 
Extensively refurbished offices in a modem 
multi-storey building. 5,830 sq.ft.to 23,100 sq.ft 
Immediate occupation. 


\ Jjp.2 

A InspirationHit-luiiKTi.-I ^l.wi. 

27 28 Queen Street 
London E Q4 

A Complete Itetu rbished 
Period Office Building 
comprising' 
6,200 sq. ft. approx. 

TO LET 



* --3 

I lAltm 

9 ^ Is fia 








Chartered Surveyors 

T03McuitSlreetlJDndonVVT/6^ 
Tel:0l-493 6040 Tetex23858 


Eampton&Sons 


? Londun TC4 

-;:u — 012367831 



JL 

T 



WESTMINSTER SW1 WARDOUR ST. Wt 

M odernised office building New building. Two floors 

Three remaining floors remaining. Lift, central 

All amenities including heating, carpeting. 

9ara9e 2,000 sq. 1 

9,500 sq. ft. plus four flats. 

. To be let or freehold 

(will divide) for sale 

£65,000 p.a. ex. 




FKITISH RAH¬ 
IM FR-CITY * 

1 KHC.HTI INEK 
SrKRVICO 

2 IMER NATIONAL 
AIKIVRTs 

3 MAJOR 
SIAFORIS 



HOI?Or, FOR KFY WORKERS 
COVFRYMtNT FINANCIM. ASSISTANCE 
ATTRACTIVE COL'NTItYMDE 


AFPI10X 


400,000 


' Ml ' i@! IN! 1 MOl'jfOV.^S 


Si ;fij 

"S® wS, 


Mj l /^H \ x '\\ 


Ok | (40 000 m*) 

aP ON 30 ACRES (l2ha.) 

\\VV HIGH CLASS. SINGLE STORFY 
\ \ \\ AIR-CONDITION ED FACTORY 


/ :/ / / U % \ \ 

/./ / / h4 \ 

/ / a i \ \% 


New office building. Lift, 
central heating, private 
garage for 11 cars 

7,700 sq. 1 

(will divide) 

£3.75 per sq. ft. 

or for sale freehold 


PICCADILLY W1 

Superb air-conditioned 
office suites. Lifts, 
carpeting, acoustic ceiling 

4,750 and 
9,650 sq. ft 




M/ 


\ \ 


/: 

/ / 


DE&J LEVY 

Estate House 
130 Jermyn Street 
London SW1Y 4UL 


47 / i mm \ \ \ 

W! / Eli \ \ 

FOR SALE 

OR TO LET ON LONG LEASE 




Full particular* fmm the Sole Agents 


May Jt Ro«den 


77 Grosvenor Street. London W1A 2BT 01-629 7666 

anrt Cilvv< London-Edinburgh Pan, Arrvjleidam-Syiifviy ■ Melbourne-BnlDane 


CITY 

LUXURY OFFICE SUITE 

3,616 SQ. FT. 

TO LET 

★ LIFT 

★ CENTRAL HEATING 

★ SUPERB PARTITIONING 

Sole Agents 


DruceHous* . 

EST:. 1 23 Mancr*«*lefS<iu«™ 
1822 1 LondonW1A2DD - ' 
TelCn- 4661252 


VALUABLE SITE FOR SALE 

WITH DETAILED PLANNING FOR 30 HOUSES AND OUTIIN: 
PLANNING FOR H FLATS. IN NORTHANTS. 

Bargain for Quick Sale—£44.000 
Read? for immediate development. 

Apply;—. Mr. Escotx. 124. Church St.. Blackpool. Lancs. 

Tel: (0253-28932 or (0253) ZW37 (AutophoncJ 




INDUSTRIAL AND 
BUSINESS PROPERTY 
APPEARS Every FRIDAY 
Tlate C14 per 

Single Column Centimetre 



6,720 

To 


TTTTTn 


Prestige 


/13,450/ 20,S70 sq.ft. 

let in floors or as a whole. 

All Amenities. 


Tf4 01834 6454 


SURREY — FACTORIES 


18,142 sq.ft. GROYDQN-FGR SALE 

' Modern Factor/ off Purity Way 

6,050 sq.ft. CHERTSEY - TO LET 

Modern Factory with good Yard 


MELLERSH 
& HARDIiMG 


*3 ST. JAMES'S PLACE 
LONDON. S.W.1, 

01-493 6141 




PROPERTY DEALS 




__ 1 “ m ■ rjlfcg- to?ueer.>.y»s>feW» 

First tenant for 
Tour. Manhattan. 


Decentralised Offices To Let 

HampdenHouse, Aylesbury 

83.000 sq.ft. 

On onlv [our floors.Town Centreposition. 

Only 13 pexsq.iL 

Wembley, Middlesex 

2,400 sq.ft. 

Part of spventh floor of modem building. 

Lease lor Sale 

Caishalton, Surrey 

2,200 sq. iLE3.13persq.lt. 

Northwood, Middlesex 

2,000 sq. ft. 

S/csingle story 3/10 carparking spaces. 

Available immediately. 

Southend, Essex 

5,070 sq.fL . 

£2.50 per sq.lL 

All enquiries regarding these or oSierpremises to . 


Chartered Surveyors 


©spffip 


9 Wood Street, Cheapside, CC2V 7AR 
01-606 3055 Telex 8812798 

and in Mayfair ■ Kensington • Hyde Park 
Li til* Venire • Chelsea 


i uui. iTia 

it, „rw> ni -the Jareest EAiropwari ‘ Its- lefcng.^red uces: w r : 
offiw Settings decade, of julet, 

mann. the chcimrals dWJjnoJ square ..feet.. _ ... 
lie multinational group Pechipey ■. L • v ; 

Chimique Ugine Kuhlroan^- MS . ^ 

taken 325,000 square -feet of -the HILLIEP- 

hlu SiilSf Si 

^1976. A rent "Of.-between .^0 

and 500 French-,-Francs 

square metre reflects an e^eroent 

J? ritrSftHTtf size of- the’^ejottlng. 

told^g out for a rent"of over- 500 to. start 

France whicti is the asking, rent 5 ^, and fte sggqjh 

for the remaining space. ;; trading early iri -1^. _ 

‘ •j ."sL’. 


Farmland tops £ 

Farmland prices in Britain 
reached record levels last y?ar. 
and a great deal of •' ’tedd?. 
changed hands at prices well 
above that justified hv it^agricuP. 
tural potential- These- points i 
emerge from the latest' edition 
or Farmland Marker, published- 
to-day. , ' • ’ 

The ivrl.ee. yearly review of 
farmland prices i< published' 
jointly by* Farmers Weekly ana 
Estates Gazette in cohjunrtipp 
with Oxford University's-Institute 
of Agricultural Economics. / 
The February edition reports 
that average farmland prices rnsis' 


Tacr'cenf.'.dvtfp'^ft 
jnDtttbs’ hf ? : J B7T,.:in«q.: 
breach the ^ 

•for>toe. ; first :frrti^r at 
Pri ccs - aveca ge •H, J OS27' 
oyer_. ihfrwnol^ve^K fa 
-cent. :in crea sc ;.OD^i5cB5; 
1 The. report-notgi; d, co! 
challenge. 10: „th@* ; ^iittSt 
buying power Tronr^est 
i’armers;. \.€oth£££t$&&. 
farmers for ;lane adja 
their.-existinj:- tmWngs- 
as' la -key faefiw- ttewbA 
pfitws. .that *• r/n. ,'.-4jejn: 
rational value 
of ' ilk ■" potential 
return.. • L'.' 


VAF-Sracr T - .’ 




West Midland 766 
East Midland J654 


South-West 
South-East 
ALL FARMS 


L097>- y-m 


Tien 


MMll'Hd 


■m 


Mil* Ml* 




Duron 01 626 36 
Wright 


15 ARTHUR STREtrT- 
LdVDOiV EC4R 9BS : 


MBs 






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jFtajfciai; pnie$ Friday Februai>lv?#vlS78 



OFFSHORE GAS REVIEW 


BY RAY DAFTER 


on 


I BRITISH HAS INTERESTS 
IN THE U.K. 


I Hutton 
_ L 


the pricing controversy 


, LAND URGENTLY REQUIRED 

IN SURREY. . 

•ional company urgently seeks 2-3 acres of freehold land 
5*. or with a good chance of obtaining; planning 
ssaon for the development or approx. 20-25.000 sq.fL of 
and 16,000 sq. fu of light industrials space with 
iry storage. - -..J..--: 

Full details in strictest confidence to Box T4839 '■ ' 

Financial Times. 10 Cannon Street. EC4P 4BY : • 



FIGES TO LET 
I ndoit Suburbs 
J Home Counties 


iley. . 800 sq.ft, 

ley 1,250 sq.ft, 

bley 3333 sq.ft. 

Sng ‘ MO sq.ft. 

i Green - - 

4,000-88,600 sq.ft. 


•ERANGLISS 
[WOOD Surveyor* 

Wsct LcntlortWlYfiLL : 

01-499 6066 


NTS HILL 

hop to let 

ay sell Freehold 
ig area 690sq.ft, 
o flats above 
nking to rear 
ease £5.000 p.a. 


ISLAND OF 
MENORCA 

23 hectares of beautiful wood¬ 
land. Spectacular views. Shel¬ 
tered valley with Farm- House 
and Orange Grove.. Pennission 
far 20 houses., each . with 
10.000 sq.m. land. Rural roads 
constructed. Water., an site. 
Close to Yachting Marina. Only 
13 kms from Cap/cai and 
. . . Airport. . _ 

16 million pesetas. 

Write Box T.4826. 
Financial Times, - 
10. Cannon Street. £C4P 4BY 


U.S.A. 

VACATION PROPERTY 

600-acre private retreat-contain¬ 
ing 200 -acre fresh water lake. 
Lodge, cabins and pastures sur¬ 
rounded by tall pine trees. Air¬ 
strip, telephone and ~ power. 
North Idaho, U.S.A. 13 million 
U3. dollars. Contacts ■ 

WRIGNT-LEASURE CO, 
Realtors. 

999 Main 5treet, 

Boise, Idaho,. 

U-StA. 83702. 



TTn (TTT7J 

rrrE 



ity Housa, 75 High Stnw 
vood. C M14 4RW. 

i. 


prrtwood (0277)226222 ^ 


FACTORIES AND 
WAREHOUSES 


3500 SQ. FT. 

LET—RENT FREE 

jppen bazaar opening at 
jwall Centre. Northampton,- 
Mirth, on condition that 
rriw out connderabl* 
Would Ideally iuic 
r/wholesaler. for knoefc- 
or exhibition*. Oppar- 
o be muted. Vint »i« any 
, telephone • 1 . 

‘ Newroan (director) 

Hand Development Group 
/extern Ftvali 3494 


^ alf of Sketthfey Ltd. 

: ;! >dern offices 

j. L' URAL WINDSOR 
'3,000 sq. ft. 

TO BE LET 
. , * ply Solv Ajeim;— 

- • •* C. FROST A CO, 

Soccl. Windier. harm, 
.I:-Windsor b<*SSI • 


W1LLESDEN 

• ■ . N.W.I0 

FACTORY & OFFICES 

' 52350 «i. ft. T 
. FOR .SALE FREEHOLD 
Sole agents j 
MILLS & WOOD 
01-836 3841 



THE LATEST series of hear¬ 
ings by ' the Commons Select- 
Committee on Nationalised 
industries have done much lo 
lay bare. the rift which now 
exists between the state energy 
industries over the relative 
price of fuels. 

- At first sight it might look as 
if Sir Denis Rooke, chairman 
of British Gas, would be sitting 
pretty . 1 -.His. undertaking is 
profitable (even’, more so. this 
year): it has completed the 
programme uf conversion from 
town to natural gas: rising 
North Sea supplies are enabling 
domestic gaS sales to l>e 
boosted; and the contracts nego¬ 
tiated with oil companies over 
the past decade mean that gas 
can be sold at a competitive 
price. But if is-for these very 
reasons—essentially the last 
two—that Sir Denis'finds him¬ 
self. having to adopt an un¬ 
comfortable posture, buffeted 
on each side by the heads of 
the coal and electricity 
industries. 

The row flared up again on 
Wednesday when Mr. Glyn 
England, chairman of the 
Central Electricity Generating 
Board, told the Select Com¬ 
mittee that present gas prices 
did not reflect costs to be in¬ 
curred in future gas production 
and that they should be brought 
more in line with electricity 
prices. 

Price is rising 

Leaders of the electricity 
industry maintain that the cost 
of producing gas is about L9p 
a therm while the cost of pro¬ 
ducing electricity is nearer 8 p 
a therm. 

The Gas Corporation has 
retorted that the average price 
of gas delivered to its terminals 
(that includes transmission 
costs) is higher. What is more 
the price is rising. It is pos¬ 
sible that the average price will 
be nearer 6 p a therm in three 
year’s time as supplies from the 
northerly Frigg Field build up. 
Tile exploration and develop¬ 
ment costs of Frigg—an esti¬ 
mated S3bn.—has dictated a 
comparatively high price by 
past North Sea standards. 


APPOINTMENTS 


It is thought that British Gas 
might be paying some lOp a 
therm for Frigs Ras. The exact 
price is a commercial secret, 
complicated by the fact that 
Frigg straddles the U.K./Nor- 
wegian median line. It is 
known the Gas Corporation pays 
more for supplies from the 
Norwegian side than it does 
from the smaller U.K. portion 
of the field. Ei’en so Frigg gas 
taken as a whole is costing 
Three to four times the amount 
being* paid for supplies from 
fields in the southern sector of 
the North Sea. Here too the 
costs are rising. The Gas Cor¬ 
poration is conceding higher 
prices in the southern secior. 
largely on the basis that it wants 
lo provide an -incentive for oil 
companies to he more flexible 
in their production programmes. 

With this in mind Shell and 
Amoco are to spend £IOOm. on 
new production facilities which 
should extend the life of two 
southern gas fields, Leman and 
Indefatigable. The aim is to 
provide a higher flow rate of 
gas during the winter peak 
periods of fuel demand and to 
allow output to be held back 
during the summer months. 
This flexibility is important as 
British Gas will find it increas¬ 
ingly difficult to match the rale 
of supplies from northerly fields 
lo the variable rate of consump¬ 
tion. One reason U that opera¬ 
tors of an expensive field like 
Friga want to recover costs as 
quickly as possible: another is 
that licensees on fields which 
will yield gas in association witb 
oil (such as Brent and Piper) 
will have to gear the rate or 
gas production to that of crude 
oil. 

This leads us to the heart of 
the pricing controversy. So 
much depends on future sources 
of supply. If these supplies 
look like being severely limited, 
forcing British Gas into the 
manufacture of substitute 
natural gas sooner than forecast, 
then the coal and electricity' in¬ 
dustries might have a point. On 
this basis there could be a case 
for re-assessing both the mar¬ 
keting and pricing policies of 
the Gas Corporation. 

On the other hand, if offshore 
suppliers are assured into the 
next century—as British Gas 


maintains—-then there can be 
little justification for imposing 
a sLrict depletion policy or for 
arbitrarily raising prices in 
order to make coal prices Jess 
uncompetitive. 

The truth is that no-one is 
certain how much natural gas 
lies off U.K. shores. That is 
why Mr. Anthony Wedgwood 
Benn. Energy Secretary, has 
ordered fresh research intu 
potential reserves. The Depart¬ 
ment uf Energy has made the 
assumption that some-55 tril¬ 
lion '(million, million) cubic 
feet of gas remains to be 
exploited in L T .K. waters. British 
Gas puts the figure at nearer 
TO trillion cubic feet. Mr. Wedg¬ 
wood Benn has accepted that his 
departmental estimates might 
be understated. 

The Government's new 
Green Paper on Energy Policy 
is Far from dogmatic. Proven 
gas reserves are put at 2 S .6 
trillion cubic Teel and probable 
reserves arc thought to be 
9.6 tcf. Future discoveries, says 
the report, could lie within a 
range of 10 tcf to as much as 
50 trf, with “ perhaps a one-in- 
ten chance of lhe higher figure 
being reached." 

Major force 

Only a continued drilling 
programme can provide -iht* 
answers. British Gas is deter¬ 
mined to remain a major force 
in future exploration—indeed, 
it may need to he if Lord 
Kearton. chairman of the 
British National Oil Corpora¬ 
tion, is correct in his theory 
that as time goes by U.S.-based 
oil groups will desert the North 
Sea. 

The Gas Corporation has an 
exploration and production staff 
of around 55. some 35 of whom 
are graduates. Sir Denis would 
like to employ two or three 
times that number of graduates 
but his recruiting drive is 
frustrated by pay restraint for 
the nationalised industry. 

Sir Denis is finding it diffi¬ 
cult lo enmpete for staff not 
only against the private sector 
but also BNOC which is largely 
free of public sector pay- 
restrictions. This raises the 
question of whether Britain 
needs two slate exploration and 
production groups. The National 


Coal Board's offshore team was 
absorbed .into, the BNOC 'while 
British Gas fought hard and 
successfully to remain inde¬ 
pendent. The Gas- Corporation 
lakes the view that it is essen¬ 
tial to have more than one view¬ 
point. Not only that; it has a 
record of successful exploration. 

The Corporation has* an 
equity interest in a number of 
oil and gas fields -including 
Beryl (10 per cent.), Montrose 
(30B per cent.), Hutton (10.3 
per cent.). North West Hutton 
(25.8 per cent.). 'Rough (30.8 
per cent.). Indefatigable M9.3 
per cent.). Leman Bank (14.8 
per cent.) and Viking (0.6 per 
ten Li. 

However, much of its current 
interest is focussed on two 
discoveries in which it is the 
operator. In the Irish Sea its 
subsidiary. Hydrocarbons Great 
Britain, continues to appraise 
what could be one of the most 
significant gas discoveries off 
British shores. Unofficial reports 
suggest that reserves in this, 
the Morecambe Gas Field, could 
he in excess of 5 trillion cubic 
feet. This would rank the field 
somewhere between Indefatig¬ 
able and the 7.1 trillion cubic 
feet Leman Bank discoveries. 

Morecatuhe‘> commercial 
potential is still not known; 
indeed at least two more wells 
will have to be completed (one 
on the northern flank of the 
long structure, now being 
drilled, and one in the centre) 
before the Corporation has a 
reasonable idea of the reserves. 

The geology of the field is 
complicated; the structure is 
faulted and shallow. Neverthe¬ 
less. Hydrocarbons apparently 
read the signs correctly for the 
latest completed well (110/3-3). 
The tests showed thal the well 
is capable of producing at a 
rate of around 40m. cubic feet 
a day. 

Morecambe. is significant for 
at least three reasons. Firstly, 
it appears to be big. Secondly, 
it is owned entirely by Hydro¬ 
carbons so that British Gas can 
exploit tiie field in any way it 
wants. Thirdly, it was found in 
an area previously written, off 
by the Gulf/National Coal 
Board consortium. 

In a similar way British Gas 
found the sizeable onshore oil 
field at Wytch Farm. Dorset., in 


si - 

.y A V. 

f % ■: 




Montrose 


- 


_ 

e-» b ' J .-- . / 

■ » ^ \ 

O ^ 


V L/ Vj » 

I l MoKcimbe B M|Altakti,r ■Jfcg 

I { rwi® ■#*“1 


\ hdcfatigaUel 


Brenda 




__7 


_> \-i Hrw, ■ 


t —7 


spite of some initial reserva¬ 
tions by its partner British 
Petroleum. The field could 
contain at least 50m. barrels 
and bp capable of yielding 
perhaps 10.000 barrels a day. 

These figures must be 
regarded as speculative at this 
stage however. They 1 depend 
on a new reservoir, found 
beneath the original one. being 
evaluated and verified, So far 
the lower -nil-bearing section 
has not been subjected lo flow 
tests. But. once again, the 
signs are encouraging. 

The discovery of:oil at the 
lower level resulted from a 
classic piece of detection work 
by senior geologists. Now the 
Corporation is preparing to 
apply for further production 
licences in the area. Offshore 
the Corporation intends to seek 
another batch of licences in the 


sixth round: 11 may also b* 
granted some special licences 
of its own outside the normal 
licensing rounds. So far it has 
always applied for more con¬ 
cessions than it has been 
awarded; indeed it is still 
smarting from lhe fact that a 
number of joint applications 
with Amoco in the fifth round 
fell by the wayside because of 
a slate participation row 
between Amoco and the Depart- 
men 1 of Energy. 

Sir Denis believes it is 
important for British Gas to be 
involved in all the major areas 
of li.K. exploration. He needs 
the evidence of successful 
exploration to support his con¬ 
fidence of adequate gas supplies 
lasting well beyond the turn 
of the century. *■ If you are m 
the- exploration business you 
have to travel hopefully.” he 
commented this week. 


COMPANY NOTICES 


Geo. Bassett Holdings chairman change 


IILDFORD 


. j 000115,1200 kj. «. 
In modern offer builaimj. 
heating. Car park. Air 
« computer roam. Further 
Si?. CUrebroate. 01-£39 6342 
J7 tear. 01-910 1 070. 


FOR INVESTMENT 


SHOP INVESTMENTS. We ipefaus* in 
(iietc ano nave a .vine selection in tne 
price range £5.000 to £25 OOO. Details 
irorn ; Peapian ano Co. 6. Old * 
Street. Bam. 0225 2B947;2S177. tele* 
449728. 

WORKSOP. Notts investment LeascnoW. 
internt Ware no use. u7 years unexpirrt 
G.R. £2/2 D-a- Let <>" rerairlnq leaw 
£2.500 PJi Realm 1991. 625 ODD. 

W. (L‘ F., Armen nag - a. Co.. Oe»on*»uw 
Suture. LovonBorough .Tel. ..145451. 

AKNHAM. SURREY. EmStlng '“NuilrJal 
Estate. Present 'iiconic £4„.50B per 
annum, immediate potential ip ncrease 
to epproximaiely £73.000 wr *muhl 
I* arm acres- 7oral oiriifluigs 
SWV-t iiel, OBers Ina.IM ^ 
the - trechola pxC<? ^,., 0 

Weller Eggai Commercial 74 casuo 
Street Farnhim. Surrey. Farnham 6ZZT. 

WEALOSTQNT. HARROW. We!l-l«ure* 

■srwapsa w&mS 

KINGTON. °V«Bh 0 3 |d S? *hOP. MJJ| 
cISVoo S ' a °Mr. *Hurtf n 4M iVf^ 


WANTED 


we ARC ACTIVELY -.eekins to Buiuiase 
Commercial 'Properly ln»estJnenls BB- 
tween tZO.OCO and SaDO.OOO »op 
clients. Detail* to N. <£r.is. * 

Partner* 285i Edgwaro RMd London. 
W.Zi Tel 01-723 3675. 


FOR SALE 

■ flE OF PROPRIETARY ENGINEERING PRODUCTS 

. ;e of significant growth in other areas of its business 
» (ineering group is considering disposing of one 
’ . i activities. The division is responsible for an escabusneo 
of products in an area of worthwhile growth. The 
turnover is approaching £250.000 per. annum but E'. WM 
.,' r ^re and attention a very'much greater potential exists. 
**„■ ement support can be made available. • 

.--reduce range would be particularly of interest to a 
t weight engineering company, particularly one with 
engineering support. 

'■ 'Guidance Price: c. a. £200.000 
. Apply in complete confidence to: 

G.M87. Financial Times. 10, Cannon Street. £C4P 4BY. 


Mr. W. R. Mills, vice-chairman 
and group managing director of 
GEO. BASSETT HOLDINGS, is lo 
become chairman after (be 
annual meeting in August. He 
will take over from Mr. 1>. Cordon 
Johnson, who is retiring as chair¬ 
man and from the Board. Mr. 
Mills will be succeeded by Mr. J. 
Gratwlck as rice-chairman and 
by Mr. C J. Edc as group manag¬ 
ing director. Mr. Gratwlck was 
ai one time managing direclor or 
Urwick Orr and Partners and Mr. 
Ede is at present managing 
director of Drakes Sweets 
Marketing. 

★ 

Mr. L. A. Carpenter, chairman 
of .IPC MAGAZINES, states that 
he is giving up the chairmanship 
of the division ar the end of 
March because of increasing,*om- 
mitments. Ho remains chairman 
and chief executive of IPC Ltd. 
Mr. E. G. Court succeeds him as 
chairman and chief executive or 
the magazine division. He also 
becomes chairman of the general 
magazines group and continues as 
chairman of the women's maga¬ 
zines group. Mr. R. Phillip* will 
become deputy chairman of the 
division and remains responsible 
for the supervirion of printing 
arrangements and _ paper con¬ 
tracts for the division. 

Mr. J. C. R- Taverner, a director 
nf HILL THOMSON AND COM¬ 
PANY. a subsidiary or the Glen- 
livet distillers, has resigned. His 
resignation is said to have been 


for “ personal reasons." A spokes¬ 
man Tor Gleniivet stressed that 
the move was entirely unrelated 
to the recent acquisition of Glcn- 
iivet by the Canadian drinks 
group, Seagram 

★ 

Mr. William Gilbert is to 
become TV sales director of EMI 
FILMS and will Lake up his new 
position on April 3. He joins EMI 
from Rank Film Distributors, 
where he was assistant managing 
direclor. 

* 

Mr. Thomas Garble has been 
elected deputy chairman of 
BABCOCK AND WILCOX and 
continues as group' managing 
director. 

■fc 

Mr. Derek Ditcbburn has been 
appointed chier executive on. 
the Board of HALMANC0. a sub¬ 
sidiary oT Halfords. 

* 

Mr. Percy Fishman has been 
appointed vice chairman of 
LIDEN HOLDINGS. He is at 
present managing director or 
Arnhem Timber, a member of 
lhe group. 

★ 

Mr. Geoffrey Bowden has been 
appointed a director and general 
manager of the Cwmbran plant 
of SIEBE GORMAN AND CO. He 
was previously managing director 
of Bowcom Electronics. 

★ 

Mr. M. D. Snoxall has been 

appointed chairman_of the 

STANDING COMMITTEE ON 


TRADE MARKS at the Depart¬ 
ment of Trade Sir. Snoxall. who 
formerly represented the Law 
Society, succeeds Mr. Douglas E. 
Parker. Mr. P. Kgertun-Vernon has 
joined the Committee to represent 
the Law Society. Mr. Snoxall is 
head of the legal sen-ices of 
Unilever. 


Brigadier J. Lappcr is to be 
director of medical policy and 
plans, MINISTRY OF DEFENCE, 
in the rank of .Major-General. This 
is a new appointment. 

★ 

Mr. Geoffrey Hawkings, chair¬ 
man of Stone-Plan Industries and 
or the Chloride Group, has been 
elected president of ihe ENGIN¬ 
EERING EMPLOYERS' FEDERA¬ 
TION. Mr. Antony Hampton has 
succeeded Mr. Hawkings as first 
deputy president of EEF. 

■* 

Northern Engineering Indus¬ 
tries has formed NE1 Projects 
with Mr. Duncan McDonald 
(group managing director of NE1) 
as us chairman. Other members 
nf the Board of The new concern 
are Mr. M. G Coote, Mr. D. R. 


Thomson and .Mr. G. (1. Towers. 
N'E! Projects will control iwo 
specialist sectors NEI Power 
Engineering (Parotle). .Mr. Coote, 
chairman, and Mr. Thomson, 
managing director: and NEI Pro¬ 
jects iProcess Engineering), Mr. 
Towers, managing direclor. 


Mr. Terence C Bull has been 
appointed sale*. director of 
F. IV. TALBOT AND CO. 


Mr. J. R. Nutter has been 
appointed managing director of 
BIRCHWOOD CONCRETE PRO¬ 
DUCTS. a member of the French 
Kier Group. 

■* 

Mr. Frank \V. J. Randall has 
been appointed managing director 
of Glcnfield and Kennedy (Valves) 
and ihe company name has been 
changed to NEPTUNE GLEN- 
FIELD. 

* 

Mr. P. Geoffrey Noyes, manager 
of international operations Tor 
Oneida Ltd. has been appointed 
to ihe Board or it> subsidiary. 
ONEIDA SILVERSMITH, of the 
U.K. 


IMPORTANT NOTICE 

To (he holders of European Depositary Receipts 
• For Common Stock of 
SHARP CORPORATION 
(Sharp Kabushlki Kaisha) 

Chemical lank as Depositary irne Dcposiurv '* hereby si.ee netiee 
inic uiiaer Section 6.02 ol the Deoatlt Agreement naiea ISin julr 1969 
emsne Hev4Ki«z Electric Co. Ltd maw Slurp Cgrosranon noreinafier c>f'M 
(r>e Company J lhe OfCttilai > inn nolcct* o> £ Ci R i -inn ' Bctcipu i 
issued thereunder in respect of share* o» Common Stock par valje 52 Yep 
per snare qi the Company, that the Company has. decided to terminate the 
Dejosii Agreement. 

In aecorpance «*itn Clause 20 ol the Bearer Depositary Receipts holders are 
renuesieo le submit all ouuuneing Receipts to eithcf Hie Depositary or any ol 
the 5ub-Depositaries named below (or cancellation and evenange mio Common 
Siecn oi the Comnany on or alter March 25th 1978. 

The Depositary ha* meo April 1 st 198b as tne dale when anv remaining 
Deposited Securities will be sold Alt E.D R 's subsequently lodged will he 
eligible only lor a cash payment 

The E.D.R’s will remain fucea on the Lueembouro Slock Eicnenpe uut'i 
50tn June 1971. 

Sub Depositaries 
Fui- Bank Ltd. 

Dusseloorl 
Kred etrunk 5.A. 

Ltinembourg 

P erson Heldring 6 Piertpn 
Amsterdam 

180. Strand. chemical BANK, as Depositary. 

London W.C.2.. 

England. 

Feeraary 24ih. 1978. 


HOME CONTRACTS 

£1.6m. City building 
work awarded to HGS 


■ p Established 

.^aRMPARK 

* and 

,! CULT URAL 

^JlUSEUM . 

FOR' SALE •. :•v.L; 


FOR SALE 


aft-itshmc aroup . w«nm 

np'., ^'IJuas. Nine publications 

« Cam. In buiiness 30 
;r recinng. Offers profit. 
>-i m rhe UA. mBriiai and 
/^.far tnaior turopoan pub* 
w #,i,ittrjir U.S. ki EleccrwRcs. 

_ i 'and InduKrtai HeWs. 
* *. L* ,rms. Replies to Mr. CA. 
- S a T.4827. Finincial Times. 
’^V ' Street. EC<P 4BT. ' . 


4HALET PARKS HOLIDAY. (■ 
■V:-Fiats. Sale or RUicfaase-! 
a-4-. .specialists. Frank i Rav- i 
. . ■, BoDbaeCHnw Raw. Ktgu- | 

" "a iremav. -Phone- Tereoay l 
t j; 

TOWN CENTRE. Freenolp . 
• .-bunt 6 vein *90 and seat-: 
in til 200. Fully Huippcfl. 
Jh ae (Wing concern. Further 
«.ti otiii/p A coma any.- i.. 
‘J - oiA - Ooiimora ■ Surrey 
Telephone GmldtefO 728C1- 


■ In Wen. Country twliday area. 

• Va'uable comprehensive range »i 
kiitarir agricultural equipment. and 
rim li. 

• Collection of rare breed*. including 
iicaaie.- sheep, goam.- ' 

-• Freehold 22.5 acres, waierfom[lake. 
•• picnic - area, farmbouie with tea 
room. 4-bed- flat, exhibit, building. 

. '• IJ77 actendanees-30.000. 

1 ff .tMaoi.fi.- prlnerpaf* .only, write to 
. Box,- "61(459, financial Timet. 
.' 10' Cannon ‘Street, EC<ff .-4flT. 


BBTEtSAHD 
LICENSED PREMISES 


SOUTH COA5T 

l-xcepcionfely prosperous Ucensod 
Hotel, buiy ill yetr. High-grade 
accommodation for 140. flaths/Showers 
en.ioite. Lift, 2 . Bari. Hand tome 
Public Rooms. Full central heating. 
Dqeor wucanglp maintained. Fire «r. 
b ( c i b jranted. Large-car park. Pro- 
PHfWrt adjainmg reeidene* 5'Rooms, 
3 Bathroona. Kitchen. Net profits 
£50,000 projected tins year. £275.000 
. complete property * fuperior. furniah- 
iflgi.-. (6207) 

RUNSET 2. ROMSFT. 
lit, OM Christchurch Road, 

- - BourwieniMItb- Teli .0202 2l2l2 
lM>*ebs-.- : 


HGS (Humphreys and Glasgow 
Services) has won * «.»- con* 
tract from Higgs and Hill Build¬ 
ing for lhe installation of mech¬ 
anical services in a new office 
block. SL Magnus House. Lower 
Thames Street. E.C..3. l\ork is 
scheduled for completion in two 
years. ^ 

KN-TOUT-CAS. Syston. Leicester, 
has been awarded a contract to 
build a skatepark by the City of 
Portsmouth, 'rhe order is worth 
£51.000 and the skatepark is to- 
be built in an existing roller 
skating rink on the. esplanade at 
Souths a, where the • roller 
skating, rink will be adapted to 
this new sport while retaining 
some, roller skating, facilities. 
Plans Include a training area for 
beginners and a series of more 
advanced facilities. 

. + 

WILLIAM PRESS PRODUC¬ 
TION SYSTEMS has received an 
order from' BP Petroleum Develop¬ 
ment through their main con¬ 
tractor. Construction John Brown, 
for the fabrication of pipe racks 
for-their Sul lorn Voe oil terminal 
on Ihe Shetland mainland. Com¬ 
prising nine pipe racks with a 
total structural weight of 1.150 
tonnes and containing about 
20,000 feel nf pipework, the o,rdef 
will be fabricated as packaged 


units oF around 210 tonnes. The 
racks will carry delivery and 
distribution pipework in 
diameters from 22 inches up to 
24 inches, on four vertical levels. 
■* 

AVON INDUSTRIAL POLYMERS 
(MELKSHAM) has won an order 
worth more than £400,000 from 
Hoverlioyd for hovercraft skirt 
replacement fingers, made from 
rubber-coated nylon Fabric. Each 
Is about 14 feet long. 6 feet tall 
and weighs 33 pounds. 

BURROUGHS MACHINES has 
received an order from the fibres 
division of Imperial Chemical 
industries for seven B170O com¬ 
puter systems for use In their 
planned distributed processing 
system, in which a B1700 com¬ 
puter will be installed at each 
major site of the division. 

★ 

INERTIAL SYSTEMS. Eghata. 
Surrey, has been awarded a 
£35.000 contract by the South- 
West Water Authority for the 
design and supply of systems to 
monitor operating and control 
facilities of a dam located on 
Wimbleball Reservoir, near the 
edee oF Exmoor. The equipment 
will also signal alarm staius to 
a number of remote control 
locations. 


SWINDON 

HAS INCENTIVES 
NO GOVERNMENT 
CAN OFFER. 

Government aid is the last thing you need in an area like Swindon. 

Our location, communications and work-torcc availabilitv are 
second to none. • 

Plessey, Burmah Oil. Hamhro Lite. British Lcviand, Spcctrol Reliance 
Ltd lUSA] and W H Smith arc amongst the 300 firms who have already 
established themselves here. , „ , . 

Talk to our experienced development team about oitice ano factory 
space and development sites. We offer lull as>i»tancc from green 
fields to full -production. 

Send for nur brochure and get the facts about Swindon -the town 
planned lor grow-th. 

Ct mnict 

The ludustri'di Adviser s Office. ..-ttT'- 

Thumrsdown Bnriitigh Council. '/ ' 

Swindon SN1 2}H; . . - ’ 

Td: 0^3 26I6F - —* ‘ 

Telex: -WS33 . 



THE LOAN ASSOCIATION OF 
SEVEN MUNICIPALITIES OF 
GREATER COPENHAGEN 

5J% 1964/1984 UA 10.000.000 

Bondi for tile amount of UA SB5.000 
have been drawn lor redemption in 
• tile presence oI i Notary Public on 
February 10. 1478, 

The Bonds will br reimbursed cum 
no- IS and after April TS, 

The drawn debentures are those. NOT 
YET PREVIOUSLY REDEEMED, in¬ 
cluded in ch« range beginning (or: 
Ronds of nominal UA 1.000s ac 5.22S 
up to 4.1H incl. 

Bonds of nominal UA 25B: at ff.«OI 
“P “ *-04S inel. as 14.116 up co 
14.200 Incl. 

Amounr called lor redemption: 
UA 685,000. 

Amount purchased on the markec 
UA 100.000. 

Amoum ununoroicd: UA 4.998.000. 
Outstanding drawn Bonds: 

Bondi ol nominal UA t,000: 1.172. 
Brads of nominal UA 250s ID,BBS 
10.965. 

THE TRUSTEE 
- KREDIETBANK 
S,A. Luxembou'eeotse 
LixMibcHH-c. February-24. 1978. 


GROUPEMENT DE L INDUSTRIE 
SlpERURGIOUE 
0;75-» 1975M9B3 
LOAN OF U A.15.000 OOO 
. bZE inform the bonnnoln-rs that 
•V» 9 ol nominal each 

U.A.'.DOO — have been arawn lor 
redemprlon , n the oresence ol an 
hurssier .lie Lueembourq on 10UI 
February. 1978. 

The bonds will m mmnursen ai 
nnr on lOih Aonl. 1975. couoon 
due lOlh April. 1979 and following* 
awaclied according to the modaliile* 
ol Daymen! on rhe reverse ol the 
bonds. 

The numbers ol such drawn bones 
are as follows: 

_ Nm. *723 ro A222 incl. 

The following bond* oreviouslv 
called lor reaemorion have not as 
vet boon oreaenrei for oavnienr- 
.. 1976: 

Not. 7S ana 258 

NOS 8557—-8658 —8671 lo B679— 

2152 55 21 -**32 to 5843— 

5Sl3;”25SL"-««* «5 9 iSi 

“ msi - 

. A| 7 V11 ^ 1 _outstanding alter lOrn 

.April. 1978: U.A.12.5OO.O0O.— 

197B** m60Ur *' ,|,B 2 * ,h F,t,ru,rv - 

Tne- PrineiBal Paying' Agent . 
50CIETE GFNERALE ALSACIENNI 
DE BANQUE 
15. Av I Renter 
Luxembourg 


] MINERALS ANO RESOURCES 
! CORPORATION LIMITED 

ilncorooraiea .n Bermuaaj 

l NOTI ? E .» TO HOLDERS OS SHARI 
WARRANTS TO BEARER 
... pa YMENT of COUPON no. BS 
I i„IK ,,h , * , e T * n «* lo the notice ei oec- 
I nrM 13 ^.. aj d -iaena ad*eiTj£C 0 in rne 
1 pre&* on 17:n Seeruarv. 1970 Lhe io|. 
lowing information Is oual.shed lor tne 
I guidance o* hutdeit ol share warrant* 
to searer. 

The dividend er 4 cents wa* ordered 
: 'O Unileo Stales currencr. The d.videi.0 
■ on bearer shares will ae paid er or alter 
Jlir Marcn i&78 agairsr surrergei of 
I couDDn 'lo. 85 aeiacned >rom snare war- 
I rants to bearer as under' 

I :ai at the office oi tne corMration > 
continental nav.no agenr* 
i Credl du Nerd. 

5-8 Boulevard Haussmar.n, 

Par * 75009 

lb) al i.ne Ldndan Bearer Recaption 
Ohice ol Charter Consolidated 
Limi-ea 40 Neiaorri Viaduct Lon¬ 
don EC IP IAJ Unless oersons 
dr nos tir.g Lojaons at such otf.ee 
rroiKSi oavTieni in U.S. doltar* 
■ ■n wnlch case they must comply 
w th anv aooilcaoie 6.change Con¬ 
trol regulations) wvmrnt will 9r 
maee ir United Kingdom currency 
p iher - — 

so .r --sneer nr couoani lodged 
prior Lo 17rn March. 1978 
a' tne United Kingdom cur¬ 
rency equivalent el the 
Un <ed Stairs currency value 
o' their dividend on 2in 
Maren 19TB or: 

• III In reioecr of couoon* iddOEd 
during . the period i7rh 
March. 1973 to 22nd Maren. 
1978 bam nav* inclusive ar 
♦he Un '-d K-ngdom currency 
pouivalenr ol lhe Ur.iled 
Stales -ur-ency value o» their 
dividend on 27th March 1978 

Or 

till) in respect ar couoon* Lodged 
m or after 23rd aaarrh. 1978 
at 'he then Drevailing rat* 
a- -KCianqe an !he dav in* 
oraceeds are -emitted to the 

Lfdon Bearer Rcceoilon 
Qhlce. 

Couoans must be leu lor at least lour 
drar davs >e cht dav* I' aavment m 
United Slur* currency *i»* been reeueiledi 
■or evammai en and may be orrsenten any 
weekday (5iturdav rvc-ptedi between the 
nourc pf TO a.m and 5 o.m. 

United Kingdom income tan will he 
deducted from eouoonc oaid m me United 
ir.-niicm a* tne London Bearer ReccotioP 
Dihc* unless *i»rh couoon* are accom- 
oarled bu deciarahon* to the contrary In 
accr-danr* with Inland Revenue reouire- 
■n-ntn. Where »uch deduction ■* made. Th* 
n-i amourr of the dlv .lend w.|| oe 2.fia 
-»nt* IU.S 1 oer share a* follows: 

United 
_ Statai 
Currency 

l. Per Share 

cents 

Amount or dividend declared a. 00 
Lei* n.K Ineomr ui at 54*; 
on the gresi amounr ol the 
d'vdrnd of 4 cents 1 3C 


CLUBS 


EVE. 189. Regent Street. 734 5675. A la 
Can* or All-in Menu. Three Spectacular 
Floor Show* 10 45. 12 45 ana 1 45 ano' 
music of Johnny Hawkoswerfh A Friend* 


I ' in the case of oavments made In CiTk. 
J currency the sterling equivalent of th* 
!«ef d'vldeiyi wilt b* calculated In 
I seeordanre wit" sub-oaragrapn 'bi above. 

For and nn behalf 
ANGLO AMERICAN CORPORATION 
OF SOUTH AFRICA LIMITED 
LonH— S-c-rt»» e* 
J. C GREENSMITH- 

i London Once: 

I 40 Holbnm Viaduct 
IfCIP i-AJ . 

■"t-H F-hrv»rv 1078 


PERSONAL 





.i 


__ „ ^ _ _ fEN'ONE HUNDRED ACRES in a 15 

GARGOYU. 69. Dean Street. London, w.i j mile radius ol Hornchurch. Essex. Ccn- 
NEW STRIPTEASE FLOOR SHOW | dmon ol groperty immaterial, substan- 

THE GREAT KRiTSH stkip I t!* 1 - ,un| * s _ aavilablo. Contact: John 

' * “ . * "“'I'" *■ Barnrr. Baimaw Eve* ie Nsrfh 

Show *f Mlffniqm alio lam ■ Street Hommurch. T*lpi*one: Hqrn- 

Mon.-Frl. Closed Saturdays. 01-437 6455 church 45471. 




































































Financial Times Friday.'; 


JVi •»1 . 



WALL STREET + OVERSEAS MARKETS 


Initial setback reversed—net 2 gain 




BY OUR WALL STREET CORRESPONDENT 


NEW YORK, Feb. 23. 


AFTLR SUSTAINING a I 
setback this morning on 
dollar's renewed weakness 


a fresh broadly defined measure M2 -was dend payment, while Toronto- cceded DM], with leading Banks, STOCKHOLM — Market was 
on the down S1.2bn. Dominion added i at SI7, on Chemicals and Steels bolding up generally lower, with Fageisia 


Chrysler declined l to S11S on hlsher earnings. 


overseas currency markets and reporting a $49.7m. loss in the PARIS—After opening higher. 


best. 

Volkswagen Jed Motors lower 


continuing concern about the fourth quarter and predicting a stocks reacted on profit*taking to with a reaction of DMl.'70. 


coal strike. Wall Street suhse- loss- for the current quarter. 


quently picked up. helped by a Baoseh and Lomb retreated 51 in?. 


finish with net losses predominai- 


falling 7 to Kr-Sl. 

SPAIN—Market continued dull 
and apathetic, with the General 


Altana. Kali und Salz. and Index slipping Q.T- more to 32.51. 
Salamander, which were among However, Duro Feiguera. 51. and 


late afternoon Government to S4+5- while actively-traded OPF1 Paribas, however, gained Wednesday's favourites retreated Crus. 67. were again overbid and 
report of a 4.9 per cent, rise in Revlon shed £ lo the two I .(SO to Kra.7I.IO after its parent DM3.30, DM2.30 and DAH rospcc- put on 1 and 2 points respectively;, 

weekly retail sales. companies have terminated company announced satisfactory - lively. JOHANNESBURG — In the 


The Dow Jones Industrial merger talks. figures "and an unchanged divi- (j n " t hc Bond market, public sec- absence of Overseas interest. Gold 

Average, after falling Further lo international Business Machines, dend on capital increased, by 20 i or Loans gained up to DM0 30 shares eased ahead of the dealers 

-- which has filed a law suit against per cent. The Regulating Authorities sold financial year-end in quiet 

THURSDAY'S ACTIVE STOCKS for alleged patent infringe- Booyglits managed a rise of 3.5 UMI5.:ini nominal of paper trading, bui picked up towards 

.. nieni. rose A lo S255J. but Xerox at Frs.Sus.o. but Alaisons Phenlx a „ a jn. s , DM IS 5m sales, the ore- lhe close • on higher Bullion 
»«*» ctoJFZT decUncd \}° ^L. f - - J ■?* =5* to ^rious day. Mark Foreign Loans Indications to finish with mixed 



iraacd 

price 

flhri-jlcr . 

271.701) 

li: 

Marshall Frafd 

ISs.CTO 

•jm; 

CiUcorn . 

iri.600 

la* 

Phillip* Petroleum 

1 Hi,two 

2 S 

Houston Ind,. 

l.if.ioo 

jq: 

Dou- CiiL’iincal .... 

U7.0M 

21 

Rausch and Lomb 

13?JOO 

Mi 

PfOiiCu . 

IJi.OOO 


Revlon . 

{tf-SilO 

to; 

AOesilcny Lurflum 

LJ2.WU 

;ii 

742.9S. rallied to 

730.9o 

for 


KVIOEP irk. 


hjAkTii Fi'l 

tiiytariiK 


I — 


Nuclear advanced 2J to S4S2 in sRL'SSELS — The weakening ctvmvRi Awn * p rumiiciai ^ 

active trading. Twentieth CeiifuTy- tone persisted in light trading. IP nHp n nv nr^n*,! A lower in modest trading. De Been, 

Fox added 12 at S24J following Kabrique Nationalc receded 70 '• _ relinquished S cents to Ro.iO on 

an increased and special year-end «o B.Frs.2U50 on statin? that the "™»L 5 !'"? ! f n se ? local selling, 

dividend. ■ strike al its Belgian plants e \ etlly , ,n Insurance*. HONG KONG—Stocks were 

— . wnm/’tvi L»r *. .« . __. 7 -■_ In Tnniictmre rihv.fmov _urifk »ho 


.. Financial Minings were mostly 
i *, r lower in modest trading. De Beer* 


— i 

-ii THE AMERICAN SE 
— Value Index improved 
123.U2 on volume of 
+ i shares (2.13mA. 


rise of t.flO. its first closing gain OTHER MARKETS showed modest lo: 

for more than two weeks. The uinK,l< ^ broad front. 

NYSE All Common Index was Dutch Internatiot 

finally 4 cents up at S4S.73. after C'-annAn Inicer lower by Royal 

slipping t OS4S..11. while rising V^anaua IU er Fls.1.40. 

issues held an edge over declines Canadian Stock Markets turned Elsewhere. KL1 
at the close of 699 to 643. Turn- lower yesterday in a moderate FN.2.30, Bijenkorf 


■ strike at its Belgian plants , ,n ln *uraneM. HONG KONG—Stocks were 

Market threatens its competitiveness. .* n Industrials. Ciha-f.cisftv S ii«htiy easier in places, with the 
0.07 to Petrojine lost 90 to B Frs.3.S93 advanced 3o to Sw.Fi-s.I.-Aj m market's lethargy continuing 

2.35m. and American Pclrofina fell actn ’ c trading in response to the ahead of results from Hong Kong 

B.Fr&S0 but Canadian Petrofioa fosuits and proposed I'anitai Shanghai Banking and its 

_ rose. . ‘"crease. _ Nestle added 2/ at SU bsid'rary. Hang Seng Bank. 

AMSTERDAM — Slock prices -’".Frs.a.BiO. Hong Kong Land firmed 3 cents 

rc showed modest losses across a Domestic end Foreign Loans f0 gHKS.So but Hutchison Wbam- 
broad front. rase after news that the SwL-oj poa shed 2.5 cents to SHK3.55 and 

Dutch Internationals were Jed Government has dropped iif plan g w jr c Pacific 5 cents to SHK5.50. 

lower by Royal Dutch, down to raise a Sw,Frs.200ui. loan in Hong Kons Bank. Jardine Mathe- 

Fls.1.40. March. ,nn anH tVhp»ladc were un- 






*pTi 




R-fl’ . ' 


foreign exchanges 


declined MILAN—Industrial leaders were changed. 


IVbeelock 


at the close of 699 to 643. Turn- lower yesterday in a moderate FN.2.30, Bijenkorf Fl. 1.0 and selectively higher, but ibe rest TOKYO — Market remained 

mer was again moderate, business', with (he Toronto Coni- MMd«wlandvb*nfc FLs.1.50. but of the market displayed a dull firmer-inclined in active trading 

amounting lo lS.72m. shares com- posile index receding 1.2 to *. a « Ommeren added Fl.0.70 and bias. Trading was thin, but on expectations of a cut in the 


pared with IS.45m. yesterday. 1.009.4. Oils and Gas lost 5.S i« 
Another factor which could 1.323.0 and Metals and Minerals 
aid t he market was the Federal 3.0 to 7Sfi.:{. bui Golds recovered 


Oils and Gas lost 5.S i« Gist Brocades FJ.0.30. 

rnd Metals and Minerals sta,c Loans were higher 

-I.:;, bui Golds recovered GERMANY — Shares drifted 


Reserves repor tat the close that gj> to 1.370.3 and Papers put on easier on concern about the dol- Viscosa. L670. advanced 12.3 and j 

the basic Mf money supply 0.73 lo 94.26. lar’s continued weakness in 44 respectively, on continued 1 

dropped SJ.2bn. in the week ended GSW "A” climbed II to 37’ on foreign exchange markets. rumours of possible plans for 


February 


more the company's planned S2.30 divi- 


Indices 


1 st Brocades FI.O.oO improved slightly late in the Bank or Japan’s official discount 

higher. session. rate sooni The Nikkei-Dow Jones 

GERMANY — Shares drifted Montedison. L16S.5. and Snia Average was IS.S5 higher at 
isier on concern about the dol- Viscosa. L670. advanced 12.5 and. 5.104 23 on volume of 400ro. shares 
rs continued weakness in 44 respectively, on continued (SSOm.l.' 

reign exchange markets. rumours of possible plans for Cement. Road Construction and 

Declines however, seldom cx- ihcir financial rescue. Machine issues rose on increased 

~ — . . — “1 Government spending for public 

X Y SIB ALL COMMON Ris«and Falls works and stepped-up capital out- 

___ _ Fe». 23 fyi. sc frt. 21 Ja >' bv electric power companies. 


!wvj.l/.igfc^f?m5aagp 


9 

hfiifi r'lM 



Us! 5.4S4^^G* 


NEW YORK -DOW JOKES 


Feb. • F*t>. 
IT - to 


.6tore oorapdar'n 


Frb. 

Feb. 

Feb. 

Fort. 

_ 


i»oes tiadetl. 

1,830 

1.832 


22 

LI 

17 

High 

Lui* 

Li .. 

690 

713 






Fall,.. 

645 

633 

4E.73 

43.69 

46.69 

46.90 

67.97 

46.69 

I'U'.itaficeii. 

486 

486 





'<1.77. 

iSi-ZTS- 

.N *«- Hi^tn. 


16 







Nen Lot'* . 

-- 

77 


la 

High 

■ Low 

Hlsb 

fee 

761.63 

939.75 

74S.05 

mi.*- 

41.22 


ijil'TJ' 

rHuS.-n- 

.ll.L-JJ- 

'C-7.i2. 

89.51 

35.97 

89.5o 

— 

— 


<■-9' 

:>*/» .ii' 



205.55 

246.64 

19S.S0 

273.86 

13.25 


Tit a*. 

. rJb-lOi 

> 7.483T. 

It T.jjh 

106.96 

118.67 

192.54 

163.32 

10.58 


XOKTBEAZ. 


laduKimi 

> cml-mf-l 


— 164.33 164.52 163.71 ISt.<7 

— 173.54 175.IS 172.4s 187.S5 U9.J 7?,- 


\.->mprj§}te 1009.1 10)0.6 1007.6 >005.0 


Tr»Hms sol. 

t IS.720 13.450 21.890 10.500 21.570 20.170 


■ Sana of inn ex clunked trom aheusi -C 

Feb. 17 F«b. 10 ' 
Ini. Hit. rieM \ -- 


SIAKDAKD AMD POORS 


2217L d£,2T8»*2J *.60' *26.4 42. 


JOHAKKESDUEti 

i.oi.i 

Iniu^U-uls 


207.5 202.2 203.S 215.8 | SI 8 *7 >1 Sic; 

202.6 202.4 203.5 SO4.7 j 214.4 .4/1/ic 


1 Tew *so •approx. ■ 


Fee. • Pwi- 1^1t->£Ui(-ie -- 

5-5 U'U* Hipb - L)«r Spain 

Australia'*' *65.10 46S.61 *7J.*j *le^r Sweden 

• 6 ;lf cc.fl«i£;7i 

.Belgium 9J.i< 03.33- 9t».Li Swiczer 


158.0? ,2: Ioi 
165.60 .gi-l'i. 


161.0 'Xr.lJ' 


1S9.* 

159.1 


•is: 


32.93 1 slloL 


works and stepped-up capital out¬ 
lay by electric power companies. 

AUSTRALIA — Generally 
weaker, with only Banks making 
headway. 

A\Z and CBA pul on a few 
cents apiece among Banks, but 
CSR. in Sugars, tost 7 -cents to 
$A2.6li. while E/ Industries 
were 15 cents down al S.V1.70. 

in the Mining sector. CRA fell 
S vents to BA 1.90. while Coals. 
Golds and Uraniums cheapened. 
Ampul Petroleum shed 2 cents to 
70 cents in Oils. 











NOTES: i.iieiM» price* anou-n odou 
exclude 8 orenuum K>lsian nmdenil» ‘ et ‘- “ 

ure jlttt wtiliminiOK tax - - 

» Pm.tO flennm unlrss o'ner’nve slated rsbori term...: Sr*-af4 
q PI is .’>01) ik’MiB. unifM oihcrt-jse s’aid) i •!■'*» oosu** 

4 , Kr.lOu ttermm nnlr-sj o;n«rwnse Stared lion lb.I 7-7 M 


i jmni«n , I 

Dollar IL'ia. Dollar | 




i rs :»n> rt.-nnm and Bearer shares I Fbnea inooch»-| 7ic-75 4 
unit’s' nihennsc staler. 1 Veit 50 denom ('fix months...j 810-8*8 


tdci-ffi Mn«eO?mpitat'n 

Feb. Feh. Feb. F*b. Feb. 1 Feb. -- - — - — — ■ -- 

• £5 ’ 22 ' 21 , 17 . I<? • lo : Bl~o U-w . Bigti . /*.«■ 

Uniiucrub 36.48 ~S6.35 9S.45 96.01 96.14 97.72 1 Hj2 ■ 36.58 • 154.64 4j2 

io 1:71!>'2,-i£.io. /Lt’DIoi ■cOB.el*' 

tCompowtr 67.64 37.56 57.59 87.98 88.08 88.83 >07.90 07.58 1 125.36 4.48 

_, 75,1-}« .jai ilH/'r.-i >1 c,y.- 


Vear mo iip|in>t.i 


In-L die. yield \ 

I ml. P/E IbUlO 
1 * 00 * Goer. Uon -1 yield 


Belgium •.* 
Denmark '* • 
Franco *«‘* 
Germany « 
Holland 
Hon; Kong 
Italy i 
Japan u» 
Singapore 


9028 

9o.as 

107.92 

•J4.lV' 



• HrOi 

<0 -1 rSi 

03.n 

32^ 

5£» 

-o.r 



•7'1'iiv. ilO.bi 

C«.« 

511.> 

fla.? 

Jl-jv 



<17 11> 

•lO.'.’i 

75.0 

•|7.e 

Sa.'J 

7?.*> 



:* :• 

J- 

403.<C 

4Cfl.*5 

<*.li 

:ciM 


Sweden i>-i 349.S9 355.26 ile.6i . iac.*<c 

Vi*.ID 

Swicserl d'/ jIo.T 3H.z jsjc.t 

W V.ii .4 j. 


>25-*.ic I unless ut|u-r*-ise *i*ifd S Price ai rune |Oneresr. ._... 


eeA“ “ Euro-French deposit rates: luiHiay UMMHr aaU mwodgjM* 

inJ-nr ji.-no I'SU-. .'Per share, f Francs one-rnonib IXi'-Mi per cent.; dinie-montb 133-14 per cent., Ctt-oiontb -1S-13C per 
•j Gross dn ■*. i» Assumed dividend ader ceai.: one year 12 W 2 J per „ r - . h _» 

v hd and or nchi% ts'ue k Alter local Long-term Eurodollar deposits; two rears 8H6-W16 per cent., urea years 

•- rai tree Frsn«: mehufme St-Si Per cent.: four rears Si-S* per cepf.:-bye years «Ml_per cent. _ - '■ -_ 


6s«-7 

671-71* 

7-714 

' 714 . 71 a 

734-8 

37*^1* 


I 5SB-5S8 

5 a*- 56 * 

j 530-58* . 
530-58*' 
3i4-5Ja. 
! ,51a-5V 


3ij-5&a 

5ie-56r 
8l9:5«* 
3 i*-3(4 
. .SIb-JI* 
■\ Jla-51* 


■ — ■ — — - vtid and or nchis isiur k Alter local Long- 

Indices' -uo oaae dales tali oa»e value, iuri »> % rax free >• Francs: mdudine St-63 Per 
mi ,'lMpi XVSR Ail C.nmrrtnn - "niJa>- div r> , \oni o Share eptu. e Die The 1 


Inu -.'Xcepi iWSR Al) Comoron - ’•'I "mJa>- div i' ':om o Share Wn;i. e Die 
<Mndarisi ann Poors - in and loronml inn siein exclude sn'ctal parmen). » Indi 


cOg.9 cHA U 1 ',' xnn-i.inm me I*m named haxeo -in i».S* 

■17 11. . 10>, ■ Kxcluding iv.nds . *i*> lorusrrt.ns 

Je.p 'i9.e Bi.'j ]j> ' *■«• I ruts.. *u Clliuies. «u Finance ami 

<4-i >a3 <•’ Vrahspnri. «•.» Scone\ Ml »rd 

400.<C iC«M M27.U "eo.** •■•Belai-r.Sfc.il/l5-ir. 1 —. C'ObeMia.ei 

,nv-, .jj j 74 >«r II 7.1 «’-»! Pan* Honr«e l»M 

dl.?l M.;* T3.il o*JO • Lommerrrjany Dec.. I9S1 uu Wiwrr 
m.I iiv r-» !*». - il,m 1 Mu-oriel I97n n. Hj»v >>n-- 

.-oo.el- .>£2.79 cXs:*i io Ki,nK “>'• M 1 .1i Milan 2,1.73 11' rohve 

Sj-,,. <F 4.-1 S', .hi Straus Times I'"* 

TyD *- QLQ *1 I ’ y Tv Cl®W. 1 ft I MjffTlH ‘ I - * T7— 1 °l 

anri m-s In. !9,> onlv .e. Srncfcholrr 

tydnMriai l-l- jh m Ssme Rar.r f.orn 

*><■ 'Jnaralusie 


are<l niv w Unofficial tmdin* r Itinonb ctot.: ono-yesr 7.75-V^S per cent. 


'the following nominal rates wot quoted for London dollar certificates of deposit: 
-month 6.93-7.05 per cent.: three-month 7.15-i\C5 per cent.; suc-momi 7.50-7.60 per 


inniers nnlv u Vlerser Dendna. • *slre<1 
km ! Traded • Seller - Assumed 


«r Ft richu xd Ex dividend ir Ex J days' oonce for guilders and Sndss francs, 
■scrip 'wiie xa E* aU. * Interim since | _ ■ • 


“ Pates are nominal calling rates. 

1 Short-term rates are call for sterling, U.S. dollars and Canadian dollara,. two 




GERMANY ♦ 


OVERSEAS SHARE INFORMATION 

NEW YORK I r S- P S" I ’S' F S' I 


lm. S Prem. al S2.60 lo £—81= % (821 0 «) 
Effectixe rale lai 1-95'JUl U6i°b t26|' r o> 



Ahbcci .. 52 

Addrei^zmpti.. 153* 

Aetna Lite*: Can 34J* 
Mr piiducli.. .. 24^4 

Auw. 3B 

XluanAlumimurn 22 

Mow. 391 j 

AUe^oeny LudL. 18i; 
Allegheny Ponei' 18^1 
Al lic-1 Client j,?al.. 56 U 

Allied <lvtxe». .. 183, 

Adis Cbslmer*... 241-- 

. AM AX. 31.x 

Anieiada He,*.... 23Ja 
Airline.. 9 A, 
A ote>. Bratvl*. '*d'« 
A mer. fctt.adrt»l. .37 U 
Airier. Iso. . „ 361, 

A me:, i.ymunnd 23.* 
Anier. Ei*.-. fVe. 23 

Amei. K\|iifr.« . 32 

xme> - . BomePre-l 27i« 
Ante**. Medical.. IBi; 
An,ci. Mot,or. 

Anier. Nat. tla-.. 40 
A rue'-. irian-Urd.. 54 
Amt'. More*. 891? 
Airier, lei. A lei. 39U 

AmeteL. 29,a 

AMF... 16 

viir. 24-i 

.trapes •• . 125* 

Ani.-fi.r Horims. 27 
Anbvujei &wii.. 18A* 
'nneu Steel. • 261* 


4iliDOT Oil. 

9N 

9J* 


16 

16 

A<.blan,1 Oil.. . . 

27'* 

27 J* 

All. Kuril held .. . 

443. 

44. t 

.li/t.i Cut* l‘if.. . 

234; 

233* 

AVjl. 

«■* 

9j 

Vvcti. 

18 

18 

Vr,,n Pi,Hlu,-*r- .. 

451; 

451; 

Hall (,*» Kiev*. . 

251; 

251; 

Rank Anenin.. 

211 ; 

21 

8 *nker> 1 r . 

3» 

34 

Harbci Oil. 

26 

25.’j 

H*TierTra*L.ni.'l.. 

55 

33s$ 

Kaairfcc 

231; 

23ft 

Het.-t->nD i>: k ena,.-n 

36 ty 

3634 

Hell K HovelL. 

184* 

1834 

Kenilix. 

331; 

331; 

hrantiti i.vb, - P. 

3 

3 

Keibleuem steel. 

21 

20 ’* 

Hlae-k- .v Lnr-Lc-r . 

15i d 

15's 

Kveing. 

301* 

30 

K«i3« cascade.. . 

23* 

231; 

Borden. 

29 i 3 

30 

Borg Warner .. . 

26 lx 

26ft 

HraulfT Ini . . .. 

10 L- 

10 

Hiufcen "A. 

I 3m 

13ft 

AiVkMi .Uyei*.... 

30,* 

301* 

PnL PeL. ADR . 

14J 2 

141, 

Brucknav Ltla-v. 

26U 

26 

Brunawiel . 

15 

14: e 

Jfticrxxi* Erie 

16>, | 

165* 

Rudd. 

32U 

32 V, 

Ruluin rt al'.'it. 

5 is 


Rurlln^i'-'U Nibn 

371 5 

37 


Bim-ougb> . . 601? 

1 ampbell suU|, 32 
1 ADBiUmi Fai-iilr.. 155* 
1 anal F!as>lpl|'b.. 101? 

• *rn>lir>n , . . 27iR 

*'arrier.t l.eucrsl I Isa 

■ a,4er Haile. .. 165j 

1 aterpi Her Tract/ 49J* 

• Brf.44; a 

• etanexrLonni.. 37», 

• eniral A. I s . W.. 151? 

< ertauitced. 19 ■* 

t test Attvmtl... 31 

1 liaweManhailan 28 
1 beinkal Bk. > V. 38 >r 
1 . bcneturib Pond. 20 < r 
I'hesslc A y>ieiii... 32T* 
1 hnnco Bridge.... 441; 

i.'bivniallox-. 161, 

1 hryxlcr.. llAg 

i memnm. 2>a 

< Inc. .'Illsenm.... 18?a 

i llwrep. 19J* 

1 'll*' Service .... 461; 
1 in- laved log.... 121; 

• v»-a i-slA . 35 if 

1 eiji r*lm. 20 

Colin, Aik man... 11 

i.olkinibn V,**.... 2"7a 

1 olurabU Pf-i.. . 14V* 

».«ni.ln*Co.-,iAm 15Aj 
*'embusilito Eop. 52 i 3 
1 nrnbutili |i n b|. 13U 

1 "m'n'ih Kd/w.-n 27 ij 
i.om'n'ih Oil Uel 21; 

1 emm. Mlciliie. 331s 
1 onipuiersvieace 8 >t 

• t-mai-.... 19 U 

''en.fclpi^-iQ >.y 22 >1 

I'D'"! F,»‘*l». 24Si 

1 vnwd %si. «i*-. 341.1 
1 t'nsumer Per or 221; 
fontluemsl frni. 29in 

• nnrinenisl Uil.. 27« 

1 '■nirsiRiil T*if. IS 1 ; 

■ onirnl t.ixja 23n 

«. m,«>- fn.|t|k.. ..- 42 


■n’ U-<mmsGl*M.... 46'j 

_.r__ CPC IniVtlenal ‘441; 

52U , Crane. 26U 

15Crocker .Vat. 255* 

33,4 I'- iV'i'nZellerbacd 298s 
04., 11. Qmmins Engine 35 
3 8 33 Cut-Wright. 16-'* 

Dana. 2li» 

;z, if »r* Indiuinea.. 361* 

ti-- 4 Ueee.33 U 

Del Monte. 24 

?? 2 Deltona.. 5); 

i-. I Deotspl.r Inlu. ■ 17 la 
i I’emit Edison 16 

O* * • Diarnoitd.ihinirl 26-', 
1 I'rii.-iaphoDe.. . . ll'.g 
9-4 ■ Digital Ed 11 ii>.. 40 

43,j | UUovv iM'aln... 33 
36't | IVurr (.-.rpn. . .. 39 
36'* ll,.or l.'heniiinl. . 23 

24'i • Ureter.37 

S3 Du Poor . 100-\ 
31.n i I ijibu In-liiMrie.. 15 
271* Eagle Pi'-bei . . 26-x 
181; East Airline* 6>, 

4-x »sf//ian k'odak.. 441, 

40li | Eaton. 33"s 

341* J 

28-* h-rt.Ai.. 191* 

59!* ‘ Kl Pan, A»l. Oa» 1SU 

295, ’ Kill* . 271; 

l5Vg • Er,icr**>n Electr« 29•* 
244 . KitierxAii-Fr'ighl 385* 

121-, Euttert. 29>i 

27 K.U.1 . 34 

185* En^lebaid. . .. 235* 

261* . E^ntaik. 25<i 

20’- Klhtl. 185* 

95* K\m-h . 44-r 

: tail, hlldLamer* 245* 
875* Fed. Dept, ^tora*' 34ij 
4^, ** Fire>ronc I ire. . 13’* 

^7;'' K,l. AM. bmlnn. 205* 
2 i [ Flc-ii Tan. .. . 17 

-p’ a Flinruoir. 20', 

i Florida Pi.wer. .. 30'* 
riia.1. so.* 

21 ' F.U.I.'. 211* 

34 Ford Mmi'i-. 42 

25-’i Foicmt'*! McU. .. 171; 

335$ ' f'lrtot".'. 291; 

235* ' Franklin Vint. . 7*« 

365* VliIXMt Minerai 19 

18>a tYMohauf.. 25', 

331; 'Fa<iualnd* . 9'-. 

201* ' J’-A.F. 10:* 

151. i.ramn^ri * 35 ^ 

»q i t'^u- Amcr. Int... 91, 
23,. 1«.A.1.A . 23 is 

lo , »jcu. r.'af-le... . 12Sr 

ggj- i rtco. Dynamic-s . 371; 

XO • Hen.Eltrtlive.. • 445* 

jii, ' Aieoetal Fv*nlx_ 26«x 

SOU f iw»e«) -Mill'.-.. 27.* 
ficneral Alornn.. 57v ; 
‘T l * Gen. Pub. CliL. 191* 

,5- ,r cn. Visual . 251* 

GeolTcJ. Elect... 98»s 

Gen. Tyre. 225* 

Gene-.-,, . 

,H 3 e I.K-Jigia Paeiiii . 24 

|g T . 0,1 . ; 152 

31.* ■ Gillene. 251a 

15 U jOoodrirfcR.r....- 19 
101* | (rvodxtnrTire..... 16U. 

27ie G.juld.. i. 265* 

lli* Is race W.M ........ 24 

165* i til. Allan PacTra 81* 
4912 t.rl.Aortb Iron. . 271| 
445* i.reyhonnll... . l2>* 

j8-i H'raeiB.. I f 

451* r 'iilf Oil. 245* 

2 qi* Halibotwo. 57i* 

jj [ H«uda liiulug.... 381* 
275. : HamiKdiierier... 251; 

ini* Rarru. forpn. 42U 

20i* Rein.: H.J.... 56*, 

43i g Hcublein.......... 263* 

44f* 

165s Hen-leu Pa.-kaid 645, 
12W J Holiday inn*.... 151 ^ 

2 In Rr.mouke. 32 

X9 * f Hooeyirell. 441; 

19 U 1 . 12 

4gin I Hoap Corp .Vmer. 25 
1' Rvuslen X>t- (»as| 241; 
*«;- 1 HunifPb. k) Lbm 10'; 

19i* ! Hdtwn fE.F... lls* 

XO'iI LC. Indoiirifib... 24s^ 

* 7 * ll.NS. 35i* 

fdi? I Ingeiw.’! J!ajj.J,.. • 53 

; I u land steel. 341* 

losilcu... . 13 

15l< Intercom Energy 7i« 

267; 1B11 . 2531; 

2i; Inti. Flavnura. . . 20 
351; Inti. Harrcster... 27;* 
8:* • Iml.Mln 38’, 

195* Int;. .Hullifo.^is.. ZDs* 

22-j low. 145* 

241* • Ini!. I'aier . . 37 

34o, IPO ... . 275; 

221* Ini KeMificr. 101- 

29 lg ; lm. To.. \ Iel.. 271* 

27', Invent.. ... . ji 4 

IS!; Ii-.ia Beet. 291* 

23hi !■’lineman-nal. lisa 
*2 Jint W *|i P i. 27 O 


16J* 

16ft 

21ft 

21ft 

361* 

36*r 

23U 

23 !< 

24 

24 ft 

5h 

5>i 

17ft 

17 ft 

16 

16ft 

26ft 

27 ft 

HJg 

12 

40 

39ft 

33 

33 

39.4 

o9?! 

23 

23 V* 

37 

38!; 

100ft 

101 st 

13 

12;* 

16-x 

183, 

6>. 

63* 

441* 

44 

33. 5 

33 v* 

191* 

19ft 

1SU 

15ft 

271; 

28 ft 

29 ■; 

301* 

38ft 

38ft 

2S>; 

29 ft- 

3ft 

3 ft- 

23ft 

25 

251; 

25': 

18ft 

19 

44.; 

44s: 

24ft 

245* 

34 lj 

34'; 

13ft 

13 j* 

20ft 

25 

17 

16 - 

20i 1 

19 

30ft 

30ft 

30.; 

31 

211* 

20 ft 

42 

42ft 

171* 

18 

29 U 

29ft 

7;« 

7ft 

19 

187r 

25 ft 

25 ft 

9 ft 

9ft 


46i* ; Johns Man, tile... 
445? • Johnson J "hnt-je 
26'-j 1 Jubn*on CoaUvi. 
25U | •■•TrManuiaetur's 
295* j K.Uait i."iii . 
33 I k'aiverAi'umini'ir 
165* ■ Kaisei lnmistrir' 

ha Let etcel. 

21J« Hay .. .. 

*6*; hVnurmir. 

ken- U’tiee . .. 
24-a f Kldde Waiter.. .. 
-! 1 Fltulm |y i lark.. 

it- 1 . 

hialt. 

2 « Kinge: 1.1 . 

i?. ' le-t 1 .'1r*U-r .. 


' u iuii[». .. 27-? 

, Wlly-FL. . 391 . 

1 Lm-iu Indusi.. . 141; 

: L-vLIimd A iter’ll las, 
| LecAti in j-. 17.* 

; i*,ng L'^nd Do. 1B1 V 
1 l-'Ui-’Jiiia l^uid 205, 
[ I.hItismI *. 34^» 

| Idii-ky ffivie- 13',# 

■ 1,'LriV'uaj* - n b-* 

MacMillan . 10'. 

Vfact-Jf. H . 36 

Mti~- Han-jiei.. 295* 

Mar*-' . • 33 

ManltiL'ii Oil.. 421; 
Wsnne Alidlan-I. 13 

. Mur,nail Fi«M 20.; 

J Mai Frepi.4|ere— 20., 
Alt. \ .... 335* 

Al, Demivtt. . 245* 
I M, U-iQuell 235: 

qeGraf Kill 181, 
Me mi-re: . ... 2”:* 

; U,-r> 5 . .. 52 5 

Aleriill Lvndi. 145* 
Mc-a Pe|r'i>um. 36 T , 
VH'rAl . 25-* 

Minn .M mgA M l^r. 45 '* 
Mobil l.’'>i]' .. . 591: 

Mr>a-*ui" ... . 415* 

1 A/otjanJ. P. . 39.* 

Mott-rol* . 361: 

MurpbrOll.... 34!- 

, NaliL-v. . 48’; 

I .Nab " Oietnteei.. 261; 

■ Nat liKial fan.. .. 14 


5 Si, ' A»l. DL'lille.,. 211 * 

Bl, ■ Nai. an\i*e Inn. 13 

241 5 • YatwnslMeel. 30 

12s* rJVsaraxta*. 36-'.- 

37.^ .MR.- , «!- 

44 :., . .\c-plunp 1 1 ,i|>.. 13-* 

267; , A’*" - Englaud El. 21 js 
273. ! Yea England'IV: 341; 
571; 1 Niagaia Mohan'k 143* 
191 * ■ Viagara ;harr. 9'-. 
25i* . -V. U I ado-me- . 16 

281; \ X.iriolkA Western 26 
225* ’ Yonh Aar. lias.. 34.V 
5 j* ; Vi bn -laie- Pi r 26! a 
235* | \threst Airlines 23>: 
1521j | Vlli» 6 t l>uiri*|i 221* 
, V'ri'.fl Mami . . 17’j 

2 ® , •'•rvalental Peirnl 221* 

r ?} 6 I'giltT Mather... 37-* 
j 1 »bio Eilisor. . . 18’* 

f ® 5 ' 5 , *'lm. 15 -i 


27 •rtnei*'li,j.. 1 .. 2 LU 

127- jiiavttsi.wanjc 59 ■» 
III- •raen* lllinid*. . 2It* 

243 * Paettic l,a- 24’s 

5 g-.„ Pacific Lighting.. 20u 
385c ; Ps* . P"-r. 1 U. 205? 
294 .x ' PanAmWvndAir 5 
4 ji 4 ■ Parker Ua no inn. 2 ZJi 
365* . Peal "dr Inr ... 20‘i*. 
2 b-* , PemPi-A D 225 s 
t PennrJ.i.. 34 :* 

63o; . Penns.-si. . 285* 

IS lq 7'? 

3214 : Gt'. 35 

44 i Pepsieo . 24i 4 

u*i : 

Z4-a Perkin Elmer. 171- 

24ig Ptf .. .. 360 

J01 3 Ptucr. 26 ?* 

i Ktelp* Dodge-.. 185s 
241; Philadelphia El*. 185j 
If.' 1 Philip Morri»... 57:3 

Pfaitlp* PWroTni ZB 
S3.; PSshury.... 36iB 

* J *? , Pirne\ Bnn-ea.... 181; 

- ■ Pittsua. 235* 

255 PJeiscr lad ADR 16-5, 

zo: 3 

28 '5 1 Poll 1 nil j. 24*4 

3B« Potomac Eiec--.. 15s? 
20.j j PPO IndutLrfe,.. Z3-* 
14H ! Pnarier Gamble.. 77=* 
36rs . Pub eenx fc:m.. 2Zi* 
2713 I'ij:!n-jn . . 24Jo 
lOi* Pure*. . . ie, s 
2713 (Jnsker Uat*. 21lj 
1 '* lUf.t'J Aieertcsn.. 6 rg 

29KtvtLeon . 30b: 

MJ, tZk\ 24 

27'i Bnpi,ril|.> .Jm,. ,. 22-* 


66 tt'eynold, Metal,. Z5'.? 
27.j I Iteiuold* I*. J... 54ij 
51 1 Utrb'poo Merrell. 201 * 

24'x liotkrell Inter. . 301; 

ZBS* Uohml: Baa,.. .. 295* 

•■ill llural Uul'i... . 56V; 

8 IDE . 13i & 

201: llila* Ll*> . II'* 

401 * hr-lvr •?i-,iem. 14i» 

27 Miexx.i-.florr,. 361- 

42 >. sk. doe .Mrnerale. 361* 
jgi- ^ 1 . LVj» Papei 271* 
42,.' 1 Saltla Ke Ind-... 541; 

^" u i loveat. 41- 

78.: 1 Nt-i-m I ltd- . 5 

26i xhlir/Heeding. 13 
’ x-ldmtif^i aer... 65 2» 
M.M. 16:* 

391- ! ' i *— 11 P»!»vr" . . 131; 

S*» I ‘I M.tf . . 20'* 

r;f I >»-iwir \ e,i 6-'-* 

131* . 

17,* 1 >*• • -i-Diala.-r- . 21I-. 

18J* beegrsiti . .. 20-* 

20>* '. ^eane ■ l ».L>. 12 

34-t 1 1e*i* ffueinirir.... 24 k- 

131 * |>KLl'.*'i .. .. 331 , 

5 .; 1 -hell i'll .. 29 
IOIr ! ebell Irausin-n .. 38 

56,* ‘.-Igiul . 28V* 

Z91 1 ; "Mguvtle' >•!■»% 53 '* 

J 31 - -iiiifili-llv Pal IU* 
42.I -in-M . . 18 v 

13 Smith Kline . 40i* 

iq.j ls..iiii..n .... l.t 
j .-nuihd'ie.n... 24'- 

2 i -•* -,»tl«tBi al. E4. 26> 

33 4*illH'HI.". 161-- 

24'*. f-'lhn. Ail. Ke- . 33!* 

231» S.H,ih-m Ca.-ili.. 32 

17«r. s. -in hern Kail nay 46,* 

j] ' 4 Si-nlhlan-l .. . 23 1 * 

»V'r Hrii-Iiric>. 24 
36'“ Hu'., ii... 15:* 

•?(*,. siein" Kind. 33,; 

rfi* -a.. 23--: 

eg,1 Siauda 11 I llntn.l* Z4t- 

.-r.l.U iiCal IU.a 57 T; 

-ill. 1 til Indian-.. 45<: 

I M-l. •Ail I'hi-, 66 

- .-la,iff 1 Chen,a*'.. 36'* 

tni j ^riling lirug.... 13'« 

01 *:. ,.-'liwd-MiM. ... 48V* 

j 5; .-im I- 36-.: 

* ’ auniforraod. ■ . 34 

Sxnie-.. 22^1 

,* * 1 let-hmmloi. Hi, 

*» lr leklf-ni*. 34 

“*'* ’ rckJyue . 745: 

", , fetes. 5'-_- 

tik" i r “-». j8j > 

Z15, • 1 e,"i'-Pci i-.ieii'i. 9 1 » 

34'» it*tMrx. . 25 •: 

«?* Vexagun . 16 Jp 

' Tc*s» Insiitt. 641, 
*f; r I r*u> i.til X. . .-O 

t®'» { 1 <>j*e l ttllltr- . 19i? 

“5. lime In. ... 33 

H?’* . lone- Min.> 1 -.. 22.s 

i?? 1 I I'iniken. 41iv 

22 J * I rene. . 33 -, 

XL, * lraa«iiicri>xi •.. 15■; 

®* ! * 1 Ii».i«.. . . 181- 

"Iran, 1’neqi. . 34-i 

r?-' 1 leiWM Inr'ini 24 

* s, » Inn. .lie. 12 U 

!<ni:eilpi> . 28-; 

22 ' I ,i I'.ml menial - 18 > 


24 :- j Jpihi emnr.v fw*. 24 
20 *\l. . 20 

ZQ * I’AWS". 21 ’; 

4',- ffrl. 22k. 

21 . C ["P 141; 

205 * I nik-.ei. 36^* 

221- l nilevwN V.. . 55--* 

341* * *H"MJ Bau*vip... J3l^ 

28k* V«Hvn Lju' tle.... 385s 
71 * I. hivn Lunimcice 6 ij 
323. Cni.jnLtiK.alii... 48 
24 Jj 1 l ni...n Pacific . .. 42 

• Lnireyai. 7s* 

171* : L’BiLcd Brand;.... 71- 
365a Carted keep, . 105* 

26.; - (MJhHftrtt..... . Z 8 i* 

I81« ' lb.Gib.um. 225$ 

19 1 * lb. Shot.. 22 

571* U&eteel... 26 U 

ZB's . L‘. TcchfloloBicr.. 34 
36-, LY (ndurtncb... 183* 
185 $ \TrslnU Elect.... 133* 

23a; . ATalsreexi. 18 

Ids* ; IT* mer-Commn.. 32U 

1 Warner- linit-nrt. 261$ 

! Waitc-llin'mem 19>i 

'WellvTar-o- . 24:.; 

i». * ■ 11 Mti-ru Itanoirr, 301, 
£ 2:8 Wetiem Y. Amtr 23 1 ; 
■»nt 8 Wr«rem f «!*>□. 16 

1? 4 " - erfln a iirf Ue. 1 171r 


! W<K.lr<.«b- 17% 

■ Wvlv. 0>i 

X*.r>.*. 431; 

. . lbij 

Zenith liadi-j. ili; 
l .e.Tram.^lf'a iS4 
1 -.Tiea-4;SJo.'i, tBl*i 
■ JJ. JO (la.t bill,. 6.43% 


89.7. 

489 -5 

SJf« .. 231 —0.3 

Kt-I. 139.8-0.7 

batrr. 159-3 —0-3 

Haver. Her*-.. 289 -1 

liar or. I'cmnihk 322.5—0.5 

< INitm.Acd.nu* 215 . 

i.uiniii“i--Nink... 231 -0.5 

•.omi t.uni nu... ‘ 80.5 -0.5 

Uaiioler Ben.'. 314.5 -D.5 

lirjuu*. 271.5 - 1 

Medina. 164.5 • 1 

Meui^be Bauk.... 311 —0.5 

Urcnnei Bank... 251 -0.9 

Mic*et n.jff Zemi. 148 

'ji.teletirnung.205.2 td—0.3 

Ha 1*1.' LWrt .... 114.5 —1.5 

Han-ener.. 265.1—1.9 

H-ecbrt. 129.7—0.3 

.. 46.4 . 

H-rteo.. 120 -0.5 

ha-i und Sal.-... . 157.2—2.3 

ha^-ladi. 296 -3 

t\auih.a_.-. 206 —0.5 

h. " uner lim kv. 94.5^0.5 

kHL>.. 176.5 

Ivruj'p. 96.5 — 1 

Lui'N . 245.5—1 

Is-ueirt mu 1.550 . 

LuiliNtnm..| 111.8 . 

M A A. 195 5—1.5 

Maiiitetinann .... 172.7- 0.3 

dc-U'-Vc*. 233 -1 

\liiiii.'h.-ntr Loot... 530 
iei-keiiiiaiiii . . 111.5 1.5 

I'i-vu—N a |tm I -V. 113 -1.2 

i«nrinW>»,| Kn-.H. 212 -0.5 

>AieiUie. 259.2 

rrenieu, . 298 -2 

-ii'l/u.ke, . 250 —2 

. .. 125.9-0.4 

i aria ... 163.5 —IS 

i EHV . ... 118 

1rnr:iuM** HI,. 302 . • 

iulk*-*a£«.u. 213.5—1.7 


CANADA 


,\l>ilih| I'apei.. 
\;iikf Eaylv 


111* 1 111-, 


12-; Alrau-MiiniinliiNi 241, 

66 X{$.•iiia ?‘ii.xrl.. 16r* 

16V; *-l,-|.._, 38', 

1Z-; . llatiKMviiii,.ii| IS'* 

20 jx | Kartk \'Hm'N,.lu: 19^ 

6 , H**l- li<*«,iiie,.. 6i? 

20., ! Hell r-k-pteine 541* 

|K"* Valiev 1 nd-. 21 ■; 
121, nr i_au«uu .. 15*r 

24», j Uravnn . . . 15(, 

32 =; IKnu.,.. ;3.2a 

28j-. ,i.a'aa>\ p.-nor 35.; 

3BK 11 arnd" (line... 15>* 

28:i <i.siM,|a in. 9 1 - 

33-r . • ana lm AWIjii.! 10>-. 

ll'v |>.an liii|,lliiLI .hii 25*'; 
18I-. 1 1 aua.la ln-ln.,1 tSOI; 
47i* . I ail. Pa,-»ri--. 171. 

l'l I an. pH.iiu hit. 161* 

24-'* ]'an. Mi|. i Hi, 51 

26I-- |ij,iltii K n Krrie. 3.60 
16'; 11.a,,ia, A.ia>l-<-.. 9 

29 V: ; 

52'; I* luillain. . 18»; 

47 ■ ■•ii'iti',, . 25;, 

I "ti, Hal lm 1,1. . 25s; 

22-; * .if,-un,re t,a,. . 16.’* 

24 ..I* j;.. 6-., 

151-s , ,Miam l;i,.|i t,? 

o3U M*iii-*i Mine*. 57i_. 

I*. 'hue,. 77 

25 l*,-i■ in,. 56k 

3 i * 1.. it, i..,, Hi i'l,- 25 1 * 

*?5' ; ... 15 

05,r ! I Hi |-IU ... . ,12,; 

35-e {Pat. S eA»k'f. 171* 

; F,'i,l M,.|,.; I. an.. 711, 
50', J 

36 ; 1 i,eu-lai .. 25 m 

33’, liiaiil 1kr.iiE 13S, 

22'* inill till l aiio-la.. 261; 

8i; ■ Ha*«,.r «H. I an. 6 

34 ll-llllisier .. . 301* 

745r . H..,iii" Mil • \‘ 58 

5S. • frud-,11 r«i Mn. 15Jr 
29 5s t n.i-l-ra, ii,. .. 171.. 

• llml-.n nil A r,a- 41: * 


L9 J* j liMlal ... lU'r 

35 I f nlaii.i Aal. Na-.. 1012 

22>s ln*’ia’» PI|a lain- 13',;. 

42U Kai'i-i *1.line,. 13;* 

33 1 *, lannn’i I ml-,r|> 7t* 

15;.. Ij Jriae .. is ' 3.35 

181-*. •|,- , i>iiM , n Ilii-aJI. 16U 

34,; ■ 'I*','. 1 .. 105; 

23 Jo .'li-l nil ir. 20'* 

12<* t Af-»>,« t,«7'0 .. 3ki* 
281 , ' ,S.t*iwU Mm, - . . 23 
18i* I livu-eit Kneiu.x . lnJ» 

1 Nlhn. Ifii.,,,m. . 261$ 

31 ! Stvtun-ini x i.a- 1BU 

22.5$ "lak"-,..! I'etr'in. 4.90 

20 I , „«-iii*-i \l. 2.00 

211; 

29 in I'*' ilr. l , t-li,.|«-m„ 36>$ 

14 ., i P«n. i.'»n Pei'm. 33 
Pal He;. . :15>* 

55 “ l*eo|i|«s L»e|H. S.. t4.IU 
ill- Piat-e t'a- a 1.1)1... 0.83 
37:* Plaran-Ilereh'iattl' 19J* 
c j, IN-atit-.T^ijial’n 1UJ$ 

*q.. I’nw 111? 

ao i" ! Vnelv nui$en 1.55 
6 '■ Ilancer Mil.■ 97a$ 

7,j | ftmd z-bav-. 9 

71 , , Hi” .M;ttnu. .. t2S: j 
103, I HeralUk. -I Can. 1 t275* 
28U Koval Trust..' l&i* 


0.9 20 
4 


114.5 

-1.5 

12 

255.1 

-1.9 

»9 

129.7 

—0.3 

16 

46.4 

. 

4 

120 

-0.5 

10 

157.2 

-2.3 

9 

296 

-3 

20 

206 

-0.5 

20 

94.5 

rO.S 


176.5 


12 

96.5 

-1 


245.5. 

— 1 

16 

1.550 

. 

20 

111.8 


7 

195.5 

—1.5 

12 

172.7 

- 0.3 

14 

233 

-1 

10 

530 


18 

111.5 

1.5 

— 

113 

- 1.2 

7 

212 

-0.5 

16 

259.2 


20 

298 

-2 ’ 

16 

250 

-2 

17 

125.9 

-0.4 

11 

183.5 

-1 5 

14 

118 


12 

302 


20 

213.5 

-1.7 . 

10 


TOKYO 1 


4.4 Carlo .588 

6.1 (.bunt).;.■ 370 

5.7 Dai Nippon Prtni 513 

3.4 Full Pbott,... . 540 

3.1 Bitarbi.. 2\4 

... Hun-la Motors....’ 569 

3.9 Uouae Howl-1.170 

-■ C: l lob.. 220 

3.1 Iro-Vokata.-1.230 

3.2 latv,.. 630 

4.3 J-A.U.....2-730 

3.2 Kahtalfclect.Pi*. 1030 

4.0 homatau-~...f 322 

1.3 fcntola.. 279 

2.9 Kjotc, Ceramic^.. 2,780 

5.2 UaiMixhira 591 

3.5 Musuinabiuank-I 879 

6.3 w Itaubiihi Heavy! 134 

4.4 IfltaUUl^bt Lwp.. 410 

4.2 UftMii a. t.o_. 310 

2.9 Utuulcoibi.' 522 

3.3 A'W'Vti Menvj.— 1.170 

4.8 A'pl'-'o Sbmpan.. 633 

•Meutn II OIi.tTb. 801 

3.5 P'wea... 1.400 

-. i rau»»# fc/ectrw.... 206 
3.3 j :eb»iii PreraD_ 840 

1.2 : ikiWJu..1.090 

3.2 __1.790 

lauhu Harms 2 46 

3.1 l akeiia L bemica .’ 320 

*•1 l UK.>..1.490 

? £ inn. 112 

*■' icily Marine. 491 —2 .21 l.l 

’ U«ioK«-ilWi. 1.100 —10 8 3.6 

’vk.xoiranTu. 251 +1 12 3.4- 

i.n.\u6Mb4*u».. 129 +5 10 ,3.9 

2, "«’»r. 134 *2 10 4.0 

ir.r.Ua Moioi... 904 .—4 20 1.1 


AUSTRALIA 












45.20 . .•rtf.! 




lane* AlntOI... 


Source Nifebo 


B j g^^SSELS 


AMSTERDAM 


Mi-... .. . 

M. • 'F.. :c. 

■ -rntlnk'f • 
\MhV .1.,.. 

Iniriljirikih.j 

Lil..<alk,'l |. 

ili'ki'l r-l',ll‘l''> 
dlili-ni lell«1**ie 
h" •*.' lei K .-*i . 
hoiiiaA.l .lieniv, 
Km •■* I -I K-. 
»;•-> '•i.^wIn-.F* 
lleinekeu iF;.'c;.. 

H'>.«i-ien.iFiSL'r 
Hnulri I>."F. rf.». 
i.H a . Hoi.an .. 
KLM Kik'J. 
lm Mn e- 
Nmi-Kk Flk'. . 
Nat Ndln-,-1 ..|( 
Ne-.CI^tUkiFLa. 
Nel.VidHiiil , 'in 

• VC ' ’JO*}! . 

tan Mmiiwen.. 

I'akli'vJ.r.^Ai . 

I7iui|« if Jj'. . 
Hi in evil Verti.itA 

i,NJstt>. 1'ijy:....- 

li'Zllll-,1 ,F.^0i_ 

l!,aVHIi,lF..a:''._ 
ii"i n< llniib tFiji. 

entnin' . 

-let 111fit7.1P1.eij 
Ink 11,l*ae Hl«l, >. 

L I'l'eiei ■ PI.’.M,.. 

1 iLirufL’ralirLXI 
w «~t land "ii. Hank 


Price +"kr Dir. TH. 


97.5 -0.7 24 5.0 

21.8- 0.4 -- _ 

344 -i .122.5 6.5 

78.8- 0.3 S,44 5.6 

71.8- 0.1 22; 6.5 

78.5 —1.0 23.5,8 

115.5- 2.2 70 6.0 

66.3-0.1 25.7.6 

266.5 - 1.5.121 1.6, . 

139 . 32.5 4.1 1 niertieuiaok_6.400 

62.0. 94.9 5,6 1* K.jy»,e Beige. .3,180 

36.4 -0.5 22 6.0 rtm Bn*.ltll*. ’2.400- 

102.6 -0.1. 14 3.4 P«.»oTina...15,895 

-■> Cien Haoque—2-895 

25.4 . . 10.1S B.O w tinn BeUrmut! 1.960 

22.7 t02 12 5.3 vHog .. -3*000 

13.6 —0.4 10 ’ 7.4 svvav..2.480 

122.5 -2.3 - - tra-:lioD Bled_. 2,580 

36.1 ... 18 9.9 LCH.. 944 

35.8- 0.7 10.2,8 LnM 1 n. 1 J.JU_704 

105 —1.3 46.2 4.4 t lefi-e ilonuene1.320 

53.8- 0.5 20 7,4 -—--- 

194.5 -U , 20 5.1 

155 - o^ A34 4.4 SWITZERLAND •• 

137 *0.7 18 3.B 

3B.5-0.5 31 10.9 Price 

25.2—0.4 21 6.3 Feh. 23 .. Fra. ' 

62.5- 1.0 16 - 


Arr^«l.ifi.OUU 

Dir. Tin. ..4. Bra. Istmij ... 1,412 

% \ rteken “B”_.1.740 

-- ,.tUL Lament ...1.138 

24 5.0 ^aukeni*. 369 

-- - r.BE 9 _. 2.325 

22.5 6.5 cev-trobe . 6.000 

■A4 5.6 .'ar-rique Nai_2.360 

22; 6.5 I 6.8. Inor-Bin .... 1.875 

23.5.8 OevaerL... 1,230 

70 6.0 d,JaHreo.2.405aJ 

25 . 7.6 luterwm.. 1.820 





vOpZK 

%-4>x v4) 4 Q7 

... 5 . 33 .* 

ocoTP?~. 

iwfessi 


•Arfanefra 

J 

a.'V.j-K 


■ ■»»««— «i - 

cfefcC^ 

s UMl^.a 

07.6&+Q* 

3iaj.;i_-. 

107 

183 ■— L5 

IES6UR 

A £>• 

•tfcao-Co 
mwrfidaie 
onfed ' •• 

G "•* ■ ■*- 

IKES’ ^v..‘ 

rp0.-3.^4; 

a m 

. ♦<i£i 


“7 '»«"»» *V*» 

• pLitiam 


sa 

eratlpn 

2L- 

ftr.:—';i3 



eteh--— S.1- tO.75-.-0JH 

odSluiou.— - 10 . 18 . - 0.01 

Hlnlne (XTcrnm* • • -id-.lO i-OJK 
rtha-—.t!J»3 ..1.—.• 



. • • * 

/ ■ • ’ ^ V * Id 



• m,m ~— ■. .. ; ; ^ »■>» 


1-^- 7 - . 783 '*1 .,'-4.4f &3 




kCat&y SdUv ajr 




38.5 -0.5 31 10.9 
25.2 —0.4 21 6.3 

62.5-1.0 16 - 

162.5- 0.7 A2:5S 7.9 

114.5- 0.5 - -- 

129.5 -0.3 14 6.4 


Juqagc Bore! 


54.5i» CL8.5.2Sf9_6 


A-viuirtiURi.,.'1.355 

6.4 dUL>.V. 1,745 

9 I r’il. t:_-,r. -.'ll IU 


I COPENHAGEN * 


22J$ j. 


i6ix 

16 ft 

. R'blirt;i. 

25 .s 

211; 

20ft 

Wat ertaen-er.. 

22 ft 

6r; 

6l. : 

Whirtli-Jui 

20 j; 

30b; 

30.* 

M lilteliig. Ind . 

20 ft 

24 

24 

Vlt.'utnri... 

J6-! 

22 * . 

22*. 

R'irtiern Klert 

26'* 


: Srepire RVjiii'.-ep. 7 j$ , 7* 

"*e*araiii->. 23 V; 23 J 

! yhell Lauada.... J4<£ 14. 

• Sherrill ft. 'Ilu*» 4.7u 4.6 

' blcben* IJ. lx... 271; 29s 

1 .'iinf'Vjn-. 4.60 4.6 

mk-i ui i.'anaila.. OZJg Z31 

■*1ecp IJ-n'k Inm fZ.51 2.3 

Texii .11 1 auaiii].. 391; 33. 

r.in.iiu.. Di'iii JJk. 17ij 17 

I’lsnKaii PtjvLii 14>i 14V 

IVnif. Mrenil Mil* S!j 9J 

! lrl. »*'. 1 101* r 10 1 

• l uImii lia* 101* 101 

11. Id-riK-.v lliue- 7'i 7l 

1 Waiter Hiram. 301* 31 

'"fH'..**! Tra-. 32M , 32i 

' Uv’pn fte... . 15 151 

•,*c.enf,-a ' nw ■ *.».$, 

1 l treOet 1. ; New «tock. 


.Xuiierjauiki'a... 
Unnii’MrW/i ... 
Ulll»kc b*uk., .. 
hint iMiivli... , 
r imm-rteoken...' 
e'er. Urrsscntr. 
Fc>r. Pnf.fr . . ..... 
Hau k.'kUaV..„ 
o.N'Miua.Kwk 

Nit l hxlel.. 

Uiietabnk.. 

Prireueub. 

Pn.it iQstaok. 

^••pu. lierendam. 

rurerlrw. 


I VIENNA 


'.ir-UUiiaUll. 

I'ClIdlonai. 

ta. 

5ei*i|*rnl. 

“ten liaunic... 
A'cii A|a,n«,ii. 


183,1-1.4 A50 8.1 Ci’.e CreicJiFr.'jL 1.355 * 

242 -l 19 7.9 Mo. Pt. L’oeta... 990 > 

140 -1 27i 3.91 Dul Keg.' 888 -t 

92 —0.5 30'0.81 . rein euisae.2.520 

111 —0.6 A9I.B 6.9 | H'evknsnaU. ’1.8Q0 -.. 

39.6—0.4 20 1 ^: fip-'hkrilreotxei.Y' 745 — 

406.8--1. 2 32 3.9 Huffman Ft, Lert. ; 88^00 . 

— J —Uu. ikmaili,... 8.800 

lutertocdH.. 3.975 - 

„ /eiButu'Fr.ldX.... 1.625 + 

^ Seiie i».L.VJi....;3.670' '+ 

.----— __ Da Kejr-.’2.330 f_ 

Pnre +or.Dlr, T1iL UeriUcon-H.i'F^x.i2.fi 15 
miner — % % Piteffi yU'it'.UXF 298 f. 

T — -;--- Sanduc. (Kr.aXJ)..4.025 

!S2' 5 “ l 11 7 *® ^ Ffcrtuma..i 612 — 


iof 3K4« 


-rafl, •W v ^D^SPA1N.“» 


140i 9 —1 
428 .. . . 

1324* _llj 

230 . 

117 . 

529 1-5 
74 

1331;-1 
261 +1 

2691;. 

911;. i-l 
1381;... . 
144 ♦!* 

376 +1 
1871? i-l 


11 7.9 Uo. FKrtUma..i 612 
15 3.5 sehlndlwLuPliX 537 
32 : 9.1 stuaer Cm (F.IOC.I 377 

12 ; 5-3 fixnaiircFjbOi’ i 865 

13 IIJ iu UiDklF.igO'j 4IB 
J I swiss |lte.F.fiaJ!..5,000 

1 1 ;■ l SJ Cntoo 8anfc.„.[3,460 

18 0.5 f inneb Ins..... -* 1 aBn 

12 • 4.11 

12 1 4.5 ----. 

■7 I ij( MILAN 

ti f 2‘f I MwT 

12,3^ 85 ■ Lite 


11.850 ;-80 j 40 


.. 1 _L Jk”—- ’ 1 - ; 147.6'+ 

rtMtosi —.538 ' + 
Fist....-2,000 ;+■ 

u>>. f*nr.2.604 

—-— --—-- noatfler B7.76—I 

Pnre +. 1 T Dii.VM. luiRmrnt.. 11.020 — 

^ lUeJdn...; 140 {— 

' —.-Vrdlotenca 32.400—, 

. 10 S'® .. 168.5'+.' 

” 3.31 Driven l Pn-r..• 840 4- 

570 —2 48 8.4 ! PU-eiii *N>..12.181 • + 

tlrt ^ 1 v .l.OBO 

190 . . ,7 3.7 Vhwm .i 870 4-1 


TJSfil 


Banco -Bllbaa —.i2SS - 
Banco Afl«ow» tL0W) ZQl- 
Eanco jCfifltrii n..,.'• >** 
Hmcb ECertar > 276 - 

Banco Gcnertd 
Babco Grbnad ftObO-l •' ' 

Bmjto;H fepanb* .•— ajv 
Bbjw Juft: cat ItytmF- 

«su;o. Popular .4a±.^ -2S& n 

Danca Urqnljo ; 

^ ypy- 7 ' 
Dcwados 

EsJ%- v ja.... 

JjaifcvsK-s^-'rvitei 

Cfcl.- Pnx&ta* - .Uw 

Sg 8 ®,<4eift.---Ms-; 
































































































































































































■ 39 




fiaagg^;Times Friday February; 2A .1978*.- 



''■"-if v _ 


V 




V 




, 'Ji* 


i 


• i 


coa use 

imate 

reased 

ird Mooney 

JOWN in the rate of 
world cocoa bean c'on- 
is indicated in. the 
•ket report by London 
Gilf' and Duff us. 

! '-78 world grindings are 
at L357.000 tonnes 
<50,000 in the previous 
(blissed in December) 
J 00 tonnes In the 197 &- 
>n. But this figure 
i be the lowest since 
Grindings peaked at 
onnes in 1972-73. 

- her grindings figures 
. est report contributes 
est reduction in die 
urplus of production 
umption. Gill and 
v puts the surplus at 
aes against 99,000 in 
mber report. The 
or reducing the ex¬ 
plus is a cut in esti- 
rld production from 
9nnes to 1.443,000. 
'production (esti- 
249.000 tonnes in 
Js now put at 225-000 
3bana estimate is cut 
tonnes (320,000 in 
. A 5,000 tonnes re- 
-also made in the 
■op which is now fore- 
5,000 tonnes, 
ts are largely offset 
y an increased fore- 
he Ivory Coast, ex- 
be 290,000 tonnes 
with 255,000 in 
The Cameroun total 
by 5,000 tonnes to 


D RAW MATERIALS 


U.S. producers press appeal 
for copper import quotas 


BY JOHN EDWARDS, COMMODITIES EDITOR 


Duffus attributes the 
and figure mainly to 
t expected grindings 
ind. the Ivory Coast 
es that forecast West 
■hidings have been 
“ tly since December. 


U5. COPPER producers con¬ 
firmed last night that they are 
appealing to the ,U-S. Govern¬ 
ment for temporary measures to 
restrict copper imports.. 

The producers said they will 
recommend to the International 
[Trade Commission that relief 
from imports will best.be carried 
lout by a quota system. The size 
land type of the - recommended 
: quota will be made known at 
I the Commission hearings of their 
I petition. 

i Reports that U.S. producers 
|planned to seek a curb-on copper 
‘imports have been circulating in 
the market for some time. ' in 
[January Mr. George -Monroe, 
j chairman of the U.S. copper 
: company Phelps Dodge, said be 
[was hopeful a 19 cent a pound 
■“ environmental equalisation'* 
! levy on imports would ■ be Izn- 
[ posed. 

. The argupment ip that" copper 
■ producers in the U.S. are handi- 
J capped in competing with foreign 
: companies by the strict environ- 
' mental controls in the U-S. 

I Now. however, it is understood 
there have been changes in the 
j copper producers' suggested 
; methods of controlling imports, 
j Nevertheless, the fact remains 
that any restriction oh U.S. 

' copper imports would be a severe 
! blow to exporting countries. 

; already bard hit by the depressed 
I world market conditions that 
jhave forced prices well below 
; most cost of production levels. 


y rains 
Cuban 
harvest 

IAVANA, Feb. 23. 
AIN has reduced 
cane to Caban mills 
January only 32 of 
s reached their pro- 
rgets, the official 
Iranma said. 

January affected 
transport so much 
mills had to stop. 
; are that the supply 
Tm the fields has 
-lis month as the 
improved but heavy 
ie past few days 
it of the island may 
problems. 

aiming for a second 
crop of 7.3m. tonnes 
ith 6.5m. last year), 
ireased mechanised 
5 per cent, of the 


Ironically, a sharp fall in the 
New York copper market over¬ 
night was the main influence 
behind a decline is copper price* 
on the London Metal Exchange 
yesterday to the lowest level 
since February. 1976. Copper 
cash wirebars closed £13 down 
at £616 a tonne. 

Pessimism about demand pros¬ 
pects brought out fresh selling 
that accelerated when a “bear” 
chart point was touched. 

Unsettled 

The feeling is that the fall in 
demand as a result of the coal 
strike in the U.S. would force 
other U.S. producers to follow 
Kennecott's surprise decision 
Iasi month to cut its domestic 
price by 1.50 cents to 61.50 rents 
a pound. 

Other U.S. producers so far 
have maintained their prices at 
63 cents, but are now at an in¬ 
creasingly serious competitive 
disadvantage to imported copper 
available at the world market 
price of around 55 cents a 
pound. 

The gloom in copper un¬ 
settled other London base metal 
markets yesterday. Cash tin 
dropped by £80 to £6.990 a tonne. 
The downturn was encouraged 
by reports that the U.S. Congress 
is expected to approve stockpile 
tin releases in due course. 

Lead remained nervous, and 
the cash price fell again by 


£4.75 to a new 14-month low 
point of £27525 a tonne. 

Zinc values were steadied bv 
news that A max in the U.S. b as 
shut production at its Sauset: 
refinery because of a cut in, 

J ower supplies. However. New, 
ersey Zinc confirmed it was cut-j 
ting its U.S. domestic price by! 
1.5 cents to 29 cents a pound; 
following Asarco's reduction 
earlier this week. i 

U.S. zinc producers are also ' 
seeking protection against cheap j 
imports. But or more interest to ■ 
the London market recently has 1 
been a report that the EEC Com- 1 
mission is being urged to take, 
some action to help the industry 
under Section 3 of article S5 ofi 
the Treaty of Rome. I 

Earlier this month the Com- j 
mission announced that it had I 
asked the liaison committee for: 
the non-ferrous industry to pre-1 
pare a report on the troubled 
zinc industry. This report will i 
be presented to the Commission! 
shortly and is believed to recom- i 
mend that a system of “open”; 
import licences should be intro- ; 
duced to monitor the market and i 
enable import controls to be 
brought in. if necessary. 

But the committee, made up 
of Community zinc smelter rep¬ 
resentatives. was apparently un¬ 
able to reach complete agree¬ 
ment on more far-reaching 
measures such as production 
cuts, and a possible minimum 
price scheme. 


Milk price rise hits sales 


Rustenburg 
platinum 
price rise 

By John Edwards. 

Commodities Editor 

ANOTHER RISE in the pro¬ 
ducer price of platinum — the 
fourth increase since Novem¬ 
ber was announced yesterdav 
by Rustenburg Mines of South 
Africa. It is raising the world 
price from S205 to S220 an 
ounce. The sterling equivalent 
goes up £8 to £114 jO. 

A statement from the com¬ 
pany noted that conditions in 
the free market for platinum 
have been buoyant for some 
weeks and it believes the S220 
level reflects the correct price 
for platinum under prevailing 
circumstances. 

Earlier this week. Sir. Ian 
Greig. chairman or Impala 
Platinum the other major 
South African producer, said 
be was not contemplating a 
producer price increase at 
present. 

In these circumstances, it 
seems likely that Impala may 
delay, following Rustenhurg's 
example, especially as the free 
market appears to be showing 
some signs or reaction follow¬ 
ing the surge in priecs to the 
highest level for four years. 

The Rustenburg move re¬ 
versed a downturn in the" 
market, but values slipped back 
In later trading. The afternoon 
close was marginally higher at 
$232 an ounce against $231.50 
on Wednesday, while the 
sterling quotation was cut hv 
£0.25 to £118.73 reflecting the 
weakness of the dollar. 


BY CHRISTOPHER PARKES 

THE LATEST increase in the 
retatl price nf milk — up a penny 
a point on January 1 — appears 
to have hit doorstep sales. 
Although fanners In England 
and Wales produced almost 10 


per cent, more milk during 
January than in the same month 
last year, was diverted into 
making butter and cheese. 

Milk Marketing Board figures 
show that during January total 


Coffee talks deadlocked 

BY OUR COMMODITIES STAFF 


j NO DECISION on raising Inter- 
i national Coffee Agreement 
I support prices bad been reached 
; when a special working group on 
: the subject ended its first session 
jin London yesterday. 

} International Coffee Organisa¬ 
tion executive director.. Sr. 

Alexandre Beltras, who chaired 
! this week’s meeting, ^old 
[reporters a report on the group's 
; deliberations will be pul before 
I an organisation executive Board 
I meeting on March 16-17, but-he 
f said no firm conclusions hid 
• been reached. He added that 
' the review was continuing.. • . 

■ • t. / 


The group has been discussing 
a Brazilian proposal to raise the 
trigger price at which export 
quotas would come into force to 
a level in .line , with current 
market, prices. The present 
trigger is 77.46 cents a pound, 
less than half the market price. 
Predictably, ihe move was sup¬ 
ported by othpr.Ia.lin American 
producers but resisted by con¬ 
sumers. 

Brazil did nut name any actual 
level, delegate sources said, but 
a trigger around ISO cents a 
pound was implied. 


sales nf liquid milk were 3.3 pci 
cent, lower than last year, em¬ 
phasising the continuing slide in 
the domestic consumption of 
drinking milk. 

At times last year the decline 
rate was about 5 per cent,, but 
towards the end of thu year, as 
tea and coffee price cuts en¬ 
couraged consumption, this 
started to slow down. 

In December sales fell by 2.3 
per cent. 

Milk output in England and 
Wales jumped 9.3 per cent, last 
month, with the highest increases 
in South Wales (up 15 per cent.) 
and northern regions. The 
amount of milk sent for manu¬ 
facture was 467m. litres. 29 per 
cent, higher than in January 
last year. 

The EEC produced less butter 
and skimmed milk powder last 
year lhan in 1976. although milk 
delivered to dairies rose by 2i* 
per cent. 

Butter output fell by 5.000, 
tonnes. 


Dearer eggs 
next week 

By Our Commodities Staff 
EGGS WILL be dearer in mosi 
shops next week as a result of 
■ wholesale price increases an¬ 
nounced yesterday. 

The Goldenlav marketing con¬ 
sortium said si 2 es one and Iwo 
(the pre-metric large grade) will 
go up in price by 3p a dozen with 
the smaller sizes increasing 2p. 
The rise should take large eggs 
to 62p-63p a dozen. 

A Golden!ay official said the 
rise reflected the drying up of 
r.nntinental imnorts hecause of 
improved demand and reduced 
supplies there The weakness nf, 
the Continental markPt was the; 
main reason for the 4o □ d07?n i 
price cuts on the U K market I 
announced at the beeinnins of 1 
this month 

The rnmnany «aid the Christ. 
mas-m-Easter period was norm- 
aljv a huoyani time for nsas and; 
that the market now seemed to! 
be returnim- to normal follow-! 
ins the “hiccup" caused by! 
nversupply in the rest nf Eurone. 
He nolpd that demand had also t 
strengthened in the Middle East, i 


BRITISH AGRICULTURE 


Caught on the hop 
by winter storms 

BY JOHN CHERRJNGTON, AGRICULTURE CORRESPONDENT 



MY OWN farm in Hampshire trough, but when on dry feed it 
missed the blizzard that hit the will consume quite a lot of 
West Country last Sunday. But moisture. If there is snow on the 
not by much. Salisbury. 20 ground sheep. J have found, will 
miles to the West, was cut off obtain sufficient moisture, 
for about three days and for the During this last week's frost, 
first time for many years Salis- there was no snow to speak of on 
bury Market on Tuesday was my farm, and the sheep needed 
ca £? elIe ^- , j a lot of water which we had to 

Though 1 missed the worst of provide. Without this water thev 
the drifting snow i remember would undoubtcdlv have suf- 
from 1963 and 1947 just how fered a s fhev did’ in the pa<r 
desperately frustrating it can be when we had a similar bla<-k 
to try to take feed to stock in a frost. 

blizzard that rebuilds the drifts .My ewes, are in a most critical 
almost as soon as they have condition: half are in the process 
been cleared. of lambing and the .remainder 

Nevertheless the sharp frost are due to star! on March 10. 
we endured for about 10 days Any sudden toss of condition will 
and the Easterly winds, which affect their milking capacity, and 
blew for a week, produced prob- there is nothing" worse than 
lems enough for me. To begin several hundred ewes which 
with, a succession of easy win- have little or no milk for their 
ters made us unprepared like lambs. 

the foolish virgins in the par- Early lambing has been the 
able. direct result of a number of mild 

At one time it was routine to winters. For the last five or six 
protect the water pipes and years. I have had enough grass 
troughs every autumn by in- For the ewes to go on to as soon 
sulating them against frost as they have lambed from late 
either with straw d? dung, piled February onwards. There has not 
round the troughs. But the been a lot or grass, but sufficient 
warm winters have discouraged to keep them going. In most 
this practice. So this year’s years 1 have been able to graze 
frost, encouraged by a search- them on autumn sown wheat as 
ing wind, froze almost every well. So I have graduailv in¬ 
trough and pipe, except those creased the early lambing ‘flock, 
buried deep in the ground’. ’ The main advantage of this 
This meant that a great deal Parly lambina has been the hieh 
of time was wasted thawing oul Prices I have secured for lamhs 
pipes or providing extra supplies in April as against those sold 
of water for both sheep and laler in the jear. .This year after 
pigs. ihe frost I have no grass, and the 

Piijs living entirely on dry feed autumn sown wheat has lost 
require adequate water ail the most of its leaf. , So I am keep¬ 
time. and so do sheep. Watering ing the ewes and their Iambs 
several hundred pigs by hand literally on bare ground, on oats 
gives one an incentive to’ pul in ant * ha >'- and hoping that the 
an absolutely frost-proof supply, grass will grow soon, 
which I am sure/v. going to do Luckily, toe ewes have come 
as soon as the weather will allow through tbecold weather remark- 
for plumbing operations well. There have been some 

_ _ . *__ . cruelly cold nights, and the 

Sheep in some ways need ground has been frozen hard, 
water more. But the sheep ts a The lambs have on the whole 
contrary animal. Like a horse, been very strong; the ewes have 
it can be led to water but it bad plenty of milk and thev have 
cannot be made to dnnk. When stood up to the worst of. the 
there is adequate grass a sheep weather. 

will drink nothing at all from a However, farmers with ewes 


lambinq in the West of England 
have had a dreadful time. 
Dnvtnc snow can kill a lamb in 
a very short time. The onlv sure 
way to preserve a flock in such 
conditions is to keep it indoors. 

Now that the thaw has begun, 
I am anxious to find out how 
much damage has been done in 
the ryegrass pastures which 
were sown after last harvest fnr 
grazing the sheep this summer. 

About 20 years ago there was 
a February frost as bad as this 
year and it killed uff the rye¬ 
grass over a very wide area. 
The variety alTecled—a New 
Zealand strain —was very popu¬ 
lar and fanners idying un it 
were in considerable’ difficulties 
the following summer, it is 
impossible to reseed grass in the 
spring which will yield as much 
grazing as autumn planted 
grass. 

To counter this, we are 
advised to graze the new grass 
hard in the autumn so that there 
is no leaf on it if the frost 
should come. Such advice will 
certainly be put to the test this 
year. The damage is caused 
either by the surface liftins, and 
breaking the roots, or an excess 
or leaf rotting and killing Hie 
plant. 

There is nl>o a possibility that 
the wheat and winter barley, of 
which there is an increased 
acreage, has suffered damage. 
Un my farm there ivas no snow 
cover, which some claim will 
protect lhc young plants. So the 
frost will have been able to do 
its worst. Bui in 1963 when there 
was snow cover for about three 
months sotm.* of the wheat and 
new grasses were lost. 

All in all. it has been a difficult 
period. I don’t agree with those 
who say that a hard winter will 
kill off crop diseases and make 
for a good harvest—compensa¬ 
tion. as it were, for hard times. 
My experience is that an easy 
mild winter followed by a good 
summer is the best recipe for 
farming profits, and the thaw 
hasn’t come a moment too soon. 


U.S. futures trading takeover attacked 


BY JOHN LEECH 

A STRONG ATTACK on pro¬ 
posals for the U.S. Securities and 
Exchange Commission to lake 
over rcsfulation of futures trading 
was made here tp-dav by Mr. 
Robert Wilmouth. the new presi¬ 
dent or the Chicago Board of 
Trade. • . 


Speaking at ihe annual meeting 
of America's biggest commodities 
exchange. Mr. Wilmouth reflected 
the feelings of traders on both 
current regulatory standards and 
the SEC s proposals. 

He said: “ On issue after issue, 
.Government regulators. , show 


CHICAGO. Feb. 23. 

either a lack OF knowledge of 
futures trading, or a disinclina¬ 
tion to consider the benefits 
versus the disadvantages of regu¬ 
lation. 

Last week, the SEC proposed 
in Washington that il should 
lake over from CTFG 


OD1TY MARKET REPORTS AND PRICES 

firriT C HOS.S. 07, three mouth.-! £6J1 j. 19. Kerb: on the Kerb or *6.015. Turnover 1.420 during the trmrntna ****lnn. showing 

IL«A /Vlwj Wirebars. three months -ISIS. 28.6. 28. wa* chartist selling which led to a close Iuwc» of 30 print* There wa* gnnri 

er with forward meul -"-5- iff, -GJ, 27, 27.3. AlwitVm: Wire- lonnes. unriwlyins interest and ihe market closed 

.631 following the fall on tars, three months •• IS2B. M. 39.5. Morning: Standard, ca-h Et.OSi. flit. 20 higher on March and 15 lower ntj May. 


RUBBER 

stead* 


aliening 


t P*R numh-rs up 13.0 per cent. PRICE CHANGES 

average price lE.ap Scotland— pnets 

London Canfc ' w £ nbw * u » 5 P*r ««» J'vrag* ^ ar ,. d . 


IT 


per tonne unless otherwise i 

i 


WiS^Markets-• 



Feb. ?3 4- -.* 

! Monti. ! it 5 nn/| 

im , - 

■»!«. • vjuiu dHu 


p-m. “jtfor 
U ■ — j GnoHei*! | — 


__ llquldaimn. chartist selling and the fall 

( ^ ° r owper. Rut hedge burin*; mi* ilw 
S™ ■" ‘"wwIS nrlce above the lowest levels, forward 


_ _ uii- 

Cyprus. J Jv-S <>■•. ■sajma. J fuKi.Jo. 
Grapefruit—Cyprus. 13 i ,• M-.V. Jd 
VI Lo j -S'i-U Ud. Ijll j -.'ll lillu, ■id-; HI 


JBgials 

.\iiiinuimm. V6B0 . ctatJO 

. K t -, Market -DM .. >990 

i '-i-peiea-ri VV, lW- i 61ei —13.0 tc35.ti> j 
' m -nth* e*. *1... -£o29.2b —15.0 :c48.fS , 
L-,n vith-le.. . . £607 --12.& .J335 1 

' nininlir.l". 11619.75 — !*.S t63U 


soyabeans 
surge 


NEW YUKK l-fh. 'i3. 



6 -14.1 613.5-S.5-13 

5-9 - U.S. 629 .6 -13 . _ . „ . 

■_1* _ . HiffhOnde * • *■ . x 

. Cash-j SOSQ-lOr—VW 60B5.95 u-80 

7 -13 606.5-7.5 -12.5 * tnomto.! 6060-70 — IDO 6050 60 —M 

9 -Id- : 619.5-20 -—12.5 6100 ~ 110 “ . 

j „ Btinaarn 

' . . C«»h__ 6085 90 -117 6085.95 -80 

-j month*.. 6055-85 —102 6030-55 -8B 

Metal Trading reported SeUtoni.t,' 6090 ,—120; — . 

ning three months wire- Strait* f..'. ;S1672 2 ; — . 

«B4. 23. 2*. 23. 2&5. 2*. X«m Yorkj - : -! *546.00 10* 

29. 28j. Cathodes, cash 


nlted 01-351 3466. 
tad, London SWIO OHS.. 


One month Gold I8£M85,3 


iNY 

IS 


'ANTIC WESTBOUND 
r ASSOCIATION 


. e! the Nenh Atlantic 
ihl Allocation wish to 
mi consignees to thei 


ART GALLERIES 


AONJW GAUUV. OS. Olfl ' Bond . St.. 
W 1- 01-329^8175, lOSth . ANNUAL 
WATERCOLOURS EXHIBITION. Until 2* 
Fee. Mon-Fn. 9 JO-3 JO. Thur*. until 7 


COLNAGHt-S. l«. OW Bond Sti-eel, W.S. 
491 7408. a Loan Exhibition o» Worts 

B I SEBASTIANS Rica jn Br1fa.il In 

d M On UDINl ART RESTORATION 

FUND. Until 8 March. Mon.-Fri. 9-30-6- 
Sat 10*J. 


abac. 1070. aovl*m» ol I FOX GALLERIES. Exhibition «t the oairtt- 
ot a cargo m*M«ion ' ings lw BrttSh ana 1 urogean Art lit* 
t ol traffic shinned IfOm • from 1700-1965. 5-fi Co/If Sb-eot. 
Di-thfT-r Ireland and Ihe ( London. W.l. Tel. 01-754 2626. Weelt- 
«nd to north 4no south. Oavi 10-6. Sat*. l.O-l. 

• the U.S.A. and It w.|i'- 

(his iunction ha* -been 
oo out bv the Inter- 
Trustee* OJ.K.I Limited 


Cargo Inipec- ' MAIL 
wit" continue S.W.1 


ines ww wish to aov-sc 
■s commencing to load 
on ano after in March, 
have as _Uielr .nsoec- 
smatlonal 

iB) who .. 

ftlv the same function 
j. IClO are serv exoeri- 
M Of work having ttein 
Stull* Irom Contmenuj 
vgars. Control will be 
ir London Dibee at 3>4. 
. London - W1X SHF. 


CALEB IE AZIZA. 7. Church . Road. 
Wimbledon village, S.V/.V9. TNeobon* 
946 4727.- THE 19th CENTURY . an 

exhibition ot imooriinc Victorian paint¬ 
ings. Dally 10-6. closoe Monday* and 
Toes pa vs.. . 


ART GALLERIES. The 
■■ HAPPY BIRTHDAY - 
•nga Dr. POUTSY. 10-5. Sa». 
Unal Mar. 6. 


. Malt. 
■ Palnt- 
l.. 10-1. 


t Is no retleetion upon 
.:med by I.6.T. bui Is 
■ data and bring together 
section wot on member 
hlch usually lead cargo 
wrts as wfl) a* cargo 
ana Ireland, into one 


PUBLIC NOTICES 


BIRMINGHAM. COUNCIL BILLS 


The £6m. ninety-one day BUI* wot 
I issued te-oay with maturity on the 75th 
Which are In qamg win, 1 M,v ,97 «^ AoDdcattom totritei MOm. 
March. 1976. wiK con-) The minimum price accepted was 
died by I.S.T. who will L98.49«r. „ Tjie average rate _of_.dl 
r new acu>ltl«s In this I wgs 6J336SM®.. ..The 
that date ana the ' standing >s L19m. 
be-an a vessat-Dv-vessal l 


_ _. dlKOUM 

Ihe total Sills out- 


carge measurement wilt 
(hem. Kenner 1C IB 
; the-r- will honour an* 

id consignee* are aware 
-ettien service* are said 
the member line* ano 
Ihl* notice I* merely ig 
change of curtractuai 
h U»e imoeclipn service* 

,rt Linen fnc. 

Seru.tw AB _ 

Iner line iG i.fi.i 


CLASSIFIED 
ADVERTISEMENT 
. RATES 


iloruins: Caah £272, 74. 74.5 ttircu 
raoiniw £274, 73, 76. 7U.5. 77. JS. 79. 73 5. 


mem East &>a-f U S. Hurd Winter nrd. 


Maize: U S. Kfench Fco. and Mardi 
100 traustotimeat Ean Conn. Jx/ufh 
Alrtuan Yi-Umw April fiS.DD. Kenya Grade 


IrrirM',- 4-..I 
l.-li *4? — 


I 1,-nlt-N 

I Keif 


1278. 77.5. 77. T7.3. TS. Afternoon. Ca,h 
1275. three monttr< C77. TT.j, 78. SO. 

Kerb: Three months. CTfc 73.5. n. .BL 

-ZIHC—Little ctwngaf nn' bri'anev Tl^'tnrVrsro'rob M ' U “' w “" InTSflcn necirttrarcm 

■Warns*i the maikM vv^t tjy owper Barley: Unqunu-d. jJ" . 94 09L44 ~o‘&S L-4riW-i M 

and trading was nervnns In a ihfoMsh HGCA—LncsUmi ex-farm ..onr pn «r. i" 1 ^". W4.0B-i4.4-Q.5b It4 2&4S.M 

thOTff. mmakUlwawm .ukAll_Blr.nr. C L-.Iaw *U£UV.. 


marfcgL Bnl there was Mine trade in- other mllUng wheab-Nont. Feed barley t ,,. lnh -. 

at £W3 -South Lincoln ru.w. Wiltshire ;ojio. Lar ^' 
bm after lliai mans get) ip matmaln a n, c u.K. nmndary cuefflelOnt fnr the 
Weber level, moving between 05 and «-c»; buulnnins Kebruory 27 is expected 

*55 ,a e KB T b ,i55 p 4?" foH » increase 1J1S. 
irmn 08 io a close ol £237. Turnover 
5.W5 tonnes. * 


lUS.ba-bo.9 -0.20 1E5.SO-L4.70 
. 105.83-iB.i— 0.80 
Uecomchr... Hi6.44-0bJ— OA5 — 

«wir.106^1.08.0—0.51) 

April.106.50-11.0 . — 


n. mi. + or p.m. 1 + ui 

ZI>U ; Uffl.-la — jUttMJk-W — 


c c e j l- 

Cafb-...,,-. 23S-.5 •,-*£ I 237.6-8 •-♦ 1 
4 month*..: 237 .6 -4.5 i U40-.5 4-1.5 

S’meut.... ' z36.5 -4.5 

PrTn.YTyfcij - 


EEC DAILY IMPORT LEVIES—The 
fallowing EEC levies and prunlums are 
efli-iHw for Februar? - 24 in uniu> uf 
account a tonne la order uimuu levy 
plus March. April and Mar premiums 
fwith previous m brackets). Common 


Sales: 57 lot* of 100 tonnes. 


SUGAR 


LONDON DAILY PRICE lor raw sugar 


Wheat—87.54. nil. nil. 3.28 IS7.S4. nU. ml. jjaj.w <ijo;.oo. * lonnc .-d for feb English Produce: 
'J.fiOi. Durum Wheat—UIL94. nil. nil. 12.SS iiar.-h shimneiil. lVhn>> mrsr rintlv nrir-c Whiles'Redi l.'IO-l i 


PotaIOCS—Per afi-lb 

..... , ,, .. _ , llarvb shipment. While sugar daily price wh'lt^'RMs V™-1 i 1 ! M V c **ue*—Pv.-r 12. 

'IIii-Pl. nd._nll. IS.jai. Rye—,..22. nil. w3 , ai £114 5d '£Jl5.jO>. Indoor J.. , aM.jD. Cabbaao—f*> r -.-bji 


<mc airii.L237.7S + 1.0 t24l.5 

Gavloias 0 344) .16. Red Art n.*J.0 2S. .'..e£2£' 35: * 1,5 *■’ 

Krist.v 0.40. Craoev-Cahlornian: R.-d cv ‘ 1uvm .S650 >bOO 

Lmpiror per pound 02ri->i—■. Bananas— Oua 

Jaaioican: Per nounC 0. 1-7. Tomatoct — f.,K*-ntn ,J'h . 1 567.5' —7.5 S550 

Pi-r « hllo». Caturv. J.3U-U0«i Melons— ti.nun.fau . l»> 01 : .. . Lol9 

Chilian: . Gre-n i“.iW # Cucumbers— l.iusee.1 Cui.i^;-.97 t 20.O>Z57 
Canary: 138 2.00: Dnl-ai:' 2.«fl Cauli- Haim Malayan .. . SboSL- —B.O >512 
Rowers—Jersoj. •' fu French: nin-ifMi. 

Petmoes—Canarj: 25 WVk e >0: C-ptus: . ! 

4.00. Cc enr—Spanish: :•> 1 . 60-1 so. Seeds 

Onslcams—Kem-a: Per ptiand D2J0: Lupin Phi.u«.'• 412.5 --2.5 >382.5 

Canary fl.'-u: Ethiopian. i» "n Peaches— .f ,- 24 , 1 - '—40 a-jAn 

S.- African: 21 ■;« C ad-C.Mj. Crams- 
S. African- Queen it the Vineyard 4.20. ^ 

Ben Uaniuih 6.50. Onion*—Sajrnsh: 2 40- **f aln8 ..,. t 

2 Si: Dwell: 1.7.1- Polish- 1 so-i.SL . „ . 

Strawberries— Californian- Appro*. 12 oz " M ” n '- F.Uiire-.. K70.73 . H73.5 

per punnet 0.90-1 wt; Israeli- Appro*. Sor ™. l,f . 

O.faO. Ficni-I. \n. ElOOa :.C9B 

« UpHI 

.V«. I J:« 1 Simiit C86.5-. -0.25 CB4.2S 
.N^LHaMU'tinri 

L,i«u-li IIimiii-. ; L 94- .. .. .. faj.s* 


18a 00 <tM.9iii.May 1<T2.10-102.23 iloi.751. 
July 150.15-15020. Seal. 144.55-145.09. Dee. 
| 150.'fl. Mjrtli 12*. 3C-:v-.iW. Slav 123.76, 
iJuli 123W. Sales N..| available. 

J Copper— F< !t. ji.iC i)Um. March ,43.10 
* <55 <• if., \arll 51 iM M.o.- July 37.10. 

, 5ept. 54 lo. Dv-?. 59.ihi. Jau. .M lu. March 
1 vl.!0. May uS lu. Julv hJ lu. S-.-pi. 44.19. 
| Per. *«iiiciucn:- Sale.: n.oOO ion. 
I . Cation—Nn. ?1ar.,-h 55 f. U47ui. May 
I 36.75-58 «u i5i”7<. Julv 37.s(>-jr.>3. fieri 
I -TS.S5. Dv:. 59. Vi March ufl n.VdO 75. May 
, Hl.lA-vi.44 July *J lit-,..’i»> Sale: 

I 123.006 bale- 

| “Cold—Fob. I>2 .Vi • I>ii. 3U'. March 
tlsJiD .liuyji. Aj.rll 134 tP. Jan.: 157.30. 
. VI,. 190.00. D-.1 192.70 Dec (431.1. Fob. 
ll'S—9. 1 prtl 20130. .Iiiik- 2U4 26. Aik, 

' 207.20, pel. 2:0 2*1. Dec. 2M-B 'el1lcnienl>.- 
! illC'- 14.uan InT,. 

TLard—I'lucj.-.I Ji>y«r 2 } uo 1 20 75>j 

New YnrV. prime -le.un net available. 

I 2Maize—March 226;-.7d. <22 e;>. .May 



Stiver was hxed O.Jap an uuniY luwer U8-<3 iHB.iw*. 
for spot delivery In ihe London bullion , M ■ 

marital yesterday, at 238-ep. U.S. cew rftFPFF 
cquivalenta nf the- fixing, levels wen.*: a-Ai 

spot otKLBc, up 0.2c: threc-monih siiJ^c. Robanas fiuctouiud vnhUy again in 

amen lL3t:- blx-monlh 521.7c. up Mv: good volnine. Dnntel Burnbum Lambert “ 7 

and is-moutb 5<S.3c. down O.fc. The reports- The market opened 00 the lows , 

meal opened at 23fiM57io faHO-BOlici bm foond support around X1.4S0 basis UarcL ..107.40*87^0:107.00 DBJO 108JIO-O&OQ 


suyai ; i 

Prof. -Iwi’riiy't PrerimjB | ilu*ine*» 
L'nmm.i L intr , Clot? 1*00 e 

OtflR, ' i 


WOOL FUTURES 

LONDON—The m.-irke: was dal] And 
featurclebi. reports Bashe. 

(Pence per IUI 01 


end dosed si aT'-25S*P i503-3IHJt:i. 


dlLVEki 

Bu-khi 

'+ w 1 L.X1.6. 

4 01 

per | 

(ixlnu 

. 1 nine 

•• 

MVT Pz. \ 

pndne 




May and ibereaficr firmed throochcmi the May.. .118 *66-15 BOI 1 S. 6 O 13 75 MS 75 II 96 u-irn 1 ia u I Vesttr- lev + or; 

morning. After briefly trading at HnHr Auj-—*}Mr 40-lJ M 117.60-17.801117.80-16 M gkmm _ 


__- __ _ -- . Maroh...1228.0-80 —2.0 23Z.Q 

and Short-cawring in London. At the filay....'15n.40-aO.Bmif.OILai.M 150JO 23.76 yuj..._. 254 JL 57.0 . — 


tut in«- 

iwne 


INDICES 


i-toic. prices (tabbed dp ip E3D higher 
on the day. 


L-UFFEb 1 


I VeoLeitlay'!* 
1 ChM. 


+ <w 


■12 [«fr l-.Jint: ■ 


Bii'iaf-*- 


I Commercial 4 = Industrial 
ationat 5 a. i Proparty 

L'-w* me. 1 Bealdcnuai Property 

ie. CONWAY. CHairman I Appointawnw '. 

1 Ruawe*ar * Inresanem 


.rift- 

hue 

f 

4^0 

2.09 

4-50 


Smplff 

evhmat 

fN. 

£ 

14.00 : 
«0d 
14.00 


fmasasr 10 


Mr 1 - 

i9?e. 


5213 16.00 


m LAND 


27a 


1100 

lOiW 

T4» 


OppormQRtes^ Corporation" 

Loan. Production 
Caparlty, StskpeascB 
For Shi i/Wanted 
Education, Motors 
Com rams &- Tenders. 

PWWjaal, Cardenlns 
! IToirb and Travel 
iBook Psbfi&tera . 

I Pretntem pasMans «v«HbWb 

TFC I (Mtahnun size 4B column cos.) 

* I EL50 p#r staple column cm. extnr , 

I p 4 y further (fenril) write If: 

Classified Adveribement 
Manager, 

* Financial Times. 

Cann ^>" EOU> 4BY 

M fiu»«yor*. film* Court . 

. 1*1.: O-tord 48665. .... 


Odo'esnirc. 10 m-le: ' 

Rciiccnt.al ane entepa- > 
acrci witn outline cun- - 
etichec unit*. All rriamy - 
Ml aOIKdet Id atd S' 


Alnivlt 


Sales*. 3.248 (2.902) Jots ol 2 tonnes. o.-tober.237.0-42^ -0.5 — 

Talc and Lyla cx-rtflnery pnev for Ue-emher. .1242.8-44.0 .... — 

granulated basis while sugar was £242 40 .Mm rub..{247.0-48.0 . — 

■ same 1 a tunuc far home trade and £170 M*v.P47.D-4B.0 ... .^ 247.0 

II172. lor .-sport. J.,i v .5247.0-46.0 . 

latcmulenal Sugar Agreement—Indica- — r.-Tr^T ’ 

tor pnus .US cents per pound fob and s-le> ‘ u> '* * 

■nou-L-d Caribbean pon. lor Feb. 22 Dailv SYDNEY CREASY—Close *ln order 
price S.& iS.il>; !5-da> avrr.igL- 8.49 buyer, seller business, saleci—Micron 
«s.31i. Contract— Marth 32S3-J28>: SS.54U8.5: 

EEC IMPORT LEVIES—The following 44 Sl3>*_ 3« $.944 ■_*: 343 1 1-344.0: il. .tub* 
impon levies r<r uhiie and raw sugar •‘■3U.U-S3II.3: 25i.n-rOO ‘i 10 Oct. 352.5^153.1: 
arc edeiiivc mr Feb. 2; In unils of .134^-353.0* 3. Dtc .'.50 m* 260.IdO.CbJOO.O. 
Jkcaanr per UHJ Lidas twiih previous in 10- March ass (Kioto. 3n3 2. May 

bruL-ketsi. White sugar .denatured and 2tW.u-‘l&f.9. 346S-3Ca;: 10 .Inly IKS 0 - 

non-denatured. 24.49 tnmc>. Raw sugar 368.8: 388.5*3tis5: IL Total sales- 137. 

BRADFORD—Boinru :n,tops has been 
uuivtvr since the early part nf the week 

___ _ bui iiipmakers are nmriUmg 10 reduce 

... ___ -.. . ... Arabieas 194.1m ?LfCAT/WflFTARI attract spinner*. Origin auction 

{Sni.ie*rti»v , > 1 + « ; Min-lma- ilhi^n: Robust as i.jjio <17Q3 Hm.. Dally 1 'LL.rt A f t LULlflDLLU repons huve done Utile to support prices 


*1*4_SbS.Si- -0.56 Z56.S5p -0.E 

1 moirths,.' 2GS.9>i -0.7 SbS.Bfip -0.4 

> nmnih*... L6a.56i< -O.B • . 

f iibHiiIf., 1:79.4,. '-9.85 

' LMEL-Tnrnaver—135 flSS". Inn; or 1B.OOO 
OUtlieft: Morning: Three Ridnlhs 2U2.7 
2^. 2.7. .1. .IB. 3 . Kerbs: Three mofllhs 
763. 2.9. 2JL Afti-rnoon: Cash sjs 4; thro.* . 

sss.^ 2 v a ii Kprt,s; ^ sri' 

CGCQA • 

J-or- mosi of 1 bf-. day |hc market irad.-d -- , , ... • . I 

-diileilr in a pgrnni-ranpr. hotrever .short- , ? I< £ r . J .!? n,, S5*_ ... 

covering in- the anal sesaon ^an* values . •CO Indicator price* for Fob. LI: <D.S. 30.85 
close near Hw danJilabB. reports GUI and ccn is per pound: Colombian Mild Arabicas 
DdfluB., 198.00 u9T.50i: unwashed Arablcae uklsu 

,_j ____ OB4:M>: other Mild 


1608.0-1878.0 « 18.0! 1678. l«D5 
hi28.0 1588.0 4 26.0 15581475 
1445.0-1450J1 -r 30.0 1460-1639 
1416.0-1420.0 + 3 5 6 1415 1872 
1575.0-1580.0 + 15.0 1860-1560 
1556.0 1550.0 +-£2.5' 

I500.D-1520.0 >37.5 1290 


LUCUA ; Close I — ; Done average 1S4 217 (185.811. 


though 5$’s and GO'S : 03 s are 


_ SMiTHPiELO— iph/w m »-nr» n»i- tnougu »a ana ui s :aps are a Bttle 

LONDON ARABICAS—Local dealer w^s-aStscoSi fcflSi soTt dearer, reflecting a shift frmn Sonth 

«S 53*9. Uteer htadQO«IM 4M? 


May.__l«7S. >75 0 1+19.0 1488.9-1448 

July.......;I486 U57.U 1 + 7.0 ;i44f.0-82.S 

..-JH2B -57 0 t+ 18.0 1*5431-14.0 

...1404 05.0 1+9.0 1410.0-1562 

U4reh...„_.;iiB0.d80.J I+ I0.0 1 1589.0-1875 


Topmahcrs' order hooks, however, are 
satisfactory. 


Xu.oC'nrr’j , i _ ! .. . _ ___ 

ilm*h..iWBm 1MI j+48.D 1814J-1860 Drciel Burnham Larnhert reports Valnea nJ?T 

M — closed imualarty 12 cents lower w » 

Ti wtua higher with aQ but ihe February y 1 **; °“ l “ — 

position trading. Lamb: English smal l 32.0-89.8. m edium 

Prices (in order buyer, seller, change, SOJ+iLC. heavy'«#«.}-Scotch medhnn 1 nr i Dm 

Iroanessi—Apnl 2M.«waJ»: +D.73: ^f'"* 0 * 4LM0.B: Imported tUf KA UtAKtK 

stti.BO-M.SQ. iono 1S0.W-50J7 —OMS: ffOWj tIZ PL Aeir Season 0-0-46.0. 

uo.oo-rr^o. Aug. i72.30-rs.75i + 0 . 73 ; nz pm 44-0-u.o. MANILA. Fab. 33. 

ITS no-89.?*. On. tB2.7S-63.OOr +0.23: Parte: English, under m Ha 38-042 0. - + v*. -~* 


FINANCIAL TIMES 

*■’*“ • ^ •'v . eZ 'I.ml b mr a :■ 


nan°Trvn!*. : J U 2 ,,, « , - efl ‘ J ^"vfs uiinid ; rn-nL. Sale. IO.IKhi . . Handy jn d 

4m, '* l r: ri,1fm ‘Harman -ik.i bufiim. r-ll SO .;.0uju.. 

tiSSL+Wtsa. '.‘Cl; »«■ 

May. t May r Per tnn - .ySV-jOU isAj>. Julv ill.-jM, .Vil«. .Mi, 

] Sepi. 3S4.’-35u. N<»w. 3S3J-5M. Jan. 320. 
■ : oM:. March 5W. ■ 

| ,‘.Soyabean Meal —March 13!. 70-131.80 
I 1 lbl.tKi.. May 133.ud-ls.V5u <1Vi.xO>. July 
15T.S0-i.J7 00, \il:. loB.m. S. pt. 13SJ0- 

I 154.00. Oct. 137.311. D-.*r- I3B 20-13S 70. Jan. 
I 181.00. March 1«3 .iM1-i«.imi. 
i Soyabean oil— March 2200-2207 >:i.52., 
•May 21 JO-21.P3 i21.42«, July !1 DO-21 ,A0. 
AUg. 21.60 Sept 21.441 Oct in 90-21 00. 
[Dee. 20.73-2U.'sj. Jan. 2075 . March 2U.73- 
13080 

Sugar—Mo. II Contract Marth run-sba 
• SJ4-. Mar 0.01-9.02 ts.o-i.. July P2:*-9?7. 
Sept. 9 45-9.46. Oct. u.34. Jan 0,550 SD. 
.March ]0.;u-lu.25 M«r Inan-iu.u. July 
Id 33*10.95. Lli-t, 2 .3.10 101*,. 

| Tln-542jlU-5jn.ini aiUird 1 536.7a. askr-lt. 

' ■■Wheat—i!ar» I. 2 *. .-Jit• Slay Jn*q. 

.•ii: i*2nr:i. July 2b5 ; -2L3;. s L pi. jut.,. d.,c. 

•277 Harch 2M. 

• IVIN SUPER. Kcl*. ttRye—JIa> ID7.9U 

. h,*l < tor .iu bid,. July 105.30 bid ‘Hi3.ua 
■ askPd i. iT«. liw.sn bid. Ni*v. IU 9.20 
, traded. 

ttOgu—May 7‘> 30 bid >7F.4U t*.(l*. July 
‘ 78.70 l>ainc>. OlI. 72.211 bid. 

USarley— May 7$JO >716JO bid>. July 


223^1 823.99, 227.9B 1 276,82 
fBas- (nit 1 iH7=lflBi 

REUTER'S 

Tei '. aOt'Tra'Si.'imir 

1388.9 1389.9 1397.9 IC46.5 

(Base: < 5eoiemh<*i im 1921 = 111111 ” 

DOW JONES' 

LA'iv. 1'e i-Vr. Mi.iiilr lev” 

J.me. • 25 S! non «... 


... -347.64 544.73 848.91406.53 
film re 529.75 329.55 333.65 409,92 
l Aver a ge tU2a.25.2sa: uni 


MOOOY'S 


Uoodv'a 


”»■« .iM.HUUli'*. 
22 i 1 ..-. 1 «■> 


■pie Comm> i '896.D098.Z‘ B02.6 916.6 
: iptmiEirii iSfisiHi 


K«v..Z- IW4A.76JI 


0 ' 1874.S-60.0 


CRIMSBY PISH—Supply seed ... 

demand medcraic. Prices per stone at‘cent, purity delivered NY. 


\ 78.-IB bid ITS. 10 hid*, i.id. 77.90 bl(L 
fSFIaxseed— May 219.00 bid .JI-luo bldi* 
July 222.W btd (3J6 4!OK Ocl —4.29 bid, 
Nov. 224.00 bid. 

"Wheal—sewns 13J per cent, protein 
conicni elf Sl Lawrence 130217 11 SIJ 71 . 

AD cents per uouwJ vz-warehcune 
unless oUuxwlse Mated * S& per troy 
ounce—too ounce lots, t Chicaco loose 
Ss per 100 lbs—Dept, ol A 4 - prices pre¬ 
vious day Prime Steam f.o.b. NY bulk 
Jtanlt Cars, i C-mts per SB lb bushel i*x* 
r n-arotiQnse. 5.MQ bnshrl loti- ' 8s per 
and; troy ounce for SO ounce units ol SO 0 per 

Cents p.-r 


ftiU: «.«4 (M3I1 lots O' 10 LOOMS. 

wmw* nec. i«.7W3.oo: -usi mo-rid ibs ».(ms.o. v* 3o:wi.o.” PbiUpp'uie copra prices have 

12L89 1134.204.. bidlcarm* priewt Feb. as: sS^P'iw kOiwf 5 ' Ml ' nH M ^ T , Vef *^l-!2 t * tOCl ' risen S 12 * 30 a tonne in the wake Iwp”“ -Jdis .unproces«dii shelf «d irm tumee eg-icarehwsc .1 Xc«* - 1: - 

13-day anrase 127J9 1 IXT-TS*: 22 -day sa * s . J™ , 1 T”,., JSff 01 * Of reports Of sales Of U.S. soya* EMO-n.rO. codiio» i3-78-£3.30! tirae j comma m ss a shon ton for tmlk lwa 

avrrgse I3 0S i|2SJSi. COTTpN-UverpiwI. hp« and bhlprneaf Fcb™4n-22 C.B.^Mta. «97p per kj uL ai « rhn n«1? «lgllprs ,k,ddDek »•*»«■». medium haddock | u f 100 short ton* delivered f n.h ears 

_ _ -ulgs :i mourned 10 100 lamiai. hnagbu lw *+0.4ii*i li.K.—Snccp. 134Jp per kg Deans to inc uaars. aeiiRrs En.ro-X4.70. *man ■haddock £J,7p.U.2t':. Chiyn^u. Toledo Si. Louir and Alton. 

GRAINS ,h# imaj for ihe week 10 1.433 lonnei. tsi dew im change'.; CA-Pigs. 8tSp quoted S415 a tOIUie for Urge plhice E!.«.£5.nd. medium piutce— i'.tiik t«r ifl lh nuvlii-l in wore. 

uiiniiig- - ipwiri* K. iv TanersJI. Stviiiered per kg lw England ind Wales— - — . 

LONDON futures iHAFt.m—'T he nper+UiMP* were mo«*lr in Americdn-u-pe Conic numbers tip 7.B per teal, averae* 
market nwruri unrhaD 5 »d nn u*hp*t but ’ varmtiry tnili African und Middle Eastern pnre fi.‘.44p • : Shr.-g number- up 

found »nme ombt-ukiu and value* rased aisles in chief reuueu, u.i per ueot., average price 134.6p Reuter £2.49; saiihe 11.75-c 00 . 1 tuts. f. sc t-r lonru.. 


nuuicu a iuiiuc c.t. 1 . ici wrsc p.fficc c--.-wx+"«. mwiuni pmnc - wim p*r ■!" m ruenci in More. 

April-May deJivcrv sssinsi Wpd* i-.w-E.c*". bo-i htnali plaice ij lo u.iu:; cenb wr 21 ib- r.ii*.hci. - i-tnts i»-*r 

nncrfai-'c nnu «( uni'ln ' .**kindi*d dogfish *larj:ci ls.iw. medium <*• Ib bushel -'v-warchous *. »i r.-nut at 

nesua j s price Ol eiu-.au, rt.tw: Jemnn '•'U-'* (9 no-£3.jij; rttu ii.*9* si. lh nushi'i i*y-»ar>*boiut. 1 ufoi bushel 











: FiBaBdaf Ttees 


STOCK EXCHANGE jRIPORT 


' , - ' :, 


, vni 



Share index 4.4 down 


immune to disappointment trom 

down at 445.5 for nine-day loss of 25.5 


Account Dealing Dates 
Option 

•First Deelara- Last Account 
Dealings tions Dealings Day 
Jan. 30 Feb. 9 Feb. 10 Feb. 21 
Feb. 13 Feb. 23 Feb. 24 Mar. 7 
Feb. 27 Mar. 9 Mar. 10 Mar. 21 

• “ How rime ” dealings may take place 
from 9JD un. two business days earlier. 

Quietly uncertain, awaiting the 
fourth-quarter results from IQ, 
leading equities gradually eased 
after the announcement on the 
view that although rhe figures 
were disappointing they were not 
sufficiently bad to further under¬ 
mine sentiment. Having lost 14 
earlier in The Account, ICl shares 
shed 4 more to 33ttp and fairly 
reflected the equity market as a 
whole. 

Having gained 1.3 at the 10 a.m. 
calculation on thoughts that a 

technical rally might be in the 

offinc. the FT 30-share share index 
fell away progressively and closed 

at the day's lowest with a loss of 

4.4 at 445.5 Tor a drop oF 25.5 in 
the last nine days. Bctter-than- 
expected results from Barclays 
Bank made no real impact nn 
sentiment, recent gloom about in¬ 
dustrial manufacturers being 
deepened by Hoover's profits fall, 
while current fears about the state 
of the shinpins industry provided 
another adverse influence. 

A rise of 0.36 in the Government 
Securities index flattered the 
dosing tone of this market which 
turned reactionary in the inter¬ 
office trade. Overall, business 
remained small with official mark¬ 
ings of 5-227 exactly matching 
Wednesday’s and bringing the 
daily average for the week so far 
to 4.855 against the comparable 
5.943 of last week. 

Falls in FT-quoted Industrials 
outnumbered rises by 5-to-2 com¬ 
pared with 13-10-2 the previous 
day and very few of the FT- 
Actuarie.s group and sub-sector 
indices managed to move against 
the general trend. The All-share 
index gave up a Little more ground 
to 195.32. 

Funds unsettled late 

Small investment buying made 
an impression on British Funds 
on a longer maturity before the 
market again showed its under¬ 
lying vulnerability in reacting 
swiftly during Inter-office trading 
on a bout of Liquidation, part of 
Market views that the gradual 
improvement in official business 
hours was an encouraging event 
afi?r the volatility of recent 
weeks were dashed in the turn- 
round which stemmed from re¬ 
marks, reportedly taken out of 
context, in the House of Commons 
by the Chancellor who made a 
brief supplementary answer to a 
question on money aggregates, 
i:-4ins that had been achieved in 
slow stages culminating with an 
overall movement of * among 
high-coupon longs were often re¬ 
placed by falls extending to } 
before an even keel was restored 


late in the evening. Within a 
narrow range, the behaviour of 
the shorts was similar before they 
too settled virtually unaltered on 
Lte day, after rises to i; the 
chances of a new short tap issue 
being announced to-day were con¬ 
sidered fairly evenly balanced. 
Corporations retained their up¬ 
ward momentum, fresh gains to 
l occurring, but selected Southern 
itliudcslan bonds eased on 
sporadic offerings and the 2} per 
cent. 1IW5-7U lost 2 points to 162 . 

A combination of arbitrage 
offerings on Far Eastern account 
and sterling's better perform¬ 
ance in foreign exchange markets 
lowered rates in livelier after¬ 
noon investment currency trad¬ 
ing. But after falling to SI per 
cent., the premium rallied owing 
io renewed institutional support 
to close only a half-point down on 
the day at 81 i per cent. Yester¬ 
day's SE conversion factor was 
0.7324 10-7304). 

Merchant Banks down 

Because of the current 
turmoil within the Shipping 
industry' and the substantial 
interests it has in that field. 
Hambros encountered selling and 
fell away to close 13 down on the 
da; at 158p. Other Merchant 
Banks’gave ground in sympathy 
with Schraders down a further 
20 to 365p in a thin market and 
Guinness Peat 5 lower at 19Sp. 
Klein wort Benson were also 5 
cheaper, at 9ap, and Mercury 
Securities declined 3 to 109p. 
Elsewhere, Barclays touched 313p 
following the better-than- 
expected preliminary profits but 
ran back to finish unaltered at 
30Sp. Lloyds receded 6 to 256p 
and NatWest gave up 5 to 25fip: 
the la tier’s annual figures are 
due next Tuesday. Midland 
softened 2 tn 330p: the balance 
of the new shares ijust over 17 
per cent.) not taken up by share¬ 
holders following the recent 
riehts issue, were successfully 
placed with various institutions 
at one per cent, above par. 

Composite Insurances. gave 
further ground in thin trading. 
Sun Alliance lost 13 to 523 p. 
Royals declined 10 to 336p and 
Guardian Royal Exchange 
cheapened S to 220p. Ahead of 
Monday's preliminary results. 
Commercial Union shaded 2 to 
138p. 

Breweries were idle and 
featureless. A Guinness losing 2 
more to 161p and Matthew Clark 
4 to 142 p. 

Buildings again failed to attract 
any buying interest and drifted 
lower. BPS Industries declined 
6 to 212p and Burnett and Hallam- 
sbire shed 5 to 160p. while John 
Mowlcm cheapened 2 to 125p as 
did Higgs and Hill to 78p. AP 
Cement were also 2 off at 232p, 
after 231p, and London Brick 
softened a penny to 63{p. By way 
of contrast. Wilson (Connolly) 
hardened 2 to 12Sp On renewed 
demand in a thin market, while 


H. and R. Jobnson-Richards Tiles to the Interim results with a rise ^m’coiraterud rote'W «'175? SdF«hlS^ General dropped 
moved up 5 to 331p. Of 2} to 41*p and Johnson Firth t0 ^ dividend and 12 further to 128p. 

A couple of pence easier ahead Brown hardened a penny to 61p Dpofit / forecast which accom* shippings remained a nervous 
of the announcement, fC3 eased f ^ half-yearly statement, p^ed details of the group's pro- marke t, sentiment being affected 

further after the fourth-quarter ‘ “ other ^nd. Manganese nosed acquisition of True Temper, b ^ British Shipbuilders . an- 

figures to close 4 off at 336p. ^ T0Jue encountered selling and a subsidiary of Allegheny. Speed- noun cement that it. had received 

Elsewhere ^ Chemicals, Fteons. re3Cted t0 rep before settling at lative buying fuelled by revived aeverl i requests for the rescbedid- 

4 7®P ««r « fal1 of 7 on balan< *i Md hopes prompted a pin of 4 0 f debt and Mr.. BrumiShaw.fi 

21Sp, declined 5 and 4 res pec- AdwrM PrcS5 mention prompted f0 ~ p in Gprome. while Vinten. ( man3 ging director. of. Furness 

tiveiy. „ c„ii „c -»i «. isriin in Pesler a m oin foe a similar wmmpnts on the Govern 


*'JtJN JUL ADO SEP OCT NOT DEC JAN FEB 


Anil Hauers icy, wmie iaus reason, uripperou* ment policy oi nurauiuiug 

Home Lnarlu QUII sustained by Marionair, 136p. and iiarcourt Irish moved up Guilders. Furness Withy reacted 

Sporadic offerings in an Weir Group, lllp. Whllehouse, 5 ro 39p in a ihin market .Hoover tQ 246p before guying to dose; 

unwilling market made for SOp. and Amalgamated Power. - A - touched 33 Op on the as- 20'down on balance at 254p for a 

another dull day in Stores. 114p. Among smuUer-priced ap p oinl i n g annual grants loss of 40 so far this week. 

Gnssie« A shed G to 2r.0p and issues. Metalrax gave up 3 at -L»P pjrkeci up on the cautiously opli- .. drifted lower with 

Marks and Spencer cheapened 4 and G. M. Firth were a like mistic acconipjnymyjatement ^ dosing 3 off at 116p. 

-___v Sfvwlih ?he current marked but ToteOMStageda dseOf 5 

foor* 1 ™ I H 'l weakness in its associated concern J JMp. m BAT . fadusfries 

I I Furness Withy, European Femes Deferred. 

R r-r —> r-i 'I lost 4 to 100p, after 99p. Among South African Indus- 

ll nJ — | Turner Mrtmi fag luring [pQtUT^d trials* Abcrcow Investments fpiL 

430 ' yw n in^SS*“dDhtributa7*- 4 to stp .waitinir the inttrta 

I U 1 tion. falling to 9Sp on end- results. 

^ J * y\ u _ Account selling from frustrated in Plantations. London Sumatra 

410“ ftIV speculators before dosing 9 rose 4 to U7p on hopes of a 

JV _ l . - cheaper on balance at 98p. Lucas revised bid from McLeod-Sipef. 

I. f V I I 254p: sentiment was not affected 

390 W -2\ I-1 _ by news that AC Delco, a sub- r n ]J c |? QC f nfrreTl 

° ^ \j ■ 1 _ sidiary of General Motors, is WlOS JbaSt aiTCSn 

-- H -1 launching a maintenance-free bat- South African Golds lost ground 

__._I - tery. for the third consecutive trading 

370 IfV A Light selling coupled with the day despite the further $L7fi me 

- * Tl~vV\ k " absence of support took the m the bullion price *o 

U ft Property market slightly lower. Per. ounce—j.ts hiohest^ 

350-f-\ ft A. Modest losses in the leaders level since Pebniuj 

___included Land . Securities. 2 which followed the continuing 

- V tsts' cheaper at 205p. and MEPC a Pressure on doUar. ^ _ 

39// | I | | — penny off at 117p Stock Conver- Golds fell away at the oiraet 

330 J0N JUL ADO SEP OCT NOV DEC JAN FEB _j siftll rtriflefl rinum to Hone 4 Of trading as end of tax year 

" cheaper at 2Mp and Haslemere felling from tlieiCape came mto^ 

were similarlv lower at 227 d the market. This selung con , 
to t38p as did Mothercare to 148p. amount down at 2Sp. but specu- Bri ,t ab Land* failed to draw tinued until the afternoon when, 
Combined English eased 3 to 76p la live demand lifted C. H. Bailey sunp0 rt from the reduced midway the higher sold fixing reversed 
and House of Fraser were 2 lower | to 7<p. deficit and »ave up II at 32p. the trend and prompted a modest 

at 128p. Elsewhere. Jewellery Foods closed with the occa- " " - revival or local demand for 

issues were again vulnerable with sional small fall after a light Golds. UJS. interest was 

Ratncrs 4 off at 95p and H. trade. Cadbury Schweppes gave UitTRIQEr SOlu • negligible. . . 

Samuel A 3 lower at 2o7p. Mail up a penny at Slip despite the British Peimlemn tradedouietJv Nevertheless the Gold Mines 
Orders continued to reflect recent proposed purchase of the fjj *„ d the dav with^ index W3S * tlM 0-8 °ff at I57.L] 

adverse comment and Empire .American confectionery concern c h -ii Heavyweights closed with losses 

pave up 6 more to 13?p while Peter Paul, while British Sugar Sorted off tn rLe « ehMner a! ranging to a half-point.as in Ranfi- 
Grattan Warehouses declined 4 to eas ,;d 5 to 433p reflecting the j£“ ed nStsidP of the t 25ii- ftmteln. £33!., while the medium-; 
lllp and Freemans 2 to 244p. downturn in world sugar prices, .for* «f i!2L«!inS frSrS priced issues showed Libanon 8 
Home Churn, fell S to 110p in a Amos H lntoo reacted 4 to (iop. S cSSdiaS lower at ^P- 

thin market. Still drawing but Squirrel Horn finished 2 5531? nrornDted ^ South African Financials were 

strength from the capital pro- bett?r a t 39p, after 42p, reflecting ihS,™ whTi-h fell awav to '•OOd mixed -i A”!' 10 American Corpora- 
posals and accompanying dividend the increased dividend and profits. at ”()2 d for V”? 11011 3 t0 270p i “. f I ont of 

and profits forecast, John Menzies Press comment failed to sus- f n „ n f 10 North Sea the interim results, which were 

moved up 2 more to 31op. In taip Cnn6 Metropolitan which i?Sks Oils ExuSraSon dipped 16 no * ^ own during market hours, 
Shoes, New bold and Burton, at sed 0 91 _ p 0T , tiri o however # t0 VivK-id De Deere reacted to proRt-takfne 

«p. recorded a Press-ta^ired ”^ s - s Sd c bc™”« m?p° SlkTa »" a <**«' * cheaper ot S19p.^ UC 

improvement of 1}. 01 „ Investments, however, hardened 2 

Apart from GEC. down 3 at WilkinSOn Match Up STfo S)p° whfle more'moderi t0 p ^Hnums staged a strong 

ElectiSl l^dere C heW e upreason- Already a shade easier in front Llsmo^lSp^and recovery in the afternoon foDow- 

gs&sa ttssnixss inS-v sfttA?w ■ p - fc^pi^-sars a 

of an increased offer from Comet du*trial leaders were marked Stockjobbers Smith Bros, came per ounce from 8205. Rustenburg 
Radiovision and eased 4 more to down further on the announce- to the fore in Financials, rising 4 closed 3 higher on balance at 90p. 
21 Op Muirfaead gave up 5 to ment and generally closed at. or to 56p on news of the marked after S6p. Lydenburg put-on 2 to 
l6Sp and MK Electric 3 to 157p, near, the day's lowest after a profits recovery. Challenge Cor- 6i p . after 58p. and Impala 
but Allied Insulators held steady minimal trade. Glaxo fell 3 to poratfon, at I12p, recouped 3 of hardened a penny to 7Sp,. the 
at 63p after the annual results. 527p and Boots 6 to 186p. Turner the previous day's loss of 4 which last-named said on Tuesday that 
Falls in the Engineering majors and Newall were 6 off at 197p: the followed the interim figures, while it was not considering increasing 
were limited to a few pence, preliminary figures are due next small buying left Yule Catto 2 its metal price. 

Hawker Siddeley eased 2 to 178p Thursday. BOC International, harder at Tap and West of Eng- The only notable movement m 
and Tubes were similarly cheaper 64p, displayed resilience, recover- land Trust 2J higher at 41ip. S. London-registered Financials was 
at 364p- GKN, however, steadied idg a penny of the recent fall Pearson contrasted with a re- the 4 improvement to I92p in 
after the previous day’s relapse which followed the poor first- action of 6 to 174p. and losses of 4 Gold -Reids, reflecting the^firm- 
on the German Supreme Court's quarter profits and the warning were seen in R. Kitchen Taylor, ness of the bullion Pnee. 
ruling against the Sachs deal and from the chairman that the 70p, and Scottish and Mercantile Elsewhere, heavy Ca pe selling 
closed without alteration at 265p. group will not maintain the earn- A. 107p. Reflecting their shipping lowered Cons. MurcWson by 13 
Elsewhere. N'eepsend responded lngs growth of recent years. Else- shareholdings. Scottish Cities In- to 225p . 



NEW HIGHS AND LOWS FOR 197? 


Tho-fDKoMlHg wcurigM jpatWJw - 
Shire information Sendee Y25£^5, v 
attained new His to end U*t t®* - 1977-78. 

NEW HIGHS (13) . 

■utKomtis ni 

Wlhon<Co«n6 S J | ^ |AS(ir . 

Grampian A tt , ' 

Menziea J- 43) , - ~ 

Cooper IF;) llahlt PreOsIon Eng., 

oartmooti. lnvs. Fbe]0s -, - - 

""VnounHiAU HI 

V, "*" SreUB SHOES (1> 

(1> ■ 

Go.ritEuropean uBBERsij> . _ . ..• 

Moar Rirer.. ^ 

,,,ntvre MINU IT) 

Welkom 

NEW LOWS (13) 

BANKS (11 

Moorsate Mercantile - .- 

ENGINEERING 11J • 

Flrtfi <G. M.1 


' hop. Cent.,-Gas - Sanaaa-^ 
Monsanto 

>."a‘ 6.' bwl 

. OVERSEAS 

B.YC South ’.'4. 


British Fuo«H 
.Comas., ©ora. 

. Financial nl hip.. ' -,-39 

Oils -'--i'--® 

p;antadon..... 

Mines-'-, 2» 

Recent tenet ‘ 3 

Totals _..._932 


OPTIONS TRAOEih %W 


DEALING DATES • 

First Last Last - For 

Deal- Deal- Deelara- Settle* 

lugs lngs - . tion merit 

Feb. 21 Mar. fi May 25 Jun. 7 
Mar. 7 Mar. 20 Jun.. S Jun.2I 
Mar. 21 Apr. 10 Jun.22 Jul. 5 
For rote indications tee end of 
Share Information Service 
Money was given for the call oT 
Lonrho, WIImot-Breeden. Rfo.. 
Tinto-Zine, Burmah OIL Savoy-. 
“A" Viking OH, C3iarterhall, Cons. 
Gold Fields. Tunier and NewalL 
BP, P and ,,t) Deferred. Fan- 
continental, ,. Grand Central -In¬ 
vestment, Brittania Arrow, ODT, 
New Throgmorton Capital,'GKN, 
ICL Furness Withy, On» Devel¬ 


opments, . Grand’ Met 
Pacific Copper, . Ftoi 
Talbex, SPLIT . Csptbl 
rest Capital, Town-'y 
Properties^ British, -Lap 
.Transport; pud LaubM 
rants. . Puts were tieali 
ICTr LOF’s, ReardO&t'Si 
James >Walker. ■ RnheriSI 
Ultramar,; - ErskiherrrHoi 
and Lyle, Premier €a*» 
Drillit^;.. mid- Grf..Lepi>« 
while doubles were ati 

J. Saiksbury.. Chsrterfl 

Lovell,; P 'and. O Detail 

Metropolitan, .Cops. €0 
Tabes; and * Remdon & 
Short-dated puts watt; J 
Iri'BPB end inti. - - w •/ 


ACTIVE STOCKS 


FT—ACTUARIES SHARE 


FOOD PRICE MOVEMENTS 


BACON: 


EGGS': 



Feb. 23 

Week ago 

Month ago 


£ 

£ 

£ 

Danish A.l per ton . 

1,030 

1,030 

1,030 

F.riti.sh A.l per ton . 

1.D05 

1,005 

1,005 

Irish Special per ion . 

1.003 

1.005 

1,005 

Ulster A.l per ton 9 . 

1.005 

1.003 

1,005 

SZ per 20 lbs . 

10.04 11.05 

10.94. 11.05 

10.94/11.05 

English per cwtf . 

65.27 

63 27 

63.03 

Danish salted per cvrtt . 

70.15.72.41 

70.15.72.41 

70.13.71.43 

NZ per tonne . 

1.101.50 

1.161.30 

IJ61.50 

English cheddar trade per tonne. 

12119.42 

1,219.42 

1.219.42 

Home-produce— 

Sixe 4 . 

3.6!) 4.00 

3.40 .'3.90 

3-90 4.40 

Size 2 . 

4.10 4.70 

3.70 '4.40 

4.30/4.80 


Feb. 23 

Week ago 

Month ago 


P 

P 

p 

Scottish killed sides (ev-KKCF). 

50.0 53.0 

49.0/52.0 

46.0- 49.5 

Eire forequarters . 

— 

— 

33.0—36.0 

English . 

50.0 '55.0 

47.0/53.0 

48.0/52.0 

NZ PLs-FMs . 

44.0/46.0 

44.0/46.0 

45.0/47.0 

English ewes ... 

— 

— 

— 

1 all m eights) . 

36.0 '43.0 

34.0/42.0 

32.0/42.0 

Broiler chickens . 

31.0 '35.0 

30.5/34j 

30.0/34.0 


*' London Egg Exchange price per 120 eggs. 7 Delivered. 1i For delivery' February 25-March 4. 


FINANCIAL TIMES 

„ BRACKEN HOUSE. HI. CANADA SIKEEl. LONDON ECtP 4BY. 

Telex: Editorial 886341/2, 883897 Advertisements: 885033 Telegrams: Finamimo, London PS4 

Telephone: 01-248 8000 

For Share Index and Business News Summary tn London, Birmingham, 

Liverpool and Manchester. Tel: 246 8026. 

INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL OFFICES 

Amsterdam: P.O. Box 1296, Amsterdam-C. Manchester: Queens House, Queen Street. 

Telex 12171 Tel: 240 555 Telex 666S13 Tel: 061-834 9381 

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Telex 338650 Tel: 021-4SI 0922 Telex 7900 Tel: 294 3748 

Bonn: Press ha us 11/104 Heu&saiiee Z-1<L New York: 75 Rockefeller Plaza. N.Y, 10019. 

Telex 8869542 Tel: 210039 Telex 66390 Tel: (21 2) 541 4625 

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Telex 5414 Tel: 785321 Telex 61032 Tel: 678 3314 

Edinburgh: 37 George Street. Stockholm: c/o Svenska Daghladet. Raalambt- 

Telex: 72484 Tel: 031-226 4120 vagen 7. Telex 17603 Tel: 50 60 88 

Frankfurt: 3m Sachsenlager 13. Tehran: P.O. Box 1M879. 

Telex: 416263 Tel: 555730 Telex 212634 Tel: 6S269S 

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Telex 8-fi5i Tel: 838- 1 545 Building. 1-9-5 Otcmacbi. Chlyoda-ku. 

Lisbon: Praca da Alegrla 58-1D, Lisbon X Telex J 27104 Tel: 241 2320 

^ 533 T^L 3 ^ 508 . .. - Washington: 2nd Floor. 1325 E. Street, 

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ADVERTISEMENT OFFICES 

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—-- I' 0533 454369 _ Cbiynda-ku. Telex J 27104 Tel: 295 1950 

SUBSCRIPTIONS 

Copies obtainable froiu newsagents and bookstalls worldwide or on regular subscription 
from Mibscrlplinn Department. Financial Time?,. London. 


NO. 

Denomina- of Closing Change 1977-78 1977-78 
Stock tion marks price- ip) on day high low 

BP . £1 10 752 ~ 966 750 

Shell Transport ... 23p 10 492 - 6 635 454 

BATs Derd. 25p 9 250 + 5 2K0 202 

Beeeham. 25p 8 015 — 5 693 372 

European Ferries 25p 8 ino — 4 116 53J 

GEC . 25)1 8 24K - 5 ZS4 163 

Grand Uetropnl. 5«p s ni - 2 mo 62 

Marks &- Spencer 25p 8 136 — 4 173 96 

Royal Insurance 23p 8 336 —10 -4:10 280 

Boots . 25p 7 186 “ 6 244 1J5 

Cons. Gold Fields 23p 7 192 - 4 224 137 

ICl . fl 7 s:h - 4 446 325 

A«soc. Dairies. ... 23p 6 217 — I 295 141 

BOG Inti. 25 1 j 6 64 4-1 S3* 62} 

Imperial Group ... 23p ' 6 73 — 86 64 

The aboce Ihi of actire swks is based 0*1 the number of bargains 
reoyrded yesterday in the Official list and under Rule I63tl) (e). 
reproduced today in Stock Exchange dealings. 


These indices are the joint compilation ef the RBjmcialTJiites, the 

and the Facility of Actuaries ' L l ; 


EQUITY GROUPS 

GROUPS ft SUB-SECTIONS 


Figures in parentheses show number of 

stocks per section % 


an. ~ — 



RECENT ISSUES 



? — totest 

Isshi- 5 3 Kenunc. \4f77lS 

iMce =2 Dale - 

Pi < L 9 j B Hirii I 
65 I ml | lj3l 51/3' 2Iptn| 19|>n 


51/3 ^hnnl iypm ACI3........ 

— | lOpm Spin Beaunwit Fmpeities... 

10;3' is -y Cubit-I -utti.... 

10'3' 194Ig! 1W Comm. Itaok of AuMntlis. 

31(3 lljpm 9*|im Cnslalale..... 

17;3 421g o« (i-ILC. iDlfnmri.irml. 

aO/3 Sf 25 yUarbtver Gsrscci.. 

31'3] *47 555 [WI.Unn.1 tfeni,.. 

a ij Z0L L'^l <N>Ui.4iat Unnk ..I Aiihiraluia 
1U-‘S: cJljj'wi 1 Uo.i.... 

S-a- .'A »l lAifrwI;... 


Rcnunciarron il.il- usuaUy las’ day lor dealrw of stamp duty, ft Pijmm 
aai.ti tin ustim^u- <3 asmiiimi divMi.mrt din yioin n Kor^csfr 

.iiVi-i bJ.11 d -Jii priuiuiij ytar's -arnlruis. . ti:vid■■iiii and yiiM based on pr«prcnis 
o; ij:Ikt adieu! -atundles lor 1PT 1 * w Qros? t Kiijjrss j£gum-.4 1 Cover tllows 
mr n-.i.' 'r.itii' nl slur- 1101 now rankins !»r -iiviri-iid or ranf.intt only for restnefeff 
dmd-.-udi J Fiji 102 price rn pubic, pt Fence unless <Hhprwi5» Indicated. 3 Issued 
n> lender - Atl-rvo '<• boHfe-rs «t f>rdinjr» .-b.ires a* a “ rtuhu." •• RcelWa 
r.v v. av u> i.acl! •’Minin'.in< i-nrter pnee H Bein’nhlnced. Sit Issurfl 

hi nnin-niciti «uh rcorsaniia'imi nmrser nr >aki-av?r, [[■! lnrroductjoii. Q Issued 
to mnn-r Pr«u-rvnc. nnldrrj. B AH'>1 mem liners «or fully-pud}. • Pmlaioaul 
or partly-jdid aL'oun-mi kuers. * WLth warrants. 


-- -■» — ' 

^tjtwnrnBiugfd. bsIssumi tRcdemprtoB yield. .Htsto and lows recort; base dates and vilpM-amf- coostS^^ 
r - jl inrrnducmm. G Issued issues. A tnw nst of the cousdtuwns is naDahlo Tr«m' tlm" PubOsticrs. -the- .F/n 
i-ners tar fully-paid). » ProvlalotBl strecu London. ECU. pries 13p. hr post Sp.'^V 

■arrnnta. * ~ - - • - ' ■ 




































































































































































ans 


AUTHORISED UNIT TRUSTS 


EAS - FUNDS I 


«“««« Koy*I Exchange Norwich Union Insurance Group 

iT? '■SSSSea. ■ ™ ST™ EMSS*'BiP l m i .B£“ 

R 1 B 1 i«a I ••.'.• EqulfvFund_Isass JM9 -id __ 

koee Limited v v&mZ+fSlSi R35. — 


"sS^jSL^* G*rt* aore Pnnd Managers * ( a \(g\ Perpetual Unit Trust Mngmi.V (a) 

AMSrSSCfwS*PI-2853531 48 Hart si, Henley on Thame* oousesa - ■ - \ j 

i Ahb^SsJSSrr: mj saz:.| *33 53-ss 5 - 2 * pi«*«icn.Gu»—»? 51*—1 *<>9 . . _ . _ 

1 ft£Z&% IU - &§ to .fe’o Jft :$3 1% Piccadilly Unit T. Wps. UdV (aXb) Secuiltici (CD Limited Keynes Mugt Jersey Ltd. ! 

Abbey Gcn_Tu }C-7 . "Aft-Oft 402 27.8 +0 ■»**£? 


IeB 



01-4900031 

kol - 


+oft — 
+flj3 ~ 


— . Phoenix Assurance Co. Ltd. 

~ 4-5;KlngWIIIIiimSt..EC4P4HR. 01-8300879 

z MK*nr=C , « I,i 3=d'- 

3 EbT.Ph.Eq&-1698 732J 


i. ZL- volnatlisK aoraiaBr Tun. 

"e Assurance Co. Ltd. . 
eiua&,WJ. 01-4379083 

»---. ri£i 178.4 —3.71 _ 

lAtnu naft+Sj Z' 

r ™ Uhz - Sl| *“ Z Hearts of Oak Benefit Society 

' U&3 rH — EsUfloBoeA Leaden. NWl 81> 

^T.ilS Z • totoafOah.-^pw W.- 

126.2 ■ U2s*A_2 ' 

tsc_ U43 109.3 +u '_. . ran Same] life Amr. ULV 

jk£uO slri r'-‘- '"■■■ «-***»s 


Prop. Equity ft life Ass. Co.n lnrr.ui.ini m 

Tlfl.Crairtortl Street. W1H2AS. 01-4860857 I n tw o et ton nl..^. 

RSllkPmp-Bd --[ 17113 [.. I _ 

Da Equity BA. .. .J b70 -i.il _ Pacific Fuad- 

De.nLUoy.fld.Fd.) 1508 7/7} — Spedallrt Ptaado 


Allied Hambro Group (a) (g) 
Harnhw Hac- Huhoq. Brent w ood. Essex. 
01-888 28S1 or Brentwood «ET77) 231450 
Hsl« ae nd Kaede 

Allied 1st_ 

Belt Ind. Fund 

G rtb. & Inc. __ 

Elect, it led. Dot 
A llied Capital 
UanbHiwi 
H ombre Acc.Fi 

ffi££=tt mm i 


4.48 Commodity Shan:’.. 1271 
4J2 izi FW East Trust-. 3S l 
High Income TM ..M2 


Income Fund_646 697 

Ins ABeiKW-list 3 ? 7 4 

Inti. Exempt Fd_73 2 Be 

UitnU.TstlAcc .1 _ 124 0 28 


632a -02 
625 -02 
-36.4 -0.2 
323 -02 
69.7 —0,1 
3020 —0,4 
113.7 —06 


1° +U ID WcRiilo Hae.3ti LsnSia Will Ed 8380001 Cmw i'™!* it PO Bn u St Helirr, lcnqr.|Biq|)Mt 

II fsi^Ei? mm is s ss=if he, 

“^sssada 4m ~ ©aatePCP 3 

.. r—J .. Teehnolocy Fund_SS42 53,7 —02 5 82 Mortet OhmM atties, c.'o Irish Yoong 6 ... _ „._ _ 

PWrEaatfiZZZSo St 753 1“ item g-»dner. Kwg & Shmtm Mgrs. 

0.71 -1 8 60 American Fund-fei 2fl-=| TZ-I 290 uss * Sharov ——- jSWSI3 8' - J-jM — 7 (Turing Cross. St Helirr. Jcmf. 

7.J1 J 4 80 p jo T T „ ■- . , „ . . Net asset laJue bvtmmrf 23. 3 Thomas 5trm. ItaudLu. Iale c 

] QJ50 Practical Inmt Co. Liif (ytfc) Rank Of Amrriru T. * , , 11^,1 a m ^lUFund 1..... 

^ 44-Blocimfihurv5to VfiAMA ATJmmn ® AlDCTlCa IntemnOUl &A. OllfTMW i r.oM.i..IllfcWJ . 


— inu.Escmptf a.^ m 2 0831-0.4! 572 - 

(xilnU.TbtlAcc .1 — 136 0 285) 236 i^vg? 5 ^^- 

\ nr Gibbs lAntonjI I'nit TsL MgS. Ltd. Acetanltr. Fund_i-_ __ __ _ ... _ . . .-. -, 

tu 23.BlomfieldSt..KC=> 1 7XL. ofiiBBWU “2^ SS Kcai^S^7' S r °^^- Yoanfi * King & Shanan M«w. A 

5-2 {"‘A-tIncome* — B7 9 *0.71 I s&o JSSSaPiSdZr&l |?a |2 I’SSJ share* |S11237 ^^)-0Q£1 — 7 marine Cross. Sr. IMir- * 

4J0 g “1 l» Practical Insert. Cu. LtS? £ SJL i£g- 

5J8 Dealm* -Tue*. TfWci 44.BloonH.hurySa-lSClA2aA (l ueum ” America InltmtHwil S-L GillITYUUI to si.'.. H6.60 hwm) -| nS 

Govett (WrnW rraeded Feb.*—|1S42 M2CI I U5 SS Boalcvard RoswI. Luxmnbours G.D. . , 

18 KBSSE-a. ^ srs“ «w«-»d«• g-'—«=! = -, 

721 Do. Accum U alt... hu a . 3Sa 24S niJmmen B“k- of Lodn. & Su America Ltd. Klemwort Benson Limited 1 


721 Do-AccumUnJ..-WO ISOJJ 2 « 2=2.BIahnpsoteJlCi 020478533 **”*• ^ * «. AmeriC 

^ March 3- ProlificUelbr-1692 74.8j -021 325 40-BK.Qocee \lrtoria5tuEC*. . 

§-§* Grirveson Management Co. Ltd- lUfih Income_ 41002 307^-o.N 8 89 Ai«aadcrn«L~lsl'5Ul - J- 

294 58GreibaaSt^EczJ'3 ds. 01-8084433 PrudL Portfolio Mngrs. LuLf (aKbKO N “ ** srt ” t,e ' Fe *- ® 

ii *Hd 

W6 52bj is Sttilter Management Co. Ltd.p Rrnm FnndLF^!p,«^ 

1732 rc The Sik. Ercbacee. EC2N1HP. 01-0004177 Rnrelara TTnlrnr-n Ini in, 

s = is 8ssass£.EK .asda SSSTcSSSLSSi^ 

Z?4 .- 299 n _,.-_ T .a« Ownmaslneome-W.7 52^1 


Society Property Growth Ajsur. Co. LtdLV 

■ -• 8J-B87BOSO LeooHoase.Cierdon.CBOUJU 01-68000 

**r-'~ KS».al| iS2 I:.::.[ z 

. turn ■ Axncuttural J?und. 6920 | —. I — 


Seca.ot America_143.8 

Pacific KUndJ31.7 
flpeeUUat Pnsds^^H 
SBjaDerCo'sFd.l 
2ad Sidr. Co't Ftfl 

KecovcrrSita._ 3 

■MetMln.S.Cdty._M 
OrerawacTtaralngLlT 
Exmpt- Smlr. Co'»_097J 


Mas dealing clay Hatch $. 


1 Assurance Ltd.V 
itaRd-Kef gate. ScigBle 40101. 
Ki—RK.0 13L71_I- — 




WM -.-.I - 


= 



Amc.FuadiAJ— 
Abbey Mat Fund— 
Abbey Nat. F<L iAI. 
InveetBoeat Fund— 
InveaunatF'd lAj, 

Equity Fund.. 

Equity Fund tAJ._ 

Menu? Fund- 

Money PnedlAi.... 
Actuarial Fund— 

G 1 h.edged Pond_ 

GUI-Edged FcL (A). 
ORctire Annuity.- 

Chained. AnnTy—- 


SS.?ASf'rr-K? 294 SOCretoSM 

Bargtn.FebtCr 
lAernun. Unltii 

SI 52 BtaoHYPObS 

35a Zj& HJ lArcum-Unlts) 

gi 5.14 Eodea^.Fob.3 

S-S “gJ £-J® lAccua. Ueitai 

me m? 5 Sr? GmchatrJ'eb.l 

■WJ 237.71 -14 3.77 lAecwaUnlOl 

T — a-b— t ^ Feb. 

Anderson Unit Trust Managers iA d. 'Accum. units). 


401-021 323 408S.QaceallFtnriB.SL.EC4. 

7Jl -O.T) 889 Alexander Fund_|H’5SJa — 

,v._. Net a*aet calhe Feb. 


Bnk. of Lndn & S. America Ltd. Klein wort Benson Limited 


01-8302313 2Q.Feacfaiijn:hSt.EC3 

1 -niBl EurlmesL Lux. F. { 

ft ** Guemeeylne-f56 


.... [ 428 
I-ill 7.78 


Gu envoy in c_ 

Do. Accmn...._ 

XB Far East FU— 

KBIntL Fluid_ 

- KB Japan Fund._ 

, Kai-'&Gwifa.Fd. 


um 

3 M 

X 73 

5DS926 
51S1Q26 
U-S2621 
SI 021 
SVSL23 


329 Quadrant Gen. Fd..1180.9 10421 - U .J 

320 Quadrant Income.-|U6,4 32 b2q — 4_ 

74t1 ::.:i 15 ■**«“<* unit Mgrs- Ltd.* 

I ISBFOnehiUcbSLECSMflAA 8S3S231 Guanlian Raval Ft ITait Mm 1 1 A Reliance Hse..TnnbrtdceWelle. Kt 088222971 

I Andenon U.T.-K52 425, -.., 427 SSBEHWEtT-BR ■«) 


01-6232000 
1-1 4 90 

- 435 

.... 235 

. 146 

-021 195 

i —... 020 


. i-m ’- 0 ' Royal Exchange. ECIP3DS. UI-8S88011 SetordeT:iAcr.i_bl3 4ld- 

Andi^W QiJt M y w i- T T,td lagiGiiardbUlTa . [79 6 8244-03, 276 SeklordaT.Inc—P84 • 41l|- 

iNohieSL.EC2V7jA ox-8238372 Henderson AdministmlenlaKzl Ridgefield Management Ltd. 


-uj| , Rnf , jj^, Ja Hccwice B lino Bnuwla * KRJfI«n PwcL.... SI S2621 J 020 

i* _ ”31 837 :;:r j 

oi-m>4in Barclays Unicorn Int iCh. Is., Ltd. -l; ?ifiP l £. , “ffc = W-wj l» 

Zj 2» 1.CharingCroas,SI. He!lor;Jray. 0SM73741 ’KB «t o* Uadou paying agent, only. , 

Oaeraeaj Ineomo — M.7 52M ."...[ 1037 XJ«yds Bb. (C.I.) U/T Mgrs. 

LnldoilarTrust—[tl'Sl99 USI-Ojij 270 PO Bor 105 SLHelier Jerw nm rim 
OBZm 'Sobjert to fee and withholding taxes u^tSw '5151 
:-i«f ®«c»»ys Unicorn Int IL a Man) Ltd: N “ l **»« «**«*> suwrh 71 

-5a 1 5.79 1 Thomasst,Douglas.LoJL 0SU4B56 Lloyds International Kgmat s A , 


— 1 Inc. Monthly Fund. R62M 1721M, .., 0 0 Premier U.T, Admin.. Rayleigh Road. 


I'alroro Ann. Esx. 
Do And. Mia_ 


■xtd,WI2 

«« 


ov740sill Imperial Life An. Co. of Canada 

JB=l; 


i fe Amt Co. Ltd. 

■*ld..E7. 01-5MBB44 

--1155 1ZL71_— 

- 103.9 109.4 -U — - 

' -1123 1123 +0J -— 

--928 103 2- . —— 

-M17 M73 -OS _ 

- 97.4 102.4 . — 

<ts. u 97.1 102J_—- 

93.9 1810 .— 

cc. _ W.l 2323 . — 

_ 95.8 1029 —.. — 

•C. . 97.9 103.1 __ — 

—Nj- uu) - _4 — 

□t unit value Fob. 22. 

e Anar. Co. Ltd.? ' 

.Ed 01-8231383 

-1 32253 i-1 - 



Fran. Growth Feu 

73*-,_.| Z Pt5u1en K20U.Z 
t|3— I — Com-.Feua.Fd --..I 


Co. Ltd. 

01-8288253 
78^_I 530 


lLnuebury Square. ECt 
Plup.Mod.G^_ iEl 


King & shtrowi Ltd. 1 

SCL Comhill. SC3. 014B35423 

Bend F2 Exempt ...RU.71 1X355)4«59I — 
Next <&aUnr data March L 
Gmd.See.Bd.-.ptOfl 138J0J —J — 


Ponrten Vd. Uta._ 

fonv.hro.Fd- 

Car. Pna. Gap. UL 
Man. Pena Fd — - 
Man. Pena Cap. L'L 

Prop. Peril Fd- 

Prop Pent Cap Uu. 
Bdgfc Soe. Pen- Ut. 
Bdg.Soc. Cap. L'l _ 


13a. 5 

■ Jk AanlE 
L3. 1322 

>4 132 C 

1303 
126.4 
140.9 
1293 
1422 
135.0 
141.1 


— Provincial Ufe Assurance Co. lid. 


Arbnthnot Securities Ltd—(pHc) 

37. Queen SL London EC4R1BV 01-S38S281 
Extra, ncomoFd... 1ML0 117.7,-0.4 10.60 
High Inc. Fond — S7.7 41.0, -05 96« 

«Aecum Unitxl— SL5 . 563] -03 924 
Wi% WdrwlUtsJ 515 -52l] —03 924 

Preferencn Fund— 253 Z7_5j . 1228 

IKAccutn. Units)— 57.9 40.E _ 

Capital FuncP_16.1 173 . — 

Commodity Fund** 510 528 -0.5 501 

lAcctuaOJoltaax... 71.9 . 77.6 -0.7 5 U 

MO% W-drwLUJtt 420 492 —0.4 5 11 

FtoL2FropFd.tr 126 121 .... 122 

Giants Fund-Si 324 —DO 3 67 

(Accum. Umt9)_410 443-00 3.67 

Growth Fund-MU 328 . 324 

lAecum. Units)_355 323....- 3S4 

Ionian Gth.Fd.-1226 1329 5.91 

-Eastern * IntLFd. 19.9 215 . 18 8 

-18N Wdrcl.Uuj 123 172 . in 


Brentwood. Ewex. 

ASSSfe- 

Growth Act 


S't iRiFinaoWTU 

05 924 tai High Income 

. 1228 igilne.a Aaaeta. 

— 12J78 igjInteroatloMl 

M |n «£&S3S!»5r 

K f'fi MSfl Xi 

■ • igiCabat_,- 

S'? Cabot Extra Inc ... [52 e 

3.67 Tor tax exempt 


POBox4I9.BankHse.Maacfastr. 0812368sn Do Crtr.Pacific_ 


EXL.E9.9 
-(23 Z 


U777 21722 Ridgefield lnLUT.t 


2 J 5 De. Inti. Income—. 
Do. 1. oT Man Tst.— 
Do. Manx Mutual— 


JH= 


312x -0. 
225 -0. 

34.0k _ 

1823 ..... 
MSnt .... 
770 ..... 
73.7 -2 


. —G3, 2J7 Ridgefield lecame.|93.0 994.-I 925 Do. I-oIManTst—Mt* 49 9J—J UB 

l^i JJS KothschUd Asset Management (g, a. * 

+-o.i 092 72-ao, Gate boose Rd. .\yistburv. assohMi Bishopagal* Commodity Ser. LAd- 

-0J 1.92 N. C. Equity FUed _ 1158 0 1592,_I 353 F-». Box 42. Douglas, l.o ML 0832S9911 

■u", j “ N.C. KnorJlet.TSL 915 973 -24 2.96 ARMAC" Fc26.. „| 5US2269 I _...., — 

iS*? fS N.C.Xnccw FuMl . S52 S«2 -o3 730 CANRHO*’ Feb 8_ tLOlO f_| — 

“S-J J® N.C, InDL Fd. ilac.i72fl 77.4 -041 194 COUNT**Feb.6_| £1336rf I I _ 

1” s&fc&pfe? lS;l 33 2» OOgmaUy t*u«I at *510 U >11.00. 

~~ RoUtschiid & Lowndes Mgmt. (a, ManJ ** emenl ’ 

434 reZ ^^MJWLXwn P-0- Box 502 Grand Carinan. Cayman la. 


jfx ITS 7 Rao thl Rhone. Pn. Box I7P. 1211 Genera U 

_ 3«-M -1 [SF79U9 DU6,_I US 

~— aM JJeydtlnL Income.|SH3'-fll E5|_| 240 

— 13 H 8t G Group-' 

„ Tbuw Quaj-S. Toner Hi,I EC3R BBQ. 01-SSS OSB ' 


tMAC* Feb 6_| 5US2269 

NRHO** Feb 4_| £1010 

UNT** Feb. 6. _ | £2336rf 

Originally t&sucd at *510 a 


0624-2391 

’ |r:j E 

and ••£1.00. 


Bridge Management Ltd. ’ 


_. _ P.0. Box 502 Grand Cnton. Cayman la. 

01 i N'hashi Feb-1 \T3fl57 |_| — 


Samuel'Montsgn Ldn. Agt& 

114, r>ld Broad Sl_ ECJL 015886454 

ApoUoFd. Feb. C1-15F4L23 45 EM-215, 4 OB 

Japfest Feb 15_JSHF41D 4SX .~| UO 


55U Ia3 1 m New CX Exempt.-Euan HOB, .I 373 C?T to iffiHSu — ill , Grv B K l ’“ a HE-- UZ 

hin” oiib^ Price oo Feb. lfNext dealing Mar. 15 NIpponFU Fcb^.KvSUU Ul^-1 287 ] ITjSotFebfs' [in wS . ° 

. __7L ... Rama 11.lt Tmw Mnot Tl<! Kx-STock Spht. 11.AQrOSFeb. 16 ..tf ,.77 102S| . — 


354 Hill Samuel Unit Tst. Mgrs.t fa> ^ 1)1,11 Tru« Mnff- Ltd. 


- I ?E 45 BeechSuECaPSl-X 


oi 828 mi ii C‘-»y-Cat*B3e.FinabarjrSQ^Et2. 01 - 808 ion I Britannia Tst. MagmL (Cl) Lid. 


22 =. Blabopagate. EC 2 

Pror. Managed Fd..11144 

Ftw. Cash rd-Pfi7 

GUt Fund aO—.-|123,fi 




Assarance Co. tnn^uuatiLKojnt 

Man Bar. Berta F3ar 51133 

5“| ffl . Is) Z 

unnee LULV Leg * 1 4 Gcoer 

Fetobley HAflONB 01-9028078 
~|05i9 - 1-610, — 


m 


Longham TJt» Aisumcc Co- T -*d 
Tanghma H lH o la hioohDr.NW4. 01-SB39ZJI 
Longham-A* Plan-.163.9 677, | — 


Prudential Pensions limited* 

Ho] born Ears, EC IN 2NH, 01- 

Equir.Fd Feb. lV_tt73-fi6 23.771 .1 — 

Fxd.InLFab.I3-E?B9 - 19341 . — 

I’rvp.F.Feb. 15 _ £24.20 2455^.. — 


.... I — Dual. 414cm. 'Tuns. ttWed. rtbure. tlFri. 
^ J — Next digs.***Dec. 22. -Dec. 12 Dally 

Archway Unit Tst Mgs. Ltd.* (alicl 

d* 317. High Hal born. WC1V 7NL. 018318233 

01-4069222 ArobweyFund _.J7b5 014, .. | 6.00 

.I _ Price* at Feb. 15. Next ni2 day Mar. 2 


. - RowanAnt Feb. 23 
KowauSec.Fcb.21_ 
fg Rowan Hy. Feb. 23. 

tAccum Units)- 

2“ BauMraJah. 50— 
a'A? rAeciim. I'nJtii— 


Legal Sc General (Unit AssorJ Ltd. 


tj 173.1 in i b> British T^ust._ .2414 1513-06, 551 ftK?«n M Bath Su SL Hel/er. Jemer 05347 

rs 733 LS igilni'JTnw. - 317 34.0e -DA at. » Gronth Invest 003 72 BM .] 

to 26.9 i» «'£*oIlarTtii*l_. 64 0 685 *0 2 18* Wa'E? S’? 5 IS intal.Ftf.. (U2 h7z3 . 

rtWed nbuiv' ttFr; ‘hiCapllalTruU.. 266 2«5d -03 4.80 V>1 ~° 3 a?a 3«MfyEaefCyTfl..fi573 K34S „.... 

KMv ibi FUiaocItl Trust 04 9 90.1 -OS 4.78 'SI"-" Unirsl. Dir Tv._ . 54 91 5 1§. 

. —. uec.ia.uauy ,b.IncomeTRUt .. 25 0 244 -0.1 8.06 ,A ** ura - ™«*»-I s3 - 8 “i . A14 Univsl STsi Stg. . £751 22fl ..._. 

St MgS. Ltd.V Old SSSSRSOdBl S3 33 • SS • TSt f**- ** **™- Ltd. ^ >7. M dealing Fkb. 27 

riVTNL. 01-8318233. | nU>J « Str “*' S rti r Mil Butterfield Management Oil lid. 

ft* -MWr.*? 5SSlSi“-’“ ° ; ‘ M772C J$pi .» BJEJSMS- -4 : 

Intel.lnv.Fund_... |K 8 8951-0.4, 7.00 Pnc*» at Next dealmg -* inc^SeZllW 1« "“l i 

i Ud. ,aKg)f,c) Key Fund Managers Ltd. lailfil Sat ' e * JP” 1 ®!*** Group Prices at Feb. 6. Next aob. day Marsh : 

'c«lRd.E7. 01-3345544 gs. Milk SL, EC2V WE. 01-8087070. Sl Helens. London BC3P SO* Capital Iaternational SA 


—I SL-S9J1 
■NAV Jin. 31. 


71.1) -04 
6LM-0.1 

146B . 

795-Oi 


r . ice *12 99.7 -0J — 

,Vee.96j 1017 — 

’"cc 92.7 985 — 

_ SfcO 365 ..: . — 

_[255' Z7J __ — 

me valae Feh. 22. 



r**-*r*.*--ma 24.951 .J - Barclays Unicorn Ltd. (aMgWc) Key jr^ Managers Ltd. taiici S"* * JPwsper Gw 

.Dr.Wfft 0l-ae3NJI Dnkorn Ho. 252 Romford Rd. E77. 01-334 5544 -xMiito 1X2 v WE Ol^MTOTO 4 - Great SL Helens. Lou 

I aSSzd Z Beliance Mutual UnlemnA«er 1 c....|a| SfUigil mlw .£9 71.11 gS.Sgf’S Ss^ffeSg. 

w3JZij - Tonltdrtge Wells. Kent 088222271 dSaSS? -fei Si zm Key Equity 4 Gen.. Jl7 *55-0.4 523 y»»«B» to: 01*6 BPB 

ReLprop. Bd* —, 1922 | | -. SS:c 0 5ii*;Z~p3 sS2 ^ ? 4 7§ - Q v Save & Prosper Sec 

Jolt AsSItrJ Ltd. Do Exp m? 1 Tct.—hoi6 lnsfl -O.d 627 v5i^^?r^Fd " M3 2J °* 12 07 latonmiiootl Fnndi 

Rathschild Asset Management lull S« ^^Faii >8^ ** FPffi^ZZZZzSa 

Mfl I - 5,1 -SwlthlasLane.Londoa,EC4. 01-8264358 Do.Sfl0. _. .— ,g66 T2j0 -a^ 634 Klelnwort Bensoa Unit Managers? Univ Growth_@6.9 

jHj il-'jj — Nr.Prop.DerSft-pMl lad .I — DatonSa«Z^te7 i?T IqI 44 S =0.F»nchiurbSt..Er.7 01-8238000 locnwalng Income Fond 

-tt 2 - Next sab. day March 81. D^.dSStSZZPM * tSE -o3 6M KB Unit Fd. Inc [M3 870rf ..., 457 High-Yield. . - B20 

JS« 7 S 3 Z . 'IViMA'mW (ms Ml3| — y 4 vs ♦kb. UnilFd.Ac ..(1002 10053 . I — High Income Fm4. 

Sl *fl3 _ H3r*l fnecraacc Group nT^JLv"" BUh 4 i d S y -n c *i ?«i LAC Halt Trusi Management Ltd.V High Return... . 160.0 

— New Hull Place. Liverpool. 0512274422 tv* TnuiM^i'Rait Ivl Tb# Fi-hancr. imp nijotnnann lncoa,e -—■— f*>- B 


n«r^siTMfkRix*rf *-»4 «.iuib uo. financial- 

lafS Si- -Swlthlas Lane. London. EC4. 01-8264358 Do. 800—.. 

l53 ;;;.v _ N.C.Prop.X>ee.3l>.-[1141 1214,., - .. 

ru3 iQq _ Next sab. day March 31. — 


a in **-73 Queen St, Edinburgh Effi OX 
5^5 Dealings to: 01-354 6838 or 0S1-3B 7351 
6 65 Save & Prosper Securities Ltd.* 
.f-2 Interaaiienal Fnndi 

«wc===b; sa^ij 


Sri tannin Tst. MngmL (CD Ltd. Murray-. Johnstone ilnv. Adrian-, 
,_f«f“0-5| L23 3fl Both Su Sl Heifer. Jeney. 053(73114 J®** Ho P*'Si, 1 G,3 **f^__ 

^fsl If JaJWTfzrK Sg::::| IS \z:\ - 

-g - g ISW'fe "ffld i" NegltsJL 

653 . G* Univsl STsi Ng.. .|£?51 222, ..._.| LOO 

tfm Ltd. Value Feb. 17. Next dealing Feb. 27. 10a Boulmard Envoi. 1-n.vembounc 

lutterfiedd Management Ce. Ltd. * AV ’”* - 1 * ra!B3 * 1 . 1 “ ^ 

'.O. Roc 195. Hamilton. Bcnmtda. WCS>» Ltd. a 

Isttiess Eqalty 1203 197] .—1 2.09 Dank at Bermuda Rldgi., HimUtoo. Bncda. j 

lottresi Income—ft99 1.92, J 7X9 NAV Feb. 10.K413 — | 1 — J 

Prices at Feb. 6. Next aub. day March 13. .. . _ , i 

.. . _ . Old Court Fend Msgrs. ltd. ' 

apltal International S-A. P0.sa.SLJol5anaCu^ucnuci-. 048125m 

• rue Notre*Dame, Luxembourg. Eq.FrJnn.3I_|485 51.11 ...J >«* 

ipiuU InL Fund. ., JC&1529 I _...J — Inc. Fd Feb. I _(l56~ 1655, ... J 659 

„ . . _ . . lnU.Fd.Feh.15_ Ie 6 5 92.o3 I — • 

?hnrterhoase Japfcet Sm.Co.Fd. Jan. 31 _ K0.4 M9J( . ..J 322 


Capital International S-A. 

37 me Noue-Damr. Luxombouig. 

Capitol UiL Fund..., JC&1529 , 1„ J — 
Charterhouse Japfcet' 

355 1. Paternoster Eow, ET4. 01-24833 

JM Adlropa.(0*3358 32JW —., 5A 

22S Adi v erba_IDM49IS HiB-030 5J 

Ffrodnk_MQlffl 3J.4d-DJW 5.1 


Royal fBBcrance Group 

New Hall Place. Liverpool- ( 
Royal Shield Fd- -- -U2&.9 136.4] 


+01^ — 
buafonxl Ltd. 


Do.Tnutae Fund 
Do. \v-|dwlde Tru 

BlaJnJ-d Inc._ 

Do Aeeuia._ 


ry_B7.9 njif-oxi 51 

i Fund... 104 3 ULM -0.7 5. 
le Trust 433 4659 .... 2, 

Inc_ 57.3 5«71-02 SJ 

- 164 67.l] -0 2 5.1 


5.33 The Stock Echangn EC2N IHP 01-588 2800 

204 L&ClncFd.. ■ 1129 S 1336x5 .| 75G 

itt UcClnllliGenFd |Z8 N54 -—- 557 


588 L&C InU L. Gen Fd ,35 0 N5 

iM Lawson Secs. Lid. WaKO 


Save & -Prosper Group? 3U1 Lawson Secs. 

4. GLStHeleuA LcdfL. BX3P 3BP 01-554 0099 Baring Brother* St Co. Ud.V (aWz) 83 George St. Ed 

Kfe%C“IS3 = saLe^^iiSL.^ 

RihFd ..321.10 yuM +0.4, — gtwjtonT*.-ttH . “25^ “5*3 *(^owtbF^iSd“. 

I>ipcallFdt.m.4 E?! Dn.Accnm. BMJ wia-lb, 3.96 

r-3mn.Penii.Fd.r. 194.0 264.S . .. I _ NEW SUB. day March H. - *»r.,lt .»KU-.rr, 


U.K. Fuad* 

UK Equity- \t0A 

Ovmwa Fandau, . 


toorance* Lanl * Gcner * 1 M- Mgn. Ltd 

a^pelAnhTum M 02288 U iiSSSSSSft Bf 5 °" mil 

c \ £& “ cft5,r 1<SS , a.Fi» .S'i-:: 1 - 

Hmu GpV Ufa Aysor. Ca of Peztnxylrania 

-urtridBeuaaiwB son °V2 B8S85 

SS0 3 *M „ LACOPUnll*__„PB15 1066 , -Ifl — 

340 Z’» — • 

»-^ «-■ — Lloyds Bk. Unit Trt. Bfngrt. lid. 

-"lai" . “ 71.Lombard5L.ECS. . • 9142312m 

I 1515 :._. J _ . • ExeawL,;___^7.9 .. 1035,_I.. 7JB 

buta-Aov.SN.Ud. Uoyds life'Aarazanc? ■ 

,«. WUhjhone Suadj 12leadrohanSCEC3M^B. ■ 01^2368U 

%$z . 


Ed. Inv. Fd — 1277 1246 

Property .- 1463 1544 

Gift Fd ' .. 32110 127.4 

D-rpcolirdf..-.— 1214 E7t 

Caajp.ftmaFd-t. - 194.0 2043 

EoTiiJvPcroFd- - 2618 178J 

Prop.Penii.Fd."-2050 Z16.4 

CdtPsskPtt_ ra 7 98.1 

Dcpos.Pens.Fd t.. .(96-5 10 L 6 

Prices on -February 1 
fWoekly dealings. 

Schroder Lite Group? 
Enterprise House. Portamcxitb. 

306.7 
210.7 
US.I 
MU 


Lawson secs. iAd. WaNCl Europe_177.8 

. lid.¥ (aWz) 83 George St. Edinburgh EH221G. 031^226 Mil /.■£«- 

01-388283) *R»w.Mutrrlala....B5 6 M.7J . . , 726 LA—_- --|6 »b 

UM-4 31 lot tiAPcum Units, .Ki 419, | 7Xt- Kector Fands 

Maflli'fl 'GrowthFund-529 57ij. 322 Commodity-W6 

Sl ™ x * 3«PiSsSS.-.E4 - sS--1 2-2 SSSZar^—B 2 


B20 65.9, -02, 6.93 L^^rFjSCZ^ ^ Z” 

I" Hlspano..|SL*S«377 e.% J 

{w.'b I 3 T 01 ] a.73 Comhill Ins. (Guernsey) Ltd. 

PO. Box 157, St. Peter Port. Guernsey 

K0.4 43 ic( -01| 4.97 lntnl.Mnn.Fd_|163.0 17751 _| 

ET.B 63 6, —05, 174 Delta Group 


636, —92] 174 UCIW UrOUp 
M-5 +0J 151 P.O. Box 3012. Nassau. Bahamas. 

6851*0.1, 33* Doha Inv. Feb. 21 ...,6126 152,-0.01, — 


Eq.FrJnn.3I-UBJ 51II.J 265 

— Inc. Fd Feb. I _,156" 165 j) ... J 659 

lnU.Fd.Frh.I5_E6 5 93 od ..I — - 

Sm.Co.Fd. Jan 31_jl40.4 149^ ...._( 322 

01 Old Court Commodity Fd. MS”. Ltd. 

-8301 534 P O. Box 58. SL Julian's Ct Guernsey 0«1 28741 

5.99 OC.ComdtyTsi *_M233 HS.O'rf ., 5.M 

619 O C Dilr Cm Tu.» ...|524.&9 2647| J — 

— "Pnces on Feb V4. Next dealing Feb. 2a 
197 tPncc on Feb. 21 Next dealing dale March 7 

Phoenix International * 

PO K«t 77. St Peter Port, Guernsey. j 

— Inter-Dollar Fund .|*l£H 2J9,.I — 3 


.. Wd- 



22.41 ,„J 027 
929 1054 

•cAcruuL Unltti ...,65.9 724j .[ 1051 

Deal. AMnn. *Tues trWed. gnuirs. **Fri. 


fS»z"Sa zli il SS- “ 1 « - - 

Next su£d£ MnnhB. " ^SBSXSU 

Bishop*gale Progressive BfgmL Co.V tuSnmUiSu) 

9.Bkhonaeate.BC2 01-8886280 ’"HlghVield-147B 

R’oaiePr-^eh.21 11641 174M 369 -lACTUm.UuUXi ...165.9 _ 

Ac?Uts.»*Feb.2J -Inna 296.4] \Z~ 3.S 0caI *Man. "Tuev trWed, IThiirs. »FrL Scotbit* Securities Ltd-V 

■ SSS^Si^m "loS - ii Legal ft General Tyndall Fnndf -J»-i 57_ 

Next sub. day Feb. 28.-March . 16. CanjUS* Road. Bnstc.1 0=723=3*1 -g[« S 

n . uu „ 1 , J DU.Jan. 15 .540 572, 509 “ ~-ZZL. 

° 7< ? 2m3 Bridge Fund Hansen*.Kcl tA “ u tSrJHp«g3!.- J 5 " ^ 

King WUl lam SL.BC4R BAR 01-834951. , V7 . . 7^“ , -Prices at Feb. X Next Sub. 

Bridgeinc.•_.M6fl 504, 7.13 Leeiilne Administration Lid. Schtesinocr Trurt Mnan 

EndgeUap. Inc.t— SOB 32M 3.49 2 DukeSUtendon 1Y1U6JP. 0J-W65WI acniesinger ITUSt MQgn 

. ?2 Leo Dint. _1574 7191-0.9» 558 T^ 15 ^ 1 

•— 1SS LeoAccum..f717 755,-1Of 525 )« S p«to Sh eet. Dqgaa». 


67.4,-02, 4 77 

I s * FmanetnlSees.—(63.0 67.7l-0.2l 331 (iSSu..J^ jbBST 20 S\...TL. 

25 Hlgh- Mlnbr nm Fnnds JnLRenteatoods... pM6BJ0 7153] — 

2S Selectlmeroat_(214 6 2264) -0J1 291 _____ _ __... 

Select income_|sfu 52q-o^ 7.91 Dreyfos latercootincntal Inv. Fd. 

«. Scotbit* Secnrities Ltd-V P0 - ^ I<3712 - Nassau. Bahamas. 

=«1 afe- HP §1 ^ 12 Ejason * Dodl * y ’^Mgum^sd. 

509 r . r -! rZ P.O. Bo* 73. SL Helier. Jersey. 05342031 

5 " sStaSttzKi 1% ™ 3CT - M-fl-i - 

•Prices at Feb. m. Next sub. day March 8. par Umt 114 Inv SiMcm 


— *Pncej on Feb M. Next dealing Feb. 28. * 
197 tPncc on Feb. 21 Next dealing dale March 7 

Phoenix International . 

PO Kox 77. Sl Peter Port, Guernsey. j 

— Inter-Dollar Fund |115221 2J9, I — 3 

Property Grcwlh Overseas Ltd. 

23 fri-vh Toni, Gi h.-a!iar. - tGibi 8108 

— i;.S. Dollar Fund ..., SUS8327 |_, — 

MerUngFund _| £22363 (.1 — 


477 Deutacher Investment-Ti-nst _ ^" 

IS? Postlarh 2885 Biebergasse 0-29 8000 Frankfurt. Rflyal Trust lCl) Fd. Mgt. Ltd. 


Couceelra_|DU1448 20 M ., — 

intRentenCoods....|DM8JO 7155,.| — 


7.91 Dreyfus Intercontinental Inv. FA. 
P.O. Box N3712, Nassau. Bahamas. 

NAV Feb. 23_WSU10 12MI-0.16, — 


*?■» aBfe=z=Bi 


P.O.BOC 194.r.onlTSL Hst, Jersey. 053427441 

R-T.lnfl.Fd. . ...BCS9J6 9“|.I 3JM 

RT.lnfl.iJ.w.-Fd. |M S3, .. 321. 

Prices et Feb. 15. Next dealing Much 16b 

Ssve Sc Prosper Infienmtionel 

Dealing to: 


P.O. Box 73. SL Helier. Jer 


syJUA 37 Broad SL. Sl Holier. J emey 

053420601 VS. DdbrcrtualiuMI Fnndi 


sari a UU1...I- : 

-Prices at Fob. 22. Next sub. da? March 8. p. * c. Mgmt. Ltd. Inv. Adviser* fat Easiem*: . 15 27 35.' 
Schlesinger Trust Mngrs. Ltd. laHz) 1-2LaurencePouatney Hill.EC4RDBA. 5 ^. J H oenCM “- ,T| 


S!32SL22 < i T - . IS lcodisl _w* 714 - 0 .* 55 s 

m 0 • TAccum..fr-7 755I-10I 

BrtdgolntLAcv.Tv-lMfl ISA, .— «28 Lloyds Bk- Unit Tsi. Mngrs. LtAV <a) *nCn™2i 
Price. Fkb. 21J3. Dealing *Tues, TWed. ReBlrtroF* Dept.. ^nac-b^Sea. Vtampi Hutii.Wd. 

Britannia Trust ManagememuKg) 4 3 .u 

3 Loudoo Wall Buildings. Loudon Wall. Do.LAecuia.l_-{61.9 665, -0.3 4.71 inc.lOSI^wL 


tendon EQM5QL 

AaaeU__ 

Capital Aar___ 

Cf>irrm 4 ImJ_.... 

Commodity._. , 

Domestic_ i 


01-8380478/1X79 Second (Cap.)- 

6771 -LU 5.44 Do.tAeeum.,—.. 
493^-0 455 Thtrd flncame)- 


HI Intnl. Growth- 
J” In* TsLUnits.- 
647 uartartLeaden 


mu 


duster An. On. Ltd. 

. 8 Writehone .. -.- . _ . _ _ Scottish Widows'Group . Fi^EartlZJI 

..(57.* U.ffi.J ~ P°E^9K.EduibufEbEHW5BU. 091-8558000 

M'S “-..j ^^^y y-gyMoi-gyg.- •z 

m. ™ « 3 = 

-Ti ifiSdte m a UumiJ> ~ Louthm A M an ri mste r As^XpV got High inc_ 

infl- — - " The Leas. Folkwtone, KeuL -. 0*367333 Solar Ufe Ascunnee Undted 


Exempt__ ... 

Extra Income—— 
Far East__ _ 


Gold a General- 

Growth,__ 

Inc. 6 Growth..,- 

lal’l Growlh.__._ 
InyeaLTsLStiaras — 


535n -Qj 470 Do.cAcCum.|_-UU 108.9,-0.4, 6 47 -muY ield- 

77* -03 5 n FocirthfBdaeO.-o| Ml ^,'^tlfT^L' 

375 -02 433 Do.lAccum .1 -_^14 480,-0.4, 8 01 properly Shares- 

M 33 J3 Ltf* Unit Tst Hngrs._Ud.__ 


1 249 
26.9 

-03] 10.02 “““ ”V* UK. Grth. Accmn. 1173 §3 

....71 4.97 72*0.Gatehouse Rd. Aylesbury. 02965941 liJC.Grth.Dlst .„P7.3 19J 

4.60 Equity Aceum-[137.9 1452, ., 4.40 -Next sub. March S 


4.47 M & G GroupV (yNcMxl 


737 Tlsee Quays, Timer HUl. EC3R 8BQ. 01826 4583 lao.Cbenpside.EJLS. 


Ltd. 18,(2) LILLaurence Foiutoey H11L EC4R DBA. 

<0300,88441 Cent. FeL Feb. 15—| 5US432 J .... I — 

2 “ Fldeuty MgmL & Res. (Bda.) Ltd. 

. S3* P O. Box 870. Hamilton. Bermuda. 

•••■ *63 Fidelity Am. Acs.. 5062026 . — 

-0-1 1020 Fidelity lot. Fund - SUS1B2S . — 

. 9-Sa Fidelity Pac. Kd.^. SUS39.71 .... — 

Fidelity Wrld Fd.... 5l : S12-22 ^0.0? — 

-0J 3» Fidelity Ster. Fds- — . - 

-0-1 -5^ Senes A iIntnl.)_ £107 . — 

-02 J79 Series BiParlflci .. £635 — — 

. Series D (Am.Ass. £1331 - — 

777 231 First VUring Commodity Trusts 
Znj 9. Sl. George's SL, Dourtas, I.oJH. 

7n i ite 08244682 Ldn Arts. Dunbar* Co. Ltd. 
-0J, 6.8b a pall Mail, tendon SW175JH 0I-9307ST7 
« FsLVIk.Cui TsL. WL4 436,+0^ 118 

Co. Ltd-V Fst.Vk_DbLOp.Tst _ [tt^O 9X0, -_7| flflO 


North Amen can 1335 3.M 

Seprn*»J. -|lZfl3 1*.03 

SterUng-draom! tuned Fttfli* 
ChanaeiCepiKJ4i_.ir37.1 215.li- 


tWcekly Dealings 'v 

Schlesinger International Mng L Ltd.* 
41. La MoUeSL.Sl.Heber, Jersey. 053473588. 

S A 11-[75 0M j 986 

SAO.I—...S0.S1 B&j ..... .455 

GiltFd-K4.C 2473 *0J{ 1138 

Inti. Fd. Jersoy_.feo lOttfl el« 3.68 

IntnLFd.Lxmbrg...j9.« 9.95l*00l| — 


J. Henry Schrader Wagg Sc Co. Ltd.V Fa.VkjjbTop.Txt _ |rtO 


f-1 —- The Leax.Fn l k tvt op«, KeuL 


utimO* Cap.Growth Pond.. 268.7 . — 

uion Group * Exempt KlexFri. 1275 . — 

^ms-- S'-V”* 0 Ss?s^®w: 5a J :t. - 

. ■■ Sf2 ~ Flexible Fund- 105J .... — 

; -I IW 1-a.Ul - I«*. Trurt Fond..— m* ._.. - 

. Life Insunuce Co. Pro *>*’ Fla » i ~- 7 « 

WC 2 A 1 HE. 014420082 HAG GnmpV •* 

-- •— “ -nme QIWN Tower BD BC3R 68Q 01825 4508 

,:BF «=: = gsJsaPjJH aJrJ = 

V Sol . “ fiqul^Bond*-—. 1233 130.1 - 1.2 _ 

■ E5« ” Faml^ 73AQ~ —1473 -O h — 

. “ Family 81-88“-1613 - , -LC - 

■ . . Internawi Bond**. MJ . _«*-C -0 3 — 

•nee Co. Ltd. . s&^SZ- Sal mi ioa 77 

■ m, ■,,'7PS»ai>B S::. = 

l «65 Z I -J Z American Fd-Bd.*. ®7 44.1 . .. - 

■ - KSoo d—-j JapanFd.Bi*__ 149 . 47.S . — 

-•• , **** - w ‘ 31 . ' few na TeSTix. "Feb. 21 *-Feh. 37. 


67333 Solar Ufe Assurance Undted 


— J07ChcapiU<fi*,EC2V8DU. 



N at HI Rhine-713 

t-i Newlaaue.....— S3 

North American-.. Z5.7 

01-8060171 FroteMl-mol-- M5 0 

-tO.J, — Property Shxrea — 13A 

.. ... — Shl«)d —..; 4U. 

-05J — Statu* Change_! Z*8 

-*--0.94 - U«u* Energy-293 


766 -0J 
335* -o: 

77.7 -OJ 
A5H.7 -U 
VW . 

S 2m -0: 

9a -o; 


St* alao Siocit ExChang 

5-if American- 

tAeconi. Unite •.. 

fS Australsian....— 

233 t Accum . llaib)- 

tAcc um t Sta*7".7 
Compound Growth. 

*•?“ rnruYHNrinn f.mwf h 


Capital Feb. 21 -1915 • 

0 98 tAccum.» -PC').9 1138] .— £51 

0 .K Income Feb .21 _0688 174 9 - 7 CO 

7 5 tAccum. Unite.-IZ45.7 25*4 - 7.06 

2 _ 5 B General Feh. 22-[7S2 • 7 b2H - 3 46 

554 CAccum Units*-Ho3 93.9 . . 3 46 

U4 Europe Feb 0 ,.„B4 333 +26 129 

418 CAccum. I'm til-Slot 32.9 +L7 L29 

«ID *'*n‘Cfrv Feh. 21 §5*7 157 4r . .. 4.27 

948 -Spert6x.Feb.7...fcl8 213.3 . 4JJ3 

E 37 “RecoreryFcb 7.._[l77£ UBJa* .... 536 

137 "For uw exempt funds only 

!Jf Scottish Equitable Fnd. Mgrs. Lid.V 


- The British Life Office Ltd-V (■> 


Cooi-cniw Growth *7 4 
Comcnlonlnc.. .. Ul 

Dividend-UT7.6 

lArcum. Unltsi lfS5 

Earopean-.. . . 46 o 


33 = 


BL BrirUh ufe- 

BLBidanoed*..— 

BL Dividend*- 

■Prices Feb. 22- Pi 


rt2 -0JI SB* Bare Yield- 

S?1 I k KB (Acctun. Units)...... 

23""J 21! rxrEiStorn. 

^ —- i t-*w lArcum Unlit*. . 


187.6 

1146 

~0.B 

1998 

2125 

-15 

160 

•12 


465 

49.6 


78.6 

at 

-0.7 

152.4 

189.1 

—0-9 

P.9 

418rt 



941 . 

1132 .._. 

174 9 _ 

25*6 

7N2j= 

93.9 . . 
3X2 +1^ 
315 +L7 


01240 aw 

.( 251. 


3 3 jl Fleming Japan Fund S.A. 

£51 ’ 37. rue Notro-LWrae. Luxembourg , 

7C« F-lmg.Feb.22-1 SUSM.97 !-1 — 

346 Free World Fnnd Ltd. 
fS Buncrfield Bldg, Hamillcn. Bermuda. 

JjjU NAV Jan. 31-1 SUS16439 | | — 


once Co. Ltd. 


Sou All inn cc find Maagmt. Ltd. 

■s«ni Alltiv>reH‘Ui.-w. Hnrshsm. 0MB 04141 BS Units Feb 21_12196 23 1 

a?S u *S":f.:P a a.lM °i 

Financial 

Smn AUiaace lintel Ufa lux Ltd. g*"**-* 1 -- 

^ 

4 2-a ~ lrwksx 

^*21 — Qcgnwn 


m = 


'tierce Insurance 
idwnWiaSFK. 01-4907081 
.P225 UU|.J — 


Merchant Investors Assurance? 

JS3, High Street Croydon. 01-8389171 


-,p2Zt> m« .... J - «H^htoL&rtdOO 

MCtaL-M 

mrPL,BCS. 01-8288031 Har lawPty.Fd..- HM 

.m ^ -4 - -fsSStSP— 

SSi^irzz isu 

.E£X 01J8BI2U} ^nrt DepPrux. 136.9 

■VC7.4 . 4951-031 UT KaWfel-UU 

Ufe Ass. soe. LULV NHL Pensions Ud. 

,'ighWjcenrije 040433377 kOhoa CourtJJorkfag, Sorirj-. 


-Pri* Feb. 2X Next dexUug day Maroh L M.6 

Brown Shipley ft Co. Ltd-V W 02 

Mngri; Founders CL. EC2 01 - 0 W 8530 'Aeeum. Unit*.-g63 

Bfl Unto Feb 2J._g?A SIM ...J AM " JrA 

TViiin-ir.h*i D7ia M5.7, am* lAccunvUnits*- 15£§ 


General.- 

01-8008530 iAmun.llaiii>-— 
| in High Income . .. 

.[ (m tAccum. Units*- 

1 Japan Income-- 


8.73 Income Units .. . .146-9 49.91 ... J 5 St 

3J4 Accum. Units. ._..P2.9 , 56 X - -J SJt 

Dealing day Wednesday. 

a 90 Sehag Unit TsL Managers Ltd-V <al 


G.T. Mansgement Ud. Ldn. Agta. 1 CTfiStoiZl SUM 
■ -4 536 Park Hae. 18 FiMbuiy Circus. London EC£ c _ h ,« irKiitc 

uly Tel' 01-828 8131. TLX: 838100 SSSS{IS^®;:SSg 

ZTS. Ltd.V Bfrorgemea: Inlcrocilonal Ud Japan Fd. Feb. 23... [SI'SS.TI 

mi oaoim c*o Bk. of Bermuda Front Sl. HamBn. Bmdn. 

roi-»89ioi Aachor B-L'mta-,ei38» SMri 195 Sentry Assurance I^{ 

23 -J IS Ai.cborlar.Fd ...Jaw* 4BS^.| 1.99 P o Bo, 328. Haml.on 5. 

"j" ~ “I CT Knmiiok I'll — — - ■ ~ ■ --- 


7 Schroder Life Group . 

Enterprise House. Torumooth. 010527733 
(60 laleznadoBal Pond* 

EEquity...__HE 7 1103 ...... — 

SEquity-U£6 U4 7 . — 

iFi;edInteresl — 1395 Wa3 . — 

SFLxed Interest-*102il KKJ . — . 

— £31 an aged....._12L6 1295 . — 

SManeged_11077 1145,. — 

J. Henry Schroder Wage & Ox Ltd.. 

- 120. Cheapside. E.C3 01-5084000 

. Cheap SFcb 22 5US20 47 ,*3«| £77 

■ Trafalgar Jer. 31 —.1 SL’S107J6 | .... | - 
c,Cl Aslen Fd. Feb.20. .|K-^JI5 U7I] . .., 3U 

DflriincFnd.|>A175 1 CnI-DJU{ 530 

Japar. Fd. Feb. 23... B’jan 61lj*l»jll 036 * 


Anchor B Units- .Kl36» SMri ._...[ 1, 

Ancborlnt. Fd —ISUS3JS 4BS^ .| l.< 

G-T. Bormnda leg. 

Bk of Bermuda. Front SL. Ha ml to. Bmdn 
Berry Pac F._.[S38 74 — |*0JU, 11 


195 Sentry Assurance latecuitraal Ltd. 
1.99 p |> jtos 328. Harnllon S. Bermuda , 

Managed Fund. _ IP.TOOT UM .. .-I — , 


"}-fl POBou311.Beklbiyiftfc.SC4 


. ..— —. Growth Accum. 
««•«« Growth income 

ii - m 

— Index 
’^•2 — O f g rwit 

-- Performance 

. — Recovery_ 

Exmpt. Feb. 10 


3450 -01 

17.4 . 

431 -04 

35.4 -0£ 
111 ..... 
1M -Ol 

T 0 :. 1 

55.8 -05 

21.4 -02 

59.3 . 


Sun Ufe of Canada (UK.) Ud 

2.3,4, coekspur SL. SW1Y 5BH 01-830 3400 

. ffif \: 1J \ - 

® UJ = 


lAecum. Unlbn. 

• ZL Magnum — 

J-Jg <Accum Units' . 

5.19 Midland. — 

2-J9 lAecum. Units*. 

Recevery. 

?-2 (Aceum. unit**.. _ 
J-fJ Second Gen .. - 

3*2 tAccum. Unit*' .. 
5 - za Special... . _ 

5TB (Bran, um»_ • 

9 Specialised Ponds 


134-K *0« 
134.D *0< 


23a« -13 
151.9, -L0 


HI* -13 
2424-l.B 


•i £SSSS^a:Bi m--® IS 

1J2 Security Selection Ltd 

lS-18.ZJncoln-6lnnrielda.WC2. 01-831S836-0 


Ecrrj Pac F. ..(0074 - |*o-HI HJ Sin?ter St TVicdlander Ldn. Agents 

GT.jPd-1 5US651 J 0.D3, 0-79 20. Cannon St. Dl*4. 01-3489848 

fiT TVltrt (Atrial L1A Dcka.*ood».]DH2SJt M 26341-0201 6.4? 

Tokyo TM. Feb 1.. .| Sl'SJO 69 


G.T. Mgt. (Aria) Ud. 

Halchuoo Hsfc. Harcourt Rd, lirng Kang 

G.T. Ann F.._|lHJOJ4 7.BJ+8 071 3.4 

065 G.T. Bond Fund _. 5US12J6 ,-*051, 5J 


T. ajixF..—iuuom 7.WJ+J07J 3.96 Stronghold Mansgement United 

.T.Bond Fund 5US12J6 |-*dJD3| 5J0 p 0 . Box3!S.SL Heller.Jersey 0534-7 


Canada Life Unit T.L Mngrs. LldV t - n - : -;Bg| g; 

2-OHlch 51. Potters Bar. Hert*. P Bar51l22 sharlbond Feb.21.. 115 lrt 

Can.Gen DUl......( 94.3 36M-0.il «J». Charlfd Fob.kl— 136.9. 129Jh 

Do Oca. ArcuTp-.-Kifl 43-3 -03, 4 80 * Accum Units' 1665 169.1 

Do Inc. Dia_Q£? 34 D-551 782 Pan*. Ex. Ftb SO —|U0.4 1271 

Do.Inc.Accum.-K7-9 441,-05, 782 Mamnraroa.nl IJ 



16-18.Llncaln 6ins rieidi. wcz. 01^31 eaaoo u.*.«raaruoa _.| JUMC*. po. Box 315. Sl Heller. Jersey 

$■3 {?5!gS?5fl?zK? i?| :::: :| f-5 G.T. Msnegemcnt aerseyl Ud CoeimodiiyTrust..|SS.4S Mil, 

715 c tra ,rf ir.il TO R9a.ao.-c im *.i ltoy»lT»t,Hre,Colomb«ifcSt. Heller.Jerwy Sorinvest (JerseyI Ud (x) 

4 87 Stewart Unit TsL Managers Ud. (a) g.t. Asia Sterllng-.B30.76 1X36^0.18, 1.76 PO BoiBB Sl HchcrJcrroy 

487 45.rbar|one S 4,.Edtnb B rgh. (C1-2M3S71 Bank rt Bemrod.i«G«™ei) Ltot^ A^-Tlad^WW 

5-S »ewart American Fand ■ 31-33. LePoUoL G^rnrey-Otel-iS^r CopperTru-._10 ID, 

*8 sasrssc-et m=J" sse 58 BHs: 1 B aa - "u« 

4,37 Wtebdrawa Unite Tj5a & <7.7, \ — . Anchor In Jay.Tst. |2£4 24.0,.I 3J6 Snrievesl Trust Managers I 

Stewart Erl0x6 Ccptoal Fond Gartmore Invest Ltd Ldn. Acts. 48. Athol fitroci. Douglas, JoM.0! 

'Standard-I1M7 13621-1 3.60 „ s M tn 01283:631 TbeSlIrorTnis: -[937 1CI1I - 

,5® Aecum. Units-,W2.« 154.4, . ...4 — ■ Mm) 01-2833531 RjchmgmiB otcIB 7 Ilfl59 19671- 


001-3983271 Bank el Bonuh (Goenaey) Ltd. 

. 31-33. Lc Po licit, Guernsey. OtGI-28258 

I ....| 2.70 BenyPacStilg-[213.PQ 223.H-8J2 

— AnchorGUt Edce._g059 10.M _ ... 
.J Anchor In Jsy.Trt. ,^T« 24.0, .| 


M:d •* 


P.O Box’SB. SL Heller. Jersey. 053473ST3 

Amen can lodTS. .[£669 6.B2J ....| 187 

Copper Tnirt -K9B9 10 IM .| — 

Jap. Index T.-4-EE.C3 9 Oil .I — 


793 Sun Alliance Pend MngL Ltd. 

7-2f Sun Alliance Hse .Horsham. M03M14I 

Exp.te.Tsl Feta.8. JC19L80 200 90) ...I 457 
VTbe Family Fd_,853 B8 «l -a21 389 


= 

aos.7} -teq - 

Ifo Life Ini. C, Ltd-V 
.-.WridlSB Cross. WX31071 


d ::zl V 


Aw. Sqc. Ud ■ 

- Rd, B'raonth. 0202 787855 


7We*Bq.Cap._lsn« JU... — 

- NetexEa Accum, ..,382-2 IBjSI - 1.0 — 

NolmcKnasy Cap. JfitT figS. — 

Malax Mon. Acc.fisi MLS . — 

A’aicx Gth Inc Aco-f<75 SOM ... . — 

Hales GtbInc CapJ475 M5, .—.J — 

Next mb day Fab. 25. 

Flxr New Omit P roper ty ao* under 
B mbs c h fl d Am« «—ag emaax 

NTT Penalons Management Ltd 
46LGrocachwchSt,EC3PaHIL 01-8284300 


48. Giscocliuich a, EC3PSH1L 01«342 

5° ■Taa’w.xte J5Vi»ic 


Target-Ufe AunmM Co. Ud 

— Man. Ftond lae_B5.B <*« -09, i-l 

— Mm, Fund Ace-UOJ iffi -12 - 

— — ■ M61—JMJ . — 

— £rop Fi AC®.- £5* . “ 

— Prop. Fd. lav. .... 1828 . — 

Fixed. Ini Fd Inc. m3 114 ? +1.0 ~ 

RetPlxnl£on.Cap— 1898 1162*. — 

»=!■= 


New Zealand Inn. Co, (UD UidV 
070282955 



If 


XKe AfldSoc. LldV 
L-Xbanms.Berks. TBL34386 

^ ]pSrl^.=‘ 


: BASE LENDING RATES 

ik . 6j% ■ Hill Samuel.:..fi 

'. a Banks Ltd. fij.Vq C. Hoaxc & Ca.t €i*?o 

Exprew Bk. 6*% Julian S. Hodge . "!% 

: i.;. bi% Hongkong & Shanghai 

" Ltd. 6fVfa Industrial Bk. of Scot. B’-Sb 

* ibocher .. Keyser l/Umaati. 6*V» 

! Bilbao ...... ' ' Knowsley & Co. Ltd. ... a % 

' .edlti Cmee, 64% . Lloyds Bank . 63% 

-^prus..6^4* London & European ... SJr% 

' ,.S.W. . London Mercantile. Bi'Xi 

ige Ltd. Midland Bank. 641 % 

, Rhone . 7 % ■ Samuel Montagu. 6J% 

•adK . 6t% ■ Morgan Grenfell . 6iV& 

, ristie Ltd.... 84% Nations! Westminster 64‘.t 

- oidings Ltd. 74 % Norwich General Trust 63 % 

■' of Mid. East 64*5 P. S. Rcfscn & Co. ... 6J.«5* 

"plo?".. 64 % Rossminster Accepfes 65 %■ 

■manent AJFl 64 %. Royal Bk. Canada Trust 61 % 
i C Fin. Ltd. 9 % Schlesinger Limited 64% 

. 7 % E. S- Schwab .. 8i% 

lings . 8 % Security Trust Co. Ltd. 74% 

..*se Japhet.. 6%% • Sheoley Trust.. 94% 

es . 7*% Standard Chartered 64% 

•d Credits ... 64 % TYade Dov. Bank . 64% 

- . c Bank.• 61% Trustee Savings Bank 04 % 

Securities... 64% Twentieth Century Bk: 7{% 

onais. 6i% United Bank of Kuwait 6*% 

. Popular Bk. 64 % .Whiteaway Laid!aw .... 7 % 

‘ vwrie .S 64 % Williams & Glyn's..;... 6J% 

t . 64% Yorkshire Bank . 04% 

..-anscont. S % 

on Secs. 64 % a 

P‘in. Corpn. 84 % • 

Sees. Ltd. ... S % . 

»l«.- &i% 

Guaranty... 64% 

Bank . i 64% ; 


TrflMtHternrifenal Ufe lus. Ca Ud- CJ.lnuntatl 
•> ■>——rr.iuir 01-40M4B7 Aroum. Units 

H w CJ. Inaome - 

. ~ CJ. Kura Fin 

- Arcum. Units 

. —. CJ.F8.Inv.Ttt 

. Acctun. Units— 

. — Price Feb. 23. 


iN.iK.Mcm—rvv -V^i MBBuUfe Monageroent Ltd. rThe Family F:i_....^3 raej-oj 

:o. Ud Cupel (James) MugL Ud.V »«•»“« Target Tst Mngrs. Ltd-V UXgl 

.Aflwbwy. 100018 Broad Su. EC2N1BQ 015888010 GrowthUrUis-..I 9.u ai.GrwlmmSt.Ea: Dealings. (K 

fwtei - .-B3-S ■ i 529 Mayflower Management Co. Ud. Tarageta mm«ii ty.Bi§ «« „ . 

- ■KB-BE«-*aisi» , f isssa-rBi™^ rrs SgiiTfei fl**? 

CarUel Unft Fd Mgrs. UdV (age) ' VSmS&uS* i»|+ai 

MUborn Roue. NewcaaUempoit-Tyae 7ii«5 Mercury Fund Mana gers Ltd. Tarsri Growth ... pj7 -02 

Carllol_Mj 65J ..[ 472 3aGrwlmmSt. EMPB®. ai-e004S55 Target luU .. B£J 24^-03 

Do. Accum-TJall*-PS7 7731...., «.72 Mere.Gen.Feb.22 1684 170 61.... 4.79 Do.Beim-.CniU .2(4 »£, . 

Do Hirb Yield-«0 5 433 -1 819 Acr.Ula.Keb8... 2063 219M . ... 4 79 Target Inc .. .91 „79l[ . .. 

Do. Actum. Vntn-Nl . 51AJ \ 1.19 Mere Ini. Feta 15. .57.8 6l3 ..... 195 TargeiPt Feb 22 ..U479 156«®J 

Next dealing date March 1. Aeon L'tt Feb 22. 62 0 66 d LrtTgL/ne,.-g?7 W.S-3.1 

Mere Ex J»n2(l. . m.9 220 7rf 415 Tm-Pref.. .--.-RJT Jb|l .-J 

Chvtfi-teue Jupbetf Accum.Via.JairtSi.(3Z9 2634] 435 CoyneWowtbFd...|16.7 12.0,-05 

i.PaternnsierRow.BCA. _ 01 - 2 «3800 • Midland Bauk Group_ Target Tn. Mgrs. (Scotland) (a' 


—. Anchor in Jay.I k- |S4 24.0,.I 3Jb Suriuvest Trust rdanegers Ud izl 

Gartmore Invest. Ltd Ldn. Agts. «. Athol Suwm. Deugia*. j o m. osm 23R4 
- ’ I-ondoe^a 01-2833531 Bete^ndSSdW Gfl59 lkll ^ 1023 

S?SldBd” Bd .:.:|iM3 - 

5S-' w-feS 1 ^ ■ ■■■) - TSS Trust Knuagers (CD UU 

389 ■mii Im^riui ""ftroin lilwl '——| Beemrllc Kd..St Set lour, Jersey. 0534734 


int) Bond Fund.... ,5151112 1I4E, 
Gartmarr Iiwkum Rut- UL 


hoi Street. Douglas, j ti M. U3Z4 2JU14 
IrorTrui; -W7 1C1II -*0 «[ 

uitd BondB7 1B6 9 1%7^-0.7 M2! 

aUnumfUL.-RUS 1373-1.4 - 

ild Bd.1133.3 105.6|*1J| — 


Dealings. (TSe 5941 P.a Bo*.31.DoactoaIoM. MX* 23811 

gs^j ;s crassi.'rv.Bi ■ £$: -I ‘is 


uunsv. 

n.Feb. 22 1160.4 170 U .... ] 4.79 
KebB. .. 2963 21931.... | 4 79 
Feb 15. . S7.S 615, ..... 195 

s. Feb 22. 62 0 66 d .1 195 


Target I ml . _ B£3 2 

Do.Betnt-.Cntu -EH4 2 

Tareet Inc .. ..Hi 2 

TaroeiPt Feb 22 ..|K7 5 155 


£75 9, .. . 
12SA +0J 
29^ -03 
24W-0J 
25 ri . 

29 U . . 


If} Hambro Pacific Fund Mgmt. Ltd 

637 211'J. Connaught Centre. Hong none 

300 For East Feb. 23 tt.74 IBM .... I — 

SO Japan Fund-|n.-56M 637, | — 

2JL0 

210 Uambros (Gaerusey) LtdJ 
1% Hambro Fend Mgrs. (C.I.) Ltd 


01 44S39SB-Midland Back Group 
2121 .j 3.60 Unit Trust Managers Lid.V (a) 


Target Tst. Mgrs. (Scotland) laHbl 
19. AUm) Crescent. Edin. 3. 031-229882 


29.Sf -2.2 914 P.O. Box 83. Gueni.-ey 

16a .10 88 CJ.Fund.(134 6 143. 

lC.^ -Oil 457 Intnl flood-hrsUJZl KB 

1 .. 1 , Ibl Kqnity_61*912 IIJ 

land! 1 alibi i D L&*n-mpW . Eusuo 11 


-J ?*r£ Couitwnod House. Silver Street. Hoad. TarKO-.EnfJe -|C.7 ' 24|[ .. .j 159 

—, 21? SbefflelrtS) 3RD TeJ.97427W42 TargetThrrtie...P7Z , 6 01 

«n Commodity * Gen B6 4 6A 71 ... I 601 Ertrn Income Fa. P? 1 «.«=< -02| 1067 


IGl lailDi iDLSm-inev-A- . KUSUO 3 IS a_50 * N ra ei_SO. Relic- Jersey 

onOBMOa lirtSariocaV. .JbMM -- I 

£1 .. .( 159 I Prices od Feb. 22. Next dealinc Feb. 29. .\ncum Sbor.-ai - k-)7a 

Henderson Baring Fund Mgrs. Ud 1^5 

P.O BoxNV723.Nauou.Babamas JeraoyFd.rrb 22..|lC52 

Japan P«-..11554 16001*0 481 - iN(mJ.Acc.Lts»..t55p 


Trident Life .Assarance Ca. UdV 

Remla^Hoose.Gkaieett«r ^ 040:38 

3 Si -05 - 

WJZZ~P3S« Mil . - 

S*ZZ...-U23i 1386 . - 

tttosal.mV - 


I T 7 ! uommooi.y *tmn 
i n Do Aermn - 

a w Growth- - • • 

j Do Accum.- 

Capita)- 

tri CMal/rt Do. Ac rum - 


3 ££ Trades Union Unit TsL Managers? 
354 100. Wood Siroat. ECi - - - 01-828801 


LtiLV CUeftaLn Trust Managers LtdVdKg) , nJ rT un . 

045238541 3U31Qwmt>SL,EC4R 1BR. 01-2482832 Do Acrtmi' '. _ - 

j _ American_[«)112 ZSJri -0.IJ L% International-— 

—-j _ Ulxhlacomo--frt.7_ 4£7] —03j 950 Da.Accum. 

. Z International TW— «>21,7 23 jj -OOj 363 High Yield - - 

—, _ Bask Rasroo. Tstplf 257,... I 485 Do. Accum 


1 . Accum ..-.. 255 273 -01] 

come :-— 468 49 4m -0 s 

> Ac nun .....52 6 563 -O.Jj 

LernaUoaa)- 398 424 . . | 

— ^ t 2 rn *S!2S?l T 5crtei? 7 2-H - Sf ^ BSSB^STKfcsBio 

. — Bask Raanm. Tst|2l4 S3| ... 1 485 go-Acrom g3 631 -0 3 AM lnjclan.Keb 23..._ 72 4 

k nt __ Equity CkAITYpf - - ID ■ • I J' ■ * I arvum I 'niixt BD 1 

Z Confederatkm Funds MgL LtdV.(n) do Accum.- . . low wd J. odSS* Fefi?" S« i 

. — 5Qrhaimmytena,WC£AlHE 0J-M20282 ^ nc * t at Jan. 31 Nert dPwlinfi Feb. 28 lAecum.Unitii —135* 

■— 3 Growth Fund.-137.7 • 398,-.., 4.45 Minster Fond Managers Ltd. ^Areum Umu?.|j j 

-■■■' — rj«nim1ltin Fund Mmimn Mauler HsC Art!uiTSl.E.C« 01823 I0M .j|e D Feb. 2!. fT 

— cosmopoutan rum managers. . Nlollr . Frb , u _ mj 355 , ...| 5*a lAcmmrmi»<-...m-7 

. — 3a Pott Stroet, tendon SW1XSEJ. 01-2338525 Exempt Jan .71. fo* 59 4| [ 592 Marlhom Feb 21.. 450 

. Z r 9 »wiwinCt b.Fd.pM 1851-01, 5J2 M LA Uaii Trust MgemnL Ud tttTSMf’Ri’ai-K 

— crescent Unit TgL Mgrs. Ltd. (aXg) old Queen street, swih we. oi-oooTasa. '.wwavaiw;.. »i 

. “ * MohUIa Crcs., Edlnbcnh 3. 081-3984931 Mte Uttts. 092 570| -I 459 '^^Tro Feb bl. CJ 

&5 - 2-S JS Mutual Unit Trust MflnagersV taKg) i iecumUnstj I . . .427 

"° J -~ gS{^!m».Zte4 Sllfl S.W IS-CopthallAcc-ECTITBU. • 01-8084803 - HJ 

^ 4(102^1 -3 tegmjfire PJ« -g| ^lgj| ^«^Fcb l7:..«3 

* • ' Tyndall .mU,« 

0*725»*1 DlacIncome_p34£ 1645, .] 558 National and Commercia] la CanynsoHoad.Britt< 

— . „ . _ . , 3L SL Andrew Square. Edinburgh 031-350 0151 J5SUS 

— E. F. Winchester Fund MngL Ltd income Feh. iim.b ima .j 596 Ug&MtP** 

Z Old Jewry. EC2 01-4083187 tAcmmLUnUsi- -h94« 2 mS j 5.96 

_ Grett Winchester-.[175 19.4tt .._.J 689 Catt- Feb. 16- •■—I EaomptFeb.22 

_ GLWlneh-er O-scfciiu.7 20^ -J 480 (Aectuo.Unltu. - WM 1478|--1 3*4 |Aroum.Unltiii 

— ws —Xr niiAiMi Tat Mnnuu Isa National Provident Inv. Mngrs. Ud.V 

= -taGr^h.irohSt.ECaPaHH . OlfcnvaM 


Is ^LarionUn SL cJT * C °- (GnetUSey) Ud Vlrtarr Rm^. Do-.Slm l.U n/S^.OCMtSe 

6U Transatlanlic and Geo. Secs. CO-9 B i^eFehvre St., Peter f>«t Odww, C.I. Manured Feb It* 1123 6 1S2<| — 

$41 6l8B New tendon Rd Che:aafonl024551ffll GneroseyTst... W14 1513,-0 6, 3.64 , “ . fv „ ' . 

2^} Barbican Feb 23-JIM 75 Od -11 5« _ . _ . Utd Intnl. XagaoL lC.3.) Ltd 

BM Hfl ' ia IS mn Samuel Overseas Fund S JK. Mol£OSCT SBW!|> ^ H eUer. Jerocy- 

^cta.^:r|4 gf-04 ¥b 57. Tnc toDmnfc Lmcmlwaro UJBFUnd.I SUS1M I - - I * = 

“? lArctlln L'nil-.) fa.l 9;4i-04 \2S |llSJ»a U9)*DD6| it-l._J C4-*— l-tl A A.. Cm 


iu«fcrsr Japan Fd--11554 l6oa*0«8| - iNpnJ. Ace. L ts*. 

014288011 , Pncea on Feb.22. Noxldealiog dale March t Gill Fund rob — 


- -J - TSB Unit Tniri Knnagers (C.I.) Ud 

.I _ Bagatelle Ed.Sc Sm lour, Jersey. 0534 73494 

Jener Fund.1*3.7 44.9ri . --| 52 

rsc>4**Mii •'“OrtisryFtind - .(Wl *4.90, ..| JW 

| 4 Pnecs on Fob 22. .%rct sub. day. .March L 

: :::1 &JS Tokyo Pacific Holdings N.V. 

; I*., Irtirais JIflflosemcm Co W.Corocao. 

NAV per shorn TiXt 20 5US4383 

., — Tokyo Pacific Midi's, iSeaboard) N.V. 

.I *“ IntlmJc Kanaaeiaen: Co. N V. Curacao. 

NAV per shore Fch. 20 SUS3LG1 ■ 

id. TyndalZ Group 

0481-20521 P.O. Bax 1255 HtucHcm S. Dertmida. SC7» 
350 OvonasPeb 22 .(JUfflCl lS.’rt-OOl, 6M 

. 850 (Accum.UnliM. L^-O.OJ - 

. 2.50 3-Wat In;. Feh. IS .{ll-SMIS 2i3j .. I — 

3 Nen St-St. Relirr. Jency 8334 578310 

a-. 250 TOFSUFebS.. £625 665-Oto 650 

Feb. 29. , 'korum ShorJai . 73 ID 20 -DOS — 

iij TASOFFeb.21 .. 75 5 795 -1.0 — 

,rs. Ud. ifteeuiaSharesi [73 5 795 -J.D — 

Jcrsoj FO.Trb 22.1CG2 1"9.« -3.0 755 

0 481 — iNfiu-J Ace. L ts *. . 1550 274.6 -38 — _ • 

c March a Gilt Fund Feb 22... 1U.0 + P S 

(,\rcun> Shares* 159.6 1428, -*10| — * 


Victory Hour, Douglas, laic of Sen. 0(84 £3085 


5£J Bnrb£uro Feb.9 
it? Buckm. Feb.23.— ,72 4 


Jv lArcum. L'nttsl [80.1 92 

ColemeoFeb jT.—hiag 121 


z&rLz... h\ 
aaazz :.m 

Pena Mnad-Cajp- ■ Jl2| 
pestOdOmArt. )»< 


essn is 


Tyndall AaFUranee/PeturionaV 
IB. Qmynsc Road. Bristol. * 09 

3-WFrt.lS-1 JH? ■:■• 


8S5B.5SES-i*“ 

iwi.nx.j-w r fo. 1 ... 

SMI: 

Dfc Prop. Feb. I--- 


Barbican Feb 23-.I705_ 
1 Accum. Units *. — 1062 


75 0rf-lJ 582 
113 0, —10 5H 

845, 387 

75W-04 4 23 

92 4.-04 483 

211, 179 


Utd Intel. MsgtenL lC.3.) Ud 

.14. Mnlcnsun- Struct. Si Heller, Jeracy. 
liJBFbnd.I 3US150 J . ... I 8 2S 

United Staten Tst. loti Adr. Co. 


5.79 International Pacific Inv. Mngt Ud. Mi unc AWnnser. unembours. 


4*c3 ::: 


6 78 PO Box R237. » Pitt St, Sidney. Aurt. 

6 78 JnvellD Equity TSt. Hi 91 281,.-., — 

5 6i JJE.T. Managers (Jeracy) Ltd. 


U5.Tst.lpr.Fnd ,| $i : S953 |*fl84 5.9S 

Net or .'*t Feb 22. 

S. G. Warbarg £: Co. Ud 


'WickDiv Feb. 17-.fi 
Da Accum.—... ...a 


4A3^ .. .. 567 

44ri .... 567 

50^-95 5 33 

69?-D 7 533 

66.9, ... 856 
73 a] — 886 


Tyndall Managers Ltd.V 

IS Canynao Road. Bristol. 

Income Feb 22—W4 9 


998 , 7 7 i Kemp-Gee Management Jersey Ud 

1756 771 1 . Charing Cross, SL Heller, Jersey. 053473741 

g|- .. KSSSSSK.K SJ|::.:| •• 


5 £7 Jardfne Fleming ft Co. Ud 

567 48tb Floor. Con nought CeoLrr, Ham: Kons 

I| iS3!S^:arl^?S , |::J l& 

8«6 jnrdines£A-, StSll.74 I ... I £60 

*86 jardlnoFlem InL.T.| SHK£93rt . | — 
NAV Jao. 31 *Bmliale»t SUS8054 
Next aob. Feb. 38. 


ns Warburg Invc-rit. Mngr. Jrsy. Ud 

*5® l. Chanag Cress, SL Keller. Jsjr. Cl 0SS4 73741 

JM CMFUilJoo.27.-. III SU.77 12 « .J — 

CI8TUd.Jan.27. . 01^0 11.77 ., — 

“ Mnab Tit Feb. IS. 00.93 1129 . — 

TtJTFabfl .. .. Utwa 9 SC . - 

TUTUlLFcbfl... .(9.13 9J7 . .. ( — 

fjJ- World Wide Growth ManageutentV 

10a. BouICTttttl Herat. Lutnnbniig. 
g'jjg Worldwide Gib Fdl SliSl£75 ,-a(B| — 


NOTEJS 


20 . Arlington St, 6 .W j 

Emaon Dudley Trt.. |675 


Equltas Sec*. UdVfaXg) 

SIBlsbopante.BCS 01-3B82331 

Proaroaalw)-,595 62.4, -08, 459 


VnbntfA Ufe Asmrance; 41 Wshopante, bcs 

41-43HaddaaSLUln W1R9L/V. OT8004BS3 Pro#rtro«l«-1595 

221 5j ^ 0 . 7 ! z Equity ft law Un. 
Intnl Pimd. 157 WJj ^0.1 — AroarahamTUl.Hkh Wv 

pS2&E^zSu ~ S ^*teV--..»95 

rwFtaml ——r.|u64 1Z£6| +05 — Pniwllartna Unit 


_ r NJ.l.filliUn.Trt...J44.4 4TJ 

72.7, .....J 550 rAccum. Untror .. B3 56J 
. NPIOieaa Trust 1588 115 81 

9 lAecum. Units***. .1116.1 122' 

01-3B83331 —Prire* oq Feh. 28 Next dealt 
uu .an ass "Prices Feb- 16 Next dcalinj 


4TJ| ... .J 375 1 Reruns. Units*.. 

S48 .I 375 scot Cap. Feb 22 

U58ri — 320 cAcenm.Unltsi 

m!n I 3 20 Sett. Inc Feb. 

dcaun* March 1. cnmial Growiii 


239 U 234-— - — — * - — 

135.2 5.10 Prices da not include 5 premium, except wbcrelMUcaiedc. and ore in pence nalesa otbonrk* 

jux _ 5 jo indicated. Yield* 6 > ishman in lost column allow for all bnylnc cxnrasro. a OGored price* 
158ft " 902 include eH cxponsca b To-dm-'s prices, c Yield bated on orierpnre. d Estimated, g 


National Wesunlasterffa) 


Vaahnigh Pensions Undted 
DI-CJUddoxSt.Mn.WlRBLA- 01-4854883 
Uaaagcd - Ml I0£5f 1 — 

Zmj +o'ja — 

Property™-(958 100ft-1 — 


Amanhamnd.,HiGhWyeonibfc 048433377 rapltal<Accum.>■-- 

Equity*Law_£95 6211-08, 4 61 Extralne ... - 

... .a riwmiiiil r , .. 

Framlington Unit MgL Ud (a) Growth Inr.,_-- 

HJn^w.mBjoa^twg SSSSfciSfeZ 

^SiSzzzKA 0 Sf::::: 2JS ^ t ^r ud !z- 

Itt. GrowthM.—nu 97fl 25* NEL Trust Msi 

Do.Accum--.1935 99ft | £63 Miiin-muri rwu 


181. Cbeapsldfc EC2V BED. 01-808 S0H>. 
r«rital(Accom.i....B6a " 6£i| -07, 


'• Captlal Growth 

Do. Accum. .. 
‘Extra Jnc Growth 
JK> Accum. ... 
*£ Financial PS-rty. 

' i? Do. Acctun. .. 

§-J} lheiunc-Pnanty 

f “ InUu-nalionaJ 

5-H Special Sits. 


791 -07 656 
*08 -08 656 

377 - ._. 1034 
420 .. lfcM 

168 -0.1 452 
204 -08 452 

615 -05 859 

27.7 +fU 487 
SU -03 5.17 


w Net of tax on realised capital gains antes* Indicated egr 4 4 
I 6 Yield before Jersey tax. 7 Ei-aubdi 


*s If bought throngs managers. : nmoiis nay* price, 
n* unless indicated as 0 9 Cnereaey gross. P tSuspended. 
fore Jersey tu. 7 Ei-aubdiriniao. _ 


Guaranteed coo In*. Base Rate* 1 table. 


Friends' FravdL Unit IT. Mgrs.y 
Pui mEtt, Dorttu (onssoss 

ssss^t-gK - ai:fi j« 


236 NEL Trust Msnagm UdV (*Kg) 2L Chantry Way.Andoxe 

K r Cwrt ' D,rtl £ 4 am, » f" «brrsBGmS&S5 

’ Ntt«Smkhiii£^^ 9.2 IfeWSSSs—gn 

For New Coart Fcod Hangers Ltd. fbi Do .^rnnn.—B73 
afj see BtthschUd ftnei Hnuen>eot -ES-2 


950 TSB Unit Trusts ly, 

I 2 L Chantry Way, Andaaer.Hanta 020482188 

u),, Dealings to COM 63432-3 

ibffSBGeooral-W05 Alted -Oi] 405 

IS lb.Do. Accum.-015 54ft-53 405 


54ft-02 40J 

_ Phr New Coart RmdBangers UA «» Do..4rcnmZ—B78 7.J7 

s 3=83 as ai sssgfczzBs - sl=§:i ns 

«U zd yg M taU Ltd 

Si — 38 SSHWbltolboro.WClVTKB 01-405BM1 v^W^^J'rSJoJw* 

2?-i ?£ ProrlGrowth Kd. - 1218 22ft-03 655 KingWilUamSLEC4RPAP. 01-«C4S 

••— LfS AccumUnlu.. . EO 26ft —03 655 Fnar* Hue }-und__ U60 . 1M0| , 4 

SR . 5^ Pearllnc!Z.:—..R9.7 ■ 3f-0J 214 WwOBFri-faU . J 

. S-2 Ikmrl VoKltot.&1 533-03 5 30 Do Accum.-BZ.4 34ft 3 j 

^. *" Wider Growth Fund 

■ Pelican Units Admin. Ltd. (gKxl King wiii!«h«x.ec 4 R bar oi«s 49 

*03771327300 81 FounLiin St. Mane heater’ DSl-338SdRS inrsmeUnlb. ..fti »ft . 3.1 

JIft_4 459 Pelican Untt*-f75J * 29ft -lft 3J5 Accum. Units-IS.4 1 34^ 2j 


iahon. 

ank . 


B Membrra of tire Accnmug BoHSt-s 
Camnultee. . 

* "-day dcposlis n, 1-manfh departs 

31*.. 

* 7-day drocaira on nnas ■ of fisftw 
amf ondir S'/., up 10 -Cin90 3;‘., 
and o»er sa.OM -u<. 

i Call deoulis -oicr DAM 3%. 

5 Demand duposlra 41. 

' Rale also aflrikd u SlerliBK Ind 
. 6res. ‘ ” 


Welfare losunin Co. UdV G.T. Untt Mangers UdV 

Tbc i^aa. Folkestone, Kent - 03W57S33 Jfl.Flpabtu7CIm*EC8d7pD 

Mononnakcr F£„.\ 98.9 ‘J.-.-I — . G.T.Cap. Inc,-[785 BJJ 

For other fund*, plaase refer to The teadonh Du. Aee-Ut 99J 

m a r he a ta r Croup. GT lnc FiLUr-1573 1WJ 

G.T. TJ.S. & On —, 13 £ J39J 
G.T. Jssu A Geo., 23.4 *414 

Windsor Life Anur> Co, Ltd. eat tSSei.fuZ. 129.6 136® 

-JwrtSittWielBf .*SS3 

KSaiSsf 8 ! T:i : »g. a*.inutuiw 


gg C 3 g 3 1 
37 M -Oft 4.96 


01-833-1851 
4 72 

.I 342 

_.... 3« 


fid 


D1-823 4551 
. 3.02 

—J 382 


CUVE INVESTMENTS LIMITED 
1 Royal Exchange Avc., London EC3V 3LU. Tel.: 01-^S3 1101 
Index Guido as at 21st Frbniary, 137H (Case 100 at 14.1.77.) 

Clive Fixed Interest Capital . 

Clive Fbccd Interest Income . 121.45 


CORAL INDEX: Close 4-14449 


INSURANCE BASE RATES 

t Properly Growth . T‘% 

1 jinnon Ahsurame . -i 4 % 

r Vanbrugh Guardnieed . 7.2.7% 

t A"Hr^.s yhiwn ninkr ln-.nr.*:n--’ and Pfoprnv Bnntl Tjh>. 





























































42 



VK Berry Templeton 


LI Ij 


FT SHARE INFORMATION SERVICE 


Financial Times 5Vi<Say Febiuatr .SjpSffll 
H0TEI5-4>)nteiiie4 


"Wn-TB 
Bl^h tent} 


Proper!v Consultants 
to Commerce and industry 


Sleet 

{teaartatteMp 
M7diflefe>a5Dp_ 
NotfoIkCMr 
North HLF3 



AMERICANS—Continued BUILDING INDUSTRY—Cont DRAPERY AND STORES-Cont. 


19TT-7? 
HiA Low 


1C7 


^BRITISH FUNDS ' 

] 1- IMS 

S<xk | E * — ] In:. | K«L 

“Shorts " (Lives up to Five Yearsi 


IQo; 

IK 

307 

IC5 

Ob 

»3V 

S 

V-4 

IiM 


95’a 


cr:, 

c 5% 

i n*>» 


77J% 

:ci>. 

4 = 1, 

ioV« 

<»4 

’f% 

i:«i 

7 iv; 
116 
96 J 

113 



197% 

Trcavirv ia%pcTB= 

101 

_ \ 
It 

10.31 


90 H 

D 9pc 7»J8*t. . 

99*«d 


504 


95 A 

Tr^iiur.!I'jt** ~79z7. 

104'’(1 

" 9- 

11.01 

* 

pj 15 

Tresiurx Ipc TV71 _ 

97td 


3.09 

i 


f-Jwrn-'^Lre 74-79 

OAtfl 


4 35 



Trei-ur* ,i.i-nc 7*“ 

MS !3 

"*■ 12 

10.14 

1 

8-'>-» 

E!rtinr2 v pe 76-75.... 

96 


3 65 



Trcu..„n Tpc !WM* . 

ioi7.m 


8 83 

'4 

0o% 

TT a.':ir 9>>ur*«0i:... 

101% 


934 


*Tr :. : J r TJ ; r< “S* 

«% 


372 


8-’'« 

Fundi n:S*r< 7S«C 

95S e 


5 44 


m 

J :p IfrtJ” 

103,1. 


1203 


9;.. 

Tr,-a-i-.-- il';pt- lifiii; 

lM-.i 


10.97 

4" 

77 ”, 

s:ca.'ir- .'.Ltw 

90% 

’* ml t 

3.86 


£;,» 

Tb-:wi- ?lipcis«i}; 

lOlrd 


9 65 


rj 5-. 

L*ch n- ; ;r L*)l. 

96^4 


8 53 

, 

Q’!, 

rat ??.- : .98l . 

100.; 


9.49 


3*1; 

£-..•>> l-v. 15?l 

87% 


342 


9cU 

Tn.-- anaMi '*k; 

96 VI 

_ > t 

6 69 


9ft', ftjrii L'.juc 1581“ 

109 

■*% 

11 70 

c 


r-ei- fli.pc | 

971; 


8.72 


7j%) 

Trij-c.-j**- Atfc | 

86\ 


349 

1 

101% 

lri-.nr- l^pcM^r. 

U3%d 


12 35 


G p .-. 

Tr^j-.' jnal-'l? TC>] 

96 


6 74 



Tr- .L'.ir; P-^r* A-' 

95% 

-% 

8 62 

1 


.V’!'. r'.-i '-.tpj 

98% id 


9 37 


ji i 

_- *;h . j 

83 


361 


sn 

6J2 

702 

507 

575 

814 
5 97 

7 93 

8 61 

627 

734 

95 
9SJ 
700 
9 34 
9 41 
943 
7 02 
716 
9 80 
927 
7 08 
9 92 
757 
546 
9=9 
710 


1977-78 
llilft !.oa 


Slock 


]- art I4r Vld 
' - I i.re-c i "it Gf*» 


?5l- 


Five to Fifteen Years 

|7«.'jfir 11 'k Itttf" 
ri.-n. jr. S.pc So . . 

|FJiair.i?3»p( le-M— 

, i .-e.vur .v.s-. >4-'*? 
cb% Jr'.i?si-:<?'■** ffiUTS 
63!. jTriPdP :!,p- 
46% 'T tin roar !;»* 71 S3 
5: ’• I ■"r-a.-iir .‘i*- . 

ir.-r a.-iiT?- t;p: l«n“ 
f v* :t n-.Tsnr> £. „? sort . 

Do j | f re.’• ur ! 1 >i. ;»jl 
Kundn.’.vjx- it-hit; 

Ir-a.ur 1‘S‘xv: 'OK _ 

!.> 1892. _ 


ior%«d 

-r is 

1109 

98% 

-% 

948 



639 

94% 

-% 

913 

84% 

»1, 

7 £6 

86% 


90S 

65 

-i. 


71U 

*li 

7 21 

110% 


1190 

85% 

-U 

9.B0 

101% 

rU 

21 70 

71% 

rli 

3 35 

107% 

fly 

11 59 


- c 

11 14 

1027 s .a 

-% 

11 90 


48 

17U 

25 

22 

21% 

24 

It* 

22 

4Qbp 

?:* 

MS 

36% 

33 

,?3S 

151 

141- 

31ij 

1 J% 

34 
41% 
MS 


20 

«* 

is 

J4% 

16*. 

ION 

14l| 

247p 

10% 

F* 

1SS 
, US 
[133 

50? p 
Zb* 
22-’. 
8b5p 

aiu 

17'* 

a 53p 

11% 

28* 


31k/. Iter. LrfTafl 

. 21t4 

l 

51.92 

Moreau .iP lttl.-* 

28 


S2 36 

•\*irt« Sjisw Inc il 

12 


76r 

OvcflS-MI S3 izi.... 

15 


I1SI.D6 

Quaker itets l'5S r > 

14% 


51 Pa 

Reliance 9121 _ 

13% 

-% 

I5c 

Hep N1 ,'orp S5 

2G s s 


5100 

Rctnorij 55 - 

ll%4l 

*% 

ffilc 

ftkhdrs Alrr'l *:*, 

14% 


90c 

-viijIiB F-5! . . 

299p 

■rl 

- 

■'nelli'tiS; 

20%id 

-% 

:iS! bO 

hinder 510-. 

13 



Nf».*rr RdftdS f,rJ) 

23%-d 


51 V 

TTvG ini »1%. . . 

217 a .a 

+ 1 

51 SO 

Tennetfi .... 

20% 


52 OO 

fa lilM r ■i'.li 9’-?^ 

135 


ll^o 

T( : .'n>Pt i .'Sn t(Z. 

W3|. 

-6 

SI Q0 

fataert CfiJ-i 

17%-x 


52 

Time In.; 

245, 

-% 

SI JO 

Trac aeiern-si j! .1 

96Sj. 


«!• 

ltd.Ten 51 S> 

23\ 

- 'a 

5200 

'<SU.-I5I 

13a. 

+ G 

5160 

le(».-S0 50 .... 

14-%. J 


;n,- 

l\,Ki|.»orh»£:i-. 1 

13%.d 


SI. 10 

'.era' 'Vi* i! j 

31% 

-U 

52 00 

A nr us Inc fa 

4571> 



.%pj|jl.nrp . 1 

11 

4 l 4 

>>4e 


5.2 
40 
3.6 

40 

41 

JO 
40 

35 

4 5 
2b 
27 
4 (j 
55 
,!7 5 
- 88 


ir:-7i J 

Ul*h Low j 


Slock 


)+ *ri Djv j JVM 1977-78 

Pri« l . | Vk |ri T |Cr* PIE Hlefa Lb* 


Stock 


b > 
>0 

4 7 
4.8 

5 0 
08 
b 3 

U% I ?85pIXnnicsIre fa | 4S7p I * I 7U I — j 0.9 
12% 17?8p|?j|uldi.'nrp IV . 1 11 I* 1 . | ;30- | — | 1.5 
j.ri.E. Ijst Premium 3i I /i ihasr-J on Sl'Sl.9f*!S per £ 

Conversion factor 0.7.124 (0.7104) 

CANADIANS 

•78 I j U oH 14* I | Vld 

l«» J Sock ) t J - | r.jw* Ji*vr|Lr> 


■1>I. 8-'- 12 

7.A 51 ^ f*.ir.Ji.-.Sp 


Over Fifteen Years 


iTreajj: 

t • .1 r: 


■■iur 


pc :4C 


:»i 


°45. 

e fc I 

®7- 

sp. 

50 2:^ ;fj... 1 : i'.-:*r<E5-£.ii?D-i>a! 

c? | r 'T^-i.-> ai“ 
US’, ITrvtuui? Sac "SCI Kt; 
133 .J 301% .-r - $S!r 

124 I 59J. IfAchccus: Lll-ip. 

:I- : . jl:^!-;r.?!iii3SK ll®W 
B“i* (Tr^asiLT iy.pi? V7~ . 
90. |E;cl!9<j-erIClysc 1SV7 
.Itvvkc 1 >5?-: laHTrt 
ITr*a-ar £ -ftpc OvSte 


5? 

122*, 

% 

725. 

1361-1 

97 

9c*. 

44% 


E0L 


??:* 

x*»> 

34% 

25S, 

») 


503, 

lOj-* 

65'j 

90.’.- 

I-J6 

401- 

53J.- 


prw< iSlja? 

T-CX.U6 Sj(K fpw^ . 

'Ttvssuit 1'ji.pc ISM 

-?OA) .. 

. rviiiir Hr-c (C-06S . 
Tr«»jur. I v;b-: W-I.S 4 
|rre*m*? 7Vpc VJ IXt 

Undated 

2-'t j-.'rniy 1 > hoc 
2-* ? » . 

£S-, |« |>3- 3*;fw vi M: 

2 Ci. IV.-c^-jr.lpca.y 

PL I' mviUJ;;* 

375 ; |Tn.-i : iiT 2 ,'fv. . 




35% 


11.39 


36*4 

*% 

588 


36Stft 

-% 

*S 

9 47 


27% 

11.56 


22% 


1116 


21 %m 


1350 


- ,io.; 

17". J 10 ,*. 

30% 

11% 

A15p 
13% 

940 p 
26>, 

16% 
rop 
ib-; 

9J5p 

2lh 

11% 

98Cp 
Kip 
bSp 
20% 

if 

19* j iljl 

16* 1935,-' ( 

990r.|640pi 

S.F_ list Premium 3«*4 r 5 (based on 87.iS00 per £ 


BANKS AND HIRE PLTRCHASE 


P***p|iealtl 

11*. u 


SI Ofc 

_ 

4 8 86 

BL ■.» n.'i'iija r: 

32.ii 

..j 

<Cc 

_ 

3.9 6° 

Lell, ana-la li. 

34 


94 2 


6 4 80 

t»'>.'. alle’ i 

13 4 


10. 


04 5C 

PraL^-5.iU 

995^i 


SZ.W 


5 2 8b 

, .ull 1 TT\p till Si' 

It 1 , 


SI J1 

... 

4b 40 

‘.an p2Cirir!r> 

10% 

T 

97r 

_ 

5 a 55 

lv> -p: [i*h 

36% 

-u 

J 0 . 

_ 

10 9 216 

■ lulf'nD.'an ! 

17 


SI Dt 

_ 

"2 53% 

ftovi*r.\-rl Can ! 

3Mi> 


i!>r 

_ 

5 7 96 

MriilincK-Ss 

lSS t 


52 at, 


S 7 294 

l[u'iM>r. > Pa* 1! . 

10*,: 


65c 

_ 

i.l 9B 

HiiOLKi'il'j Si'!- 

25% 


51 tW 


7 J 101 

Impo-rojl * >iil| . 

11% 

• 1. 

86.4c 

_ 

J 7 flb 

Inin . . 

10 

-M 

si :*s 

_ 

p 4 31 

tfl \ji. i.a^ S!.... 

6o9p 

-5 

80c 


b 2 56 

Marses lux 1 _ 

6651* 


_ 


-- 94 

Pacrfi.- rvt Si 

23 

■rU 

80*,- 

_ 

1 0 ZOC 

Place Car S’.. . 

50 p 

-2 

_ 

_ 

- 13 

P.inA*u<m 

16 * 4 


51 09 


5 4 b8 

fti« al hi, >. 11 

17*4 


514q 


J J 39 

s^asr*-!!'..* 

14 4 


97- 

_ 

3 J 3t 

Tif riora isk 5J . 

10% 

*jlj 

76.- 

_ 

5 6 245 

Trar.- 1 at Fix- 

920 r. 


103.- 

— 

b 2 lbo 


23 

40 

52 

15 

47 

5b 

bo-2 

25 

54 

57 

84 

44"i 

bb 

30 

66 

142 

60 

£230 

9b 

70 

64 

>> 

117 

164 

139 

69 

45 

107 
114 
352 

17 

45 

£31)% 

171 

135 

108 


0.\ 

'll 

13 

12 

t 

rs 

13 

31 

141. 

19 

54 

37 

2b‘ } 

17 
2D 
47 
88 

18 
IL50 

2b 

35 


^INTERNATIONAL BANK 

8o% I 7S>; ljp:Si.-CrcT:-&: .. ,| B7 |. . | 5.75 | 855 


K‘1 

11)7 

112 

: Si ! - 

•S 

29% 

ICO,; 

9^7. 

p b:. 

921; 

85- 

7b" 

79 

2'% 

e?i, 

:or/ 

107%: 


^CORPORATION LOANS 

s: 

81': 


'B i nn'.i.’,niS ! iiwTiH| 

,S i.". >! TVx t;*«i 

%>•: u\-w* 


90% jJ.r-TS-TP 

7‘i; I K. HW{ . .. 
' f»i ?.!;»• ir-fd 
'Lrr. »>rp "HvTS 

!li..; jp-TfTj .... 

M.i5%pc 774*1._ 

Imj'V’KJi _ 

k> V-pf 82^7_ 

t"}3 *;-C 56-Mj __ 

Tin . dv 2 i .-Jr 
ii'.iii". -j?- IS*. 
*.f'..:ij'jv! u jDi' 39*1. 


S-? 

75 

35% 

70% 

«% 

Kb 

337, 

20 

7-.\ 

94% 

=»..% 


97% 

.. 

9 49 

92% 


B 33 

lf<5% 


UP* 

106 


11.54 

96 

92% 


961 

-*■0 

5.6“ 

98 M 


5 82 

95% 


3017 

29-% 


12 U 

99tJ 


654 

97 


990 

96»d 


6.15 

90» 

-% 

Wl 

Sl% 

-% 

6.79 

73% 

T % 

7 60 

73% 


928 

25% rf 


1190 

93*4 .fl 


5 63 

98-%*r 


917 

106 


11.79 | 


10.10 
10^6 
10.92 
11C5 
1C.31 
914 
773 
10.66 

, 800 
1052 
BE? 
882 
954 
10.14 
10 79 


Stock 

ASZSM . . 
A)e\30)ikn V ti 
AlBVEoflerl IM 
Alien HJim-i. 
AKu-dfn:*.. 

A riii! hex 1. £1 

rant W-r Si*?. 

Et Ireland fl.. 

, Do lOpcLOA' 

Bt Let mi {£( 
fiLeumiiL'EiIl 
rA.VSWS.A2 
BankScoUandLl 
Bankers N Y5K 1 
Burl*.:'i . 
tn-wc bijole, [■ 
i.3ierRydfr'*l . 
flf-.e Dii'o-ijup 
.’timl.V.* *5.VI*. 

. ‘iTi.-BkAUIOi 
C'hsn.HrltKr:uO 
KmaShi" liip. 

•<i P'mnter75 
iDauc^i*! R . 
|MlT.AC; ?-,■)* im» 
F C F. nance 
FiNVa Mp. 


j- «rj Pn 
Price J - } >•» 

tQlbc 
14.31 


C*tIiVs|p;e 


COSKONWEALTH & AFRICAN LOANS 


1005. 
9b 
E c % 
49% 
. 4*% 
« = 
91 
”0 
95 


Ob 

«, 

33% 

lib 

S 

10J 


Jor* 

1111 ; 

2 Ze 

£:•% 

5' ; - 

°7% 

9°% 

2SOU 

71 

71% 

lih 


K»4 

■'.i.t- Sijpc TI.TH . 

100% 


5.SS 


'Djiiv-- - 

95 


584 

09 u 

■ *1 '■ sit. . .. 

S7% 


644 

irp% 

31b 

•;».Z 4p:!S-!>7».. .. 
"tei Jo. To-'J’i . 

97% 
93%W 


4.13 

6 41 

co 

2: 

"b ,j 7’.;^; A,^5 . 

vn. dnea 9%pc T9-S1 

93% 


8.79 

30.37 


>„t.?Jl.^ Vfr;f£.7}. 

62 



** 

£ l i‘6p.-7W)( .. . 

W 


- 


7.85 

8.91 

1001 

814 
9 55 
. 10.14 
I 12.36 


44 

[ici 

f4 


LOANS 

Public Board and Ind. 

i 'lCrir M: ??r S&-F9 . 

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222 

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223 
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tor.... 

'.Veils Karen S5 . 
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265 
233 
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.,475 
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160 
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27 
170 
410 
260 
£23% 
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205 
273 
73 
190 
£15% 
£16% 
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67 1 
£106% 
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11% 

164 

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222 

25% 

114 

198 

158 

32 

450 

255 
70 

170 

38 

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95 

256 
45 

109 
330 
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£90' 

53 

187 

69 

258 

365 

230 

74 

385 

53% 

410 

35 

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62, a 


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200 

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tl0.42 

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25 


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71 


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102 
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58 
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36 
145 
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34 
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1 100 

91 

155 

37% 

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220 

1504 

254 

143 

2£7 


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174 

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44 

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51 
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27 

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127 

244 

176 

76 

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34 
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102 
21 
40 
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571, 

25 

43 

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77 

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57 


|F*h (n:Z Mp 
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K-'d.Lj'idi BM 
Fink', JAhr lOp . 
KranniPkr.Wp . 
IVaccis (IR Jup.( 
French Kuv 

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KjIoinj- '*4 J 1 l*ic 
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K.W*:.., 

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Jonc- E'Jw.J Iflp 
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VutuC-mkaOp . 
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Kober.f \dlanl 
|f!ir,i 'in^in 'Of/. 
ifiO-.L-oonjup. .. 
HbbeTUML .. . 

Rueb-. P i.vireni 
S*JB<!roup .. 

SLtZjjh 7nnher lOp 
riiArpefc FiJK-r 
Smart iJ ■ 10p.... 
sou*Ji,;m i.’ob. 3p 
Slreeiers ID? 

Tarmac 5Ck>. 

Ta-lor VouQtvw 
Ti’.burj ».*U£1 -. 

Tra-. if i Arnold 
TuanelBSup . 

I BAIOroup 
VwiL-Slcno ID? 


37 


Vil.roplini .. 

K arri HH'c l(>p 
Wamncuin 
lV»L'9l»kc . 
V.e-ilinck I'rnd- 
Wetlcrn Bros 
A hading* 25p 

v-lii: ch m t:%p 

‘.‘lipin.Con lup 
Wil on-i onMif 
7>imfc>"J<ii . . 


140 

54 
£220 

72 
78 
67 

55 

24 

114«1 
133 
113 n) 
55 

25 
174 
102 
331 

14 

38 

£21% 
140 
115 
102 
77 
62 
77 
31 
63% 
80 
42 
185 
45 
91 
234 

77 
96 <d 
70 
24 
40 
81 

100 

10 

54 

39 
83 

125 
145 
86 
220 
54 
110 
153 
83 
13* 
110 
125 

78 
98 
83 

32 

33 
68 

145 
32% 

40 
40 

. 

‘IS 

240 
142 
244 
68 
25 
166*1 
36 
. 42 
154 
24 
57 
44 
33 
24*1 
128 
67 


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1 59 
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73.96 
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75.58 
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65 
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178 
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8.2 SJ 117 

3.6 10 J. 8q 

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61 40 43 

4.310.6 111, 

5.2 8.7 84 
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'21.9 6 112 

6.4 6.8 71 

8.4 63 37 
2.7 4.8 98 

87 27 
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9.3 3.0 U 

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9.4 42 
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3 4 4. ft &6 24 

1 7 3.0 i9.0i 162 
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43 
5 

29 

29% 

8 

30 

31 

5 

96 

98% 

,102 

6 
70 

35 

101 % 

48 

44 
16 
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18 

3 
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% 

36 

23 

32 
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3 

67 

65 

38 
9 

12 

39 
53 
17 
77 
27 

27 

32 
31 

33 
46% 
11 
15 
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48% 


House oFLCTWe. 
fortr Mill lOp _ 
Ladies Pnde20p 
Lee Cooper . 

Liberty—_ 

[10 \'<a Voliaeilrt 
Lipcroft K. lOp - 
MFlRrrstoreiOp 

Maple lOp- 

Marts it Spencer 

Martin Nns_ 

Homes * J1 
Michael 1 J, Illp.. 
Mid.Educai.a0p 
Mof7i5filake> ..._ 
Moihttvarc IQp 
XSS N'ewj lup 

Owen Oven_ 

Baradisc Bi lup 
Fatrson ■ #* L . . 
PrterJ Stores Hip 
Polly htkiOp... 
Preeth iAlfredi_ 
Flaroar7n±ip.- 
RaLnerslDp. ... 
Raj b«lt Hip .. 
Readiciu5p. . _ 
Rced.lusUrA 
Riiiin*tDLS' lOp . 
Rw«iII ap_ 

SftC Sores 12%p 
Do.25%H 12%p 
SamueMli'V.. 
SelincourtSp . 
ShenmniSlOp- 

SnnthW. H - A50p 
StaaltrM 5p_ 
Saatns Di<«. \0p 
Srelnb^rglOp— 
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Time Prods lOp. 
llTWCnmp . . 
,1'ptcmiEiA . „ 

TanlouZOp_ 

h ereon Fasti. Wp 
htades - .V'2&p . 
Walker .Jas *_ . 

Do. XV.. 

Wallis 10p . . 

Waring 6 GiJ low 
ffeamell op. 
Wharf Mill lOpf. 
Wilinsn BartKTL 
Woohsartii_ 


Price 

56 

16 

50 

110 

£20 

£20 

54 

121 

14% 

13fc 

237 

315 

10 

88 

<5 

148 

105 

73 

20 

30% 

38 

11 

81 

12 

95 

64 
31% 
69 

ff 4 

16% 

17% 

257 

22 

10 

138 

122 

126 

16<d 

25 

113 

82 

30 

117 

65 
38 
77 

75 
50 

76 
19 
21 

66 
61 


Je- «J Dir TU 
- I Net CTt fir's WE I 


1977-78 
Sigh Lem 


-3 


-1 


(£*£3.92 

232 
thl.65 
729.75 
729 75 
3.49 
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3.86 

66 

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74^4 

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thibb 

112 

716 

JL07 

dl 00 

12.6$ 
,0.63 , 
[th0j58j 
73.03 
tl<»4 
t26 
119 


ENGINEERING—Continued 

Price I*-*] St IcttISSIp/eI 


SiOdc 


-1 


»7.61 
bl 22 

hi 98 
105 .3 
406 

d0.87 

L27 
71.52 
4 87 
2.28 
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72.79 
12.01 
J2.15 
d2.15 
231 
63.23 

144 
4 57 
4.01 


25 


* 

98 
8.7 
67 2.3 

3.9 10, 

2.9 


ELECTRICAL AND RADIO 


ti so 

|6 1 bi 2 

5.9 254 

57 £136 
•7 365 

_ - ... U3 241, 
23 9.0 6 7 124 
18 8.7 9.7 14V 
♦ 11.1 * 210 
0.5 113 2«.l 242 
37 39103 W 
11 fill- 110 
0.8 t - 204 
7 8 8 41 2fc] 2 

* 90 

70 106 

58 136 

8.9 90 
215 


6 4 
2 2 9 
97 2 
123 1 


CHEMICALS, PLASTICS 


, 5.4 
112 


48 


10 4 


Hire Purchase, etc. 


a.; 

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91 

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51% 


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li -'OrK.'i 9154 
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62 


£16 

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12.12 

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9«1 

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8.35 

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1106 
12.42 
21.30 
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1180 
12 25 


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109% 

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3.21 

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11.04 

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67 

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V.^unF.iuscv.-I 87 

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♦ 


BEERS, WINES AND SPIRITS 


£12% 

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112 

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96 

,£54% 

'246 

205 

29 

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17% 

51 

49 

i£9J 

£!<»■; 

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79 

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£0 
597 
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608 ' 
553 
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31 
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163 


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19 

29 

9 

30 
33 

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£89 

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45 

12 

4? 

9 

43 
33 

44 
280 

295 

376 

£111 

525 

34u 


9: 

.‘12 

151 


FOREIGN BONDS & RAILS 


ISTT-ls 
/ligi lea 


3WJ 

60 

58 

41 


*J% 

91 

520 

37 

lft3 

73 

S«1 

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1977-78 
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35 


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58 

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43 


32 

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42 


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74 


f.4% 

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87% 


i: 

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83''*<1 

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22ft 

tepa.' ip: 'K< .%■<. 

320 



U.jf?c !Ti3i 

87 


lfO 

”.■01 : p. 

150 

-10 

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75 


S“4 

Tdnr.Pr„: IP91 ... 

596% 


:)i:ri 

Tuno&.’K 

r»M81 


67 

l racui.. 3* ; p, .. 

94 id 



AMERICANS 


livl 
■ 6:% 

ft 

11% 


liM 

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°C'. .: 


26-,, 
?S>, I 
34%! 
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After Viilit lr:. 

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12% iFiir.i-. i.,rf, JtSi_ . 
32 Jm'.”, r.i'orp Ai 

" 11-'h vioiisa . 

Fv?r 

■■’ti' •rpn .i 
bbrn;ii<h>*.urp Si 
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3U.iV i.n.-f.-r J<i-,.. 

17% ..._ 

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rv: 1%1 IV PS! 

r si . 

>|: Ir-d-. ;| . 

.'••Hi !!!.noi>S!D..! 
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1®% v'wri-T HarosicrSS ‘ 
32 Ir.’.u.T *’n* fi. 

17% kourk 

25% r. ,ir}£ 

•' < 

11% IF:/ ' li^.-,i v S.i_j 

i'3-a jtj'J T' ■•rp.ST,. 

J?* , hf3liiifi:iL__ 

2'?'; !%i 7 ,. Klvri ;2'- ._ 

I 15% 'LVui! .... 
« -alU*!.... 

jC'P n-.!l..r>: F 
-:i * nri. ST. .. 

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l b : -J;**'v - -•-n i; 

T\.;ii<njl < : 1 
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1-T* 

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3% 1 15% 


2';% 



AK».i_ _ 

VlhrighltfiL.-ua. 
lAleinau? In-is . 
Aiub «*3ck !"p 
Ail'd ('oil-Hd Uir 
Anchor >, hex. 
Kajer A%. UMjO, 
PlKden :.«lre, I 
On?n< cib*ros 10p 
Bril Krnr.illO,* 
Kru Tar IT f ftp 
Burrell 3p 

“'irir, ll.jj-i |(*ji 

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toP^nivl S4 

WtaZircFbesT. 
Coaw* Br.-< 

r» a" xv . 

*.otj 1 Horace-Sp 
•rrmblfii lup 
r r. -xilaie . 

Fnaloolla'in.:. 
Farm Foed 
Federated i.h .. 
FisT.nr £1 
iialfieadiJ Wp 
Hfcta. Welch Sip 
Hoeehd D't* „ 
PoFmWMttfc 
Imp *'hem £1 .. 

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Lit I'aini. . 
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9.0 7.5 114 

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10.8 6.8 49 

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12|14 2 8.7 136 

$ 9-5 276 

6 9 66 
5.1 81 
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130 
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63 
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190 
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71 1 
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55 
92 

56 
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94 


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2 2 Audio FuWm IDp 
5% AutuicdSec. IDp 

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86 BSRlOp.. _ . 

34 Be*l4.MjrJ0p 

35 BowihoTpelOp-- 
41 KmclRlOp ... 

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Hale KlecL IDp— 

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Dew-hum-A lOp 
Don-ding 6 \L5p. 
Dreamland lOp.. 
DubDlerap. . . 

DflaOp_ 

Da» 2 »^;oB’. 51 
EJecl compi lOp 
□ectronic Mach 
Sec. Renta!* lOp 

Knerp jeri lOp. 

Ever Read?- 

Fatnell Elec. 3)p 
Firfelip Rad. lOp 
Fer«rdTeeh.30p 
G£C, _..... 
Highland EluOp. 
JonesStroud .. 
tode Inf - 

Laurence Scon . 

Lee Refng- 

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102 92 

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4316.4 32 

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2113.2 99 

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1014.010.6 23 
2.715 3 28 

3.1 95 214 

5.4 73 43 
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10292 70 

— * 30 

5.3117 («, 
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0-9 9.7 80 

7.2 9.9 6J 
6.9 6.9 6S\ 

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— — 65 

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22 161 78% 
73120 16% 
49 ♦ 15 

8.210.2 82 
7.7 16 3 94 
2.0 8.5 101 
9.011.8 160 

11.5 - 96 

6.1 61 15 

6.5 8.0 41 
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4 2 60 92 
4 3 5.9 66 

7.6 4.5 27% 
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15J10.4 9.7 45 
2^103 63 93 
'10.0118 40 
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171 

90 
209 
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127 

8.0 6.6 72 

10.4 O 79% 

10.6 4J £91% 

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10.2 tLLL 13 

7.7 4.1 66% 

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4.0 83 80 

7.312.4 76 
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52 62 
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5.6 116 160 
3.2133 67 
4.0 123 233, 

4.1 U.9 28 
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8.913.7 40 
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, 8.8112 100 
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RouGcaG.B. lOp 
Sc(wle»*CH>.._.. I 
Sony Co. \ 50 _ . 
Sound rnffto 5p 
Telefimon5p . 
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lid. Scientific. . 
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7.9 33 
7.9 290 
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7 5 6.3 82 

8 7 6.1 122 
6.9 7.4 70 
52 5.2 905 

3.tf 56 7.1 21 
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96 30 

- 33 
90 26 

— 70 
108 242 

77 92 
7.6 94 
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12.1 125 
93 127 
, 9.8 64% 
11.7 45 



Carton Eng. Wp.. 

•>n £n£LRad.l0p 

GJynnsd- 

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Cn?enbanklft)— 53 
Green's Gam.— 73 

_265 

Habit Precision ^ . 31 
Haden Carrier-. 89 
HaOEogSOp.— 87 
Hall Matthew— 176 

HalUteSOp-Mi-,- 

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Hill fc Smith— 41 b 1 .... 
HopkinsmsSOp. 
HOwinlMarhy... 

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I ML_ .. 

JwbdJ&HBSj*. 24%o}-% 
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J ones Shipman.. 110 

Lain! Group- 77 

Lake 6 Elliot— 53 


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London 4 Mj did. 
U.L Holdings—. 
Mangao Bronze.. 

Siartoour20p_ 

McKee hnie Bros. 




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6.^10^ 69 
' 94 107 

7.1 171; 
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6.2 90 
50 152 
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Petuad- ID* ... 

Porter Chad. 20p. 105 +1 

Pratt (Ft_ 71 

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RnsmoesSmU IX 

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204 
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Rtaveley lads £1 227 -1 

Stone-Plan.._ 187 -1 

* 96 .... 

—'elOp—-— 26wl .... 
Tajiur Pal lister.. 82 .... 

Tecalenrii—- 106% ... 

Ttt.Abras.10p.. 69 -1 

Tbjwas DmJO_ 955 

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Tube Invests.£1. 364 -2 
TumC...-62 


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WsdlrinSto-114 

Wagon tahutr'L 120 
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ENGINEERING 
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Boose; Eng 20p. 

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32 

23i 


4.7 

4.W 

6.4| 

16.5 

11.7 

V 

81 


8Z 1 
9.5i 


lL4i 
, 72 
I13.C, 
8.7 
6.4 


FOOD, GROCERIES, ETC. 


76 A-4-H. —’-108 

48% AGBRewnathJ. 

41 AatoHM Bp^5«l 
18 AbtwyLuL 2.- 39 
7% Abrtaraslnt% 19*C 
41 AitfirZnds-a^r- g/ 

26 AUiedlms. 5p_ 54 
-It: .Alpmeflidgs-Sp. 3fc 
11 - AntsLliickiftk—. . 20.J 
208 ■ Aresi'Metal f£!K- 268 
55 Ang.A»AjpMt- .65 
20 Arcnstni iA) 1(h)- 3S 
ZWi ,AssotLdf*re5p- 48% 

14 Ass.SprtSWl0P- 33 

6% AnainFiLcilOp. 12.. 

74 Anroitabftrtl- Z83L 

.39 BaAGrotiP- 49 v 

70 R2L7.DdtL-.__ 97 

,62% BOCl«nL-__ 64 
Il47 BTR—-22JN. ._ 
93^ BairdrWm.t£l__ 146 ..ftl 

1144 HS-'fidSSr 135 
37 Barr*WjVT.tA‘ '68 
36 - BanwBepb«ii 45 „ 

28% Bath 4 Portland. 77 f+2- 
67 BeaKotvOart— M2 

372 - Beechaar-— 05 

11% BeDalrCos-lOp. -15 

— . M 16% Btutima.._—. 26% 

62s 62 31 |Beridords_:—- - 61. 

kTinpo^ ~5£aJ 
152 

__ 81 

__arcMed&jj-l 48 

24 BillaintfylOp _ 

IQ Black Arrow3Bp. 27 " 

67 N3ckEdfiTB50pu IM 
70 Bbr-timitew - 130. 

32 BodywAetel'L^. S3 
—. —, „ , 20 BogotfWA'Jflp ■ 3D 
Z5i 9.9)212 \ 84 BoojeyiHankes- 200 
87 BooUHaaryLSOp. 135 

Boots____ 186' , 

Borg'W. USS2B0. £28% 

Leslie lOp. 86 
teds.-..- 64 
__jerfHJJCfp - .123 

jl72 104 ' ‘ 

' 39% 29 Bridpo!f-G28p„ 

72 38 BB6EA_ 

59 26 BrtLGoeT.O#-. 

—- ' BriL Steel Const. 

65 241; Brit-Sl-Ptem 30p 

90 43»a RrittMVhai— 

29% 13 


[BurcoDeno- 

ndeneSp— 
KAnttenlOp^ 

___ .. _ ) Masco 17%» 

, 33% 13% attbKTtelOp.. 

1332 { 25- Cu)mT~ 

67 Dc.B._ 

46% famm2l)p-—- 

34 CanninEtwJ—v, _ 

95 Cape Industrie* ^1113 
-36 CaplanKdUfti J 76 
34% CnramdirEBti— r 

57 Carlurn teds._ _, 

88 Cawoocfe^.-— 1W 
11% CdeutenhdSp 31 
42 rentnIMtt,38p- 66% 

24 CcmSheenrii^ 44% 

—- 54 C«bewa»50p.-. 2BHI 

571; 27% Cnaraberfaterip. '48% 

♦ 41 19% f&mutrteft.Wpl « 

8.01 35 5 aanfffWaresIOp 

. 6.1) Z3% 16); DoiLwCcailS^-. 

110.91 77% 42 C3msUe-TJflp— 6^dl 
78 . 57 ChdrtfcrtitlOp : IS 
—...7 137 91 liabb2to_— 133 

8.3 5.9 72 .43 CtartefCfenenO M 

8-7f 67 130 45 ColefRBA___ H3 

7.0 30 20 Cmptn WebbSOpi 27 

5.8 £31^« £20% CcotlGrp.Sa.— £20% 

7.8 40 23 GBl StetemT lOp. 152 

7.0 65% 37 CnpcAlte)Bil5i)_ 54 
4.6 31 20 CftpydexlOp_ 29 

54 Coral Leal0p_. 107 

34J a Cosaft—;_ 63 

31 r«mnfBope-3fe^ fSZ 
29% CtmaadeErt)' 

90 Clean (JJ 

-28 Ctest Nic_ 

94 Crosby House 

A SSSS5:t*5. 

DeUBwSw 2*8; 1-2 -1 

Je tted^ v. , 19. 
IWlttSL 139 r 

ForR- USH- £27% 

, —. —-m— 4 IGp 32% 

Dnkie tScuR-I -2,4% 

" Li? 34 DsfajBitmMp ’3r“ 

_ Jl/6 92 DunbeeCpm. K^s 14D 
?-?r ^ XtodoniAnSfe;^ : S3 
JS % toptetet-Sp^.-•— 

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60.. 32.-ID5fiaf 
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&. J+2 


pi- 




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:> 


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% 

77 

295 

71 

W A 

76 


8.1 
4.6 

42 ,e 
ah 210 

IS™ 

4 # 
s 

go 205 

7.2| 5.(t 


641 

57 

,47% 

1142 

35 

14% 

46 


O 

3.5 

92l 

«| 

o!5 


6.6 5.4 
6.4 62 
6.9 6.7 
95 44 
9 6 7.1 

5.7 83 
,119 6.0 

7.013.7 if* 
9 0 7.7 *11 
74 


56 

9 

50 

39 

96 

96 


10.9i6j> 


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6.4, 
6.31 ♦ 


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ih 

6 

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2.4j 9.a 
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5.9] 8.5, 
35 8.9( 
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60 4.7 
3J[ 6.1 
3.4] 8.5 
29 9.8 
2.1 7.H 
4.6) 7.7) 


12 26 
7? 51 

H 66 

\,4j, M2% 
83 13 ?2 

53i 


45 
202 
a 116 

6 71 6* S 
9 M If. 
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B7 126 

fn 121 

70 71 
Ifl 422 

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6.7 

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itt! 

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4.6 

28 

0.6 

17 

22 

28 

3.8 


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33j 

5.7 

3 -3 

2.2] 


8.1 

a 

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40 
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19 

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67 150 

\l 434 
M 253 
58 


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42 


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4(279 


33 

li. _ 

83 J37 

Tc 52 
H 57*2 
H 17T 
5 ? 70 

li '» 

71 
5.8 
6.1 
62 
8.1 
4.8, 

3.41 

5.8 
53 
4.6 41 

5.9 £36*2 
7.4 52% 
* 108 

6.8 178 

- 14 

ao 109 
6.2 £124 

4.8 TO 
5.0 215 
92 68% 


Si 

65 

68 


fl«5 
55 
, 6fl 
1310 
7 

38% 

42 

30 

67 

51 

91 

57 

6 


AlputeSoftDlfto- 
Ai5.Biscntt2Dp_' 
Ass. BriL Fdt5p 

Ass. Barries- 

■Us Flriieriea._ 
AvuoaGroupSp- 
BanksfSldneyC.i 
BarkeriDJOp. 

Barr'A.G>_ 

BrorowMBlteg- 
Bassett tGeo)- _ 
_ _ Sai/evs Tori lOp 

38 hetain IQp_ 

99 BtebrtJ.)£j-- 

Bishop s Stores.. 
Do.“A-N/Ve 
BfuebirriCont... 
BrlLSogarU... 
BotVeotffilOp. 

Brooke Baud_ 

Cadbury Sch'ps- 
Csrfeimt 

Clifford Daii_ 

Do.-A-N-Tf_ 

Cufleuj2to- 

DOL-A^aip_ 

Danish Bcn'A'II 

East*t»dlJH)3jL 

fita'dsOoiLCjap- 

22 attend t/.Eidp 

risher’l'CispL" 
Rich Lovell 20a. 
QnssCteser5p_ 
Qoktr&FouGirA 
Karletr'd'sPaOp. 
Wtimek J.Xp. 


28 

18*2 

«. 

89 

39 

£28% 

7** 
[100 . 

55 

14 

74 

47 


Ao" 6.46 


62 
50 
23 
80 
64 
43 
, 17 
1124 
23 

1 

lm 

32- 

S* 

>iSS 

94 

33% 

, 42 

i 36 

U8 


BtetomA-rlOnZ 

iKraftJaa-_ 

KmikSuveldp _ 

tamoosCpLlOp. 

firtfood Hldgs _ 

Lockwoods_ 

Lmpflj&FL_ 

IrraiWBi'iZOp_ 

Lyons (jj£i_ 

aattbftratBfL—. 
Meal Trade Suf; 

Morgan Eds. lOp. 
Moms’»TV:I l^*; 
Vorthem Foods. 
NiirdiaPi. J0p_ 
feolo/p.;fl>p_. 
PortFannslOp.. 
RketWJ»10 
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‘ft abtn son Foods 
ffitranbwlt30p. 
ISiiunuiTij.)_ 

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jSdfflrreiffhJSjpJ 
gtecksijorephT-- 1 
MStei l^JeXi 

[TacenerButap 
nescoav -..— 

Lnrifale_. 

I'nited Biscuits. 
&M3oaRilp.z(to 

IWbealaheaL._ 


1-2 


r-i 


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3.0 

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d3.6 


41.R7J _ 
28 fa 7. 
, « 54 5. 
19 .4 0. 

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■ 9 mdfejUJ- M%j 
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47 32. E3ec£ted.5ec— .32 

44. . 14. BKflttFb'rt>.fl^ 20 
78. 37 .EtajofcBohMns, -74 

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14- 3 


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96 52" ErodeHldet2£lft 72ft 

ai s-'B5SS5' ■% 
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al 28 ?1151" HI." FennerC^m—I 130- 

4J 5.1 3 Sf: S' gZSm- 1L 
a H U ■§' » &«it»^)- 4e 

35 95 33i2a 
3^4 6D 75 a? 

3.4 7.1 63% 

13 7.4 143 
13 7.613.8 70* 

44 83 2.4 . 06 

6-S 72 23 4?7 

74 5.7j 3 J iffy 
20 i 3 * m 
1« 96 10.91 « 

24 96n:»Io 

mw* 

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43] 631 6.11 M- ] 46 
100 
56 


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19.0 
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276 
276 
263 
1.74 
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23 sihuvf 

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13)133 R7 
3.51 4.6 9.4i 

5# U itf 

W 4.2 93 
, 4.7 27 123 
2110.8 6.7 
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338. 

279 

154 

332 

1334. 

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243 

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32 6215.7) 

4.8 32 9.6 
30 5.9 20.0 
27 U 63 

6.9 32 7.1 
24103 47 
3.0 42123 
39 5.7 82 
21 9.4 71 
3.0 5.7 90) 
29 63 8.0 
3.41 9S 63 


\V?4'. 








-' 21 % 



m 


hotels and caterers 


12 . 
ai% 
24 
7Dl 2 
82 
10 
62 
£76% 
75 
89 
17% 


Adda tel 10p 
Wij.iFr.ioo: 
Brent Walker jo 
I’ll* H«els20p_ 
DtVcreHaeis . 

Epicure 3p __ 

GrandUet SOp.. 
I»a 19pr Fsr 91-96 

LadbrnkeWp... 

t*uure Gen. Iflp. 


l-i> 


23.. 

: 2.9123 65 
b2fl 33188 

& 

fU.9f 5.0 16.4 
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l F»8 
6.9 20.6! 
if 6.1 .7.6 
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terp.CtntGasfl 373 ', 

Nft 

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,14" Khaneafga^iff^, 

ai Baja s^ 




























































































































































































































































H&h Loh 


2 la- 1 ’ 1 


besmis7l«ne_ 


eMiZiatbtu 

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future Cr 
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99 
113 
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_ . 65 jc 

YcckTnllerlOp.l 53 


Components 


d2.M.{ 3 .bj 8.714ji SHIPBUILDERS, REPAIRERS 

bl gl 7B 123 R&wttemLSto.J 65 I.I — I_I_I. 

32 5.7 
82 6.4 
7 J 12.9 

4.6 78 
3210.8 
9.9 42 

3.7 102 


OuaTKIntEl f 127 
472 


43 
981, 
92 

34 I 60 
150 99 

316 I 77 


40 
45 
50 

66 I 45 
39 (21 
56 


11.71 J 
12.52 5. 
tbl.92 1. 
4.24 ' ' 
L56 
11.58 


SOUTH AFRICANS 

152 |80 lAbftrcomRUM 86 [-4 | Q29e ( 22l20.ll 2.4 
Ando Am. In. Rl 
AntTr's lad 50c 


Gold Fids. P.P* 


.9 ffyatkiTaniwiip 


dumdonlGp 


nncudSUp 


4.8 

5.9 

2.71 7.9 

20 9 2 83 
* 132 4 
6.3 3.1 53 
55 4.3| 6.6 
5.7 
&6 


HieldBros.5p 


elm lnc.lOp 


1 

. Japan's ieadc a 
irritrnMicr.ai securities and 

T3 

j, 


!”ivzinen: pgnir ■ 



The Nomura Soeurftias Co., Lid. 

NOMURA EUROPE N.V. LONDON OFFICE: 
Bnrtoer Sur^wns Hi!'. Morkwell Squsre/London Wad. 
London EC?Ys BL Phone: 1015 606-3411.6253 


MINES—Continued 


3.45 

13.051 hi; 

1.7 1. 

24 A 
1L66I L 


24.1 “A 

* iSl 
237 
27 8 79 

1 83 
a £64 
_ E1M, 

24 0 66 | 44 
* 34 18 

4*olfg*tl£i2* 

170 
12 
45 
« <195 


1877-78 

High Uw 

195 170 


CENTRAL AFRICAN 

| . Sack j price | Nai |ewllrt 

192 1+2 1050c 


-1 60 
-•2 2-25 


Id & Base lSm 


5-2 BM 2 

18.0 St 

M 3t 


Sown lap 


eatsentu.1 1 


TRUSTS, FINANCE, LAND 

Investment Trusts 


70J*Hz 0.W L 


186 
86*3 
83*2 
172 
30 

13.71 ™ 


12.78 
53 I 4 
2.05 1. 

12B 1 

8.63 1 L 

1.88 


NOTES 

7.6 Holes* MbenrUe Indicated, prices and net dtridemfs are fat 

6.7 pence and denamtuctioiw are 25p. Estand prlHfCnubf, 
67 rattoa and cover* are baced on latent annual reporta a n d a cc o un t s 
3.9 and, uh ut poaaMe. ore npdajcdap half-yearly flgtme*.Wga are 
6.4 calculated an the badt of net distribution; bcnefaeeed flgnm 
7 3 indicate 10 per rent, or more difference if cnlcnlaied on “nil"* 
jt distribution. Covm ore board oc -nragfanam" distribution, 
-iq yielda are baaed on middle prices, are gross, adjusted to ACT of- 
c'a 34 per rent, and allow tor value of declared dlstxilnclwia and 
? q rights. Securities with denominations ether than orrttng an 

quoted tnchnlvc of the investment dollar prenlnm. 

33 a Sterling denominated securities which Include investment 
linito pKnilUL 

• “Tap" Stock. 

* Highs and Lows marked that hm beat adjusted to aHoY 

for rights issues for cash. . 

t Interim since increased or resumed. J 

t Interim since reduced, passed or deferred. , 

it Tax-free to nonresidents on application. 1 

4 Figures or report awaited. f 

tt Unlisted security. ] 

• Price at rime of suspension. 

9 Indicated dividend after pending scrip and/or rights issue: 

cover relates to previous dividend or forecast. 

— Free of Stamp Duly. 

61 4 Merger bid or reorgamsation in progress. . 

7 j 4 N« comparable. 

SA4 Same interim: reduced final and/or reduced earning* 
2.1 indicated. 

f Forecast dividend; cover cn earnings updated by latest 
interim statement 

t Cover allows .'or conversion of shares not now ranking fog 
dividends or ran king only for restricted dividend. 

1 Cover does not allow for shares which may also rank for 
dividend at a future date. No P*E ratio usually provided. 

V Excluding a Unal dividend dcclxratiun. 

* Regional price. 

U No par value. 

a Tax tree b Figures bused on prospectus or other official 
estimate, c Cents, d Dividend rate paid or payable oo part 
of capital: cover bm-ed on dividend on full capitaL 
e Redemption yield, f Flat rield. g Assumed dividend and 
yield, h Assumed dividend and yield after senp issue. 

1 Payment from capital sources, k Kenya, a Interim higher* 
than previous total n Rights issue pending 1 Earnings 
based on preliminary figures r Australian currency, 
a Dividend and yield exclcdo a special payment, t Indicated 
dividend: cover relates' to previoiu dividend. P/E ratio based 
on latest annua] earnings, n Forecast dividend: cover based 
on previous year's earnings, v Tea free up to 30p in the £. 
w Yield allow for currency clause. > Dividend and yield 
based on merger terras 1 Dividend and yield include a 
special payment Cover doe* not apply to special payment. 

A Net dividend and yield B Preference dividend passed or 
deferred. C Canadian. D Cover and PE ratio cxdndr profits 
of U K. aerospace subt idlane: E Issue price F Dividend 
and yield based on prospectus or other official estimates for 
1977-TB. C Assumed dividend and yield after pending icnp 
and/or rights issue H Dividend and yield boned on 
prospectus or other official estimate* for 1PT3-T7 K Figures 
based on prospectus or other official estimates (or 1078. * 
M Dividend and yield based on prospectus or other official 
estimates for 1978. N Dividend and yield based on prospectus 
or other official estimate* for 1979 p Dividend and yield 
based on prospectus nr other official estimates for 1977. • 
Q Cross. T Figures assumed. l : No significant Corporation 
Tax payable. Z Dividend total to date. 44 Yield based on 
assumption Treasury Pill Rate stays nnchenged until maturity, 
el stork. 

Abbreviations: nies dividend: w ex scrip issue; w ex rights; a ex 
all; ri ex capital disinbution. 


“ Recent Issues ” and “ Rights " Page 


This service is available to every Company dealt In on 
Stock Fxchances throuuhaat the United Kingdom for a 
fee of £i00 per annum for each security 


FINANCE 




226 
37* 

Sfegil 112 
£n 

230 
35 

* 
44 
14 
23 
128 
IB 
10 

25 
30 

9 

26 
18 
90 

■n-TwiiffUlpl 7© 
21*2 
1 V 4 
30 
£11U 
16 

75 ! 

aW U4 


Rank <.*.-1!. *A 
Keeti IrlL... 
SnilSora- 


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44 




Fridav February 24 1978 


BELLS 

SCOTCH WHISKY 


Barclays j Chrysler reports 

pre-tax fall in profits 



nse 


by 35% 


BY MICHAEL B LAN DEN 

BARCLAYS B.\NK yesterday 
announced a subsiantial in- 
increase in its profits for Hie 
past year. It is Die second uf 
Uie big four banks to report 
in ibe present results sv=r.un. 

The bank's pre-tax total rose 
by about 35 per cent, from 
£197.9m. to £2ti7.6m. This was 
markedly higher than mosi 
City analysts expected, suggest¬ 
ing that the bank had done 
better than Lloyds, which pro¬ 
duced its figures last week. 

Suffered 

In tbc stock market, bank 
share prices nevertheless suf¬ 
fered a sligbl set hark, mainly 
as a resalt of the depressing 
effect of the Midland Bank 
rights issue. Barclays shares 
touched 313p at one lime, but 
came back to end unchanged 
at 3(18 p. 

Midland shares closed 2p 
down, exaelly on the rights 
Issue price uf 330p. The bank 
announced that 82.6 per cent, 
of the shares oiTered had been 
taken up and the rest sold at 
a premium. 

Mr. Anthony Tnkp, the 
Barclays chairman, reported 
that the bank's domestic clear¬ 
ing bank operations had seen 
a decline in profits in the 
second half of the year, as a 
resuli of the lower levels of 
interest rates and the modest 
increase in industry's demands 
for hinds- 

The bank indicated yester¬ 
day that domestic profits were 
about 20 per vent, loner in 
the second half, but slightly 
higher for the year as a whole. 

Boosted 

Barclays’ results were 
housted by the increase In the 
group's intcmalioua] opera¬ 
tions and better performances 
by its specialised subsidiaries. 
These included Mercanlile 
Credit, the instalment credit 
company, Barclays Merchant 
Bank and the Rarclaycard 
operation, where profits were 
substantially better after a 
higher turnover and lending 
increase. 

For the current year, the 
bank expected that interest 
rates will rise, but did nor 
expect any great Increase in 
the volume of lending, at leaj>t 
for the first six months. 

Details, Page 2!) 


I BY JOHN WYLES 

i 

. CHRYSLER CORPORATION. 
■ Detroit’s third biggest car manu¬ 
facturer. to-day reported a 61 per 
cent, drop iu profits last year 
when us main rivals. General 
Motors and Ford, achieved 
record sales and earnings. 

Not only did Chrysler's net 
income tumble from S422.6m. 
faboul £2 11 m.) i n 1976 to 
SIM 2m.. hut the company suf¬ 
fered a 349.7m. loss in the fourth 
quarter. 

To-day's figures are substan¬ 
tially worse than had been ex¬ 
pected. torcely because the 
fourth quarter loss was not 
foreseen 

Chrysler warned that this loss 
would be followed by another 
in the first quarter of this year, 
because of production losses due 
to severe weather and produc¬ 
tion costs associated with intro¬ 
ducing new models. 

Chrysler’s income has tradi¬ 
tionally been the most volatile 
of the big three, but has rarely 
been so seriously out of step 
with the industry's sales and 
earnings cycle. 

Its poor performance will 
heighten anxieties about Chrys¬ 
ler's capacity to finance the 
model changes and technological 
developments needed to comply 
with federal fuel consumption 
and emission-regulations—a pro¬ 
gramme which would require 
$7 5bn over the next five years. 

After publication of its figures. 
Chrysler's stock was active on 
the New York stock exchange, 


closing at $111}. down more than 
50 cents. 

Chrysler attributed its earn¬ 
ings decline to increased costs 
due to infiation which bad not 
beeo fully recovered, expenses 
associated with new product pro¬ 
grammes. a decline in sales and 
a six-week strike at the com¬ 
pany's Missouri truck plant. 

Difficulties 

The company said it had com¬ 
peted with General Motors and 
Ford with fewer resources and 
lower profit margins, and coped 
with difficulties imposed by the 
need to meet federal standards. 

Capital investment was re¬ 
quired “far beyond normal 
levels" and the company's 
engineering resources, upon 
which it bad traditionally relied 
for Its competitive edge, were 
being seriously squeezed. 

The projected S7.5bn. expendi¬ 
ture was double chat of recent 
years. Chrysler said. 

Chrysler's earnings of S2.71 per 
share last year compared with 
S7.02 per share in 1976. Sales, 
however, increased from S15.5bn. 
to SIS.Tbn. Last year's earnings 
included a tax credit of $3S.4m. 
as against a credit of S94.4m. in 
1976- 

Although Chrysler domestic car 
sales fell from t.3m to 1.2m 
tost year, earnings were badly 
affected by foreign operations. 

The company's main hopes 


NEW YORK, Feb. 23. 

centred on its new front-wheel 
drive small oars—the Omni and 
Horizon—introduced last month. 

These were the first U.S.- 
produced front-wheel drive cars 
to appear in the U.S. market, 
but they were in a sector 
heavily crowded with imports 
and existing small cars from 
Ford and General Motors. 

Terry Dodsworth writes: 
Chrysler U.K. improved its per¬ 
formance substantially in the 
fourth quarter of last y ea r to 
contain losses to £2.4m.. after 
running up a £19.Im deficit (□ 
the first nine months of the 
year. 

These results, achieved despite 
a three-week strike at its 
Linwood plant in Scotland and 
numerous component shortages, 
means that the company will 
overshoot the £20m. loss pro¬ 
vision which it shares with the 
British Government by £1.5m. 

The Government will bear 
HOm. of the £20m. loss, and 
Chrysler U.K. is to meet the rest 
from its own resources. Last 
year the Govemmem met £40m. 
of the company's total £42.9m. 
loss. 

It had seemed that Chrysler 
would run up much larger losses 
because Df its output difficulties. 
But tbe company said last night 
that the Linwood plant had 
produced much more steadily 
since it returned to work in 
December .and was now reaching 
about 75 per cent, of Its target 
output of 2.S00 cars a week. 


China’s 
plan for 
industrial 
power 
approved 

By Yvonne Preston 


True Temper: team to visit U.S. 


BY KEITH LEWIS 

INSTITUTIONAL shareholders 
in Wilkinson Match are to seek 
further information ahout True 
Temper, the U.S. garden tools 
group which Wilkinson is pro¬ 
posing to buy from Allegheny 
Ludlum of Pittsburgh for £15m. 

A two-man team from merchant 
bankers Hill Samuel, retained as 
advisers by an ad hoc committee 
of the National Association of 
Pension Funds, is due lo fly out 
to the U.S. next week. 

The trip will go ahead in spite 
of a formal offer document sent 
out to shareholders yesterday, 
which contains more details of 
the deal and incorporates a profit 
forecast for Wilkinson of £14m. 
before tax for the year ending 
March 31. 1978. and the promise 
of a 20.3 per cent dividend 
increase. 

Institutional concern centres 
on the degree of control that 
Allegheny, a specialist steels 
group, will be able to exert over 
Wilkinson Match. 

If implemented, the original 
proposals would have given 
Allegheny a controlling.vote of 


mote than 51 per cent, of the 
equity capital, without a full 
bid having been made in ail 
shareholders. A subsequent re¬ 
vision of the terms will mean 
that Allegheny will bold W.43 
per cent of votes iT tit? deal 
is approved—-still considered by 
some to constitute ■ , eff»*elive 
control." 

Under the new term?, Wilkin¬ 
son will issue 6.2m. Ordinary 
shares and pay SSm fur True 
Temper. This will raise 
Allegheny’s holding in Wilkin¬ 
son from 29 per cent, a stake 
acquired from Swedish Match. 

The document shows that True 
Temper has had an indifferent 
financial record in recent years. 
Pre-tax profits dipped from 
814.73m. in 1974 to SS.tSSm. the 
following year and in the pust 
two years figures of $S.3m. and 
S6.7ra. have been reported. 

Mr. Denys Randolph, Wilkinson 
chairman, says in his letter 
recommending shareholders to 
approve the deal that under 
Wilkioson control “True Temper 
can soon establish a growth pat¬ 


tern in earnings.” 

No details or policy changes 
are contained in the document, 
though Wilkinson expects 
will be achieved m.Mugh ration¬ 
alisation of the product range. 

There is also likely to he a 
shift away Tram the trade to the 
consumer end of the tools market. 

The deal is seen by Wilkinson 
as a major step into North 
America, which will h-* of benefit 
to its consumer products. 

The link with Allegheny is also 
expected to help Wilkinson gain 
orders for Government work and 
the Board of the U.S. company, 
headed by Mr. Robert Buckley, 
has further said that it intends 
to acquire companies in “ related 
fields" to those in which Wilkin¬ 
son operates. 

Shareholders will be asked to 
approve the deal at an extra¬ 
ordinary meeting to he held on 
March 17 at which the institu¬ 
tional vote, representing around 
30 per cent. of>jhe equity, w:ll be 
crucial. Wilkinson Match shares 
ended lOp higher last night at 
175 p. 



UJL TO-DAY 

BRIGHT or sunny intervals with 
scattered showers, chiefly in the 
West and North. Scotland cloudy 
with showers. 

London, SJE. England, E. Anglia, 
Midlands 

Sunny, mainly dry. Wind 
moderate. Max. 9C (4SFL 
Cent- S.. S.W. England. 
Channel Islands. S. Wales 
Bright, showers. Wind moder¬ 
ate. Max. 9C (4SF). 

E_ N.W„ Cent N, N.E. England, 
N. Wales, Lakes, Isle of Man, 
S.W. Scotland, N. Ireland 
Cloudy. rain, becoming 
brighter. Wind Iresh. Max. 7C 
(45F1. 

Borders, Cent. Higlands, 
N.E.. N.W. Scotland. 
Cloudv. rain. Wind fresh. Max. 
BC 143F). 

Outlook: Changeable, some 
sunny intervals. 


BUSINESS CENTRES 


Amsirdm. 

Aiht-ra 

Bahrain 

Barcelona 

Belfast 

Erlarade 

Eprlin 

Fimichm. 

Bristol 

BnjsscLs 

Budapest 

E. Virus 

Cairo 

CardilT 

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Cologne 

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NEB £lim. for British Tanners 


BY MARGARET REID 

THE STATE-owned National 
Enterprise Board, already under 
fire for its partnership with 
Barrow Hepburn Group in 
British Tanners Products, is put¬ 
ting another £l$m. into the Inss- 
niaking British Tanners to help 
it finance a slimming operation 
involving substantial redundan¬ 
cies. 

The Snarl which faces legal 
action From rival tanners for 
backing an unprofitable business, 
is also paying £450.000 for a 4.8 
oer cent, shareholding in Barrow 
Hepburn, which itself is chan¬ 
nelling £Knf. into the problem- 
vexed British Tanners. The 
State-owned board, whose rules 
require it to act commercially, 
last year put up E3m. when it 
took a 50 per cent, interest in 
British Tnnners. a new company 
formed from the tanning in- 
frrp«ts of Harrow Henhurn. 
which owns the other 50 per 
cent 


The disclosure of the loss and 
impending job cuts at British 
Tanners—which, like other parts 
of the industry, faces tough im¬ 
port competition—came Last 
night The proposed further re¬ 
dundancies at British Tanners, 
which employs 2.000 and has 
announced the loss of 330 of the 
450 jobs at its Bolton concern. 
William Walkers, are being dis¬ 
cussed with the Industry Depart¬ 
ment and unions. 

-Mr Richard Odey, chairman 
of British Tanners and chief 
executive of Barrow Hepburn, 
said last night: "* We are taking 
a look at the viability of the in¬ 
dustry and of British Tanners. 
We are satisfied that we have a 
plan that will ultimately provide 
for the viability of British 
Tanners. 

An attempt by the Enterprise 
Board to blorfc a move by 14 
tanning concerns to challenge 
its partnership with Barrow Hep- 


bum in British Tanners was re-i 
jected in the High Court at the 1 
end of last month. The Board j 
is appealing against this decision.) 
The rival tanners claim the link] 
had breached the Board's guide-, 
lines about commercial opera-' 
tion. lo the detriment of the rest 
of the industry. i 

Barrow Hepburn is selling to 
British Tanners, for £500.090.1 
three companies v.-hose exclusive ■ 
marketing service for British; 
Tanners' products has attracted i 
criticism. Barrow is also noli 
going ahead with a previously| 
announced deal in France, which 
has not yet been aoproved by the 
French 'authorities. 

Of the oosition of Barrow, 
whose 1977 results will be 
announced on March S. Mr. Odey 
said yesterday: “To offset the 
problems of our U.K. leather 
associate, we have had erowth in 
nur other interests and this is 
continuing." 


PEKING. Feb. 23. 

A 10-YEAR economic develop¬ 
ment plan, the cornerstone of 
China's bid to become a leading 
i industrialised power, bas been 
approved by the Central Com¬ 
mittee of the Communist Party 
at u meeting that ended here 
to-day. 

An oEGcial statement said the 
six-day meeting approved a draft 
constitution and a list of candi 
dates for key posts in the State 
hierarchy, to be submitted to the 
fifth National People’s Congress. 
This has its opening session on 
Sunday. 

The congress is officially the 
highest policy-making body in 
China, though all significant 
decisions will have been taken 
by the central committee meet¬ 
ing. 

Among announcements most 
keenly awaited is whether there 
wit] be a change of Premier 
The post is held by Chairman 
Hua Kuo-feng. but he is ex¬ 
pected to stand down to devote 
more time to Party affairs. 

The two roost likely con¬ 
tenders are both vice-chairmen 
of the Party, the rehabilitated 
Tens Hsiao-ping and China's 
finance expert. Li Hsien-nen. 

The Congress most elect a 
chairman to head its standing 
committee. The post, roughly 
equivalent to Head of Slate, has 
been vacant since the death of 
Marshal Chu Teh. the former 
Chinese Red Army leader, in 
1976. 

TV to London 

In a dramatic departure from 
the secrecy prevailing since the 
1950s. the opening ceremony of 
the congress on Sunday will be 
televised and relayed by satellite 
to London and Tokyo. 

By contrast the 3.000 delegates 
to ihe tost congress three years 
ago were brought to the Great 
Hall of the People in the centre 
or Peking through the city's com¬ 
plex network of underground 
tunnels, and it had been In 
session for several days before 
outsiders got to bear of it. 

No details of the economic 
plan, from 1976 to 1985 have 
been announced China scrapped 
the first two years of its present 
nlan. due to end in 1980. 

Thp congress is expected to 
endorse the changes by Chairman 
Hua while declaring, as an 
official statement put it today, 
that China has overcome the 
“grave crisis" created by the 
“ Gang of Four.'* 

The composition of the Fifth 
Congress-will be significantly dif¬ 
ferent from the Fourth. Two- 
thirds of the provincial leader* 
were purged after the fall 'H 
the Gang of Four. The new 
delegates can be counted oo to 
sunnort the new leadership. 

The congress will approve 
new text for the national 
anthem, prohahly removing anti- 
.Tapanese themes. China and 
Japan have just signed a S20bn 
rrarie agreement. 

Sndney Mnming Herald. _ 


THE LEX COLUMN 



over for ICI 


EEC support for refineries 


BY DAVID BUCHAN IN BRUSSELS AND RAY DAFTER IN LONDON 


THE EUROPEAN Commission 
is to give its formal blessing to 
two new U.K. oil refineries in an 
attempt to gain British Govern¬ 
ment support for plans to 
rationalise the European re¬ 
fill ery industry. 

The concession. made known 
yesterday by Sig. Guido Brunner, 
EEC Energy Commissioner, 
rec