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il liSIHfig Parker 

S&OPERTY 
®DVISERS 7 

^fcton-WBSJ BKliCSy / 

\ . ^burgh, Paris; Amsterdam, 

tit Viey, MelbQume*3nsbane 

._•_■;_'■_■ 


FINANCIAL TIMES 


Thwaites 

3 TON ALLDRIVE DUMPER 


No. 27,496 


Monday February 27 1978 ***isp 



Thttites 

Enpneerinfi Cfi Ltd 
gBvJ LcanincUnSpa 
En,-lar.fl 

* ” *■ -Tel: 0325-22471 


:nMTlN£>fTAl 5S-UPG FRiegi AUSTRIA SdUSi * e - C,UM Fr.lj; DENMARK KrJ.S; BUWCf FrJ.Bt GERM ANT PHl.Bi ITALY L.500i NETHERLANDS P.2.0: NORWAY Kt. 3.5; PORTUGAL Esc.JO: SPAIN rtas.48; SWEDEN K-.3.25; SWITZERLAND Fr.1.0; EIRE ISp 


|VS SI MM ARY 


BUSINESS 


Paris talks to-day I Third World I Coal 


lmen Healey Oil DlOVeS to bOOSt 



•USS to hear wnr l|l 

ce Budget 

KM1l|o VTPW^t Proposals for a eo-ordinali 

IHUJLtl ▼ “▼ ^ indnstrialised economies 

Paris to-day, in a fresh 

?_sr ,Kai jsjse-s 110051 the world recovery - 


world economy 

BY PETER RIDDELL, Economies Correspondent 

Proposals for a eo-ordinaled moderate expansion of demand in the six leading; 
indnstrialised economies will be discussed at a meeting of senior officials in 
Paris to-day, in a fresli attempt to break the deadlock over measures to'; 


debts may be dea! 
written off doubts 

BY DAVID HOUSEGO -gW* I I 

VERAL WESTERN Govern- Switzerland in writing off lours iME. O 


I war V'?l uciuiaiij auu -J Hj-au wvi t nunuivio a ncm I m ‘O'M.' uumu lanm •* l acim-. wmv 

HU _ ... Development Council on Wednes- sup p 0se( | to n enera i e a wider by Mr. Dents Healey, the Chan- and the same r;«ip 

ih. upturn by hoostinp domestic cellnr. Collective action of ihi- kind 

SK W £' m5£r teSJSSL'SX*%Jt£S5 **• im|,Dns «*•<»«?■*<■ 

a British Rail agree- a £3.8bn. reflatinn in the coming This policy has not worked and »f senior officials could go some 2Sdii'-/ 7: ' h 

commissions to some financial year. The CBI- is instead, the hope is that joint way towards establishing com- mM^eiinnau. in . 


The CBI- is instead, the hope is that joint way towards establishing coni- 


Governments strategy of come tne reluctance m in- me- i«uumnu.-t.- ... -.. — 

nimr i nA ar limited reflation has been dividual Governments to act on International Monetary Fund on menis. , 

'a home SSE* ft fiX «** own. c,la,rman -' JSR W 

S nome economists. They call lor an This is intended to lessen fears sn, P 01 Hr * MCdlt> ' exchange mart"!, cun be made I 

jf a boy was found expansionary policy even if. Hus about external constraints. mnro s i dh i 0 ,i, rn lnt . nossihililv f 

id a rubbish tip at mo “ ,s , fr S,“, next T ” r _P n ‘ exchange rate instability and [\|n nrOSEESS will he opened nr dvalins „ n a 

irks, a mile from the wards there tslittle or no surplus higher inflation which might • more co-ordinatml basis v»:ih the 

eight-year-old Lester on tne external current account, result from isolaied action to ,.\n analysts of economic pros- large footlm.*.- funds, notably • 

who disappeared on ® u * a cautious fiscal policy boost demand. peels has been prepared by UECD of the oil-nrtuluwrs. 

Police said there was lB U^ed The co-ordinated approach is oflidals for lo-day's meeting, The hrcia rt ; ,im of tne co-' 

ojury. rLl! Wi favoured by the Secrelnnat of showing fbai almost no progress ordinated approach is to reduce 1 


■Ujutj. V-uBBmi- VhmimcI IdTUUIVU U1K OCKICimwi UJ - --. ,- UrUlQillCU IS I'J I CUH-.Y ; 

... . ' i"ni ,tre T* ^» m !fit«r 0, T e npi' ^ Organisation for Economic h;iS been marie in ihc last four ,h c dispantic, in growth rates; 

andhl Wins Sn ^ CtHipemtion and Development "ionHu,. and balance of ;,:.jmeni> between j 

„ ... M g 1 tSSl^SSS and will be discussed hy its While the inflation mil look i- us. ;;n ri the res! of the 

■a Gandlu made a there; will_ be noEconomic Policy Committee slightly better, payments im- world by Icvcllmg-up. and by 

political comeback for tax cuts next year., if c^atrol tft . dav _ balances have been exacerbated -nsurina rhnt ih- I' S ic n ntl 


political . comcnacK lUT Mws aw wr u ^ l0 . day . balances have been exacerbated ensuring fh.nt <h* VS. is not! 

In suniSv^and hlfliriftn °?nd Thc U K - wln be ‘ represented with strong pressures for protec- forced inin dm^n-ive action. ; 

InfiMion. Back and hy Sir Douglas Wass . Permanent tiomsm. By spreading the load, the: 

ute pons in trie ape * Secretary of the Treasury- Total growth looks like being hope is that Gt-nn.iny and Japan 

.state or Kanjaxasa.. The latest moves are seen as no more than 4 per cent, in real will he rc.i-Mii'ed abotii their! 

U*lV« IHSiY DUi' a way of removing the blockage terms this year on present trends fears of incrod'-ins intfetmn and! 
'cJnlA/ltrp J ■ to progress created at recent in spite of U.S. and Japanese- public sector deficits, while the! 

. n n n inr nil meetings—notably at Versailles measures, com pa re if with the 4-1 U.S. may feel that inter, eniion] 

never strive to be a UUUtab UU a Fortnight ago—by the confrnn- per cent, rale regarded as feas- in support ibe dollar is not a 

*, Communist Partv , ' tation between the li.S. and We-l ible hy OECD. waste or mnn»y m view of action 

iua Kuo-Feng said at 051 Y llTUlftrk Germany. Much of the diseussion to-day elsewhere. j 


U.K V may put 


^pledge , 

never strive to be a (JUOiaS Oil 
*, Communist Party # 


iua Kuo-Feng said at 051T Germany. Much nf the diseussion to-day elsewhere. 

3 of the country’s first KiXl UU r ul . - 

ary session for three • JAPANESE CAR miners' | -m mr . % , v • -m- 

ae same time be called success in the U K. market may ft/|AATlVUTC rll IC< IlfAA 8?“ 

nny to make all neces- prompt the Government to bring I W B |H|IOW I || IV W |i R f gj j 

rations to “liberate*' in some form of import-quotas lflVVUIl&iJ WJIAlJ ▼? VVil 

■age 2 soon- But the EEC Commission ^ 

. . may view such a move with con- ^ _ 

-“HSiEisgsS; nuclear industry shake-up; 

I«in SMOort v 1 

t£«e'.£F«SHv to a ocw incentive scheme ”'*H DAVID H5MLOCK. SCIENCE EDITOR ■ . 

{ the support pillars, 5 WQrkers THE FAILURE of tile Govern- Corporation is held by the company. The Board of Ibis com- 

ihyxiated by smoke up l P. a weeR * 5C ment’s three-year experiment Government—35 per cent.—and pany would be picked on ability 

■n r.nnlri na ' Ttip W kiru, aMMiinE- w- -*i_ . ..... r.. ,k n n K DrilicK Vn>>lii,r Scti.i'r.loC mnriv unit nni cimnlV ‘J i fi'inPIUPTlhn" '■ 


irt cut off 


of the Select Committee onl a major reorganisation, in ei^ctricily boards is that the • The number of executive 


approaching nm. a day. Bach and the State-owned British their contractor, the Nuclear be several non-executivc dinners 

"iTS pa se; Editorial comment, Page Nuclear Fuels—may be brought Power Company, winch has m representing the other share -1 

IM BlSSLrt?! 5te?25iiLd 12 in. is likely within the next Tew re[er every significant decision hoMcrs 

gS hospital after tests had . -weeks 10 lls parent board and to GEC. In all. as many as a dozen 

s| 25L*S^2? • METAL BOX will spend I27m. The need [ar a new structure _ „ organisations might be involved. 

n Jf” on a new can-making plant at has been madB urgcm hy the Talks Oil paper compared with Ihe e i?ht nrgdtusa- 

ran? damage m a street Braunstone, Leicester, providing eiectrieilv supply Industry’s _ V non.-, with shareholdings at ; 

®a B Friday night Six jobs f 0 r 350 workers initially, decision in draft its design-phase GEC s supervisory conti-act, present m ihi.- corporation. 

» pave he ping po we Page 4 contract for two new nuclear which ran K oul al U, f T nd . aC ,a& ' There is wide agreement that; 

». ." • pRnniiFnvrrv in nrivaic stations in a way that almost year ;. If sustain^ed w a no S i n2 ) e company or Stare- 

hniYlP calo pnntrartinV mmnanip<; is as much necessitates reorganisation. month-by-month basis P^nding a owncd organisation should have 
nome sale contracimg companies^is as much Thp CenlTa , Elect rich J' reoiganisation. Lord Aldington. a majorily shareholding in the : 

^^^A home of Perty Bysshe as 54 per cent, higher than among Generating Board and the South NNC chairman and deputy chair- ncw CO mpany. For this reason. 

SSw^T^nay have to close down local authority direct labour 0 f Scotland Electricity Board man GEC. is expected to an y shareholding by British’ 

, J i t,?eum because its owner building departments, according ^ave agreed to issue jointly a report to the NivL Board to-day Nuclear Fuels may well be al the 

t k{ * 0 sell. The bouse, at to a university lecturer. Page 4 design-phase contract for a on meetings lie has held in expense of <ome of the 30 per 
* <3 iASTitaly. attracts thousands __ ¥ . modified advanced gas-cooled recent weeks with many inmis- cent. Government holding, held 

J^0OT5 but its voluntary APlf P VOnflllPP reactor before the end of April, tir leaders, canvassing their hy the U.K. Atomic Energy 
Mis Margaret Brown, v j t W rll he followed by a similar views on a reorganisation. Authority. 

..iction by the owner, art j° n f eoniract for Britain’s first Ho is believed to have found A vjla| f . JCtor , n {h<> S ( Iere<;< 

, hirei " 6 - / ^ejects plan —" al prcssur,s " i water 

i».*»• • ;to relax rules SSSu,T*.r ,u ,.“SS-S5S3ffl.mjKsSa 

people on the remote rxCHANGE has *bree-tler management structure management role. _ recruited from British \uclejr 

, ranean island of Unosa •JSTOCK EXCHANGE ^ has ^ main nuc ) ear contractor. Neither however, is there any , hc EnePvNcmln- 

strike to-morrow m pro- * *"Jf and more specifically wHi GEC’s Perceptible enthusiasm for a re- ‘_ u ch ,f f £ e S e ^ 

linst the presence of a tiered market or relaxation tit sunervisnrv role. turn to the consortium system jP 1 « u S C”* et CNecujAe oi 

ig student exiled by I tali'. ^adiafol The present structure consists which preceded the present ex- the ]ri JJJiSf 'I j n C the P Dei 

ayor said: “We do .not of encouraging ^ the trading of ^ fa«icmai Nuclear Corpora- periment. ^ ™mHn! . 

st island to be used as a securities issued hy mil^com- ltj . exet . ul j, c arm . the On Wednesday, fbc Board of c *** •• 

e ground for such people." pames. Ba« ano rage jg ucle; , r pp Wcr Company, and a British Nuclear Associates will One possibility canvassed is 
Management rage, rage a supervisory management role discuss a paper from Babcock that Dr. Franklin would become 

nee discovery • STRICT demarcation line exercise hy GEC. uW percent and WiJrtw—third Jarswr share- rh.iirm.m nr the-board with an 
._ m rnrm of i or hetiwen stock • brokers and shareholder in the corporation. holder in corporation with experienced project director 

y "SSJ®L?S iohS Should be removed. The balanc.e of the sharehold- 12.5 per cent.—proposing a re- brought rn as chief executive of 

“Sen? ^RomSnTrt iSorffngtobSke^Vtokcrs da* mgs in thc Na tional Nuclear organisation into a cooveotional the company. 

^W^excavated at Ravenglasa. Costa. Page 4 v-*7| V ’ll j 

L S S=PS Callaghan seeks Whitehall cuts 

vail when a soldier fled mended prices under proposals 

L being drawn up by the Office of gy DAVID CHURCHILL 

fly . . . Sch comparisons could mislead CUTS OF up to £8Dm. over the who leave and “good house- been earmarked for the sort of 

ii police arrested 25 people consumers. Page 4 next two years in the cost of keeping" measures, such as administrative Mvings requested 

■led to hlow nn a Sv „ e „ running the Civil Service have savings on travel, postage, and in the latest directive. 

inrotestaT the atrestS • GR°CERY BILLS; havef alien been « aUed for by thc Prime telephones. The scope for further savings 

nntiri^ian arresL oi this month, apparently reflecting Minister in a confidential The Prime Munsters directive has been limited by the consider- 

p 1 . the growing intensity of the price memorandum to Whitehall means that Whitehall depart- able underspending by Govera- 


BY DAVID HOUSEGO 

SEVERAL WESTERN Govern- 
mcnls. including Britain, are 
seriously considering writing .iff 
much of the outstanding official 
debts of the poorest developing 
countries a* p:m of their aid 
programmes. 

This marks a significant 
change in attitude, though imme¬ 
diate acimn is unlikely. In 
Bril.vms case, concessional loans 
nf up to £l*»n.. carrying annual 
repayments of about i’aoin., 
might be involved. 

Departmental proposals have 
already heen pul up «o British 
Mini-li*rs in he'p decide 
Britain's aitmide at the mini¬ 
sterial meeting of the United 
Nations Conference on Trade 
and Development in Geneva on 
March fi. 

AlfflOK the oniy item fherc* is the 
demand hy devrlop,ng countries 
for debt cancellation and re¬ 
scheduling. 

In London fierce dispute is 
expected to continue this week 
on wheihi-r such debt relief is 
desirable and whether the 
UNCTAD meeting is« the pluec io 
announce it 

Ministers have discussed the 
proposals in the context nf the 
widening current account deficits 

likely fnj- developing countries 
in the ne\i tu u years, the 
adverse impact of protectionism 
nn dcvcloping-coumr>- exports, 
and the Government’s wish to 
erase Britain’* imago as one of 
ihe hardline industrialised 
Stales in thc North-South 
dialogue 

A further -ion of rcneuetl 
Western interest in debt relief 
is that President Carter will 
review the US. position this 
week hofnre ihe UNCT-XP meet¬ 
ing. 

In Bonn, where there is simi¬ 
lar sharp division nf opinion. 
Minisjrrs win discuss the mai¬ 
ler. Japan, unofficially, wants 
In know the content of dis'-us- 
'ions in Urn West «r, tn main¬ 
tain -i common attitude. 

$200bn. debt 

Tot Hi outstanding debt of the 
Th’rri World i* esi.ih’ated at over 
«200bn. inKhn.i. Rohe! 
measure.! would be- directed to 
rhe poo res t and exclude com¬ 
mercial loan-:, export credits and 
most other official dnw« of non* 
conecA-innc) terms, and all flows 
’o the etcher developing coun¬ 
tries. 

Chances of early action had 
receded after officials from 
developing and induitriaJised 
countrie.s failed to scree in the 
preparatory sesfion in December 
for the UN' TAD meeting. 

EEC officials Spy.ik.inc Tor 
their i7ovemm*'nts ronciuricd in 
talks last Tue-day thyt it would 
not be possihlc to propose’ con¬ 
crete mtasmvs at Geneva. 

But Western Govern mc-nis 
Teel under increasing pressure 
for a more conciliatory approach 
because nf the action last year 
nv Sweden. Canada. Holland and 


Switzerland in wTitini; off loans 
due from ibe poorest counirie.-v 
and because of the present 
impasse in the Norih-Soutb 
dialogue. 

Advocates in Whitehall of a 
debt relief programme, known to 
officials as Reirospectivc Terms 
Harm on isa Li on. have ^aid il is] 
illogical for Britain tn supply aid] 
as grants while insisting on | 
repayment of past loans. j 

They want reduction or official j 
(Overseas Development Assis¬ 
tance! loans for 19 countries ] 
wjfh incomes per head of under | 
S3S0 at 197fi prices, and f.ir three 
v/ith higher incomes per bead 
hut classified among Ihe least j 
developed 

Main beneficiaries of such a; 
scheme would he India, with 1 
£600m of outstanding debt at the 
end nf 1975: Pakistan (fllJm):, 
Malawi (£3 a 2m.»: Sn Lanka 
<£2fim.»: Egypt tflPm.i: Bangla 
Desh (£l5m i: and Botswana 
t£13m.i. 


By John Wyle S 

NEW YORK. Feb. 25. 
THE CAMPAIGN to end the 
SS-day strike by U S. coal miners 
begins in earnest with a meeting 
in Waftiin^mn to-ntorrow of -too 
district leaders of the United 
Mine Worker*' Unmn amid signs 
that the proposed settlement 
squeezed out of rh<* industry on 
Friday is hy nu means (cr'jin 
Of acceptance. 

Tht- lin.-il deri.-ion briongs to 
the leti.iinn Strikers who will 
hold a ballot an March ti. 


Agreement 


Opposition 


Advocates of the programme, 
recognise lhai thc benefits are | 
arbitrarily distributed bttf do 
not believe jt would undermine 
Britain's policy, shared by most 
industrialised countries, of 
opposition to generalised debt 
relief while supporting case by 
case measures. 

Thev ad so sec ii as a way of. 
obtaining more untied aid m the ( 
face of opposition from the: 
Treasury and the Department of I 
Trade. | 

There is little doubt that Mrs. • 
Judith Hart. Minister for Over¬ 
seas Development, would like to 
attend the Geneva meeting and 
present a British initiative 
Whether she will be permitted 
to go, and nn what terms, is at; 
the heart of the discussions in i 
Whitehall. j 

Surprisingly the fears of some j 
bankers and of West German 
officials that widespread debt] 
relief could result in an eroding! 
of financial discipline in the i 
developing world and undermine, 
■the international credit System 
arc not strongly echoed in • 
Whitehall. j 

Thc more exlreuie form oi ibis 
argument is that the writing off 
of debt to the poorest nations 1 
could be the beginning of a' 
process tn which richer develop¬ 
ing nations would also seek ihe 
cancellation of their commercial 
debts. 

At the UNCTAD Decomber' 
meeting or officials no debt i 
relief, developing nations did; 
not press their former extremist] 
demands for a consolidation and 
rescheduling nf commercial debt. [ 

Their spokesman called Tor] 
“ immediate and generalised • 
debt relief only in the cases of’ 
the least developed. most j 
seriously affected, land locked ] 
and island developing countries." 


Bui io-morrow's meeting 
should yield the fir:-t suh-ctantive 
eln»\s as to the acceptability of 
iho proposals, which were 
dramatically agreed r.io hours 
before President Carter was due 
to announce government acnon 
tu break Ibe impasse. 

The co;«l cmploject? mad«» 
agreement possible by watering 
down their romnulmeni in im¬ 
pose stern pcnilties on unofficial 
strikers and to se*'k product:vrij’" 
boosting clauses m the new con¬ 
tract. 

Thc Bituminous Coal Opera* 
tors' Association accepted a 
settlement which it h::d rejected 
earlier in the week. 

[i was thc so-called “ pattern ” 
bargain si ruck between the 
UMW and ihe Pirtsbnrgh and 
Midway Coal Company, a sub¬ 
sidiary of Gulf Oil which is not 
a member of the BC.OA. 

A factor complicating an 
assessment of the- coming vote is 
lhai Pittsburgh and Midway's Sfin 
miners appear tn have voted 
against their proposed settle¬ 
ment this week-end. 

But that may have been 
because the teniathe national 
agreement is in some respects 
more generous and the Pitts¬ 
burgh and Midway men want tn 
make sure that they win all of its 
provisions. 

Winning 

But of broader significance is 
the fact that that coal company 
tv located in a district of West 
Kentucky controlled by forces 
hostile to Mr. Arnold Miller, 
president of the UMW. 

The Administration's mam 
hope of winning acceptance for 
the proposals ties in the fact 
that the bargaining council, 
representing rank and file 
miners, voted itf to l" -.n favour 
of making (he term* iff the 
Pittsburgh and Midway agree¬ 
ment the minimum conditions 
for an agreement with the 
BCD A. 



Callaghan seeks Whitehall cuts 


Florida. 


up. Page 26 


politician. the growing intensity of the price TOe morandum to Whitehall means that Whitehall depart- able underspending by Govem- 

r of this weeks £50.000 war between supermarkets. The departments. ments will be unahtc to take on ment departments in the present 

am Bond prize lives in Financial Times Grocery Prices -;^e memorandum asks the new work Involving additional financial year as they have kept 

shire. The number is: 6Q5 index fell 1.69 to 266.64. a drop Secretaries of State for each staff or administrative expendi- a tight control on costs. 

- of 0.6 per cent, and the index department to find cuts of 1 per ture without first finding savings Mr. Callaghan's memorandum 

s from a wrecked rati now is back to the level of last ccn ^ \ n 1978-79 and 1979-80 in m compensation. falls under responsibilities as 

r killed four people—mostly June. The meat biU is down this spending on staff and administra- Departments are also spectfi- Minister for the Civil Service, 

ig motorists—in Youngs- month, b«r frozen food prices are costs. rally asked hy the Prime Minister But his personal intervention 

Florida. - up. Page 26 As about £4hn. a year for the to avoid the process of grade in issuing the directive from 

next two years is expected to be drift by which the same johs Downing Street is seen in Whito- 

spent in this area, the proposed can tend tn become regraded at hall as an indication of his deter- 

1 per cent, reduction would higher levels of pay. roiniition that the tight rein nn 

CONTENTS CF TO-DAY*S ISSUE amount to some £4fUn. each year. individual Government depart- the bureaucracy will continue in 

yvnifai*w v - The new cut is in addition to ments are considering in which what may prove to be an election 

iseas news .. 8 Arts page . 11 the £120m. savings in Civil areas they can meet the Pnme year. 

Id trade news . 3 Leader .page .. 13 Service manpower costs Minister’s directive and find The Civil Service unions have 

ie news—general ... 4^ 28 DJK- companies .-. 24 announced by the Prime Minister further cost savings. sn far not put forward a strong 

—labour ...... 5 International companies ... 35 i„ 1976 The 1976 cuts of £120m. are opposition to the latest cuts, as 

agrment page . 8 Foreign Exchanges .. 25 it vill he achieved by a com- being implemented mainly by administration costs rather than 

mi cal page .. 9 Milling Notebook .— 25 bination of not replacing staff cutting jobs, although £20 m. has jobs will be reduced. 


CONTENTS OF TO-DAY’S ISSUE 


reeas news. 2 

Id trade news . v - 3 

ie news —general ... 4i 28 
—labour ...... 5 

(agrment page .8 

finical page 9 


Arts page . 

Leader page .. 

ILK. companies .. 

International companies 

Foreign Exchanges - 

Mining Notebook . 


FEATURES 

dearies of Japan’s . Week in the .courts. 19 

hroplc trade sorphis ... 12 mmvFV 

•. dilemma for British FI SURVEY 

eras pace .*.23 Kuwait ...* 13-22 


Reed Paper to reveal losses 


tatiMAH .... 26 Lex .. 

ma Hmtas . , i LwnMnt . 

«nmu'( Diary 2t Ha and Mature 

"Cta a Teodors B. 9,26 Parliament Diary .. 

■wan* .. U Solemn 

ttaHactt Cut tie U Share Information 

aciri Diary # Sport . 

•once .. 2S- To-day's Event*. 

n .S TV and Rtdte -. 


3d Jink Tnisu . A 

it Wcalhev . « 

22 Werid Eton. Ind... 25 
28 Base Londtno Rotes 25 

iS ANNUAL STATEMENTS 
U Wearrs Croup .... 25 

S' INTERIM STATEMENTS 
U Prlnrac HoWIns* ® 


For latest Share Index ‘phone 01-246 8026 


FINANCIAL TIMES REPORTER 

REED PAPER, the troubled 
Canadian arm of Reed Inter¬ 
national, the paper, packaging 
and publishing group, is expected 
to reveal to-day the full measure 
of its losses in the year tn 
December 31. 1977.. These are 
the results that will be consoli¬ 
dated into Reed International's 


own statement for its year ending 
on March 31- 

The Canadian company has 
already forecast an after-tax lass 
for thc year of not less than 
film., and Reed's management 
has shown no recent desire tn 
modify this estimate. The London 
stock .market remains nervous of 
unannounced “ extraordinary 


wrile-nffs " and eager for further 
guidance on Reed's anility to 
extricate itself from the predica¬ 
ment of its Canadian interests. 

It is believed that major 
institutional shareholders will 
shortly he getting together with 
Reed rna nagement to discuss the 
company’s position in the light of 
the Canadian results. 




s 


tew 


Many thousands of computer outftttt-cnicrofHm systems 
in use throughout the World,, confirmfhS technological 
and .market leadership that OatagraphiX >^... 

COM's.ongihators ... . - have clearly established. 

* During %9T7, half tha COM systom? <ordered in tbe \ 

United Kingdom, in turbpe .afid fc» the World market, .\ 

,'wereDattj^pNjf l WihiiNi. j.': • ' "•i .-\ 

■jf An eveit greater proportion qf -the independent COW.bu«»»j 
servicas waHaWsanywhew btlha WoHd^m.basdd on .. . 
DatagraphiX ipstallaiions, •• : \ 

* In thBUmted Kingdom ^one^literailY thousands of 

organisations benefit from die advantages of computer • 
output microfilm produced on 0atagraphiX equipment .'.,.». 
and the pattern is repeated everywhere. .• ' 

.In short,“more than half the WorfdTs COM usefs.7 
. heve fecognl^d P^ag^ap/jiX CQMss^'rnoney. s^f fn^ri 
efficiency generating, computer, systems enhanOemaht, " J 
\..... ' i ! i*. vthat ail couldachieVe.-;;;/".7 i j 

\ • " A^^agrapWxWa^mpy^ti^rrepdrtsEm. ■ ' y 

\ ■/. COMsysfare&ln/ 

These organ.MlwA «vlh« Utwtea W t»ie mhOJSebW by afflux COM invesunenl 

\ ..si^.wory^eriawunB. ■ ! ■. . 

Allied Breweries . AjeMc Weepbna Rese*«*i Etf*KcShmenr ; JbAoAwhUe AimnM - BbiA ol Ireland 
Bm.sn Mari dries Co. - Bnotc Bond ®*o Ltd : come MfatMto* Aa** ^jTi»nft*ia Engine Co. 

DnLOl HoanhAtJoeWSeiuroif -. Oepl.ol N«kwatSa»t«g». VteVWnf Centre : 6*» 

Rnacwat Data Semce* r Fw)IWorC<.. ..lawiSM* : Mieragen 

Midland Bank : gm» NaUpoat Wurtmigiter 9a** Me-. *•?««*> : Norwich Uown 

Oteneaa Containers PostOfhsc .. SeoltlshComooUK 

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Financial Times Monday T^nmty ^^^o 


ERSEAS NEWS 


hit 

by another 
week-end 
of violence 


By Dcminick j. Coyle 


UNPRECEDENTED PUBLICITY FOR PARLIAMENT 


Vietnam 

China convenes People’s Congress! sees no 

S. Asia role 


BY A SPECIAL CORRESPONDENT 


PEKING, Feb. 26, 


for China 


ROME, Feb. 26. 

STUDENT VIOLENCE involv¬ 
ing exirerniil elements to ibe 
left oi the Communist Party 
erupted in Rome for tiic fourth 


By K. K. Sharma 

NEW DELHI Feb. 26. 


THE NATIONAL PEOPLE'S the distinguished political leader city c*f Hangchow, which was liberation of Taiwan was for the. 

CONGRESS, China's Parliament, involved in the founding of the seriously disrupted by radical first time presented in tne con- 

assembling for only the second Republic in 1911. influence, helped conserve that text of modernising the Chinese, 

time since 1966, opened to-day However, although this Con- view, army. The array, the Premier 

amid more publicity than any gress is not shrouded in mystery He presented a draft outline of said, should he ready for war) 

I other similar political gathering like the Congress three years ago a 10-year economic development and “must make all Hie prepara-' 

| since before the Cultural Revolu- and although the preceived con- plan to run to 1985. The plan, tions necessary for the liberation 

; tion. ■ cessions to “open government” first outlined in 1975. had been 0 f Taiwan." 

1 The very convening of the are Sreat by Chinese standards, supplemented and revised since The present Congress will con- 

’ present Congress indicates that the y a ~ e considerably more the overthrow of the Gang, he sidpr a re port on the revisions „ __ _ . 

there is more stability in the symbolic than real. It still said. However, no details of the of Chinese constitutinn, elect Vie tnam , now on a week’s visit 
week-end as Sig. Giniio ! leadership here than there haft Dinaras true that non-partici- plan were given in the official officers o£ the standing Com-! here . Asked about China’s role 

AnrireoUL, the Prime Minister- been for many years, but the pants 00 re J y on '- v on officially reports of toe speech beyond ms jn j Reei including a new chair-j ,- n South Asia at a Press con- 

designate, concluded bis television transmission by released New China News call to develop agriculture first. man and formally approve party; fercnce. Mr. Pham said such a 
bilateral talks with opposition satellite of to-day’s events sug- AS^ncy reports of the proceed- h 'i n H a In decisions on ministerial; question could net be answered 

parties and trade unions on the -r.mm 0 r~ n >•>- . •--- -- 

formation of a new Govcru- 


VTETNAM does not envisage any 
role for China in South Asia, 

Van 


meat 

While Rome saw most of the 
violence yesterday, as students 
planted petrol bombs, over¬ 
turned cars and set alight 
several buses, there were also 
demonstrations and attacks in 
Hi tan. Turin, Trieste, Naples. 
Padova and Florence. 

In Rome's working-class 
Piazziale Prenestino district, 
bases were halted at gunpoint, 
drivers and passengers ordered 
off and the vehicles set ablaze 
to form barricades against 
advancing riot police. 

Two offices of the neo-Fasefst 
MSI Movement were fire- 
bombed, as was one district 
headquarters of the Christian 
Democrat Party. 

Meanwhile, Sig. Aniireoltl 
yesterday ended his round of 
bilateral talks with a six-hour 
meeting with leaders of the 
three trade union confedera¬ 
tions. 

The nub of the present 
political crisis remains the 
Communist demand for direct 
inclusion In the next parlia¬ 
mentary majority, the party's 
having dropped ils earlier cam- 
poign for Cabinet positions. 

Christian Democrat leaders, 
including Sic. Andreofti, and 
the party's president. Sig. Aldo 
Moro. will address a special 
joint meeting cf parly deputies 
and senators starling here 
to-morrow on ways of overcom¬ 
ing the crisis. 


by basic industrie 

gests that China now wishes Co ,n B s - commerce and foreign trade. res | 1u ffj es and switches in th<\ since it did notarise. But. Mr. 

be seen to be making use of its in 1115 ra P ac ity as Premier. The plan also concerned -hina $ official hierarchy. The mam pham was careful to avoid 
constitutional processes. Kvk presented a Si-hour report new emphasis on worker moDva- focus of inLerest remains the- giving the impression that 


on the work of the Government, tion through wage incentives and SBlccti on n f a new prime Minis-: relations between Vietnam and 
film of the Con : His address concentrated heavily a commitment to improve start- , shnuld Hua. as expected.; china were anything but cordial, 
was transmitted on the economic tasks facing dards of linn;. n ,ii nn „,,i, tho n.^t h,« m..nirv wa« anxious. he 


A three-minute 

gress in session was transmitted on the economic tasks facing darns or uvm;. relinquish the post i " His counfrv' was" anxious, he 

un national television. It showed China, though he indicated that The Premier reiterated the , . . . 1C : s . ia to normalise relations with 

the 3.450 delegates rising to the campaign against the radical need to develop China's techno- Delegates arrived b> the >us ? ^ quicker this 

applaud Party Chairman Hua extremists led by the purged logical and scientific -skills and and car loads at the i.,re.u H«lt. . ' * j th better it would hp 

Kuo-feng and his four Vice- Gang of Four had still some way " rapidly eliminate our back- of the People no! by *■'b- i »* Fta«n 

Chairmen, all elected members to go before ail vestige of their wardress in these fields.” The leiraoean tunnels as they din in; d u nn( , a i sn «. a t the 

of the Congress Presidium, as influence and support was re- report also stressed the import- 1975. But though the couces-. j? - .. " . promises 

they arrived in the hall with the moved. The campaign against ante of “enriching the people's sions to " opeD " government arc, *■ ■ ■ Hhprallv towards 

senior Vice-Chairman of Con- the gang remained the primary cultural life” and called for the very great by Chinese standards.. >( __ 

gress Standing Committee. Soong task facing the country, he said, repertoire of the performing they are symbolic 

Ching-ling. Soong Ching-ling is Reports this week-end of eight arts to be enlarged. real, 

the widow of Dr. Sun Yat-sen, recent political executions in the The ritual reference to the r.wineu y.rmtr.g HrrtM 


Five die in 
Statfjord 
platform fire 


By Fay Gjester 

OSLO, Feb. 26. 

FIVE MEN died last night ia 


French protest to Danes 
over election comments 


BY DAVID CURRY 


PARIS. Feb. 26. 


FRANCE to-day protested to made by the Danish Foreign 
Denmark over remarks made by Minister. Mr. K. B. Andersen. 

_ a _. __ Mr. Anker Joergenscn. the to a group of European Farlia- 

an oil platform fire on the An*lo- 1Danish Prime Minister last week ment MPs. 

Norwegian Statfjord field, the j < n Washington favouring a Left- The specific 


Swiss vote to 
extend powers 
of government 


By John Wicks 


Mr. Pham said that the most 
important problem facing 
Vietnam was reconstruction and, 
although every citizen was being 
used for the purpose, he wel¬ 
comed aid from others both 
bilaterally and on a multilateral 
basis. 

Agreeing that the food situa¬ 
tion in Vietnam was difficult, Mr. 
Pham said this was the result of 
natural calamities in two succes¬ 
sive years which bad affected 
four crops. It was for this reason 
that his country had sought 
food grain assistance from India, 


U.S. warning t< 

USSR oi 


BY DAVID S£U- 


WASHINGTON, Feb' 


THE U-S warned' the Soviet ... State Department source 
Union this week-end that .tod- that ttas 
tinning massive Soviet inter- time- that the Horn ap 
vention in Ethopia could impair have been.so elrnly Unkei 
U.S Soviet relations and make it Jiot intended to make. ft 
far harder to reach a 'new SALT progress conditm 
strategic arms agreement. Soviet moderation." m Eti 

according to Mr. Pham Vanj^“ g . . But. it was intended as a ; a 

Dong, the Prime Minister of The ®2£ 0 D 552Sla? in * shot " aOT0SS . 

**' .'this warning yesterday in an rj* .. ^fleeted increasim 

unusually swift rwponse to a 

speech on Friday by President ignored American 

Brezhnev. The Soviet.■ meats about Soviet involve 

said a new SALT agreement was Q n Friday Dr. Zbi 

being - blocked by all afiu i of g^^erinsky, 'the Pretd 

obstacles raised-by the United jj ational Security. Adviser 
States. t £ e number of Cuban fon 

But. in reply, the Carter Ethiopia was new -more 
Administration said that while, hj.ooo. in the past,two> jr 
it-agreed with Mr. Brezhnev otr Russians are said bs 
the desirability of more progress intelligence sources -to -. 

on area limitation, “It is evident po Urec j ntore anus into 

that the character of our general Ababa ^an the U.S. did- 
relations also depends on years . 
restraint and constructive efforts Administration;, anatysts 
to help resolve local cnnfhcts divided about Soviet moth 
such as the Horn of Africa. Ethiopia but they note 
“ Intervention in this tragically recent Russian actio nscann 
embattled area by the continued increase Western suspicu 
shipment of weapons and military Moscow's intentions. This h 
personnel, some of them widely makes it harder by the .wei 
involved in combat roles, inevit- the Administration to J 
ahW widens and intensifies future strategic arms. 
hos’tilitles and raises the general through Congress which *1 
level of tension in the world," a has serious reservations , 
spokesman said. Soviet polcy.' . 


largest oil field yet discovered in 
the North Sea. The platform. 
Statfjord A. is the largest off¬ 
shore production platform any¬ 
where in the world. Us construc¬ 
tion has been plagued by delays 
and cost over-runs. 

An orl company official said 
to-day it was not yet clear 


wing victory at 
general election. 


the French 


protest, which called on 


ZURICH. Feb. 26. __ _____ 

JlN" A national referendum tills!whie.’Thad agreed'to «ive'another 
Palace j week-end. the Swiss electroate! wheat loan of 300,000 tonnes. 


voted in favour 
extend the 


o£ a proposal 5 This is in addition to the first 
constitutional i wh f at of tonnes 


The Danish Social Democratic elurher 5 drei-'me' 10 the constitutional | "“r 0 , 1 u * 

SnlSb “ y EX? 51ZJFZ.*- 

r»m->ricod „ a Pro« inference ^ ere b ’ the Forei S n Ministry. . to intervene^in the economy. The;statement has already been made 
thought Meanwhile, with only a fort-i revised article 
ie said night to go to the election, the! constitution is ai 


remarked at a Press conference . . . 

on Thursday that he thought Meanwhile, with only a fort-1 retnsed article in the Federal 
the Left would win. He said night to go to the election, the | constitution is aimed particularly 

it would not be a bad thing if Left's promise to raise the j at 'acilitating immediate action 

whether last night's fire would]the Left did so since M. Francois minimum wage by more than a against unemployment and infia- 
still further delay the start of*Mitterrand, the French Socialist third to Frs.2,400 f£260i a month tion and enables the central 
production from the field, at I leader would prove to be a good immediately upon forming a administration to pass measures 

present scheduled for late in j and independent administrator, government has begun to in the monetary, banking, public- 

1979- 'This followed similar remarks dominate the campaign. I finance and foreign-trade sectors. 


shipment has already been made 
and the total of 600.000 tonnes 
is to be despatched within three 
months. 


s ■ 








.. •** 




/-Si 




:• . * '■*& 
a 4 , 






vr* 




'TV 




^ "■ 






Vehicles 




Marcos refuses 
Aquino release 


By Our Own Correspondent 

MANILA. Feb. 26. 
PRESIDENT Ferdinand Marcos 


Miller nommation to 
Fed post opposed 


announced to-day the rejection 
by his National Security Council 
oi a request I rum the imprisoned 
opposition leader, Eenigno S. 
Aquino Jr., for temporary 
release to enable him to cam¬ 
paign for the April 7 elections 
| to an interim National Assembly. 

An official announcement from 
the Malacanang Presidential 
palace quoted Mr. Marcos as say¬ 
ing that the council could not 
release the 45-year-old former 
senator because “It will be 
dangerous to the security of the^r 
republic." , - rl*' 

Ir. Aquino, held in a suburban 
military stockade since Mr. 
Ms.-ros. proclaimed martial.law 
in 1972. heads a list of opposition 
candidates contesting the 21 
assembly seats allotted to 
metropolitan Manila area. 


the 


BY OUR OWN .CORRESPONDENT . . , - — * 

_ WASHINGTON, «feb; 

THE New York Times, in' in on Wall Street and in "W'a: 
unusually strong editorial, said ton. : 
to-day that Mr.. William Miller, Mr. Miller has Insisted b 
the Chairman-designate of the not know that the Bell.helic 
Federal Reserve, should with- subsidiary, of Textron 
draw his name because of the $2.9m, in. commission to a 
continuing investigation info the pany closely connected wit 
hnks between Textron, his for- former chief of. the Irani a; 
mer company, and its Iranian Force. -He is to appear -h 
agents. the Senate Banking Comti 

: The paper said it did not want on Tuesday .and thq -Secu 

to “prejudice” Mr. MHler but JJiSSSlS?fiTSfi 1 

that current inquiries would last- SSSfHPvJSJL?* 

for at least four more months Arthur Bwng, ge «« 

and he would inevitably he "JESPZSL 

distracted from his Fed job at a unt L l , * r * i . MU ? 3 no ““! 
particularly important time for Problems have been sorted 

the nation's economic policy. The 

Chairman of the Fed must ^JnonhnFP <n*r>wffi 
"stand on bis own feet and Mr. 3 1 «? a P® re B I y WMi 
Miller cannot be sure of his Singapore last year chalked 
footing " real economic growth rate o 

Tr . per cent compared with 7 

Until now there haa been no cent, un ■ J976, our . Sings 
public suggestion that Mr. Miller correspondent reports, 
should step , aside and to-day’s economic survey from 
editorial is expected to be a BJuristiy of Finance, to be t. 
major blow to him. The New in parliament to^foy, dear 
York Times has been generally Singapore's economic perf 
friendly to the Administration ance in 1977 as “sartisfacu 
and such an editorial is likely GDP at constant prices ros 
to be taken vety seriously both S$9Abn. in 1977. 


COMPANY 

NOTICES 


Rhodesian 
output falls 


By Tony Hawkins 

SALISBURY, Feb. 26. 
RHODESIA’S industrial pro¬ 


duction fell for the third succes¬ 
sive year in 1977. according to 
official figures released here 
to-day. liie volume of manu¬ 
facturing production fell 6 per 
cent, in 1977 following a 6.6 per 
cent, fail in 1976 and a marginal 
1.3 per cent, decline in 1975. 
Official figures show that output! 
is now running at its lowest level 
since 1971. 

Both mining and agricultural 
output improved, however. In 
the case of mining, higher prices 
helped value of production rise 
some 3 per cent, though the 
volume of production fell 5$ per 
cent. The value of farm pro¬ 
duction sold on the market rose 
nearly 4 per cent, in 1977 in 
spite of significantly lower cash 
sales by black producers. 

Tourism figures published for 
the first time show that the 
number of tourist arrivals fell 
26 per cent, to just over 100.000. 
the lowest figure in at least 14 
years. The slowdown in the ne 
emigration of white frnm 
Rhodesia that started in the 
third quarter of 1977 is con¬ 
tinuing. 


Antarctic pact 


opens 

3y Paul Cheeseright 

OFFICIALS from the _ 

Antartic Treaty powers start a 


13 


three-week series of meetings 
to-day in Canberra to draft an 
international agreement aimed at 
conserving the marine life of the 
southern oceans. Their parti 
cular concern is the krill, the 
shrimp-like crustacean which is 
central to the marine ecosystem 
and is the subject of limited 
commercial fishing because of its 
high protein content 
The negitiations follow' deci¬ 
sions taken at the treaty con¬ 
ference in London last autumn. 
The delegates will seek to define 
a regime based on a aeries of 
principles worked out at that 
time. The meeting will last for 
three weeks. . Delegates are 
attending from Argentina, 
Australia, Belgium, Chile 
France. Japan. New Zealand! 
Norway. Poland, South Africa, 
the LSSR. the U.S. and the U.K 
There will not be a blanket 
ban on the harvesting of k r jJl. 
■■■h;ch some scientists think could 
make a substantial contribution 
to .«o!ving problems of malnutri¬ 
tion in developing countries. 
But it is likely that the treaty 
powers will seek to put a. ceiling 
oo ibe total.catch. 


PANWIT TRUST SJU 
HOdt anomnne 


,, , ReQlctsred Office: - 
LUXEMBJwril#. Id. rue Aldrlnoffn 
Retfatre tfe Commorn: 
LUXEMBOURG Section 8 8:131 


NOTICE 


EXTRJ&RO ?NA*V . . GENERAL 


HEREBY GIVEN thml 


MEETING at Shareholders M 1M 
jbawe-mentioAM company wjir or held 
at 14. rve Aitfrlisw, Luxembourg, at 
Z.30 p.m. on Friday, loth Match I97fl 
with the lollowing agenda: 

1. □ Violation of tne Company. 

2. Appointment ot a liquidator. 

3. ApprwriV of llie aUumnslon OL 
the calculation of the net asset 
value of shares in the Trust and 
the consequent suspension of re* 

E h as os of shares from share- 
ers by PANWIT TRUST 
HOLDING COMPANY SA and 
by the Trust itself. 


Shareholders are advised that the 
quorum requirement lor an Extraordin¬ 
ary General Meetinfl rs that at least 
50 Hr cent, of the outstanding capital 
of the Comoanr be represented at the 
MoeirflQ. The firs* Resolution may only 
be bused I Ml Is supported by at least 
3 Of the shareholders represented at 
the Meeting. Holders of shares may 
vote at (he Meebng In person or o< 
proxy Holders of bearer shares may 
vote In person by producing their 
Share certlhcates. or a certificate of 
deposit oi then- share certMlcates. at 
tne olhees oi either the Banova 
Generate du Luxembourg. 14, rue 
Aldrimen. tjucemboureh or WllHams 

Sr-M V Tifc, L f >n1D f. rd London 

EC3? 3DL. Copies of a circular letter 
to the shareholders of the Trust dated 
21st February 1978 and ol othor 
documents relating to the liquidation 
2 liy be Inspected at the offices et 
Banque Generate du Luxembourg, 14, 
^ Mr ‘? ae S'- Luxembourg and at the 
?nE/ILi AOmln,stration 

MBjSrts-JL. .AMU" Friars. London 
cC2-N 2CD during uMial business' hows 
on..any week day (Saturdays and Benic 
SfiWaw excoBtedi up to the date of 
the Extraorolnary GenerM Meeting. 

ha *° «*»onn«ed tne 
calculation of the net asset value and. 
accordingly, repurchases of the Com¬ 
pany's snares by the Holding Com-, 
canv. as !rom 21st February 1978. tl 
r ™relating to the MquMa- 
not passed at tne Extraordln- 
Meeting the Directors Win 
allow the calculation ot net assat 

’day.® 1 9th°* terfP’lBJB*'* 3 W 

THE BOARD OF DIRECTORS 
February 1978. 


THE " SHELL " TSAN9PORT AM 
TRADING COMPANY LIMITED 


.-NOTICE IS HEREBY GIVEN tl 
balance bL-tbe Register will be stru 
Monday. 6th March. 1978 for Hie-bn 
ttonjsf The half-year ofHdend pavat 
the FIRST, PREFERENCE SHARES fc 
Six months ending. 31st March. 197E 
dfyidwd will be pefd on 3rd April, 1 
For Transferees to receive this dlv 
their transfers must be lodged v*n. 
Company's Registrar. Lloyds EanV Lit 
Registrar** Department The Cans 
Goring-by-Sea. Worthing. Sussex, not 
bran 3.00 -pae. on Monday, 6th L 
1978. 

' By Order of the Board, 

Shell Centre. A MARVEY ' ^ 


banque francaise bu 

mwM'arc c xrcR mi ip 
- U_5.S30.000.000—FLOATING 
RATE NOTES 1977.1984 

In accordance with the- oermt -. 
OTndickmi pf the above notes, 
rale of. interest applicable for 
semi-annual period ending August 1 
1978 bos been Bxed at 81 per oa 
Binque liKematiornf a Loxembou 
Sodete Anony 
Trui 


LEGAL NOTICES 


KINGDOM OF DENMARK . 
7j% 1973/1988 FF I00.006.000 


NOTICE IS HEREBY GIVEN » Bond¬ 
holder* of the above. loan test- dw 
amount redeem aMton April..I j, 1978 
i.e. FF2.5OO.0OO--WW - biwjht -In ' the 
market. 


Amount outstanding: FF87,500,000 


THE FISCAL AGENT 
KkEDfFraANK- 
SA. LexembiMKgeiMu 

Luxembourg. . 

February 27, 1978 . I 


. No. 90607 of IW 

In tbt HIGH COURT- OF ^JUST 
Chancery DIvINoa Cotopanies Coan 
the Matter at SUKWKXRK PROPER' 
LIMITED and In the"-Matter of 

Compajalw Act. t9«. 

NOTICE IS RE RE BY. GIVEN, th; 
PetMJcm for the Winding to of the at 
Duaed Canpatty by the- Hlsfa ‘ Coot 
J ustice waj on the 22 nd day or Febr 
ins, ■ presented to Uk . said Court 
NA TIONA L WESTNTNCTBR B. 
LIMITED.- whose- reglstered office 
sjtnete ar H . Lottobocy. London, i 
Bankers, and that - the. redd Petitioi 
directed to he : beard before . the- c 
,sating at the Royal .Courts of Jus 
Strand. Lbodoit WC3A ILL, on the 
day-of.^A ptiV 1978, and. any credilm 
.contributory.' of the aald Compatiy deal 
» support 'ai- oppose me making oi 
Order on the : said Petition- nay ap 
u the tone of bearing, in person "or 
bis counsel. for that purpose; and a ■ 
of the Petition wrffl be fnmNhed by 
undcreigned. to *ny creditor or conn 
tory of Uh said Company reonl ring > 
copy on-paymenrof Ute. regulated dL- 
for tiie eame. 

WILDE SAPTE JLCO.. 

. King's' Cross House. 

280 PemonvfHe Road, 

London Ni - 9m,. 

Reference BMJ. . 

- - Solicitors for the Petitioner. 

WmBk-^Any- . person who intends 
amesc-on the haAring of the ,«m Pap 
mast.serve, on,. Or send by post in. 
above-natoM oodt* in writing of 
tdtcntlon so to do. The notice Bum's 
a<Una * tf the rerson. 
U a arm. the name and address 1 of 
ante Bnd.umst be signed by the jmt 
or Him. or his or their eaUctmr ftt’a 
ana must be served, or. If postpd. .m 
ne sent by po#t In sufficient ikne ft W 
the above-named. not later than, f 

o ««* in the afternoon .e£ the 7th i 

Of Aura 078. - 


MCHIl CO,.LTD: 


NOTICE TO HOUMHti OF EUSOPIAN 
DEPOSITARY RECEIPTS- I" EDRs^J 
EVIMNCING SHARES OF COMMON 
STOCK OF THE ASOVtltAMEO 

COM PAN Yi 


1978. -The CiMM Manhattan Bank m a 
2 nuttta-ttat coumi 

Ne. 3 to tee eDRs will be used forthr 
puipoae of claiming tbe-yenr end cuff 
dividend and *|H a ho be ateemedto 
hm-iutmo M - the 23rd FiSgaS 
th « ,e, 9rr 

WJ1) " at ** Wtil £5 

_ M Desoaftarr. 1 

Febnrirv. 1979. - 


PERSONAL 


RAMK O' 


V«*gASNO».N« 


TO HOLfilftS OF THE. COMPANY'S 
. CANADIAN 520 MILLION 8?%.. 
GUARANTEEOVOAN NOTES 1MZ. 




lor tba. year-- 




Marr 


■ ^yw wlBMete^TepewMfieM.'. 
v -*a»««»nentT«i*id«of 

•» PPHTConwany. 0«W®eftttnWr&^ 


Igan.tertjleteGtran MatfL/7 . 
€w»»qomarai^c^(ilianas.‘'.'^'- •'] 

em. F?Ef *W«lwd.sw^l tfot j Ia ^ 
































































wffefl TRanes Monday February "27 1978 




WORLD TRADE NEWS' 


K. companies optimistic! Bahrain confirms Japan 

\ f t - , . ,-^v ^ F i contract for gas plant 


t sales in W. Germany 


HJY HAWT1N 


FRANKFURT, Feb. 26. 


fE\ Just published by the and S per cent. ‘ in basic con- sales were worse than in 1976 

German. Trade Council sumer product s. and 11 per cent who reported a 

idicates that U.K. manu- According to the findings some decline in new orders, 
re seero set to do even 49 per cent of the companies The Council said: “The main 
in the West German surveyed said that ,397Ts sales reason given for improvement 
than last year. were either better or consider- might best be termed as 'market- 

latest West German ^ . SIS* Vl an m pr , c ^ lou 5 in S effort.’ Most respondents re- 

■s show than in Deutsche- JP*!* tJ 1 -* 48 per cent, claimed ferred to new or strengthened 
:enns British shipments w at „J? eir p0£lQOD was un_ sales organisations, better ser- 
olly manufactured goods in 

’s „& rv' 

Hun the f-W rn' 

pr.l*pnt PTnsniinn n* nnn ® Ilner Detter ui njuaiucraoiy 

jjij exports. " w ^ e 29 per cent said in third place price was given 

■ • that things were unchanged. as a favourable factor, more bv 

• annual surveys, as the Interestingly, 59 per cent, of capital than consumer goods 
council points out serve the respondents reported that traders” 

rometer of British export their competitive position had The Soles Performance of 
wnce and this year unproved, although 23 per cent. British Products in the Federal 
93 $ Joe Council’s mem- said that it had not unproved. Republic during 1977. The 
which 27 per cent, are Some 16 per cent, claimed that it Brilidi-German Trade Council 
m consumer goods. 65 had worsened and this, compares Heumarkt 
it. in capital equipment with 3 per cent, who said that DM25. 


vice and investment in advertis 
new ing. 

. .. ceDt - “ A much smaller number men* 

bookings were tinned quality, design or range 
or considerably of their British products, while 


14, Cologne. Price 


enya bans textiles 


IOHN WORRALL 


NAIROBI. Feb. 26. 


M 


f n , 

i * f); 


V' ft Tv./ * 
** iJ 1 


t has.banned all imports cent Transhipment of textile 
-shed and semi-finished goods through Kenya from Alom- 
similar to those produced basa to neighbouring countries 
lya to protect the local are to be transported in sealed 
industry, which has been wagons, and if transported by 
hrough a somewhat trau- air will be monitored at Nairobi. 
** experience competing Announcing the ban, Mr. Eliud 
1 reign goods. Mwamunga. the Minister of Cooi- 

*'*•. ban covers second-hand merce and Industry, said the 
3 . hundreds of tons of Government was concerned about 
, f * have been dumped in the "mess” in the textile 
‘•-in the last two years. industry. One mill, at Nanyuki. 
■ over, duly on imported has closed down, but is expected 
.>*. is been raised by 100 per to reopen soon. 


s - . 15 


m-- 


rid- Economic Indicators 


WORLD ECONOMIC INDICATORS 
TRADE STATISTICS 




Jan. 78 

Dec 77 

Nov. 77 

Jan. 77 

£ bn. 

Exports 

2429 

2.779 

2365 

2.472 


Imports 

2.953 

2250 

2394 

3.004 


Balance 

—0-324 

-03171 

40371 

-0332 

Frs.bfn 

Exports 

VyXTI 

28366 

2833$ 

23.484 


Imports 

28.731 

272156 

29.650 

26.483 


Balance 

— 1.854 

+ 1310 

-1.615 

-2.999 

DM bn. 

Exports 

21J 

25.4 

233 

19.8 


Imports 

19-4 

213 

20j4 . 

17.8 


Balance 

+ 1.9 

+4.2 

+3.1 • 

+2.0 



Dec. *77 

Nov. 77 ' 

Oct. 77 : 

Dec. 76 

Sbn. 

Exports 

3.57 

6.82 

6.93 ; 

7.156 


Imports 

6J6 

531 

5.08 

5.503 


Balance 

+2il 

+ 1.61 

+ 1.85 .... 

+ 1.653 

Sbn. 

Exports 

11.030 

9304 

9.T90. 

10.154 


imports 

13.059 

11386 

12387 

11366 


Balance 

— 2.029 

— 2.082 

-3.097 

-0352 



Nov. 77 

Oct. 77 

Sept. 77- 

Nov. T6 

Ffc. bn. 

Exports 

9.610 

9.161 

9.027 

. 10.049 


imports 

9546 

9303 

9303 

8.840 


Balance 

+0.064 

-0342 

-0376, 

+ 1309 

Lire bn. 

Exports 

3.252 

3382 

3.135 . 

2.981 


liqoorts 

3.266 

3.745 

3348 

3305 


Balance 

-0.014 

-0.463 

—0.212 

-0324 

B-Frs. bn. 

Exports 

10A493 

119338 

123309 

121.911 


Imports 

116.721 

1243197 

121.747 

116374 


Balance 

-10.652 

-4.759 

+1.862 

+5337 


Dell for 
talks in 
Romania 

MR. EDWARD DELL. the 
Secretary of State for Trade, will 
visit Romania and Bulgaria Dcxt 
week for a series of high level 
discussions covering a number of 
industries. 

Id accordance with his policy 
of associating British industry 
with visits of this kind, Mr. Deli 
will be accompanied by nine 
leading U.K. industrialists during 
his visit to Romania. 

They are: Sir James Woode- 
son. chairman of Northern 
Engineering Industries; Mr. A. 
Greenwood, deputy chairman of 
British Aerospace; Mr. J. Fer¬ 
guson Smith, chairman of British 
j Aerospace's Weybridge • Bristol 
division; Mr. D. J. Pepper, vice 
chairman of Rolls-Royce; Mr. C. 
Lomberg. chairman of Simon- 
Carvcs; Sir Cyril Pitts, chairman 
of ICI's Eastern European Board: 
Mr. J. N. G. Mallinson. deputy 
managing director of Davy 
Loewy; and Mr. G. T. Checketts. 
managing director of Hawker 
Siddeley International. 

The discussions in Romania 
are expected to cover the pro¬ 
jected manufacture there of the 
BAG One-Eleven airliner, the 
chemical and process plant 
industries and more- general 
trade matters. 

Mr. Dell is to visit India from 
March 12 to 17 and will be 
accompanied by three indus¬ 
trialists on this trip. - 


MIDDLE EAST PETROCHEMICALS 

Saudi Arabia aims for stability 


BY KEVIN DONE, CI^MICALS CORRESPONDENT 


THE BAHRAIN Government has to 22 months construction period 
formally confirmed that the and substantial permanent em- 
Japan Gas Corporation has been ptoyniem upon completion, 
awarded the contract to design Bahrain is one or the oldest oil 
and build an associated pas producers in Lhe Gulf and is 
gathering and processing facihtv expected to be among the first 
in the island’s oil fields ’ to^exhaust its oil reserves. It. 

-ri,- k- i. - * j aIso has The largest indigenous I a major 

population fo the Gulf Emirates,! complex. 

□reduce ara?nd 2RH lixf^ona wi!h a ™i nd 200 000 of the esti-, The Government owned SABIC -y- 

mated .300.000 inhabitants being'(Saudi Basic Industries Corpora- n1 . " ud . e 
year of propane, butane, and Bahraini. ! iinn> a „ri Pecten Arahian a which is 

ahre h ?a a iue 0r io e B^°hJain l! ^f arnTiId The rstHbl,sh,11pn t of revenue [ wholly -owned Shell Oil affiliate £u $ a " d f 5* d "* oek , 

/ ?. rnu nd , and job-gnm-raling projects in:company, have completed the Saudi Arabia has 



SHELL OIL in the U.S. and Saudi production would even- Qatar in addition to weighty 
Saudi Arabia have taken impor- tually be onlv about 4 per cent, plans for Tran 
Itant steps towards establishing of world totals. 

joint petrochemicals Saudi Arabia was the sensible K d w’ ulf ,ndusl ” a ’ organisatinn 
place to build the plants.. he ft 1 *' P 0 ^■ r ,’ 

said, because of the availability d, ?« ,e 1T1 A lls J- n ?I 

oil und minrai wic projects in the «irci. and GulF 

currently° flared "for pl:,nninG '"»"«*»« have been 
’ fnr invited to meet in Riyadh, the 


S33m. according to informed Bahra'in is a priority of its 
sources. Government. An aluminium 

It is anticipated that the pro- smelter. ALBA, has been eslah- 
ject will provide employment for lished tor seven years, and now 
skilled Bahrainis during lhe 20 employs around 2.000 Bahrainis. 


Nigeria now U.K.’s ninth 
largest export market 


FINANCIAL TIMES REPORTER 


planned Sau,li ca Pital in 1979. to discuss 
detailed feasibility study for a three _ petrochemical plants at a 
world-scale ethylene plan and P e Vf industrial port city being 
derivatives units. 


olans. 

The Shell 


joint venture is 


Comecon imports under scrutiny 


built at Jubail. on the Gulf, and scheduled m he urn stream in 
a fourth at another industrial 19S -- , The Project is orientated 
The complex is part or plans pf)rl c j tv Yenbu on the Red towards exports and will be de- 
in the Arab OPEC countries for Sea A *li theSe ’ planls are signed to have an annual elhy- 
establishing a major presence in ethvlents-based Agreement has ,ene capacity of 656.000 tonnes, 
the world petrocbemicals a | so ' j,een reached with The deaI is tied in to a lone- 
market But to allay fears, par- American Celanese and Texas lCTm arrangement for the sale 
ticularly of producers in Eastern for a methanol plant to of crude lo Shell in the U.S. 
Western Europe. Saudi Arabia j, e al j u b a ji_ Meanwhile the next round of 

has indicated that earlier more The Industry Minister said the Euro-Arab Dialogue is ex- 
ambitious, plans are likely to co-ordination was in an early peeled to begin in Cairo in next 
be tempered to take account of 6 tage to avoid duplication of week, with discussion focusing 
failing world demand. facilities along the Gulf. He on petrochemicals. 

Mr. Ghazi Al-Gosaibi. the cited the example of aluminium The European Commission is 
NIGERIA has become the U.K. s 1B75. £40b.3ro^ in 1976 and (Saudi .Minister for Industry, smelters buift in Bahrain and striving to bring the Arabs’ am- 
ninth largest export market and I576.9m. m 19*7. 'said in the U.S. that plants to Dubai and said Saadi Arabia bilious plans in this_secior,more 

a oumber of other oil producers countries continue to be built in co-operation with was now ^oing slow bn its own in line with falling market de- 

have entered the list of top 30 dominate West Germany j U.S. companies would not dis- smelter plans. mand. A survey of demand has 

evport markets second. France third. Nether-1 rupt world markets. The product However, in petrochemicals been prepared for approval at 

lands fourth. BeIgium-Luxem-• mix was being carefully designed Abu Dhabi has also announced this inceiinc. 

.. T“® »“• which has been pub- bourg fifth. Ireland sixth. Italy; to fill predicted demand, and a plant and another exists in current projections. 

Jtshcd by the London chamber 1Qxb and Denmark 11th. The I 
ot Commerce and Industry. u.s. is the main export market 1 
shows that exports to Nigeria with sa i es totalling £3.lbn. 
rose from £/<4.1iu. in 19*6 to Another trend in U.K. exports 
fl.lbp. and that Nigeria s po«. i0 1977 WM rllt . decline of the 
Don has risen from _uth in 19»4. 0 jd Commonwealth markets with 
Other OPEC* countries la the Australia down from 11 Ih toj 
top 30 are Iran (15th), Saudi 13th. Canada 14th, South Africa' 

Arabia fl7tb). United Arab down from 13th to 16th and New 

Emirates (20th) and Kuwait Zealand down from 21st to 23rd. THE chemical industry in' the markets. pean Council of chemical Maim- 

(30th) which appears in the Of these markets it was only ini EEC is due to hold talks The Commission is also under- Taeturer? Federations. can 
table for the first time. Exports South Africa where exports 1 to-morrow with M. Etienne taking a study in the U.S. of how expect to discuss with M. 
to Saudi Arahia have risen from actually dropped from £&45.3m. Davignon on a broad ranee'of far President Carters proposed Davignon the straieaic opUons 

[problems facing the industry energy package will reduce (he open to the industry in 3n era 

■' including overcapacity in basic marked advantage currently of overcapacity. 

I petrochemicals and "politically enjoyed by the U.S. chemical The Commission is understood 

industry over its European to he anxious io avoid a repeti- 
c-ounterpart in fuel and feedstock lion of the problems experienced 
costs. in (he steel, shipbuilding and 

This topic i.$ of vital interest man-made fibres sectors in the 
to the industry—again because of chemical industry, 
cheap imports—in the current It is known to he Hunk in? 
Tokvo Round of trade negolia- along possible lines of encourag- 

lions. Fearful that tariff cuts will in? joint ventures between 

be agreed to by the Commission chemical producers in the base 
in chcoiicals without corres- petrochemicals area, as an alter- 
ponding reductions by other native in the present form of 
countries, the industry has sup- damaging competition that has 
plied the Commission with a Itsl led to increasing over capacity, 
of more than 60 particularly and the reduction of prices to 
sensitive products. levels far he low ihose that would 

In addition GEFIC. the Euro- rightly justify re-in vestment. 


BY OUR CHEMICALS CORRESPONDENT 


f 119.6m. in 1974. to £199.7m. in in 1976 to £5SI.0m. 

BRITAIN’S TOP 30 EXPORT MARKETS 


14-23 April 1978 



TRADE 



the answer to your questions: 
who to produce for, what to 
produce, how much to produce. 


The very wide appeal of Milan 
Fair can be seen at once from 
these figures. In a twelve-month 
cycle; the f 0-day April Trade 
Fair • 335 days for 56 specialized 
trade shows • 2,407,382 sq.m, 
of exhibition and display sites • 
over 33,000 exhibitors from 90 
countries • 85 countries 
officially participating. 

Plan a visit to Milan Trade Fair, 
and make sure of coming to 
the specialized trade show that 
covers yotir own line of - 
business. 

For detailed information, also 
for Business Visitors' Cards 
and Advance Catalogue, 
apply to Fiera di Milano, 

Largo Domodossola i, 

20145 Milano (Italy|, or to the 
Milan Fair Representative; 

Dr. V. Schiazzano, 20 Savile 
Row. London W1X2DG 
S01-7342411. 


Portugal and 
the EEC 

By Jimmy Burns 

LISBON, Feb. 36. 

THE PROBLEMS associated with 
Portugal’s admission into the 
European Community received a 
fresh airing this week-end with 
the announcement by Sr. Victor 
Constancio. Portugal’s Minister of 
Finance and Planning and chief 
EEC negotiator, that his country 
was not prepared to accept 
ftirther restrictions on her 
textiles. 

Sr. Constancio who spoke on 
his return from talks with Mr. 
Lorenzo Natali, the Vice- 
President of the European Com¬ 
mission in Brussels, expressed 
concern that some countries 
within the Community were con¬ 
sidering unilaterally increasing 
tariffs on Portuguese textiles. 

Portugal was not included in 
the ** multi-fibre ’’ agreement 
endorsed by EEC Foreign 
Ministers last December which 
set limits to the imports of low- 
cost textiles. France, however, 
secured assurances at tbe time 
that protective measures against 
countries not covered by the 
agreement would be taken if 
exports to the EEC reached a 
critical level. 

About half of Portugal’s indus¬ 
trial exports are concentrated in 
textiles and clothing. Portugal 
exports over 50 per cent, of her 
textiles lo the European Com¬ 
munity. 


Contracts 


Two contracts together worth 
more than £1.5m. for designing, 
fabricating and erecting the steel 
work for large commercial 
developments in the oil state of 
Qatar on the Gulf have been won 
by the Poole, Dorset, company 
of Fairmile Engineering. 

The Republic of Guinea has 
signed a contract worth £3.64m. 
with Sodele Francaise des 
Telephones Ericsson for the 
supply and installation of one 
large and seven small telephone 
exchanges. SFTE is. a sub¬ 
sidiary of the Jarjfest French 
telecommunications company, 
Themson-CSF. though the 
Swedish company of Ericssons 
has a 35 per cent, share in it. 

• Kloeckner Industrie 
Anlagen, a subsidiary of 
Kloeckner. has received a letter 
of intent to build an alumina 
refinery worth over S400m. in 
Bintan. Indonesia, Kloeckner 
said. „ . 

• Tbe Iraq State Organisation 
for the Distribution of Oil 
Products and Gas has placed an 
order worth in excess of £750,000 
for 23 fire-fighting appliances, 
20 trailer units and a large 
quantity of fittings and small 
equipment from Merry weather, 
the Greenwich based fire 
engineers. The total contract is 
to be completed witbin 20 
months and follows on the com¬ 
pletion of £500.000 order from 
the same customer for large 
water and foam lenders. 

• Further to the recent 
announcement of a £ 100,000 
contract for Algeria, D&co 
Telecommunications (Middle 
East j .has announced a £300,000 
contract from the State of 
Kuwait for the supply and in 
stallation of two 300 ft micro 
wave towers, complete whh 
microwave dishes. 




Cm. 



Cm. ! 

priced" imports from the 

1 

US. 

3,087.2 

16 

South Africa 

587.0 | 

Eastern bloc. 

2 

West Germany 

2301.1 

17 

Saudi Arabia 

576.9 

Tbe European Commission is 

3 

France 

2,1473 

18 

Japan 

4693 , 

alreadj - in the process of setting 

4 

Netherlands 

2,138.7 

79 

Spain 

4143 ! 

! up a system of momtorins the 

5 

Belgium/Lux. 

1,837.1 

20 

UAE 

454.9 ; 

| increasing effects of compensa¬ 

6 

Ireland 

13403 

21 

Soviet Union 

347.4 I 

tion trading deals with Comecon 

7 

Switzerland 

1,4213 

22 

Finland 

345.9 

! countries. Under ibis system 

8 

Sweden 

1.196.7 

23 

Portugal 

2993 ! 

chemical plants built in the 

9 

Nigeria 

1,068.7 

24 

New Zealand 

286.8 

Eastern bloc by Western con¬ 

10 

Italy 

9783 

25 

India 

2783 j 

tractors are paid for in product 

11 

Denmark 

7973 

26 

Israel 

273.9 

rather than foreign currency. 

12 

Norway 

7613 

27 

Hong Kong 

2713 : 

Now the chemical industry has 

13 

Australia 

7613 

28 

Austria 

251.9 

become alarmed about what 

14 

Canada 

7123 

29 

Brazil 

245.4 | 

could become a flood of low-cosi 

15 

Iran 

654.6 

30 

Kuwait 

2433 

imports, disrupting Western 


Our superb inflight service: 

Something you’ll hardly notice but always remember. 



Another aspect of our special 
way of caring you’ll be glad to dis¬ 
cover is thej AL Executive Service, 
the first and still the most compre¬ 
hensive package of business aids for 
the executive visitingjapan. 

Before you go, it will help you do 
your homework on die Japanese 
business scene. On the way, the 
Tachibana Executive Cabin is also 



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service is as unobtrusive as it’s effici¬ 
ent Never pushy but always there. 
Quiet, quick and 
courteous. 

The clue to it all 
lies in our language. - £ 
Thejapanese 
wordforpassenger 
is literally 



honoured guest! And you’ll dis¬ 
cover we’re true to our word when 
you flyJAL. 

When you refresh yourself with 
hot oshibori towels, sip alitdegreeh 
tea or splash out with champagne. 
When you sample exquisite Japan¬ 
ese delicacies or feast on fine Euro¬ 
pean cuisine. And when you sit back, 
close your eyes and find thatapillow 
has magically appeared. 


part ofJAL’s service. A quieter area, 
just right for the businessman, right 
next to First Class on many 747 
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With all tiiis, 22 flights a week 
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_ : -Compan y - 


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-T 


} * 














HOME NEWS 



on Japanese cars 



soon 


BY JOHN. LLOYD 


prices 
to be toughened 


THE RISING share of tlse-UX The Society ot MotorMauufac- British Leyiand Is, however, 

domestic car market by Japanese turers and Traders said yester- fighting back strongly in that 

cars makes it likely that some day that recent talks with sector. A letter from Mr. 

form of quota system will be in- Japanese manufacturers bad Michael Edwards, its chairman, 

tfodheed in the near future. made it clear that the Japanese says that companies can order 


BY ELINOR GOODMAN. CONSUMER AFFAIRS CORRESPONDENT ) 


RETAILERS will no longer he For example, they may help- 
able to compare their own prices small retailers to know approxt-; 

by mately what price they should be 


Box 
to build 

£27m can 
plant 


BY CHRISTOPHER “PARKS 


The Government is examining were not prepared to set a maxi- Leyiand cars for their fleets with ; with those recommended . . „ „ 

olabs for ouotSs thoueh no ore- mum sales figure, or a market confidence on delivery. j manufacturers if proposal* being charging w give them their 

t hpi s! P share, in the UK of their own "We mean to cam your sup-;drawn up by the Office «.f Fair normal profit margin. . 

[lie For this reason, the Office! 


“ BriUsh r Leyllnd dSU*'among accord. ~ port by showing that even 

UK molor 8 manufacturers ! 11 baf The Department of Trade leopard 

been urging temporary quota f>° inted th „ at the voluntary *e have about as much! 


seems lo have opted lor a coin-.; 

would' 



a i Trading arc accepted by 
Government. , ... 

The «hld. recommended P™ 1 ” SSSU ^ta So on 

g retail prices and 
in their advertising. 


tiee of manufacturers recom¬ 
mending retail prices. Instead, 
it is thouht to favour lighter 
restrictions on the way the 

recommendations are us*.*d by 


alarm by the European Commis- in 1976 to 10.6 per cent, last year, showed that production could be 
sion, though EEC sources in D ■ - . ■ maintained and - that quality 

London said yesterday that the i^ene trail Oil could be improved. 

Commission bad failed in Us a particular cause for concent Figures for this month indi- 
attempts to persuade the 15 tb e evidence 'of the growing cated. that the company should. . 

Japanese to cut exports. .. strength of Japanese cars in the secure market share of about ■J5| snups - 
Talks with Japanese manufac- company car markeL which per cent, up 4 per cent on last| Retail price maintenance was 
turers were held recently, but accounts for around 70 per cent, month, and “level-pegging with .'abolished in 1963 but many 
no progress on a voluntary o£ car sales. Food." : manufacturers have continued 

agreement was announced. A survey last week by the While many large companies. 1 to recommend retail prices. With 

However. the Commission Automobile Association's Drive and the nationalised industries,! die growth of cut-price rner- 
would urge community-wide magazine paid that foreign pene- had a policy of buying British '< chaodising. recommended levels 
action, and would preFer a tration was substantially up an for their fleets, many also! are little more than notion 31 in 
system of tariffs rather than the 14 per cent, recorded jn specified imported models where isome sectors such as electrical 
quotas. July. 1976. no U.K. model was available. -durables and most retailprs sell 

Japanese cars took a record The Motor Schools Association Companies often allowed their the products well below them. 

13 per cent of the U.K. market reported that the Datsun Sunny senior executives to choose any[ comparisons such as 
last, month and arc heading for and Cherry models were replac- car up to a certain price ceiling.. CCS1L oj y recommended 
a -probable farther rise this ins the Ford Escort as '.he most Many choose a Continental made' therefore, can mislead ccn- 
month. popular instruction vehicle. car. for availability and novelty.j sumers ,' nt0 ' thinking they are 

_ ___—— _______ ! getting 3 better bargain than 

! they really arc. 


1 FARMERS IN Wales .and south- gad crofters •*£?**? & s 
1 west England, still hampered by ruptcy. -The biraaraa 1 .y] 
• ; snow and flood-water, spent the .swept-nmeb of die. country a 
week-ond potiring .thousands, of this month Killed between. 10. 
gallons of spoiled milk , down 25 per cent, of sheep oaogly 
the drain. thdr path. 

■ ^ ***** .-W 

I, Ktnntth Goodint Wwn'J |drills-?ome u|. to M .feet tte'Mur?i-'iSd's- 

Correspondent ■■ j to So dewed ta dSfrte 

It will have the capacity on *. B • 6 • Officials in Banffshire repoi 

produce 800m. cans a year for «» UD rea- ' . thatiapart from the outright' 

lllt .„ au „ clU3UJSl the food and beer industries The' Milk Marketing Board, ,Qf valuable breeding *\ras 

prohibit retailers I and initlailv will employ 350 concerned about the loss of milk, more serious louffteirtn ; pn>b 

comparisons with' people. {which left dairies sbdrrof'sup* ytoidd be the effectsofcthesto 

lhcrR ! The project represents the j plies lasT week. Bas-aaked^tbo on the - future breeding poten 

Fiash nacks nf the kind used! company's largest single invest- (Government and the EEC Corn- jjf those sheep which surviw 
bv the detergent companies'to mem in the OK (mission in Brussels for unmfr_ Many atieesp-jtpent m to 

d'pnote sneciai offers, probably The factory will produce l diate help. . days buried in . frozen.:'a 

would also he banned. . ! - Meta] Box’s first Jwo-piece [.. .“.Jt-.li still too. early to aseer-. before being'dug out alive. 

The recommendations will' •—-* * 

make up the second part of the 
Office nf' Fair Trading's review 
of bargain offer claims. Taken 
with last week's proposals for a 
ban 0:1 certain types of price 
comparisons, they would mean j p { a,c 

m-.nl’ ratailnrc urnutri have ■ aOOUt 


Direct labour ‘outstripped New models [Flash packs 


by private contractors’ 


BY MICHAEL CASSELL, BUILDING CORRESPONDENT 


for Fiat 
and Renault 


ihai many retailers would have 
to re-Lbink the way they promote 
their prices. 

The proposals, which 
40 per expected lu go* to Mr. 
price ” Hattersley. Prices Secretary, 

within the nest few weexs. are 
likely tu meet with some favour 
in tiie Department of Prices, 
which recently asked the Price 
Commission to look at the effects ! 
of manufacturers' recommended; 
prices on bedding. 

However, no cnanges to the 1 


1-'Metal Box’s" first —^-.... ...-— 

: tin plate food cans in Britain sts I, tain, the full effects of . toe 
well as two-piece aluminium j disaster on the 14JJ00- milk. Pfpr.. l ?nn<*Aje broken'v - 
beer cans and equipment for jducers in these two; areas^- * . - -- 

the manufacture of easy-open I almost a third of all the dairy 'Expensive fences. have"; b 
ends. _ [farmers in Engtaadland WateK’V flattened: by the weight.nf sn 

Two-piece cans use less tin- | the.Board said. _.Aa. well. as. the cost ot replac 

plate and consequently cost “-What is clear is that a great dead>?heep.'. no, one .will; ki 
20 per cenL less than 1 number oF these producers have until April, when lambing is . 


the conventional three-piece.' {suffered severe losses and have to start,"-bow-jmany:; iambs w 


Hip two-piece can offers oppbr- 
are i tunlties for future savings not 
H OV : available to .the three-piece 


been 'ppwerl ess to save much .of. aborted. .. 
their, milk.” Officials in southern -Enjla 

Cut off from collection tankers, wh^re lambing.-; had . star 
through Hie uac of cheaper {farmers were forced to pour'away expect.heavy lasses. ; ’ 

steel. Tor example. ;theifmi!k. Producers -with herds . Livestock markets 

Much of the machinery for j of 60' cows claimed to be losing slaughterhouses, there also h 
the Leicester plant will he I £300 with every day's milk pro- suffered. Because farms were 

daction poured away. ■. able to get their, stock to marl 

Iif.yScotland, farmers' unioo supplies of meat animals, w 
offidals said that many farmers reduced by almost half.. 



made ax Metal Box's machinery- 
building factories around the 
L«K. 

The first of the. easy-open 
cuds presses will be in produc¬ 
tion by early summer. The 
planned 
the begin- 
the beer 
can operation will be In pro- 


By Terry Dodsworth 


PRODUCTIVITY in private con- direct works establishments a 
tzacting companies is as much more favoured status seems |TWO medium-range saloons to I 
a $ 54 per cent higher than likely, on the basis of this evi- compete with the Ford Cortina 
among local authority direct dence. to lead to a waste of I and Leyland's "Morris Marina) 
labour building departments, resources which we can ill j vrill be announced on the Con- 
according to a senior lecturer in afford.” i tinent this week. 

Loucdiborouch University of Mr. Fleming's findings will The most significant is the 
® . ' . provide powerful ammunition 1 Renault R18. designed as an, 

Mr. Michael Fleming has based f or the federation, which, with i addition to the range rather than 1 
bis analysis on the recent publl- other trade bodies in the con-j an immediate reolacoment of 


recommendation can J-er-'e some until it introduces new Jegisla-' T*'" ue 

purpose for shoppers and shop- tiun stemming from its review l . 

of the Fair Trading Act. ! - 15 ,ess “* n XHl 


keepers alike. 


Hattersley may see 
tea blenders this week 


BY DAVID CHURCHILL 


_ _ __...__ ( _ immediate replacement 

cation by the Department of the structioD industry has been 1 present models. 

Environment of the results of its Sghting Government moves to! similar m the m* ROY- HATTERSLEY. price? use the Act to impose a maxi-j 

censuses of local authority build- extend' the scope of direct I w i t h fmrr rioorJ ^iin- fnr five ; Secretar> . is expected to meet mum ierel on wholesale pnces.i 
ing departments an-' pnvate labour operations. i Jnnlr a nSa wnarai^ hnnt ' :ihe bi S lCd ! > lenders t h, s week and thus force the retaii pnee; 

contractors taken in 1976. ... P P P :■* Part of the procedure for down to about 21 P or 22p aj 3 

J^s*-***’ Its styling is similar to that of imposing a maximum price for quarter, was mad because the’ jump by 28 per cent to 3J2bn. 

Broad V attempted to provide them with, the ear!ier cafi and m]y mar-. le3 . present controls were not avail- 

y wider power,, but plan, bad toigi na |iy i ar£ , r thio the R!2. | bu derided ‘“‘e » cue. 


two years 
since the company, which 
makes six out of every 20 cans 
sold lo the opened an 
film, factory at tVesihough- 
ton, Lancs^ which produces 
two-piece tinplate eons for the 
soft drinks market. Another 
£ 2 m. was spent an a line to 
make two-piece alnminium 
cans at its Glasgow plant. 

The investment is to cope 
with expected' demand. Com¬ 
pany forecasts suggest that 
1976 sales of 2 fihn. cans will 


Line between brokers 
and jobbers ‘should go’ 


BY JAMES BARTHOLOMEW 


wider powers, but plans bad to 
Writing in National Builder, a *- temporarily aban- 

the journal of the National doned because of the narrow 
Federation of Building Trades Parliamentary majority. 
Employers, Mr. Fleming says that Proposals to increase their 
his figures on comparative pro- level of activity have re-emerged 
ductivity are primarily based on as part of the Labour Party's 
housing work, though the picture plans to part-nationalise the 
is broadly the same for other construction and building 
categories. materials sectors, a move the 

“From a purely economic industry has pledged itself 
point of view, any step to accord against. 




of the year. 

Fiat has revised and expanded 
its three-year-old Mirafiqri rar^e 
for display at the Geneva Motor 
Show which starts on Tuesday. 

First deliveries of the range jo 
the U.K are expected this 
summer. 


The Price Commission investi- 

ttitroduce'd to^e lTK' at'the end 1 h, ? nders refused to cut their sati0 n wa s instigated under the 
introduced to toe u.b. at the eno, pnces jn j, ne with last weeks previous control system which 

Price Commission reeommenda- expired last summer, 
lion 

“EkfE hi ‘filter ’iomi 

Secretary of State is obliged to weeks and could be delayed if 

bef0r ' "fu« ." lui- 


Mr. Hattersley’s decision to 


priced existing stocks. 


next year. 

The group said at the week¬ 
end that (he decision to go 
ahead at Leicester ** represents 
yet further support for the 
brewers who have invested 
heavily in new, high-speed 
filling lines capable of fitting 
more than 1,200 cans a minute 
and recognises the importance 
of continued growth in the 
markeL” 


THE"STRICT demarcation line made jobbing in shares of see 
between brokers and. jobbers .companies; unprofitable, 
should be removed, Vieknrs-.-da Fewer jobbers therefore de 
.Costa stockbrokers, has told the in those shares and the marg 
j Stock Exchange senior partners’ .had- been widened to the' i 
committee which is. examining-advantage of private investor 
stock market reform.... • - Vickers doubts that brbk 

The firm, no stranger to con- provide- a -"realty- wortfiwti 
trove'rsy 'haring criticised the agency' sendee for ulstitutio 
Stock Exchange executive in its' kince*.&we^ aUj. typteally- 01 
last annual report, considers the three jobbers for the broker 
division between . jobbers .and:-approach-S “This- leaves cc 
brokers to entail duplication-of mission- almost entirely - has 
capital and peoplei This t has on -research which js a frag 
become particularly, serious, base tb/.support more. than 7 ] 
according to Vickers, after the broker #.* 1 ; • 1 : 

rise in-importance of institutional - A:' large : fe«aoase . in roark 
dealing and .the fall, in. invest^^making capacity would result 
ment by ; individuals. . jokers rtaJttid " set np- jdbbi 

The large size of inatitutfimal' subsidiaries, and viceeversa. B 
deals'."meant that - jobbers bad the. agency market-maid 
tended- to.vriden margins defeh- function^ should be kept^strict 
srvely. Meanwhile, the decreased separate In’ &y firth ^riormi 
invetdmenl' by indiv|'tto5fls ^(r^ottL.^ ^ ; 



knows that 



After a period of retrenchment; many companies 
are now reconsidering their investment plans. Now 
could be the time to buy new machinery to reduce 
production costs and increase profit Or to expand 
production to meet increasing demand 


And it could be a good time for businesses to take 
stock of their banks. There are, after all/many ways 
of “borrowing money" - overdraft, medium term 
loan, hire purchase, leasing and so on - and you need 
a bank manager who is prepared to devote his time 
to understanding your business so that you borrow 
5n the best way for your particular needs. 


At Williams & Glvn’s we keep our branches to a 
size that means that our managers do have more 
time to spend with individual customers. We 
encourage our managers to visit their customers so 
that they obtain a first-hand understanding of the 
business. And we are careful to avoid an elaborate 
hierarchy of committees, so that when a decision on 
lending is needed, it can be made quickly. 


Five ways to more 
profitable business 


Wouldn’t you like a bank that understands you 
and your needs and can act quickly? Why not talk to; _ 
your local Williams & Glyn’s manager. Or write to:- 
Marketing Development Office, WDliams & Glyns 
'Bank Ltd, New London Bridge House, 25 London 
Bridge Street, London SEl 9SX- 


1 Short-term Finance 
Overdrafts can cover seasonal 
fluctuations in revenue and 
expenditure or provide additional 
working capital 

2 Medium-term Loans 

A more formal arrangement for 
loans from 2-7 years for the purchase 
of new plant and equipment, etc. 

• 3 Cash Row Control 

Williams & Glyn’s managers are 
always ready to help with advice. 

4 Instalmentcreditfor 
new machinery 
Through a subsidiary company. 

. St Margaret’s Trust Ltd.. Williams - 
& Glyn’s can provide instalment 
credit for the purchase of goods or 
equipment. 

5 Development Capital 

Williams & Glyns can provide 
finance for expanding private and 
public companies. 


Action likely 
to cut butter 


export profits 


- v ■ 


•• - 'i.-- >Vf, tr 


and 


BY RHH.1P RAWSTORNE ' ,:;V 

will; THE CONSERVATIVES, who comfort ta the National Front j 
shortly close a legal loophoie; came under sharp attack from by her statements o& imutijgA- 
through which entrepreneurs ini sector Government Ministers at lion. ' 

(he Ernrfirv hltcinpcc h ava ha«n I fho tuool-.nn^ _ _ ’ ' . . : T. 


GOVERNMENT 
shortly close 


action 


the grocery business have been j the week-end for encouraging -t ne » orv leaner uao -xmn a 
drawing useful profits on buttsr.conflin over mmi|ratiOD, we to puS h to 

. . mount a counter-offensive in the declared at WnkiriB- 

Butter sold in Britain u sub- Commons to-day against the «?£?!?iXJ; 
sidised to the tune of SJp . Govemment^ord So Uw nnd ^ 

pound from the EEC Farm Fund, order. 11 ” ' ' 

fraders have beep buying sup- *«■_ wm Barnett Chief Socre- 

plies of this butter from*cast'rr^* YiJli 501 WI j! eIaw - tary to the Treasury, said in 
and-carr:/ wholesale stores and'? 0 ?® AJfidrs spokesman, will Kochdale: **We now know that 
“exporting'* them to those parts : | ea d ,n .ti*e Mnaure debate which many of the decent civilised 
or the British Jsies which are ! 19 _ ae s*B c ««. to . stake out the eiemems in our society w wieH0 
not members of the EEC—the 1 E? 1 ^ s |l0 ^ u ? n J® l0 * be in serious jeopardy if tfaik 

la.’e of Man and the Channel 1010 8 eneraJ tlfiction campaign, coumiy were ever to have the 
laics. ! As 5,000 police with dogs and inislor-ume-- of seeiog . her as 

li appears the dealings were-riot shields Successfully averted triune Minister" 
nouceame enough fur more con-!any major clash between Mr. Roy Hattersley, Prices 
v:-ntional traders like Marks andjNational Front supporters and Secretary, joining the attack in 
Spencer and the Co-operative j Left-wingers in Ilford North on a speech to a Muslim audience 
Wholesale society to lodge a I Saturday, five - days before in Birmingham,-said that the 
complaint. They have been j Thursday's by-election, Mr. David Conservatives had made “ a’ cai- 
refuodmg subsidies on exports Ennals, Social Services Secre- cuiaied and consrious' decision 
to offshore branches, thus tary, accused Mrs. Margaret to play the race relation? num- 
trading at u disadvantage. I Thatcher of giving “aid and bers same.’' 


The merger- of boac « 

B£A that created British Ai 

yHW9. * to a f aet Ufe anti the : 

ww T*ack. M Mr., Rd 
Statutedeputy chalrinan ar 
cWer executive, teUs staff in‘ tt 
latest issue of the.airline’s:new 
paper. - 

Replying to . criticisms th; 
many uf the airline's tbcbi 
troubles were beeause it is tc 
large, - Mr. Starinton. says th; 
while "“it' may .well' be th: 
management has not yet entire! 
removed some underlying «i 
picttm that-people are'threatens 


NEWS ANALYSIS—CASH FOR BARROW HEPBURN 


Tanning the enterprise board 


BY LYNTON McLAIN, INDUSTRIAL STAFF .V.X‘ 

LAST week’s announcement that Hepburn Group's activities, has The 14 tanners still are seefcinir 
^° nal prise Board is caused bitterness and anger wuh. a court 'dedNation 

•* «•- •»»«« B«Sd , %rss , 2a,ss R %' 



LIAMS & GLYN’S BANK LTD 


The most flexible of the big five banks 

A men ztr of the Xa:ior.til ana Commercial Banking Group and or* o/ir.s ister-A&ka Group o/cc-Js* 


nearly LL'ra. in na joint venture industry. . 

ss:™ri £^r=sarsg s'ss«£raEsi 

SSS ssBV-ilXss 

■^ss.'svsm irssSSS'S sSSsS® 

mdustrys ouipuL already have mercially. capacity and poor market. profr 

SSS'. 1 ?* 1 • acll0n over lbe Man - V of the tminers. have -ovei^bv* tiip'^RriSwh^SSSL t, ^ : 
Boards decision, announced in written to MPs protesting about omwin/hJ. 

March Iasi year, xo lorm a part- this anfl *bQUt the potential rSwiS g 

neeship with Barruw Hepbum. harm State involvement couid i arff -jC 5 1?^®,’* was 

Last mnnih an attempt by the do Jo their businesses. There J,/ 8 ® * prices 

Buard to block a High Court has been talk of redundancies. v *'i 33 5^ l ? cc ? , V ,t8 fo ^ 

action cnalleiiEing the legality of Mr. Eric Varley, tiadustry QaU 016 cost of finished Leatiier. ; 
Ms Mivolvemem in the tanning Secretary, was urged . last 
indunry was rejected. summer to pursue. talks on T’lirt #rlx ' 

ine parlnership. British possible aid for the whole of lUc SIOOIII 

i armors Products, is 50 per cent, the British tanning industry 

owned by the Board and the before additional aid was given More than '400m.- sn ft' -of 
baunce oy Barrow Hepburn. The lo British Tanners Proaucts. tight leather and 10,009-tods tof 


, More Home New$j 
. .-.Page 28 '! 


by the. merger and thatr'-it wa 
Resigned to jput pedple dut l 
the cbltL" it has "erttoted powej 
Iful advantages and" hew o'ppm 
pfusei far'w 
wygbrthe oupuses.”-: 

Uir/^taiatflD says .that th* - 

to- :vv?#txfemexKtous - inherien 
strbngTS*. in'; .tfie -atr&ne’s -coiri 
lilnedrreijite pattern, and ln- it 
eh^&eering. resources: while 11 
it»r ; marketjhg- ( and' commetttfa 
activities ii. has J already demon 
strated that, use hf the-coni bidet 
name of British ‘ Alrwhys.*ij j 
great asset. • ' , 


Writ for anditois 


The Stock Exchance has isttiec 
a -well against Keens Shay Keens 
former auditors of tbe hatnjoer&l 
Stockbroking , firm. ". ' Chapmai 
Rowe.' This'has dmerged.£rpni 
eYidence_ at ..'thfe'toiti :df aft>ra« 
partners -of -Ghapman Ttowe.-jw 
tfie OldBaaey.xhe broWngirts 
went under 

the resultant claim on the Stbck 
ExchaBgedotopenrtrtion ftod^ai 
mdre : .thiyi^£lin.' _• 


-- £<A, 


Slower^fid TKe; . . 

The price bl solid. tuei 
by. 35; per- qmt 1&T977, compared 
-syith 22^pex Cent^ J57B. sauFSie 
.- ta anual; rapM'-4fc:ihe - JJbihSitic 
i'Gtial Cottsumerf QoutitrtL'' 

' Mr; pasld chairmen. 


uTnn fn ™J^ e „ piea 9 anie trom Mr - ^chael heavy leather were "proditoed! crease' fijmed o^^fov^bt^ 

unnin*. lonnioi, materials and Gr>'lls- Conservative MP for last year for industry 'and shoe • -- -■— 

Hpnhnm or , Barj [ ow north-west Surrey, who wanted soles. Exports t6pped : one-thfr| 

Hepburn, based on five tanneries, an industry-wide scheme. ■ of output, dr fllfl^Aeai’nst'this 
Lannmg material manufactur- But this, and the Board’s Imports of dressed'leather we*^' 

m?n, l f U 7 n ** s an K * sekttmc interpretation uf the important £55m. to £BOm:,Ust ?bS!- ; cow' 

Bevertov tUr HHn Rffi/nn*® t^ h 1 P 1,ras e "acting commercially ” i s pared with £425m. ra^lSW^and 

SfJ * Bollon ' Leeds Precisely the ground <m -which £2S.25m1 the nrevKius yefir: : %ith 

and Llv-emon. the Board believes the indepen- rough tanned 

d Cht tanners' court action will totalled £99ra. Ia8t year, - giving 

The anger '“k......' 5?5i? 



yMunuEj,.vucuk 

i. Ttif a3 ; ifeS^ 

surveyif.s «anilles 

yriib;*iflh;|d 

dfeniedJi^dttSreF:' of-iioiiig -%& 


The enterprise bn»rd paid a 
loial of S3m. for its share in the 
new company last March and 

d *" Wi,h 8^ The injunil Whin P., Bwiii, 

i \ P finance non wa» refused. The 14 lanners goes before a court during 

2 ?f* T rd ' on ,nVtflv,n S were silent until last spring when Whitsun tow term ' — . ' 

Th^T 1 . r . cdui l danc,es thpy applied for a court hearing But. 1hif .lt 

M^nonn f- .o' 0 15 ln . pay Thls w »* granted and it was th* board's.defence 

^ D a 4 " c / : ' nl ' s,,arft * Board's turn to'applv to have it grahhing no to ±5'TiHr 


hat i« j»n-ral!v ,< 


m 3 ' ^ ^ nf January, he that the 14 

7 r * £. *top th« action gbrna to have .no. right 


been an ailing pan &J the Barrow trial’ 


to- 


agamsl )L 


V 


v- 


•> 


i-f 















Poij r 


% ' * - SPERRY RANO CO^POflATtON : 

1' ' Dfis. 60,000,000.- • „ 

V‘bearer guaranteed notes of 1972 

•: idue 1976/3979 of , 

ERRY RAND OVERSEAS N.V. 

- Cuiagaa, Netherlands Antilles 

HLRD ANNUA*L REDEMPTION 
INSTALMENT 

(Redemption Groups Nos. l and * 
having fallen due before) 

Notes belonging to Redemption Group No. * 
will be redeemed on and after 

APRIL!, 1978 

accordance-with drawing effected on 
February 14,1978 pursuant to the Terms 
and Conditions. 

Faying Agents:' 

Amster dam -Rotterdain Bank N.V• 
Algemenc Bank Nederland N.V. 

Bank Mees & Hope NV 
Pierson, Heidring & Pierson N.V. 
in Amsterdam 
S.G. Warburg & Co. Ltd. 

utLondon 

and 

Basque Giserak do Luxembourg SX 
in Luxembourg 

r ebruary 27, 1978 __ 


Teachers .1 Stewards vote I £3bn economy boost sought 

a _ • _ _ x mr T a _ -I A 1%S /vrtn 


to reject 
9% pay 

rise offer 


TEACHERS’ unions will turn 
down to-day a pay offer made in 
secret last -week. 

The offer, framed within the 
Government’s .10 per cent, guide¬ 
lines, would give a 9 per. cent. 

rise to all teachers, leaving l 

Der cent, for “ salary drift 

The anions’ original claim was 

for 124 per cent _ 

The union side of the 

Hum nefiotiating committee, 

rsfts«!-3 

sstt sft 

“ Peter to pay 

Paul” i°S Mr. Tejw C,jey. 

ss™ 1 sssy sjs-Wi 

Schoolmasters Union of Wonum 
T-Schers. the third largest union. 


on Leyland 
£8 plan to-day 

BY ARTHUR SMITH, MIDLANDS CORRESPONDENT 


by TUC to reduce jobless 



BY CHRISTIAN TYLER. LABOUR EDITOR 


5 sat- L 

Miil Hi 


‘Scrooge’ 

it would make employees 

Sff.KrSSS 

SSiassrs!" 

when the* have been benevolent 
to the'r manual workers i® the 

extSt erf 10 P« « nt - P ms i *! 

surely mean an appeal t 0 | 
ESSSta.* ^aration." be 

• An ultra to J.ia 

«s»x key seats on the executive 
!? the National Union of 
Teachers was disclosed yestenUy 
by Mr- Max Moms, a past 
■resident of the union. • _ 


LEYLAND CARS’ shop stewards c 
vote to-day on whether to give t 
a trial run to a new incentive s 
scheme which the company I 
claims could yield up to £8 a 
week for each of tho 100.000 i 
manual workers. 

The management has proposed 
a six-month trial to break the 
Impasse in negotiations with the 
trade unions. Talks over the 
last three months have made 
little progress-, on a scheme 
which should have been intro¬ 
duced on January 1. 

The company is now in a much 
stronger negotiating position 
than when it balloted the work 
force last October on whether to 
accept a package of industrial 
i relations reforms. 

I Then, the unions were 
r threatening sanctions. Now, after 
Government support for the 
j hard-line decision to close the 
Speke assembly plant, raanage- 
t ment is setting the pace. 


Agreements 


Mr. Terry Duffy, the Amal¬ 
gamated Union of Engineering 
Workers’ national executive 
member for the Midlands, admit¬ 
ted last night that management 
had made few concessions. 

“Rather than reject the offer, 
the 27-man union negotiating 


committee is putting the issue u 
back to the senior stewards to 
see whether they are prepared 
to grasp the nettie." ... A 
The unions have been insisting e 
on mutual agreements of work j 
standards and have rejected the j 
E8 upper limit on bonus earnings, y 
The management recognises the 
need for incentives to restore 
morale and effort to the company, 
but is determined to make the < 
scheme self-financing. 

The shop stewards, meeting at j 
Coventry, will also consider pro- 
grccs on the job evaluation 
exercise to place all workers 
, within a Ave-sradc structure. 

» The exercise marks only the 
l first stage of the plan to estab¬ 
lish. bv November next year, 
s parity of earnings between the 
r company's 36 plants. The aim is 
e to pay workers 1 the same wage 
a for the same job regardless of 

i- location. „ , „„ 

Fears that management plans 
to reform Leyiand’s chaotic wage 
and bargaining system would be 
overtaken by militant rank-and-l 
1 - file action have receded, 
g The arrival of Mr. Michael 
re Edwardes, the new'British Ley- 
t- land chairman, with bis brier to 
it out the company on a commercial 
basis, has forced shop 
r on the defensive unsure of the 
® support they can command. 


A START should be made on be 
the long-term unemployment wt 
problem by giving the economy in 
its largest budgetary boost this w 
April, the TUC says in its econo- bi 
mic review, published last night. ^ 
Calling for a gross injection of a< 
£ 3 .Bbn. in the coming year; 
equivalent to £4.7bn. in a full jj 
year, the TUC Is aiming for * 
growth of 5 or 6 per cent, c 
Further action may be neces- * 
sary this year, it says. d 

The main item on April 11 7 
should be a direct tax cut worth 
£ 2.1 bn. In a full year, to boost J 
t spending power. But “an mdis^ 

■ criminate boom in consumption 
1 is not proposed. 1 

5 The tax cuts should be effected 1 
by introducing a reduced rate ] 
? band of £ 1,000 on which tax 
1 - would be 25 per cent- instead of . 

the standard rate of 34 per cent 
e Underlying the TUC’s case is a 
s “modest objective- to bring 
e unemployment, standing ^^at 

f i.4ni., down to lm. by 1981- That 
would require the creation of 
15 another lm. jobs. To approach 
£ fun employment 1 . 6 m. new jobs 
I® would be needed. 

Structural measures were 
e l needed as well as extra demand 
l. —“otherwise there is no path to 
to economic recovery which wM 
al avoid the dangers ^of inflation 
Os and unemployment, 

Z As well as extension of present 

job subsidy schemes there should 


be concerted union action in 
western countries to negotiate 
improvements such as a shorter 
working week. That action must 
be complementary “ to cancel 
out any adverse effects on'com¬ 
petitiveness which unilateral 
action might produce.” 

In Britain, a cut in the work¬ 
ing week from 40 to 35 hour 5 
would have to be phased, oe- 
cause cost, even assuming that 
40 per cent of the hours cut 
were paid for out of higher pro- 
ductivity. would be about 0 or 
7 per cent. 


Sabbaticals 


Depending on the level of \ 
overtime still worked, and of 1 
output, the benefit of a shorter . 

week would range Soo'new 
700,000 down to only 150,000 new 

*°Unions should seek the maxi¬ 
mum employment benefit git* 
out cutting workers 1 ”™“* 
standards, either through lower 
pay or rising inflation. 

The review also discusses 
cutting overtime and bargaining 
for longer holidays or sabbaticals 
for workers with long service, 
for extended week-ends on a 
ratio basis, extended ednea- 

| tlonal leave and phased early 
^ retirement 

1 Government action should in¬ 
clude expanding the small com- 
t panies job subsidy into a general 
l employment subsidy. Every new 


job in manufacturing companies, 
regardless of their size or loca¬ 
tion. should attract the £ 20 -a- 
week subsidy. That would pro¬ 
vide about 140,000 jobs at a net 
cost of £150m. 

This improvement of the early 
retirement subsidy and exten¬ 
sion of the temporary employ-' 
ment subsidy—about which me . 
Common Market Commission ha& 
complained—will be the subject 
of a meeting to-day between TUC , 
leaders and Mr. Albert Booth, 
Employment Secretary. 

The review also look s at Inter¬ 
national trade and investment, at 
the Budget and at North Sea oil. 

In the Budget chapter, there 
F Is a single reference to pay 
F where the TUC says that 
r although it is not party to the 
] 10 per cent, earnings limit, the 
v approach of securing ianie in : . 

creases in order to make up 
i- ground lost over the past three 
t- years would be self-defeating. 


Uprating 


There should be an increase in 
the child benefit, on top of a 
rise due in April, to bring it 
up to £4.50 a week per child by 
April next year. 

There should also he another 
£1.05 for singie pensioners and 
£1 70 for a couple, on top of the 
next autumn uprating. and the 
pensioners’ £10 Christmas bonus 
should be doubted and made 
permanent 


1 wl:‘ 


,, i 1 

?. I r r S , _• . ... 


( * ■: \ i' : *\\ 

K- ! ** 


f'i . -V ■; * * 

Li\ ■: s:» 




er cent. EXCHEQUER STOCK, 
1983 

;ue of £800,000,000 at £96.50 per ceffL 

r PAYASU haip-yeaaly 

•to receive NaSoal CuttatUOumn tor I 

. ON Slock Has been V: I 

.-txwataffSaaf as 

■ ■-L’tt ^ - • ot — g 

;^SS^«-fi5S8 

tf Use applicant. Wo altonwmw“ m ^ ^ onoimt arid on I 

Si 

If no »Paonfm 1 » roade ibe of 

- Letters of ^lo^- [s XrtUs and W;«r core n«rt ** 

strati on not later then UTh ^ Stock t» P»« «> 

' SmrtSoTat Hi* rat* 0 * S.l= 5 p *« /SfilN bearin x. tfari r 

ssr- ««*****«* 

STS™ 


hoard 


; of tne union. ----- 

Before youchoose i 
an airline to Newtoik 

Choose a terminal 





>F RKGL4ND. 
i. 

irnary IPTS. 


Pan Am's terminal is used by all these airlines. 


this for m may be used 

use by Banker or Stockbroker claiming commission 


* (Stamp) 


VAT Regn- No. 

(If not registered put 

“NONE”) 


| per cent. EXCHEQUER STOCK, 1I&3 

ISSUE OF £800,000,000 AT £98.50 PER BBH- 

' IE GOVERNOR AND COMPANY OF ^ w»« UK 

. ?,r ^—”i 











British Airways'terminal is used by ail these airiines 






■■■SSiWS~mMJS?SSr- - - — 

IS .-8 SIGNATURE ■ yrSSSSSu 

. jbOTE B'Cbck USTTERS of. Sr W bcha« of. - 

JRNAME OF ATRUCANT ~ ____.— 

R./MRS./MISS OR TITLE- 

1TIST NAME'S) IN FULL-— —- 

• ^ duress ln full ---- 


~ 17^ , fM--amcantt. W> lo.-CLMO ^ molriSei 

AopilcadoM J*«gdbo ,W® ed ** bo 

S treat. W any «db ooonotlwL 

^adc'payoU* « “Book ?L Ko ^? l> f,"- J^i and referew* 

mmwmmm 



t-i.. -ifi -—B 

’ : *. 


f- 

^ -. 



TWAs terminal is used only by TWA. 


It’s expected that more people than 
ever wfll visit America this yean 

VVhaifs more, most of them will be 

“ ll S 1 iS^mb 8 ri n gftalo ? Iy 

TWA offers its passengers atermmai. 
which is not used by other airlines. 


They also give you connecting 
flights to 22 American cities from me 

Sam From S‘on tefl your travel agent 

t0 ^notonlyttiebesi' airline to fly.with. 
It’s the best one to arrive uatn! 


,Uia Atlantic fhan my other elrBnc. 


TWUSSS^^Si 

No.l across the Atlantic 


I"' ""<■ 


9 

























6 

Bidding md Civil Engineering 


"j^3ay : 


Boost for gas plants 


London-based to existing fabrication facilities, 
will be used to make tne 


Long desert 
trains 



. Glasgow motorway 


A CONTRACT worth £8.6m. for city, will be a 3,6 km. stretch of 
Stage 2B of the Monkiand motor- three-lane dual carriageway. 

way, Glasgow, has been Inc, “ d * d 1 h “"*™ ct * re 

* . . _ ® . _ _ . overbridges. footbridges, sign 

awarded to W. and C. French gantr i eSt lighting and diversion 

(Construction) by the Strath- 0 f water pipes. 

Clyde Regional Council Depart- This work which starts soon 
ment of Roads. will complete the dual carriage- poration. The two-storey factories 

Th^ section of the motorway, way link from Port Glasgow to will be completed within the 

which is on the east side of the Edinburgh. next year. 


Robert Marriott which, like 
\\\ and C. French, is a member 
of the French Kier Group, has 
won a contract worth over flm. 
for the construction of eight 
factory’ units at Brackmills for 
Northampton Development Cor- 


Two awards 
to Wimpey 


cP?NDON‘CO-‘« f CRtl'ECO-L 
Thame Rdr.LongCrentSijj 

,. Ayiesb-. jryr-Bucfcs. i-iPi8 SE 


More for 


of 

ex- 


and services. It will house the frame with concrete floors to 
new headquarters of the Mel- accommodate a cylindrical stain- 
bourne Harbor Trust and will less steel milk processing plant 
provide accommodation for rising through three storeys, 
banks, importers and exporters. This posed a problem of vertical 
trade organisations, airlines and alignment. 

OVER £2lm. worth of contracts shipping companies. Laing says it was decided to 

have been'placed this month with The convention centre will be use the laser beam because of 
the Bow Croup. .sited at Exhibition Gardens the difficulty of plumbing 

Largest' Is for Newcastle upon about two miles to the north 
Tvne City Council at over fjm. the trade centre. A world 
for housing at Wesfhoume bibition is planned for 1980. 

Gardens. Walker. This includes 
47 houses and flats, and a block 
of 30 flats for old people, with 
warden's accommodation, com¬ 
mon rooms and laundry. 

For North Tyneside Council 
the company is to build 4S 
dwellings. 2 shops and a play 

area at Cullercoats valued at WORK STARTS soon on 
over £Jm. 68-week contract for - the con- 

The remaining £lra. worth is struction by traditional methods 
comprised of five building pro- of 59 houses and 24 flats, all of 


THE Metropolitan Borough of 
Tameside has awarded two bous 
iug contracts at 
Line, Lancs., together worth 
about £1.4ni„ to George Wimpey. 

One is for 80 council dwellings 
and associated services at Coro¬ 
nation Road and the other, at 
Prospect Road, for 67 two-storey 
dwellings. Work starts in March 
and is due for completion 
later. 


CRYOPLANTS, 

subsidiary of BOC, is mounting "'“ t0 nn a g e “oxygen plants USING SPECIALLY" developed! 
a £1.5m. investment programme an ^ Jarge stora g B vessels. The dollies in conjunction with! 
to boost output of air separation new f ac tijty will feature Trailer Systems* Trt-80 ultta- 
plants, storage vessels and road special double-tier crane system heavy-duty - trailers, a Middle' 
and rail tankers for the storage with two 404on overhead electric East operator 'is using- road 
and distribution of industrial travelling cranes at the 60-foot trains. three trailers long,, cm 

level and two five-ton units at desert hauls.. . 

gases- . . the 30-foot level. The Tri-80 trailers can carry’; .. ...... 

Manufacturing facilities have investment programme 50 tomes at normal speeds and 88 ^vunerehaM^bte-f 

to be expanded to meet rising JSlu’bishing and 60 tonnes at 12 mph. The dollies /couplingking pirn-.Bra 



he sinews 
of industry 


CRENDO 


precast concrete 
. . . structures - 


re!: Lonq Crendoiv 


Ashton-under- orders from home and overseas, lending odSmc workshops to for 

• Exports, which accounted for <0 j ncreage road and rail tanker- vert the Tn-80 Mta. a. to rtop 

per cent of orders m 1977, are 1 construction. When this is com- trailer for the road train* 
expected to account for a major p j ete Cryoplants will be able to incorporate 20-tonne BPW 

proportion of future orders. build tankers on a semi-flow line pensions, which carry the ittil ..Specific!oaetion uiut. 

Heart of the expansion pro- basis. The new facility will load imposedJftn the dollies b r'Sg2^SJp-JgSSSS^’? 
nrimmp is the erection of a new incorporate a unique automatic the adjacent trailers. . damag^ i^en revenfog.,^ 

fabrication shop, scheduled for welding system developed jointly ■ The A-form draw-bar is adjust* Deteils from_Trger .^ 

bv the end of 1078. with an associate BOC Group able, and the fiM-whe^coupler. nr-Shirley Stieet J r.New 
■ can cater for either a 50 nun or London EI6.1HU -(01-474 22; 


a year completion 

This will add 21.000 square feet company. 






the difficulty of plumbing the 
edges of a circular shaft to the 
necessary degree of accuracy, 
and because of the tight fit of 
the machinery. The laser will he 
beamed up the centre of the 
shaft to provide an axial refer¬ 
ence. 

Architects are Beard Bennett 
Wilkins and Partners. 


a 


jeci3 in the North East. 


centre 
project in 
Melbourne 


two storeys, for Grave-sham 
Borough Council at Perry Street, 
Norlhflect. Kent. 

The contract, wnrth about 
£1.2m., includes roads and ancil¬ 
lary works, and has been let to 
Willett, a Trafalgar House Group 

company. 


Search for 
uranium 


In 


Keeping it 
straight 


to 


TENDERS ARE to be called 
March for the SA61m. first stage 
of a world trade centre in Mel¬ 
bourne. Victoria, Australia. It A ERICK-CLAD structure 
is stated that plans are also house a milk spray drying tower 
being prepared for an allied, but for the Ncstld Company in 
separate convention centre for Carlisle is to be built with the 
up to 4,000 people. aid of a laser. 

The trade centre is to offer a The £450,000 contract calls for 
wide range of business facilities a 5-storey reinforced concrete 


SAARBERG-Interplan GmbH. 
Saarhrucken. Federal Republic 
of Germany, tbe coal, oil and 
uranium development and con¬ 
sultant organisation of the State- 
owned Saarbergweke AG has 
awarded a uranium exploration 
contract to Hunting Geology and 
Geophysics. 

The contract, involves carry¬ 
ing out in the spring a low-level 
airborne gamma-ray spectro¬ 
meter and magnetometer survey 
over a distance of 4.000 km in 
the Oberpfalz area of north-oast 
Bavaria, north of Regensburg. 
The aim of the surrey will lie 
to disclose anomalous radio¬ 
activity and to assist in delineat¬ 
ing geological structures. 



r- ~ 




Factory ai 




Artist's Impression of the new factory to be built for the Hanovia Group at Slough, Berks., by Bo vis. 


COMPLETE rebuilding 1 of 
headquarters’’ at Bath-B 
Slough. .Berks.,. is.',planiied 
the -Hanovia., Group. Wort 
expected-to start JUi March. 

The present H4 single-st 
•buildings totalling. 50$00 
feet will be: demolished- 
replaced by- a Single Jpurt 
designed -.unit tof- provide r 
than 60,000 square feet- of m 
facturing eapatlty. Office .at? 
modation 'wiil^lso be hicre 
by a third to 10,000 Square 
housed in a two-storey adm 
trative block, 

- It ls underetood-that the.r 
contractor will be Bovis.and. 
cost ; of. the- -work" wjlT be « 
£lm. .r*’** 

.The new building hair) 
designed by Parsons .Bednal 


Foundations and gatehouse Houses in 

Scotland 


£6m. f orNorwest Holst 


IN CONJUNCTION with the for Merthyr Tydfil. - Bon 
French organisation Socea, Council at Cwm Biacs. This > 
Norwest Holst Civil: Engineering for the laying .of .650 metre 



A £600,000 contract has been involves groundworks and 
won by John Mowleni for work foundations for the reception and 

in connection with the Castington kitchen areas and a physical W ortr a total of about £!m concrete pines>and construe 

young offenders establishment education and training centre. ELA.contracts^have been is t0 lay 32 ' 700 metres of of W melSs of reS 

near ?.Iorperh, Northumberland. The work is be-lng carried out awarded t 0 S Leech Homes (Scot- mm. diameter steel pipeline co ncre te channel. ' Within 
One part of the contract calls on part of the former RAF lanc n for the British Gas Corporation.;contract John‘ Jornes--(fixe 

for a gatehouse which is to he a station at Addington, adjacent At Falkirk 48 sheltered housing Value of this contract is tiori); an associated comp 

structural steel frame building to a prison. The architect is nnits ^ t0 be built for tbe and together with several other.will, move 250,000 cubic me 

with brick walls. The other part Douglas A. Reed and Associates. Bei j d Housing Association under awards brings the total of latest*®f earth. 

___a £}m. contract. Work is orders to nearly £8m. - Two other jobs for Nor 

scheduled for completion by mid- The line! says Norwest Holst Holst are the construction < 
1979. is for the Bathgate to Lanark container berth at North D 

Construction starts next month East Route of. the Scottish Pipe- Garston, for the British' Ti 
on a flm. contract for 23 hous- line Project. About 9,000 metres port Docks Board (£225.000) 
ing. units for Cumbernauld of the pipe line" will be concrete- the installation ; 6f-" an effli 

Development Corporation. Com- coated and laid in bog land. . treatment , plant at- Outw 

pletion is due by the end of the Norwest Holst Is also under- Wakefield; ior Associated DaJ 
year. ' taking a £340,000 pipeline .job <£100,0001, 


Keeping big project on schedule 


VITALLY important scheduling 
for the big project to build flour 
mills and silos on five widely, 
separated sites in Iran, in the 
hands of Redler Grain Silos as 
main contractor aided by Nor- 
west Holst Special Engineering, 
is being provided by PERT tech¬ 
niques run on Centre-file 
lNorthern) equipment. 

Programmed evaluation and 
review techniques, or PERT, are 
of great value where many 
suppliers, designers, engineers 
and staff-^not necessarily belong¬ 
ing to the same organisation— 
must perform certain jobs on 
schedule in order to get a major 
project completed on time. 

Initial planning by Norwest 
Holst chose PERT as the way to 
solve many basic problems in 
this project. The construction 
sites are at Arak, Rasht, Gohrn, 
Tabriz, and Qazvin. They are 
from 300 to 500 miles apart and 
varying weather conditions can : 
make pouring of concrete and 


other outside operations im¬ 
possible for weeks on 'end—but 
over different time intervals In 
each location: — ■ • ,' 

:However, construction of the 
silos by sliprfomlng once begun, 
must not be .interrupted. Delays 
can have far-reaching and expen¬ 
sive consequences. At the same 
time, speclqliormwork, imported 
talent and -expensive equipment 
must-be moved from site to site 
with minimal interruption. 

The programmes, alsb' have _to- 
take into account , the consider¬ 
able numbers of religious holi¬ 
days which, obviously, must 
have a' major influence on site 
work," '. I ' "_a. V ’■ 

Co-ofdbating all -this U much 
less onerous with PERT, in par¬ 
ticular the particularly efficient 
version. • run : by. Centre-file 
(Northern). Developed some 
years ago for use on 1CL 1900 
equipment and even then far 
better than most of the com-, 
peting software, the PERT 


packages- - used "by Centre 
have been,; considerably;, 
hanced by agreement with I 

Skll. . * . - . :r . .. 

How the job is..'done- is 
sending raw data by tfelex £ 
Tehran to Manchester when 
is processed, analysed and 
dated ■ aufd: . returned , to 
within. 48 hours/:by aid - 
. These schedules enable Rei 
to. plan erection on site .of fi 
one to'4hree groups of nine" si 
sometimes associated with fl 
.mills and other-facilities. 

This is the most corai 
project 1 undertaken. io date 
Redler/Norwest, . using PI 
approaches. The partner^-p 
ning responsibility Is limitec 
drawing the original, hetw 
and deciding which .of s -.m 
choice of printed reports, i 
suit their heeds. . Day-to- 
routine is handled, by. Ceh 
file in Manchester. : _■ V'-. 

More information -from. Cen 
file Northern on 061 ^72 '19S 


Brings welcome chill PredietiB§: 


BRINGING- A welcome chill to. Evaporators and compressors- 
workers at remote desert sites f or the two refrigeration units- 
a 1.200 cu. fL super-fridge are located on Uje r0Qf _ 


the reaction 


Built of steel, and measuring are transported within .toh 


is a ijjdo cu. fL 
developed by Portasilo. 

12 » U 6in° f Io S ng e by 3 9fL^ide!"he ifor fitting on-site, and connection^^^^ 8 ^^• ^an^tiphs 
unit can be transported by lorry, to a generator or mains supply;- ^- A'CdmP E 

It has two compartments, a-cool Ratings depend on location, re-, program suite available 
room and a freezer section, pro- quirements. Cost is £10,000.' ; arad,. structural euglfiee&jvfi 

vidlng temperatures of 27 and Details from Portasilo, New- LUGSt^v' 
ambient law,; Hunttagton, -Yorta. 

; r-.^Queeh-MarY COHeg^ I^indbn, 

Jarvis gets variety of ^ 


minus 23 deg.F. in 
temperatures of 109 deg.F. 


21951). 


layer sbti problems and .mo 
INDUSTRIAL BUILDINGS and a service centre is- being built" foundations- KystenijiV , 
a children's home are among at Crayford. Kent, and peift- Wf:: The program ^ahatotes,'* 
the latest contracts awarded to raft deformations,^inbih’e 

J. Jarvis which says the total and co ® t act pressnres i and^rat 

«.ue — ,o £2m. SSt.'SSSj'iS ^ . 

™*”bK Vo % SffS gSEteT- to : f S sUBg and ® 


Barnet, Herts, 


One-aspect of the -R 



have a span of 31 metres and a home for 20 menSilIy hand*-^^ when fepij^and raft are a 
are 22 metres long. capped children is being built ^ contact 

For the London Telecommuni-.'for the Lbn£m Ilorough ; of. --- -v.Yjtt 1 


cations Region of the Post Office Islington."•' 


•V*. ^ 



IN BRIEF 


1 


Dr. Jdinsonwas nibbling at the Cheshire Cheese 
whenTrollope and Colls first tasted success. 


Trollope &GoUs 



Pre-let to the Cav'enhara 
Group, a 21,000 sq. ft single- 
storey store at Workington is to 
be built by Thomas Milburn 
{under a £225.000 contract from 
Bellway Holdings. 

• Thermoglas pipeline outer- 
wrap worth over £150,000 is 
being supplied by Anderson and 1 
Son to a Russian consortium 
working for tbe Nigerian' 
National Petroleum Corporation. 
© Monojoint HA.C., developed’ 
by Industrial Flooring Services ; 
Can A. Monk company), .a- 
cementitious one-pack bridge 
expansion joint nosing compound, 
has received Department of 
Transport approval. 

© Orders for architectural win¬ 
dows totalling fjm. 'have been 
won by, Percy Lane (Architec¬ 
tural). .Largest. order was for 
1.005 windows for the new. 
Merseyside Police HQ being built 
by George Wimpey.. 

• Briggs Amasco is putting metal 
deck roofing worth £340,000 on a 
new town centre shopping 
development at Pollock, Glasgow. 
Crudens is the main contractor. 


' ' • " "'v rL/.:/ ' •••'. 

At a pew Makro self-semce water-proafiflg ronfsjfanx^ 

Rrto^Am Bt ° re / n 4 ar Paisley, is - faased on coal.protittc&'Sp 
Bnggs Amasco (a Tarmac com- operating company ii 

U installing metal deck-venture between tbe-NC& 
roofing and ■ mastic asphalt floor- Texsa SAI .. V — 
rag worth ,£160,000—Faffdough •©. Con tracts; worth over >£5 
B ■ contractor.; for moderiiiSatioii ^of . ;hoi 

IBM Unfed Kingdom is seek- .have bi^^awrarted 


auuiuguai-ooa^w Sq. ti. DUUding 

modth. ,Arup.Associates are.lhe 
archftecte:, -« 

Harrow hi 0n ^° a a ^ 0r0 S ! S» of - • .'.Cotpbrbti^ 

Harrow .has awarded. * 

j Gostail ?;'^Const^tioiiitract^dPet. 

Stonmore.^oreteVy 

Middlesex. -,- r .' , . 

• : Eleven- Babcpck-BPR ■ to 
cranes and self-erocting- mobiief. neer^^jfciief^rsjrr? 

have ^en or(fered ; from 

." a * this year; They, s^e^a^lq inriee £7 freni 
destined for the Middle andr^.SSa^^^s^fi* 

n /LI?" *L et niatefial-©?^hSiS^| ; t ^S^S ( 
been .opened -at-.Caeiv. deers, is-'tio ibld-.i.^ 


/ 







s, 






















































V 


2b 

% 


financial 'Times'Monaay_Fe 




ill 


■ i 



EDITED BY ARTHUR BENNETTANDTED SCHOETBTS 


* ELECTRONICS • INSTRUMENTS 


Small but Infra-red thermometer 


• SERVICES 

Time check 


© RESEARCH 


Shows gas movement SSSSSE 

and has 24 V dc output rated at 

inside car engines 

■ but is equipped with overcufreflt 

FOR MANY years internal com- quency of the interfering light so an £ overvoltage protection, 
bust’on engine designers have that the fringes themselves move. Regulation is such that me out- 
sought ways of finding out From the reflected light. pu * vanes lass t " an 0-1 . per 
exactly what goes on inside a histograms are produced—64 is f. eat - f r 0l 2 a . w ?!^ case combina- 
cyi;nder during its operating the aim—relating to various t,on . n { °. ,0 100 per 
cycle and some ingenious points in the engine cycle, sector eu J TCn * change and a 195 to -64 
methods have been invented to widths being variable between v ?‘ l vanation . n,aIns .f‘ l P' 
get at least part of the picture 5 and 45 degrees crank angle. f* y - _R>PP Je an ^ " 0,s f are w, y 11 " 
dear. Each is a plot of particle velocity ^ "P 5 - , tet Hn e ™ ture 

It has taken the advent of the against the number of times a coefficient is less than —0.01per 
laser to provide a new tool which velocity is observed. cen t' , per standard 

is likely to provide much more This is valuable data for the model.operates from ^0 or 110 

information than ever before on calculation of movement of fuel/ volts mams and a .uu m raodei 

fuel/air motions in an engine as air mixture in the cylinder. ca 2! be supplied, 

it is working and. after some- The same techniques have been On transient response, a step 
thine like a year's work, the team applied to the study of air bhajige of load from 100 to 10 per 
working on the ICEP (Internal motions wilhin a manifold on a cent-[or vice versa j produces an 
Combustion Engine Project) pro- motored engine and it is hoped , R ® deviation of only 

gramme 3t Harwell and several to extend this to a firing engine t0 .“? e dev ‘ a ' 

ofher centres is now confident soon. tion band within 10 milliseconds, 

that the technique developed will With Perkins, the team has **** unit is designed to meet a 
be of major n~e to designers. applied the laser device tn a !J U IX - r international stan- 

Senior engineers from a num- motored diesel engine with plans “ a {y s in terms D ‘ b btb safety and 
ber of groups are acting as to extend its use to an operating Pe”nrmance. 
advisers on the way in which the engine. _ ^ nre from QouM Electron^' 

project should run and represent Steady progress is being made Components. Ray mum Pnad- 
CAV. Chrvslcr (U.K.). Ford towards the measurement of fuel Stort/ord, Herts. (0-79 

lU.K.). Leyland's car. truck and droplet sizes and fuel droplet 5 5155 j. 
bus groups, Perkins Engines, velocities inside engines—to yield 


efficient 


centre 


BELIEVED by the maker to be There are two versions, cover- reading for ten‘seconds after V tfl -_ . >aijbra- 

the only 8 U,g le uni. mfrwed to 0 to 1,000 d» C and WOto rel = to *£*.•*£ hold W APPROVED 


ment just unveiled hy Kan e-May end i| a cylinder of about 90mm slant updating. The instrument Thomag jfercerat St. Albans. I -- fy >-y*■ 

of Welywyn Garden City weighs diameter and 235mm long which will also take a COD !i*f"J]L ■ Previously [he . ... 

one kilogram and is able to is pointed, using the pistol grip, vised average of a fluctuati g carnet .out by. the j^ti^ro- l* arr0 ^ 

measure the temperature of sur- at the hot area. Readings appear target. Physical Laboratory ana tjw p £5 ig 

faces up to 2,000 deg. C at dis- in a second or two on a 12,5mm The company has also an- vide the same facilities ^fer r plongk which 

tances of up to 10 metres from (} inch) high liquid crystal dis- nounced a revised range °» will use-the same js 30-ieet 

the Instrument. play on the back. Accuracy, at pocket instruments for measur- eluding a master clock synch a depth 

Apart from the measuring 1.000 deg. C for example, is ing temperature, pH value ana nised by radio links witt a and .a fool 

element, which consists of a ideally to within 11 deg. Tables rotary speed, called respectively caesium atomic dock at Nil* jmhbo jet tyrea 

large number of very small are provided to use in conjunc- Accuflierm, Accuchetn and Accu- Timepieces will be cnecKea t. - chisel iiper .to 

evaporated thermocouples, the tion with an emissivity com- rev. _ ... w . within 0.01 sec. ■ 

instrument has been designed pensator knob. More from ® urr ° w £® Id > n ^L' 'Most tests wrll be. earned out gimba c hi n ® 

and is manufactured entirely in Other facilities include the wyn Garden City,. Herts. (07073 ta. specific standards, in tem- Sleaford^ 
the U.K. ability to remember the last 31051). perature controUea -cabinets 





RAPlOBJWkc 
GAS^WEfj?. 



Ripon Road.Hanrossit. ?ii 
Tel 61511 Telex 570531 


Imf. 


: T~Hpw 






iivpi 


1 


located in a similarly controlled pPflCESStM& 
room. Test temperatures will V r 
he between 4 deg. C and:36 deg C- 

Manual start-stop methods will .1 IgnUf tIH 2 
be used for accuracies up to two - - -- “<5 

seconds a day. beyond which % 
electronic- techniques will be Q D8ITcl^2 
employed in conjunction with - a • ■T': 

master digital clock. ijvTESTIN- 4Ite."raifgejJ>f 

.Calibration tests will be backed finishing naclrines.irom; - 
up", by approved reports, with a hexasbo a V ia&xPtkv 
certificates 0/ accuracy where 20 inches' across the 
required. ... . indies .wide, with ’a"-'ybli 

•’••More from Unit 5, Marlborough 3 cu bic Icet. '. ../ r ,nTn 
Road Trading Estate. St. Albans, has '.a- resiheiiti^ 

Herts. (St Albans 55313). ' resistant oofiJpieceilfHai&i 


* tr . 





Polls-Royce Motors. SU Fuel even more valuable information. TT* j* j 

Systems. Zenith Carburetters, At the same time, a technique is rl £l| # rQl'|F9 TO 

the MoD and DnI. being developed for the measure- 1 IV 

What the research team has ment of the composition and j * 1_ A. 

achieved to date is to observe temperature of the gases and O fftll J O 

fuel/air motion inside a cylinder vapours in engines. UL«,v<- 

"of a running engine on a test bed in the not too distant future, • ■ -cr r ir v 
at Leyland. The technique relied it may become possible to pro- 'VfQ III 

on transmittine a laser beam into vide very quickly a full analysis ” *** - 51 - -A- 

the cylinder head and studying of how a new shape of cylinder STILL seeking to make its semi- 
thc reflected beam, the cylinder or manifold will affect the per- conductor products available to a 
having been fitted with a trans- formance of a prototype. wider cross-section of industry, 

parent disc for the purposes of The development has not been Ferranti has decided to add ITT 
the work. without its problems since the Electronic Services to its list of 

Measurement techniques used team has had to overcome vthra- distributors, 
tn determine movement and lion effects, liquid fuel on the The company already has 
speeds arc particularly complex viewing port, stray light emitted franchised for ’example Swift 
and depend both on creating from within the cylinder and so Hardman. SDS and Conway and 
interference between laser beams on. the new move should do yet more 

so as to have a senes of light More information from Dr. P. t o remedy the relative lack of 
and dark Fringes of known widths Hutchinson. Engineering Sciences visibility of Ferranti products in 
in a reference volume in the Division Boldina ^. Harwell. the OTa) | electronic business 
engine and on shifting the fre- Oxon OX11 ORA. 0235 24141. marketplace. 

The company admits that It did 
not take sufficient interest in 

© HEATING distribution up until about two 

years ago and is seeking .in the 

TWk yrr "1 R ______ near future to bring the percent- 

V IllgB—TfTbilf* IT&lflTTStf^T^ age of its semiconductor output 

IV JL um 1 wut t »3 sold in this way from the present 

10 to 15 per cent, up to 25 per 

TO BE launched at HEVAC available: pressure jet, spill- cent. Most of the U.S. majors in 
(NEC. Birmingham,- April 3-7) return pressure jet. steam or air semiconductors have achieved a 
are three dual-fuel burners at°raised, or tip shut-off jet. figure that probably lias between 

develnnpri bv Vnsner Thnrnv- The seeon d burner is a multi- 30 and 40 per cent. 

Prnfi*= P S, d .T.h,i*iinn 1 JK.inn * role P acka « e unit for l*™ughputs For customers to ITT the move 
er jfts c.inbustion division. up t 0 20m. Btu/hr. It is of means that many more devices 
Largest is a multi-role unit similar design to the largest unit- approved lo BS9000 will become 
with outputs ranging up to 200m. The third dual-fuel burner is for available; because Ferranti's 
Biu/br on gas or oil. It is outputs up to 5m. Btu/hr., and components are entirelv made in 
intended as a main load-carrying in addition to boiler applications the U.K it has senprallv found 
burner for water tube boilers in can be used for incinerators and th* obtaining of such aonrnvals 
power .stations or very large air heaters. easier than some of the other 

industrial boiler houses. It has More from the maker at North- makers 

light-up and flame stabilisation arbour Road. Cosbam. Ports- More from Electronic Services 

controls. Various jet types are mouth P06 3TL (0701S 73511). on 0279 26777 



4ri. 


Industrial 

markets 


Iwm 


resistant oa &pieceiisuuai 
to the baireJ,'.: Roteting 
duty sealed-fMvliCe. rqlte 
ings. three-'Speeds 
for the barrel, which : c&Vt 
to deburr and-'polisJH; Wh 
hinged guard is lifted the 
circuit is broken. 

The maker, L . at. B 


Sand cores required for the casting of 
complicated aluminium components for 
the electronics and instrumentation 
industries being prepared for use at the 
Sand}, Beds, foundry of RKB Precision 


® HEATING 


Q COMPUTERS 


1’w» * 'VMi1 ^ ;' at OVER 1200 market studies are The maker, ~ at. IXi ^B 

listed in the latest publication Lane, Kiln FaTm.-Uid 
from Industrial. Aids. The. 208- Estate, Milton.. Reyms*, 
_aage directory is. intended for MK11 3BU (0908 563466 
wl ~ ’'feswarch workers, sales managers also supply, a range Of qai? 

m V ^pi and in fact anyone needing, facts media, compounds TaffiL 

. and figures about a particular ip- shapes, and. an aavlM^j^S 

1 &ble for purchase and the names 

I . and addresses the organisa- 1 \l 1|U V 

^-'v^Aiso included in the publlra- 11£1 /xjrl' #1 lVl 

• tlon arc general sources ef in- ■ (I^U Ufl.- UbJtll 
Products. Components for EMI sinners, |^f^° s n 1 % ) * combined 

a naval compass stabiliser for Marcofu- governmental and non- painting plant has 

Elliott Avionic Systems and the Ferranti ^ernmental organisations..the J °P® d for -the renowto 

position and azimuth determining : Press, banks information on com- dnims, casks and craimm 

system are among the wide range now v**™ 5 an ^ libraries and &**** hand?eup wtirvm 
being produced. °*Pri?e of the publication In the P* T .ct)nlinuous oper^ipo^ 

U.K. is £23- Industrial Afds is at dnims 

' Terminal -House, 52 Grosvendr external ^ cleaning agj’ :j 
Gardens. London SW1W OAU. stages before nn^rgni 


Products. Components for EMI scanners, 
a naval compass stabiliser for Marcohi- 
EUiott Avionic Systems and the Ferranti 


gystem are among the wide range now pa“ies and 
being produced. 


61-730 5288: 


launched 


ModComp launches super-mini 


f AGRICULTURE 

„ f 200 Big harrow 


pneumatic leak-deletion £ 
the drums "pass*: -’the' outs 
spray painted. The dxun 
loaded and tested manual! 
the painting can be maoi 
autoitiaticl The elleanliai 
provides chemical wash, 
rinsing and steam, .cld 
Travel through the anil v 4 
ing . the drying tunnel,; : 


INTRODUCED into this country in April. instruction cycle -time of 200 |l*§r.Tl| W ' auuj Tr uc Ti. ^ 

from the U.S. by Modular Com- The multi-word architecture nanoseconds. - • •■ ••«• ****** • ; ■ - provides chemical wasn^ 

puter Systems are the first of the machines is designed so There are also 240. genei^l. _ l 1 _ _ --,1^ ' rinsing and steam, y^ie 

members of a new range of com- that ail instructions are sized purpose ' registers, seven-' map .i] Iff] ..Travel through me 

puter systems aimed at measure- in whatever 16-big multiple is files, memory allocations- In-****** Jr * w ing the dryrng tunnel, 

ment and control, commumca- appropriate to the work being increments- down to 512--bytes,:'BEING SHIPPED this week are gravity-feed roller conveyo 

lions, scientific and information done—16, 32. 48 or 64 bits in and a multiple bus structure. .- : :what are believed to be the. The maker says’the pai 
processing applications. length, arid with real-time work- Extensive software includes three biggest agricultural imple-.be used for steel, plastic 

Known as the Classic family, ing particularly in mind. The the field-tested Max IV real-time ments built in the U.K. They 'polythene, toed druids: .■? 
the machines range from a low- processor can fetch up to four multiprogramming -operating are to be used in the Sudan. Details from Calfiwelt.'B 
end microprogrammablc pro- additional instructions while the system with several compatible. Commissioned by Dalgety Developments, Enro, • . V 

cessor up to the ‘super mini" current instruction is being pro- high level languages.; More.on International for the Sudanese Sands Road, Rishtdfi. near 1 

category. Delivery is to begin cessed—resulting in an effective 04862 71471. , , 7 : Governmfeot, they are a plough burn, Lancs....(Q254 8S5257] 


C0N7IMCTS AMD TENDERS 


K:*~: ■■ /-*■••“” -•'•■•'. •■ r CL t ".^. .. 


ARAB POTASH COMPANY 
HASHEMITE KINGDOM OF\JORDAN 

REGISTRATION OF SUPPLIERS FOR MECHANICAL WORK 
FOR A POTASH REFINING PLANT 


■ .• T •• j r 

■•-yy,! ^ ■ 

- • •- 




rv- 

- j . 


** .. m 


IDECO 

MITED 


««.. •- ■ . . . \ jv> v . • 

:■ . . . .u . . !. -J 

ri'.-.':. .. & 


The Arab Pol ash Compw*y UmJred (APCI ol Amman Jordan plans to buM a Sdar Evapora¬ 
tion and Polish Rclinet, FacrkN lo orodoce * 2 million wnnes per year. The will be 

local ed t-oiween Mar'a and Sail on me southern end ol the Pead Sea. atoui 2M Km n4n.ll 
on 3 new toad trom the Port ol Aqaba. The temperance fanija b apprcoJmaiel/ S* 10 50‘C. 
APC ha > applied tor financing to Vie Iniemabonal Bank lor ficcnnsbuoin and Development 
ViBRPl. Agency lot Iniemahonal Devcfopmeoi (USAID). Kuwait Fund lor Economic Develop¬ 
ment. Arab Fund lor Economic 5 Soon Development. Saudi Fond tor Development Arab 
lirvoatmeni Co. I yam,; Dov.'topmcrit E^nk and Abo Dhabi Fund tor Arab Economic 
Dewctopmenl The proceeds c 4 those credit: wit be applied to payments for materials, equip* 
mem and subconi/aci services lor which ims not-cc >s issued. 

Pa-,mem tr< the various Arab Financial Agences USaiD and IBRD v*H| be made ont / a< the" 
rciuesl ol APC In accordance with Ihc ter mi and corditoni ol tho-toan agreements. 
Pu-cbases will M made under ihc gmdrSnei ol tlw IBRD. USAID Handbook II Country Con¬ 
tracting. and in accorda;>ec with th-? terms and conditions Of ino proposed agreements 
behr.ecn APC and the Financing Agencies. 

Purchases wifi be mode from me member countries ol the IBRD. Sr.-rcertand and other 
raiions. 


6. List of items usukBy su ti i urti a cted. '• • 

7. Availability of replacement parts and alter sales service In Jordan. • 


8.-financial Report-tor f^rtjiref-fj) yearly -, 

in order lo be consatoted as quafflled to rece?ve lnqiiirte3. lwo copies flflHB above Worm*, 
tion must be sent m. Enotah SO. received at. tne 1 tptowVig addresses by April IS. 1978. 




NPK RAMMATERIALS 
FOR NITROGEN 


'■*V ?' v'. -i '.; ; 


EXPANSION PROJECT 


Tenders are invited for the supply of the 
NPK Rawmaterials for the Nitrogen Chemicals 
Expansion project in Kafue. 




.TTio Arab Potash Company Invites supplier; interested in receiving inquiries to register 
lh-:-rr,^:i,es. for which purpose they should provide tee following information: 

T. items from categories listed below which suppliers are able to furnish. Include technical 
aita arvj ca7dlogijea. 

2. Approvimate wne required lo; 

C 1 Submit proposals 

I 2 PiovvSe Drawings and Technical Dub for approval 
23 Deliver equipment 10 Port ol Aqaba. 

3. Lrt of applications whore similar equipment has boen in service for at least three (3) 
years listing those appicoiions by plan name and location which may be available for in- 
spec**on together with reports ol C-peraUon. 

4. C‘«cnr*ion. capacity and range of man factoring facDilics. number of employees, 
engineers, clc including current wort- commitments as percent el tda: capacity for 1278. 
1373. and I0B) on 3 quarterly tJVS. 

5. Union atfrtiation and ekpiraiion date of editing Ltoloh Agreements. 


Mr. D. Platt 

Arab Potash Protect . 

Jacob* International Umhmf, Inc.' 

Park House 

North Circular Road. ’ 

' Dublin 7, Ireland 

ToIbju 30S9S JCBS-EI - 

At the same tune one copy shafl be forwarded to: 

Mr. All Khasawneh • t 

Chairman and Geoeml Manager 
Arab Potash Company UndM 
P.O. 80 a 1470 ’ 

Amman, Jordan " 

Teles; 925TS83 

The Arab Potash Com#ny reserves the right to vei5fy all Etatemecta and to Inspect supp6ertf 
rac-rlilies lo confirm teen- abiBy 10 perform tee work and to ntted aff/proipectiw supplier 
witnout assigning any reason therefor. 

The pnncipat tactora that «at be atesidered In evaluation of proposals from Invited wippfefa 
who have been reglsiered mil be Cap** Cost. Duality. Opanilfog Cost. Mafnwnance Cost, 
inswita-ion Costs. Freghr. EnpedrDng and Inspection Cows. Performance and Mechanical 
Guarantee;. Payment Terms. Defnwy Times. CompSarice with SpecfflcaBons and Mandao- 
lurers specific E ■ pec.encB-Suppkef 5 capacity lo manufacture and deliver. Details of evatoa. 
non methods will be specified m the invitatws to bkf. Equipment, mater^iarand coos&iio. 
Lon services include, buf are not necessarily tiwted to: - - . '1 


.'-i'-lV-'c 


KV^V M Tender documents are immediately available from 
>'v/ f' 'j the following: 

1. The Controller 

* Group Management Services Division, 

Indeco House, Cairo Road; LUSAKA. 

2. The General Manager, . 

V-Nitrogen Chemicafs of Zambia Limited, 

Head Office, KAFUE. . - 

3. Zimco Services Limited^ ■ 

Zimco House,. 129/139 Finsbury Pavement, 
mk* LONDON, EC2A1NA 


WmM 


A. STEAM AND POWER GENERATING 
PLANT 




mass 


l&Vr\ 

V.-ltii-t: : -3 


X. Two (21 oil fired packaged unit boBcrs m^tg No E fuel oit 
with No. 2 oil startup capabiiuos rates for 127.000 
H Ingrams per hour ol steam in tec range of 43 to B4 
kilogram per square centimeter absolute and 420'C to 
aso C complete with econortvzers, super hearers, Ians 
and Hacks. 

2. One 12 to i5nt w.11 kv. 0 8 power factor. SO hertt, 3000 
re-totutions per minute badr e»assure steam turtune- 
gmeraior with dump condense. The turbine wUf exhaust 
appro umately 103.000 VSograros per hour 1c* process 
swim aM 5 kilograms per square temirnotcr absotuta. 

S. All other au uliary and anciDuary eqmpmeri required with 
tee lore-rung w piovide a romptefe operabrg stoem 
power stebun. 


mM 


B. REFINERY 


The Potash Refinery to produce 12 mlsion tonnes per year 
ol lertikw qraoe potash wj| compose cquipmenr to aecom- 
pos* eamaiite smk. leach sytvirutc. and crysiaScee. dry and 
store Pouai as tofowo. 


Sy ’-in' >> < 


The documents are available at a fee of One H undred 
Kwacha per copy (or the equivalent, if obtained overseas) 

The closing date is 31st March, 1978. . 

indeco Limited' 

Group Management Services Division 
P.O. Box 1935, LUSAKA. 


Slurry Pimps; To pumo sodium cMende and potasstom 
chiwide siumes ol various How rates lo 1820 cutoc maferj 
per hour. Carbon steel, rubber hned and aloy construekjq. 
Cantrifugd Pumps: For salumicd brine, coofeng water, 
condensate, dcrmnarakacd rraior and ncwi-process uses. 
CapaeAM up to 10.500 cubic meters per h»u- 5mgto and 
multi-stage m carbon ana aanfeu stoeb, rubber lined, rv- 
hard, and nmgr alcy^ 


Belt HHero: To handle up to 1.600 cubic meters per hour of 
30% sofid sh»ry. Stateless steel and afloy construction. 
Compel® wh vacuum pumps, rocetver^ ane traps. 
Thickeners: Bridge type and cento column type, sues to 
»n c arbon Meet, monel aifoy. end piasic kr«j 
nwtenais, complete with raking ano drMng mechamsma. 

kans end Btowei* Induced dhd forced draft tans for fuel o« 

teed dryero. botos and potash dust conectton sysiamT ■ 
Capacities to 150,000 cubic meters per hour. 

NctantDryer; Na 6 fuel toad to dry potash crystals Caoacf- 
ty to 200 tonnes per hour complete wan instruments and 
controls. 

Cyclones: To remove ten phis micron potash dusf from 
stack gases. Caoacities lo 150.000 cubic meters Dor hour 
Uectrostatic PredpHaton To reduce pofasn dus: toadinci 
hom 1,i grams- to about 008 grams per cubic rnr&f 
Capacities to 150.000 cube metos per hour. Wcr ' 

HTdroeyctam: To conovtbaie i54Vi camaHto ^ l0 

about JCP.fi eolkls stuiry. Capncmes to 1,1*0 cube metem 
per nour teed. Rubber lined, caramk: fined, nwm 
aluminum bronzo a-Toys. . 

Beit Conveyors: To handle wot sodium chloride and 
to!^ h fto'toill? ae ^ carn * flte akes - C8PMit.es to 1.000 

Ptwfoel HwdRrg Systems: Includes elevators. 
we*gH feeders and scales, portable conveyors and 


C. MISCELLANEOUS EQUIRMBiT • 


v ‘ 


Shop Equipment Machine shop and truck mafmananaa 1 
equipment ...... TTFT 

^fWJWew_AufomoMBS. f«wjp'tnicks.^fhbteen^toiie*. 

T tocte D umps, winch. mekSna flat 

. dumpster. yvreckK. tot? bpy. with .. *7^*' 

jWwWba and-fud-dB) Tre^lMfart^ediy''- 
£4* ■ na fiPPPW typ" trailer* WteFaHorinet Ou*' 
eatfL .Tractors with 20 to«0 cubfomaterfuel. 

WptoR SWffa. work boets. baqjet --‘'-".'.c '•" 7 

^ n *« d ^ 

graceq ewe, eheny^plcker, ewnprassor^fito. - 






Tradi So|mi Capacities to 90 tonnes whh remote elec¬ 
tronic readout and printout 


Beclprocatfcnj and Rotary Pumper For hydro carbon ad¬ 
ditives with capaoues to 25 cubic meters per nour. 


Valete; Globe, gate. ball, butterfly, pinch valves Irr mr 


INDECO MEANS BUSINESS 


SEE PAGE 26— 

ARAB POTASH COMPANY 

Registration of Suppliers for Mechanical Work 
for a Potash Refining Plant 


Tanka: Atmosphere Links in caibon and stainless stoofct 
per API 650 code or equal. Shoo fiibncatea end held 
erected tanks <* venous sacs to 25 motor diameters. 
Heat Exchangers Plate and frame, shell and tub- and 
plate cofi ivms m Monet «n« afloys. evoen sioci and v> 
tfoomg spoaaf aeagns. C-ipaufies to 25 kiiofloies per sc- 
cord 

CryBtaMztra; Draft tube bathed type for IT million tomes 
per veer production ol oorosh bom oatmated NaQiKCl 
fnneteed. com pi me with condensers and vacuum systems. 
OntrDucas: Dectoiror and'er uimuer types in a6oy. nwd 
and carbon sirct construction. Capacities to .1900 cv&iC 
met-rs per hour of 75’y slurry. 

Agttatofs: Various hues In afloy. sainton seel and rubber 
hn*d sted. Subs to 4000 mutaneicr tmpeflera and 275 
Kdornn drives. 


bwnwiwnte; AD electronic insfrumentatton teqinred for 

sr pim «-«■ ss^s 


D- CONSTRUCTIOW SERVICES 

tonstoidDon'ol tfw pijjaet ^nt be oertormid thrauah 
todBeravai Mntraets. One tof. a Rower PfanL the other » ’■ 
Rritaenc- Born vdh include auxiliary and ancfllttrolSSto?. 
row* VMM hvautte. the -foiitraflng dMs&rSt tSri? 
Temporaryconstruction laolltfes. In-ptmt road tmuorun. 
ItoO, construction Craft housing, arte prejwaMdn^nrm! ' 
cr^e foundations and structur*. srurtcff^uS^,^: 

^,f f r?^' rs f a) ! anono1 "WchanlHl eovSE’' • 

tncat. Instrompmatton and pipirn 

gssSS 

SSSSSSSS - •Vtoftt*-- 








■ A*; .nxb.k 
. . V !•'■?? *? 


* 4** Atomic Sbwjrfcptlon, Kama 
photometry, vtseo teeter. w« ena^sfa. etc. “ me 

PtpteB Material*; P^s. fttbn™ 110 ,™-. . 

accessories in earboo steel moots, rubtw Snedfitet JS? 

^ e — 1 asst 


-. ■ r-.; -,kr.'>-aenc 2 

■ v \&r 

. '•'■'■Vi. - ■ - »-“**?*■ 


~.srsi, 

sr L, *"“ «*uiixz£j£ ss 


M**o»a: Bectrfoaf motors or 66 ktovotts. nun ____ 

400 volts 10 a maximum of 800 tdtowata. * AUovoa3 


- ■ . • ' r . k* 2 S 1 & 

;• ;.“ . •; 





v 
















Please let me have detail* of Ad ranee 


NAME _ 

STATUS „ 
COMPANY. 
ADDRESS— 


ADVANCE 


TELEPHONE NO_ 

Advance Linen 5ervic« Limited* 
Dept. FT.2 P.O. Sox S2.Wembkv, 
Middlesex. 


Let& clear the air. 


. 






ve’s and Office World 


EDITED BY CHRISTOPHER LORENZ' 


♦ ^r4' "" ; ■ *•• ** 

* j »* 

«?!?? u 

?ia:*j?j s .v 

iiihi 


SM3SNT the. evidence 
from Associations, 
ins and other repre- 
Mdies, - the Wilson 
needed' an indepen- 
bjectrte view oE the 
■Weft" medium-sized 
lake their investment' 
nd finance, them... 

_ therefore 
ers and Lybrand, the. 

•to undertake a sur- 
»ut 50 medium-sized 
. with safes, between 
£150m- Tbe study, 

; organised by the. 
s Research - Panel, 

. undly-based “impres- 
. ie way middle-of-the- 
sh companies make 
,s. 

\y suggests that corn- 
more interested. in 
.their present. posi- 
-'In expanding them., 
ihibited by tears that 
insion will jeopardise 
res. They attach im- 
o operating in small 
rder to preserve effi- 
manageability. 
ef factor leading to 
rently defensive ap- 
widespread concern 
lack, or uncertainty, 
1, in the British econ- 
lopers and Lybrand 
: one. instance of a 
vestment proposal be- 
2d for lack of finance 
ie; of conditions im- 
enders. - • . - :•' 

Ison committee's re- 
let will in due course 
>s study of mediura- 
' panics with a similar 
lg into the investment 
of small companies. 
,y. which will confine 
^election of companies 
3h am shire and Derby¬ 
being carried out by 
Mitchell, an econ- 
a member of the Wil- 
mittee. ft should be 
in 34 months' .time. 
?e some extracts from 

t.. 

vt a background of 
diversity ' of business 
ity and circumsfanres, 
committee), detected a 
bread in many altitudes 
xt few years: above all 
re the substance of the 


business and its. management 
and .workforce. ‘ This required 
the - maintenance of .market 
shares and real profitability 
combined with a. prudent ap¬ 
proach • to borrowing and 
liquidity. -There was a desire, 
against economic uncertainty, 
not unduly to jeopardise the 
business by major expansion— 
or,, la particular, by- diversifica¬ 
tion—especially with'borrowed 
money. •' 

Many companies attached con¬ 
siderable importance for the 
future to operating - in small 
units as a means to manage¬ 
ment and productive efficiency. 

Except for the larger com¬ 
panies, the businesses were run 
very much from the “seat of the 
pants." As such,, formal 
planning played only a small 
pari in steering the business. 

Self-evidently—but neverthe¬ 
less important in practice—ihe 
greater the ..economic uncer¬ 
tainty, the more difficult medium 
to long term planning became, 
and the greater the scepticism 
as to its usefulness. 

Above all, investment deci¬ 
sions were mainly a question of 
considering opportunities — for 
acquisitions that fitted Into the 
business; investment, to meet 
changed economic conditions: 
investment to take advantage of 
technological change; opportuni¬ 
ties to capitalise oh successful 
research: or ; just adapting to 
changes in fashion. The more 
“entrepreneurial" the company, 
the more this was true. Such 
opportunities could not be gen¬ 
erally foreseen with-, much 
certainty. :• 

Most companies saw: debt/ 
equity (“searing") ratios'as im¬ 
portant. But very few companies 
had set formal gearing limits; 
and these were all self-imposed 
(although they tended to reflect 
the expectations of the market 
and bankers). Of those that had 
at least some preconceived 
attitudes to gearing, ihe limit 
of borrowing was typically be¬ 
tween 40 per cent. and..60 per 
cent, of total equity.-^But very 


id approach to expansion 



GEARING 


RETURN ON CAPITAL. EMPLOYED 

- 




(Profit before interest and taxation as a percentage 

(External debt, including overdrafts and 

less cash 

of equity 

and external debt, including 


. balances, as a percentage of equity.) 


and less cash balances.) 



Listed 

Unlisted 

Total 


Listed 



Companies 

Companies 

Sample 


Companies 

Companies 


Over 80% 

Al%-«0% 

3 

1 

1 

1 

5 

Over 50% 
41%-50% 

1 

2 

2 

3 

2 


8 

2 

10 

31%-40% 

2 

2 

4 

21%-40% 

15 

1 

16 

21%-30% 

16 

6 

22 

0%-3D% 

5 

3 

8 

11%-2C% 

13 

1 

14 

Net cash surplus 

3 

S 

8 

0%-10% 

_ 

2 

2 


— 

—> 

—- 

Negative 

— 

1 

1 


34 

14 

48 


34 

14 

48 


few saw the related ratio of 
interest cover as being equally 
important. 

Two specific reasons lead 
many companies to be cautious 
about borrowing. First, those 
who had suffered liquidity diffi¬ 
culties during 1974-75 were now 
more prudent in their borrow¬ 
ings in case they were caught 
again in similar circumstances. 
Second, several family owned 
companies saw no incentive 
to borrow to finance significant 
expansion of the business: if thp 
project was successful the pro¬ 
fits were likely to be largely ab¬ 
sorbed, eventually, by taxes on 


capital and income: while if the. 
project failed the family equity 
—and the business—was put at 
risk. 

There was a remarkable lack 
of interest generally by the 
companies concerned in this 
subject, particularly, as seen 
against the other factors 
influencing and constraining 
investment. 

Nearly every company had 
been able to raise, without diffi¬ 
culty, bank finance as and when 
required and most companies 
praised the support of their 
hankers in this sense. 

There was. however, criticism 


that the institutions — particu¬ 
larly the local branch of 
the clearing bank — did not 
adequately understand indus¬ 
trial circumstances and finances. 
Although, with one exception. 
Otis was not seen to have 
actually inhibited the raising of 
finance. It may have had an 
effect on the appropriateness of 
the type of funds supplied. 

The availability of longer- 
term finance at a low fixed 
interest rate might encourage 
some companies to invest more. 
But we could not find a single 
example of an individual invest¬ 
ment project which had been 


rejected because finance for it 
was not forthcoming. 

There was a general scepticism 
of formalised techniques which 
tended to be seen at most as a 
discipline, rather than a deter¬ 
minant of investment decisions. 
This reflects attitudes to plan¬ 
ning generally. Rates of return 
on proposed investments were 
normally projected only for 
incremental projects in terms of 
expansion or improved effici¬ 
ency. DCF techniques were 
used by a fifth of companies. 
Most others made unsophisti¬ 
cated — or rule of thumb — 
assessments of payback and/or 
initial accounting return on 
capital. But some smaller com¬ 
panies did not go this far. 

Required rales of return were 
generally imprecise. They were 
usually between 20-.1U per cent, 
on capital employed, that is. 
about twice the prevailing 
interest rate. 

We could find no instance of 
specific investment - proposals 
which had been rejected for 
lark of finance or terms or 
conditions imposed by lenders. 
The levels of interest rates 
were usually a fairly small 
influence on specific investment 


Sir Harold Wilson 

decisions against the back¬ 
ground of the **climatic" con¬ 
straints. The availability or 
government financial assistance 
had a remarkably small influ¬ 
ence on specific investment 
decisions. There was some 
concern about the uncertainty 
surrounding the arrmnulalinn 
of deferred tax balances. 

More generally, it seemed 
Obvious that greater profita¬ 
bility, both as a source or 
finance and as an incentive to 
investment, would encourage 
many companies to step up tlieir 
investment. 

Foremost there was wide¬ 


spread concern about lack, nr 
uncertainty, of demand m the 
U.K. economy. The other pre¬ 
dominant constraints were: 
inflation (particularly the 
burden it imposed on financing 
replacement investment and 
working capital): increasing 
resistance of labour to adjust 
lo changes m demand and other 
conditions — in the senses of 
both the size of the workforce 
(that is. employment protec¬ 
tion) and attitudes towards pro¬ 
ductivity. particularly in a 
climate of pay restraint: short¬ 
age of management and other 
highly skilled labour: and lack 
of management incentive. 

The overwhelming source of 
finance was the clearing banks. 
The vast majority of companies 
were generally satisfied with 
the support they had received 
from their clearer?. However, 
there was ■=cme criticism of a 
lack of industrial and financial 
expertise of the clearer?, with 
particular reference to the local 
branch. 

The arrangements for ohtain- 
ins financial a>-:st3nce from 
ihe i>v*Tiiment were criticised 
a.- being unduly onerous and 
lengthy. KCGD was generally 
appreciated and found useful, 
although there were a few 
criticisms about inflexibility and 
delays. 99 


The British Motor Industry, 
1896-3939 by Kenneth Rich¬ 
ardson. Macmillan Press, 
£8.95 


A history of mixed fortunes 


2 LOOK FOB - 
UNITIES 
*e Bo 00 
Whole Uiy 
7di uvea 
Calc Royal. London 

G07IATION5 AND 
JUNiONS PHASE 111 

* Whole Day 
14th ivaren 

Hyde Park Hotel. London 
KITING ANALYSIS 
nwn 

Homing 
16th March 
Charing Cron Hotel, 
London 


ASSOCIATED 
BUSINESS 
PROGRAMMES / 

Seminar Programme 
March/Ap ril 1978 

ST MERINO SOLUTION ' 

How To Get More Owt of Computai* 
Norman Sandora 

who hr Jay . ' \ 

I Oth April 

Albany Hotel, Glasgow. . 

Evening 

11th April 

Midland Hotel. MancMfter 
Whole Day 
Uth April 

M'dfand Hotel. Manchester 

Evening 

13th April 

Cafe Royal. London . . 

Whole Day 

I4ih April 

Cafe Royal. London 


brochures md 'lookings from 
* Chambers Associated Business Programmes 
:kingham Gate. London 5WTE A.N 
one 01-834 5207 - Telex PI TOM 


FOR AN industry which has 
been so much at the centre .of 
economic activity, motor manu¬ 
facturing has attracted remark¬ 
ably little academic interest 
Kenneth Richardson's book 
does something to redress the 
balance. Though by no means 
an analytical w r ork, it does a 
workmanlike job in outlining 
the roots and growth of the 
industry in its formative years. 

The book's weakness is that 
it seeks to do little more than 
describe the myriad of com¬ 
panies in this period along with 
the social change they brought 
in their wake. It makes no 
attempt to establish a connect¬ 
ing theme. Yet plenty of themes 
are suggested, among them the 
tendency towards undercapital¬ 
isation in the British industry. 


BY TERRY DODSWORTH 


and the relative weakness of 
the British manufacturers in 
comparison with their overseas 
competitors throughout most of 
this period. 

The allusions to the industry’s 
capitalisation problems, in par¬ 
ticular, are tantaiisir.gly brief. 
Yet Richardson shows convinc¬ 
ingly that in the period prior to 
the First World War. many 
enthusiastic engineers entered 
the field with far too little back¬ 
ing. In the early 1920s Herbert 
Austin himself' escaped from 
similar problems only by tfie 
skin of his teeth and the brilliant 
development of the Austin 7; 
William Morris, luckily, had 
more understanding bankers. 


Why were all these adven¬ 
turers attracted into the field ? 
Perhaps it is all part of the pro¬ 
cess of growth, but Richardson's 
account of developments also 
suggests that motor manufac¬ 
turing was never given quite the 
priority in Britain that it was 
elsewhere. In the early period 
of invention British engineers 
were still deeply absorbed in 
steam engine technology asso¬ 
ciated with the railways. Becau-e 
nf the U.K/s excellent railway 
network, there was less in¬ 
centive to develop alternatives 
than elsewhere. 

In France and Germany, by 
contrast, tbe internal com¬ 
bustion engine attracted a 
swarm of talented engineers 
around the turn of the century, 
and France alone was soon pro¬ 
ducing twice as many cars as 
Britain — and this at the high 
point of the British Empire. In 
the early years of motor sport 
French cars and engines 
dominated; during the 1930s, the 
German and Italian dictator¬ 


ships poured money into estab¬ 
lishing their superiority on the 
race track. 

The Continental technical 
education systems may also have 
played a part in establishing 
their strong motor industries. 
Richardson points out that 
Britain did not have a clearly 
co-ordinated system of techni¬ 
cal education at the turn of the 
century, whereas the Germans 
did. But probably the greatest 
missed opportunity of tbe inter- 
war years was the failure of 
Austin and Morris to get 
together c there were several 
attempts) or to act as catalysts 
for bringing together the pieces 
of an extremely fragmented 
industry. 

The early years of the indus¬ 
try were dubbed by one of its 
engineers as the period of in¬ 
vention: everything after 1910 
fell within the era of elimina¬ 
tion. Engineering ideas were 
either refined or fell by the way- 
side, and by the 1930s many of 
the smaller groups were folding 


up or losing their independence. 
Yet this process of rationalisa¬ 
tion failed to produce the 
smaller group of stronger com¬ 
panies which for example, had 
emerged from a similar era 
w'hen General Motors was estab- 
iising itself in the U S. Even in 
export markets U.K. companies, 
which should have been aware 
of these issues because of their 
history of Imperial trading, were 
criticised for making vehicles 
which were not durable enough. 

It is arguable that this in¬ 
sularity may have been fostered 
by the high degree of protec¬ 
tionism afforded the industry 
following the imposition of the 
McKenna duties in 1915. These 
were brought in. quite legiti¬ 
mately, to protect the industry 
during the years when its pro¬ 
duction was going into the war 
effort and the U.S. manufac¬ 
turers were taking the oppor¬ 
tunity to drive a wedge further 
into the market. But they 
stayed on. with one brief aber. 
ration during Philip Snowden's 


Chancellorship in Ihe fffcllis, and 
must have sheltered Ihe British 
producers from their stronger 
competitors on the Omt.'nent. 
Morris made one brief foray into 
France, establishing a factory 
which failed. But that was the 
end of his head-on attack on the 
rest of Europe. 

Apart from these economic 
issues. Richardson spotl'ghts 
such points as Messrs. Ford, 
Morris and Austin all being 
from fanning stock and show¬ 
ing. like many farmers, intuitive 
eng neering ability and total 
single-mindedness in their trade. 
He shows how a few- cars had 
a lasting impact on the industry 
— the Austin 7. for example, 
which Austin, then in his 50s. 
designed in his billiard room in 
the face of opposition from all 
his fellow directors, pulling the 
company back out of the bands 
of the receiver. 

Richardson also shows how so 
many nf the things we now take 
for granted on the motoring 
scene came into existence — 
from motor sport, hire purchase 
and petrol, to road improve¬ 
ments. driving instruction and 
vehicle distribution. He even 
manages one section on the 
motoring Press — without a 
word of criticism. 


HUNT, 

01-5673454 

Meeting Point Trust I louses Forte Ltd 71/75 Uxbridge Road London W5 55L 


)NTRACTS AND TENDERS 


REPUBLIC OF NIGER 
MINISTRY OF PUBLIC WORKS 
ANSPORT AND TOWN PLANNING 
OFFICE OF PUBLIC WORKS 
AND TOWN PLANNING 
NOTICE OF TENDER 

ign and Construction of a shod for two Boeing 737 
raft at the Niamey Air Terminal in the Republic 
of Niger 

PRE-SELECTION OE TENDERERS 

Ministry. of Public Works, Transport- and Town 
nning of Niger, Office of Public Works and Town 
lining, is calling for tenders for the design and 
struction of a single shed with a metal frame, 
snded to house two Boeing 737 aircraft at the 
jney air terminal 

plications may be filed by firms with professional, 
hnical and financial references judged adequate by. 
■ Public Works Administration. Applications shall 
lude: 

-•"■—the firms references (technical, professional and 
bank references); 

—the firms proposal (price listin CFA francs, cost 
estimate); 

—a model of the conditions of contract; 

—the technical specifications; 

—a description and justificative memorandum, 
showing detailed calculations; 

—architectural drawings; 

' —engineering drawings and detailed drawings. 

ie documents shall be in the French language, 
he applicable norms shall be the CM 66 (CM; 
.-.aximum load) norms, the modified CCBA 68 
2CBA: Specifications for reinforced concrete), the 
Tench Conditions of Contract, and the norms of the 
iternational Standardisation Organisation, 
he applicable CCAG (CCAG: General Adminis- 
-ative Clauses) is the French CCAG of March 17, 
970. 

ipplications should be sent to: Direction des Travaux 
’ublics et de l’Urbanisme, BP 235, Niamey (Niger), 
nd be received at the latest by April 6.197S, at 17.00. 
"he costs of site visits shall be borne by the applicant, 
financing of the project is assured by the Fonds 
^rational d'lnvestissement (National Investment 
r und 1. 

Che requested structure shall be 63 metres long, and 
5S metres wide, with a door clearance of 15.85 metres. 

Niamey 

The Director of Public Works 
and Town Planning 

Signed; L. BARAOU 


ANNOUNCEMENT 

Republicka Samoupravna Interesna 
Zajednica Za Puteve Beograd 

Has applied for a loan from IBRD and intends to apply the 
proceedings or this loan to tbi? reconstruction of a 22 km. 
section of route E-5 « Serbia to four lane divided limited 
access highway and also tbe construction of the south bypass 
of Nis as a two ton* road of 8,3 km. in length. 

Construction includes approximately; 

1.900.000 m* earthworks 
334.000 tons asphalt paving, and - 

2.601 metres bridging 

Contractors from member countries of the World Bonk 
and Switzerland interested in prequalifying for these works 
are invited to submit their applications to tbe investor not 
later than one month from the dale of publication of this 
announcement. Applications should be supported by reference 
details of relevant experience on similar works. Details of staff 
and equipment documents will be available March 1. 1978. 

Only those contractors who have been prequalifled will be 
invited to submit bids. 

Address for submission of prequalification data is: 
REPUBLICKA SAMOUPRAVNA INTERESNA ZAJEDNICA ZA 
PUTEVE, BULEVAR REVOLUCUE 2S2, BEOGRAD 
JUGOSLAVIA' 


GHANA SUPPLY COMMISSION 
TENDER 

Insecticides for Farmers Services Company 
(U-R.) Limited, Ghana 

Ghana Supply Commission invites tenders from U.K. 
manufacturers and suppliers for the supply of any of the 
under-listed insecticides. 

' 1. AMBUSH iPermethrin SO g./Iitre) 

- 2. MONOCRON + DOT (Monocrotophos + DDT 100 g. 
and 300 g. per litre respectively ) 

3. NUVACRON COMBI A 400 (Monocrotophos + DDT 
150 g. and 250 g. per litre respectively) 

4. NUVACRON COMBI C 500 (Monocrotophos -i- DDT 
100 s- and 400 g. per litre respectively) 

5. SUPRACIDE COMBI or ULTRACIDE COMBI (Methi- 
dalthton + DDT 150 g. and 250 g. per litre respectively) 

6. THIODAN + HOSTATHION (Endosulfan + Trazophos 
. 200 g. artd 50 g. per litre respectively) 

. ?7. DECIS (5 g. per litre) 

Interested British manufacturers, suppliers, etc., can 
obtain tender documents for a non-refund able fee of £50.00 
from the Purchasing Liaison Officer. Ghana Supply Commission. 
5S-59 Berners Street. London W1P 3AP, England. 

Duly completed tenders should hr addressed to the 
Managing Director. Ghana Supply Commission, P.O. Box MBS. 
Accra, or deposited in the Commission's Tender Box not later 
than 3.00 p.m. on 31st March. 1978. 















10 

LOMBARD 


The case for a 



THE WEEK IK THE COURTS 


MPs to debate law 


BY JUSTINIAN 


betas disruptive behaviour that should| 14—0 in 


BY PETER RIDDELL 



ONE OF Mr. 


no 



‘cate questions one is dealing young offenders was map pro- the person‘ *Jf. n ?h cr U5?n 

. . Healey's main dilemma for the Government. *Uli. considering the rate prune to those retureinq “ W« AB^ 

priorities in deciding the balance Even ala lime of high North Sea of crime anc. society s appropriate in our industrialised com- “V ^ 2 i ni05t entirelv 

of his April 11 Budget should be production it may not be oossiblc< rcsponses ror control. mumtics. * ■ £ th _ , ' scr ‘ 0ys wound- 

to avoid prejudicing his July to boost the growth rate «iS-; Thc Commons motion barely Others use a more sophisti- among the scr ’ - murders 
package. No. this is not some ciently to ensure a sustained conceals^ the true debate by catcd argument that an overai ht ® <?uch simple 

bizarre leak—that will come in reduction in unemployment with- 'calling tor a reduction in toe toughening of govern mental and nrnhl P m into'ome 

late May—but merely the recog- out pushing the current account 1 Horn* 1 . Secretary s salary the a.«itude to crime at etery level facts put P 

nition of an inevitability. There back into deficit -No wonder the iraditional way nf debating is needed ^ 

have been Julv mini-budgets for Prime Minister is so concerned iHome Offic* responsibilities. The police should be uren Cnme is a .ynnu. uun.• 
several years and 1978 will proh anout protectionism. ; Since Mr. William Whitelav. wider powers, be paid more and Two-thirds 

ably be no different and should c 'shadow Horan Secretary. is open- traditional liberties of the tionis under-.. Many >oun?sters 

b e There are. of course, consider- ; n - jh e debate and the accused should be restricted. . in detention centres and Borstals 

‘ . ... t , . able uncertainties. The exact Home Secretary is reply- They aiso believe that the are the failures of our educa¬ 

te convention mat mere is i mp:ic t or.the exebanae rale on j n , the different approaches of country 15 rampant with tional system. 

should criminals on an unprecedented Research into rbe treatment nf 
the scale and see offenders as nffenders indicates iliwt we are 

more enemies of a stable society. unlikely in resoive delinquercy 

_* __ by punitive reactions: we uoujJ 

« o—. .. progressive * SyCflOlOgV do better to marshall all our 

pra Thprp is also an increaspd lrario ? , r 5 sl on ,„ ?. slender Conservative, is considering the That wise, audiophile Ameri- i i esources within the community 

—;.L_ ^1... c—1 cmpinra. bs>e. Anoiaer major, lVi .j a problems of the weakening can jud&e. lie. Justice Frank- rather than resort to new msu- 

uncertaifliy concerns the savings ; 0 f respect fur authority and the furtcr. wrote a quarter of a cen- tutions for offenders, 
ratio, it is impossible 10 sayjneed ro reassert the primacy of turv ago that "loose talk about Politicians make Jaw and order 
mm an- certaint;. now con- | JV , in essence, the initiators war against crime too easily in- an electoral issue at their peril, 
sinner-- will react to ihe com- of t ^p 1 wo debates are capitalfs- fuses the administration of Government should adopt a 
hinaunn ' r a sharp rise_ in real j fl g 00 the supposed public mood justice with the psychology sod rational approach free from 
incomes and a fall in the infla-.yj^ - 1S vehemently clamouring morals of war. polarised views and the aestre to 

Some of the special aura of non rate. But . ven a small error, ror myre stringent measures to “ It is hard!v conducive to the score political points. 

Budget day persists, though ^ mins crime. soundest employment of the An ordered soc.eiy that 

most of the razzmatazz has dis- difference to the level or con-; Such a * ooJ would be renuni- judicial process.” believes in the impartiality of 

appeared since the days of the sumer spending and imports. sccnt of rfj( , undignified panic That qoes for the whole the law should not be deflected 

late Sir Gerald Naliarro. The These factors should all rein- - that excited the public more administration of tile criminal i.iy those seeking to blur the ais- 
sDnng Budget also remains the force Mr. Healey's caution. Jt Ulan 3 century ago. justice system. Crime is tmetion. Order is a matter for 

main time tor announcing wnuid be a major error to take a . The parallel between recent endemic in any society. As an 

changes in the tax structure r j S j< with the current account muggings and the garrotting* of inevitable pare of the social 

thougn. as Sir Geoffrey Howe an <j financial markets. A policy me early 1960s should not he scene, it needs to be viewed not 

has suggested, tax management which consciously nr otherwise lost on the delators. Garrotting as 3n activity apart from 

I'ould be considered separately resulted in an external deficit..was the name given to attempts ordinary living." but as an 

coiiid lead to ihe instabilities and 'to choke or strangle the victim 
pressures so familiar from only 0 f a robbery, 
two years ago. There bad been an outbreak 

inf rvihbery with violence in 
| London in laie 1862. and in 
.'some cases the violence took 


recognition that fiscal Policy 
needs to be considered more 
broadly and regularly. 


Razzmatazz 



Financial Times 

misses ; gtft§|i| 


Bristol victory 






BRISTOL caused a major upset MeanweH raised a iwdwaUy ^ mul& ala 

bv beating the widely fancied easy penalty but tben more KeanwcH koo6a&‘:Ca:'^k 

Moseiev team 14-0 in ths John takes came from Mowey w™ ^ t^/gpo^S* 

player' Cup on Saturday. The ^oos knoctof ^ 

victory was as decisive as it was kicking awa* the oau 113 sewed a 

j fl F a r^ar1 fnneiffprin? tllP change -5. . IrTth^a'-rWiHfctt 


_,_ ht translated |nto"Vm|)^.ffig 
Troughton- 'at ' ther^ciie^ 


deserved. Considering the change 

of weather the ground was in jev 0 p S the youfigJNp, 

excellent condition hut turning tried to find’s-way tuynuen .0* . he . efforts ot Ppmpfetty^A 
was difficult and the ball was the blind side but perhaps over-^ 

*«w. .Old tth dot r™ »«* ,irae w {Mtore oi&zjjm 

the way SorreH arta&«rafch 


It was a day for safe handling, 
accurate kicking and quick 
arrival at any breakdown. Bristol 
fulfilled all three criteria: 
Moseley only the lasL 
Initially. Moseley moved the 
ball fluently but they sood met 
some unshakeahle defence from 


RUGBY 

BY PETER ROBBINS 


at the ^ctresttete#**.^. 
LukasdewitK Jooke^.v^y-jQ. 
. and Beddoes .for, 

■still obliged tb 
deep in has own 
had to dn to- 
ley to drop 


Rafter and the centres Hunt and Moselev ^ re well in rite game Jjg. pic k&. off /by^afe^ 

Kelly. More ominously. Meanwell , f # liule put out by the deter- L f 

dropped two high kicks which mination 0 f the Bristol tackling. d 

dcsiroved his confidence for the . . . - A measure .?•. 

rest of the game. He quickly had Peam. the Bristol superiority' was jlhfer 

a clearance charged down by left the field just after half rime ^ po hrey . 

Lane who scored after 12-and his .replacement Kou^..^ . aM 

sssa FrSSS : Mefr tf 

from Sfek^m^tWn^^?? .andSoV^^C^ 

• to an unusual 'ttegree-^u) 
quarter of the made ;some 


Bristol's burly second-row man grub kicks, somethin 
burst away and Hunt put m a did.not have, 
delicate grub kick. Thanks to - Even after a 


the executive thre-ugh the law 
enforcement agencies. The lav 
is administered by the courts in 
adjudicating between the indi 


the 


from fiscal policy. 

There is no reason why 
spring Budget should be any 
different in terms of fiscal 
policy from the late summer or 
.lutumn statements. There is 
normally considerable un¬ 
certainty not only about where 
the economy is going but also 
what the current position is. So 
it is perfectly sensible to make 
policy corrections during 
year, even in order to maintain 
the same fiscal stance. This is 
apart from packages enforced 
by market pressures, as in 1976. 

A policy 

adjustment is 

with Mr. Healey's cautious 


Climate 


activity .... 

living, but as an off- vidual and the State. One nop 
shoot of social and personal that the law will lead to pood 
relationships that need to be order, but it does not necessarily 
controlled. have that elTcc 

A dispassionate approach to Law aud order jumbles up tv- 
crime and punishment leads one disparate concepts in a hr If 
t»i some cautious, even tentative, articulated phrase that serves 

or feed, the 


a . , . the- form uf garrotting. The conclusions. Crime is an abs-trac- only io arouse, or feed, the fears 

a currcm rfLCMimt ^urpius. oul b rea k caused great alarm, tjun concealing the public's con- of tbe public, out of which an 

man one. sanuia re- PU j te ou[ of proportion to the cem for certain crimes. Violence unhealthy effervescence ensues 

volume of crime. against the pereon is rightly ihat rarely produces rational 

It. led. contrary to the advice considered the most socially solutions. 

r the then Home Secretory, to 


even just a 

main a. central policy aim. not 
just to offset repayments of over- 
. seas official borrowihgs but more f 

' h ' r '!r:"nc Sn-nrltv from Violence Act 
&r." neeo'ed-tn 5 ',^ ^.of. W8. wb.,h p^rjd m^er 
fe»- years. Slinilorly. a domestic ■ J n A„*!! ,p, S5! 

si i mu hi* v-hich ihreatcned ron- 
of step-by-step trol over the arowth of the money 
anyway in line 'uppljr could lead to a market 
reaction involving a sharp rise 
in interest rates, includinc ihe 
sensitive morteaac 


for youngsters and adults. The 
Home Secretary called it " panic 
legislation after tbe panic had 


Ford items fetch £lm. 


£46.3P2 for a pair of 


could be 


porai punishment 
administered. 

IS anyone thinks that that 
philosophy is absent from the 


instincts and this is alsu the 
right policy now. The outlines politically 
of the present position are clear rate. 

slow growth of world trade There is plenty of scepticism 
and the rise in sterling threaten ,j n Whitehall about the mono-. more restrained, contemporarv 
exports prospects while buoyant tarist case—taking salt with his. utterances of responsible politi- 
consumer spending and a pepper as Mr. Healey expresses cians. ir is not. No less a sen- 
possible rise in import penetra- j*—hut the need to maintain sibie and humane politician than 
tion may- lead to a rapid rise in market «-onfidence is recognised. Mr. Whftelaw recently airPd the 
purchases from abroad. So Mr. Healey would be right to need to reintroduce the “ short. 

So the prospect of years of be cautious in his April Budget sharp shock ” into our penal 
current account surplus created but he should say then that he system, particularly for the 
by North Sea oil sustaining the intends to make another ■ adolesceni delinquent, 
growth of the domestic economy economic statemenL with new; That Gilbertian phrase was 
now appears as 3 mirage accord- forecasts, in July, though with-;echoed by other Conservative 
ittg to the more 


subsided.' the Lemmings having FRENCH furniture and works of about I-S09: £46 
died out before anv-judicial cor- art which belonged to Henrv uunepc tws m Louis x\ 

Ford II were sold on Saturday mounts: and £*2.268 for a Loui? 
for XLSSin. at Sotheby Parke aV huresu plat, attributed to 
BerneL New York. Onlv three -tuseph Bauntauer. In 196 
of the 102 lots were unsold. The Satbv y's sold the. same item for 

£2.021. but then it bad no ailribu 


SALEROOM 

BY ANTONY THORNCROFT 


UOn. 

An art nouveau and art "deco 
sale organised by Christie's in 
New York on Saturday totaiietf 
£195.349. Tbe top price was the 
£9.025 paid for u yellow rose 
hanging lamp from the Tiffany 
Studios. A Thomas Webb cameo 
glass vase, attributed to the 


___ _____ . . __ _ . highest price was the 1100.515 Woodall team, made £7,333 and 

„ .... pessimistic out any of the specific Imics to a-Ministers when the Criminal Law paid for a Louis NY secretaire a table lamp by Tiffany realised 

Whitehall views. Although there new round of pay policy of the: Act nf test year was introduced 5 abattaot which Is attributed to £5558. 

3re more optimistic projections last two years. ThU would bringing the partially suspended Bernard van Risenburgh. On Friday. Christie's sold 

around, the balance of payments allow him to cive another boost;.sentence into the system. Ten Other high prices were the Chinese works of art for fS3.i07. 

has re-emerged all too quickly as then if the constraints apoeari'ears ago. the Home Secretary's £54.124 for a pair of Louts XV with a Ming enamel incense 

a constraint on the size of any less severe, which would be both; Advisory Council on the Penal ormolu-mounted lacquer encoia- burner, which came from Paul 

Budget stimulus. politically expedient and'-Svstem noted that detention nures: £51.o46 for a Swiss sold Hettys estate, making the 

This has created a bitter economically right. centres had long been forced to and enamel singing bird box of highest price of £9.589. 



f Indicates programme in 
black and white. 


fi.50 Ask The Family. *nd . Weather for Northern ANGLIA ^wuS- MKll,rt ***"*** ma 

7.15 Blake's Seven. Ireland. _ u HTV Cymru htv u-nerjil 

Jt.Ifl Panorama 1 the problems England—o~»-w20 p.m. Look 2xrimfo j iJaT%i tmmttom. *u smw lzwlzs P .m. rnawdau 

caused by senile dementia.. Eart . tNorwichl: Lookjvorth H*?™ WffijaJTgSS? S wSS 

9.00 News. Manchester. Newcastle). Monlgomm- and enn, j«os»r and Wwt-As' BIT Sml« 

5.25 Robert Rcdford in *■ The Midlands__ To-day_ (Birmingham):- TUdiinJ .Rodney Bcwku rehears'M P.rt. HVad 


BBC 1 


6.40 a.nu Open University. 93R 
For Schools, Colleges. 10.45 You 
and Me. 11^2 For Schools, 
Colleges. 12.45 p.m. News. 1.00 
Pebble Mill. 1.45 Bod. 2.01 For 
Schools, Colleges. 3.15 Songs of 


Candidate." 

11.10 To night. 

11.50 Weather Re?innal New s. 

AJI regions as BBC l except at 
the following time-: 

Wales—-1.45-2.00 p.m. Pili Pala. 
5.55-6.26 Wales To-day. 6-50-7.15 
Heddiw. 9-25 Ryan Ar "ben ei 
Hun 9.55-11.10 •• 193S." by 


1.22-6.05 nopart Wen. 


}• (BirminCham):- nicfiird Rodney Bcnnci: rchears'ms .ir-1 es.-.ji 3 
Points West (Bristol): South *1 she Aldehorsh FesuvoL ujo F-.ren.it „ ne5 t 
To-dav ^Southampton): Spotlight T! “ atpe - ljs a.m. n-f.ec.iot. 

SCOTTISH 

. __ L3 p.m. NVa-s aad Road Report. 
^ Mondar Mcnnv - Ttu. Anael Who 


FTaise. 3^ Regional N^-r for lewte. 1U» News and 


England (except London). 3.55 
Play School. 4.20 Depur>- Dawg. 


Weather for Wales. 
Scotland—-10.06-10 JtO 


a.m. For 


I 4JS5 Jaekanory. 4.40 Hunter? School? (Around Scotland). 5.53- 


Gold. 5.05 John Craven's News, 
round. 5.10 Blue Peter. 

3.40 News. 

5.55 Nationwide (London and 
South East only). 

. 6.20 Nationwide. 


6—0 p.m. Reporting Scotland. 
11.10 Public Account. 11.45 News 
and Weather for Scotland. 

Northern Ireland—*55-3.55 p.m. 
Northern Ireland News. 555-6.20 
Scene Around Six. 11.50 News 


F.T. CROSSWORD PUZZLE No. 3.604 




ACROSS 

1 Sarcastically censures rela¬ 
tions who come after tea has 
staged <6i 

4. Pre-decimaJisation value of 
the coloured view tS) 

9 Mixed gin. sir'.’ Coming up 
16) 

10 The wrong river for a slow 
mover t8) 

13 A blonde WPG makes an 
arrest (1, 4. 3) 

13 " Then lend tbe eye a.terrible 
-" (Henry V) (6) 

15 Tbe fruit sounds offensive to 
the sight (4) 

16 Timely supporters (7) 

20 Proverbially more valuable 
than speech (7) 

21 In which we see an oriental 
dress aright (4) 

25 Have a penchant ror a worker 
in The Lion (4. 2) 

26 An exploit indeed, but nut 
• victorious (Si 

2S No crying over thu young 
hooligan tS‘ 

*JJ Antelope gives th* dovii .if a 
start to the French girl «6> 

3ft A bird is a handiu-p to a 
fS» 


DOWN 

1 It's h“-I if the vwo naval types 
find us <$) 

2 Let u* ban reformation that is 
insecure iSU 

3 DorJor gfts among the fish m 
Arctic waslcs ifi> 

5 There is still dinger if you're 
not out of it i4i 

6 Renounce place on a team 
(3. 5i 

7 Caliban's isie was full of them 
(Ri 

8 Stands up before the little 
courts (6) 

U Screened—and so was the 
wagon (“) 

14 Tried to borrow money—must 
be slightly mad t7i 

17 Absent-minded characteristic 
of Diana (S) 

18 Caro had to be reminded daily 
that it hid to he destroyed fSi 

19 “ Wg arc turned round anti 

round is this wurld like 
yonder-" tMeiviilc) (Si 

22 Not a classic performer uf 
course f6) 

23 Gratitude gets the poet a tunic 
iflj 


communist 

31 Finphdsis that is very Frcoch 24 Sulitaiy rrusiaeean ifi 
aboard ffii 27 A fish for Henry'.! wife • *1« 

.' solwtfon of last Saturday's prize puzzle will be published 
-jvtih names Gf winners next Saturdav. 


Soulh West iPlymouth). 

BBC 2 

6.40 a.m. Open University. 

11.00 Play School fas BBC 1 
3.55 p.m.). 

3.00 pjn. Word power. 

3.30 Children Growing Up. 

*1.00 Parents and School. 
4.55-5.20 and 5.45-7.00 Open 
University. 

7.00 News on 2 Headlines. 

74)5 Children's Wardrobe. 

7310 Newsdaj. 

8.10 Drama 

9.00 Harry .Secorabe's World of 
Music. 

fl.50 American *. 

10.40 Just, a Ximmo. 

11.10 Oocn Door. 

11JJ5 Late News on X. 

11.45 Tele Journal. 


ATV 

12.J3 p.m. fjeome Hamllica nr. 

iJ' Her Harp - stamna Diam- Lllemo. 

V'lfl iif Todav. fc.W Cnmwli.-sjr. 1 D.JC Srotspnn 
S^cLt. UJB Master Golf 11.30 Th- 
■L-£? r T * CwtT l- “-? 0 d Bis Br'ah Init-matlona). 12JJ3 La:^ C*U f . 

Mfo. U.S a-m. Sorar.tiiliis Dlffe.en^ ^^5 a b-j:lnu. Grand Masters 

Par:» C.^airJidnsMe. 

BORDER 

1LU p.m. TV. F‘JKMcn-:b. 4 1J0 Etirfirr SOUTHERN 

^ ■■ 12-30 p.m. Farm Proar.-:*. 1J5 

Th* '-ri-o^cd rt'.-ar:i ^rnnn Riuai.jd s Ult |i, >rT , ZJI] HojSepur-. Z2S 

r partis Jr. S.1S KwdM . r.lannec: -Fn t ..,-bounU" starriiu 
C-anwc^ rtu: i.» Loo'T-nwnfI Mcndar. Ro!wr .V,.„ r or) . s.is Mr. and Mrs. 0.09 

“rx Tn ThI D *-‘ ** »■*»'■ “ *«umc m Camera. 

t 1 4J™ U - M ■■Sou^trn Extra. U.M Bill 

>-*lR 'tan-ina .-.aul!e Wood. 112.30 Eran,] 

Sortrr 'iers sinnmsry. 


CHANNEL 


LONDON 


950 


1QJ2 Spar-* 

a.m. Schnol- Procrammes. caJi£-‘* 1,,dr,n ' 
12.00 Noddy. 12.10 -p.m. Daisy. French. 

D.nsy. 12.30 rndnor League. 1.00 
Sant, piu- FT index. 1.20 Help : 

1.30 Abour Britain. 2.00 After 
\'ion. ’223 Monday Marinec: 

-‘ unc Way .m reeL" 


TYNE TEES 

9JO a.m. TiJC n.nvf V.'ord follo-iyri br 
K^dbo^-s. 1.20 p.m. 
Loolrarmmd. 2.2S 
3.20 >j.-nerailon 

”■* Ch t?M 1 , L !' C ? i“ w u- Uaivtirir?”chailcn S eT"fci» Vnnhcm Uf? 
■ ; ' r .1 . L Vu'.’it"; kM Poll-:-.- cm UJB Nonn*™ Seen- 

. .. . . v, a 6, 1U0 Mondar :Clabt J.IotIk; ■ Isn'i I 

lollovdd by and Wenther 1 = Sbocklns-'- 12.& a.m. EMIo-do. 



ttamng 


GRAMPIAN 

9.23 a.m. First Thmu. J2J0 p.m. Firs: 
ti:L 1.20 >Sr«n)pian *•■-.■'« Headlines. 
t2J5 Monda- r.la::=-e: -TIk lih'i-it Train"" 
starrina Arhur R..,-hard Murdmt) 


v.,_ — 3-i.aiciM .-%r aur r...; 

'fason. u .o0 Couples. 4JO ,rrd Kainb^a KarrJson. 3 
Liapperboard 4.45 Warrior ChalliTHW. 6.03 i7ramp:.ir. 


Queen. 5.15 Survival. 

5.45 News. 

6.00 Thames at 6. 

6.40 Help : 

6.13 Opportunity Knocks. 

“-30 Coronation Street. 

X.ftfl A_Sharp Intake of Breath. 
5.30 World in Action. 

9.00 FtazeH. 

10.00 Nows. 

JOJJO The Big Film: "The Way 
West.” starrinc Kirk 
Douglas. Robert Mitchum 
and Richard Widmark. 


3JJ linlv err.iiy 
TOtlay- 6-10 
Tti* ilarr TW-jr Moor* fckw. 4.*0 HrJp: 
10J0 Xro:.«pfrrt Special. H-flO Ructions. 
13-05 Fearur* Film: —TK .Vorllii Tap-Ji"' 
»u.-ring DliAinaon. 


ULSTER 

1.20 p.m. uunrbnmc 2.B9 You 

Mnndjv. ?2J0 Mondar ManiKi.-: "LU'c 
la a Clr--u*" sinrnna Tlir r.ruy Canu. 
*JI i.'tiicr Sews Ucadliric*. 5JS 
LinL-vr;i:- uhalknu-. vbo L'I«-r Tok-. 
v!-:Hiri \mh, 4.05 and Down. 

f.3tt R- porL- 10.30 7i-.-o at 1C -a. l*J5 
Monday Movie. “McCloud." roDCivi-fd by 
Scdum-'. 


WESTWARD 

r:D4Y4rU p.m. i,Oa Hotj^yhoa's. Birthdays. 

u r ' 1.20 UVvwjrd N4 ms Fti's'lllnf-s. 2.25 Tft.’ 

B - n *:, ff° w Vo S-*r AJvr. 1J0 Monday Mailnfo: “Clas-s Of -TV 

Dodo. 2JS .-rondJ" Afatinja: mot "it,. 5.15 linircrsur Cballongo. 60) 


••.Iii:qii»’.jne "* s;arr,ni John Crcgson 
5.15 Cnircr^Ky Cbaliv.iao. 6.00 Cranoda 
R^ponv. 10JO Rspon: l^oIui>.s UJO 
iSntvy Matte. McJIUJao ud Wife. 


12 JO 
Pepon 


12.45 a.m. Close: Frances Corn- wi’.js 


HTV 

p.m. Gardocin? My it ay. 1.20 
Tins Hcadllr.o*. 1.25 ReBOrr 


BVtrnard Diary. 6J0 Sporti Dosk. 
io.2E , AV*p.-.ird U't- Sir*, iojo mmo 
V'ti. 11.00 r.iio Sirhi Mwvlr. -'iradnm-- 
etamns RteharU Rt-onp and Uvlie 
Caroa. 123S a.m. Faith far Life. 


12.30 p 


YORKSHIRE 

Tbe Building of :)i* Tower 


- ----- --R-faillMa. 2.N Hou»epaRr. t2-2S of t.nndou. 1.20 Crlondar N.-t.-s, tZ.ZJ 

rora !• poems read by ~ hf - .Monday Matinee: “E*nd Wagon” Mnnrfar Film Matinee: "Tlw Ana*r Who 
Ur.-ula Hanrav. purr.as Anbur and P.ichard Pawn.-d H-r Harp.” 5.15 Cnlverdiy 

\ rcsions -Is T^nrinn ‘|»r43C.1. SJ5 Mr. and ?trs. 4J0 Rop.?rr Chalkns.. 6fP Calendar -Emter Moor 
v»' "Vli,r s ■ l-onaon v: ^ lm k22 Reonn riOJS Th? and n*ln<ow tfllIon10.38 Th ■ Sa--aa- 

.xcept at the following tuner. Monday Film-. "The InnoctttK' siarrlnR y.*esi; "Thr l.onft Pule Home." 



Second Test tilts to 


THE- SECOND 


Test match Ian. Botham came in on - the infifurfburSiTh^lW 
between Enelaud and New fit^’..day .when .the' Er gland - Into' ;.ro m-OBs 
7 pa land at Lancaster park - is inaings was in. considerable-diS ta AHder&ptfe.aud>^»^» 

?f they' are to win and draw level great., sense, and a new-found- ' 

in the scries. maturity from Hist 




■found • Aagersoh? hailj 15^ 

in uie scries _-- 

“ .. . ' . balfr-'-He had an ideal parmer, ? loriotii-^aCk-fW 

-XfJjPAl# 1 iS P lJ.P»JS ^ B °b Taylor. . ,y= ,: 


78 “%%TSir 1 W , '5w ta 2 ■ -Wien 


were 

England's 41S. needing 97 more 
runs to save the follaw-on. 

Boycott continued England's 
innings for ten minutes into the 
third day. While a total of 41S 
is an unaccustomed luxury these 
days. I feel that England would 
have been better, placed if he 
had declared the innings an hour 
before the close on Saturday. 

When Edmonds was ninth out 
at 31 
on 

declared 


his- first 50 in a test.: he began fuiL-toss^ Sack -to 

to play some reckless strokes • Hovvarth didr'm),-.__ 

' - . wj th rti^-seo fV&2 ^ha- di 


CRICKET 


BY HENRY CALTHORPE 
- Christchurch, Feb. 2fc - . ' 


fend V lifter frdia wails: 
his ghwe tb short-jegi - rr?; 

Andersbn badcri 
he ■ was -b&wied.ri 
iwti eforp-tetuinjadB -v 
fn . tber ■■rough: 
leg; sturajL Ha; waited* 


umpired' decishmi^.tRfekte^ 
miafetvftnve' 


would have had 50 minutes' $£lor'\^w£3f « 

bowling at a side uhith had ^ from bis first test 50. IS S%6 e - Slrt S 
spent twq days in the field and tW was also .a briUiaht-.in- 5SS 2^S 


were obviously Tired. 


■There wasjtifioVa hriUiahr.iri-. ]1r ik hecame tuu* 
rungs of o0 'front;. Edmanos defensivety from -the" 
England, might easily have Which came in only-70 minutes;. ene fnynfBottutin which 
taken two or three .wickets bed ore U contained smne of the best andwsia: given v>ut 
the end and there would still strokes of the match. Anyone h e almost certainly £ot his 
have been some shine in the ball who can bat as well as that to the ball; - • - 

for this morning. should not score many Jess than r™ „ 

As II: w«. MIMer and Willis £000 • in Enslish HrsMlass it ^ e a h0 ^ ls e i ier 
scored 19 m the final 60 nunutes cncKei - - than on the first day. /IF-? 

play, then in 11 balls to-day. Miller drove the first four balls Zealand bat sensibly, they sht 
Miller bit 24 runs. of Coinage’s first over this mom- be. able to save-this one. 



West 
and dodge defeat 


AT HALF-TIME West-Ham were which gave them a much-needed 
losing only 2—0 to Arsenal, point that their overall perform- 
mainly through the courtesy of ance scarcely warranted. 
Stapleton and/Sunderland, who The' West Ham midfield trio 
both squandered simple chances. Brooking left. Curbisbley centre! 

Everything suggested they Devenshire right, all. displayed 
were beading for a substantial ability and considerable' lndus- 
defeat and another deserved try. 

step toward relegation, because. Their front line -lacked pene- 
after a reasonable start they had tratioh and their . rearguard 
snnpiy disintegrated. though G.reen firmly shackled a 

The Arsenal defence. ..with rather disappointing Stapleton 
little if anything to worry about, often creaked, 
apart from one shot from Devon? 
shire, repeatedly caught 


As usual.-Trevor Brooking was 
not outstanding. He destroyed his 
opposite number Price, and 
was not unusual.in the second 
half io find three Arsenal defen¬ 
ders trying to stop his powerful 
dribbles, . which created 
numerous problems hU col¬ 
leagues failed to exploit fully. 


SOCCER 

BY TREYOR BAILEY 


n 

Brady wove his magic, while ^7/"“ c< “ nvr H 1 * 

Macdonald not only scored two start 'he rather^Fad^rf 
goals, but led his forwards with n IP! „ rp e rather fadcd from ?hp 

the dash and skill of his hest -m.™ '_ . . . , 

he is seldom 


^ .eptplu^ aJ&? Jf.1^ 

Brooking their mam source with the hall nrAvirlac 


faded from the 

■ '■ t» ■'i* picture 

and skill of his best The nmnn 
days with Newcastle. a - n - uc IS , seiQWn a® 

Hammers 

with BrooKing tneir mam source with the 

j; ;s„ d S5f 


hut achieved ^ “ 


in the net from a free kick, when ucSed. 


All 


RADIO 1 247m nh<ch Pisno rciilrft •£. U.MA 15th- fc.uo B.30 Th.- Er.ch.mnns 

(S) Stereophonic hroadua LAniur- Enabshi Passion • Si. Il-Sfl BBi, ^'orld of Hm«r jnd Bracfc-i. T.03 \.-«rq 

6.N unTBTw Vij->! SrauftonF orch^ir. -i-. UN 7.« Th, Archer#. 7.23 From :).,r 

F.^T0r4i 0.38 Simon Bair*. 1UJ Pail] rr lfl \tancBome ^onirn Corrapnn.i-.ni. 7.15 Th.; .\inid»F Piny 

Burner; ir.ciudmc i n }, r nm- vr-rv itaiu ■*'?,/ teurrt 'SJ' 1 ' u:i,n,n Field. 

2-ftt Too#- Rtii.-.-.imm «.J1 p»v* L>->; a J •*-*^W(KC0pw. 4.S9 W-.atb._r. 10-00 

Travis including \e-««hr x *. T.08 f r 5 ‘v,. w,,rW Tonteht. 18JO Thraush 

Rf.*: .Vnnilvrn Radio Orch.rj.Ta 'Si (io:ni *■[ P>^T_Ko.farfov Mr--an F>■»>-. Rrl.lcJt Pioof.i raih-s :<j 

Raill.’ 10.02 John Pc.-J ,,s■. U.W- S " ri^'a 5 ^ nrr,rwdr ^ ho-n black :m.| t-luv [» oiU, jhmn r acla | 

12,00 a.m. As Ea.lin 2. Round. it.U >u»>. W-10 rfoms-rard -lonniri. n.oo A r.-wt .,1 f-;- ijini- n is 

VHF Radios 1 and 2; t.Ofi a.m. With F*S^? nUC ? w J i 0n,a I h !i Fin ' , ""« l •'■'odd Ton’ahi." 

tnrrilice l uo<yi Lisr.-n- - ^ '* n S Tn J s -'! n Parimm-n:. fiffv-a 

Paris parr .. Vb-r. M«an m. ZJO For Sehiois (VHP only) *.4S.ii.«0 
. _ _ Geneva Conrant.nn. *:aJk sod 2.00-l.ca o.m. 

ov uenffri*- Rcso. 1.43 Concert oart 

10 M. «id yhf gSri5“-2;., !?*.lS? r .22. 1 S BBC Radio London 

O.RI a.m. Sunimar;--. LQ2 Ra.- D- K 

Moor- -S' vj:h The Ear:? oho.v inrl'id- 
III* S I j Panvs fur Ttioochr. 7_ 2 Terr • 

Wap an <*j. muludina T.27 Rating Bnllt-tM: 


With 
Go<yj List.-n- 
:rp 10.02 W;.V Radio 1. Ii.B8-12.06 a.m. 
w;:ti R.idM J.pa«nj Ji- 


UJO 


RADIO 2 


iwnra:: o,‘ Frank Ram-s-tr bv 
jtr'Jor. 10JIS TcnaC-orrl;, on 
rv-flrd «?•. 16J5 Plainsonc and tb« p-m 
of Europ-a.i :iusi C fS.. 11 AS Xcv-t. UJO- 
11J5 Tonisbfs Schubfrr Fons or. rteord. 
and Pau#. ; for Tl.uurfhi 10.02 Jimmy -Mj ■ m ' 4nd 

Volina •*.. 12.15 p.m. ’WaMoncrs- Walk. 5 -*- 7Ja pm - lisiwws. 

I 2 J 0 P-f.' alumF’s Opin Etons«- «S» in- DA DID J 
1.45 Sonrj- Di-sV. 2jft Dari.1 “* 


-06m and 94.9 VKF 
kOC a m A 4 Radio r & J3 R, w h |; nHr _ 

: r ?'> E '"-7- ’-m i-othIwi l.v ,. 

1L.03 rii Town, li.03 p.m. i^a-I io. j.jj 
CCfi ^ .'inn-.iaf'.-. 4J13 ilum-t Run. 0.11 
I.fH'ri. smp Li*:-*n. T.W in Ten 11 jjj 

?, r ii k ^° ,3cn - M-BI t.tjf Mifti London. 
12.03-J.liC^; ,\i P-#di 0 2. 



ftT.-rr 

DO 

"r « "T^T.Wr *.V 

i.-s Aeau- 'Ids.-? s 


cl dM tt-09 Ton 

PM **•’&"-.«. 5.48 5--r---vfliar'- yi.55 .ns 11?" 
10.13 r- nrilr asd taiher orwanun* nov? ' KF Fsr.lfiil P'-cr V- 


• )•:! . 

■ * L ^ :c 'y-t-'- *s m-.-itH- 

Mnii-r.r of T'rmr 100 *,m 
ihe ‘ .'ipm Fiiar,. -Si. 


Fort Devon’s Gold Cup 
odds are down to 5-2 


SS5r s 

The first-named, an incx. certain that no three^- 

pericnred seven-year-old. has JP‘ ,e * clu .*® r ,n th e country (with 
improved dramatically in the ex “ption of Mid¬ 
last 12 months and trainer Fred 1. would have proved 

Winter is more than hopeful that n,nS/„ ° f T >,"L v,n3 J»Jent^d 

a m >the crown will soon be his. r“ n ^fr-uP that amount of weight 

Midnight Court win take hia n i? haX 
chance at Newbury on Saturday surprising lo fifid 

in the Morgan Grenfell prize. ■■ ; —:-!- l — - r~ 

The seven lengths SGB ebase 
winner will need to be back to 
near bis best, after a 10 weeks 

absence from the racecourse. iF . . . . _ 

ha is to prove capable of giving “ . 

Grangewood'* V Girl and^Vnle book ™ ak ers QuoUmj 

Wish. 


RACING 

BY. DOMINIC WIGAN ■ 


and True Muoung 

ana irue Foct /Devon as short as 5-2 for 
Ihe-top Festival.prize, - . ' . . 
My inclination 7 would" be to 
w .. . Jck with Midnight Court on 

Sa™ h™ esubnih^Tnd* wiS ZJ2&F 2H* “ d - « 

>oito oe IO beat on March 16 come up soff-or heaw ' ° • 
***» land ms Salurjay's Yellow oeavy 

Pa^cs chase ar Kempiun. 


His Cheltenham opponent Fort 

Devon, who is five years older, stick • With^Midnight “court ■■ssr-.-vn-n 

at Fulke Walivyn'* firm or wind <3 ^ a J‘ooks good-forplenty-bRare^a^ 


trained 


raises 


morale 


CARDIFF; IS a depressed soc 
city. Turn left oiit of the Cenl 
Station, over the River T 
swirling black, as. sin, past, da 
after-dozen of. brick'ed-up c 
demned terrace houses, p 
empty shops and industrial s 
sores, and one' reacbea Nin 
Paris. Inside the ground ar&v; 
roped-off areas devoid of peoi 
The- Grangetowp end 
deserted, its -corrugated r 
broken in ■ thousands . of ft 
ments lying .. on the teiraci 
The steel supports stand' i» 
mighty, purposeless, . Mecca 
awaiting dismantling. Thesafi 
officer has cailed—and .he;-t 
has condemned. - v -'-jj 
Capacity is restricted to 23X 
—and how Cardiff City wish 
they could hit that figure .od 
stoinally! The club lias .an by 
draft of about .fim.-.and’oti 
debts said to approach sis figur 
Not to mention the. cost of 
building the ground to. new saft 
standards—and to regain int 

natiooal-footbatL 

On Saturday. : tire'shartiioldc 
had ' a -bitter-twd-hcmr- meeti 
before Ihe game and-the eha 
man who atarted the Seas 
Issued a 1 Vrft for’ libel 'agafi 
the man Who toot over ftom- K: 
in November^--- . . . ; r ..- 

-Let if be recorded, thecefot 
that Cardiff CiQr'a teanH :;:: e?e 
man jack of . them, available'i 
sale at a suitable -price—Wd tbi 
supporters,=' ? Shareholders •■ r "aS 
manager, .vifhq.: has' just-Vplu 

teered a flJjOO-^year salary ci 

^nteadousiy; proud by lwdfii 
promotion • possibles, ^Blapcpm 


2-11 


Spirited' 


^Struggling agaipst. reiegafio 
which: fonid prove a^Iast-itra 
death - blow; CajiKff .de^jesatg 
needed that win. ; loiHthe 7 


Brighton and-JN 

son tQ'J^orwictL fdr S^JMO^V^ 

Their spirited .shtiwTpg^a^ain 
claSsief B&ckpool' shopyrifidOwS 
some talent-.-tlraf 'couii L fitter 
■other dafiSiir--v ; -./- : i\ 

j^mon-tackli ng-1 '-rights'-'.^ 
Dw^eneould 'plug-a;gaft ia^l 
a First. D!vfsimr defends; .^rie 

trunk-thighed.'. Went scored:-h 

foi@th^goai r in' 

centre-forward adek ixhww.% 
st^w^rr service to’ several 4 dub 


A.« with Midnipht Court's SGB’ 
performance, the result'of tbe 
' cl low Pades was a foregone con-' 
du^on. 


Bowlin: xlona at tiiff head nf 
top field Fort Ppron only.had 
tft iv? j-haken up to pm six leoctbs 


. DONCASTER. 
2.00—Kell oe Brig 
2 JO—^‘-Criticism 
3.00—The Hsia***--- - 
X30—Gumraers How** 
4.00—Sea Heath? r .. r , 
4-50*7~<jinfbp^ 




•rsr.- *x;-r 


I dMured-.stc®e..^?; J^Mwhai; dai 

and shot a beautiful £f7tSMnuJ 

\ 

; Blackpool. * too', - sr'eL'ra. >.tid 

ienpwned.;.' fdr- 

bigheFt; biddeW^tlw- 

that 'they* do. not Consider :£|t 


|not)2h io ,luro talldefcSdi 

Hart and .striker ?VYaIsh--^'; $£-'* 







% 





11 




4 


¥ 


ici&T Times Monday’'Februarj ST. 1978 * 


v iiam Playhouse 




Festival Hall 




Anthony d’Offay 


by rB. A.aYCWJNG * 


The Year 1917 


bv RONALD CRICHTON 


The Rojal X.i%erpool Philhar- in this symphony, to sreat if 
motile recently completed a two- unostentatious effect, 
year span of the Shostakovich 5,t, ' v movement tRaziiv. 


Lucian Freud 


by WILLIAM WEAVER 




3 0 ’ Ca ^y’ s chsracter in tenns of reaction admiration that no doubt her JIT,".™ "of^ The Shostakovich fh 1 ? slow movement tRaziiv. Ti is a curiosity of nur present 

“? re Pit* !° «her Poopte’S approaches; it granddaughter would have.where Lenin was lvaitin* in cultural llf e. horn of an unholy 

, with its tale of the is Minnie who awayds him the hestnwed later on Georgie Best. ;symphonies, complete except for seerP , ror events to get eoine>' alhancp between general aiU- 

oet Donat Davoren saintly gunman's .aura, Tommy Even in the scenes of the*l? e rare ‘- v heard Third and j* * broodine nighi-piece in the tudes and recent art history, that . 

S"*® 0 lhaT ° wens ..with his careless boy's B i tefe -„ d Tan raid with their I w 0n Knday ‘hey^paid da rk colours which both Shosta- contemporary painting should 

unman on the run chat about the Republic. Mrs. fUF* r . ra “ 7? „ r ! London the compliment of bring- knvich and Prokofiev handled so be raillod a pains: so alarmingly. 


'I 



side the Soviet Union at least, is a let-down, or seemed to be :conc * lved . 
has generally won the admira- so in this reading: not one of Whatever 


views 


kenzie's production at welL He could signal .the entire these are decoration only. 

i declines to under- contentsof Hamlet's "To he or though Malcolm Terriss and . _ _ ___ _ _ ____ w- . ,. c „, 

outical import of it dot to be” soliloquy, sipping a Lorraine Peters etch them !Uon and interest aroused by the the composer's tongue-in-check, abstract painting might be (some 
?re a Greek tragedy glass Of beer. clearly enough. Only the scene]Tenth or by the three last of the ambivalent exercises in pro--of my best friends are abstract 

cs underline them- The two characters pearest to with ' the Cockney Auxiliary | fifteen. - Jetarian high spirits, but a still - paintersi. a quick count of the 

blm In 1920 .cannot him, Seumas Sheilds and Minnie. {Arthur Kohn). as gun-happy as [ Friday's lively performance mainly sombre assemblace of two dozen or so whom informed 

very different from are also very well, played, and any IRA volunteer and the (under the X’orwec/an conductor rhetoric and over-simplications, opinion would hold to be our 

1978, - save. that the. they establish the Dublin reeling breath-holding moment which J Karsten Andersen suggested that betraying more anxiety than , best or at least our most suc- 

jnore popularly -en- solidly around him. Ken ftutchi- follows, when - Minnie's fate .for the most part the Twelfth optimism. cessful modem painters, sup- 

The story is played son is the hawker: Sbellds. the bangs in the balance, are allowed ! h*s been under-rated. The first With reservations about the p |j 0s fact that some 70 per 
is can be; It is^proto- archetypal Irishman, packed with a real slab of dramatic pain.; movement (Revolutionary Petro- finale, the performance was mt-; cenl . are unquestionablv figura- 
comedy. ' intentions but lacking the energy Pain of another kind endures;grad) with two main themes pressive with keen string tone] t , vo in the j r worIt . an d*the per* 

irt may leave some- to fulfil them, and as subject to afterwards as Dona], brokenly i like RuRsianisod descendants of f already noticed and enjoyed in centage would rise still further 


desired as a Dubliner, pagan.superstitions as to-Catholic reciting his favourite line of 
tapping ant his verse faith.' As Minnie. Ann /Hasson, verse, realises for ibe first time 
ypewrlter or crooning sweet in her lace-collared dress 
'e, he does not. In the designed * by Andrew Sanders. .... 
e has to present his looks on. Bocal with the touching ever imagined. 


Uie big tune, in the finale of Svendsen's Comfraf in Paris werc we to include those artists 
Beethnven s Ninth, has a lautncss earlier in the concert!, and m- Whose work derives directlr from 


s that Ibe world knows a more that Shostakovich (as he well awe. alert playing from wind figurative sources, 
t. concrete suffering than Shclleviknew) did nor ofien achieve in and brass. The rough edge was . . 

> ever imagined. ; sonata form. The music marches a^ welcome in Shostakovich as it: . un . ina « 1 




. ■&: 


John Hurt’ 


f House 


Streamers 


by B. A. YOUNG 



-s the middle of three crack up. They are the streamers. Under Leslie Lawton’s direction.; not the u0 j O - 0 f p arl \ 0 f 
if .1 \\ .i t ’ll*: David Rabe, based f slang term for paracblUftr Ujat -thf. «H»9"ng clay this scene, lhe P?lS <* on . The third, however. 
'•* \\ .1' •«« ?€ars' service in the fall tyopen. /. wrpgrbQi. as: inde*<r they ’bavei i5 a | 0Te lv. quite Simple medita- 

■** *• *< —j o«— .1— nc j s played all the evening. ■ -*— **--..... -u.«. 


.. ... „ M , ... Lucian Freud 

[or lurches Grimly forward until was wearying in the accom-■ ** and S vety high, one of thentos! 

I the thunderina climax just paniment to Szeryng's immacu- djstmauished of our living 

before the coda, which begins late but rather impersonal play- P ainle p** perhaps ‘ncieea trie 

I with -a sudden hush broken by mg of the Chaikovsky Violin m °st distinguished of them all: 

drum taps—drums are prominent Concerto. which is to say that he must be 

i among the very best artists work- 

*ina anywhere in the world. It is 

i ■ hardiv necessary' to say- however. 

St. Marylebone Church > that he is not honoured in his 

| ' . own country, and. though he Head of > Girl: Lucian Freud 

enjoys lhe respect of his peers, 
certainly no star, virtually un- . 

known to all but the thousand or VWliWM. though an-wers arc images, irue likenesses: and,- 
two sotilA that constitute the arr few - and doubtful. being true, they are beautiful 

community here: which de- With Freud there are no aticr ail. 

fleieney happily may now he hwtncmics. no slick. e:«y effects. These paintings are indeed 
adjusted somew’hai. ".X number no expressionist indulgences, commanding portraits: and 

of his recent painiings. some though his cleverness and con- through they very particularity, 

tiny and none pxacilv larce. are irol. and the accuracy of his the sense they convey of ihe- 

Tnmign it seems io us one or that UirhulenL iisponant nn view at the Anthony d'Offav observation, are clearly demon- singular identity or each >uhj\cl. 

, of his most perfectly balanced opening of thp Passion, and of. Gallery in DeririG Street until straied in his everv mark, should alone in the world. ih**y lake on- 

( and cogently planned works, its plain, glorious chorale ending March IS. a splendid and excit- we look for them. The colour a universal applicaiiun: for wo 

: Rach s- St John Passion under- —both these are serious draw- in2 show. is subdued, fiesh grew pink and make of each one our own sub- 

;went many changes during the backs, tolerable only on isolated }j JS pa , n j,ngs are far from green. As wp move closer to the stitute. in whom «e pin our- 

; years in which it was revived cxpetimenial occasions. It is p r(Mtv though eventually we surface, the form, so surely selves down vicariously. Why 

w ‘ ‘ ~ and so powerfully this should he «n is a greai- 

.. begins to break down mvsiery. hut one as old as Art 

.. .. ... . constitiient elements, the itself, wrapped up in that old 

vocal and instrumental writing 7, should be said that the tension the human condition, features dissolving as it were sympathetic, atavistic magic: and 
• tek i" l J , H: r ?" P ,hI fresh-voiced, lively Singing or the which he treats to dauntinglv inm iho paint. Moving away it ts one of the powers of great 

changes which he made for the g s . d d h unsentimental and concentrated again, however, this stuff resolves Art to remind us. 'hocking and 

s j ,cnnd Performance in J' ond ?" B '‘ Ltl nrroes of the un a scrutiny His sitters are not itself soon enough into the most surprising as they aro. ihat these 

ztpm cnnvincm= and , ’ crsona ' " ,rcK - r w,a,,n w : 

SSf«“«5. SSbiriM The Gold Of El Dorado’ Nat West hacks Welsh. 

arias—ifave h5eJ U printed *?7n burdcn of [he new tenor arias J™ ^^^"and^n^LteTwa"? St tlie R °>' al Academy National Opera 

appendix to Jhe New Bach fn^'performanw^iime^from n «* the substance of An exhibition of pre-Columbian Na tinnal Westminster Bank is 

Edition Of the St John Pfwsum. m tne !oertormancie came trom pajni and hj? w#v Qf workin£ , iL gold treasures, largely drawn to provide £15.00(1 towards a nlw 

p*», QtohfiM* to rJ^MbPann.iat bass aria and from Jennifer We ar * dow u 10 fundamentals, from the collection of the Musco production of Mtuinm Butterfly 

ritual^nf*a Passion frv th^London Sm?th '.ImMVnbiSS>!yime^;jf 1 problems of painting of del Oro m Bogota, Columbia, will by [he We sh National Opera .he 

SKSS S opcn at ** **« Ac :* emy of » an o? 

this i,25 version of the St. John Esswood worked his ™}*}, 9 ^rtain way. with more or less Arls m Novembcr lhls >' ear - industry ?nd commerce. 

K.i«i2? i Ift»rnMii TTnanCe 00 ness of line, and Richard Morion skill and sensitivity, and so con- Entitled The Gold of El Dorado The new production is to be 

Sa L" r ^- v *Uernoon. rdramkinc it shnn notice for-jures out of a flat surface an it will be the Academy's main directed by Joachim Herz, the 

Of the tlyee unfamiliar anas. Partridge, was an Evangelist image of sorts, that takes its winter exhibtlon and will run East German director, known 

two are wild and dramatic pieces If 7-al ' Tromfse^ StSitrti place in the world as an inde- until March, 1979. principally to British audiences 

etJn q as account had that utterly plain i pendent entity, yet comments winter exhibition and will run for bis production of 5nJome for 

if g !i^ Sitmem iiinSly Sjupon it. and upon itself, too. in Benson and Hedges in association the English National Opera. Jt 

rnann 

superficiality 

least, corroborates that): they do 


London Bach Society 

.by NICHOLAS KENYON 


• .:—' -.r 1|s paintings are far from green. we n 

: >cars m which it was revived cxpettmenul occas;on>. It is „ rettv ,hr,irh eventuallv we surface, the f 

;rnr pnrfornianre* al Leipzig rrassunn? i.» knmv ihat Bach mme in see that thev arc beauti- modelled and 

1 Several of the-e changes show reverted to the original scheme flll m . Sllb j w predominanilv dweripnve. hegi 

Rach refining the details nf (he m later performances. i„ t he human figure, and bv ex- imo its eonstitu 


BSSTSliSS raises surt a performance above I the record it affords of its own with Times Newspapers and the will be premiered on November 

ficialHy of JhfSdl^t Se level of a mere concert. I making: which poses interesting Royal Academy of Arts. 1 at the New Theatre. Cardiff. 


riilut 


rmy* _ _ ... 

s. There As Richie. James Aubrey, which could well he used in the 


I tion for tenor with two oboes 


C.C—These theatres accept certain credit cards by telephone or at the box office. 


my Sticks and. Bones, Life in the U.S. Arm 

11 reviewed here. Iasi clearly easier than in ours. 1_ ...... . _ 

.s the third They throw are only three private!: in the fitves a faacinai.tns dispi&v of] (alt-ioo-frequent) performances 

edit on the U S. Army, room where the acifon takes deceptive easiness, his (tmina where there arc neither viola 

mod deal on the con- place,, and they are-allowed tu absolutely faultless Dunld'amore players nor tenor, , „ -€ , „ T ..,« 'om 

fy U.S theatre. bring beer, wine and spirits to Warrmelon plays Carlyle, and: soloists equal to the demands of| COL,SE T^?i 1 r . , npn. c oi“' p - a - ? ouche». bss «.« ".v- «a. «- 

*iers Is set in a transit their beds. Sergeim* wander manages to express the need Tor ! [he tong aria " Enrage" which 

--- __ .....— 1 - - dramatic sag 


here voting soldiers are casually in and reminisce about sympathy in that unhaouv vuunal often crpates a dramal 
f posting, perhaps to horrors of Vietnam Richie man’s boorish behaviour. Trevor[jn the middle of Part II. 
perhaps 10 somewhere tJames Aubreylowhu is gay. is Jones as. Billy dies a must] About Ihp alternative ch 


perhaps »u wni«f»n«<s , _ ,, ■ * • , * . 

v«. It illustrates vividly cheerfully accepted by his com- horrible dealh .unable to believe 
je contrasf between the despite bis appropriately vvhat is beppemne to him as 


choruses 
1 was less hippy: though both 
these massive chorale fantasias 


Quartet 


Some men between two military policemen, gone before. 

Bath Festival <' 


V 11 

mi 


Li l i>? 


'AC 


v-> 


ns and ourselves, that can JP behaviour. Leisure seems blood gushes first from his 1 are fine pieces in tlmir own right 

» look back at life in tlm lo r eternaL/ This happy way stomach then from hts mouth. I cUvc first now closes Pan 1 of the 

‘ It leads ro fun/BWnito of When the violence is over. 1st. Mat three Passion: while the 

■de. Worms Eye View. H 1 .?” van S* ,T,e ” t - David-Rabe has added a kind ofLsecond closes Cantata 23) they 

alf Hot Mum), but when Pi®K «■'« * oramaiisea coda where a lona-service aer- have an expansiveness which is 

-ricans do. thev can think version of the Beetle oauey seant> as drunk as sergeants , foreign to the Ticht-knft drama 

*ng hut suffering. Here comit slr ?P- . always are in this play, comes]- 0 f t h e i’t. John Passiott The loss 

in at once with a voting But disaster builds up when in and laJks about the heartlessi 

who has slashed his Richie .allows Carlyle, a dun. violence in both bl& ornate and 1 lt 

orving: “I can‘t stand slow black from another bar- his, service amusements. This j GOtdS(THtn S nail 

he is taken a wav to bos- rack-foom. to show gratitude for episode adds an artificial sym- 

T.ater on two men die a small .service in too affectionate nietry to the shape or the olav.. ^ j , • 

nifo-wnimds. Yet the men a manner. From this point on but it is a terrible anticlimax.: p/1pr VfrirTO' 

ive cracked up have sepn play goes into a crescendo of though filvn Jones (who ends bv , JL/UL/l 1115 

• hut thoir basic training immensely skilful writing, reach- sfnzine “ Beautiful streamer ” in ■' 

fTn or X r« however bardlv ing a climax when Carlyle sticks Vietnamese) does all he can r«*r 

Armv life at all. It is a knife into Richie’s astonished it. If it is supposed to link the 

the nressures nn "single comrade Billy, yet not relaxing barrack-room tension with thr 

1 harrarks” that Kinling even then until another soldier horrors of active service. 1 ran 

ihont. and which existed, has been stabbed and Carl vie only say that fur me it only, . v Mutilc SllcIPlv nn 

nns monasteries schools, removed in handcuffs, struggling mutes the vividness of what ; ■ ' b{ned , concert 

“ >efore that. Some men between two military policemen, gone before. 1 with a photographic session. 

While lhe young Eder Quaricl 
played- a keen cameraman 
snapped away assiduously all 

-e will be 29 musical events duct the opening concert in Bath be in the programme. ! through their Mozart, which was 

ten days of the Ruth Fes- Abbey where Masses by Handel Modern music torludes the distracting, and inrough raeir 
(May 19 to. June 2) whose and Schubert will he performed world premiere of Robin Bartok. which since it teaiurea 

d features are works by by the Richard Hfcknx Orchestra Holloway's Hymn for Voices * s ? od i c nn”^ 

li. Schubert. Janacek and and St Margarets Singers. The Derfon „« d bv the John AlMu p ‘ zz,ca L°“L a5 a r ^ 

ien. All four composers recently formed Rye Spring P«?noiwa nj- inc *onn -*'»*”* , bcir Brahms the camera per- 

anniversaries this vear. Opera will visit for rbe first lime U* 1011- : »iher -Oth-century pieces formed only between movements, 
by Morart will also occupy with new productions of Mozart's are siring quartets by Ligeti and ; but the Romance was vigorously 
portant place in this vear's The Impresario and Pergolesi’s Webern, music for horn and' accompanied by the washing-tip 
al, the fourth under the La Serca Padrona. BallCt Rant piano by McCabe and Musgravc.'of crockery in the next mom- 
ic direction of Sir William bert. the Monteverdi Choir and several works by Messiaen, and, (Or so I assumed: 1 think toe 

Orchestra, Lindsay String Quar. the first performance of a new (gold plate would have baa a 
hard Hickox returns to con- tet and the Beaux Arts Trio will quartet by Hugh Wood. ! different ring.) 

-:- ~ — - i n these homely Circum¬ 
stances the Eder Quartet did not 
seem ill at ease, but they were 
content to present smooth, 
unchallenging accounts of all 
their music. Their leader used 
a very wide vibrato in every¬ 
thing. and his intonation (especi¬ 
ally in Bartok) was not beyond 
reproach. Though they made 
an impression of tidy efficiency, 
inner parts were often rhythmic- 
ally slack: the Brahms suffered 
from' that. They were cavalier 
with dynamics—even in Mozart, 
where fp's were treated as 
simpl f's. 

Their general musicianship 
was not in doubt, but tbry 
applied U without differentia¬ 
tion. The Mozart was the D 
major Quartet K. S76. and for 
al] their clear, pretty playing it 
might bave been a piece four 
hundred Kochel numbers earlier, 
limpid without depth. In the 
Brahms C minor, the metre was 
always too bright and rigid to 
suggest much power, let alone 
stress; even if the Romaiue had 
not been con piatti it would have 
sounded brittle. As for the 
Fourth Quartet of Bartok. which 
they undertook with crisp 
despatch but nothing resembling 
bite: it can rarely have sounded 
so small and friendly—the pizzi¬ 
cato movement seroed an amus¬ 
ing encore-piecc. The syncopa¬ 
tions which give the work its 
muscular complexity were 
Rattened out tamely. Thus Far. 
what the Eder Quartet chiefly 
offers Is immature promise. 

DAVID MURRAY 


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VERY FUNNY E%ehing News. 
Mary o Mallet's smashing Comedy. 
ONCE A CATHOLIC. 


TSfSf OUE£N_S_THEATRE. _ W-TS4 .11_66 


'rear Old Vic. 928 6363. 
- T.4S TWELFTH NIGHT. 


Wed 3 0. 


W'tn RDY HUDD JOAN TU« N f R uaiF<TVS CC 07-950 6606. 

•CONSIDER YOURSELF LUCKY TO B E » J no wn Sa- 3 00 & 800 

ABLE TO SEE IT AGAIN " Da<W Mirror E, °* Sa-t ™ * * 

NOW BOOKING THROUGH 1976. 


ALDWYCH. 036 6404. Info 836 5332 
ROYAL SHAKESPEARE COMPANY In 
rooer-orre Tonloht 7 30 THE COMEDY 
OF ERRORS <*e’d Out). RSC also at Til' 
Warehouse 'let under Wi and at lhe 
Piccadilly Theatre In Pe'er Nichols' 
PRIVATES ON PARADE 


Eves 6.9. Set. 5.0. 6.30. ... 

_ ALEC GUINNESS . 

BEST ACTOR OF THE YEAR 
Variety CluO « CB Award m 

THE OLD COUNTRY _ 

A New Play bv ALAN BENNETT 
Directed by CLIFFORD WILLIAMS 
BEST PLAY OF THE YEAR 
Plays and Players London crlllrs award 


YOUNG VIC STUDIO'S. 
Danlne Abses GONE 
Tonignt at 8 00. 


9?8 636J. 
IN JANUARY. 


CINEMAS 


GLYN1S JOHNS _ 

LEE MONTAGUE. HELEN LINDSAY 

s r ;i r N D r * y «° n O REVUE BAR. CC. 01-734 ISM; ^.p %Wls Z ' ALL'seats ‘bKBlV 6 8881 ■ 

. At 7 P p .m.. L 9 ^.n.n-. «?«;*,*“"** ' A1 ‘ — 

HER MAJESTY'S. CC. 01-930 6606 i THE FESTIVAL OF . 2: ABBA—The Movie lUL Wk. and 

Open.ru March 2B I _ EROTICA Sun- 2 00. S.15. STS Hast 3 d«YS». 

- - - - . BRUCE FORSYTH ..... Fu'. 1 * Air Conditioned You may ---- 

Tl 01-8 SB 1171 • in Lei }+ g,Koist iro Antnw Nn*lt> i drink and wnoke In Ibe audiJBrtum. CAMDEN PLAZA i 0 pp. Camden Town 

Mat _TU«. 3.00 j TRAVELLING MUSIC.WOW ——---, Tube- 48S 2443. Robert BrCSSbn'S 


AMBASSADORS. 

ev®». B oo. . _ 

. QUENTIN CRISP. 

Ticket* 13 ano 12-5D )nc. pla** oi wine 
'' This .* wlthoul eoubt the most extra¬ 
ordinary entertainment in London.- 
. EbQ. News. 


APOLLO. 01-437 2665. c vbv 8.Q0. ! 

Mall. Tnurs. 3,00. Salt. S 00 and 8 00. 

DONALD SINOEN I 

I” aoot erf the Year." E. Standard) 

“ IS SUPERB." N. of World. 

SHUT YOUR EYES 4 NO 
THINK OF ENGLAND 
•■WICKEDLY FUNNY." Times. 


"wluT DEREK GRIFFITHS 
! Directed Br BURT 5HEVELOVE 

| Prencw\ from March ^t>. j 

' KING S ROAD THEATRE. 352 7488- > 
! Mon. to Tnurv 9-0. FjL jjat-7.30. 9.30. | 


ARTS THEATRE: 01-836 2132 

TOM STOPPARDS 
DIRTY LINEN 

- Hilarious . . . see il' Sunday Times 
Monday to Thursday 8.30 Friday and 
Sane-dav at 7.00 and 7 :s. 


ROUND HOUSE. 267 2564. Eves. 8 

. THE LIVERPOOL PLAYHOUSE CO. with : 
; James AUBREY and Don WARPINGTON ' 
, In London Premiere ol 

. STREAMERS 

toe ^ky' horror wow . ; -:--1 -*l ! . d - 

ifi? / ^Jf , i»v n oryr-S l,, 'N' R on^l MUSICAL > ROYAL COURT. 730 1745. Evs. 8. Sat. S ! 
THE GREAT RO CK N ROLL MUSIC AL j sfld 8 . w . THE BEAR Bv Chekhow. -THE 

RREUTZER SONATA bv Tolstoy. See also ; 
Theatre Uovuirs. 

ROYALTY. CC. 01*405 6004. 

Mondav-Tnursday Evening S.OO. Fndav 
a.30 ana a -*5 Stturtftv 3.00 ana 8.00 
London critics vot» 

BUBBLING BROWN SUGAR 
Best Musical of 1977 
Tel. btps accented. Major credit cards - 


LONDON PALLADIUM. 01*437 7373 : 
MARCHZOth ^OR TWO WEEKS 

GINGER ROGERS 

A GRtAT°IYENI^J gI ENIeStAiNMENT 
WITM HOLL^YWOOREMOST 


BOOK NOW-—Sr*t» 


ASTORIA THEATRE. Charing Cross Road 
01-734 4291. Nearest Tube. Tottenham. 
Court Ed. Mon.-Tnurs 10 tu Fr» and 
3al. 6.410 and 8 4S 

ELVIS 

Ticvett Li.sa-es.so instant Credit 

Card R*i. Eat in pur folly licensed 

Restaurant or Buffet Bar luneirume and ' 
before or after snow—bookable in i 
advance. Combined dinner and top price I 
ticket LS.SO 

ELVI5 

■- Intediouv appealing, foot-stamping and ; 
neart-tnumplng.-' Observer. 

BEST MUSICAL Of THE ISAS { 
EVENING STANDARD AWARD 


LONDON PALLAWUM^C^-437 7 373. 

FROM MA Y 25 to August 19 

LYRIC THEATRE. 01.437 36B6. Ew 8.0. 
Mats. Tners 1.0. Sats S.O and 8.30. 
JOAN PLOWRIGHT 
CpLIN BLAKELY 
and PATRICIA HAYES In 
FILUMENA 

D.rested o?°F^NCO^ZE^lRELLI 
'■ 70TA1 TRIUMPH." Ew. News.. 

■■ AN EVENT TO TREASURE." D. Mirror. 
MAY IT FIU. THE LYRIC FOR A 
HUNDRED YEARS." Sunday Times. 


SAVOY. 01-836 B38B. 

Nightly at 8 o.m. Man wed. 2.30 and i - 
__ Sat. S.OO. 

JOHN FRASER 
In 

LADY HARRY 
An unusual susoensc drama 
bv Norman Krayna 
Prices Mats. £1 to £3. Evgs. £1 to sa 
Credit booking accented 


masterpiece THE DEVIL. PROBABLY iXl 
2.4$. 4.4S. 6-50. 9.00. 11.00. SEATS 
BOOKABLE. 

CLASSIC. 1. 2, 3. 4, QOard Sl iOpp. 
ToUenham Court Rd. Tube). 636 0310. 
1; ABBA THE MOVrE >Ui. Sterecpnonle 
sound. Progs. 1.30. 3.50. 6.10. 8JO. 
2; THE HIDING PLACE iA>. Sen. Perfs. 
2.00, 5 00. S.OO 

»i Last 3 days' THE DUELLISTS lAL 
Proas 1.20. 3 05. 5 40. 8.IS. 
a: holocaust 2000 txi Progs. 1,20. 
3.40. u 05. 8.35. _ 

CURZON. Curzon Street. W.l. 499 3737. 
PARDON MON AFFAIRE <X>. CEngllsh 
sub-|i|iM i ' A sparkling New Frencn 
Comcav. Directed witr. nnesse bv Yves 
Robert.■' Sunday £«Dress. Progs, at J.50 
mot bun}. 3.>5. 6.10 and 8.30. 


GATE TWO CfNEMA. B37 8402/1177. 

• farrier I, f.M 1. International.) RuiscH 
i Square Tube. OcRtK JARMAN'S 

t UBILEE tXi. Sen. Perl;. 1.00, 3.00 

00 7 OQ. 9.TO. - -- 

MAN iX> ll.IS. 


reri., i.uu, a.uu. 

THE MARATHON 


836 6S9G. 


MAY FAIR. 


CC. 


629 3036 


CAMBRIDGE. CC. 01*836 60S6. Mon. to' Mon. to Fri 8.0. Sat. S.30 and 8.4S. 
Thun S.OO, Fri.. Sat. 5-45- 8.30. , GORDON CHATER - Brilliant. * E.N.. In 

I PI TOMB) 1 THE ELOCUTION OF r 

"PULSATING MUSICAL." tvng News.. BENJAMIN FRANKLIN 

THIRD GREAT YEAR bv Steve J. Spear I. 

Seat prices £2-00 and £5 00. “ A sontoass onaie funny ftereelv otoauent 

D.nrer and loo-price tear £8.25 -ne. ■ play " Gor -’Hnanous. 

amusing " e. News, 


SHAFTESBURY. 

, , _ Open* Mar. 21st 

John Rearoon ana Joan Oiener in 
KVSMLt 

TM legendary mnstal. Preview* from , 
13 Mar. 8 o.m. Sat. 3.00 and 8.00. 


I LEICESTER^ SQUARE. THEATRE (930 S2S2) 


SHAW. 01-388 1394. No Pert. 
Tues to Sat. Evas 7.30 Tbur 
AN INSPECTOR CALLS 
by J. B. PrletiN 
** Highly entertaining." D TeL 
Low price*. Easy Parking. 


01-930 2S7B. 


'82® «. Mat, Thun. ^"it-SJO MERMAN 246 ^BSS.^Rgg. ^a^ 2838 


IOUV" E. St. -Wkkedh- STRAND. 01*836 2660. Evenings 8 00-• SeaU rr __ 

. Snell im-i ding. * Ob*. | Mat. Thur. 3.00 Sais 5.30 and 8.30- 1 30. 4 50. 7 45. 


STAR WA.w >,*■ h,. iKwiia. —ir. «.uu. 
5.IS. 8.35. Scats bkble. lor 6 15 and 
B 35 progs, whs. and all press. SaL and 
Sun. _ MOVES TO ODEQN. MARBLE 
M ARCH—2nd MARCH! ~ 

_ODEON, HAYMARKET 1930 27SS-277TO 

Tonight. I ifi® fonda. VancsAa Redgrans In a Fred 
ir * in zlnncmann film JULIA <ai. Sep, pros*, 
s 2JQ | Olv. 2.30. S.4S. 8 45. Feitw* BK 

2.45. 6.00. 9.00. All seats bkble. 

! °'Wr ,, !&erpA** e *eSQUARE. '930 611 IJ 
THE DEEP <A» Sea. prog*, every dav, 
«7'*v be_ booked. Doors open at 


and 8.30. 

MOIRA LISTER. TONY BRITTON 
Margaret COURTENAY. Dermot WALSH 
-• Tm* mctraordlrury comed*-trm«er " DM , 
MURDER AMONG FRIENDS 
G ENUINELY FUNNY" D Mall- 

CRITERION. CC. 01-930 3316. 

Esemngs 8 Sat* 5.30. E 30 Thurs 3.0 
LESLIE PHILLIPS 

■■ Imneceaoie . . a zu> rer." S. Times 
-in SEXTET 

" HILARIOUSLY FUNNY." N. of World 


WHOSE LIFE 15 IT ANYWAY 
opens Mar 6. 7 Prcvs Iron Mar 1.8 15, 
Stall TlCJref* £1 25 IO £3.50 __ 

Combined Dinner Theatre Ticket £5 95 


NO SEX PLEASE- 

WE'RE BRITISH 
THE WORLD'S GREATEST 
LAUGHTER MAKER 


ODEON MARBLE ARCH. (723 3011 -S». 
AUDREY ROSE..<AA>. Sen. progs. Wfca. 


2 30 5-30. 8.J0 


i ST MAR7INX. CC. 835 1443. Evs 8 00. pBiucf rH&RLrc i Mr r. 
Mat. Tues 3 45. Sat. * Good Fr- S & 6., M,, “J* **■ 

"I AGATHA CHRISlYf'S - L'lVrv T * i 5 M i * 


NATIONAL THEATRE. _ 828 2252 THE MOUSETRAP 

HVX WORLD'S ,LONGE|T.EVER RUN 

Tomer 7 SO TM PiOHgfl and the Mar*._ - or ve»»n. _ 

LYTTELTON rprolrenlum stage}: Ton t | _., „ 

■ !D,OOM F " re 


DRURY LANE. 81.836 BIDS Every Night', 
a ao. Matinee Wad. and *41 5 30 

A CHORUS LINE 

" A rare d a «aitatinc loyou*. a*;on->hipg 
NUhner," Sunoav T.me*. i 


CC. 734 SCSI. 

Alan Ayckbourn “ . i ®-«™. mmna imung p-SO. Smr Snout 

COTTESLDE .ymall aud lonaml: Wed. 8 I RA “ LE P*22lt 

LOVE LETTERS OH SLUE PAPER bv I 
Arnolo Wesker. Thilr 8 LaU Seminer 

in CMilimytr iReneareed reding, ail ~ ~ ,. c - 

Mb son! : THEATRE UPSTAIRS. . 730 2554 

Many gvreiient rl-eip yeatx all 3 thaalrpc 
dav ol oeil Car park Pjjtajiranl 
92B 2033 Credit card bkg*. 92S 3052 ; 


JACKIE TRENT & TONY HATCH 


Eve* 7 so Law week.' 
IN THE BLOOD 
by Lenka Janjurev 


437 8181. 
. . March 8. SALON 
KITTY X-. Sro. Perrt Dry. (Inc. Sun t. 

2.45 6.15 9 00. Late sngvr Fri, ana $*t. 
li 35. Seal* BkSli* L't 8 Bar. From 
Marcn •> SWEPT AWAY 'X.. Bos Oldie 
Now Open 

SCENE 2. Ince&ier Square (Wardour Sl.i. 
*39 44700. THE PINK PTNFHER 

STRIKES AGAIN .U>. SUfl. Thur. 1.30. 
5.35 9 3a Fri. and Sat. 12.40. 4 45 

8.45 <2 45 THE RETURN OF THE PINK 
PANTHER iUl Sun .Thur. 3 25. 7.30. 
fri. ana Sun. 2 JS. 6 40. 10.40. 


'I I 









Financial Times .Sfon&y 


FINANCIAL TIMES 

BRACKEN Hrilib'E. CANNON STREET. LONDON EC4P 4BV’ 
Telegrams: Finanilmn, London PS-1. Trier: 886341/2, 883897 
Telephone: 01-248 8lHM) 


Mondav Februarv 27 197S 




e 


chronic 







US 


i 1 • . ' 1 A . Jr .' 


r '- 1 i. 



runs out 


By CHARLES SMITH, Far East Editor 


nV that this year’s .car. face 


v me u.a. anu turupe. uuuu<11 '- u - 7 ’.r — f h.Tr «unnetmye consumer demand resulting u« iU ■“* 10 —7 7 “” 7 ®“ 

unlikely to satisfy the demands few years. It reached Mbn. m ance jo the “?J?? Thevaidup to a for-per cent, price increases most duct penetratin g /.rts ...g 

of either partner in the near 1971 shrank to less thai> Sibn £h 2* mfdable let lt burdlw-^but the car ef-purters have announced. market. Japanesaj^^^ 

fmure. TW, b despite d» >» ™ be U,e ^ for YeS over then, (few) over th. put yea-. « •*«»*£*■«£* 


u „~|.*» —- -, h • lQ7ft j ov< t r rewards lor 1 

THE POINT that emerged most option appeared’to be closed agreement signed last monih «P' w iy, ° ano A: -Japan has ruled out any Mn be great. 


ftoy stages) over the past year,, are not averse wsaggOHag- 
The price increases so far. how*racial prejudiceT jrffrvtt 
•ver, have failed to damp down the root of some EUTjbpSesa : 


t nci rutlt I l.-JdL trmcigcu ayyca icu 1 y hii/ocu -o --a — - - - ff-L n t . VL>ar ■** — “ poll • --- -*, UC XlCdl. pnvw --- - - • — .• 

cleark from the latest report so lone as the. steel workers' between Mr. Robert Strauss * /p p- la ? 1 FEC further tariff concessions on the «ver, have faded to damp down tire root c£ some . 

from the N'ationalted Industries trade unions -believed ' that (President Carters Special surpiu. wim Jie - sri)unds th at tariff questions are reluctant de ' min us -a nd .tudes to^apan 3 _ja»&^ 

Select Committee last week wa« drastic pruning was-politically Trade Negotiator» and Mr. thes other hand, has oeen now under discussion at Geneva. to jl^L L S 5JK?? motor industry n showing sfens coses 

not the one which most unacceptable to the Government Nobuhiko Ushiba {Japan's J™mg 1 it a i, says it is willing to look at t0 ,ncrease lts food ImpoflB *■ of restiveness.. If if demands Japanese, esswtters. get 

exercised the Vnmmittoc— just a* the attempt to negotiate Minister for External and Jr.® s.i 2 bn other wa - vs of improving access K: Japan „ already the voluntary restraint.--the motor on » for aggressve 

namelv. the effectiveness of the work measurement "and other Economic Relations!, which was ■j?* 1 , n F p ( "'X jn to the Japanese market for EEC war ] d - s ]arg e St ^ gram im- industry will probably be less m some western ma&gs* 

Corporation's interna! repurtma -productivity schemes had been hailed at the urne as a major i R j 1Di Dm products. These ways could _ _— _ exporters fromQ3to& MOne 

procedures and us commumca- held up by the Government's breakthrough. for inly 40 per «nt of Japan** iDclude Amplification of _tbe‘ f . .• •- • • 'seem to gfet 

nons with the Department of pay policies. e^orS to the EEC. whereas notoriously complex and tune- [40. MM« H 7 . \Jpf’\\ mh»rity_ of. 


lions with the Department nF pay policies. •V" P^ortc »o the EEC whereas - 

Industry Ian mimner and Xou - lhlt la5 | week s a -ree- W f h J£ h f °. ,,0W S «« of U S-Japanese consuming inspection pro- 

autumn when BSCs developing mPnt bPtW een the CorpoSon of ^e points politicians on both rad e the “o1er7 e h a s normally cedures , for products such as 

fi n .'incial tonk , sl ,ddvn a TJ"he iSf aid siSfftoZ ^ evXin o«T»J™n'i Jerjtob phj™.«u^ 

and alarming turn for The worse. Confederation has ea*ed the ! P .- P i ar* surplus with Europe helps u> JJJ5SS5J !c 5 h Zf 

fti point or fact these procedures nolitica! path, the Government ! e , Ve i. ton5U ^® f,on - ai ^ _ ni,t cover the deficit it runs with ? ou id* conceivably, also be 

appear to have signalled danger mu3t throw its full weight be- l ° prodlICe qu,ck * oiu ‘ smite raw materials exporters }"“^ S luch , ^ P °ho^ U silk 

as quickly as wild reasonably hind t hc need Tor better man- & 1 including Arab oil producers;. P :il ® 1 l n . h ri th p 

be espeeicd in a fast moving n ;ng and higher productivity. Q ■ Can Japan achieve a cur- *0 it is difficult to imagine it - • r t BOTOfl 

situation which caught steel The new agreement has yet to rent account deficit, as the U.S. ever being willingly eliminated. | j*° n ^™ e t n h \ m n a 1 J r *F*® 

makers everywhere off the.r hp te „ed by local negotiations has demanded (in place of the of the Europe^n Airbus ^d the 

guard. The mam le».in to he and it has ye; to be accepted by S12bn. current account surplus Twi-!r!kl/vr nic One-Fleven b\- Toa 

drawn from ihe report is the t he craftsmen and the blast unofficially forecast for the fiscal lllVISIDiGS airwave hm t'hp final 


familiar *jne. whn-li ha< hpen fumaoemen. 
seen belnrn in steel and other „ 
national Ned industries, of the , .. 0W0l ,,, r ' 
harm which r-an be done to 3 ! 
major industiy when job pro- >l j, i tBa 
iServatinn and oilier 'hori-ierin !1'^ ihemse 
mcia'uonsideraiinn., are allowed ... t 5 e a 
to take prRc-erleni-e over cflici- ’*'* 1 1C . 1 

envy and prolitab.lity. fhat arc a ‘ r ‘ 


However, the Corpuration’s 
losses and its cash flow prospects 
;t-e >ueh that plant closures will 
not themselves be sufficient 
There is a case for continuing 
with the investment projects 
fhat are already in hand, since 
not nnc of the five major steel- 


year ending on March 31) V 

A: Japan was pushed into 
saying, in the recent Strauss- 


Invisibles 

deficit 

Japan claims to - have an 


to lend support to the purchase 
of the European Airbus and the 
BAC One-Eleven by Toa 
domestic airways, but the final 
d°cisions on which aircraft to 
buy will, at least in theory, rest 
with Toa itself. 


Unacceptable 


n i« this that largely explains based ;s yet running in the crat> n . c iL u tliat llie nXp of Arab investors. per cent, oe total Japanese 

why ihe collapse nf thr steel effirient and balanced manner rt increa , p in j mDorts required to imports. This is acknowledaed 

marker List year, when sieel wa, deigned w do. There -Ja p an |n|o ^ red on irs ' =_ to be very low. The U.K.. 

makers th.* world m-er wer^ cv could even he a case for con- CUTTem a<>coun , by . say. the itc Q h a L«in/„frs ^nriEur^ FranM and Germany 

« tSZ, M 

hsrri-r th.r, mn-j 1. jrrlvtd ihr -l«l *hmias- whi-h the lik J ly acceptable rate ol export a l,hou;h the ratios fall 

when BSL was half-way through worlds steel makers say wi « increa , c . LS ■ below 40 per cent if intra-EEC 

a maior TVI l 7 thC rt rt 9& 7f„ a To take a hypothetical A: The charge of unfairness trade is excluded. 


Cshiba communique, that it invisibles deficit with the EEC 

would “accept" a current of just over S2bn. (much of it Q: What is Japan's position 
account deficit “if it should with Britain;. These tiaures. on the import of manufactured 

occur." This, however, is however, are disputed at the goods? Does it really want to 

generally hold to be a diplo- European end. and particularly import more? 

«.^imatic euphemism bearing little in Britain, on the ground that . , 

n ~ n P e ' n ■^ nc * 1 ^ I relationship to the real siti:n- much ot' ihp money flows out Imports of manufactured 

modernisation programme was fion wh | t . h< as Japanese bureau- again to Greek shipowners or 2ood* account for only about 20 


; ; i u | 

tenU 

; ii llD 


TiiraMir™ 


Arab investors. per cent, of total Japanese 

imports. This is acknowledged 
^ T ,_. .. r ,. ra - to be very low. The U.K.. 

It. h. n Jln P * or S S* and Euro^ and , w «« Germany 

pcan trade demands, or does it f 181 ™ manufactured goods 

practice “ favouritism " tonards lm *° rt ‘' er . 30 ?*( 


WORLD 

WORLD 


minority- oif. oi fi ca a l s 

aeasmen—mostly 

ex?>erience—- beUeye 
: is an urgent need" forsE^ja 
broaden Us 

world and tafce more aceoan 
the fact that unrestrained 
ports can Jj^ve,: 

: repercus^0BS.- : '. 

■ Q—4s the y en eaM&an^i^ 
likely to ajovre aga^ Tti^d 
what ‘ will - tbe/wLeitecfc 

Japin'* w* 

A^if. you teke-’ : the ‘ r ^ 
Dnnark parity ' : as a '-t/Sadst 
the"-yen is still serioady'ian 
valued, j&w -ift--io; 
has, appreciated 
maik 'against ftth "fieifBeri 
the: Smlt^sdhiah "A^reeai^ 
'December^'" j 1^12-.- 
dccasil&it^Ajrt 
'currency.', had 
exchan^!L’ Tdt reflK* paldt^J 
the' D-mark, the yen .would * 
to ' climb to . abeur 84 ==-Y 
equivalent Vi? :fc; SO per^ 
revaluation v. frpm . its .jprea 
parity r ", " of : : ; ••.'$1—^2® 
Obviously,, it ii irot 
-reach this, point, in 


—and when. too. ii was saddled 


exercise Ilian the cor 
gave them credit for. Bii 
was mile more it co 

quickly short of cl using 
'and *» improving the loa 
its low-ensl new plani.-. 


Planning 


the fact that Japan thp ™a«n 5 f^r Tatwn's low porter and has a lower degree wuung ro comply man xne «eei wawy. 

lengthy series ot jeoan^ol'oned of self-sufficiency than Western industry was to restraiMtself thc VeitOM; com^goavsht 

j, nn trarip matters u . *• V« Europe in most foods except in « similar situatieir i«st?year. seetp^to indicate; 

5 between Novem- f° es * otlatiy *">'*'"? poh ? nee of which it produces an . Competition- between the top scope • for • some-•. f«irt 
r and roid-January, u atTlwte bv embarrassing surplus. Japanese Japanese motor- manufacturers, -revaloatton^T the ^ 

.f which it announ- 2ST ti!i lu dBm2tic iadS farm policy ^ ^signed to en* Nissan . aarf. -Toyota-, v -is to 31=Yej23»,-ln th^ 
cant list of trading ul? be«unn wShlv com- coura ^ e Tice farmers to move notoriously tough and smaller dishint ^tups. 
nic commitments. J”?** 5 , 9 T^ iQt0 other t ^P es of agriculture companies - Kka •* Mitsubishi- How this would‘affect.Tap 
the commitments LtlJ* J p !!i®,which, it is argued, need Motors and Honda, are pushing trade would depend on th© ’ 

U" in nature and ”2“2?protection until they have been aggressively Xor bigger market tbe rey3tiu*ti(ra ; 
fit aU its trading ^ a? . r ;,, n? ^ ^ °; built up to competitive levels, shares inside and outside Japan, snarp upward movement 

just the ITS. The ? ri5l 5reacnea »u.b per cent. The jrony of this policy i s that This makes it very hard for the that of ;kst autumn {when 
ially welcomed the D * I ^ K sfiarp ^ protection is being given to industry to agree on restraint in ratejanpyed;up by abnut-13 

the Strauss-Ushiba v,nen 018 quadrupling of o:i livestock and dairy industries a particular market. Failure to cent : over iw - and -rfrJ 
but dearly feels P ric ^ automatically increased which are themselves dependent agree on w ho would sell how months) could;severely dam 
e world's largest ™ e . . Pe , POP-^anufactured on huge quantities of imported mU ch to whom explains why business oonfidence- 
it is entitled to its goods in Japans import bin. cattle feed. Japanese car shipments to the• and set^^back ecoqdnuerecev 

s set of talks. * 3 ‘ Foreign consumer goods .ij.K. went up 30.6 per cent last prospeets.^• This^turo wo 

, agreed to * alks ; J2L,L h tfS^i IhSr Q: Is Japan willing to restrain year after the industry -had '•dampen, the •/dteahdj-.fo* ; 

marked _ lack of because Its exports as a means of bring- promised - -** no significant Po«s, ,so no otte wouldben 


Thai procrastination ha* run out. 


\T T* £• another major oil crisis. under way in Geneva. Some average consumer and could market but that there will be no the revaluation^and should a 

1*11 ai^l* Japanese spokesmen, including only be marketed as luxuries, overall policy of restraint as a “ Japanese ex- 0 bUg e . Japanese exporters 

llvW 1 Ivl Q: If Japan vannot ret its Mr - V sh j. ba himself have also means of reducing the trade raifie -their prices in fora 

nvcrall currertt account into ”il Q0 “ bt ot } *?>« ab,1,t >' of . the . surplus. The distinction breaks 00ly ^ 

ip w deficit can it achieve a hniancc EEl - Commission to conduct JT 0031103 DIG down when the sale of one aescnwl ascautious. At Y220 or Y210 to the doll 

CnifA^VlIO^liC With either the US. or“P r °P er ' negotiations on the product in one market is great Japan wotdd: still retain a.a 

'^*d. 1 SZ/2£L3^i 9 Europe? ground that Its member states hurdles 'enough to play a significant part Q i What does Japanese public petitive edge in its strong 

are t00 divided about what to In determining the overall opinion think abduti It all?. 'industries, such as steel i 

A: It is theoretically pasier ask from Japan. It would be There are other reasons for amount of the trade surplus— •. _ -.. but weak industries 1 

MOST Western countries are considerable misgivings by the for Japan to balance its visible true to say, therefore, that the impenetrability of the for example Japanese cars to A: *nie Japanese consumer textiles which face rompetiti 
now entering a period in which U.S.. which still officially trade account with the U.S. Japan is showing less willing- Japanese market, including the the U.S. These are worth some would like to buy more foreign Korea and Taiwan, nrij 

they arc going 10 be obliged believes in the principle of than with the EEC because the ness to talk to the EEC than number and variety of local 54.5bn. per year and have grown goods, partwrulariy European j^ve t0 be phased out Attn 

to phase out—or at least rc- market forces. Japan has U.S. sells Japan more things it it did. belore Christmas, to the health and safety regulations fast in the past few years—by or American. Big business is completely * The Bank^- 

structure—some of iheir (rwcli- tended to bn in two minds about cannot produce ai home ithat U.S. The Japanese government, land the zeal with which these 54 per cent in 1976 and by officiary in favour of stepping Japan's policy is to ensured 
nonal industries. Bui the ihe idea. On the one hand, ir U. food grain*, coking coal and. however, would argue fhat arc enforced), and the sheer another 32 per cent last year, up imports (especially from the rate moves slowlv (assii 

arlapiation to tin* m-w pattern in resisting the concept or op to now. a monopoly nf i;* there arc good reasons for this, cost (including commercial TV Japanese car exporters are countries w*berq its own exports ine it has tn movp « am 

of world Indus* rial pmclm-iinn selective action for fear (hat ..— ■'. -- - , t ... t 6 ' ■ 1 - tz 


uncomfortably aware of. is that series of bilateral talks with immediate post-war period, when a particular Japanese pro-^ f (ainly mjUte^fftrefga 7gd» 

their payments surplus could Japan aFter the multilateral when foreign goods were duct has achieved'"excessive " Ka^n eW k lir so re cheaper Jh, Japan,^Ithoiigh p 

disappear abruoUy if there were trade negotiations bad got genuinely out of reach of the penetration -of - a./particular haps nol byIthe.fiill amount 

another major oil crisis. under way in Geneva. Some average consumer and could market but that there will be no f ° *°* r the revaluation,'aa'd should a 

Japanese spokesmen, including only be marketed as luxuries, overall policy of restraint as a Japanese ex- ob Uge- Japanese exporters 

Q: If Japan cannot get its ifr - V sh j ba himself have also means of reducing the trade^raifie -tjieir prices in fora 

overall current account Into ca s* Q0 “ br on ability of the . T7\_:j„LK surplus. The distinction breaks ^ ondy 56 markets^ 


Formidable 

hurdles 


down when the sale of one described es cautious. At Y220 or Y210 to the doll 

product in one market is great ’ . . Japan WoUldrstiU retain a. cc 

enough to play a significant part Q: What does Japanese public jpetitive edge in its strong 
in determining the overall opinion think aboui it all? 'industries, such as steel i 


arlapiation to tin- new pattern i.> resi.-tinc the concept yf 
of world industrial production elective action for fear that 
caonxl. :ind will nni lake place h would normally bs on th- 
overnight. However efficiently rcceivms end. On the oihcr. 


Governniciii- plan ihe tran-ti- 
linn. tlicr«- will undoubtedly !>• 
mwasion-s n;i which they will 


it attraeted by ihe prospect 
i'. r herns entitled to iakr 

-i-Tei nvi- action ag. i iin«t lower 




need to take Helen-rv wction v.i>|[ 3 ,lkl ' a Itsslian *n.-rr-iic> i- another. A reader 31 -mast invarahly a ’ong queue bigger companies often work in 

asatn-t ^.ndm Mtreo* or .. An Italian hvd in the Gulf ha< protected and only rarely is more than English.’ 

■ mnars ' om ov l L -i pro- - •* ' • * ign0r6d ar " ,,M thf ‘ ’ A 'a>' be wa> surrhary-'d one ticket window working— I am not sure that I want to 

f ,KCr ' N ' rn _J; . " i_,.-i-p 1 *-!n-miarh ;i1 ''. re ,han P'-i' cv' 11 >n although it is not uncoinnt.'n to follow Abu Ghazaieh far on his 

. .' p . .' . ., p! ' / | J ur devolution!sis lia'.c an un- n.iiiraim dinar- on a freight con- espy within the o.ffice as many pioneering trips into these 

Unemployment a IJ, -,f ! V“ r - e . spPC,e ^ a *!; lhfI c,,;ipp ol -ti'iuucnt "Is th:> not as three men who look big and shifting sands. particularly 

' 1 i ’ ‘ nC u i«»ancarlo Aajeita. tin- t.om- evtnriinn’'' he demands with all fit enough to an several rounds since he could be rousing 

Tlicrc must, however, he in- *> Gic Trade P«..cy Research mumst Party nf Italy's «hufilc 'he bewilderment .>f a simple with l.eon Spinks Islamic sensibilities with some 

ternanonally aaraH nilr. »»■ "«* EnSh.h.aan c.u«hl :» a -nuk. The iact , ha! man} . London Moterle accounting phrases 

>*rnmg the introduction of >att-- -Mr- Da..d Ttoherison arevied ,hddlc EaM. a«kcd nm yoicr- Returning in minre familiar undereround stations seem 'such as ** pi S on pork." He also 
euard measures If there arc no thai u was csjennal tn maintain day why th»- Brinsh wpp* su old- currencies, ihe esscmial message a . va = h * a ii d , v w : th ' fn^ien lists 21 n-pes of "interest”— 

ill- rh-v«dnped cum- i*** principle or n»n-if.ccr:m:ra- fashioned about res on.? I ism. •.-eem.* i« b.? that nub’dr should v.Vtors tmn«’ to buv tickets but not the Koran's warning in 

Irte> will he tempted to pime.;!. f-i*n in ensure equal treatment thoualu n had work-,1 well in eve re buy an indu-tvc tour tic a-thfio notes u sureiv a I the Jhe JJura; "0 believers, fear 

uuviah e Industrie' in ihe.r own. i»r the worid > smaller and Italy and va* the be« way of k-t in l.nndon. cv-n from an n?jre w "„ , 0 keS thVoffires r -°d and give u)) Uie usury that 

'■noipeiiiur* weaker exp..ne«. The es^nco Keeping a un.Ui T -'me emine-uiy re,pccts.ble ag*>m. fuUv 0 ™tional It now r**ts is "utatanHina if you are be- 

lone-rerm mmomir disadran- nf he argument is that there Pajetta like* Briiain. A co..d Then try to b^ard a plane with Wor more to make a lournev Mfi vers. But if you do not. then 

ta.,-. If. on ihe other hand, they will only be sufficient pressure orator with a biting wit. he was :l n fi-rmany or Switzerland. a ,. c „,_ Lonilon _ whil i , take notice that God shall war 

are nnt alio-.red iu take any a,.-- so aboli-h impon restr'ctinns if here lo lecture a: Saint Th« Ticket will be declared in* ,. a ii ed e : nhr N hi11inn> in thnll with vou.” 

turn at all. there i> a real dan- they are applied to all pm- Catherine's Oxford and to mem- valid, although you may have d ‘before I'tanlSir 

gcr of massive uncnploymcnt ducers. thus seutrating snh- hors of the Italian community; booked ihe entire journey »n *v,ii a *» l -n halved iHp nln- • -■ — . 

and potential political and social darity among the exporting but he thinks Britain would lw Lufthansa or Swis>air flight*. oll _ ooc'-ers at * «iink 

upheaval. This s» why Hie some- nations. a good piano for a holiday as The airlines will just demand June V* Tares will Z up S Engines Of History 

what arcane debate on the re- Thar is a fair pom*. It-.vouId everyone I, so " dcpolitii-ised." rhe scheduled fare, w-hich can , n ' 5,0 D - J 

f‘Tin <>f GATT safcstiiird be unanswerable if the final Vou might say this applies to be three times as much Luft- ..*j. 7 ' ^ ree y ear s OGh the delegates 

procedures in the current Tokyo Tokyo Round package allowed the Foreign uffice ion. Pajetia. htuisa may yield — a German ‘‘ iv hb thi" C . » a l ° Ihe Fmmh National People’s 

Round of international trade importing countries tu» much one of ,,,e 0,d guard of the girl who was surcharged for a ** e mone - v 115 Congress were ferried surrepti- 

neghTiatidns \< so important, freedom of action tn imposing P arl - V - «'®s used by Berlinguer trip in Mexico on a tour ticket *' tiously into Peking: but yester- 

Viruiafiv evrrvonc is agreed selective safeguards. At the 10 10,1 lhe Party's sceptical fob issued in London ha'won a case —— l ^ ie world was able to join 
lhat existing rules are unsatis- very least, the aim nf the Iowk. why it liked \ATij. He against them. But Swissair are >n the satellited riTuais of the 

ractorv. The relevant GATT Geneva negotiations must be in ifi also ,ht ' park's nxpert on the tenaciously defending the in- „ . , Fifth Congress. The 3.500 dele- 

artidtr stipulates that if .-afe- establish a clearly defined dis- ° r Africa and ihp itun- v;'.lability of their francs. matter OT IDtereSt ?ntes have been arriring not by 

guards are introduced they cipline lhat is fair to both im- cac * PF lbe Middle East. _.— - There has been -_t S , r , s ®CfPt tunnel, but by road and 

in us i be applied against ail porting-and-exporting nation? Cuuld not the Foreign Office Basin'’stokf this v«pU- Th if* ra,! “ In w haf must have been a 

other countries. nuh»mriiin- There mutt be provirion for Perhaps benefit from his recent ««nfUlw na-L-s^or Tjiis.rAi«, t-h-.i u- U Ira,n s P ftl?er ‘s delight. For 30 

itelf. Tnia mak,-. i, an importer., (o motert th-maelvc mcclin f 5 " ith Arafat. earthly anger "J " 1 ni ‘ hS , 1'-“" “ Wind of the East 

extremely blunt weapon. There in an emergence, and it is Boumedienne rf oi--and his ln a , arge provincial railway Accountancy run off h^‘ ^.™ b ! r . 1 " * he crac ^ 

is no way for a country hetler that they do so inside the ,r i p * 10 •} d L dls a " d Mogadishu? ststion * t the end of -ast week. mi n a n'.> orin'tine nreL« ded,ca J ed 10 Chairman Mao. has 


imnnrts 

ducers. 


low-cO'l 


An Italian 

The f.ommun:ry will n«'T find . . 

ii easy m persuade its partners l§nurBO 
rn accept the selective approach, yur dovoluuenists ha'.e an un- 
anti la>t week a powerful altack e.vppcted ally m ihf- <liapr ut 
>n ihe proposal was pu‘»l!«heri Giancarln Pajeua. tin- Gom- 


Unemployment ,i!. s ' :ppL ' ,erJ all - v 111 c »»»l»* «*» "Is tills not as three men who 

1 ’ - u n , proposal 'cas puM:«nen Gianvarln Pajena. the Gom- evforiin:ii'' he demands with all fit enough to an » 

Tlicre must, however, be in- y Gic Trade F«.scy Research mumst Party of Italy's «hufile 'he bewilderment of a simple with l.eon Spinks 
ternanonally agreed rule* gov- '-entre in London. A report by diplomat, who. lv.ii-fo.jt from ihe Englishman caught ;n a 'Otik. The ‘act that i 
iTnin: tliv imroduction nf Me. David Rnhensnn argued Middle Kasi. ari-.cd m»- y l ->ier- Returning in itnnrp fniniliar unrioi-o^.irarf 


more swiftly. tiously into Peking: but yester- 

world was able to join 
in the satellited riTuais of the 
jtt * , „ Fifth Congress. The 3.500 dele- 

matter OT intsrost sates have been arriring not by 
Tharft u, c , s ecfPt tunnel, but by road and 

som , e ™. hef al ra *l—m what must have been a 


Matter of interest 


. earthly anger 


suddenly hit by a wave of fjATT framework than outside “ U wouJd be a bit unusual to a colleague saw what strikes it 


import* oj. say. low-cost tele- U . "" mee j hi » l -“ is Whitehall's re- as an encouraging sStlT All SSpTBut'‘however hard TK ^ a V Number 2 - dedicated to 

virion tubes from Japan, to act . spoitse. Unusual perhaps, but it ti ,. ket w = ndDVr% bar one —hefor- " hvned " it’s 1 Chu Te ’ co * fo wder-0f the Red 

against them selectively. The Consultation might have helped scotch the which there was a large queue like 1^ to bi b2!T ^ y ’ is the pride ° f aorthera 

result has been that Govern- CPIs growing conviction that _ wer€ . shm a i ihoil=1 f ^ ve , al seller's list. Ih best ’ Ch,na - Number 3 has just 

"tents have; either taken uni- There must equally be strict LarterandthdWest will only functionaries L-ouIdbcd^ried Rv ^ ■ entered service in Shanghai, 

lateral action outside GATT conditions attached to such recognise in Western Europe withi doinCf nothln ^ s „ n «“ ,ls own description the with a bust of Chou EnMai on 
yules or tried to negotiate action. It should only be taken ’hose parties which will support, .j. , » i(h - ' atctionarj is a “pioneering the front of the locomotive and 

." voluntary export limitation after consultation, lie srrictly L-.S. policies nnr only in Europe, mou<3t:lle 'L - L ™mng from A.A.R. a banner written by Premier 

.agreement? to alleviate thc limited in time, and be subject but in the Middle East and ^ Tri "cd surt-cved ti f nfV™ nsksl lo Zoom Hua Kuo-feng himself. PeS 
.impact on their domestic r» international surveillance. Africa too. ;. :ene and b3naed n r ^ h ? v , ~^ ha , tever ^ is and officials are emphatic that there 

industiy- Safeguards should als*i be 0 f t h e closed windows'with th'p -nn ‘ ,nclud *ng voras such as is much rejoicing wherever 

In Geneva, the EEC u now accompanied by a genuine effort handl* nf hi,. &(!•* c usion and fraudulent con* the trains go. 


usual io a colleague saw what strike* me Has JU si arrived ? in tins book’ area- Carf * Und tbe Pe ^ in S 

* re " as a" encouraging sigiit. AH shops. But however hard it is Chu'va^^ ded,catedt0 

" but . ,r ticket windows bar one—before "hvped." it's somewhat un ? U Te -' c ^ founder of the Red 
" i ' h ,h “ . ' ^ 5 somewhat un- Army, is the pride of northern 



*Oyer 300:000 of Britain’s old People areeenaine need 
because of acute loneliness, bad boiisfeg bt"diSability. ihs 
LncreSes S gro!ftrins ** ;che P ro Pbmon: Of elderly pdopte 

An officiaLreport records the satGfact -that many cdd paanW 
are _ huddled .In (cy rooms; wrapped,in ‘rugs , 1 udaWfe tS 

to 20oSTS r S f m f dicall 3 r estimated that up 

to ^o.ooq. are at jisk la winter'from V hypothermia" (fall 

m “inner."body ternpersttire) 1 . --V V 

★The tragic need of old people is increasing. A • " 


rte Middle East and S?^ r fU S "-whate^haJ 0 i^Tnd f uo ' feng I £ mse «- *35 

: - 


01 me ciosen windows with the collusion and fraudulent con* the trains 

arguing that it •should in future to restructure the threatened paj-p nurn*with!n.^the^^ window ^ t0 St ? nd ' Pc,rh aps Peter Park 

;be possible to take selective mdiistiy. The,c arc all points Mir Care * - • opened and ^rlw b2lJ ^vocabulary used in bring a little extra , 

actum wrhout broaching GATT tha; Mr Robertson makes. Ff A spate of heartfelt (and oven In the metrouolis rimdar arguab,v a British Rail by adon 

rules, rhe j.ommunny's p..si- they arc accepted by the import- heart-rending» Inters has hcen tactic.- might oav dividondi m Li" ! k ' *'*? 11 ,T h ** Imer-City specials wi 

* ,on * l, 15 lslen V n l H n " counl r , « lhere will he les- provoked by my note latt month like *ituat:on^ on the under- froiifn-ie n f C tlw ,Cal w,Come nf 0,,r national celebri 

of Britain and Y ranee, is only danger that countries singled about rhe vagaries of exchange -round Ai K ,*L ? u e f tlie more august, Button, for instance 

reluctantly suppurted by out for .elective action will be rale, used by*airlin «?vSm l"on SmT'-, ion K uh Bntish firms, a partner told- ^ 

^rmany and , s vmwed with unjustifiably victimised. verting tickets from'" ^ ^ iI ^ IX Ob& 


Peter Parker could 


Observer 


S 0 L H fe^* e ' 1 

® K P? rie “c«f topftttttcer' e^drt; sb'^cbJcxS' 
maximum results from eveiy 5 entrusted to -• t' 

nil J * 35 P i0tt ® er ' e <J flats- .for old peoule,* 1 and ndw - & 
Centres for the-lonely, Wbric 

?“ d D aLy f Hwplfals for those' wboTdeed -roSar- 

2S2 l i? t r ,w, ii- n ®* hospital.. TOe ^chariw^^Sjsd^ 


Perperaue a loved n nae affitelji 


t 






























ioancfal Times Moaday February 27 1978 




IS 


Monday February 27 1978 



A 



Under its new Emir, Kuwait can look forward to'continued stability—despite possible strains 
caused by pan-Arab divisions, and more rapid economic development. Its fiscal surplus will 
decline as expenditure catches up with revenue and the real value of its oil incomes falls. 



tnd at 
ehelm 


ichard Johns 
le East Editor 


^symptomatic of Kuwait's 
7 and, perhaps, the 
,_ity of its late Emir that 
'.tb on New Year's Eve 
ar should have hardly 
-the world’s headlines— 
ideed, caused minimal 
Lthin the State itself. 
Jaber al Ahmad, chosen 
Prince at the last sue- 
back in 1963 when many 
. 1 him to be the right man 
~ne the supreme position, 
•ecame Head of' State, 
aving emerged from tile 
ary' 40 'days period of 
ng and -celebrated its 
il Day last Saturday, 
is embarlang upon its 
-ar as a fully independent 
inder a strong leader who 
' hds the respect and 
‘ not only of the ruling 
‘ family, hut also the 
-jed Kuwaiti citizenry, 
position as the- richest 
on earthm terms of 
iita income was recently 
ted again. 


Adjusting to a less frenetic 
pace of life with tbe^slowdown 
in the rate of economic activity 
compared with' the. boom of 
1975 and 1976, Kuwaitis are not 
bracing themselves fOc any dra¬ 
matic changes. Continuity of 
policy at home and' abroad will 
be the order of the -day. The 
new Emir has effectively been 
running the State’s affairs for 
many years, now. His strong 
commitment to Kuwaitis devel¬ 
opment will ensure steady 
growth for the next decade 
which is likely to see also 
Kuwait’s : financial surplus de¬ 
cline still further fiqpr-the ex¬ 
traordinary level reached two 
years ago—though ijo-. dim i Bu¬ 
tton of its accumulated foreign 
assets now estimated^lje worth 
more than $25bn. 7 ’ 

On the domestic JraSt Sheikh 
Jaber al Ahmed: wiH ; be faced 
by the need for a decision on 
constitutional change and the 
question of what mechanism, if 
any, should be established for 
popular participation , in the 
legislative process or, at least, 
consultation. Already he has 
promised specificallyif some¬ 
what obscurely, oonsoiSdation of 
“our genutoe ■' democracy 
through popular partitapatinn." 
Internal security that over 
the past year has been main¬ 
tained effectively, '’if dis¬ 
creetly, may be tightened— 
especially with Sheikh Saad al 
Abdullah, ? the - new-' Crown 
Prince, who was ’-formerly 
Minister of the Interior, his 
Premier also. Liked for his 
compassionate open-handed¬ 
ness, he has always taken a 
tough line with trouble-makers. 
Externally, Shenkh Jaber al 
Ahmed’s accession could mean 
Kuwait, which Is deeply con¬ 
cerned about the' divisions 
within' the- Arab world.-over, 
Egypt’s peace initiative and its 
possible repercussions /at home 
when the Palestinian minority 


is so large, being more asser¬ 
tive in trying to restore unity. 

While Sheikh Jaber al 
Ahmed's accession was predict¬ 
ably smooth. It also re-estab¬ 
lished the tradition, broken only 
at the last succession, that the 
supreme authority in the State 
should alternate between the 
JabeT and Salem branches of 
the Sabah family, descended 
from Mubarak “ The Great ” 
who at the end of the last cen¬ 
tury finally established Kuwait’s 
separate identity aod who in 
1899 entered into the treaty 
relationship with the U.K. As 
the health. of his predecessor. 
Sheikh Sabah ai Salem, failed, 
Sheikh Jaber al Ahmed (who 
comes from the Jaber line) had 
progressively been taking over 
the honorific functions of Head 
of State. Now he is not expected 
to be content with titular 
authority alone but also to be 
very much his own Prime 
Minister. 


Simplified 

The arrival of the 52-year-old 
Emir in the top position prob¬ 
ably simplified the process of 
reordering the hierarchy below 
him, though the vital decisions 
evidently caused some heart¬ 
searching in the family. The 
Sabahs are a close-knit and 
inscrutable group—small by 
comparison with the ruling 
dynasties of Saudi Arabia, 
Bahrain or Qatar and also 
exceptional - in the low profile 
that they have > kept while 
devolving ‘responsibility to 
an ever-wictonitig circle of 
Kuwaitis. It is commonly said 
that the essence of the unique 
Kuwaiti system is an alliance 
between the ruling family and 
the .leaders of the merchant 
community who, like most of 
the citizenry/Showed li*Qfe or 
no concern when the factious 
National Assembly was dissolved 



in 1976. It was at th»ir pleading 
that the Government interceded 
late last year to alleviate the 
losses of speculators in the share 
market in a typically 
paternalistic move, the wisdom 
of which is questioned by some 
of Kuwait’s young technocrats. 

Apart from the merchant 
community, there are other 
important factors in the Kuwaiti 
socio-political equation which is 
complex enough in itself quite 
apart from the presence of al¬ 
most as many Arab expatriates 
as Kuwaitis in the State. On 
the one hand, there are the 
tribal elements whose support 
is important and has notably 
been cultivated by the new Emir 
in the past by well-conceived 
matrimonial policy. On the other 
hand, there Is the technocratic 
element produced by several 
decades of education and 


affluence which has made 
Kuwait into one of the most 
civilised centres of the Arab 
world. By design the tribal 
element was more heavily repre¬ 
sented in the National Assembly 
but the technocratic one also 
made its voice heard—not the 
least through the handful of 
“Arab nationalist n deputies. 
Whatever his thinking or inten¬ 
tions it may be significant that 
the Emir consulted four former 
Speakers of the old National 
Assembly before finally appoint¬ 
ing Sheikh Saad Abdullah 
Premier as well as Crown 
Prince. . 

The announcement earlier this 
month ended speculation that 
the posts of Crown Prince and 
Premier, traditionally combined 
ini one person, might be split, 
thns allowing Sheikh Jaber al 
All to become Prime Minister. 


As it is, tbe ambitious Deputy 
Premier and Minister of Infor¬ 
mation, who has an important 
tribal following, has remained 
in the Government despite his 
disappointment at being passed 
over as heir apparent originally 
and as chief of the Cabinet 
more recently. Thus, the family 
ranks are firmly in order. 
Sheikh Sabah al Ahmed, a 
brother of the Ruler and the 
Foreign Minister, who was the 
other obvious candidate for the 
role of Crown Prince but who 
stood down in favour of Sheikh 
Abdullah, has been made acting 
Minister of the Interior. 

Previously included in the 
same portfolio, the Defence 
Ministry has been given to 
Sheikh Sakem al Sabah, for¬ 
merly Minister of Social Affairs 
and Labour. In the only other 
change Sheikh Ali Khalifa 
al Sabah — an exceptionally 
talented and hard-working 
33-year-old—becomes a Minister 
of Oil, an appointment made on 
merit rather than because of 
membership of the ruling 
family. While tbe Sabahs hold 
all the most important port¬ 
folios except Finance, in Kuwait 
(unlike the less developed 
Arabian States) ability—of 
which there is no shortage—is 
the prerequisite for any post in 
the Cabinet which, nevertheless, 
fairly reflects the contrast be¬ 
tween the traditional and 
modern in Kuwaiti 

Committees have been at 
work redrafting the suspended 
articles of tbe constitution. 
Sheikh Jaber al Ahmed is be¬ 
lieved to be in favour of even¬ 
tually—perhaps in three or 
four years’ time—establishing 
some kind of democratic insti¬ 
tution, although he would 
probably want to reduce the 
representation of bedouin 
elements, which in the old 
National Assembly proved 
susceptible to influence and 


money. Meanwhile, liberal 
democrats of the world should 
not grieve over the demise oE 
the parliament. It represented 
only a small part of the popula¬ 
tion and was notable for its un¬ 
swerving preservation of 
Kuwaitis' priviliges at the ex¬ 
pense of the expatriates. In 
blocking legislation it was a 
serious impediment to proper 
administration. But the main 
reason for its dissolution and 
also for ihe curbs on the Press 
imposed in 1976 was to mini¬ 
mise tensions in Kuwait itself 
caused by the civil war in 
Lebanon. 


Unhappy 


Jealous of its wealth and 
privileges Kuwait has still not 
come to terms with its expatriate 
Arab inhabitants, especially the 
Palestinians, only a few dozen 
of whom have been granted 
citizenship of the second-class 
variety. They are unhappy 
about the way in which they are 
treated and, justifiably, by the 
fact that they are paid less for 
doing tiie same work (usually 
much better) than Kuwaitis 
who are not only their masters 
but landlords as well. Fifty per 
cent, or more of Indigenous 
families are reckoned to receive 
an income from property, mainly 
at the expense of the foreigners 
who serve them. Over the 
years, in an attempt to correct 
the demographic imbalance. 
Kuwait has recruited citizens 
from the itinerant bedouins of 
the region. The time has come 
for it to extend on a generous 
scale similar rights to other 
Arabs who have struck deep 
roots in the State, a fact that 
some intelligent Kuwaitis are 
showing signs of appreciating. 

Kuwait has been the front¬ 
runner in promoting the con¬ 
cept of collective " Gulf 
security "—meaning, in effect. 


co-operation with the other 
conservative Gulf States in 
preventing internal subversion. 
Last autumn Sheikh Saad al 
Abdullah made a round tour 
of them in an attempt to im¬ 
prove co-ordination. Earlier 
he visited Iraq, where be was 
successful in bringing about a 
detente in the territorial 
dispute and mutual pullback 
of forces from the border which 
troops of the Baathist regime 
last violated in 1976. But the 
Joint .committees which, it was 
agreed, were to discuss the 
details of a final settlement 
have not met, and Baghdad's 
disconcerting claim to the 
islands of Warba and Bubiyan 
remain unresolved. Iraq clearly 
wishes to leave it3 neighbour 
in a continued state of un¬ 
certainly, but at least the 
border is now reopened, 
enabling Kuwaitis to enjoy 
again the delights of Basrah's 
hostelries. 

Conscious of its wealth but 
physically weak and vulnerable. 
Kuwait suffers from the tensions 
within the Arab world and is 
acutely concerned about the 
current disarray caused by 
President Sadat's initiative in 
negotiating directly with Israel. 
Implicitly, the Government 
approved of the bold move in 
the hope that it might bring a 
lasting settlement and, conse¬ 
quently, a more comfortable 
environment for Kuwaiti But it 
was offended by Egypt’s lack of 
prior consultation, not the least 
with its aid donors, and 
deplored the hostile reaction 
created by the unilateral action. 
For the indefinite future Kuwait 
will continue to tread a delicate 
path between the conservative 
and radical forces of the Arab 
world, spending liberally on aid 
in the process. No other member 
of this diverse family of nations 
has a bigger vested Interest in 
its unity. 




^AbddrrwJ'iseh Co . 

Kuwait 

Distributors of Nissan and Datspn cars. 

• a. 



j 

- i 

* 


t 

£ 


!t ) a*’ 1 ' 

piakiS' 




Kuwait 
hea^ 

construction equipment 

• International Harvester Corporation - USA. 

• Rexnord Concrete Equipment -USA. 

• Tadano Cranes - Japan / 

* ■ : 

d~<5&abkm 6&. 

Kuwait ; 

manufacturers of tipper bodies ^ dumpers - 

semitrailers - buses » , ; . 

• Thomas Built Buses Co. - USA. 

• Heil Company -USA. 

• Plan Transportfahrzeuge GjnJbH.-W Germany 

dAM}d r ^Iastic , O0. 

Kuwait 

manufacturers of plastic products 


;■ • -J*. 

'ine r. '-.1 


•v ■ . 

.'.iV.-l - > * 



Kuwait 

general trading and manufacturers represen¬ 
tatives 

d-OQdfaabi Q&Ii ifimf 6a 

Kuwait 

shipping-agents 



a 


Kuwait 

manufacturers of office furniture 

associated companies; 



Kuwait 

business machines and office supplies 

• Bruynzeel - Holland 

• Raytheon Data Systems -USA. 

• Copyer Co. Ltd. - Japan. 

• Kardex Systems (UK)Ltd-United Kingdom. 

• Overseas Apeco Ltd. -USA. 

• L. M. Ericson Telematel AJB. - Sweden 


Dublin - Ireland 
telephone nr 504877 
telex nr 30813 

assemblers and distributors of Datsun cars 



Kuwait 

road construction and civil contractors 

C ^i&rascG 

Lugano - Switzerland 
telex nr 73736 asco ch 
exporters and manufacturers 
representatives 

Headoffices: 

Souk al-Kabir Building 7th floor, 

Fatfed al-Salemstneet, 

P.O. Box: 766, Kuwait. 

telephone rirs: 443598 - 443592 - 443583 

telex nn 2272 Babtain kt 

telex nr. 2641 Asko kt 

telex nr. 3055 Babtnco kt 

Cable: Babtain-Kuwait. 


m 

l&c. 


-- 



•f 












14 


Financial Times" 








Kuwait-Sheraton Hotel 

SHERATON HOTELS AND INNS. WORLDWIDE 

For Reservations at the sparkling 
KUWAIT-SH ERATO W HOTEL 

Just ring 

LONDON 01-636 6411 or ask 
operator for FREEFONE 2067 
or have your Travel Agent call. 

Telex2016 SHERATON KWTor 
2434 SHERATON KT. 


KUWAIT II 


THE ECONOMY 


, *r,v - 




A gentler pace of 





and revenues, 
nomic activity and growth has 
slackened to a more comfort¬ 
able and accommodating level. 
While the Government views 
philosophically the decline of 


(a) Reserve Fund for Future Generations 

(b) State general reserve . 1 - 

1C) KFAED .... 


IN LINE with its oil production were able to profit from the capacity for absorbing revenues 
Kuwait’s eco- economic explosion in the is generally ignored by the 
region as a whole to the extent Western forecasters. 

that probably up to 20 per cenL The slump in real estate and ^____ 
of goods imported in 1975-76 share values, which were large 
were re-exported. by the criteria of businessmen 

r _ r . w _ __ Statistics from Kuwait’s main who believe that they cannot 

its financial surplus, it can only trading partners point to a de- fail to make a profit tiiat would 
ue reueved tnai me boom oi a dine in the rate of increase amaze the best organised multi¬ 
year ago. which reached its for imports to about 35 per cent, national company, will have Allocations for reserves: 
artificial peak last year with a last year—compared with 40 per had a sobering effect. For less 
mad frenzy of slock market and cent, in 1976 and 55 per cent, in privileged Kuwaitis and the 
real estate speculation, has 1975. Inventories are high and expatriates upon whom they 
subsided. the market is sluggish. For the depend—if one can presume to 

Last week there Were only community as a whole, however, rationalise on their behalf— 

two vessels unloadin'* at the the slowdown can only be a re- there is still too much liquidity 

' lief, not the least with the reduc- in the market for comfort - ... M 

tion of inflation to ao annual Kuwait, like Saudi Arabia, Development expen ditu re 
rate of about 20 per cent, suffers from a lack of any real Acquisition of property 

More dramatic and tTau- co-ordination of fiscal and 
matic was the bursting of the monetary policies to restrain 
inflated bubble of the over- 
inflated stock and real estate 
markets 12 months ago. In this 
respect the most revealing 
statistics of ail come from the 
Central Bank. Last year expan¬ 
sion of credit was down to 26 


KUWAITI BUDGET 

<KD) 


1977.78 . ' 


227,272,190 

7449,710 

50,000,000 


%of 

total 

20.00 

0.33 

2.3© 


port where at the end of 1976 
waiting times ran tor months 
as capacity was over-burdened 
by congestion elsewhere as well 
as by Kuwait's own mounting 
demand for imports. 

With its relatively well 
developed infrastructure and 
human resources Kuwait was 
better able to stand the strains 
resulting from the escalation in 
oil prices and the exponential 
growth in expenditure result¬ 
ing. But it felt, though not as 
badly as Saudi Arabia and Iran, 
severely stretched and now is 
recovering its breath. 


Sub-total 

comfort. Ordinary expenditure ... 


Total 


_^ 284*721,990 12153' 

..1,511,000,000 . 66L48- 

.: .392,000,900 _ 17.25 

.. . 85,000,000 . 3.74 ■ 

L.....W.rii.. 2,272,721,900 100.0© 


•* 

2k,kk 

632,73^0 >rS9. 
. 50,000.00© - -! 

'''•££! 

203^000 5;^. 

80,000,000:1'^ 


inflationary pressures. In the 
last analysis it could be 
cynically said that the pattern 
is set by the merchants' drive 
for. profits and their alliance 
with the ruling hierarchy at 
the expense of any longer-term 


2.I7L92U**. 

_:_• - ‘ ♦ ~c>' 


SO 

Miateoy 


per cent rise from the breath- strategy. ^ . - 

taking 82 per cent recorded in For the record last year the J'"™* 1 ’ V 2JI tiye capacity, the preoccupations 

1976. The difference was increase in money supply rera ^ n a su . r P lu * P r °ducer for with finding reliable and profit- 
accounted for by speculation 
frenzy, according to Mr. Hamza 


Having had their expectations Abbas Hussein. Governor of the 


aroused by the 1975-76 bonanza 
and excessive profits realised 
during it Kuwait’s merchants 
may be complaining—some of finance 
them misleadingly talking of re¬ 
cessions and “ crying their eyes 
out over a 5 per cent, reduction 
in turnover.'’ as one commercial 
banker put it. Apart from the 
huge expansion of domestic 
business. Kuwaiti businessmen 



held by the Central Bank as. siderable Investment in recrea- total*., $25bn. .!or- 
currency cover and to finance tional ' facilities, hospitals, abroad:• by the 
imports. The total undeclared schools, telecommunications add . , . . ...... 

sum is now thought to be in the porta between equities and ' modi 

region of $25bo. Unquestionably. Despite its surprising absorp- market ihstrpmen^‘\with.’2^ 

re capacity, the preoccupations cent of-Yt in -real estate,’^; 
remain a surplus producer for with finding reliable and profit-..^.7’ 

(currency in circulation plus foreseeable future.but wfU able outlets for Investment Jn-- 
demand deposits, tboush the aIso surprise forecasters-by its the Arab world, apart from the - . : l.^r^ 

same kind of ratio for 512 and ablJ,t >’ 10 ®E end lts revenue fcjg multilateral projects for . In:respect of its cajjh-^alam: 
M3 also applied) declined to 24 over toe next few years. • both State-owned and privat<o£l^bD.‘KuwaitIs. cbMcerm 

per cent, compared with the 35 In its own way Kuwait, iike capital goes on. Progress has’ abmii the dejdtne r i rf;«tOd^&3 

per cent, level of 1976. Yet the other members of .OPEC, been heavy going. “We are value,, but Js.-£0t-jab; 

_ monetary growth is almost com- has seen a shift in its financial working on it but it lakes time," cerned about ite;langeTrt^m i 

Kuwaiti pletely dictated by Government fortunes, though it has not gone says Mr. Attiql, who has been vestmenL r Mi^ -Aftiqi-8ay^^ ^ 

trade. disbursements of money, as the into deficit. In the course of t he foremost protagonist, of de-' have a good; diversification,® 

• Governor of the Centra! Bank its extended 15-month fiscal ploying funds for productive- a ..good spread," . Sheikh-rA 

emphasises — pinpointing 

essential nature of the Kuwaiti_, __ __ 

Real estate valuations are economy. recorded a budgetary surplus gest involvement is- in the esistingiffioimt^f dollar fl&e 

now down 15-20 per cent, from Kuwait’s business community of KD2B2bn. (the equivalent of troubled Kennah, sugar project -rratiier':Shifting the direetU 

Bigger j s still essentially a mercantile $10.42bn. at the- present rate in Sudan where, says Mr. Attiqi, bf new investment slight 


Central Bank, who says the 
modest iocrea.se in advances in 
1977 would have been wholly to 
the “ productive 
sector — which in 
terminology indudes 


Intervened 


ank its extended 15-month fiscal pioymg lunos ior pnmucuvtr a. gooo spreao,' ...oneway 
the year up until the end of June, purposes elsewhere inthe Arab KhaJifa aloSahah aays .tlKit it. 
aiti 1976, the Government officially world. The Government’s big- not a fiti&Stftra of redactors 


the end-1976 peak, 
losses were made on the stock 


market where the fall was 25 
per cent. Finally, the Govern¬ 
ment intervened by undertaking 


oue. with origins long predating of exchange). In the 12-month “progress has not. been as fast, whererthis is possibler.The^Go 
production of oil but fed and fiscal year 1976-77 which or easy as we hoped.” He is efhmeht accepts that"&vH*j 
enriched over the past three followed, the excess of revenue reasonably happy about the prqpprti^n:-of. Its" aasets mu 
decades by the State's disburse- totalling KD2.46bn. ($8.Slbnj joint investment companies, jneytiably be in the U.S. (whit 


If you could see our whole 
organisation, you’d understand how we can 

be so helpful to you in Kuwait 

The Ba n k of Credit a ru I Commerce Group has 146 offices in 32 countries. 

45 of them are in Britain and no less than ~2 in the Middle Ea-t. including 
two in Kuwait. All your hanking business can be processed at branch level, 
no matter how complex it may be. or how wide the international 
ramifications. And you \\ ill find that besides our knowledge and experience 
of commercial banking, we have an extra commitment to personal service. 
Our on-line, real lime computer system i> an adjunct to this, not a substitute 
lor it - it puis our whole worldwide net w ork insiu iul\ at your sen ice. 

Contact us at our Middle East Regional Office: P.O- Box 2622. Abu Dhabi. 

U. A.E. Telephone: 44622. Telex: AH 2290 BCCI. or at the address below . 


Bank of Credit and Commerce 

International 



ik MU’- OFFICE K .* 1 LLADfcNHALI. MKII f. 
LOM>J-. LC.’A SAD. TELEPHONE. K-^j Jft* [LLX V - ■•j. 


Bangladesh. Cayman Glands Djibouti. Euvpt. France. Gabon. We-it Ginunvi rh.ina. 
Hong Kent*. India. Indonesia. Iran. Ivon. Coast. Jj pan. Jordan. Ken>u. South Korea, 
Kuwait. LeKinon, Luxembourg. Mauritius. Morocco. Nigeria. Oman, Pakistan. 
Seychelles, Sudan,Switzerland, Onucd Arab Emirates, Venezuela. North Yemen. 


to purchase from investors meats of oil revenue that still over expenditure of KDI.14bn. formed elsewhere, bot has ebm.- accounts for fiOjwrcenLoftt 

charge at thp lnuv<r nricp _. _< _. _.. . . ,.n. n», . .t n ( ««;t<4Kla — C., r j-v iK. 


shares at the lowest price 
quoted between October 1 and 
December 17 . through the 
Kuwait Foreign Trade and Con¬ 
tracting Company (which is 
80 per cent, owned by the 
State). So far this paternalistic 
gesture is reckoned to have 
cost the State KD125m. or 
more. 

“That was man-made inflation 
and totally unrealistic.’ - says Mr. 
Abdelatif al Hamad, chief 


much lesser extent than in the 
United Arab Emirates or 
Qatar). 

Despite the considerable 
diversification and sophistica¬ 
tion achieved, the economy 
remains dominated by oil, 
which provides some 95 per 
cent of the State’s revenue and 
75 per cent of its foreign 


of the Kuwait Fund for Arab 
Economic Development (among to the last official calculation for 
many other'important posts) fiscal 1975-76). It has always 


enerate the greater part of amounted to KD1.32bn. plained of lack of suitable pcor'-isqftity market worldwide). Mbr 
economic activity (though to a ($4.71 bn., again at the current jects generally and the rastric- over, ^appreciates thatnOwhm 

rate), according to officially tions,imposed in various, coun- else- can - it ^obtain, the 
published figures. tries. •■."v 1 . optimum -combination iQf'g^dwt 

Kuwait tends to underesti- Kuwait’s investments ' in and yleltL; ! _ • ■ : : ‘- 

mate revenue, either for other Arab countries, together - Over tlto pist five years th 
cautionary or presentational with loans to them,’ the Worki arerage rate of return from tfi 
reasons (perhaps a mixture of Bank and the IMK- and ito. U.S. was 9 per cent, on' stocl 
both). Actual receipts for capital contributions^to multi- aud. shares and $-7. per .oen 

1976-77 were 13 per cent higher lateral funds-and organisations from real estate, fivep.as'41 

than the forecasts. As it is, the make up a ^significant part of fiscal st^ua declines^ .Kuwa 

revenue is conservatively put at the State's foreign assets: In rests assured that its giatTt n« 

exchange earning—as well as KD2.27bn. ($8.10bn) though in 1976. 50 per cent, of tbe ; totaI egg 0 h gro^ing lnei 

70 per cent of GDP (according prac tic e it is likely to be accumulated was transferred.to orabiy if only vfnmt 4ncpm 

higher. the Reserve Fund for Future pitted baek Vftmc 

and one of the states leading been conscious policy to dis- A IJoCStlOOS law which also 'decreed that ln cfa'ants-Have thsar'oyftL^nens 

economic brains. Like some tribute as much of the surplus ' future ■ 10- per- cent of oil 

others in influential positions, wealth to the cit7ens—not the **— - u -* -- ----- ^ - •-*- rorcuues auru*** vm 

including Sheikh Ali Khalifa ai least through the long-estalv 
Sabah, the new Mi nister of Oil, lished land acauisitinn pro¬ 
be questions the wisdom of the gramme—while also building up 
Government in helping the a n investment portfolio as an 
speculators who burnt their alternative source of income, 
fingers, in the meantime, it is Foreign assets accumulated 
business back to normal and on by the Kuwait Government from 
a more stabilised basis—but on its unspent revenue and invested 
a “higher plateau” than in 1974, abroad rose from the equivalent 
as Mr. Hamad puts it. Better oF rather less than 84bn. at 
developed, Kuwait suffered less the end of 1973. when oil prices 
of a jolt than many of its were tripled almost overnight, 
neighbours when the money to SlS.3bn. at the end of 1976. 
gushed in 1973-74. Yet, despite That was after aid disburse- 
the State's continuing fiscal sur- merits worth $2.1bn. in the 
plus, the scale of Kuwait's de- three-year period and excluding 
velopment programme and its the foreign exchange reserves 


_ . . _ , — — r -v t i— J C ^ fortunes abroaff tiiat -r-* 

For the current fiscal year- revenue should be ploughed into ^ tb „ m Tffr fowfiiafru w! in *h 
allocations for ordinary spend- it "Kuwait's'better class long- - 3nra i - 

tenn assets worth over . Rfdianl JOlm 


UNITED ARAB 
SWPPIWG CPsag 

f,bc'sure service from Liverpool and hiufl io .the Gulf. 



■•vA REGULAR 
•• SAILINGS 

TO GETHER - 
WETAKE THE LOAD. 


% MODERN 
W. VESSELS 



(Est.igdZ) 


For all freight enquiries and bookings, 
contact the loading brokers: 


UVEBPOO*- 

Richmond House, 1 Romford Place. Liverpool L3 9RT 
Tel: 051-227 5161 TelO*: 629 148 (Ask for Barry Curran 
QgVS Evans. Graham Russell. Dave Longworrh). 


BEN Jn. ACKERLEY & SMI LTD 

- - /'HULL-- 

I EaqleStart 
j Tnl: 048222 

liAsk for Gra 


House. 1 A Market Place. Hull HU! IRA. 
0482225456 Tele*: 52459 
Graham Sellers!. 


BALANCE OF PAYMENTS 
(KDni.) 


1975 

1976 

Description 


provisional 


debit credit 

denit credit 

t—Goods and senices (net): 

2.01(1 

2,194 

Trade balance . 

1,695 

1.758 

Exports aud re-exports (fob)... 

2.459 

2.828 

«!' which: Oil and gas exports 

< 2,289) 

(2.615) 

Imports (ciD . 

764 

1,070 

Nou-nionetary gold . 

32 2 

34 2 

Senices (net) . 

351 

468 

Freight and insurance . 

— 14 

— 17 

Other transportation . 

33 1(H) 

35 128 

Travel . 

55 24 

67 3(1 

Investment income . 

38 372 

36 477 

Government . 

(—) (173) 

(—) (255) 

Financial institutions . 

(12) (72) 

(20) (82) 

Other private . 

(26) (127) 

(1G) (140) 

Other governmL (not classified) 

37 7 

50 9 

Other services . 

7 4 

10 5 

2 —Private transfers: 

80 — 

92 — 

3—Total current account (1+2): 

1.936 

2.102 

4—Non-monetary capital and official 



transfers (net)*: 

789 

1.249 

Official transfers . 

228 

59 


47 


Government . 

<2U> 

(85) 

Kuwait Fund . 

(6) 

(17) 

Other investment institutions ... 

(21) 

(15) 

Loans (net) ... 

11 

35 

Kuwait Fund . 

(22) (7) 

(49) (6) 

Other investment institutions ... 

(12) (16) 

(36) (44) 

Other non-monetarv capital 

288 

425 

Oil sector . 

(58) 

(221) 

Government . 

<185) 

(132) 

Kuwait Fund . 

(91) 

(5) 

Investment institutions 

(32) 

(17) 

Specialised banks . 

(28) 

(50) 

Other private** . 

215 

613 

5—Commercial banks (net): 

27 

94 

Liabilities . 

— 26 


Assets . 

53 — 

61 — 

Total (3+4+5). 

1,120 

947 


•Reserves and related items (net): 

1,120 


947 


Central Bank of Knwait (assets) 

92 


63 


Monetary gold .. 

(6) 

(—) 

(20) 


Reserve position in IMF . 

(112) 

(—> 

(48) 

(—) 

Other assets . 

<—) 

(26) 

(—) 

(5) 

Ministry of Finance^ . 

1.028 


884 


Debit items arc increases in assets or decreases m liabilities: 
credit items are decreases in assets nr increases in liabilities! 
Residual item, reflecting partly errors and omissions but 
mostly outflow nf private capital. 

Esrlmale for 19i 

March 31. l97o-january :ti. ju,h. « nr j r or 1976 based nn 
arailahle dara lor January 31 in Decnuhcr 31. 197fi 


ing, development and property 
acquisitions are up by no less 
than 57 per cent. Even after 
allowing for inflation, however, 
the increase is more Apparent 
than real in that the budget is 
more comprehensive thah its 
predecessors, including for 
instance, the big projects pro¬ 
gramme of the Kuwait Oil 
Company for the first timfe. At 
the same time it does not rever 
Kuwait’s $700m. contribution to 
the Gulf Organisation for 'the 
Development of Egypt and the 
OPEC special fund, which were 
fully disbursed over cate 
1977 and drawn from the Stat 
General Reserve. 

As it is, after the transfer of 
another KD50m. to the capital 
of the Kuwait Fund for Arab 
Economic Development, the 
fiscal surplus projected Is down 
to KD234.7m. ($S3Sm.). Mr. 
Abdei-Rabman al Attiqi. 
Minister of Finance, is confident 
that the sum set aside for 
capital will be spent “ to a great 
extent." Sbeikh Ali Khakifa al 
Sabah, speaking in his capacity 
as Under-Secretary of the 
Department before his new 
appointment, predicts that in 
the final outcome there will be 
only 3900m.-8lbn. to transfer to 
the reserves. This would com¬ 
pare with a surplus for invest¬ 
ment of FLDlhn., or about 
$3.Sbn. in 1976-77. 

Meanwhile, it is believed that 
actual income from the oil sec¬ 
tor. including gas. will be more 
in the region of S9bn. father 
than the £7.6bn_ envisaged. in 
the budget (Investment income 
is likely to be running ath rate 
of S2bn. annually now-—but is 
ploughed back into the accumu¬ 
lating reserve assets.) Overall, 
however, the financial statistics 
reflect the way in which the gap 
between revenue and expendi¬ 
ture has dosed, as oil produc¬ 
tion has stagnated, world-wide 
inflation has continued and pur¬ 
chasing power has dedined. Last 
year the Central Bank calculated 
the State’s loss from the depre¬ 
ciation of the dollar alone at 
over 5.4 per cent. 

In comparisons with its Arab 
neighbours Kuwait is at a much 
more advanced stage of develop¬ 
ment It is not generally appre¬ 
ciated. however, just how big 
the scale of its spending on pro¬ 
jects will be over the next two 
decades. Kuwait's draft five- 
year 1977-81 plan embraces a 
capital expenditure programme 
of nearly KD5bn. Government 
projects already in hand in¬ 
clude the vast programme for 
housing construction (costing 
over KDlbn.), expansion of 
electricity generating and water 
desalination capacity (KD 
350m.). the extension 


over 

were shifted to. 1L Overall the-- 



KUWAIT »S(JRM€^ 
COMPANY SJkMfM 





THE FIRST NATIONAL : -~V •••:'"• 
INSURANCE COMPANY ! " Vv J 

ESTABLISHED IN KUWAIT;' 

Paid-up Capital: !.-.! 

Capital Reserves : . - : I?D'^O3^O0p 
Technical- Reserves 

Life—Marine—Motor^r-Rre &/ General Accidents 
\ Contracfor^-^^Rf^ 1 -^ 

•.••• Head&ffice jr \■; - *: : -- 

. 1. Abdailkh 

Kuwait Insurance Co. Building, KUVVAIT -; y 

Pastel Address: £ L - 

P:G; Box 769. (Safat) Kuwait! ,' 

'etegrjaphiCr Address: TAMEMCO KUWAI^;.; 

V - ' Telex: KWT 2104'. :j 
^0135 & ( 420021 * 48002 ^^®^ 




Branches & 'Agendes^y V y 

Beirut (LAanoa). Abu Dhabi” DabaC'.Ras_ 

(U.A_E.). unman (The Hashemite Kingdom of, JffiM8l Hfi, 
Muscat (Sultanate of Omanf. :i . ’ 


The 
Gulf 


•;-3S: 




... 

The 5ffl}-pl of 

are packed wit^ ad^e pfi'.fcoW*cb(S i f' Si 
behave, the 

brief pditi«).^h«rec^c^:^ifi^^i 
[ each Gulf cpmury/iddri 
telephone 

rvstauran cs. n igfirdu 
• shipping agencies , 1 shppsi: hosohialSiy ^v; 
banks, gp^qrovit 

irr face,- ^ 

person coujifwam to! 


1975 based on available information for ihc period t e J; €nsion , " r 

975-January 3J. 1076. and for IR7R h a «od on 1T1 ? 1nrwa ? s>-stem around Kuwait 


C't.v and the LPG plant now 
unarms completion (up tn 
KD35(iin.) as well as a con- 


v; Trade_& Travel Pubhcatic 

. , + X..bases 'Bacuapdi: 

Price ri.75 ' 


l k .4Uitts. simHr —^ - * 


t 




























i’m&ncial Times Monday" February 27 1978 


KUWAIT III 


'OVVfh 

Ml 


OIL AND GAS 


Energy policy needed 


» OF THE freezing cold 
„ && Europe and- North 
ca. has tended to warm 
farts of those responsible 
w . iwait’s mi production and 
X During the past year 
slack would demand, 
ally for fuel oil, it was 
c inevitable that the State 
i suffer a fail tn the pro- 
n of-its heavy sulphurous 
. oil. In .the first half of 
having opted for a price 
se 'of 10 per rant along 
the majority of members 
the Organisation of 
faun Exporting Countries, 
it had also to face, the 
(jiiences- of the two-tier 
! system and competition 
S Saudi ' Arabia's higher 
? oil. Maintenance of 
.t from the Kuwait Oil 


K.O.C. CRUDE EXPORTS BY DESTINATION 


Destination: 

TJX and Republic of Ireland 
Japan 
-Europe 

Australia and New Zealand 
SE Asia and Far East 
North America 
South America ; 

Others 

TOTAL 


Barrels 

81,762,365 

138,437,413 

142,356.163 

10,746,561 

122,590.583 

13,017.278 

42,367.646 

2,445,857 

553,726^866 


Source: Kuwait Oil Company. 


■■ ■■ pared with KD20m. in JB76. 

ON KNPC has established a joint 
bunkering company with South 
Yemen and is supplying crude 
■" oil to the former BP refinery 

_ at Aden. Having purchased one 

25.00 lS.OOD-ton vessel, it him for some 
j.p. time been in the market for 

_ a product tanker as part of an 

1.94 investment programme aimed at 
———— giving the company the capacity 
to transport 60 per cent, of its 
2.35 exports. But the four expen- 

--— sivo LPG/NGJL. carriers ordered 

7.65 from Le Ciotat by the Govern¬ 
or nent in 1974, the first of which 

—’-was delivered last December, 

100.00 that were to have been desig- 
nated to it, are now 

destined to join the loss-making 
— ■■■ fleet of the 51 per tent, state- 

owned Kuwait Oil Tanker 


■shy's fields, accounting down to 7-8 cents per barrel. 190,520 b/d. leaving AOC with Company. KNPC's final results 
0 per cent, of the State’s Last year three-quarters or a small loss on its operation. ^ or 1®~7 should show an im- 
piroduction last year, will more of KOC’s exports of crude Only this month did Kuwait provement on_ the KDSm. 
i enduring preoccupation, (as opposed to refined products) finally come fully into line with recorded for 1976. according to 
it may se»»n ironic. Five amounting to L51m. b/d were the Kingdom’s price far it, at ^ r - Abdel-Azi/ al Besairi, a 
-ago, primarily to extend accounted for fay Gulf Oil, $12.03 per barrel, thus closing deputy managing-director of 
Ife of its fields, the Gov- British Petroleum and Shell. As a gap between the rates set the company. 

,ent set a ceiling on output the former concessionaires and which had been as wide as 87 Strictly speaking, KOC is an 
*i. barrels a day which was owners of KOC (which conceded cents during the period of the operating company responsible 
quently reduced ' to 2 m. a 66 per cent, majority share to two-tier system in the first half for supplying energy, either in 
There were those in the the State in 1974 and their of 1976. the form of fuel or feedstock, 

nal Assembly before its remaining equity two years Production from Kuwait's to KNPC, the Petrochemical 
liitiOn who vociferously a fio)'. Gulf and BP have bene- on-shore share of the Neutral Industries Company, the Wafra 
l for it to be lowered still filed from a 35 cent discount Zone ran at about 90,000 b/d Oil Company (gas to run the 

er to l.Sm. b/d—a level f°r each barrel produced. As compared with the capacity of refinery and inject into the 

would meet the State's a major lifter Shell enjoyed the refinery of 144.000 b/d. fields), and the Ministry of 
nal requirements in terms preferential 75-day credit terms. After several months of negn- Electricity and Water. Its cur- 
ssociated gas for power For Kuwait it is. a matter of tiations and failure to reach rent exploration programme is 
ration and water desalina- importance that sales should agreement on outstanding tax concentrated on the wild car 
as well' as the amounts continue, on this scale to the claims, in September the well being drilled to n depth of 
;d for production purposes three majors who, in their part. Government nationalised Amin- up to 20.000 feet, hclow the 
*' re-injection into the have an interest in a reliable oil, the operating concern giant Burgan nil field, to the 
voirs. source of supply on a long-term which had been owned by the Khuff Zone where Kuwait's 

basis which fits in. with their U-S. conglomerate R. G. Key. main hopes of discovering new 

JYimiim global refining and marketing nolds, and shared three fields hydrocarbon resources lie. 

- lAllllUfll requirements. The 4 ‘loeked-in" with Getty Oil, Saudi Arabia's (Development of a promising 

liey remains to keep out- relationship was of importance concessionaire. The ■ Oil Minis- off-shore gas field discovered 

running at 1.8m. b/d and to the State In the first half of **7 claimed 874m. in arrears many years ago hy Shell had to 
5 up to the maximum per- last year. During the heavy lift- mostly in respect to the changes be stopped because it lies in 
id. First, Kuwait does hot ing and stockpiling In anticipa- * n fiscal structure decided upon waters disputed with Saudi 
to lose its traditional tion of a price rise being & y OPEC in 1974. Arabia and Iran). The well was 

-.ets and large customers, announced at the end-3976 OPEC Aminoil had pleaded that St spudded last July but—having 
nd, the optimum rate conference, the Ministry .of Oil should be exempted because of encountered technical difficul- 
ia the . limit currently made lifting conditional upon 

sed is required if Kuwait continued commitments into the .- — -- - 

provide even a part of the first half of 1977. This was the 

stock in the form of asso- main reason why . KOC—seem- K.O.C. EXPORTS IN 1977 

d gas demanded by the ingly against the odds—managed ’ 

; SL2bD. NGL plant which a production level of L62m. b/d, ’ " _ ~ "7" 

heduled to come on stream which was marginally up On the _ •» 

• this year with a full same period of 1976. _ per day metric tons over 19ip 

city designed to absorb a Last year.’ is- in .1976, pro- Crade oil 1,517,059 76.319,825 -7.47 

ugbput from oil production Auction xan at a high- level in 

:o less than 3m. b/d. . the second half but.the average defined prodnets _ 86.693 4,4.6.824 — O.aO 

-spite possession of reserves for the Ml 32 months,was down LPG products 53*04* 2,743,545 + i.io 

i existing KOC fields suffl- by 6.8 per cent at 1.78m. b/d. ' 

.'.t to last 70 years or more, while exports fell by 7.47 per Source: Kuwait Oil Company. 

rate of 2m. b/d Kuwait is cent Historically,, this was the __ _ ... .. . _ _ 

dy conscious that its posi- lowest level for- well over a 
in the market is not good decade and in contrast to a rise ... 

pared with its neighbouring of about 3 per cent, for OPEC hl £. ^Mating costs and diffi- lies—is less than half way to- 

-U s in the Gulf. KOC pro- as a whole. AS the year drew fiS* wards ! ,s ta f e * L Confirming the 

—“*s only heavy. 31 degree to a close output went up !*f n h e ? JJJ"? % ? e JJ era ? p J ,mism ' ! I tA hmade 

'-w‘ gravity oil. It shares with sharply in November to 2.15m. phairman of KOC. says 

lia Arabia half of the out- b/d and. 2.40m. b/d in Decern- in ■jST'S "TH "P 0 * 

of'the even less attractive ber as the leading customers ‘“p 1 ° A the in ^ ,catlons 

degree API gravity crude sought to-obtain their discount ® 0 !L are re, 7 * oort ' 

luced oH-shore In the- which is based on fulfilling con- jTVJJ ’ 0 ^ f *; s KOC’s development pro- 

tral Zone by the Japanese- factual obligations. Gulf was “ ” £ adimst a tax stnichire 1s a ver 7 large one with 

ed Arabian Oil company reported to have been lifting gj Impan^ the 1977 ' 78 buds<>l set at 

r=- lower gravity 36 degree 200,000 b/d over its 500,000 b/d ^ Z nutvut ot KD257.7m. t of which KD202m. 

\ but very sulphurous crude commilmenL arou™d 80.000 b/d °While K G * {or c *E ,ta } P ro i eets - n ’ s oS ~ 

n the., on-shore fields ; • Eevnolds has reouested arbi- shore ’ single-point. revolving 

• ir m r,ted by a? 1 ™ 11 - “““i' Refined SSion of me dispute. tL moo . rl ?sp° in ' ( “ h m “ ar . to . tho ^ 

? ’t i 4 f f iV'-onalisation last year, all of i- oneration has been taken over 115611 ,u lile North Sea) should 

if *' *’ ch is processed at the Mina The gap between KOC output, a new state-owned entity ** operational early next year. 

...Mi [\HulIa refinery. Kuwait has find exports of crude is thp Wafra QU Company> which ; Its 250.000 b/d bitumen plant, 

i »■* e of the more desirable lighl; accounted for mainly by sales tooe ther with Getty Oil has the onl >‘ one of ils ^ n6 in lhe 

ieties to offer. - of ' refined products (with co '^ nii 5 S i onetl a new stU dy nn "pon- sbould be in service this 

._>Uaudi Arabia and Irarr possess Kuwait's domestic consumption oi} an{ j gas reserves . summer making Kuwait more 

- ^ m_together with the power running at only about 30.000 than self-sufficient in high- 

make liftings conditional on b/d at pre^nt). The company’s £ Hawaii's aFphaJl ' , Wi L h m ^ p ^ cr 

: :z b oT h a Jyy 3 rsnssK fism-sars rre ~ fssarri: 


Crade oil 
Refined products 
LPG products 


barrels 
per day 

1.517,059 


53,4)48 


metric tons 
76319,625 
_ 4,4*6.824 
2,743,545 


% change 
over 197P 

_ - 7.47 

- 0.50 

_ + 2.10 


m scrupulous in not giving 


iu ... n e qnnniv) Petrochemical Industries Cor- 

der-cover discounts and in J.f“ poraiion-each now with their ir 

■ing, too, to harmonise its b/d, own slatutes—and latterly the LStger 

Fanntinic nn a rational hasi*. present amounts to nrae more ...... ... .n 0 


*? .. m LU 

1 ft 

i ^ 


Eerential& on a rational basis present amounts to utue more oji company are all v ° tV , .. npt , lf 

with its competitors within than a lopping plant le&Uy separate entities. The T ^-° C i runS ° ld B ^: tjU [ 

»EC. Nevertheless. last Far more advanced in tenns Ministry or oiI is in charge oE LPG plant wuh m capacity of 
. ptemher it eventually felt of sophistication and its range exporl5 0l crude oU and liquid ~'y?°V 

reed-to announce officially a o? products is the Kuwait pMroieun[1 gas although KNPC ?/ d aL tin.?wS°°TwJ 

n per cent, barrel rebate National Petroleum company's h^ffies sales abroad of pet- of natural, gas liquids,. Two 
.Actively bringing the price facility at Shuiat^that c^a take ro j eUOT products, as well ns y6a ™ w “ T g, ' e " 

r KOC crude down to S12J7 a maximum of 200,000 b/d. In thejr internal distribution. In of fa f ] “ S6r plant 

■r barret compared with 512.49 the Jaauary-Nnvcrober period the newIy a p pai - ntcd Cabinet c°Dceivcd. designed and con- 
id $12.32 respectively for the of 1977 throughput of crude sheikh All Khalifa al Sabah, tracted in 19*5 on a far larger 
.[Uivaleht Saudi Arabian and supplied Jjy KOC averaged formerly Under-Secretary at the st -'al®- 

anian varieties with their about 170.000 b/d, ^ooly Finance'Ministry but previously Casting up to $l.2bn., the 

eight advantage. marginally below the 1*5,000 very much Involved in the for- project should be complete by 

At the special. meeting of b/d level achieved for the whole muiation of oil policy and the end of the year with the 
PEC heavy crude producers of 1976, with export sales worth Kuwait’s representative on first nf three identical produc¬ 
ed in :Geneva earlier this 368m. Kuwaiti dinars (about OPEC’s Board of Governors tion trains" un stream by the 
onth the. measure received $1.31bn.). frnm 1974 to 1976, replaced Mr. end of the last.quarter of 1978. 

’trospective acceptance, from For the Neutral Zone^the final Abdel-lfuttaleb al Kazemi. Bechtel are the design consul- 

andi Arabia, Venezuala (whose outcome was far less satis- There is in the industry’s iants of the constniction being 
mi much higger discounts were factory with production -down something of a undertaken by Hellos tthe LPG 

/iiked to big contract commit* by about 20 per cent, as a whole, blurring and over-lapping of plant), IHI of Japan (field 
tents), Iran and’Iraq—though Off-shore.-sofft market conditions, f unct ions—indeed, a less than facilities, including booster sta- 
rith grudging reluctance by the Kuwait’s over-pncing of the p er f ec j co-ordination between tions) and Kuwait Metal Pipe 
last two. They also agreed to Khafji crude and contusion thc tomponents may have been Industries in association with 
Kuwait extending credit terms created by differences ^witn thc reason f or the change at the Santa Fe (for pipe manufacture 




o Its regular customers from 60 Saudi Arabia on this question top while thc Oil Ministry and laying]. That much is 

!-o 90 days, thereby bringing the led to a t 43 per cent, dump in handles thc crude and LPG simple enough. So. too. is the 

per barrel cost to customers volume .from 338,121 b/d to ex porta. KNPC —established as design capacity of the three 
1 .. the state petroleum corporation units combined—)m ,310 b/d n[ 

.- ■ •- f • ..:- long before the take-over of propane. 54.970 b/d of butane 

• KOC—is in charge of product and 41,250 b/d of natural 

GAS UTILISATION sales including those of KOC's gasoline. 

fm mbit Feet »er dav) A1 Ahmadi refinery as well as However, achievement of 

its own Shuaiba_ facility- KNPC such a rate will require the 

- - ;— ...;- rather than KOC is undertaking associated sas of no less than 

% increase a review of Al Ahmadi’s i.fiSbn. cubic feet per day for 
. J9*6 2977 or decrease modernisation. which a petroleum output of 

Gas Injected into reservoirs 127.5 93.4 — 26.73 Developments at Shuaiba 3m. b/U of oil would be needed. 

Gathering fuel centre 172.8 -177.4 + 2.66 include a new hydro-cracking The* requirement compares 


f •••■' I t 


Gas Injected into reservolre 127.5 9 

Gathering fuel centre 172.8 -17 

KOC general purposes 43,7 4 

High pressure gas to the State 103-7' 14 
Low pressure gas Iq the State 288.1'* 28 
To Kuwait Wafra Oil Com pany , 19,1 3 

Total utilisation . . - ■.» ‘ . 6569 .66 

Total production 995.1 92 

Utilisation as a % of production 66.01 7 

Source: Kuwait Oil Company. 


- 5.95 
+ 36.52 

- 3.51 

+ 5.40 

+ 0^6 

- 8.83 
+ 5.40 


unit (now in the start-up phase), with an amount of assoeiated 
a lube oil blending plant which S»s generated by KOC's opera- j 
is to be inaugurated in the near lions last year nf 927m.c.f.p.d. • 
future, and a sulphur recovery of which 71 per cent, was ; 
unit scheduled for completion utilised for oil production 
in tite near future. A KD 6 m. operations and power gencca- 
cerural depot Tor marketing lion. The margin would have 
products iniernaily, to be been sufficient to keep only one 
located near Shuqaik port, is at NGU/UPG ’* train " going al 
the design stage. In tits January- o0 per cenL of capacity. 
November period of 1977 local n f 

sales had totalled KDlSm. com- KJ.i 



ARTOC BANK AND TRUST LIMITED 



Aiioc Bank and Trust Limited is a fully licensed international Arab 
Merchant Bank incorporated in the Bahamas. Its associations 
with the Middle East enable the bank to offer its customer a com¬ 
plete service in the financing of goods, particularly in the oil and 
commodity sectors, as well as providing expert advice on trade with 
the Arab countries. The bank provides all international banking 
facilities and its trust organisation specialises in investment in 

Western countries. 


Head Office 
Charlotte House 
Charlotte Street 
P.O. Box N83I9 
Nassau, Bahamas 

Tel: (809) 32-51183 Telex: 20270 ARTOC BANK 


*> f • > 

,y. 




alKrawis? 



UOV/I I L 



Often it is the expertise, management skills and 
techniques of the financial community which 
generates the vital energy needed to bring new 
ideas to fruition, new projects to completion, 
new technologies to the production line. 
The Sharjah Group has the ability and the 
necessary investment capital to apply to 
such opportunities. 

Incorporated in Sharjah, the Group has 
a capitalisation of USS125.000.000. 

The shareholders include 
members of Kuwait and ^ 

Sharjah's ruling families and 
Kuwait's leading merchant *_ 1 

families. In addition, the ^ll fir | d I 
Group has some 35.000 
institutional and private Finance fc 


t skills and shareholders from a wide spectrum of the 
nity which Arab world. 

bring new The Sharjah Group's role is to invest on its own 
ompietion, account and for clients,.in profitable projects 

iction line. both within the rapidly developing Middle East 
ty and the region and in international markets. Such 
:o apply to investment takes the form of direct equity 

lortunities. investment, participation in joint ventures, the 
is arrangement of suitable partnerships, 

. . . the provision of facilities for 

J industrial and commercial 

"jCTjSak. development. 

'Sharjah' is the Arabic 
£11 * 1 ✓'"'1 word for The Rising Sun'. 

anarian v^roup ^90^ b^ge 

^ 1 between East and 

Finance for the future. West. 


Sharjah 
Sharjah Group. 

PO. Box .5440. Urouba S:. Sharjah 
Telephone = 56465 
Telex.- 8134 SHAGR0 SH. 


Kuwait 

Sharjah Grty_p. 

PO. Bcw 24328. Safat. Kuwait 
Telephone •. 444147 
Telex* 2781. SHARGRO KT. 


London 

Shansi Grc<jp. 

49 Park La^e, Loncfon Wt. 
Telephone:01 -^93 6000 
Telex: 299663 SHARJA G. 












16 



s gateway to Kuwait 





Years ago the security and strength ot Kuwait 
depended on the ancient citv gates 


For over 35 years we have been Involved in the 
growth of Kuwait's market, providing international 
banking services and short or medium term funds 
to meet the expanding demands of economic and 
infrastructural development. 

Today,we offer you a full banking service for all 
your financial requirements, including syndicated 
loans and guarantees. 


Solid as the wall of Kuwait, we offer you an 
experience built with our years. 

Total Assets at Dec.31 $t 1976 : US. $ 875 million . 



THE BANK OF KUWAIT 
AND THE MIDDLE EAST K.S.C. 


Head Office, R O. Box, Safat 71, 

Cable: Bankuwait, Telex = KWT 2045. 


is 




)■ - : 




Fewer seats and more 
room than any other 
DC-10. And there’s 
always someone there 
when you need her. 






Because the MAS DC-10-30 
has only 252 seats (against the 
average 270) you'll find there's 
more room. And we have more 
cabin crew than many of the 
others. So there's always some¬ 
one to give you prompt attention 
and care. 

Other beautiful features, 
uniquely MAS. include the three 
exclusive 'executive suites'. 

Each has two rows of seats 
which face each other across 
an elegant table, forming a venue 
for business, or even a family 
lounge. In economy class there's 
overhead lockers for the centre 
seats —- something you don't 
find on all DC-1 Os. 

Add to all this—MAS Golden 
Service. It's a special kind of 
warmth, a graciousness that's 
pad of Malaysian hospitality. 

It's superb food and a wide 
selection of drinks. And it's a 
MAS exclusive. 


Financial Times Monday 




KUWAIT IV 






CAPITAL 














U.#. 



can manage the Stale’s funds 
abroad, thus retaining tor 
Kuwaitis the maximum profits 
from their uwn money. This 
logic has been common both to 
institutions established by the 


mind, and institutions set up 
by private investors seeking 
simply lu exploit a gap in the 
market for their own prorii. 

The commercial banks have 
I formed the United Bank of 
: Kuwait, which broadly speaking 
t.» a London money market 
operation used lu manage pari 
ui ilieir liquid assets, winch are 
neld alniusl entirely abroad. 

yelller with aUiiliiunai Holds 
tviiich periodically they hiul 
ineniselvcs simply unaijlt lu 
lend locally, iri im 64. iwu tears 
uetore the esiabitshmeni ol 
UBr\, ihe Finance iVlini.-iry 
lormcd its own Kuwait invest¬ 
ment Office in Londun, with the 
twin purposes of managing a 
sterling portfolio oi long-term 
mvestments and overseeing Ihe 


- ^ r-,>— 

THE MOST striking feature of advisory and consultancy ser- So it is not surprising that discounting 3 >t tfef 
the Kuwaiti financial community vices, foreign exchange dealing, during recent months a number (which made» 

has always been its capital bond issue management, and of Kuwaiti borrowers have gone to carry a: 

surplus. So it is natural enough underwriting, floating com- to the international markets ni usiial 

that the main thrust of develop- panics and general project raise medium or long-terih themselves 

ment in the Kuwaiti capital development. finance through small., syhdi- a secondary ittai^tj^^ 

market has been towards form- Each of the new companies cated loans:. In different forms probleis 

ing national institutions which h as ^ own different emphasis the AJghanun companies’ have so.■attt’ac£ve 

in its operations, and for this raised two such-loans, and the dinar,, assets 

„ .. nm pasv rn divide Bahar merchant group has raised stBarijLly.lwifiht.Wlliyj^j 

reason .t .s not easy to ^ The N€tto £, Rea , .Estate- without hem 

them into dis^nct sub- rareed a loan -through tuniry .for their,feeipg~tril$ 

categories. Even so. it Is per- and.the National Bank, helping t« create 

haps possible to draw a distuic- which was provided in part by ponse tp/.thjs. 

non between the companies foreign sources: and there have acting : 

Government, with hrnad con- engaging in domestic and inter- been several other Instances original terms M s -x£Sgjsi 

stderatiuns of national policy in national dealuig and investment where loans have been managed mclhdedj^.g-^^^b 

.i „ rh« a rail By--Kuwaiti institutions but pro- the creation. of. a 

-..U.abte DU.N, ^ r 

European Internauonal lradiug ■■ ‘ . - - ..V■ \ 

i akiui:i uie Euro- So far lhe response of the The main busmes^d&j 
l ^ * }'. * r „ mMunu Kuwaiti capital markets to has behn to tnake-^a^aj^ 

Kuwaiti Investment Company developments has come'ih aiI typeSrpf dinit*bci^d^^ 

and. on a somewhat bigger f orm nf. lwo innovations; and tarternal. tn 
scale, the Bharjah Uruup—and both indirectly related to the company" does nbt-s«npij^B 
the co m pa me* which have a problem, but both significant, the ordersof bbyeri*.‘tr#^^B 
n.ore come n lion at investment First, the Indus I rial Bank- and it. guarantees, 

Ohiikmg orieniation. i be latter KIIC have furme'd the rArah at the-pfice aquo^^api 

ha\e major names ol the inter- Company forTradihgSedurDi.es tn.-this u- brakes.*.- 
national oaliKing com mum ty tknown as ACTS), with thepur »icw’Itraftchb. 
among iheir siiareiioiuera. But P^e of creating an active deposit and .lajjT.'LW (dradt 
even in the second category secondary marketTor KD bonds,"belowy and'opetatijsj^aiS^ 
some ot tlie bigger institutions, and thus, as a sidVeffect;making fur the issuers of 
including ihnse that are best th e raising of long-term . lnan intended that. 
known in Ui« bund markets, capjtal on the primary market should .make. aimarisiEft^if^ 
such as Kuwait Kinaiicia! easier and cheaper. . . ' ties deiKHninafed 

Uenire, have moved away irom . Eastern currencies.:&ud\itr 

strictly investment banking Mr mi aFV it quotes price* for 1 

business into sniail-scaie .. . J issues made. 

commercial banking. . Befnre.the arrival of ACTS in ® ut ot bervrise its aeUv|^»tn 

..... . AUhuugn inevitably mere have Apttl. l»77. the primary market. 

placement af the Ministry’s cash been a tew spectacular mishaps, Tor KD bonds was fairly large J 0 ’.. pn, 

holdings ispending money) un judged bv their purpose uf (as explained above) even if.it Q . '-r.'.'.’f! 

takm a over the management of w as confined almost exclusively In just ten hionth& o£!bi 
the ^nation's surplus funds t® foreign borrowers, but the-tions, AC?!PS has already 
abroad, the overall perloriuance secondary market..was almost'some. impact on- the -KiK 
ol the Kuwam foreign orientated non-existent. . Generally .the hikrbeL •.-The' 'narrow,;'^ 
investniem insutuiions has been Kuwaiti managers would quote between ite bld and dffeT^ 
successful. The banks and , n . prices for the issues they them- tlons half a per- 
vestment companies have also selves t^cT managed, and the made; de^flg - attractive;^ 


Lhe money markets. 

Resources 


Other institutions formed in 
Lhe 1960s arid early 19?us were 
“ the three Ks '—Kuwait 


Investment ^Company. Kuwil promoted the use of the Kuwaiti S-SMifiL *£&£& 



ment Company—all vf whicli sum^ traction. During the 

draw their resources from last eight yeare there have been industrial to 

institutional loans and deposits, some -Hi issues of KD bonds, £ of Jhid^wJre plSiblp 9 ^ 

KIIC. which is entirely private most of them now publicly b0Ul of V" 1 ™-, were eligible for nearing thfe.: 


sector owned, has concentrated traded, together with half a 
on the bond issue business and dozen «»r so private note place-; 
the development of an internal ments and syndicated loans, and 
Kuwaiti capital market (dis- a large but unrecorded number 
cussed below), while KIC is of ordinary bank loans and pn- 
known partly as the longest vale loans, 
estabhshed Kuwaiti participant ln lasl vear Qr Sl) , hl)wever . 

l a he b0 . n ? and partly it [jas graduaily bl , Lume appar . 

as a major direct investor in 


CONTINUED ON NEXT >AC&.: 


enc that the institutions in the 


fr rJ tS 0w !) KuwI.Tr ca^itiTuwS%re be- 

tro-ro) ships and caJled upoH l0 perrurm a new 

tinns & whirh f . capjTa ^ 2JP^ ra ' rol «—as providers of long-term 
thrm^h rhp CwiA undertakes finance inlernally. The call is 

now 

EBk wrr ^ a 5srM« 

rs °d f o?ri„? r , o ' ins, [*i h r 

Lirt r n rf , p l ,1 i “She Industrialists, and partly 

nffirp bundln, ^ I! a ," d frum the bigger Kuwaiti trading 

Genrstia ' , ’™ ses - wh ‘ cfl ^ to expand 

the si-ope and quality of the *er 


Meanwhile KI?TCIC. apart 
il> activity in the bond 
issue business, has developed a 
Third World orientation, its 
minders originally intended. 
The funds unci or iis control at 
he end of last year were marie 
ip of some $49(.iiit. of iis own 
tascls and $94om. in the port- 


vices they offer. 

For many years there has 
been a rudimentary stock ex¬ 
change in Kuwait, which has 
meant thai the raising nF equity 
capital by promoters who wish 
lo launch public companies ha* 
not been Inn difficult. Bui at the 


lii«s of diems, principally the i*™ Um * U ’ e bankb *“»« WVdr 
Ministry of Finance, and ns h,, eni inclined to complement the 
lives! men is include capital con- w,, V i n * , 5,1 (| ck exchange by 

nhutmns and loans to Third “ ,aKm B •••ns-term loans. Apart 
IVorld projects and parrinpa- beina innately con,ena- 

iou m a hoM uf subsidiary and ^ v *' insl| fuii«ui>. they have been 
iffiliatp companies. ,\r» easy hi * m P t,, -i’d by the short-term 
listinett«*n can be made between ,,alljrt - ihcir deposits and. 
he projects and companies _ recently, by the tough 

vhich are finam'i'd with its own ' lf,|,| dily regulations imposed 
unds ami fhn.se which are Mp “ n ,ll « m by ih t ? Central Bank, 
inanccd with clicnis' funds. Much ,,f 'he lunger lerm money 
' a ri «»r the Finance [ ,la ( ba-' been available the 
iJmistry’s funds arc received hv banks have leni in eithnr dollars 

v-v’t.-i,’ ,- }f d|) a||r * ur dinar*, to foreign borrowers 

with whom the 7 per cent 
domestic interest rale ceiling 
did nm apply. Until-this ceiling 
was replaced by a de facto 10 
per cent, limit in lf»7H. f t was 
more nr less impossible for a 


\FTCfc.’ ju f)ie li,rm 
afinn lo the portwinch 
hr company ran manage on a 
nure nr [ess disrretinnary hasis. 

ym Generally ihe company is 

■iven money nih^r for a specific 
•uvestment whieh the Covern- 


nenr is cunimirtcd rn 3 lrnadv dotT iesric borrower to raise his 
md would like KFTCK: tii own •onp-iorm dinar funds, and 
iuperviso i examples hems the cven u,J ^er lhe new conditions 
for ihe Port Sudan- *! f l S months long-term 

both domestic and 
borrowers have 


■ian 


\harlnum pipeline and”Th« rfinarj > fnr 

■? u,t : v share ir» Egypi’s Sumed f0lei ? n 


Pipeline), or in response to [ ettiain ed expensive simply 


fiv u ithA'fouchofljutd 



malaysian airline system 


25-27. Sl George Si., 
Hanover Square, 
London W‘. 

Te 01-529-5331/4. 


’nvestinent opportunities pre- becau se of their being in short 
rented by KFTCIC fo the SUf,p5 - v - The very sleep yield 
Government. In the latter case Cl,rve w hich applies to deposits 
’hers arc likely i 0 he the 'P Kuwait seems to have had 
company’s own funds as well a .s effet ’l in inducing 

•.ts clients’ funds in the invest- d ®P°sttors to place their monev 
! ment. longer term. 

More recent arrivals than the 
three Ks among Kuwaiti foreign 
investment institutions have 
| been the Inter-Arab Investment A nart-iai . , 

^^T ratinn a " d ,h< ' pr '’ h|p " 1 * was provided 1 in ^*975 

in^'t s«r.ssi k.i’-b.w?-VeS 

ba "^«m n.L-rch a „T medium r,r i^erm S 
remational porUoiiov rn r 


client?, imeating and trading it nf 


borne and ahroa.l. providing extremely small. 


mr»npy at their disposal art* 



A 


. • - . v V - • r v" ;. **• .^ 7 -* 

. .”■ • ... - -L ^ ■ ’•* ;■ u&J-g&S' 

. . - v - ■ --r-'- i-.r-i.- '■ * *>- rVl - iii. 









i 1 * 



w 




ancial Times Monday February 2? 1978 


KUWAIT V 





v 


FOREIGN POLICY 


A careful neutrality 


MOST of the salient 
of Kuwaiti foreign 
ere lies the fear of a 
small and militarily 
y impotent state of its 
iwerful and mutually 
il neighbours. Kuwaitis 
ie r forgotten the cir¬ 
cs in which they be- 
ependent in 1961: how. 
' ely after British with- 
the revolutionary re- 
General Qasim in Iraq 
n old territorial claim 
state, whose integrity 
preserved by the in- 
n first of a British 
of an Arab League 
it 

ipprebension accounts 
vuwaitis' desire tu keep 
•vjih everyone, both in 
i world and outside it: 
nigh Kuwait has iradi- 
trong links with the 
is aiso cultivating limes 
ie Communist blue, 
tf example, is oecoming 
asizigly important trade 
and Kuwait is timme- 
Lrd of the $5UUm. cost 
eiine running from the 
ian coast through 
to Czechoslovakia, 
ais also to a large ex* 
ount tor the Kuwaitis 
am lor Arab unity, 
thusiasm for mediating 
ib disputes and their 
ce to take sides in 
rur shuuiu Vicy join 
in any argument, it is 
tat one at least of their 
l neighbours will be on 
r. 


lute 


F-fc 


'■ 

i »■ 


. m accordance with this 
i that they have main- 
i careful neutrality in 
»uie between Egypt on 
hand and Syria and the 
steadfastness " status rm 
her, resulting from 
it Sadat;s initiative m 
-a Israel. Whether the 
s regard President 
action as in itself a 
,iove is uncertain, and 
-re probably differences 
. in the Government. The 
ng consideration for 
-4 that it has harmed 
_ iity. By the. same token, 
t ,.... they... regard' - the 
Syrian reaction as hav- 
irther damaged Arab 
and thus being equally 
able. 

gag ver, although they are 
; that the Egypt-Syria 
lould be healed, there is 
lediate prospect of their 
^ing mediation, as, to-, 
with Saudi Arabia, they 
the earlier Egypt-Syria 
following the second 
accord in September, 
At the moment, the 
lis consider such a move 
ire: Mr. Abdul-Aziz Hus- 
'Minister of Stale for 
•t Affairs, said earlier 
mnth that the policy is 
'initiate such moves until 
s'is assured. 

iuW naturally be partial- 
,\ricward for Kuwait- to 
j? any strong sympathy for. 
ent Sadat, as their 
stifears are still of the 
jly rcjectionist Iraq, vnth 
adical socialist Ba'alhist 
e,- ;• Relations with Iraq 
ill; bedevilled by a border 
e, with rthe Iraqis claim- 
rritiiTy 4m the islands of 
h and-Bublyatu which are 
:cial importance to Iraq 
y control sea access to its 
on the Short al Arab corp 
of the Tigris and 
/Of rates rivers. Small clashes 
‘ " frontier posts in 1973. and 




then Iraqi border Incursions 
following the closure of the 
Kuwait National Assembly in 
1976, have helped keep alive 
Kuwaiti fears. 

Last July, following the visit 
of a. high-level Iraqi delega¬ 
tion to Kuwait, the Kuwaiti In¬ 
terior and Defence Minister 
—now Premier—Sheikh Saad a! 
Abdullah, visited Baghdad. Both 
countries agreed to withdraw 
their forces from the burder, 
and il was agreed that a joint 
ministerial enmmiuee should 
meet regularly to continue 
the talks. Subsequently, tiie 
Kuwaitis reopened the horder 
with Iraq, closed since 19 7->. and 
there was widespread optimism 
that some solution io the dis¬ 
pute would be found, probably 
on the _basis of the Iraqis con¬ 
ceding Kuwaiti sovereignty- 
over the islands, but leasing 
them from Kuwait. However, 
no meetings of the joint minis¬ 
terial committee actually 
appear to have been held, and 
prospects for a solution appear 
to have receded. 

It was partly the- anviety 
caused by the 1973 border dis¬ 
pute that led to the Kuwaitis 
embarking on their eurrem 
massive armaments programme. 
In 1973, an additional KD4iom. 
was allocated for anas expendi¬ 
ture. in addition to the noimal 
budget for the armed forces, 
supposedly for a seven-year 
period. However, by 1976, 
owing to inflation, the money 
had run out. and a further 
KDSOOm. was allocated. 

Very much as a matter of 
policy, Kuwait has heen diversi¬ 
fying its arms supplies. Mirage 
Fl jet lighters are being bought 
from France to replace the 
earlier British Lightnings. Thu 
U.S. is supplying Skyhawk 
bombers and Hawk antiaircraft 
missiles. The U.K. is supplying 
165 Chieftain tanks. Nego¬ 
tiations arc also continuing, and 
expected to be concluded 
successfully, for a small fleet 
of missile-carrying Vosper- 
Thorneycroft patrol boats. The 
Kuwaitis are,also known tu 
have bought Soviet Sam-7 and 
Frog missiles, as well as small 
arras. This purchase, however, 
originated from a ge&iare of 
non-alignment by the nuw- 
defunct National Assembly' and 
further purchases from the 
USSR at this stage are not 
expected. 

Whether, even with all 
this sophisticatedequipment, 
Kuwait's 10 , 000 -strony armed 
forces wifi be of much help 
against any possible invader is 
uncertain. Tlie ; theory is that, 
althougn they could not slop 
an invader for long, they would 
provide some kind of deterrent 
and, much piore important, give 
Kuwait enough time for one of 
it's allies; to come to its aid. 
diplomatically or even tnili- 
'tariJy. before it was totally 
overrun. 

In. some respects, the 
modernisation of the Kuwaiti 
armed forces appears to be 
going well. Kuwaiti pilots train¬ 
ing m the U.S.. for example, 
are reported to be among the 
belter of the foreign pilots 
trained there. The Bedouin 
who makes up most of the rank 
and file of the army are good 
soldiers. However, there are h 
number ol serious problems. 
One lies in the very diversity of 
the weaponry, and thus of train¬ 
ing personnel and methods. 
Besides nationals of the 
countries supplying the 
weaponry—apart from the 
USSR — Egyptians and 
Jordanians are also active in 
training. 


A further problem concerns 
the officering of Che army. The 
Kuwaiti officers tend to lack 
rapport with their men, and 10 
have a rather part-time atti¬ 
tude to tfieir work, leading one 
foreign observer to note 
caustically that the Kuwaiti 
armed forces would only be of 
use " before one p.m.. on 
weekdays." There is a further 
problem also in the tribal, per¬ 
sonalised nature of Bedouin 
loyalties, which do not really 
provide the kind of discipline 
required for running a modern 
army. 

Manpower 

There is also a lack of skilled 
manpower generally, and 
specifically or the skills 
required to maintain sophisti¬ 
cated equipment. And then 
there is the fundamental man¬ 
power problem, that simple 
lack of people makes it very 
hard to increase the Kuwaiti 
armed forces much beyond 
their current strength. Thus, 
while some observers are still 
hopeful that Kuwait may 
eventually develop the capacity 
to hold an aggressor off for 
seven to 10 days, many stilt 
think that their delaying power 
would be more likely to be 
hours rather than days. 

The guarantee of Kuwait's 
security, in fact, lies not so 
much in military preparedness 
as in Hie fact that neither Iran 
nur Saudi Arabia would be pre¬ 
pared to tolerate an Iraqi take¬ 
over even if presented as a fnit 
accompli as a result of a suc¬ 
cessful lightning military 
manoeuvre. -Kuwait's relations 
with both the former states 
continue good: although the 
long-standing horder waters 
dispute with Saudi Arabia took 
a turn for the worse early last 


year when the Saudis occupied 
the islands nf Umm al-Maradem 
and Chart*. neither this nor the 
disagreement over oil prices at 
the December. 1976, OPEC 
meeting have seriously affected 
the close co-operation between 
the two countries. 

In accordance with its 

enthusiasm for mediation, and 
its desire that everybody should 
be friends with everybody else. 
Kuwait has played a prominent 
part in the continuing diplo¬ 
matic contacts and manoeu¬ 
vring? connected with the 

rather nebulous nnuun of 

•'Gulf Security." However, 

although there iy a certain 
amount of talk about keeping 
the super power*, out of the 
Gulf, and the Kuwaitis are 
always anxious to avoid discord 
between different states in ihc 
area, such meat as there is in 
the concept lies more in co¬ 
operation against terrorism and 
subversion. which already 
exists on an informal, though 
not ineffective basis. 

Any formal accord—siu-b as 
Iran would like—looks a very 
remnte pmspecr. So also at 
the moment does an objective 
much dearer in the Kuwaitis: 
the breaking down of economic 
harriers to make possible the 
formation of a (iuJf Common 
Market! with a measure nf co¬ 
ordination in economic policy. 
Such a development, to allow 
the growth of a wider market, 
and also allow Kuwait to deve¬ 
lop further as an entrepot and 
services centre For the GuJf. j> 
an important component of 
Kuwaiti planners vision «f the 
lung-ierm future of their coun¬ 
try. They are confident that in 
the long run economic pres¬ 
sures will make it inevitable, 
hut at the moment it looks still 
a very long wav away. 


David Habakkuk 


Prudent 



■5>AI-5eyaa3ah 

The International 
Arabic Daily 


ARAB e nines 

The Leading 
English Language 
Daily 


M i 


r.i .1 r "~ 


* 


OQ 

eaBBs 

MR AT AL-UMMA 

The News Magazine 
for the 

Whole family 


KOWA1T- 

Centre of Middle East*Publishing 
DAR AL SEYASSAH- 
Kuwaits leading Publishing House 


t m tmri ** doG*.« vBnptr' uiito.l: 

t DAR AL-SEYA5SAH PO Box 2270 Kuwait 1 

Cable; ALSIYASSAH Telex: 2332 StYASA KT Tfelephone: 813566 
OVERSEAS KJBlKT1YI.IMin.D t 

7140-v-t'*•«■»v. ■«*«•» irea % K.**i idr v* 


CONTINUED FROM PREVIOUS PAGE 

liquidity which the existence of services, three investment com- 
ACTS has given to the bonds. panics, three insumvc ami six 
Furthermore the existence of banks. When the new formal 
an active secondary market 15 .‘•lock exchange was opened in 
already having an impact on the early pan nr last year there 
the primary bond market. In was a brief rally, which raised 
response to the increased hopes that Ihe rail would be 
liquidity, the setting of coupons hailed and lhai the existence «»f 
on new issues »s becoming a a proper floor would lead to a 
much more elastic pricing exei ‘stronger, if less wildly specula- 
cise based on the performance live, market. These hopes were 
of tile market, Those closely in- disappointed, and, anyway, the 
volved in the busm^s say Itan ^ange tn the organisation ut 
they can already envisage the lt* sl - ear ' vas * ,|lur v 

beginnings of coupons failing ° ,,e of appearances titan of 
and maturities lengthening fur actual substance, 
the right borrowers. „ Although there is now one 

Also related t 0 Uvj exigence ?^ r concentrating all Uie 
of ACTS arid promoted < 1 $ an takers in one place together 
idea by KUC have been the re- ™ lh big price boards showing 
cent issues of dimr CD,. Tnese l * L * numbers ul snares and the 
were introduced in Ot-iubcr by P riL ® of each transaction, ihe 
the Gulf Bank which tisued 

three CD tranches via M L al of lhu aiinit , riUi;a . 

with maturities ranging from Mcaliwmlc> ^ uls , hoJs ot dL . d ,. 
one to two years and coupuns , nj . |]aVe ri;maiQsa unchanged. 

ranging trinn • to P° r buyers and sellers meet in the 
In December the Kuwau Keai brokcra . ofllC es and negul.alc 
Estate Bank issued some more wu j, eac j, oihcr, ur 

tranches with slightly Longer a jiu rna tjvely a broker will buy 
maturities, and in January spares un his own biuk anti ih>.-u 
there v.as a further extension lelephone around until he liods 
of maturities in the Com- ® cusiuiucr. Very uvcustuiialjy he 
mercial Bank issues. At the Wl n wivphotiv another broker— 
same time the Industrial Bank ipuugh mis will mean he will 
and the Gulf Bank have started jj el ort jy uue eommission instead 
issuing lap CDs, with maturities U i i W u. 

tailored tu the individual cus- Tne continued fall in ihv 
turners' requirements, which mantel during the latter half ui 
can be purchased ether dirc-.t last year meant that by Decern- 
from the issuing bank* or via her a large number ot Kuwaitis 
ACTS. who had been involved in the 

The prospects for further more speculative and higher 
issues of CDs look good, leveraged transactions wore 
Although the Centra! Bank will nearing bankruptcy. Cuiii-e- 
noi discount CDs nr regard queniiy the Uuvermucm, in 
them officially as a liquid asset keeping with its traditional 
(until they have just a month Puhty of using its nil revenues 
to run), the authorities are now as an instrument for the enrich- 
thinking of changing their re- meat of Kuwaiti citizens (who 
serve requirements to exclude ar * lhK °" ly people »n the Mate 
from the calculations depus-.is who a low ed to buy shares) 
placed with the banks for more announced a set 01 support 

vnar_and tirob-jhlv P rictJ s at which it would under- 

than tne f ake 10 51ep imo lhe raartet 

d^uon wi ;, 5ssa s 5a£ 

. lD }^ UC *««« it ic to just a tew stocks, but since 

lh H ,f raid-January all stocks have been 

reckoned that one ;»f the benefits made L>l ble fur n> and 

of having Kuwaiti CDs wil be w daie lhe Governmen t has 
To flatten the prant've>y ftwp d KD1 v 5m . ( about 

yield euree Which has developed ) ^ the 

as a result of the shortage of Aparl f rojn preventing socially 
long-term deposits. In the ry disruptive losses, the Uuvern- 
tho fact *j? al a r®.* r * c K*^ * menI s sole intention in mount- 
and liquid should bnng about ing ^,5 operation was to provide 

a fall in J ° n S P l a D P . r #nd a bas,is for 1116 recovery of the 
re alive to short term raica and markel _ nol t0 build up lari;e 

this in * ur " Permanent holdings of stock, 

on the banks rales for ordinary Although lt wilI nol bc p 0sAib ] e 
deposits. Ihc end result shou d |q whcUjer {he mark(Jt has 
be to lower the cost of long-ienn reaHv lunjpd for anoIher momh> 
finance on the market for bo h WIUC sh . drc priws haVL . already 
local and interiiauondl bor- fJsen significant^ which must 

ro Vlf5?,' mean that on paper the Uovern- 

WhJle the Kuwaiti bond and meut fi as ma fi C a profit on some 

money martuts have been wtr uf lta pypchasog^ sq when the 
notsmg relatively exciuns new sutc eventually decides that the 
developments during the last U uiarkpt ^ 5lable enuueh for u 
ruontiis, the performance of the (u |UveK uself of lUj holdings, it 
stuck, exchange has heen do- W jll be interesting 10 see 
pressing. Since .ale 19ib there Aether there is an outcry 
has been a 25 per cent, fail in st lljc Slalc makinR a prolil 
tiie market, which is made up ai lhe expen5C u f private 
of 33 stocks—namely U inttus- , nvt!s>tl , rs _ 
trials, three real estate corn- * f - 1 nA t |?* tj 

panics, four transpori, three MlCKlM! fieiO 







take 



QuantiftY ^ Space*Frequency oi Sailings 

Quality oi Service 


i ?s 

% 


V 




From U.K. & NORTH CONTINENT • From FAR EAST 
From U.S.A.—To THE GULF 

Any cargoes, whatever the size of business, then United Arab Shipping Co 
(SAG) is the foremost Company to help you solve your shipping problems 
and carry the goods. 

Additional to a large fleet of conventional vessels, soon to reach a total of 
61 ships, we are also able to service container cargoes via Gulf Ports to their 
ultimate destinations. Whether you are looking for a fast economic but wholly 
reliable way of moving cargoes or the more sophisticated intermodel system 
of delivering goods then we can help you—we can take it. 

You may either consult our advertised sailing schedules for regular and 
frequent opportunities or contact us direct if you have a special or unusual 
requirement not apparently covered in our advertisement. 

Yes- we can fake if ! 

UNITED ARAB 
SHIPPING CO(sag? 


CJ| 




Head Office: 

Jamal Abdul Nasser S:rect. 

P O. Box 3636. Safat. Kuwait, 

Tel: 819391/2. Tctcxs 2018. 

Tokyo Liaison Office: 

P.O Box 2185. Tokyo 100/91. 
Sumitomo Seimei Akasaka Building, 
3/3 Akasaka 3-Chome. 

Minaro-ku. Tokyo 107. lapan. 

Tel: 585-1176/9. Telex: jarsea J 22446. 


European Branch Office: 

Corn Exchange Building. 

Fenwick Street. Liverpool L2 7RD, 
England. 

Tel: OS1-227 4151. Telex: 627130. 

North American Office: 

Owner’s Representative. 

90 Washington Street. 

New York. N Y. 10006. USA 
Tel: (212) 952 4268. Telex: 232327. 


'ABAB COs FOR INVESTMENT 
INTERNATIONAL TRADE 





A JOINT STOCK COMPANY V/ITH A CAPITAL OF K.D.2,000,000 
SPECIALISING IN 


INTERNATIONAL TRADING WITH THE GULF, 
MIDDLE EAST AND AFRICAN COUNTRIES. 


HEAD OFFICE: —Kuwait 
P.O. Box 5024 
Abdulla Ali Reza Bldg. 
Fahad A! Salem Street 
Telephone 423380/1/2 
Telex Atarco 2081/2496 


U.K. OFFICE:— 

4/5 Grosvenor Place 
London SWIX7HF 
Telephone 235 0631/2 
235 2211 

Telex Afarcoldn 916155 


EUROPEAN OFFICE:— 
65, Rue du Rhone 
1204 Geneva 
Switzerland 
Telephone 351437 369600 
Telex Afarco 289573 


OFFICES ALSO IN NAIROBI, CAIRO and DAMASCUS 


. ;• 1 ’ ' - - . • . • • •. 

The Symbol of Success 

• It'*' 

Long ago, the dhow gave to : 
trade in Kuwait its image. 

That is why the dhow became 
the symbol of Kuwait. 




,> t ' j 


V'- 









IS 


.aJ.f-.cA, 



KUWAIT INVESTMENT 
COMPANY (S.A.K.) 


ESTABLISHED BY AMIRI DECREE 
ISSUED IN KUWAIT 
NOVEMBER 25. 1961 


4/i investment banking institution owned 50° o by the Government 
of Kuwait and 50 o by Kuwait nationals . 


TOTAL RESOURCES END 1977: KD 196 MILLION 


Its main activities are : 

1. Direct participation in joint industrial, commercial. 


shipping and real estate undertakings. 

2. Major underwriter of international debt and equity 
issues. 

3. Portfolio Management. 

4. Placement of loan and equity funds to existing 
enterprises. 

5. Venture capital undertakings. 


Cables: P.0. BOX 1005 Safat Kuwait Telex No.: 2115 2474 

ESTITHMAR Telephones: 423291 {10 lines) ESTITHMAR K.I.C. 


There is scope for 



Marine Services7.8% ■ /'"N 


Chemical Products & 
Processing 1L2% 


Metal Products ft • 
Engineering 27.5% 



Food & Beverages 5.3% 
-Furniture 3.0% 


Paper ft Paper 
Products 2.6% 


Construction 
Materials 42.6% 


The Industrial Bank oi Kuwait is the institution to contact when planning participation 
in the fast growing industrial development oi Kuwait and the Arab States of the Gull 



Our objectives 

•To initiate industrial projects and investments in 
the most promising sectors of the economy. 

•To provide equity and medium and long term 
credits for sound and viable projects. 

• To finance projects outside Kuwait to the extent 
that they benefit Kuwaiti industries and their 
development 

• To bring needed technology to Kuwait and find 

foreign partners with the necessary expertise, to 

participate in such ventures, 


.Our achievements 

As of the end of 1977 the Bank approved 85 
projects costing KD135 million ($4 80 million) and 
made to them commitments totalling about KD62-5 
million in loans and KDT3 million in equity. 

Projects financed are in various sectors of 
construction materials, metal products and 
engineering, marine services, chemical products 
and many others. (See chart) 

For further information, please write for a copy of 
our Annual Report and other publications. 



Hie Industrial Bank of Kuwait 

PO Box3146, Safat, Kuwait 
Telex: 2469 
Cable: Banksenaey 




Financial Times 

KUWAIT VI ' 






PROPERTY 


Major benefit of oil 


THE KUWAITIS think of pro¬ 
perty in the same way that the 
Victorians did, as something 
sacrosanct, inviolable and indi¬ 
cative of a man's standing in 
society. Properly—and specific¬ 
ally land—has been the major 
mechanism through which the 
Government has cm in Kuwaitis 
on its oil wealth ever since it 
embarked in the early 1950s on 
the policy of building the ulti¬ 
mate welfare state for its citi¬ 
zens. As a matter of principle 
the Government policy has been 
to buy expensive land from the 
public and sell back cheap land, 
and for the purposes of building 
houses on the land they have 
bought, the poorer Kuwiuris are 
entitled to cheap loans from the 
Credit and Savings Bank. Dur¬ 
ing the 1970s land buying has 
becume a rather less important 
factor in the Kuwaiti economy, 
but in the 1950s and 1960s the 
land allocation was one of (he 
biggest items in either the 
development or the current 
budgets. 


Foremost 


The result of this system has 
been that in the minds of 
Kuwaitis property has come to 
be seen as one of the foremost 
benefits of oil. Property is tan- 
ible and reassuring in a way 
which bank deposits and shares 
are not. It is the first invest¬ 
ment Kuwaitis make when they 
have accumulated some capital 
at home, and it is certainly the 
first investment they make 
when they go abroad. Most im¬ 
portant is that only Kuwaitis 
may own property in their own 
country. This not only sets 
them apart from the mass of 
other Arab immigrants, but it 
means that seven out of ten 
Kuwaitis receive some sun of 
private income from rents. 

Given this environment, it 
follows that Kuwaitis do not 


necessarily think of property 
development in the same 
economic terms as do Euro¬ 
peans. For example, to calcu¬ 
late the value of raw develop¬ 
ment land in Europe, the buyer 
nr seller might start by taking 
the capital cost of whatever 
building he wants to put up. 
calculate what rent he can ex¬ 
pect to get, and work out his 
likely operating costs and what 
profit he would consider to be 
satisfactory on his investment 
Then, by deducting his total 
costs and profit from his antici¬ 
pated rents, he would arrive at 
a residual figure which would 
be Hie value of the land. But if 
this procedure is followed in 
Kuwait, or anywhere else in the 
Arabian peninsula, one will 
arrive at a figure which is way 
below the current value of land 
in the market. 

It seems, therefore, that the 
Arab belief is that the land 
bought for a development pro¬ 
ject is a separate investmem in 
itself, which will “inevitably" 
increase in value in time, and 
which should not be expected 
to yield a return except wheD it 
is sold. It must be this attitude 
which accounts For the fact that 
land values in all the oil states 
are so extraordinarily high, be¬ 
cause by any standards which 
take the cost of land into 
account, the current return on 
property developments would 
not be particularly attractive. 

One explanation for this 
philosophy may be that, where¬ 
as land is permanent, in the 
past the buildings put up on it 
by developers have often been 
structures which can be written 
off in three or four years and 
will fall down in ten. Enormous 
areas of the centre and out¬ 
skirts of Kuwait and other 
Arabian Peninsula towns are 
made up of buildings which are 
appallingly nondescript, not to 


say shoddy, avid In a bad state 
of Tepair. 

But, in the past four or five 
years there has been a marked 
improvement in the Quality of 
many of the big new develop- 
-ments in the centres of towns m 
the Gulf and Saudi Arabia — 
suggesting, rightly, that some 
landlords are beginning to take 
pride in the aesthetics of their 
developments. Alternatively they 
may have been aware that the 
days- of ludicrously easy money 
iir-property were not going to 
last for ever (they have now 
more or less come to a close 
already! and that the time was 
going to come when they would 
have-to compete with other land¬ 
lords for tenants. 


Quality 


A’ L lot of the best known re¬ 
cent examples of really high 
quality office blocks being put 
up-for letting are in Bahrain, 
but' in Kuwait there are some 

particularly fine buildings built 
by institutions for their own 
use;- The building which is 
often put forward, as being the 
most inspired piece of archi¬ 
tecture in the Middle East is 
the headquarters of the Kuwait 
Fund for Arab Economic De¬ 
velopment, but other extremely 
attractive buildings are the 
offices of the Gulf Bank and the 
Commercial Bank. Already 
there are just a few parts of 
Kuwait City whose prospect is 
quite impressive, and when the 
current batch of hotel, office 
block, ear park and shopping 
centre developments is com¬ 
plete, the whole appearance of 
some of the commercial 'areas 
may be transformed. 

Much of the new building is 
being financed by the three 
public real estate companies— 
Kuwait Real Estate, United Real 
Estate and National Real 


Estate—together, wkh 
a dozen private ZeLoaed, shat®*-, 
holding property , emocann^ 
The KuwairReal. Estate, diit: 
sortiuin is owned by .aTEJT&a 
property companies .and -. J ofi|er 
financial .institutipas.; It-vWjur 
founded in 1976 on .the. 
live of lhe FiDance 
manage the : investment itp£• 
dollars 61 bn. which lt 'ia-t^e" 
Government's mtenj^nfr^^ 
channel into real 
meats in the Arab 
-roughly similar company 5 ijs.^e, 
Kuwait Properties Interi&tianaf 
Company, owned , fey tiie-' Reflf- 
Estate Bank and 
America,, which acts’ 
tee for -people .wantirigjto.'^vfcst 
money in reaJestate*1i52'!ffi«r 
United States: And i astly_Yber® 
is the Kuwait Real EstategsanV 
a' public company"one &i-*k4j630 
founder shareholders ^asV.tfter: 
Kuwait Real Estate^ 
. in a sense the btfdfcY 
does not invest in propertyTtsaf* 
acts as a -link - betw-^-r Ihe- 
public and the real estate 
panies. Whereas -the .comj^uiSeJi 
are obliged by their chartef&ttfj 
rely on bank ..loans for -finahee^'; 
the Real Estate 
deposits, part -of which 
lends to the enmpanieS.'A§ I Jft®g l 
as its loans are secured:- 
estate, the . bank will .IendP>&fi 
alinosl - any purpose,: : -tiipught' 
generally speaking its loamr^- 
for large sums and. 
tended to finance private feomffiSr 
(which can be built .with;*nr£dft'; 
and sayings bank 'mon^f^ofb 
the purchase of land wfet&if?F. 
not going to be develoyjefe-.SCBfr. 
the fact that its average lowtS' 
$350,000, while its curt om ere 
by no means all in vestment-'tiis&v. 
tutions. is a, testimony to.--<(&«£ 
enormous wealh .of' the.'^ip^ 
dividual Kuwaiti proper^ 


developers. 


Michael Field 




INDUSTRY 


A widening base 


?». 


OIL-BASED projects still con- and the new plant, which will salt and chlorine plant in which will, produce. soma 
tribute an overwhelming share be joined to it, is going to Kuwait and PIC's share of 300,000 tbnnes a year of behiene 
of Kuwait's toial industrial out- expand the country's NGL profits from a fertiliser plant and xylene ' for which thfe 
put even though its base has capacity to just over 230,000 in Turkey, but in the main they cump^ty expects, to. find fair!jj- 
h-:-en widened ami diversified b/d. reflect changes In the market easy markets in the' induStrtf 

over th«* post decade. Between Ironically the Government's f, Jr fertilisers, which m^ke up allsed ^world; Original Govern: 

rhem refined petroleum pniduets. marketing problems are going th e bulk of pic's output ment approval for the plant 

natural ga> l;quid* and fertilisers to be much reduced by the fact Whereas - urea, which- follow- was given in December, 1/97&-; 

are worth more than double the that the new NGL plant was fog a recent expansion Accounts hut since then the Government' 
•aii.pui of all the other Kuwaiti origin ally designed in the days for lm. tonnes a. year of the 1135 decided that it woulcKfee. 
industries put together. This is when Kuwaiti nil production was plant's capacity, was.selling at expedient to invite tile Q(fig3L 
nut an indication of failure in running at 3m. b/d. and now 5335 a tonnfc in 1974. in 1976 It Arabian Peninsula oil -.pro-, 
the other indusiral sectors, fo ai production seems to beset was down to §110 a tomie. Like- Queers to participate—paiUyf^E? 
because over tin* lasr 15 years at some 2m b/d, t h e plant ^se the once buoyant market Poetical reasons and partly/ 
ihe Government has succeeded could only run at a maximum for ammonium.,sulpnjfo '(whichbecause Kuwait is anxious 



?rc now majnr exporters. Rather pj aiUi l0 come on stream, when shut down its production of Uns 5 aar ^ ei . wb'ch they 
ii is a measure of the vast scale it commences operations at the chemical altogether. And in the saturated. . • ■ •• 

rt ' »i «*» .nAutrv .» his means following year it did:-the same ■ The rephe? that the Cbvfeg&r 

1 establish with its small sulphuric acid has received =,have 1 '.tfeena^; 

before us unit. Both these parts of the generally positive, and 
roduction. Plant are still shut down. The considering 1 relaunching, 


A! the hase of Kuwait's inrius- 


uself in the market 




makes it little more rhan a cop- ri able to seU some 135,000 sel1 ‘1 leSS a, ’ y MeanwhUe it hag 1 defi^itelv- 

pin. plan. n»v b, raoclerniscd. Wd Pf NGL H . should I Mrn ™ nnl ° 1 f* r ^i p(l ^P decided not to- involve tie* 


The more recent refinery at revenues of some $550m. 
Shuaiha owned and run by the annually, which compares very 
Kuwait National Petroleum favourably not only with the 


Company ha* a full ravns of added value in oil refining, bui conditions. 


involve tKe 1 

operation on its Jwn, which be- company . W. R. 

comes uneconomic m adverse. " rac€ * w ^ 1 C h was origitialiy;. 


American 


going to have a 20 per cent" 
equity stab?. The Kuwaitis- 
have - decided that ^since 

firrimatinc are nA» li . 1 



200.irtk'> b/d. The aim obviously aiso with the net foreign ex- InCrPdSPfl 
has hern to maximise ihe return change revenues that could be 
from oil by obtaining the added expected from n»v\ and 
value from the export of refined aluminium smelting, both 

products. which were once considered uj - uhi mvoiveo wit 

the fact that throughput last £** * h " l «in! «r%,. P SI 030 ratlier . Us 


Throughput 


with ^ainpipi^^ 


future there 

year ai Al Ahmad, w„ only *? P ™'S m 'L'"* P "tat"with 
lOO.Ofin b/d. though Shuaiba. up ? rn ° aS n C N n ^i ^ etUrn fa|,in « below 75 per cent of 

to to the end of November, ran rrDm f n NGL p,anT lt lnr ,s capacity (ioo per cent being S*?- 

at an average 175,000 b/d. The f not > hl * h ? {h , an the ret ' jrn based on the usual mdustiSj hS2?S£-^° I 5 * thyle|, ? i0 ^ 
new cracker now being started from a smelter. It m.-ans simply year of 330 thls plMttl - 

up will reduce the proportion in a 
of fuel oil from 25 per cent, to Major constraint 

10-15 per cent, efforts are being development is lhe need to im- of the fertiliser plants' u may -weu. tit 
«:ontinued to expand sales to port foreign labour, an NGL Arabia'and Qatar " ....■y°7ecnment:..wi{I 

Asia and the Far East where plant employing 600 people (fi() For the future prr ltS , ne *Rf 1 * >0 tirs 

KNPC’s main markets are. Bui per cent of whom will be planning an aromafmmE- project. .7 ^ 

with the build-up of new capa- Kuwaiti in this case) will . . C° m Pared- wlth/'flue.-feS 


city elsewhere in die Gulf, for pruduce vastly more profit and 
KNPC, which also markets the foreign exchange than a steel 
Al Ah mad i products, to main- mill employing 1,000. 
tain, let alone increase sales it The foreign exchange 

may have to look to West revenues from the third and 

Europe where the established i ast of ^ heavy Jnduitries pn 

refineries must have the com- stream or under construction in 
petmve advantage Kuwait—fertilisers—work out ai 

Marketing problems also sottlethin jn b Ul 

seem likely tn affect the natural rl , v „ nn „ t B ,i,,, nt .„ e , , ine 

revenues that are expected to 


complei- 
CONT1NUEO ON NEXT PAGE 


? as liquids plan, (referred in be t bv h 

in Kuwait as a liquid petroleum _ n , .. * . w ' ,L, t P‘ anT 

gas plantV which is now being . .. . would be 

built next to ihe Ahmedi *. . ^ a null. Bui 

refinery, and which in a few tn - are ‘ nevertheless, subject 
years' time may he just one of J 7 considerable fluctuations, 
half a dozen such plants on the lM1r Glance, in 1975 the 
snuihcrn shore of the Gulf, ^'’cnitvs of The Petrochemicals 
There is already one 15.000 b/d industries Company (Piq eame 
export orientated NGL plant in to SlX5in.. whereas in ]97h 
Kuwail, which is operated by ^ p . v totalled jusf over S90m. It 
KOC and has its nuipur mar- is true that hhese figures "in- 
keted by the Ministry of Oil. elude the revenue of a small 



(ERMINAIS ■ .*• 

[FREIGHT SERVICES fcTO 



YOUR RELIABLE FORWARDER 




A regular trailer service" to; '.... 

THE MIDDLE 

libya '• 

’■ • "f '-in -'*ry^}i i.. .: 

■a, DOVER STREET, LONDON TV1X ?R£. : TIEU CM^i^^p; 
’ ; TELEX' 598772- • ' ' 




' " " " • • • Cf. 














IT v , 




R r v 


vandal -Times Monday February ’27 1978 



- £** 


« r- 


KUWAIT VII 


FOREIGN TRADE 


The pace moderates 


D \ 


HAVING both a 
infrastructure and 
s who. have for some 

1 well accustomed to 
things of Iife».no 

s' quite the unbridled 
n for imports of. for 
Saudi Arabia. . In the 
last year, in addition, 
ors have somewhat 
he growth in Import 
first, there lias been 
istion of the frenetic 
.975-76, which has left 
'pliers with excessive 
$ and a rather dis- 
iate feeling of gloom. 

and linked, there has 
fall in the re-export 
’>audi Arabia, Iraq and 
vail's role as entrepot 
only grown sharply. 
u!t of the boom in 
ntries. combined with 
ne of the port of 
ith cigarettes, cement 
rieal products in par¬ 
sing re-exported. As 
wo categories of pro- 

2 frequently smuggled, 
■ to estimate how far 

.in them has now 
But. owing, among 
igs, to the clearing of 
i at Jeddah and 
the reduction of 
irette tariffs, and the 
aturation of the Iraqi 
t is thought to have 
.aived since 1975. 
id. however, Kuwait's 
for imports has in- 
narkedly since 1973 
nues to do so with 
idity. According to 
tatistics, imports rose 
>31 lm. in 1973 to 
in 1976. with the 
ites of increase for 
"1974-75 and 1975-76 
52 and 40 per cent, 
ly. Probably rather 
able OECD statistics 
ers exports to Kuwait 
cent, of Kuwaiti im- 
1976—show these in- 
n dollar terms by 49 


per cent, in both 1974-75 and 
1975-76. , 

Moreover, they show imports 
to Kuwait from the OKCD coun¬ 
tries for the first three-quarters 
of 1977 at 39 per cent above the 
level for the same period last 
year.. And if in the next few 
years the Kuwait market does 
not expand as fast as it has in 
the past, a substantial "’measure 
of dynamism can be expected to 
be provided by the continued 
massive construction and pub¬ 
lic utilities projects. 

Housing construction, for 
example,, is proceeding apace, 
with the Government planning 
to. build something like 22,000 
middle income, and . 14.700 
higher income houses ;by the 
early' 1980s, as well as 10.000 
houses for people on low in¬ 
comes tc be completed by 1979. 
There are also a large number 
of public buildings either"under 
construction or planned, rang¬ 
ing from the Sief Palace exten¬ 
sion anc* new Ministries com¬ 
plex-being built by Energo- 
pr eject of Yugoslavia—to a 
National Theatre and State 
Mosque. There is also a good 
deal of private sector building 
aimed at renovating and ex¬ 
tending office space. \ 

A 

Expansion 

A large-scale expansion of 
electricity generating capacity 
and water desalination facilities 
is also under way. Between 
1975 and 1990 it is expected 
that demand for electrical 
power will have approximately 
quintupled. Thus tenders are 
expected shortly for a second 
Doha B power station—to 
supplement the Doha A station 
under construction —.and a 
nuclear power station is envis¬ 
aged for the I9S0s. - 

Meanwhile, it is thought that 
a derision may be taken, during 
the next few months to build a 
completely new town across the 




bay from Kuwait City at Subiya, 
which misht eventually house 
up to 500.000 of the 2.75m. 
population expected by the year 
2000 . 

Infrastructure work on this 
project might start in the fairly 
near future. And apart from 
the specific question of if and 
when a major new population 
centre is started, the expan¬ 
sion of population in the next 
two decades will create a steady 
demand for the provision of 
infrastructure and services. 

Although simpler projects— 
schools and shopping centres 
for example—frequently go to 
local contractors, much of the 
contracting work goes to 
foreigners. Projects which are 
labour intensive tend to go to 
Third World contractors: 
Indian. Pakistani or Korean 
companies for example, which 
can provide their own cheap 
labour, which will then leave 
Kuwait without exacerbating 
its population problems, take 
much of this kind of business. 

More sophisticated contracts, 
however, provide opportunities 
for, in particular. Americans, 
Japanese and Germans. Thus, 
for example, the lion's share 
of contracts for the massive 
new LPG plant scheduled to 
come on stream this year has 
gone to U.S. companies: and the 
Doha A power station is being 
built by Japanese firms, with 
some generator sets also being 
provided by Brown Boveri. 
There are an increasing num¬ 
ber of consultancy contracts, 
and also a growing tendency 
to award management contracts 
to, for example, a U.S. contrac¬ 
tor. who will then put together 
a package, buying expertise, 
goods and labour where they 
are cheapest. Although U.K. 
firms are now showing more 
interest once again in the 
Kuwait market, their bids tend 
still to be loo high for them 
.to get any significant construc¬ 
tion contracts. The construction 
market in Kuwait is notably 
lough, without the easy profit 
margins which have charac- 


*■ 4 


tensed, for instance, certain 
consumer sectors. 

In keeping with the substan¬ 
tia! number of projects under 
way, imports of machinery and 
transport equipment, having 
made up 34 per cent of the 
value of imports in 1973 and 
1974, were 45 and 42 per cent, 
respectively in 1975 and 1978. 
Imports of manufactured goods 
meanwhile, were buoyant in 
1978, their value rising from 31 
per cenl. of total imports in 
1975 to 36 per cent. The value 
of food products as a percen¬ 
tage of total imports continued 
to fall, from 15 per cent, in 
1975 to 12 per cent, in 1976. 
although the absolute value of 
such imports continued to rise. 


Demand 


Kuwait's demand for con¬ 
sumer goods is not likely to go 
on- growing at lhe rates of the 
past few years, since a degree 
of saturation has clearly been 
reached. However, some small 
measure of dynamism will still 
be provided by population in¬ 
crease. and it is hoped that the 
massive construction spending 
may help to generate some 
buoyancy in the consumer mar¬ 
ket. Against this, however, the 
dramatic rise in rents over the 
course of the past few years 
may actually have reduced 
consumer spending by some sec¬ 
tors of the non-Kuwaiti popula¬ 
tion. 

Having the highest car- 
ownership per capita in the 
world, with a total of around 
350.000 cars—and a population 
which changes cars frequently 
—Kuwait promises to continue 
as an excellent market for car 
exporters. The market is to a 
large extent dominated by U.S. 
manufacturers — frequently 
bringing in their European 
models—but Japanese pro¬ 
ducers have been moving re¬ 
cently to provide rather smaller 
and cheaper models, particu¬ 
larly for the non-Kuwaiti popu¬ 
lation. and West Germany is 
also a substantia] supplier. In 
electrical consumer goods, the 


U.S. is disqualified by the 
difference of electrical cycle, 
and although European coun¬ 
tries sell a certain amount to 
Kuwait, the Japanese have in¬ 
creasingly conic to dominate the 
market. 

Japan, in fact, has emerged as 
Kuwait's most important sup¬ 
plier, Although in 1975 the U.S. 
managed, for the first time since 
1971, to supplant it. In 1976. 
according to Kuwaiti statistics. 
20.3 per cent, by value of Kuwait 
imports came from Japan, with 
14.6 per ceDt. coming from the 
U.S. With Japanese exports in 
lhe first three quarters of last 
year having risen, according to 
OECD figures, by 36.6 per cent., 
while U.S. exports had risen by 
only 16 per cent., this Japanese 
lead was clearly consolidated 
substantially Iasi year. In com¬ 
peting, U.S. companies are at a 
further disadvantage because of 
the Arab boycott of Israel—boy¬ 
cott language written into 
Kuwaiti letters of credit fre¬ 
quently makes them legally un¬ 
acceptable tu U.S. firms. 

' Having, for the last 15 years, 
been pushed hack into the 
position of- Kuwait's fourth 
supplier, behind West Germany 
as well as the U.S. and Japan, 
Britain last year appears to have 
staged something of a comeback, 
with exports growing to £250m. 
from £150m. in 1976. a dramatic 
66 per cent. rise. This success 
was achieved mainly on the basis 
of heavy electrical machinery, 
textiles — in particular ready¬ 
made dothes — and spares for 
mechanical appliances. Whether 
this relative comeback can be 
consolidated remains to be seen 
There are some hopes that 
British contractors, who for 
years have abandoned lhe com-! 
peliuve Kuwait market, may 
manage to pick up at least a 1 
little of the vast volume of con¬ 
tracts to be had in coming years. 
Certainly there is renewed 
interest among some British con¬ 
tractors —• but whether they 
can overcome the traditional 
obstacle of uncompetitive prices! 
remains uncertain. 

David Habakkuk 




Widening 


CONTINUED FROM PREVIOUS PAGE 








% 



gas-based industries mentioned 
so far, the manufacturing indus¬ 
tries of Kuwait are small. The 
sector is dominated by some 
half a dozen important and 
successful plants, most of which 
provide not only all of the 
home market's needs but a sub¬ 
stantial surplus for export as 
well. These arc owned by 
Kuwait Metal Pipes, Kuwait 
Cement Company, the National 
Industries Company (which has 
various subsidiaries producing 
soap, car batteries, detergents 
and bricks). Kuwait Prefabri¬ 
cated Buildings. Kuwait Flour 
Mills, which produces not only 
flour but such products as 
macaroni as well, and Dresser 
Ktiwait, which manufactures 
and exports drilling mud. 

Apart from these companies, 

-- - -- the bulk of industrial invest- 

went has been focused on 

JNTHLY NEWS MAGAZINE FOR THE OIL INDUSTRY | obvious import substitution in- 

. dust ties with large domestic 

N: 3 Dunraven St. W.1. T.I: 499 4741 Tatar: 298612 TS X?. 

T: P.0. BOX 2270 TsL* 813565 Telex: 2332 .: ih^ Industrial^ Bank ^of Kuwait 

, . ». ■ —— —— ■ * ~ L " total advances to construction 

materials projects, with total 
costs estimated at $200m., 27 
per cent, to metal products and 
engineering industries, and II 
per cent, to chemicals projects. 
Total advances over this period 
came to $230m. 


£ j • -cm 







Pattern 


BANKING 


Compiled and Edited by 

bri de Banques Arabes et Fraa^aises-U.B-A.F. 


• jW. 

-i> 



A similar pattern of invest¬ 
ment is apparent in the list of 
plants which came on stream m 
1977 or are due on stream in 
1878- These include some 
cement block companies and 
tiles plants, an aggregate crush¬ 
ing and quarrying business, 
paper and polythene bags 
plants, an electrical assembly 
plant manufacturing simple 
items'such as plugs, and several 
factories manufacturing wooden 
and metal furniture. All these 
smaller companies, and most of 
the other Kuwaiti industries, 
are located in Shuwaikh. the in¬ 
dustrial western suburb of 
Kuwait city. The heavier in¬ 
dustries are in Shuaiba. which 
has the petroleum based indus¬ 
tries. together, with Kuwait 
Cement, United Fisheries, 
Dresser and the Kuwait Indus¬ 
trial Refinery Maintenance and 
Engineering Company. 

One way or another most 
Kuwaiti industry has developed 
in response, fairly direct govern¬ 
ment encouragement. The in¬ 
dustrial companies established 
in the early 1960s (Metal Pipes. 
National Industries, Flour Mills 


and Cement) were mostly 
started with a big Government 
shareholding, which the Govern¬ 
ment later sold off to the pri¬ 
vate sector once the companies 
had proved themselves success¬ 
ful. (This process has been 
operated in reverse with unsuc¬ 
cessful or strategically impor¬ 
tant companies such as KNPC 
and the Kuwait Oil Tankers 
Company). 

Exemption 

To stimulate industry in the 
1980s, in 1965 the Government 
passed the Industrial Law. 
which gave companies exemp¬ 
tion from the normal 4 per cent 
tariff on their imports of plant 
and raw materials; 15 per cent, 
tariff protection for a maxi¬ 
mum of ten years; cheap leases, 
water, electricity and gas; and 
in some cases a de facto 
monopoly, if the Government 
considered that the market was 
too small to justify its licensing 
more than one plant for a par¬ 
ticular product. More recently 
a further stimulus has been 
given to industry by the 
creation of IBK, which lends 
long term to industry an 
interest rate of only 4 per cent. 
Apart from granting loans IBK 
Trill actively develop and pro¬ 
mote project ideas and carry 
out its own feasibility studies. 

However, it is now felt both 
in Government circles and in 
IBK that the time has come 
for a change in emphasis in in¬ 
dustrial development strategy. 
The reason is that in terms of 
purely internally orientated 
industries. Kuwait's industrial 
development must now be fairly 
complete, although in ten years 
time, when the various first and 
second stage petrochemical 
plants being built In the Middle 
East are complete, there may 
be scope for a further batch of 
third stage petrochemical pro¬ 
duct manufacturing operations. 

At lhe Government level this 
realisation—wbich the Kuwaitis 
have come to rather before 
their less developed neighbours 
—has manifested itself in the 
considerable emphasis which the 
Government is putting on re¬ 
gional cooperation. In the last 
few years the Kuwaitis have 
argued strongly in favour of the 
creation of a Gulf common mar¬ 
ket, embarked on one or two 
multinational projects such as 
the Bahrain dry dock and joint 
cement plants with the Saudis 
and Omanis, and given moral 
support to the embryonic Gulf 
Organisation for Industrial Con¬ 


sulting headquartered in Doha. 
Qatar. 

Meanwhile the Industrial 
Bank, acting in accordance with 
the terms of its charter, is be¬ 
ginning to think, of promotina 
regional projects which can rake 
advantage of economies of scale 
which are denied to purely 
domestically orientated plants. 
The projects need not neces¬ 
sarily have Kuwaiti equity to 
quah/.v for a loan; IBK Mill 
back them even if they are 
geared simply to selling in 
Kuwait. This remarkably 
generous policy, which in part 
amounts to supporting the de¬ 
velopment nf other Arab coun¬ 
tries and subsidising the profit* 
of non-Kuwaiti companies, gives 
a good indication of just how 
sincere the Kuwaitis are in their 
search for regional industrial 
co-ordination. 

M.F. 


What METCA 

doesn’t know about 
freighting to the 

Middle East 
isn’t worth knowing 


YES • WHEN IT COMES TO FREIGHTING TO THE 
MIDDLE EAST AND THE GULF ■ METCA IS 
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OVERLAND: OWN FLEET TIR. FULL LOADS AND GROUPAGE 
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ML TRANSPORT &.CQMCIAL AM UO. I_ L 

FREIGHT SPECIALISTS TO THE ARAB WORLD 

WHY NOT GIVE US A CALL * YOU WON’T REGRET IT. 


LONDON HEAD OFFICE 
S3 PALL MALL 
LONDON SWi; 

TEL: 01-839 6313/9 
TLX: 916245 


KUWAIT OFFICE 
P.O.BOX 1011 
SAFAT. KUWAITI 
TEL.S10023 
TLX: 2519 


BEIRUT OFFICE 
P.O.BOX 8168 
BEIRUT. LEBANON. 
TEL: 248723/248053 
TLX: 21297 



'■w#" 


...better, faster, weekly RO-RO services 
from UK/Europe to the MIDDLE EAST 


Fred. Olsen Seaspeed Svedel Limited 


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sarv>c£t to lhe Middle East otter mg an unrivalled 
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Jeddah A W 


Sales, enquiries, bookings etc., to 

FOSS Ltd., Piercy House, 7 Copthall Avenue, 
LONDON EC2. Tel: 01-628 3351 Telex: 8B9J58 
or 884620. 

Also at - 

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021 -6-13 3408 Tele- 237025. 

Glover Brothers iLondon * ltd. 8-9 Npiv Street. 

Biohopsgaia LONDON ECI'M4UV.TcJ.01 -623 >371 

Telec 886907 

Port Agents Imtmngham 

Tor Line Ltd- P 0 Bo> 40 Manhv Road. South 

Killingholme Tel Imtnwvjham 7316 Tele527104. 

Port Agents Felixstowe. 

Fred Olsen Lid.. Arcani House. Tnr..i v -A.enue 
Felixstowe. Suffolk IP ft 8X.f. Tal 039-d2 7S344. 
Tele*. 987219 



\ t r **— 















20 


Financial Times Monday F bbriiary. 2Z 



StjJ-iJii LiUSl Lj*JI 315,11 



KUWAIT 



K.I.C. BUILDING, 1st FLOOR 

P.O. BOX SAFAT No. 20637 

CABLE: SHiPAGENT 

TELEX: 2208 fSASHIP & 2396 ISATUG 

TELEPHONE: 441860 — 426908 — 441861 /2 


Shipping 


* Marine Contracting 
Forwarding 


* SHIP AGENTS 


— Container Vessels 

— Liner and Dry Cargo Vessels 

— Tankers 

— Work Boats and Coastal Vessels 


* 


CONTAINER TERMINAL 
* TUG AND BARGE OWNERS 


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FREIGHT FORWARDERS & HAULERS 


KUWAIT VIII 



AID 


Wider base for 



marking a marked a deviation from the wrriyj 



ring development aid tn less to all three countries fell off capital increased to KD452m. dustnal projeeis. c 

rie/elopcd countries The. Kuwait drastically. Aid to Egypt was from KD394m at the end of cen;. being 

Fund for Arab Economic $107m. ; as against 5451m. the .Tune. 1976. and reserves rose jects.. m Jon* t°• 

Development, established in year before, aid to Syria- to KD109m. from KD77m countrie^ bowe^ power pr^ the matings now 
1961. has served as a model for because oF disagreement over marking an increase in total; jects and eonmom atiam .three times 

other bilateral and multilateral its role in Lebanon-feD to resources by 19 per cent to 1,ons various funds, directors.of ^ 

the Arab nothing, as against $176m. the KD562iu. shart of the lending. 

Last financial year. KD57m. Given the Kuwait 


aid institutions in 


a turns, and annually.'- 
Fund s their heads. 


world and beyond, quite apart year before, and aid to -Jordan 

fmm having disbursed enor- fell to S57m. from SI lam. of loan eomnmraenis were mauc stress on promoting uuiy »w«jc ktm. 1 . *.2 

mous sums of mmiev And Sime then, however. Kuwait to Arab countries. KD31m. to projects, and ensuring that their VVlflCr. 

Kuwait wos also instrumental in has subscribed a 35 per cent Asian countries and KD26no. to management is to its ^atisfac. _ 

foundins. is ihe largest con- Miare to the S2bn. capital of non-Arab Afncan countries. Be- tion, its own^shortage of tech- -*!*«* 

iribulur to. and i s ihe site of the Gulf Organisation for cause of the sharp increase in meal experts reinforces the Uuos i m 

the Arab Fund for Economic Development in Egypt. S1.6bn. the pace of lending, although growing tendency towards co- hasso .mapped 



co-iine rat ion ana cahl-l-il-u iu ue ujMiuisi-a »>*»•<«<» *-* - —•—* *— — o-— —- —-amh-mm* 

co-ordination between different shortly. Aid to Syria, however, per cent, of total lending com- among donors and recipients. Ucularly from a pah-Arah.^ 

Arab aid agencies. 


In the background of 
Kuwait's massive aid pro- y i 

grammes, of course, lies the lnCFCaSeQ 
imprest of a rich, small and mili¬ 
tarily weak slate in winning 
friends. That said, however, ihe 


is nut thought to have revived.’ mitments were to Asia, and 10 There has. in fact, been a sharp pointed how these- 

per cent, to non-Arab Africa, increase in the number of-be translated, into. ; sfiee*;® 
The sharp increase in both the projects co-financed. ■ Whereas projects. -Trie most^amhitiwi 

volume of lending and the nura? in the extended 1975-76 financial single scheme it-has initiato^r 

ber of countries lent to has year, eight out of the 34 loan that to. expand .Arab /foodie 

. placed some strain on the staff: agreements concluded involved sources by developin& Swiatt^* 

The volume of aid provided nIthough the number of tech- co-financing. in the 1976-77 an initial, cost, 

through the Kuwait Fund. n j C3 | sla fl- approximately financial year 15 out of 22 did KDTSOm. It/ hre ^ s? 

Kuwait Fund has since its in- meanwhile. has increased dou5Jed in the | ast three years, so. Must prominent partners in a telecoznm«nJf4tipas...-Jaig5^ 

Cf-ptinn been pnlili.-aily inde- markedly since 18*3. with the h is S , U1 under 30 And a j. terms of the numbers of pro- plan for the. Arab worfd.^sz, 

pendent, using purely evnnumir increase being especially rapid , hough a Iarse new building is jects are the Saudi -Fund for of lhe_.projecfc t ^ 

criteria fur its assessment of in [he ^financial years 19<o-i6 being erected for the Fund, and Development, the Arab Bank for which- . are . : already, vjiagi 

projects. And since the rapid and 19-b-... At Hie end of sonjia jncrease ln manpower is Economic Devejopment . in implemented; has -just 

ri.-L- in Oil prices in 1973-74. ihc March. 1 , va J ue "J certainly expected, the organi- Africa. the International pleted a general sui^ey-oC^tl 

..' ' -‘ S ~ J r.i a . at j lin W ants to continue to run Development Agency and the manpower needs;. fit'.is. prpgruc 

on a relatively small staff, being World Bank, ail of whom are iug a study-of 


Fund has inas-ively diversified loans approved stood at 

ils lending rowurds i-ountries in KD14(Jin. At the end of June. vii . iivij . w ... n .. ..... . 

Africa and Asia whu.-e goodwill l *i e ./ , *’V n? ' vas KD320m. Clinv j nc ^ d that the minimisation jointlv involved with Kuwait in.on A pan-Arab basfs tp'^PK 

can have little direct relevance in the following hnancial year. |)f bureaucracy both speeds four projects. Kuwait, is also a the region's lessrdevelopwace^s 

tn it. In the 1976-77 financial 54 furiher KpJ45m. of wan- 5 things up and makes relations substantial contributor to inter- In its actual lending,'thdti&O 

with clients easier. _ national aid institutions, having, restricted to Arab cbiiateesclft 

On loans granted in the 1976- according tn OECD figures. com- Arab Fund sees a key,pjfft-ofiit 
77 financial year, interest rates mitted S211m. to such bodieis^ being to act as* ca^lSB 
varied between 1.5 and 4 per in 1976 and disbursed $I51m. attracting funds -munli laeafe 
Tulal d/sbursemem? mean- cent., and maturities from 14 to. There is a growing trend t h an those it itseJE rcomm^f 

while rose hv 38 per cent, in 39 years. In an important res- towards co-operation between Thus‘up to the end 6Mas’-jfe« 

year, to pect, tlic loans to Arab states the different ■ Arab funds, not ils 0 wh totaf loaa comhijteieS 


ihe 1976-77 financial 


year, half its lending wi*nt out¬ 
side the Arab world. 

The Kuwaii Government i-- 
'■■hary about revealing how much 
aid it grants, and independent 
estimates lend often’ t«» contra¬ 
dict one another. However. 

OECD figures show net disburse¬ 
ments of concessional a-sisiam-e 
growing from S345iu. r5 76 per 
cent, of GNP) in 1973 in 
$875iii. 16.52 per cent, of 

GNPi in 1975. In 1976. how¬ 
ever. aid fell drastically in 
:5327m (3.23 per cent, of 

GXP) This fall represents the 
limitation of direct transfer aid 
to the confrontation state*. 

Such aid to cunf ruination 
states, principally via direct 
transfers from the Ministry of 
Fmant-p. has in recent years 
made up a substantial prupur- KUWAITIS 


wore approved. Since 
KD40in. of loans have 
approved, hringins total 
commitments to KD475nt. 


then. 

been 

loan 


HAVE b«*en 




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manufacture and assemble 
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It takes only weeks to build with 
Kirby Building Systems, unlike 
the months taken by conventional 






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- -Fi 



BUILDING SYSTEMS 

PO Bo* .23933 1 Snfct) Kuwait. 
T»i P62300 . ?«'««: 3001 S.7. 


were KI>295m'..'. but' ^ flkt ;, 4 e _ 
cost of ' projects in wkicfe^iQ 
involved; is KD 1.34bn/Thk 
jmw . expects its- .Tepdirt^ 5 
stabilise at a little above -th 
current level of KD a yea: 
Actual dish ursementsL^KDSOn 
last- year and expeiiteifi . to b 
KD60m. this—have. yft* to_r« 
somewhat further before sta^ 
lising. . Of, this . lending,; -tb 
larger. part goes Ttr .breakup 
infrastructure hottlenecfo->: 

Traditionally, one. of the eat 
j>tr<*ints restricting..lending t 


a industry. Of this over 80 per' Kuwaitis 'are above all anati'oVtheArab world has^eenth 

V ll'nt U-ac frir iwll-nlanm T-olnt-nrl nii-ll . At 1L~ OC OTJ __ - . . *. ■ 1 


PLANNING 

A severe dilemma 



cmimry s planners with a severe TraMrurture projects, mainly to of those 45,405 were in public* j s heoomiiig much’less oil 

dilemma. They want to diversify improve production of electricity administration or defence. In constraint But serious pxpi 

away fmm an exclusive and desalinated water, and also manufacturing industry. ieros Temain, both In prpj^ 

IranspurL. port and storage percentage of . Kuwaitis em- preparation and also in su^ 


dependence on oil income, with¬ 


out in the end merely rep la r- Facilities. The remainder of the ployed was 9.2 per cent. 'Even vision^and implenientatioxi. ft 
:ng it with an exclusive planned investment was for im- in financial institutions ;ahd in- this reason, the-Fund is st^j 
dependence on foreign invest- proving social services; with 68 surance, the percentage .was ping. Q p tedinical assisted 
ment. But emnomic and par- pe r cent, or tiiis going towards only 21 .per cent And the'; act ivities. whose cost amoante 
Ucularly industrial development housing, and substantial expen- Kuwaiti ‘ bureaucracy ms to KD3.4m. up to the end of 
‘ s , n _°’ r onl * v exTreme! L d,l ure also on improving edu- seriously overstaffed. Thus, if ye ar . But the Fund still Bn 


difiicull: it threatens to cause a ca uon and training, 
furiher substantial influx of One major planning decision 
non-Kuwaitis. ncil env i sage( j j n lbe pIan w h lc jj 

Aecurdirig to figures published i s likely to be taken before mid- 
by ihe Kuwaiti Statistics summer is the decision to build 
Bureau. Kuwaitis last 


>' ear a new city at Subiya. across the 
per cent, of the bay from Kuwait City. With 
compared with u, e upward revision in popula 
Uou projections, it has become 
.... , , ^ progressively mure apparent 

r w - r, '" ab - p> " raa ; t '? I»" 'J" that it will be difficult to accom 


rumpriseil 47.7 
population. a< 
tin- apparent luw point of 47 per 
< cut. in lie* census of 1970. How- 


true perccnlaee al between 35 
and 4u per cent. According to 
Giivernmon: planners. the 

Kuwaiti populatinn is currently 
increasing at about 6 per cent, 
a year, with the non-Kuwaiti 
population increasing al amund 
o 5 per f rt nt. a year. Natural 
rales of increase are 3.5 and 3 
nor coni, respectively. What 
ihc.M? figures imply i« that ihe 
Kuwaitis have managed to main¬ 
tain their position only by the 
rather artificial device of a 
naturalising members of the 
Bedoiiin tribes that roam 
heiwron Kyw-Hit and 8iudi 
Arabia. 

However, they arp now in the 
pn'i , i*'-s «»f running nut of 
Bedouin to naturalise, which inr 
plie*- a ivcil to cut back quite 
sharply «»n now immigration if 
the existing balance is ever, to 
bp maintained. Meanwhile, even 
though the birth rales of both 

Kuwaitis and nop-Kuwaitis are - a ‘ 0,1 
expected to de-rime, the total new . a l. Subiya. 

population—nflicially estimated ^ U1 1 U P * n 

at I.J29.9011 last year—is now ex- mo “ u,ar uml£ ra-lher over 
pectcrl in rearii around 2.75m. |,K, . f, U0 people, so that it might 
by the turn nf the century. Such eve,ll ually house half a million 
an bu-reare reinforces the need P^pl e - It is also envisaged 
fur planning—tn lay down prior- m the longer term another 
Hies for infrastructure, housing similar city of up to half a 
and tiie provision of work, and roiliton might be built at Kor el 
in particular lo do so in a man- Mufala in the south. Tbe pre- 
ncr compatible with the main- bminary ropon, containing the 
tenjnee of the population consultant's recommendations, 
balance. has already gone to the muni- 

Thcre is a eotwclerablc degree cipality, and a final version is 
of planning in Kuwait, co- expected around July, 
irclmated directly by the former However, the prospect of 
premier and currcnr Emir, some decision on the building 
Sheikh Jabir al-Ahmed al-Sahah uf Subiya merely highlights 
—the actual Planning Ministry again the need for. long-term 
has an essentially advisory rune- planning, as tile need to find 
tiun. There is also a five-year sources of employment in a 
plan, supposed to run fmm 1976- completely new city; poses with 
1977 to 1980-81. H has never renewed force Uie problem of 
bmi formally approved, prjncip- what the enormous number of 
because of the extensive people coming into the Kuwaiti 
■.{I>putec It sparked off about the labour force in the next two 
rule nf the Slate in the social decades are going to do 
^rvio-js sector, but its targets what in this 
have been published and 


mndale ail the increase around 
Kuwait City without imposing 
an intolerable strain upon the 
centre, particularly as its posi 
lion ^nn a headland restricts 
access and Kuwaitis have the 
highest per capita car owner¬ 
ship in the world. In order tn 
be able to provide adequate 
employment opportunities and 
services not lo become merely 
a sale-ri'itc. it is estimated that 
minimum population of 
lUO.OOt) to 120,000 is required. 

Start 

What the British planning 
consultant. Shankland Cox. 

who have been com miss toned 
by the Kuwaitis to revise the 
Buchanan Master Plan drawn 
up in the lySOs, are thus recoin- 
is an immediate 
infrasiructure for a 
new town at Subiva. This 

four 

modular 


context some 

..... . , , art? foreign observers stress is that 

slti! hping used at lea^t as the 


r 


„ . . , .... manpower constraints on 

ruiighiguidehn-s in must fii-Ios. deveiopment in Kuwait are as 
In fa-t. .«. the KD44lm. nf in- much a question of occupational 
VRPtmnm mim- raged uiul-T ihe di.irihiition and social attitudes 
plan, only 23 per cent was fur as they are 0 f numbers 




Kuwaitis could be persuaded to jt necessary,.. whenever it asa 
move out of it.. a. substantial ciates itself with a project. vi 
■.> "ttially to take over its ;exea 

'' . - tion. - 

CONTINUED ON . " . .. . . v-n'jj 

•' NEXT .PAGE' ‘ '’ V' ■ -P.H 


ABBAS AL! AL HAZEEIV^ 
CARPETS, rS 

. ; AND ,: / '. 

CURTAINS^. •.'' 

We are the largest. supplier in the -area having 
pioneered- seven showrooms in _?!await -City and: 
branches in Saudi Arabia, Dubai, Ahu Dhabi, Muscat,* 
Lebanon and Egypt." Sule agent Tor' mpre than 
large manufacturers. ' ■_ 

We also specialise in contract .and - 

; . ■' : ■ . .Head 

P.O. Box 273; :;r...: . .?= 

ik’ 'iJ jtrf *. : . L'- 


Telex: 









Your freight forwarder is. 





, ' Speciaiists in mpvthg•; 

'' ' cargo^and projects ■ • .*:.?3^‘ 
from -U K-epd ^Continental .Eyrocj^^ 

7 .- 't6.aft:partsDf v; s-: bnM" 
Fasti 

: '.i “ ’ 

standard deliv 

THRODGH0Ut THE MID 

STANDARD FRffGttr FORWARD^ V ^‘ 

V!L l T Ro ' a -i K e n j^ l ^ Hrf g^ 

Telephone;01r56<t 5535 TeteX;jB856^/6^ 


: -Ci 


V .' y/,- ~ 

















Jdal Times Monday February 27 1978 

KUWAIT IX 


21 



» 

vl 


SHIPPING 

Fleet is still 



. -i JSh ^TBBWa - .. 


?:■•••' i ifv. v * • • 

? N ' * S*^ \ J. \v,. # . . ■ 

K-.] ■ .. 

raj** 




^ ' ym 



i 


*S. announcement 
ed Arab Shipping 
to buy four con- 
, from Hyundai of 
as a reminder that 
it-based, pan-Arab 
iture intends to con- 
through the world's 
sis with a policy of 
These will be the 
oer ships - in - the 
which by the time 
into service during 
lumber 62 vessels, 
l deadweight carry- 
' of well over 2 m. 
the most significant 
-go shipping com- 
Gulf. 

rmed in July, 1976, 
abia, Kuwait, Qatar, 
in and the UAE, is 
f some as a model 
rab industrial vexi¬ 
ng as it did with a 
pertisc, some of it 
nd hardware in the 
ie Kuwait Shipping 
s articles of associ- 
de for capital of 
Jl.TSbn.), of which 
as been subscribed 
ill be interesting to 
the company's first 
suits are produced 
to what extent that 
has been built on, 
whether it will need 
nded to meet the 
;s entered into with 

tides also add two 
ral to the venture's 
ji interstate enter- 
no member country 
a separate national 
Drop any within its 
o exceed 220,000 
mably gross tons— 
ion is not made in 
tnd that the UASC 
aD be adhered to 
h they may be pre- 
those of the partici- 

the terms of this 
have been observed 
gift UASC is infer- 
sniped at by ' the 
nes, there is no 
hat any country in- 
mege on its UASC 
;s. The company has 
won the status of 
g its member states’ 
o shipping confer- 
bBS started to play 
jt role in the formu- 
an Arab maritime 

hi! Aziz Salatt, a 


director of the company*, made 
it dear to the repent Seatrade 
conference on Arab Shipping in 
Cairo that this means the emer¬ 
gence of UASC and other Gulf 
Arab shipping lines as signi¬ 
ficant cross-traders, as well as 
their playing a predominant 
role in the movement of manu¬ 
factured goods and: - raw 
materials into the Gulf. " Cross 
trading should be an Inherent 
objective due to the Imbalance 
of the Gulf states' trade,” he 
said. 

The company has also shown 
itself well-equipped to .form 
joint ventures with established 
western shipowners. Just over 
a year ago, it launched the 
Arabian Peninsular Container 
Line in conjunction with -P & 
O and ELierman, with two small 
P & O vessels. It has now 
expanded its entirely chartered- 
in fleet to a total capacity of 
around 3,500 TEUs, with five 
ships offering a regular 10-day 
round service between Europe 
and the Guir. Next month. 
APCL will make its first call 
at Umm Qasar in Iraq. 

Leadership 

For Kuwait, UASC and the 
other pan-Arab venture for 
which the city State provides a 
base, the Arab Maritime Petro¬ 
leum Transport Company, mean 
the opportunity to maintain a 
leadership in Arab marine 
affairs and therefore consolida¬ 
tion of a service industry sector 
of its economy mainly (in the 
case of UASC entirely) outside- 
oil. 

It places Kuwaitis in a strong 
position from which to partici¬ 
pate in crucial decisions about 
future transport patterns in the 
whole area and, through the 
vehicle of international; co¬ 
operation. at least attempt to 
co-ordinate change in land 
transport infrastructure,' with 
port development and choice of 
investment in various ship 
designs. The distance of the 
Gulf states from such an inte¬ 
grated approach to transport 
investment is well illustrated by 
the substantial overcapacity 
built into present port plans 
for the area. 

For a country like Kuwait, the 
economic importance of getting 
these decisions right is consider¬ 
able. Not only would there be 
the direct benefits, of seeing a 
Government shipping invest¬ 


ment in UASC and AMPTC 
making good returns, but there 
would be an element of control 
over, for example, the pace and 
extent to which containerisation 
of trades should take place and 
the degree to which provision 
ought to be made for ro-ro 
services either through Kuwait 
to neighbouring states or, per¬ 
haps more important, for the 
servicing of Kuwait via ro-ro 
ports in the Mediterranean. 

Kuwait’s own port develop¬ 
ment, like that in many places 
along the Gulf coastline, has 
been dramatic in the last two 
years. The queues of ships are 
gone and substantial headway 
has been made in building ware¬ 
houses and keeping them clear 
of unclaimed goods. 

A series of construction plans 
has been produced to deal with 
the almost fourfold, increase in 
traffic since 1973. Initially, this 
involves extending Shuwaikh 
pun to offer 18 deepwater 
berths, of which two will be 
reserved for container opera¬ 
tions early next year. United 
Arab's confidence in the rapid 
development of container hand¬ 
ling facilities jn Gulf ports in 
the next two years is evident in 
ns specification m the latest 
order that the vessels should 
not carry their own lifting gear. 

At the same lime as Shuwaikh 
is being extended, the Govern¬ 
ment has set aside KD32m. for 
developments at Sbuaiba port, 
whose capacity is to be in¬ 
creased from 1.2m. to 3.5m. 
tonnes. 

When h conies to hydrocar¬ 
bons transport. Kuwait's poli¬ 
cies are far Jess clear cut. 
Although it has been an enthu¬ 
siastic member and home base 
to the OAPEC-backcd AMPTC. 
the Kuwait Government has also 
taken a 49 per cent, stake in 
the Kuwait Oil Tanker Company 
and still apparently amends tu 
vest a substantial fleet of oil 
product tankers in the owner¬ 
ship of the Kuwait National 
Petroleum Company, although 
Kuwait Oil Tanker =.will prob¬ 
ably manage these ships. The 
Government is also giving 
KOTC charge of the four liquid 
gas carriers on order from the 
French shipyard Le C-iotat. 

KOTC and AMPTC. each of 
which has around 2.Lm. dwi of 
tanker capacity, have bulb 
suffered from the desperate 
state of 4he world spot market 



Tilc commercial port of Slnncaikh. 


Three good reasons why 



rj We've been specialising solely in The Middle 
East for nearly 15 years. In fact we pioneered direct 
overland services to die area back in 1963. 

Z, Over the past 2 years we have made a detailed 
study of the developing transport options available 
between The UK. Western Europe and The Middle 
East. We've put men into key areas of The Middle 
East to follow and assess test shipments by new 
routes and to develop our own facilities including 
a vehicle fleet based in The Gulf. 

V. Our Management team has probably got more 
hard-earned years of Middle East freighting 
experience than any other company in the UK. 

Call our 

Export Shipping Department A 

on West Mailing (Q73ZJ 844444 

ASTRAN UfTERNATtaNAL 

At home inThe Middle East 

fsc.*- TerTaj-ji Airii.-crm 7;*e ilert 

?■_. u'TiZ) fr l H. l Tf'cv folZi 


for tankers since 3973 and 
returned losses on tankers of 
over £4m. and £3m. respectively 
in 1976—their last reported 
results. They stand in face fur- 
their pressures as they take 
delivery in the course of the 
next two years of a further five 
French-built liquid petroleum 
gas carriers. Kuwait Oil at least 
has the promise of employment 
for its four vessels (one has 
already been delivered! when 
Kuwait's new gas project comes 
on stream, hut the date for ihis 
has now been put back by at 
least six months into 1979. 


Interest 


Much imeresi a(*.n centres nn 
tin- next phase of AMPTC's 
ordering programme. The n»u- 
Mirliiini is known in in* studying 
a XlitOm. investment plan drawn 
up by the London-based con¬ 
sultant Terminal Operators, f»r 
about ten product carriers tn the 
30,000 dwi range and perhaps 
oven an additional VLC.G. A 
decision should have been taken 
in January on this plan, hut the 
Board meeting before which it 
appeared was apparently split 
so comprehend vly by the 
political pressures which have 
stemmed from President Sadat's 
Middle East peace initiative that 
no progress was possible. 

This provides an interesting 
contrast to the somewhat less 
stormy atmosphere within UASC 
and. indeed, to attitudes within 
the well-established remainder 
of Kuwait's national shipping 
interests. It also indicates the 
remarkable degree to which 
Kuwait has spread its shipping 
resources in organisational 
terms during a four-year period 
when the size of its registered 
fleet has increased from 1.2m. 
dut to 3.1m. dwt. retaining com¬ 
fortably its position as the 
largest Arab flag fleet. 

(an Hargreaves 


eps you in touch with the \ 
iddle East and the Gulf j 

GULF ! 

MEDIA | 

CENTRE 

Arabic Newspapers 
Directories Books 
Magazines Guides 

ere c 

3 Dunraven St tODON W1 

TeL01-499 4741 Telex 298612 

ptec'pcottC G fvcPVcer'f^^ 




y JIAi\HERS XAVALS DE LA GOT AT 

/ P.O.B. 124 -13711 LA CIOTAT 

: (42) 08.95.11 - Telex: NAVACIOTA 410979 

c - 

■ jjars of all types of ships—-but specialised in 
* j sophisticated ships-rrthe.C-N.C. have built, are 
. ng, or have on order for Kuwait a 328,000 d_w.t. 
iker and four 72.000 cu.m L.P.G. carriers. 

CiT.'T 

' ■’ t. 



10 d-v.t dll tanker ** AL RAWiiATAIN* delivered 
IT OIL TANKER GY. in October 1976 bv G.N.C 


Dilemma 


CONTINUED FROM PREVIOUS PAGE 


dent could be made in the need 
for immigrant labour. 

However, the comprehensive 
nature of Kuwait’s social ser¬ 
vices provision rather weakens 
the incentive for Kuwaitis to 
move into fields more l axing 
than are the genera! run of jobs 
in the bureaucracy. A Kuwaiti 
is entitled to a Government job 
If he can find no other. Hous¬ 
ing is State provided on easy 
terms: education and health 
services are free. In the hous¬ 
ing field, indeed, (he philosophy 
of “the State must provide" has 
(his year been extended yet fur¬ 
ther: whereas in the past the 
Government has provided cheap 
plots and interest-free loans for 
middle income Kuwaitis who 
then built their own homes, the 
Government is now to move 
directly into this part of the 
market, largely on the grounds 
that people have been unduly 
extravagant and got trapped by 
rising costs. 

While Kuwaiti planners stress 
the need to make sure that key 
positions arc held by Kuwaitis, 
they are generally much less 
concerned with changing occu¬ 
pational patterns than with 
checking the growth in demand 
for labour generally. Thus the 
greater economy of Stato-built 
housing on standardised pat¬ 
terns is also given as a reason 
for the Government decision to 
move inio providing housing 
for middle-income Kuwaitis 
directly. Another example 
cited is the setting up of a 
number of industrial bakeries, 
two of which have already 
started production. 

While expecting some further 
industrialisation, not only in 
petrochemicals but also to some 
extent in construction materials 
and consumer goods—particu¬ 
larly assembly—they tend to 
toy rather more at present with 
the vision of Kuwait developing 
as a services centre, particu¬ 
larly in the context of a break¬ 
ing down of barriers among the 
Gulf states. They hove exper¬ 
tise in water desalination in 
which they would like to 
co-operate with other countries: 
they are massively expanding 
electrical power production and 
there is talk of an eventual 
joint grid with Saudi Arabia 


and even Iraq The Kuwaitis 
would like to develop trans¬ 
portation. mercantile. and 
financial services, and also 
tn continue to invest in 
human rcsnurce> and en¬ 
courage Kuwait companies to 
he active in other parts of the 
Gulf, >o that they could even¬ 
tually develop not merely a> 
an entrepot bul as an exporter 
of commercial skills and ven¬ 
ture capital to the rest of the 
area. 

What substance can be given 
to this vision remains to he 
seen, as also docs the extent 
tn which its realisation might 
get the Kuwaitis out nf their 
population problem. Whatever 
happens, this problem may well 
become much more pressing. 
Until now the resentment felt 
hy Arab expatriates—particu¬ 
larly Palestinians, who form a 
substantial and economically 
vital part of the population— 
has not turned itself into poli¬ 
tical unrest This is probably 
attributable partly to the fact 
that many of them come to 
make money, and then leave, 
and partly to the fact that, 
while they are treated substanti¬ 
ally worse than Kuwaitis, they 
are usually much better off than 
they wpre in the places from 
which they came. 

However, the clement of the 
non-Kuwaiti population which 
has been there for a long time, 
and the element which is in fact 
second generation, is steadily 
growing. Thus, while the 1965 
census showed 3.9 per cent, of 
non-Kuwaitis having been resi¬ 
dent for at yeast 10 years, the 
1975 figure was 29 per cent. So 
far. the number of naturalisa¬ 
tions granted, apart from those 
to Bedouin, has been trivial, 
and there are few signs of this 
changing in the foreseeable 
future. Even if the Government 
manages t»> contain the growth 
of the non-Kuwaiti population, 
the problem might in the long 
run become explosive. -Should 
non-Kuwaiti resentment develop 
and find political ' expression 
afler all, it might nm be appre¬ 
ciably easier In run a stale with 
52 per cent, of Kuwaitis—the 
target for the year 2(100—than 
with the present proportion. 

D.H. 


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ON THE surface the melting 
pot of nationalities that com¬ 
prise the State of Kuwait 
to-day would appear to be 
peacefully co-existing. There 
are no riot police, no civil dis¬ 
turbances and no public pro¬ 
tests about immigrant worker 
conditions. However, the scene 
is not quite as happy as it may 
seem. 

Out of a population 
officially estimated last year at 
1.13m. (but probably more), 
only 410.000 are Kuwaiti. 
Palestinians cover 200.000, 
Egyptians (about 180,000). 
Pakistanis (200,000), and 
Indians (200,000) make up the 
largest immigrant groups. 
Koreans. Yemen ese. Syrian and 
expatriate Europeans and 
Americans comprise the rest of 
the population. However, esti¬ 
mating the exact number of 
Pakistanis. Indians and Syrians 
in the country at any one time 
ins almost impossible due to 
the steady flow of illegal 
immigrants flooding into the 
country seeking work. 

Certain services are free to 
all people—medicine and to 
varying degrees education. The 
State of Kuwait provides every 
citizen, regardless of 
nationality, with free medical 
treatment and maternity care. 
However, if private rooms are 
required in the State hospitals, 
a non-Kuwaiti will pay con¬ 
siderably more than a Kuwaiti. 
A private room will cost an 
expatriate KD10 (£21) a day 
—cheap, perhaps, when com¬ 
pared with Europe. But for a 
Kuwaiti the cost can be as 
little as KD30 a week. 


Faster 


Private rooms are not always 
easy to come by. The t casta 
(Arabic for influence) system 
functions in the medical pro¬ 
fession as it does in most other 
areas of life in Kuwait Having 
irasia means faster and prob¬ 
ably better treatment Not 
having it can mean queues, an 
over-worked doctor dealing 
primarily with the immigrants, 
and the lack of individual care 
and attention. 

The law favours the Kuwaiti 
citizen, generally being much 
more generous to him. Despite 
the curious fact that there are 
no Kuwaiti judges (they are all 
Egyptian), a Kuwaiti stands a 
far better chance of a fair trial 
and acquittal. Payment of 
blood money for traffic victims 
is still an accepted way of life. 
If an expatriate is involved in 
an accident in which a Kuwaiti 
is killed the sums can be as 
high as KD5,000-10.000. Usually 
these sums have to be paid over 
in full before the defendant is 
allowed out of jail. 

If the accident Involved a 
non-Kuwaiti Arab a private 
arrangement would probably 
be arrived at with the relatives 
of tbe deceased and the sum of 
money handed over consider¬ 
ably lower. 

It Is difficult to generalise 
about Kuwait’s guest workers. 
However, while Pakistanis bear 
the brunt of construction work 
at the lower end of the scale 
Syrian and Egyptian labourers 
sweep the roads, collect the 
garbage and perform other 
menial tasks. Indians either, 
work as house sen-ants or in 
lower-grade clerical and secre¬ 
tarial functions—always keep¬ 


ing their hands clean. Together 
with Syrians and • Indians, 
Egyptians occupy many of the 
lower-paid jobs in the retail 
trade business—running stores 
in the souk and small grocery 
shops in the poorer areas. 

Egyptians, however, are 
prominant in the professions, 
particularly medicine and 
teaching. Palestinians and 
Lebanese find places at all 
levels. They have been in the 
country longer than the other 
Arab groups and are more 
firmly established—holding key 
positions in the banks, various 
industries and higher education. 
Obviously, the Palestinians have 
the biggest vested interest in 
Kuwait where many, having 
established homes, have bred 
children and even grand¬ 
children. 

For this reason and because 
their urasta as well as wealth, 
is higher than the other Arabs 
they are the immigrant group 
viewed with the most suspicion 
by the Kuwaitis. Two years ago 
tbe Government in a somewhat 
unnerving move ordered a 
group of them out of Kuwait in 
an attempt to break up this 
tightly knit well organised and 
politically motivated group, 
which they felt was establishing 
too strong a bold in Kuwait 
and working for their own, not 
the Kuwaitis’ interests. 

Like all the immigrant 
groups. Palestinians make no 
secret of the fact that they re¬ 
sent the patronising, even arro¬ 
gant attitude of Kuwaitis. It is 
interesting to speculate, how¬ 
ever, if a Palestine State was 
to emerge bow many of them 
would actually want to leave 
Kuwait to return to what would 
inevitably be a less lucrative en¬ 
vironment Palestinians are the 
only group of expatriates, apart 
from Europeans and Americans, 
to have close Kuwaiti friends. 

Meanwhile, the myth that 
Kuwait is a place for an ex¬ 
patriate to get rich, though 
carefully nurtured by some em¬ 
ployers. is totally erroneous. 
“The Kuwaitis are very shrewd 
businessmen.” said one 
Lebanese, a resident for 20 
years, who is also one of the 
richest and most successful 
among all the expatriates. “A 
lucky foreigner with a Kuwaiti 
partner in business might, -just 
might, make 10 per cent of 
the profits. But it’s highly un¬ 
likely. Five per cent is more 
likely.” 

Usually, foreigners can make 
little or no money apart from 
their salaries. 

The only common denomina¬ 
tor about expatriates is that 
they are making more money in 
Kuwait than they would in their 
own countries. With the mer¬ 
cenary motive predominant 
the minorities tend to cling to¬ 
gether and spend their tiw* 
working out ways of bleeding 
the country of as much money 
as possible. The result is bitter¬ 
ness from the Kuwaitis, who 
know they are being used. 

Both non-Kuwaiti resentment 
of Kuwaitis, and Kuwaiti re¬ 
sentment of expatriates have 
some justice behind them. An 
expatriate Arab will usually 
have two or three jobs. Most 
contracts outlaw this practice 
out there are ways round it bv 
just not admitting to the fact. 
They tend to float into a job 
almost haphazardly and are 
often lazy and slovenly in their 


work. Kuwaitis on the other promotingfaster I3nirf ! 
hand show little appreciation of other.t^chers. 
the expatriate—they do. 'the - Egyptian - worsenT itMdfe 
menial jobs, and are the back- conie^ to Kuwait witb.au 
bone of the day to day working better'; qualifications 
of Kuwait : .’*■ Kuwaiti.-': cqnnterparts- i.T 

The expatriate's job seenrity know they arewauistiand =o£ 
is weak and often an unqualified they see their'jotiash .way 
Kuwaiti will be moved into, a bring thedr busbandS into!” 
position above tin higher quaD- country;.; Currently;: to Ktfq 
fied other Arab. On retirement. there w^Goyernmept, h&i 
the government ’ does not pro- trirrmi,' irfngftj 

vide for the expatriate beyond married wombat iwtihGdt 'th 
a .Single, payoff amounting . to husbands.. 33ie r&aefa&r&i* 
ode months • salary for each sign: *;.• four r year contract sw 
year worked. The chances are the Government on the- Ojgi 
that an expatriaieV visa’ wiHvment that theywill live/ii 
at this iwint .he revoked- and hostel and accept .*■■■ 
bis only option be to ^return to -’ month, salary cut - in retufe^ 
his home : ‘country. -v• ■.. accbnnnodation. - They are;/: 

" allowed.to set up apartme 
Flicpnrfl' alqne.Dnriixg their four '-ye 

L/19LU1 u... • there ;ls no-opportunity* fin 

Education V ^P^ps _ the ' function^ 

area that provokes the most ^' bayradt^e teadiers i 

cord ; qu f^ y for t a G ° v cto a. zoom,,. with au. ‘sba: 
meat education grant-a school so ST.-arK 

must not contain more Jhan 90 + . Thev kifp tt! 
per cent of one nationality,' 
and teaching must be In Arabic. 

This provision means that sdiool r -ends and .- 
Indian schools, by necessity allowed out m evraihg^ 
privately owned; are generally qu ^^ nn ^ 10 ®-^ c P?! 
badly run and the cost of KD80 Fathers, brother*, 
per semester is almost prohlbi, hrotfaers-in-law : ,Wify^ 
tive for an Indian servant guardians—the ■ 
couple who earn something categories of man piatini-J 
in the region of KD50 per woa3an “ stnetly;. swfcifiasa 
month. " -martf.. >.• 

In the Government-aided- - - In J ahrain UiO 
schools everything is free for 1S .. a real effort-Jo.mj 

the chUd of a Kuwaiti. It is free ex-patnate , Arabs ^and ^ 
for the child of any expatriate, outr^of Key 

doctor and for those foreigners hvity; "Although^ thfe'-effog 
who work for the Ministries'of - eQ ;Kuwaxt pm< 

Health or Education. For the 
others the cost is KD40 a term. 

Salaries of staff vary Vndr- *nit to the irritatipmqf: 
mously—anything up to KD100 Kawaitis use ff .aS _their weafi 
a month more is paid to . a TlntH enough^ Kuwaitis-heap 
Kuwaiti teacher than . to ---.qpltitf ^the tl 

an expatriate • Arab: '• ! The wiH ~ c outure e~ to- boil as-Av 
Government try to camouflag e. and Eoropeans'•• tiassfe foiff^ti 
this obvious discrepancy by thire of“the T 
allotting a higher starting .• : V•/* 

grade to a Knwaiti and then: . .' JSTVW StGTGIglljSpJ 


ELECTRICALAND 


) tstablished sirice 1.954 

MAJOR SDPPtiER OF EtECTRtCfti|| 
DIStRIBUTIOMirtD IHSTAlLitiOltJ 
EQUIPMENT TO KUWAIT fiOVERUlS 
MENT DEPTS.,0ILC0MPAHIESAI®;3a 


MAJOR CONTRACTfflKt 


P.O. BOX 




Telex : 2369. Tel : 432232,43p9^g 


GENUINE BRITISH 










































ifidai Times. Monday.Febrnaiy tr 1978 



23 






By MICHAEL DONNE, Aerospace Correspondent 


ROSPACE j - iiuJustJT 
itlsh Government are 

Lig. rapidly towards, a 
at will settle which 
ie country takes in' 
it manufacture - for 
w >i Uw century. - 'The 1 
vhet&et^tft Work with 
i^deVelepiagr'a 'new 
* ffifflin lange aJj*ifner,~ 
*. it adial with: Boeing 

tTelJ Douglas of the . 
'i ; 4 »rticipade.' fiiv the 
|ht of one of-the-new 
companies/ are. now 



-4 


i 


■i 

I 

i 


o 


tcome wi!I_not .only 
fature.of* »;svhstafi- 

ofthe. State-owned 

ierospaee; -group. Vbat 
tare development and 
work-load .of Ralis- 
the.Britteh Airways 
. - the; Government, it is 
. complex industrial 
with important 
implications. •' 

;*oot of the decision is 
|hat k new generation 
medium range civil 
on the way, to meet 
of the airlines 
the end- of this- 
it the airlines want 
ling seating around 
senders, and capable 
stances up to 4,000 
er 1,000 jets of this 
likely to be bought 
over the next ID to 
ajjd -many more 
mid to late 1900s: 
is estimated to be 
n'.flObn. and 
. iluding spares. There. 
ft' v butte, other civil' 
lesides this one—for 
n developments of the 
: Jumbo jet, and the 
anse trijets like the 
id DC-10, and even in 
short-haul field. But 
rt-to-medium range 
• widely accepted as 
biggest of them all. 
why all the world’s 
, nd aircraft manufac- 
* ; - interested in it. ‘ 
M;iblem for .the UJC is 
bic mrafactiiTers on 


■both..sides of Atlantic are 

moving to meet “thts'heed with 
broadly comparable types of air- 
craft, and a collision course in 
-world markets is in tbe-pjaking. 

In. the U.Sl. Boeing, 1 the 
world's". : biggest ' Jet-builder, 
with over 3,300 aircraft to its 
credit, is now offering two new 
types pf.'aidiner to meet the 
emerging. demand. One'is the 
-757,. In. effect . a- “727/737 de¬ 
rivative” with two engines, and 
seating -up to 180 passengers. 
- Tirir 1 aircraft could use two of 
the new version of the Rolls- 
Royce -RB -211 engine, the Dash 
535. of 32,000 lbs. thrast,_or the 
'TLS. .General Electric “ cropped 
fan " venrioa of th? CF6-50. the 
:X>asli 32, of 33,000 lbs. thrust 


Boeing 767 


\ 


The other new Boeing: Jet is 
the 7B7, a bigger, :.-wlder- 
fuse! age aircraft se*tJng-iip to 
about 220 passengers in--twin- 
aisle 7-a breast : configuration, 
also twin-engined, and using the 
existing types of “big thrust” 
engines—such -as tb£i.-Rolls- 
Royce RB-211 Dub 22D version, 
the GE CF6-50 or the Piatt and 
Whitney JT-9D.. all of which are 
about 42,000 lbs thmst In the 
longer-term, this aircraftjcould 
be stretched into yet another 
version, the three-engined 777, 
which would also be a* 220- 
seater tri-jet.; but' capable of 
Tong-ranges (over'5.000 miles), 
reverting to the use of; such 
engines as the RoUs-Royce Da*h 
535si br GE Dafih 32s. 

McDonnell Douglas ot the 
U.S. has also indicated to the 
U.K. that it could share sub¬ 
stantially in the development of 
that company's proposed new 
Advanced Technology Medium 
Rang* (ATMR) transport air¬ 
craft (which could also use the 
Rolls-Royce Dash 535 engine > if 
it wished, as well as enjoying 
the benefits of collaboration 
with McDonnell Douglas on 
other proerammes. These would 
include help from the U.S. 
company on getting the British 


HS-246 feeder-liner rolling, and 
eventually joint development of 
a second-generation supersonic 
transport. So far, no. firqi dis¬ 
cussions on this have 'taken 
place with British Aerospace, 
but the door is open if the U.K. 
wishes to take the matter 
further'. ' 

Competing with these Boeing 
and McDonnell Douglas aircraft 
are two projected European 
models. The first is the Euro- 
jet. the design of which is now 
being settled by discussion be-, 
tween. British Aerospace. Aero¬ 
spatiale of. France, Messer- 
schnxitt of West Germany and 
Fokker-VFW of Holland, and 
which could cost up to £500m. 
to develop. This would come in 
three versions', seating upwards 
of 130 passengers, but. the 
engines would all be Franco- 
U.S. CH\f-56s. starting at about 
22.000 lbs. thrust. In broad 
terms the Euro-jet can be re 1 
garded as a potential competitor 
to the proposed Boeing 757. So 
far, airline reactions to it are 
uncertain—although Air France 
is understood to be committed 
to it—but these may emerge 
soon as the European team 
starts to brief the airlines on it. 

The second European venture 
is the proposed B-10, a new 
version of the increasingly 
successful A-300 Airbus. This 
would seat about 217 passengers 
and would use two of the exist¬ 
ing “big thrust” engines—such 
as the GE CF6-50 series. While 
it could also use the Dash 524B 
version of the Rolls RB-211, this 
engine is not specified so far. 
and there is no indication that 
there would be a market Tor 
Rolls-Royce in this venture. The 
development cost of the B-10 
is estimated at about Fr.-lbn., 
and Airbus Industrie has sug¬ 
gested that if a definite go- 
ahead is given this spring, the 
aircraft could be in sen-ice bv 
mid-1982. Broadly, the B-10 
appears 'to be a Competitor for 
the Boeing 767 venture. 

The two European ventures, 
therefore, appear to be aimed 


at precisely the same markets 
world-wide as the two new 
Boeing jets, which are further 
ahead than the McDonnell 
Douglas ideas. In any assess¬ 
ment of likely market penetra¬ 
tion. the advantages appear to 
b'e with Boeing, if only because 
of its sheer size and already 
dominant position in world jet 
sales. Boeing has already spent 
over $140m. in design studies, 
and is well advanced in negotia¬ 
tions for ”launching orders” 
with several major U.S. airlines, 
including United. American, 
and Delta. It is a formidable 
reputation with which the 
European industry has to con¬ 
tend. 

White no one doubts the 
technical competence of the 
European industry, its collec¬ 
tive experience in world jet 
airliner markets is little more 
than. 600 aircraft (mainly 
British), so tbat. its base is 
much less well-established than 
that of Boeing. Boeing's prob¬ 
lem is that while it wants to 
start both the 757 and 767 this 
year >(and its Board has autho¬ 
rised outlays of S1.5bn. for the 
ventures) it does not necessarily 
want to do both entirely on its 
own. It has an agreement with 
Aeritalia of Italy and with 
Japan to help finance and 
develop the 7B7, and it is now 
actively seeking substantial 
British participation on the 
smaller 757. 

Offer to U.K. 

Boeing is offering Britain the 
equivalent of about 50 per cent 
of the work on the 757—design, 
development and production of 
the wing.-, rear fuselage and 
part of the tail, together with 
undercarriage, nose-wheel and 
the engines (Rolls-Royce RB-2I1- 
535s) and engine-pylons— 
covering all 757s to be built 
The financial details remain to 
be settled, but it is believed 
that the U.K. investment would 
he much less than for the Euro¬ 
jet 


For a variety of reasons, this 
British involvement is im¬ 
portant, though not vital, to 
Boeing. First, it would help to 
clinch a possible British Airways 
order for perhaps as many as 
40 of these aircraft through ihe 
1980s. Secondly, it would 
relieve Boeing of sora* of the 
financial burden involved in 
starting two major new pro¬ 
grammes in one year. Thirdly, 
ir would help to consolidate 
Boeing's . position in European 
markets and in the aerospace 
industry on this side of the 
Atlantic. 

It is an atractive proposition, 
for the 757 market could run 
to several hundreds of aircraft. 
But the offer is only open for 
U.K. acceptance or rejection 
until the end of March, for by 
then, Boeing will need to turn 
to U.S. manufacturers if its own 
44-months development time¬ 
scale on the new programme is 
to be moL - There is. no lack ol 
U.S. companies willing to join 
the venture, for it could be one 
of the biggest jet programmes 
yet undertaken. 

U.K. participation in the 757 
programme could enhance the 
possibility of Rolls-Royce getting 
its Dash 524 “big thrust'' RB-211 
into the bigger venture, the 767 
aircraft. 

Compared with the Boeing 
offer. the European pro¬ 
grammes seem less well 
secured. There is still con¬ 
siderable discussion as to how 
the potential work and costs bn 
the Euro-jet will he shared, with 
some extremely difficult inter-, 
national political negotiations 
still to be completed. These in¬ 
clude. for example, who will 
have design leadership, and 
where the final assembly lines 
will be—at. say, Bristol tFilton). 
or in France at perhaps 
Toulouse. There is also the 
now undisputed fact that even 
if Britain joins the Euro-jet, it 
will not have a British engine. 

So far as the other European 
jet proposal is concerned, the 
B-10 version of the A-300 Air¬ 


bus, there are such questions to 
be settled as to whether the 
U.K. is willing to rejoin the 
European Airbus Industrie con¬ 
sortium on a formal govern¬ 
ment basis (instead of continu¬ 
ing as an *• associate member ’’ 
as at presentt and what the 
financial terms involved in that 
would’ be. and what sort of 
manufacturing share of the 
B-10 the U.K. would be given. 
If the U.K. declined to rejoin 
Airbus Industrie on a govern¬ 
ment basis,' there is "' no' 
guarantee that it would get any 
share at all of the work on the 
B-10, although if it did join 
it might reasonably expect to. 
get the wing design and devel¬ 
opment contract, to follow on 
its existing work in this area 
on the A-300. But here also, 
there are some delicate political- 
and industrial problems to 
settle. The market for the 
B-10 is so far uncertain. 
Lufthansa and Swissair have 
expressed'interest, and Airbus' 
Industrie is discussing the 
venture with other airlines. 
But so far. British Airways bas 
shown very little interest in. it. 
and is oat likely to change its 
mind in a hurry. 

AH of these issues have to 
be considered by the U.K. 
Government and aerospace 
industry in deciding whether 
nr not to remain committed to 
a European "solution to the' 
future civil airliner develop¬ 
ment programme, or to change 
direction sharply and accept 
the Boeing deal. There are 
strong feelings in the industry 
for each course. Many feel that 
the European road is the right 
one to take, for reasons such 
as Common Market member¬ 
ship and traditional links* on 
past programmes, such as 
Concorde. The pro-European 
lobby also argues that to adopt 
the Boeing offer will be to 
make the U.K. little more 
than a lon^-term sub-contractor 
to the U.S. industry. 

Others disagree most strongly 
with this, and suggest that the 


difficulties in getting a Euro¬ 
pean programme moving are 
well-nigh insuperable because 
or French determination to 
dominate the two ventures, and. 
the time tbat it will take io 
settle all the intricate details 
of work ami cost sharing, when 
speed i> essential ;n order to 
meet world' market- demands: 
They point out that by taking 
the Boeing mute, the U.K. will 
be getting some 50 per cent, of 
the .757, which is. certainly no 
less than it would get with the 
Euro-Jet, and in the event could, 
prove to he substantially more, 
because of the sheer size of the 
eventual market for 757s. This 
argument is based to some ex¬ 
tent on the belief that Boeing, 
whatever ir builds, is bound by 
its reputation and ability to 
win the Eon's share of world 
markets. 

Filling the-gap.... 

For British Airways, the ques¬ 
tion is whether it buys the 757 
and/or 767 (as it is believed to 
-want to do) to meet its .Tri¬ 
dent replacement needs through 
the 19805. With this is linked 
the question of whether in the 
interim it buys some of the 
smaller existing 737s to fill the 
gap before rhe new jets arrive, 
or whether it buys a stretched 
version- of tiie British Aerospace 
One-Eleven. 

British Aerospace itself has 
to decide—and soon—whether 
to go further with the Boeing 
deal, or continue to negotiate 
on the Euro-jer. in the hope of 
winning a substantial share of 
its design, development and 
production. It will also have to 
decide whether or not it wants 
to get into the B-10 programme, 
if that is finally authorised by 
the French and West German 
Governments. So far. it has pre¬ 
ferred to concentrate on its 
negotiations with the European 
industries. 

Only Rolls-Royce has no 
doubts. It has so far been 


excluded from the Euro-jet. and 
has only a limited future in the 
B-10, if at all. and it is there¬ 
fore anxious to sec the Boeing 
deal ,£n ahead. It believes 
that it stands a belter chance of 
big long-term markets by link¬ 
ing with the 757 and T67 pro. 
grammes-. 

“None of the three groups in 
U.K. aviation can Take their 
decisions in isolation. The 
Government. through Mr. 
_Varley, Secretary for"Industry, 
has said that it wants io' see the 
matter settled solely on the 
basis of commercial considera¬ 
tions. and that political con¬ 
siderations will not apply. But 
what happens if all three decide 
to pull in different directions 
for what each believes to be 
good commercial reasons—iF 
"British Aerospace settles for 
the Euro-jet, Rolls-Royce 
presses ahead with the U.S. 
market and ignores Europe, 
and British Airways also insists 
—as fi has every riFHt’to do— 
that it wants to buy the U.S.- 
built jets, rejecting both an 
interim One-El even purchase 
and the eventual Euro-jet itself? 
In such a situation, only the 
Government can settle the issue. 
And if British Aerospace 
decided to abandon the Euro-jet 
and take up the Boeing deal, 
there would be bitter criticism 
from the French and West 
Germans, and possible implica¬ 
tions in other directions. 

It is a problem which is all 
the more important in that 
whichever solution is chosen it 
will affect the course of U.K. 
dvil aircraft manufacture for 
the rest of this century. 
Already, opinions on it are 
hardening in Whitehall, where 
senior officials or the Depart¬ 
ments of Trade. Industry and 
Treasury are believed to feel 
the U.S. solution is the right 
one on commercial and indus¬ 
trial grounds, and with the 
Foreign Office concerned about 
the political implications with 
Europe if that course were to 
he chosen. 


Letters to the Editor 


irum for 
ering 

• Director-General, 
if Directors 
is distressing to find 
'•' jrominent a journalist 
Elliott should have 
-umself to- become en- 
the Bollock trap.’ For 
be is, if we are to judge 
♦ook “Conflict - or Co- 
’■ The Growth of Indus-, 
■joeracy” (reviewed on 
. 23)/ . : * 

' allowed himself <o be 
" -by Bullock's misty 
the march of history 
us ever onward to- 
. so-called “industrial 

- He has equated 
roe in either EEC coun- 
i what Bullock recom- 
Vnd he has accepted, 
y without a qualm, the 
td mechanism for pac¬ 
ker-directors on - our 

- ithout a thought for the 
• chisement this Would 
. the non-unionised em¬ 
ir. Elliott should reflect 

function that a Board 
. * >rs is designed to carry 
- the sort of people we 
. out Boards if business 
wper. 

iarch of history” argu- 
iptoyed so emotively by 
. Js In reality a p»ece of 
us nonsense. By im- 
« the Board ihe diarac- 
political committee, it 
an elementarv mistake 
,e nature of Board de¬ 
ities. where the proper 
to reconcile differences. 

. ;ht of votes cast is a 
justification for a de- 
■ n business- It is the cus- 
riot the company who 
its whether a decision 
or wrong. It does not 
jy how great a majority 
rd decides, with or with- 
a stewards, that the cus-. 
■ hould-have blue: if. he 
.- 4 ]low, the decision ts 
Some people are demon- 
better than others at 
business decisions and 
. »se that we want on our 

:EC argument is equally 
it mav be that our Euro- 
v'artners practise worker 
- aiion in one form or 
y. They certainly do.not 
S' \e Builock way. 

most frequently quoted 
«i- is Germany. In west 
Aatoy the system is founded 
l^* 1 ' tradition nf industry-wide 
.ing. with unions—far 
:*t them—organised on an 
■ 1.-1 basis, and held wtlbm 
v -fines of the law. What is 
. i'Ahere U a two-tier Board 
the upper being a super* 
Board without effective 
. & of initiative. 
r j r ihe disenfranchisement 
, non-unionised employee, 
d ind of a democracy would 
«? - iiisurial variety create, if 
•even one employee unable 
Viress his view? 

her industry nor demqc- 
* j/ould benefit from bring- 
,d?iiitical methods and the 
' :■* is of collective bargaln- 
W,-to the Boardroom- Direc- 
i / ust be chosen for the busi- 
skills they have displayed 
ust recognise that the pri¬ 
ll t Junction o£ their companies 
serve their customers, not 
shareholders, employees or 
ite else. Unless they satisfy 
U - customers, there will oe 
\ .is to offer those other par- 
/ith an interest in the enter- 
g 

introduction of worker- 
, ors. Bullock-style, would 
- he Boardroom into a forum 
ickerins over the dlvtribu- 
-jf wealth rather than-for 
/?ntratinc on tite business of 
~ a creation. 


Surely we must all recognise 
that it ifi .customer democracy, 
not the socalled “industrial 
democracy" of the trade-union 
barons, that we should . shek? 
“Industrial democracy" ft about 
power and protection ,fif.' the 
group, and the distribution of 
wealth: Customer democracy is 
about individual freedom and 
choice, and the creation ol 
wealth. 

Jan Hildreth; ' 

Institute of Directors. 

US, Pall Mall, S.W.l. t 

Government by 
decree 

From the Hob. F. Corntcallis 

Sir,—Let there be no misunder¬ 
standing by anyone ojf the anger 
which has heen e^nemted hv the 
Government among members of 
the CBi over the iniidious. means 
of dealing with pay sunrtions. 

It is my view, and I know that of 
many members qf the CBI Smal¬ 
ler Firms Council, that the pay 
sanctions are only a symptom of 
the disease .from which this 
country is suffering. The disease 
itself is the way fn which we are 
bung governed increasingly by 
decree. 

Last yOar I believe there were 
1,600 Statutory Instruments, the 
majority of which were never 
scrutinised by Parliament in any 
way. "The logical extension of 
this is a complere dictatorship, 
where no one has the right to 
question anything. 

I feel that it is of paramount 
importance that the CBI. the em¬ 
ployers' federations, the trade 
associations and individual mem¬ 
bers ail fight this creeping infil¬ 
tration into our basic freedoms 
with every weapon that they 
have! 

It would seem to me that this 
is a cause which would attract 
considerable public sympathy. 
It should not be speclfirally 
allied tn the pay sanctions argu¬ 
ment which is in detail, but not 
in principle, slightly less firm 
ground. 

If this country is to survive at 
all we must break the shackles 
of arbitrary, wooden-beaded, 
doctrinaire, and often secret 
Government. 

F. N. IV. Cornwallis. 

29. St. James's Street, F.ti'.I. 


The pig 
market 


From Mr. E. Welby- _ ^ 

Sir.—J read (February 23) th* 
letter from Mr. Walshaw attempt¬ 
ing to' pluck our heartstrings 
with the woes of British pig 
farmers. Mr. Walshaw does in-, 
deed have a problem. For in- 
stance, docs he intend to carry 
on his campaign by holding 
protest meetings at his home,, or 
will he picket Whitehall? 

As tong as the U.K. has a low 
wage. low cost economy, iu which 
piemen are paid less than half 
the wages of -their equivalent in 
other Common Market countries, 
consumers fn this country will 
have to be protected in one way 
Or another from the full effects 
of the CAP. „ „ , . . . 

As to the plight of British ptg 
farmers, how badly off -,re th.ey 
in reality? There are at least 
three categories who. taking year 
on year, have always made a 
respectable margin °n_ their 
investment. These are large 
arable farmers, for whom pig 
production is a margin jI activity-, 
farmers who Utilise waste pro¬ 
ducts of thr food industry, 
which is both profitable to them- 
selves and of benefit to fhc 
economy as a whole; and those 
who by their superior skills 
achieve a substantially higher 
level of efficiency than the 
average. 

At present our pig farmer? be¬ 
long to a pretty exclusive club. 


New entrants are deterred by 
the high level of capital required 
to create an economically viable 
unit. The worst possible news 
for the established producer 
would bo a sudden increase in 
ex-farm value of pig meat. In 
no time at all there would be an 
influx of new producers together 
with expansion of present nerds, 
leading in a short time io surplus 
production aqd prices far more 
depressed than they are at 
present. . 

The alternatives to economic 
barriers to entry to the pig 
industry: are -the* artificial restric¬ 
tions which are "a corollary to' 
the high prices in other EEC 
countries. These include a vir¬ 
tual ban on the construction of 
new pig houses, restrictions on 
the numbers of pigs individual 
farmers can keep, pigs-to acreage 
ratios and punitive controls on 
the disposal of manure and 
slurry. 

British agriculture is essen¬ 
tially a free enterprise activity 
and 1 do not believe that fanners 
as a whole would welcome this 
type of control. 

My advice to Mr. Walshaw is 
to keep his head down, leave 
the ritual breast-beating to the 
National Farmers Union, and 
continue to improve the effici¬ 
ency of his pig unit- Then he 
can cry all the way to the bank. 
Edward Welby. 

S3, Hampden HIV. 

Beacons field. Bucks. 

Subjects for 
discussion 

from Professor Z. 7.eman 
' Sir,—It may be that Mr. Gold¬ 
berg, the head of the D.S. delega¬ 
tion to the East-West Securlty 
Conferem-e in Belgrade, as well 
as other Western delegations, 
have argued the cause of human 
rights fn i-ountries other, than 
their own too long and loo force- 
fully. . 

No one should be surprtBPd if 
the conference falls. For many 
months before its beginning, the 
signals from Moscow and from 
other Socialist countries had 
indicated that too much concen¬ 
tration on “human rights" would 
br .strongly resisted: for just as 
many months, governments and 
the media in the West were 
focusing on that particular 
cause. 

For instance, the second semi¬ 
annual report by the U.S. Presi¬ 
dent to the Commission on 
Security and Co-operation « 
Europe, published in June. VB77, 
gave 20 pages to implementation 
of Basket Three of the Final Art 
—and those pages dealt almost 
exclusively with the Socialist 
countries — and five pages to 
Basket Two. the leis contro¬ 
versial set of issues including 
East-West co-operation in econo¬ 
mics. science, and technology. 
The writing was on the wall 
when the review conference met 
in Belgrade. 

- There also may have been loo 
many proposals from every side 
of the table. But there was 
another, and move important, 
procedural (law which Impeded 
at least the review part of the 
conference. 

This was that parlicipatine 
Governments were too anxious 
to report on the performance of 
other Darticfpafine Governments, 
"rather than saying, briefly and 
plainly, what they 'themselves, 
bad done to implement the Final 
Act Constant references to the 
failings by the nthcr party would 
amount, in personal relations, to 
bad manners. Will particlpatinc 
Governments have learned from 
experience next time they meet ? 
Various Easi-West meetings are 
fortunately not as rare as they 
used tn he; and perhaps a code 
of. gond manners will evolve, and 
be accepted by the various 
Governments: The Final Act has 


provided a useful yardstick, but 
it should be used as a measure 
and not a weapon. 

At a time when all-European 
Governmental meetings are still 
in fbeir experimental stages. 
Western Governments choose to 
concentrate on a problem which 
is insoluble. There are still 
lob many crucial unresolved 
issues in East-West relations 
without the same amount of con¬ 
troversial history and politics 
behind them as " human rights. 
They should be given at least as 
much prominence in any future 
negotiations. * - 
7-bynek 7.eman. 

Forge Mitt House, 

Crnon. Lancaster. 

Renewable 

material 

From the Chairman, 

Watts Blake Beame and Co. 

Sir,—The conservation of ail 
forms of fuel is being given 
serious consideration at the 
present time, in the light of the 
temporary alleviation of our 
problems, thanks to North Sea 
oil and gas. 

Most forms of fuel, like other 
minerals, are, unfortunately, ex¬ 
pendable. Surely, now is the 
lime to pay particular attention 
to one of the raw materia is 
which is renewable, namely 
timber. 

Tn build up growing stocks of 
timber for the future is a Jong- 
term prujerl for. at the present 
time, we arc only growing about 
10 per ceni. of our requirements, 
our total consumption of timber, 
and timber products, being over 
£2bn. a year and being our third 
largest import. 

Surely we should use some of 
our vhort-term oil revenues in in¬ 
crease the proportion of our land 
covered by managed . forestry. 
thereby perpetuating a valuable 
raw material for the future. 

Timber has many attributes, 
particularly in relation to energy 
conservation, tor it is a good in¬ 
sulator and bi its 'preparation 
calls for far less fbcl than do 
most other building materials. 

The United Kingdom is an ideal 
country in which to grow timber, 
and we should ensure that all 
land which can he, spared—hav¬ 
ing paid due regard to agricul¬ 
ture and amenity—should he 
afforested, to make a contribu¬ 
tion to the supply of an essential 
raw material in the 2Jsr century 
C D. Pike. 

Pork House, Courtenay Park, 

N etc Ion Abbot. Devon. 


GENERAL 

TUC ’eaders meet Mr. Albert 
Booth. Employment Secretary, to 
urge Government not to accede 
to pressure from EEC Commission 
to remove or modify Temporary 
Emolovnient Subsidv. 

Welsh trade union represen¬ 
tatives and Scottish TL’C discuss 
withdrawing support at next 
general election from MPa 
engaged in what they regard as 
•••racking tactics on devolution 
Bills. 

Engineering pay talks resume. 

Representatives from Transport 
and General Workers' Union Mid¬ 
land region begin two-day invest!- 


To-day’s Events 

gatfon Into recommendation, by of State. Ministry of Finance, 
union’s Oxford district that Mr. Bonn. 

Alan Thorneti and Mr. Frank Mr. Anthony Wedgwood Bonn, 
Corti. leading shop stewards at Energy Secretary. addresses 
British Lev-land's Cowfey plant, be public meeting in Ilford North by- 
suspended. election campaign. 

Financial Times two-day confer- Mr. David Steel. Liberal Party 
enec. World Banking in IflTS. leader, speaks at riford North by- 
opens at Grosvenor House, W.t. election rally. 

Firsl-dav speakers Include Mr. London Chamber of Commerce 
Harold Lever, Chancellor. Duchy trade mission leaves for Bulgaria, 
nf Lancaster. M. Franeois-Xavier Sir Peter Vanneck. Lord Mayor 
Ortoli, vice-president. Commission of London, attends City of London 
ni European Communities, and Polytechnic annua) presentation 
Hr. Manfred Lahnsxein, Secretary ceremony. Guildhall. EG. 


PARLIAMENTARY BUSINESS 
House ot Commons:' Debale on 
law and order. Motion on EEC 
documents on Jurisdiction and 
Judgments Convention. 
COMPANY RESULT 
Commercial Union Assurance 
(full year 1 . 

COMPANY MEETINGS 
See Week's Financial Diary on 

S age 2(». 

ALLEY 

Royal Ballet dance Mayerling, 
Covent Garden. Vi'.CJi, 730 p.m. 
MUSIC 

Philip Pilkington ipianoi in 
Schubert recital. St. Lawrence 
Jewry next Guildhall. E.C.2. l p.m. 




«l. V. 


*- 

.»• - 


jx 


«*, .I* 


. rjqf 

" s x 

»***" . ...... 

*:r ‘ ^ ~ 


v * 1 





A proper 
charge 


From the Company Secretory 
British Leyland 

SSt,—-L ast Monday's edition 
carried a story which referred tn 
the provisions for the Speke 
plant closure. The article slated 
*‘So he (Michael Edwardcs) can¬ 
not argue that the financial pro¬ 
vision falls logically within the 
1377 year on the grounds rhai 
the decision was taken then." 

We would like to point out that 
the proposal to close Socke was 
agreed by the BL board on Feb¬ 
ruary 7. .1878, It is normal 
accounting practice to reflect in 
-the annual accounts any decisions 
made after the year end and 
before the accounts are finalised, 
which significantly affect the 
valuation of assets and liabili¬ 
ties in those accounts. Indeed, 
ntrr auditors nui’c properly 
advise that we do so: thus the 
cost of closing Speke wnuld bp 
a proper charge against 1977. 
Our auditors would Iip happy to 
cnnflrm the above facts. 

P D. Plant. 

Nuffield Hoasc. 

41-46, Piccadilly, VCS. 



; ■ 


. ' . . > - ■ -I. _ •• . 

■ ‘ *.. *■ '. ; '. . • v-v ' ‘ 

WE ARE NOW IN SINGAPORE. 

Skartdinaviska Enskilda Banken, Sweden and Scandinavian Bank 
Limited, London have opened a joint South East Asian regional 
representative office in Singapore. 

We already have offices in Athens, Bahrain, Hong Kong, 
Madrid, New York, Paris. Sao Paulo and Tokyo. 

Our address in Singapore will be: 

2402 Clifford Centre, Raffles Place, Singapore L 
Telephone: 981322. Telex: RS 23162 scandbk. 

The regional manager and representative of Skandinaviska 
’ Enskilda Banken will be Mr Claes von Post. The regional manager 
and representative of Scandinavian Bank limited will be 
Mr Andrew LI Pocock. 


£ 


Scandinavian 

Skandinaviska Enskilda Bank 

Banken Limited 












svjv- 


■. Finajici al Times^ 

SHIPPING - 




2b 

% 


COMPANY NEWS 


Evode sees progress in second half 


IN HIS annual statement Mr. H. 
Simon, the chairman of Evade 
Holdings, says he looks forward 
to continued progress in the 
current year. 

Volume sales growth and profits 
have remained difficult in certain 
sectors during the first quarter 
and satisfactory in others, he 
tells members. This trend is 
expected to continue info the 
second quarter, but thereafter it 
is expected that sales and profits 
will become more buoyant. 

As reported on February 10, 
pre-tax profits for the 53 weeks 
to October 1. 1977. were little 
changed at £l.4fim. compared 
with "£1.45m. for the previous 52 
weeks after £0.69m. (f0.57 m.) for 
the first half. The dividend total 
is 2.284p t l.RSSpi and a one-for- 
one scrip issue is also proposed. 

Current cost accounts show an 
adjusted pre-tax profit of 
£938,000. 

Mr. Simon says tfrtt while first 
half profits were satisfactory, in 
the last quarter the results were, 
affected by a fall-off in demand 
and. because of the Price Com¬ 
mission. an inability to pass on 
increased costs. 

At Evode Limited sale? in¬ 
creased by 23 per cent, in money 
terms and 10 per cent, in real 
terms. The increa>c in thp build¬ 
ing and consumer products divis¬ 
ion was favourably affected by the 
launch of eleven new products 
whi.'h accounted for 40 per cent, 
of rite real increa-.e in sale- The 
industrial division al>n .--hovcrl 
significant volume increases and 
new product introductions have 
continued in the current year. 

Profitability did not increase at 
the >ame rate as sale- rt urine the 
second half due to some rall-ntT 
in demand, the inability vo pass 
on cost increases, significant in¬ 
creases in promotional expendi¬ 
ture and a larjrc capital inve-i- 
ment programme. Total capital 
expenditure amounted to 
£520*63. a_ r ains1 £310.455 for the 
previous ypar 

The most significant item of 
caoitai exoend it lire wps rhe in¬ 
vestment in a four metre wide 
coating plant which will enable 
the srntip !« supply hot melt 
coated hessian to the carpet in¬ 
dustry for a nrv. process to manu¬ 
facture Axmin^rer and Wilton 
type carpets. The process, which 
was jointly developed by Evode, 
Sfone-Platt and Bond Worth Car¬ 
pets. has been adversely affected, 
temporarily, by ihp financial diffi¬ 
culties of the Bond Worth Group. 
However, ‘■•ienifieant sj*|os of 
coated hessian are expected dur¬ 
ing 1979.-80. says the chairman. 

Evode Waterproofing Systems 
suffered during the first six 
months in view of the adverse 
weather conditions. However, a 
strong order book quickly en¬ 
abled the company to recoup the 
situation and finish the year with 
record sales and profits. 

Allwenther Evode Paints 
achieved an increare in sales of 
27.40 per cent., and considerably 
incron nro'i* 1 h«><- S-i'i- 
plles lifted sales by 29 per cent, 
and improved profitability in an 
Industry that revived consider¬ 
ably in the neriod 


BOARD MEETINGS 


The MUn-nns companies have Mild 
rtafes -if Board meet ms* in th>> Muck 
Exrlijnt:?. Such meet Inc* are usual I v 
held f.ir ihe pbtdum >it cwsiderps divi¬ 
dends. ufft-uJ lndica:i<in< ar* rmi avail¬ 
able i-hclhor dividend 1 rnn--‘’me'l arc 
interims ur final' and Ui»? .'ih-dui-mns 
.-ho’*'ii hrlnw ar>- ball’d niainis ur lasr 
year’s ttme'able 

TO-DAY 

Interims— 1 Cam pan. Robert M Doiula« 

Finals—Armour Trust. Charles Baines 
CumninrriAl L'mon Assurance, Ransonie:- 
Sims and ■iefIerte->. 

FUTURE DATES 

Interims— 

HTV .Mar. 16 


Medens 
ahead at 
midterm 

Medens Trust, the South-coast 
based instalment finance and 
banking group, announce profit.v 
before tax for the half-year to 
December 31. 19* i. of £183.962. 
compared with £100,870 for the 
corresponding period in 1976 and 
£123.307 for the haT-year to June 
30 la<l. The net interim dividend 
has been increased from 0.2625p 
to 0 34n per «hare. 

Mr. .1 A. K. Collin®, the chair¬ 
man. 'ays the statutory controls 
which were reintroduced in 
December. 1073. -till restrict the 
terms on wlveh rpe hire-purchase 

subsidiary transacts the greater 

part of iis busings. \e\ ertheless 
hire-purchase turnover at £3.7m. 
is a record figure fur a half-year. 
Tn increase busines-. further in 
that area Medens hn« .in' 11 
aenuirert control of a local finance 
cnmpnnv in mid-Kent with nut- 
s| and mgs pvceedul'i £200.000. 

Trading ha« remained huoyanr 
rhiri"" the onenins weeks of 1978 
and Mr. C.nlV.n« anticipates a P"i! 
div-d-nd incrpr,for| to ihe 
maximum permitted. 

Caution at 

Glasgow 

Stockholders 

.Mr. Andrew Rintoul. the chair¬ 
man of Glasgow Stockholders 
•Trust says in his annual state¬ 
ment ilia i the company are 
cautious about the immediate out¬ 
look. both in the U.K. and in the 
U.S. But. not to the extent of 
going liquid to any material per¬ 
centage. 

The chairman adds that Ihe 
Trust has a portfolio of “good 
quality investments “ from which 
it expects to receive increased 
revenue and should some of the 
present economic uncertainties be 
resolved favourably, ihe company 
intends to increase its overseas 
portfolio. 

A* alr-ady known, for 19* * pre- 
lax r«-icnue rose fro'o £406.876 
>n £50! 032 and the- dividend is 
-ii-ii-d tin to 2An '2.050) net. 


Lake and Eabot . 

\!aca1b*t-<!lnilivrt. 

MaUi-in Tin DretWng . 

Fark-v Knoll 

^andlmr*! ."tarkir'in* . 

S'ins»i Enan Rubber . .. 

Walt; rr 'Thi.-.' . 

Finals— 
f>-|ii-h Vila 

Garre 'T . 

ij-7’.iJr.;sn -H • . 

tlreenflcld Mlll-u* • — • 

Ho^imr . 

lure :mm: Trim rt 'iuerou-ey 

Vtalrax 

S-'rtl-fs .. 

Wcetr-- Associate* 


Mr. Rinionl says that 1977 was 
a year when overseas markets 
went one way and the L'.K. mar¬ 
ket went the other; in addition 
currency and dollar premium 
variations ‘worked against rhe 
company. The combined effect 
was to alter materially the 
geographical distribution of 
Investments, in terms of market 
value. There is now 40 per cent, 
of ih»? portfolio invested overseas, 
compared with 56 per cenL last 
year. 

The overseas currency loan of 
St.S3.2m. was renewed for a 
further five y^ars. Liquidity 
increased hy £139.(90 against a 
decrease oT £331.596. 

Meeting. Glasgow, on March 21 
at 11 a.m. 


Hirst and 


:n £4 76m Exports now repre¬ 
sent almost half of rhe rum¬ 
mer of iho^r onmjMn ; es ‘n the 
group that are able to export 

The chairman reports a year of 
development 'for the pharma¬ 
ceuticals division and an excel¬ 
lent period for the catering 
equipment section, bu.; the tex¬ 
tile,-. division had a difficult >e» r 
and the removals market declined 
further 

Meeting. Huddersfield on March 
22 at 11.30 a.m. 


Outlook 
for Great 
Northern 



v-. 

' ' 1 - T '- il-Fri 

'v;' “ - Y ; ; - ’ 


Oil tanker trad^sbtek 
to most destinations 


to improve 

t.\ OVERALL improvement on 
.'»*j year's result is anticipated 
fnr Hirst and MaUinscm, the 
Huddersfield dMribuuon and 
rexiiics group, in 1977-78. Mr. 
>1. D Crompton. the chairman. 
>ay« in his annual statement. 

Hon ever, sialic demand in the 
I'K, and indications that export¬ 
ing may be difficult makp it 
unlikely that the first-half result 
will be much better than that for 
ihi- second half of last year. Mr. 
Crompton points out. 

On the y*-ar as a whole, he says: 
“ If the forecast increase in con¬ 
sumer spending brings us the 
'benefit*: which \>e anticipate, and 
nrnv/ding we are able (o at fain 
the expected level of export sales, 
we should see an improvement on 
last year's results." 

As reported on February 9. pre¬ 
tax profit rose from £175.500 to 
£330,100 in the year to October 29. 
1977. after £216.700 (Unix £54.600) 
for the- firet half The net dividend 
tntal is Up from l.63p to l.Sp a 20p 
share the maximum permi»)ed. 
Stated earnings per share 
advanced from 4.7p to 8.4p. 

Derr-vnd in the I'K. remained 
flat throughout the year. Mr. 
Crorttpnn -ays. But new -iiccc<.< 

was gamed overca>. with I4u- 
value of direct and mcE-Pvt 
exports inrrea vrg r -m I2'.t7ni 


MTHLE immediate growth pros¬ 
pects /or the major world 

economies are far from clear. 

Lord Weir, the chairman ol Great 
Northern Investment Trust 
believes that the trust's portfolio 
has a geographical and industrial 
spread in areas with ' above 
average prospects, and ihat 
growth in revenue will continue 
to be achieved from this base in 
the years ahead. 

.Vi reported on January 17. 
cross revenue advanced from 
£2.98m. to £3.42m. in the year lo 
November 30. 1977. and pre-tax 
revenue rose from £2S3m. to 
£3.14m. 

Lord U'eir fells member* that 
the underlying weaknesses and 
problem.; of. the U.K.'s Industrial 
syncm remain unaltered, even if 
temporarily disguised bv a 
politically convenient euphoria, 
but its international standing has 
improved, and thi.s has been 
reflected in the strone advance in 
the U.K. slock market. By com¬ 
parison the l'.S. market has been 
particularly weak, largely in¬ 
fluenced hy the lack of an effec- 
live energy policy and the 
con-vquen* decline in the U.S. 
dollar. 

However, ihe Board believe* 
that ihe l‘.S. market represents 
excellent value °n fundamental 
iong-term investment considera¬ 
tions. 

The other overseas investments, 
which are all financed through 
the investment currency premium 
market. in total remained 
virtually unchanged during the 
year. 

It has therefore been the per¬ 
formance of the UJv. stock 
market which has reduced the 
proportion of the valuation of 
funds invested overseas at the 
year end. 

The balance-sheet reflects the 
rise in the U.K. stock market by 
the end of the year. 2 nd net 
current assets of £2.5m.. while 
higher than a year ago in 
monetary terms. represent 
virtually the same proportion of 
capital employed. Almost 90 per 
cent, of thi« «um is held in over¬ 
sea 1 : currency. 

Mooring. Glasgow, on March 20 



, . ' 

.. . "• 

•-* • . -•»! 




■Fn -Ottir 

Sir Francis SaudiJands. chairman of Commercial Union 
Assurance. Fall year results are due to be announced to*day* 

Record growth at 
Lloyd’s Life 


financial times reporter 

LAST WEEK saw very little new 
business for VLCCs - (wry large 
crude carriers) on worid tanKer 
markets. , . ■ 

Demand for these vessels -in 
the Persian Gulf was practically- 
non-existent. - One VLGC' fixed 
for Japan had to concede. the 
tower rate of Worldscale 19:5 to 
obtain cover. But-the Gulf had 
more requirement for -smaller 
vessels, between 50:M0 r anti' 
150.(8X1 ‘ tons ‘ /or .various defi-, 
tinations. \ 

A 55,000; ton tanker for * 
voyage via the Suez Canal-to.- 
Italy obtained Worldscale -55 
while a sinwiar capacity: vessel- 
froth tlie Gulf to, ■ Mombasa 
obtained Worldscale 6Sh- — . 

Among larger vessels** 130,000. 
trjh. ship to the West, obtained. 
Worldscale 23.5 compared with., 
jn ■ cast bound vesset - • which 
closed at 30.5. .", - 

Loadings out of Indonesia have 

been on a par with normal and, 
rates show tittle variation, front' 

the-previous week, with'a 90.000 

ton vessel closing at Worldscale 
40-for a voyage to the west 
coast. This-compares with World¬ 
scale 42 fnr _an.S0.C00 too ship, 

. Demand for ships loading-in the 
Medlterraneaii .is stable and .com¬ 
parable with ..previous., weeks: 
Once again- the U.S: . Atlantic 
coast and Gulf have been the 
dominant discharge areas' .for 
crude, with a. 105,000 ton ship 


Axed at WorWscale 32* ahfc- 
58.000 . tanner \ at-/ : Wortoscal 
405. Voyages/to' Europe hav 
been mainiy confined" to ciea 
reqiaremenits where' rtfdEiwi 
rates' stand ; at- Worfds«d 
140/145. i - 

-Moderation . has marked Wej 
-African loadings. ,with. a;i2gQQ 
tonner . accepting'a. psujt carfto. e 
105,000- ton% fosr, a.TWage-to-th 
Caribbean" ,at. WnrlttetSato-*41 
■Demand f ot_ .tanJcers _G£(S^_^j 
Caribbean has^bem; ^. 

Ballasting r --, ; /.j 

Long-term : inquiries Teitta l 
dull, with . nb ireaction./fln? 
British companies'. which ; 
requirements- , - 

Othe- -reports Tiew t thd UaiH 
-bean Sfea -.^s j encorira^n^^ 
owners., with rising interest * 
30,000-to 50,000 fdinerK Birt fe 

observers, see this. jfinanesB^^s' 
ing -much. beyoHd tbe/®nd?=c 

F<5>ruaiy.' 

Last - week brokers 
March may -■ offerTiTjipr 
ditlons, with owners Viy^kyin 
jadgment on --.Vtltaaiu^vw 
ships back to 4he PersIah-Gi 
for .further, severe 1 . toss^Mikis 
voyages- ' V;-.. 

Blit -by to-day it is -eshmafe 
that there will be 
spare ca paclty 'ava Habje - fn-a 
Gulf to the 'tend 
■which . ha.1T/. Will ■ be; sittoigpt 
■spot capacity:^ '.v.'. 


Mental health noli# 


.saaaiasotsoossetstssotte*a•••••aaaa•••••■««•saataaaa. 

e.a** «*a 

•• •• 


.a •*••••••«■••••••••• 

a •••• ■•••«• 

i •••• •••»• 

* •••• 

i «• >,t> 

• •••• ••«• 

■ •••• 









Address 


Borsque Motional© d© Paris 
Limited is as follows: 


A record Furplu-i in the life 
assurance and annuity fund for 
the year to September 30. 19, i, 
is reported by Sir Henry Mance. 
chairman of Lloyd's Life Assur¬ 
ance in hb. annual ^atemen-v. The 
company ha> progressed * readily 
and po-si-tively bo ah ‘ia premium 
growth and in profitability- he 
tells members. 

The -accounts show ibn the 
Lind doubted in value over the 
year from $l7m. to 834 m. 
Premium income nearly trrpled ro 
313.6m. against $4.6m^ with finale 
premiums at £9.1 m. providing 
much of -this zrowth. Investniervi 
income jumped from £1-Sm. lo 
£2Bm. and there was an increase 
of £5.7m. in the value of invest¬ 
ments compared with a fall of 
£05m. in the previous year. 
Claims and annuity payments 
were slightly higher, while com¬ 
mission payments were more than 
double at £l.lm. 

The actuarial valuation at the 
year end reveals a surp ,us of 
about £lm.—of which. £250.000 
Came from the loadings in the 
premiums and tax reliefs exceed¬ 
ing management expenses. The 
Board has transferred a further 
sum of £250.000 from this surplus 
to shareholders' funds, reducing 
the deficit to £1.6m. 

Sir Henry refers to the out¬ 
standing new business results 
over the year, with new «=ingle 
premiums tripling from £3.6m. to 
£119m.. and regular premium 
business on an annualised basis 
jumping from £0.7m. to £1.2m. 
The eotnpany. he claims, is now 
firmly established in the financial 
Planning and investment market 
and has achieved considerable 
success with its large single 
orpoiium investment contracts. 
wh-re the withdrawal facilities 
»mV*» investor* to take a tax 
deF-’rred income nn their canifal 
nuMav. Mn«» of the investment i« 
now ^oine info the property and 
managed runris. 

The figures show that Ihe 
eorgan teat ion made over three 
ears ago. following a crisis ov-r 
■xcesslve expenses, has more 
- han pz : d off. Sir Henrv 
■•mpha'tecs that strict control of 
•vn^nres is still part of baric 
•oliry and that last year's growth 
•■•as achieved hy keening within 
th' expenditure budgpi. 

The sale* organteation. which 
vas drastically reduced as a 
result of the rrcrcantealion. still 
nnly consists of .-even representa¬ 
tives covering London and the 
-p>-t of the cnunlrv. 

Th^ sharo raniial of Llovd’s 
is held hv various n^H.«r. 
•■-•riting members of l.lovtl's 
‘hreugh the m»dium of their 
■'remium T*-ust Funri«. The share 
nrire. ba-ed on annual results, 
has this year been increased bv 
?D dt cent. In addition, one (A) 
Ordinary shire with snecial 
-mveerc 1 -- held by the corpe ra, l° n 
nf Lloyd's. 

FT Share 
information 

The following securities have 
been added to the Share Informa¬ 
tion Service appearing in the 
Financial Times:— 

Dravo Corporation < Section- 
Overseas—New York). 

Lazord Bros. S’crling P.es. Prf. 
(Section: Trusts, Finance, 
Land). 


tax for rhe year ended March 10. 
1977 amounted to £ 3 - 2 S 3 . 

It is ProTinciaJ’s intention to 
introduce, -new marketing tech¬ 
niques • which will enhance the 
profitability and ©rowth of 
Dorrington's existing business. 

Horne Bros* 

expansion 

programme 

The exceptional start up costs 
of new projects at Horne Brothers, 
together with the acquisition of 
additional retail sites, may de-j 
press 19,i-78 results, Mr. R. J- 
Horne. the chairman-says in his 
annual statement But the group 
will then be in *' an excellent 
position" to take advantage of 
the hoped for upturn in the 
British economy. 

As known, pre-tax profits for 
this privately-owned menswear 
group advanced to £l.lm. for the 
S4 weeks to September 10 19, i 
compared with £0.32m. for the pre¬ 
vious year, on sales of £15.76m. 
against E8.4m. 

The chairman says that on an 
annual basis they are record 
figures and have been achieved 
at a time when the menswear 
industry has had to face enormous 
changes in economic, social and 
design terras. 

The chairman says, that the 
group's investment programme is 
very much linked to its new 
corporate structure where 
separate subsidiaries for each 
major activity of the company 
have been set up below the 
parent company. 

A source and application of 
funds shows an increase In 
liquid funds n r £657.02? compared 
with a £154.432 decrease.. 


IN SPITE of goodwill ip Whiter 
hall for the plight of t?»e mentaUy 
ill and handicapped, virtually no 
impact has been made, on- focal 
health- authorities persuading 
them to change ...priorities,; the. 
National Association for-Mental 
Health claims t^day. . - ... /. 

■'The Governmehfs doenmeht 

‘Cheaper petrol’ 
at Sayacentre’ 

SAVAGENTRE, the jorrit ven¬ 
ture company of Sainsbury and 
British Home Stores,'whose first 
hypermarket opened in Washing¬ 
ton,. Co. Durham, in November, 
says that it is to cut the price 
of four-star petrol to 69p from 
to-day for 14 days. 


.' TWe-V£ay Forward'/ts a inaji 
disap^ointfrient.; -It- - bi^fligh 
once -again 'central' Goreitnii^n 
kiahgJitS* ; ingnence' /lots 

decision-inaXing." Inertia in mar 
authorities. ' and political - pff? 
surey L-made “ pronjfsea// iat 
priorities /;of' the - ceftsottatii 
document/ao more thjto. erojJ 
words.""'.' - ' • / .. 

Fire hits jobs:;/; 

A TOTAL of .180- workeri6= hk 1 
beeh made redundant-afhsr.ig 

month's . £4m'. fire - at.' -Loug 
borough J dye works. Thte compat 
said yesterday that jt wtraldVtai 
between 12 and 18 : mbnths^ 
build a new faciory^ jenef^it w 
not ahie ta retain-fte^warfea 
during that time. -; 


Receiver 
for Shunic 


Richard Ftovd of London 
accountants Flovd. Na^h and Co.. 
has be^r appointed Receiver of 
Shunic and is offering the busi¬ 
ness for sale at £300.000. 

Shunic of Stevenage, Herts.. 
manufacturers metal components 
and office accessories. * 

The directors say that the com- 
panv has assets In excess of its 
liabilities and has a eood . order 
book. Rut has lacked operating 
funds lo finance adequate turn¬ 
over to achieve its profit 
potential. 

The Receiver considers the 
business a viable proposition for 
acquisition by an organisation 
with sufficient resources lo uMate 
plant and eoiiinment a* well a* 
provide manaeemrnt. The com¬ 
pany will rontinu-d to trade in 
Receivership. 


LOCAL AUTHORITY 

‘ 1 • * A - . . _ 

BOND 

TABLE 


Annual 



j.i | 

Authority " 

gross 

Interest Minimum life.bj 

. (telephone number in 

interest 

payable 

sum. 


.- parentheses) 


-; —- « 



.. ■ • ‘ 

% 


c - 

„ Year; 

Barnsley Metro. (0226 203232) 

9< 

i-year 

250 


Poole (02013 5151) .. 

. 9i 

. 4-year.". - 

-TOO 


Poolte (02013.515t> . 

. 93. 

. {“year. 

500 

- " - - * 
... Ewr: 

Reading (0734 592337) .. 

. 10 

4-year/ . 

1.000 


Redbridge (01-478 3020) 

10 

■ J-yeac.'-.' 

.200: 


Southend. (0702 49451) .. 

s 

4-year- 

250. 


Thurrock (0373l>J22) . 

93 

."i-year 

-.300/ 


Thurrock. (0375 5122). .. 

10 

. i-year 

300. 

7.....xk£:v 

IVrekin 1 0952;505051) .. 

8 . 

4-year 7 

500 


Wrckin (0952 505051) . 

10 

.'.yearly;- 




Provincial 
:• Laundries 


7>-[» oDrKjuD.rm'ti- ippm, ai a tbitmc cf TttKR, onli- 

Agua y Energia Electrica 

u. s. $ ti'QooMi. 

Medium Term Loan 

• ■ ; - 

Coipoaleal byi . 

The Republic of Argc itiiia 








Telephone and Telex 
numbers remain unchanged 

Telephone 01 -626 5678 
Telex 88341 2 BNPLNB G 
Cables Bancomind London 


Provincial Laundries ha* 

[ exchanged contracts to purcha-r 
| the whole of the issued share 
j capit al of Dorringron Sheeting- 
for BIS369 payable in cash which 
.sum rr-presen-:< the net t-anyibl- 

.asset value of Dorringfon. 
j A* pari ef the arrangement^' 
Mr. DonirKfton will, followin'^ 
completinn, PUrrhase from 
Donnnglon it-* premises in 
Macclesfield for -the sura of 
£23.HW) which amount will 
BXiliruniiEh Dorrington's liability 
on lo^n account id Mr. Dnrring- 
ton. The bu-sites* of Dorringron 
will be relocated to Provinriafs 
premise* in Manchester. i 

Ttorrington, Prorinciai'? princi¬ 
pal suppliers or linen, operates as 
icx.'iJe conveners specialising In 
sheets, pillow ea*-es, oath, hand 
and tea towels. Net proC-r before 


' 6J.MCO NlON^FUNDSi 
/-? >/.Saturn Investment . - >A-.] 
tNiAoagemlE&t.Co.Ltd;): • 


Rales nf deposits r»f tl-.cnQ 


■ abaAtxA \ Z : -■ >»•••-■ ■ ... 

Banque Fran^aisc et Italiemie v :..’ f '-I*i 

pour rAmcriquc da Sud- SUpAAC^S-^; '■£ 


W* 


.mil upward* for 

w/e 2ti J ' 

7-rlaj Fund 

T, a. 

Mon. 

5.747 

Tucs 

5.757 

Wed 

5.7M 

Thur 

5579 

Fri /Sun 

5 704 

3-Mnnrh Fund 

Wed 



' OoHiBasxJ by , -. " - • . . ? ~±, 

Banque Europeenne de Crddit (BEC). . > V . rV/. .-/1 //.c4.3/ 

Banque de la Soci^d Finati'ci^re Europ^eiint:^ (BSFE) ^ 

Cisalpine Oyerseaa.feaiifc JLxml^edf:- ....... /*; . •> •. 

European, Brazilian Bank Limited 
' ' ’•* .../’Staiiffitiid' Chaxtiere^^Ba^-'^uS^t^'^ 

••• .-,:/;../£ ;/‘7: 

;/ •. ; Pitnwrf by : -., £ 

Barro At \~ikxt* M of.Monlical lalcfoatJowd 'The Built 

Banque Europtttuie de Cnidit (BEC) ... Eenquei Fnuical*r et luGerme pourl'AiriAj^iitr 

Baaquc Inlernatioiule £ Luaefnbouq; Socirti Artonj-me iLrr^ "A 

Cualpinc 0*er*cas Bank Limited DcntscW-Sfldamwifcanlsche Bad ACL. (AffiEtf* *f D«ad^ 

Eu,0pwn Bru , ifi ' 1n ^ Limited- EUR0BRAZ = The FideUtv Bait -^ 

Girard Tni-.l Bank Hnndriatirwni-Bank - - Imhntriy Nuiontf Bfflk 

il c I..., ,a terwtior,dl Cocnmaoal Bank U,™t C d ; 

Libra Eanl: Lnirtrf Rani. u f Xorth Arje. iu. W Baia mas V . i R 

-»cwk rinan- iere Eumpeaine rin«n« Company N. V. (SHETNT) -: , _ 

Twan» Dttmimim Bank Trade Dea-dapment Itank, Loiuj^n faranOi. -; ) L^iiW 

_ . • 

Banque Brangajse et Italienne. poub-l'AminiqpM 

' ' ’ ' 































1’ ^jading dividends 


; convenience.- of. readHrs'the dates’ Whea some of ihe 
rtanl company .divjdehd £taieme<,u. way be expected in 
ew weeks are given in the following’table. The dates 
e of last years armouncemenis? exceptwhere the 
; Board meetings (mdleatcd thus*) have been officially 
It should be emphasised that the dividends to be 
iH not necessarily be at .the amounts or rates per cent 
ie column headed ** Announcement last year" Preliminary 
c usually accompany final dividend announcement*.- 


INTERNATIONAL COMPANY N! \vs 


Perrier sets three-year target 
for full earnings recovery 


MINING NOTEBOOK 


We talked of go! 
and many things 


' I ...Mar. 29 
an 

5A... Aw. '20 

—-Mar.3l 

iCu.J^ar. it 

rs. Mar. U 
.Mar. 7 


'.Announce* ’ 
tn^nt list 
»•. scar - 
^Ftaal9-la7 

ires. flu*!-' - 

FWW P B36J' ■ 

lot. 5,723 ■ 

Final .9.7744 . 

. Final' ii.fi 
lot, SW.J3 emu 


at.Jmr. 13 final ijbsh 

i....Jilay « Final 
up.. Mar. » Finals Ho¬ 


rn . Mar. S 

.Mar. S 

.Mar. 7 

re.. .Aw- 13 
. f.l:. Mar. 24 
......Mar;*! 

A?r. 9 

- ttn Mar. la 
i.... Mar. J 
1 . .liar, li 

«s ..Mar. 3t 


on...Feb. 27 
. ... Mar. « 
...Mar. 31 
.....Aw. 13 

IS. 

«s...Mar. 7 
s .. Mar. 15 
. ..Mar. 2 
..Mar. 4 
nnd. 

! 8 ( ..Mar. 29 

UZ—Mar. I 
.-Apr. l.i 

mt...Frb. 23 

.Apr. 13 

.Mar. 13 

_Mar. iff 

1 

kb; Feb. 28 

er.. Mir. 28 
.Mar. 9 
.Mar. s 

on. Mar. H 
.... Mar. 22 

.Mar. n 

... Mar. 29 
nl. 

r. Mar. M 


.Final 2.289 fc*_ 
Final 3.35. 
Final 3.S33 

Final 2.15 ‘ 

Tlnaf 1-82385 
Final 3J5 ’ ’ ■ 
Final us 

Final 32^14 
Final IBS 
Tm. 0.75635 - 

Final 2.06575 

Final : k 

Final 1.5279 

Final 3 09: Jest. 
Final 0.7 . 

Final C 
Final 3.S5 

■Final 225 cents 
Tni. 1.731 
in:. 3.1! 

Final 5.7115 

Final 3.1211 

Final 4.1 
Final 1.3125 

Final B.US 
Final 4 STS 
Final 2 
Final ZZ7f> 

Final sHKO 44 

Final £.73343 ' 
Final 2.75 
Fin. 5^34 S fes7. 

Final £17S4 
Final 4 lest. 

int. 1.43 
Final 1-317 

Final 3.7*3 


•Lex Service 
.'-■London Brick . 
Lveas inds, .... 
•Mwnnnfc 

inr.TSt.. 

Merebuxs- 

. Tnrex. 
•Midland bank . 
Morgan 

Crucible.... 
•XatWest ank . 
•Peaches Prop.. 
Pearl ■ auk. . 
Providers 

Financial 

•Pr u d e mui 

Asset.. 
Pye iHtdss.) . 
1 Uw»ine« Owns 
- and Jefferies 
BecMn and 

Caiman 

■Benrakil . 

RacKvirt 

RoUs-Kwce 

Morors 
•Royal Dutch 

hettvlnua. 
•Rovai insip. . 

Sc&rwtws . ... 
Scottish M-t 

Prop. 

Scot. ltd. in*. 
"Srdawick 

Forbes 
Senior Emms. . 
•SbeU Tr*n<of. : 
Skmcb F*iates 
Smith and 

%'tpllnr. 
“SieeiWr 
•Srone Plait ... 
TiQinc • Thns 1. 
■Transport 

OerekmmvnL 
Trnxerest . . .. 

•Tobe rnv. 

•Turner a^d 

XCtaill . 

•rmierrr 
Union Corpn. .. 
United Biscuits , 
•*7-5. Defr roinre 
■ Corpn... 
Tacrima ...... 

•Watcrfor* 

HUss.... 

• Vat Crimp . 

VMM Faber .. 
Vilmot- 

Brcedon ... 
"Wooiwonh 

• F.W ■ . 

VOUgbft* 

Carpet ■. 


-Mar. 3 
-Mar 91 
■Mar. 31 


..Mar. 14 
...Mar. 10 

...Apr. 13 
..Feb. 2* 
..Mar. a 
. Mar. 38 


-Mar. 30 
..Mar. 25 


. Var. 29 
..Mar. 8 
Star. 23 


.. Mar. 9 
. Mar. 2 
.. Mar » 

Mar. 3 

-Feb. j 


Announce¬ 
ment last 
war 

Final l -7548 
Final 17S76 
lnt 2.122 


Final UTS 
see; or. 7.tcsK 

Sec. im t.974 
Phial 5.GS2S 
Sec. int. o 25 
FlOaL 7.41771 

See. int. 4 4233 

: Final 2.752 
Final 2 9 


Final i.TWK 
Hast 1.3 
Final 2.1672 


riaai FN ij* 
F mai S.fM 
Final. ? 2425 


Feb. 29 
•Mar. 22 
.Mar. 23 


In:. *».» 

Final IZ 

Final'4 09 low. 
Fin. •.’Bln faai. 
FmaVfi.775 
Final i;2«5 

Final r«97 
Final 137 
Final. T.7-T 
Final 1.319 

Final LR3K 
Final 1591 
Final fl-Ml 

Final jA3S7 
Final 7.01 
Ini. dir* due 
Final 2J6866 

Final 23* 

Final 310119 

Final B«76 
Ftturaff 
Final -9. . 


BY OAYID WHITE 

THE OUTLOOK for the Perrier 
soft drinks group has sub¬ 
stantially improved now that ii 
■has successfully pat rid nr U*e 
majority sluice in its lossmiukmg 
dairy • subsidiary Preval. M. 
Gustave Levon, group chairman, 
said that Perrier could look 
forward to regaining m two or 
three years* time the- level nf 
profitability it enjoyed'before u 
ran into-bad-limes in 1&73. The 
company would stick to a policy 
of seeking to distribute 60 per 
cent, of its profits, he said. 

Last Thursday. ’. Perrier 
annouoce4.net.profits of FrsJTm. 
(about S7.4m.l in the year ended 
last September, sharply higher 
than the Fra. 13.5m. registered 
the -year before, which followed 
a joss' of Frs.Tm. in ' the rock- 
bottom year ' nf 1974-75. The 
1976-77 . - figure included 

Frs.I8.flm which had previously 
been set aside as a provision n> 
cover losses at Preval. 

The "company is proposing a 
dividend of Krs. 7 50, including 
tax credit, more than twice last 


year’s. Frs 3 60 In the previous 
year the dividend had hern 
sliced from Frs 12 to Krs. 6. 

Perrier has been Irving in 
divest itsrlf of the dairy and 
food interests it picked up in 
the 1950s, and which have since 
proved- a financial burden, and 
to concentrate on the soft drinks 
sector, with particular regard to 
expanding iis market penetration 
in- die U- :S. Perrier is rpspuri¬ 
sible for three .or France's best- 
known mineral, waters—Perrier 
itself. Vichy and Cnntrexcviilo. 

Sale of. ihc controlling sbare 
at Preval. a leading interest irt 
French milk, butter and cheese 
production.: was successful!} 
completed in Januan*. M. Leven 
said. 

This was. desprn* ihe annnuce- 
meni late last .tear of the govern¬ 
ment investigation into pari uF 
the deal, which involved stale 
hanks carrying the initial weight 
of the shareholding being made 
over the Preval* suppliers. This 
shareholding now amounts to 34 
per cent., but the suppliers have 


Babcock and Wilcox 
Spain court move 


■Apr. 13 Final 1.73*33 
Mar. « Final 2.725 
Mar ^3 Final 4M 


* Board OKVtlnAS imunaieH. * Ri&hts 
lane Hnr^ made. ? Tax fr*?.- 5 Scr,p 
issue sox* nuHc from rrserres. 


ic Works Loan Board rates 


Effective from February IS 


OttflU iHDfl (VMid 
at 

IPt by ERF maturity 


Nen-quots faaas A' rcwU 
at 

by eiPf by ER£ maiurdy 



9k 

3i 

10 

;. 30! 

H>I 

... IIJ 

to )0 

10k 

10i 

m . 

11* 

11* 

- Hi 

to 15 

11 

111 

m 

111 

’ 111 

'-12* 

to 25 

HI 

Hi 

m 

12 

12* 

‘ 12J 


Hi 

12 

12 

12* 

12* 

12* 


BY ROBERT GRAHAM 


BABCOCK and Wilcmc Espannla. 
in which British Babcock and 
Wilcox has a. 10 per eeni. stake, 
bas filed proceedings m a Bilbao 
court to suspend a I) payments 
tu its creditors. Babcock, wilh 
a work force of over 5,000. is 
Spain’s leading supplier of 
capital equipment, and is the 
biggest company so far in the 
curcnt recession to institute such 
proceedings. 

The company has been in a 
siaic of crisis since ihc summer 
Unit the management has been 
delaying application of proceed¬ 
ings in the hope of working out 
a solution to restructure the 
company. In its application to 
the court the company said it 
had outstanding debts nf 
Ptas.JSj9bn. (SUMm.j against 


MADRID. Fch. 26. 
assets of Flas.24.3bn. ($296m.i. 

The courr must now decide 
whether iho company’s liquidity 
problem is permanent or icni- 
porary. Press reports have men-; 
tinned thal some 4,000 crediiorsi 
arc involved. These are known! 
m include some of ihc major j 
banks, plus the Ministry uf. 
Finance and ihe State social j 
securily. | 

In addition ihe work fiirce 
itself is an impnrlani cretin nr. 
A large number of small and 
medium-sized businesses in ihe 
industnal region round Bilbao 
are «aid in In* *.\l rein ply con¬ 
cerned Jiy I his development 
which could have a serious im¬ 
pact on their .own cash flow 
position as suppliers t<» the 
company. 


PARIS. Fch. 26. 

secured the right to turn this inio 
a majority at a later stage. 

A 30.5 per cent stake has gone 
ii> Uniun Laiiicre Kormande. a 
dairy prod lire r. and 5 per cent, 
in a co-opera live in Brinany. 
This leaves Perrier with 30.5 per 
cent, nf Preval. M. Leven said 
thal the company intended to sell 
off another IS per cent, ever ihe 
next five years and to wash its 
hands of the remaining 12.5 per 
cent, after lhaL 

M. Leven saul vhai the sale hud 
rnablcd Perrier to recover 
Frs. 157 m., plus Frs.45m. in 
promissory notes in its former 
subsidiary 

Over the la^l few years ihe 
company ha-. •Lvcstcd itself ul 
most of its non-drinks interests, 
including chocolaic. Asked abuui 
a proposal i'« -tt-H Perrier’s 41..’I 
per cent, in Cate* et Pruductcurs 
Reunis dc Kunuefort. which 
make* Ihe pungent Roquefort 
cheese. SI. Levon said that profits 
there were expected in rise this 
year and tbai no decision-on a 
sale bud jet been reached. 

Gaz de France 
$100m. credit 

B Y Francis Ghites 

Gaz ilc France, the French 
state gas corporation, is under¬ 
stood to have been offered a 
S75-l(K»m. cri-Jit by :i leading 
French .state ’,unk with terms 
which inciuib- a spin sproad 
over the ink-flunk rate of j per 
cent, rising la ’ per cent. 

This credit would be :» back-up 
line for the equivalent amount 
of commercial paper to be is-oed 
in New York. Other European 
hanks would he willing io conic 
in an such terms, but U.S banks 
will nm participate 

^■'hile such an operation wnulil 
not be a benchmark fur the 
market, it dn.'s sugge-t that the 
fall in spreads muj nm yet be 
over. ai least for prime 
borrowers. The cumin um**nt fee 
would be ^ per ccot.. in lino wilh 
what other prime French names 
have heen pajing in receni 
months. * 


junta loans B are l per cent, higher in each case than non- 
X f Equal instalments of principal. $ Equal repayments. 


Money and Exchanges 


BY LODESTAR 

TrIERE IS noihir.g like u hnm of 
‘llu io conccniraie ihc mind and 
provide lime to have prolonged 
sessions on the ielephnnc with 
various contact- al home and 
nbru.ii] m order to relieve the 
bed-bound boredom. 

That said I must Admit that 
rarely in my long association with 
the mining industry and iis share 
markets have 1 found such a 
diversify of view* and a con¬ 
sequent difficulty in arming at a 
consensus of opinion although 
gloom remains unanimouslj wide¬ 
spread among miners uf zinc, 
copper and nickel. Few, can yet 
see any light al the end of these 
particular tunnels. 

The gold-miners are still reason¬ 
ably bullish alt hough one or two 
of the more cautious among them 
continue to glance anxiously over 
lheir shoulders ai the specire of 
pos-ible attempts by the U.S. 
authorities rn dampen doim ihe 
gold price rise. ■ 

Ho-.- M.>n*:iiu- iliai price is to 
the dollar’s eyrafion> was shown 
on Fridaj aitiwuuh bullion si:l| 
managed io .remain above ?be 
S180 let el thr ough which it had 
dcci-ively broken earlier on. The 
next testing poin> come: with 
V.'edncMlayV IMF auction. Jf this 
attnn-Ls bid- of nbme slSO ihc 
feeling will be •:rencfnened lhai 
sold may »:orm the S200 basuou 
biTon* ihe end of the year. 

If m does ew-n ihe .-lugeish 
South \fncj2i gold .share market 
could be -ci aligh:. Meanwhile, 
the pile »f -;ockbolder-* circular* 
di-cu.-eing its pnirpevls grow> 
w.er higher despite the lurk'ng 
poll deal shadow-, a clo-c vtudv 
of the variou- nu:Dnurir.es rvvial- 
tlie exJraordrnarj - divcr-iiy of 
aiir.'i iical opinion when ii enzne- 
d'lv.n \n jhe niwj-ermy nf 
making buy and -ell reconunen.la- 
lion-. 

Thr -a.i-;■■»■■■ v.a. :»nd docs, 
appear a- a buy un one !:*t and 
a sell un another. A pin would 
Nfeminaiy come ;n h-indv. Gome 
somewha" on she propornonjl 
rcpn-ycit'-unoa prin-.-.-ple I find 
tli2rc i- a pred amunan.-c of “buj” 
votes for Rahdiotv-*n and \aai 
Reefs in ih-- ;'nld-'jr:«niuni Ha.—. 
and rnr-Libanon and Wesieni 
Areas in tl:e cold only .-cclion 

liariebi'e.si ir an intriguing 
shire about which analysts agree 
io differ but laiing and Cruiek- 
sliank pui forward a fairly per¬ 
suasive rase for this gohf- 
uraniuiu stock ;o be in ihe "buy" 
category mnHnding ihal *Tt 
-hould be considered onr of ihe 


INSURANCE 


blue chips of ihe mining sci-mr" 

All this welter of conflicting 
opinion was cast aside by one 
normally shrewU observer with. 
the venJirt ** don't bother nboui 
Soulh Africa if you want to fol¬ 
low j gold price- boom but t a for 
Bougainville and also pariicipaie 
in ihe copper revival that must 
come about evenuiatly.*' My only 
criiicism was ihat these shares 
lend io be much more sluggish 
movers than, soy, Hartcbeest or 
Ubanon of n hieh there arc con¬ 
siderably feu er available to 
supply the market. At (east this 
particular informant was the 
only one who had anything good 
to say about a copper stock.* it 
was thumbs down for al! the rest. 

From .Australia the point was 
made that the .search for gold is 
likely to hot up there- particu¬ 
larly now ihat TeJfer. the new 
. Western Australian mine which 
had such a lung, hard struggle to 
reach production, is making 
proll is for its progenitors Broken 
Hill Proprietary and America’s 
Newmoni Mining. 

The shares of IVeMern Mining'-- 
Conlrai .Norseman are looked 
upon in Perth as a good gold 
price .--peculation while Gold 
Mines of Kalcoorlie should benefit 
in due course from a decision by 
.America’s Homesiake io rtvopen 
rhe old Fimisian property at 
Kalgoorlic. Of ihe gold seeker*, 
there is fiili some local 
enthusiasm for Spargos U*? pros¬ 
pects far which were discussed 
here- on January f6. The shares 
have -luce n-en to 16p. 

Roles reversed 

On the pl-itmum front f was 
looking forward to publicising tile 
latest toroea-i from my wizard of 
ihc platinum m that Busier burg 
would rai-e rt> celling price from 
X2U.1 io s2iU an ounce but I lie 
com pan;.- beat me m it. in iho 
fret* in.irke; Friday’- London 
** lixinv ’* was S2fl2 compared whh 
ihe recent four-year peak of 
SEuVi.OU. 

Observer- in Johannesburg m 
whom l Diked were fu-cm a Tod by 
ihc* cnnipleli' luni-rounri in ihe 
view- of platinum pro-poets by 
Rustenburg and ii- rival Impala. 
For long tlu* latier’s Mr. tan Gn-vg 
!*• nr led io fVuJc .ill Lhf opiimi-'m 
wdh Bu-icnburg’.- Sir AibcrJ 
Robin-'in preaching c-jurmn Now 
ii i> .Mi. Greig who is making the 
warning nni?es and once again 
holding back on any Impata price 

inmo-". 


Ilc would be "very nervous" ofr : 
doing >o until "the whole market 
has cnnsolidaied " which he does 
not think it has after its recent 
rapid advance. Mr. Creig »s no 
doubt casting a nervous eye at the - 
big speculative) positions being: 
built up in the U.S. where- 
platinum along with gold is a. 
popular hedge against the dollar's' 
dolours. •» . 

Sir .Albert, however, has taken 
the bull by the horns. The next 
favourable move that could boost; 
Ruslenhuyg .-hares would be any' 
decision to rescind at least part' 
of the mine's production cutbacks.- 
Johannesburg Mill thinks that 
this is not on the cards yet awhiic. 
probably not until piatinum is at 
lea-t S2»i. 

But the whole situation is. 
regarded a- intriguing enough 
lor forecasts that the shares oC 
KuMcnburg and Bishopsgate 
Platinum ithe way into Impala), 
should continue to move ahead in 
1H7S 

There has al-o been some 
ipL-culaliYc activity in the shares 
nf the platinum ** outsider "■ 
Ljdenbtmr ihat bn- nor been 
entirely due to its .Make utl 
R usienburg. The Johannesburg 
talk about possible new gold- 
mining areas in South Africa has 
brought to mind I-ydenburs’s 
various mineral rights in the OFS. 
The company’s Video deal with 
President Sieyn is being cited. 

That there will be other ground, 
to he turned m account must only 
he regarded a- a very lone shot 
my Johannesburg coni act 

reckoned and he thoughr lhal the 
share-, should not be chased after 
on this scare. 

On diamond' :>;id De Beers 
.1 oh an m--burg -coins. ;n ho more 
bullish than London where it 
still felt lhai ;he shares -hould 
he s-old into the ri-e :hjt i< lukm£. 
place in advance of ihc Iflu 
re-tilts which everybody knows' 
w ill bo good. 

As one broker Miccimlv pm it, 

•• hi cum-prv:imim rerms Do Beers. 
-h«mld be thrown nut when much 
above ::n»p and bought when they, 
sink below this level." Johannes¬ 
burg opinion appears m be mor.e.' 
i nil ue need hy the company'#., 
awe-Dim- tinanci.d Hrcnclh and 
ihe oxpH?--ion of confidence in 
BITS diamond trade prosper!* 
represented hy the sharp' 
increases- m gem prices although 
n is admitted that world sales 
are imlikclj io be susUined at 
Jahi year** record levels. 


ENT ISSUES 



1 - 


A- 

£. 1977.8 

«I-- 

Stoex 

*-: High Lew • 




i0 2 , 1*0 
!4* ! 10&T. 

ii.a u»e 

5.S • lot • 

—■■ :««j 1 

; - *98 

84/5. s6Jf 
— i lOOk 


r n*t' n i8A 


152 AuiflnaW Sec*. Cdt. Cum. Pnf.........,132 

101 r Bailey* of 1 orubiro |0X Cum. P«f —. lOflr- 

I'JuCuilrriny 11% Cum. ..:.. I06p 

901* Cmropwji 10(% 19f«>....100*2 - 

SWit Incuei^ >*«ct 1964 --- - -99? 

8WU 1 lie. wjHeh. l«i...68? 

Shis'Keasingiofl S. Chelie* S Ift Ee-Fi. 52*3 

«mi* . Uo. Do. .-Vaiteto.hu.-..'tOOJs, 

!00i)i Lrx&ttr VarmbM ItfccL. ._.... 10D‘* 

luu '*•.» 121*^ Pit. Cnv. In. 1995-98 ^ 100 

lIkmuKf Inn. WiS li*. ...■.£9Bt» 

i38k omwlnU. Fill. X:V. 104% W*i.*9844 - 

slieii Inn. Kin. V, r M % iinr. \olm J«ao. 597 

Wl* ,Twaal«le Vurmbie 1985... .. .. .. 100 

7*3 Do I0» Kerf TM-e.“ . .' 9*s - 

IQip.Rliiirimw »G.> 1 It, Cmn. M... ....... W4*p 


“RIGHTS” OFFERS 


Bank of England Minim am 
Lending Rate 6} per cent. 

- (since January 6. 1978) 

The London money market 
went through its usual bout of 
nerves again last weeks, probably 
because old habits die hard. 
Heavy payments of tax left the 
market short of money on Wed¬ 
nesday, and there were some 
fears that the authorities would 
roll over the shortage by lending 
funds. A signal from the Bank 
of England that a rise in interest 
rotes was called for was not con¬ 
sidered out of'the"question, hut' 
in the event the authorities con¬ 
tinued the recent policy of keep¬ 
ing rates steady by taking the 
Tull shortage out through pur¬ 
chasing a very large amount of 
Treasury bills from ihe discount 
houses. 

The amount of assistance was 
more than enough, and the 
houses found closing balances at 
4-a per cent., confirming earlier 
suggestions that the Bank of 
England Minimum Lending Rato 
is unlikely to rise before the 


Budget. 

Conditions were very different 
on Thursday, with large Govern¬ 
ment disbursements in the shape 
of the Rale Support Grant, lead' 
ing io a substantial surplus of 
money. The generosity nr the 
authorities on Wednesday only 
exaggerated the situation, with 
banks bringing forward above 
target balances. The surplus was 
absorbed when the Bank of Eng¬ 
land sold Treasury bills to ihe 
houses on the same scale that 
they had bought them the 
previous day. 

The authorities felt that they 
overdid the help on Friday, by 
buying a large amount of Bills, 
but houses had difficulty finding 
rlDMng balances. Banks are 
expected to bring forward size¬ 
able surplus balances, but the 
call on a gilt-edged slock is 
expected, io lake money out of 
the system. 

Hopes of a settlement of Hie 
L.S. miners strike helped the 
dollar to stage a recovery in the 
foreign exchange market on 


Friday, hul matters were very 
confused by news nf curbs on 
ihe inflow of foreign capital into 
Switzerland. 

Heavy intervention hy central 
banks had failed to prevent the 
dollar from fulling to its lowest 
level ever against major curren¬ 
cies earlier in the week, and the 
currency was still very depressed 
in early trading on Friday. 

Persistent intervention by ihe 
Bank of Japan reduced Hie up¬ 
ward pressure on the yen, but 
there remained heavy demand for 
Swiss francs and D-marks. The 
Swiss franc touched SwFrs. 1.77 
against the dollar on Friday, but 
closed ai Sw.Frs.U4a.TU, while the 
D-mark touched DM2.01, before 
closing at DM2.03. 

Sterling fell l! cents on the 
week to S1.MS0-1.0320. after 
lunching 81.1*550-1.1*330 earlier on 
Friday. Its trade-weighted index 
on Bank of England figures, fell 
to R5.3 from 65.9. 

Gold touched SIS2J-1U3J, the 
highest level since February 1975. 
but closed at S1S0-1S0J on Friday, 


When police refuse to answer 
questions about crimes 


BY OUR INSURANCE CORRESPONDENT 


Fri-. 2 * - 
137 - 

Mrrnnit 

tort Mm te 

m ficpMiiK 

Int«ri«ink 

UkKI 

Alilhnril} 

I***! All III ; 
lirc' 4 «bl* ■ 
hnnrf, 1 

rini.11.-; 

Hmi», 

rtei.Mii. 

1 iffrMlu. 

II1.4-. .ini 
te-irklrl 

•u-f.-~.lt 

t n«Mm 
Hill. <t> 

h'lSiK 
Hnnfc 
Hi:u | 

fnr I'ni'li 
Hie. 4 - 

UvtmiKbi . 

‘ _ 

5-9 . 

__ 


— 

b-6»2 

5-6 ij 



_ 

ilUyviHtftei.. 

-- 

- 

57,6 


- 

— 

— 

— 

_ 

_ 

Ic Urn* 











■ •lays or* 

— 

6*a 6*4 

B 7 b- 6 *« 

— • 

5:* 6i, ; 

61 ? 

5 !; 5 h 

_ 

_ 


Of»o ranotJl.. . 



6>e 6»e 

6 4 6'., ; 

6<i 6i t 


5 ', 

3 - 5 -S 

6.. 6'i ; 

7 

Ian monihf.. 

6*t 61® 

erl-tii 


6 bB- 6*4 ; 

6', 7 ! 


6 



7 

Thirc month-. 

614 - 8 SB 

6 h «-7 

6',-6 *b 

67 , 6*4 ; 

67 j 71 , 

7*4 

e. 

6 6 

b- ••6;« 

7 

mnnibft... 

7 w- 7 ft 

7 * 5 - 7 f« 

7 i 71 , 

7 6., 

!'* B 

— 

— 

— 

7 :i 

1 - 7:4 

Slue m-«iiiD... 


77 6 « 

- 

7»4 7 > 1 

S>, 

— 


— 



Uneyesr. 

8 7 ? b 

BB.V 

77,-8 

8 l b 7 * e 

8*1 

— 

— 

— 



1 wi> veflr* . . 

— 

— 

87,9 


— 

— 

— 


- 

- 


I • . ; ■ , B«h , low ' 


. 1,5; 51,3 Zliun. 18pm AG It.. 

• — • — 12jiHj Properties ... . 

bfl 1Q.5 i J « lUlUatorio.. 

i £4<2 Z0 3 I3**j 193 UanL o,- Vualmlt*. 

'■ 3i5‘ 3J..3 lliioi «*pia Crpuhie . .. 

* li2 It'S <3*i - M L.K.L. ImernMSHUil.. 

, 5 20,2: 60 5 go 1 24 HMUKMler Garaged. 


21.2 61,5 347 ‘ 253 ;UM»na .- 

l?-2l 3 3 2*Jl t6l NsHuUi UsnL nl Auitzsiuis.. 

10.2 10 3 Jri flf* .. 

3(2; 3-3 «« 71 'Prerdy'Aitrerfi. 




-.IBpn* —1 
6pm ► _ 
63 --1 
190 . ... 

IOiUii'—J* 
38 :.. .. 
24 |~l 
.■ 330 

: iso ■ 

83 ;-4 
81 -I 


local suifionues and floanc^ houses »»»*n rtavs’ nonce, nrhers scorn nay* llterf * IM . j-iinn loraJ aur nnmy nmngan - 
Mle nominally ihrw 10F-19I per win: inur run WM91 per c**r.i,. fls.< in,.;', c^r r-.n <M>anV tn!l ir 

lahfe ur- nuyinfl rate* (or ftnm? patter. Bunns r^ics I nr four-mnmh hank r>.IK i;^i!i, p-t ivni.: iour-m»mh ir an- 
bills 7-r* d-*i cent. 

Approxunsi* wtlina ratr* lor cme-rannih Trcavurv hills ^C-S'*K &-r ceiu.; wn mnnia 5I5 k-3*;j’ p-r cent.: ant) :br>-».mo*-.r> 
®4i2-sij|b per mu AoproxiRiale srilinii rai« *ur onc-ninnrh banx bills 5li|s iu-r to nr.; r».-oma;r-t t* per ivsi.. jurt ihiw 
momhs 6Si(,4ilt cr per n.*M. One-monih ire<lr bills M pi-r ecu:.: iteo-momb 6i per ceo*. and also '.hr u-mnn: 1 , »• p. r »il 
F inance He no Base Rates (pubOshed hy the Finnum H0ir , ‘'*v Aisnaanon*' 7 ivr cenr.: frnoi h-Srujrv t. t?T4 Ocarina 
Bank Deposit Rates •he small siujis at "»ven rfars' nouwi: 5 P*-r cunu Clearing Sank RaJcs fn r l«nr!n« Hi p-r p n>. Treasuo 
Bills: Averaec tender rales of discount 3.9755 per frill. 


GOLD MARKET 


aoon daic. usually u« day for deabce free of stamp dnry. h FiKurea 
.rastKOm e Asuannl Arjfcnt aad Twin, a Forecast dieidend: 

I on previous sear's earning*, r Dmdend. and yield based on prospectus 
Bela! e*rima*r4 for 1979. u Cms. t Fiaiuws asfiurcc-d. ; Cover allows 
ion of shares not r>ow ranklDC lor dividend or rasktns only lor restricted 
JPlarina pnr..- io public, jk Ptoce ttotes otherviPB indicated. ^ issued 
. Offend :o bowers of Ordinary rtwres as a - ris*^." Rights 
' capiialisauon. '-Minimum tender pnui. 1{ Brimrodaccd. *T Issued 
on with rcorgnraaaton meraer « toteJ-OWT !' • InuwductloB. □ Issaed 
PrefercOw holders. M Altormem letters tor . • Provisional 

aid allotment letters. +Wlth wrfwa, 


BASE LENDING RATES 


7. Bank . 

d Irish Banks Ltd. 
rican Express Bk. 

i Bank . 

Bank Ltd. 

y Ansbachcr . 

o d« Bilbao- . 

. of Credit 4- Cmce. 

uf Cyprus . 

; of N-S.W. 

me Beige Ltd. 

[tie du Rhone . 

lays Bank . 

iett Christie Ltd.... 
oar Holdings Ltd. 
Bank of Mid. East 

m Shipley. 

ida Permanent AFI 
tol C & C Fin. Ltd. 

■At lAd... 

ir Holdings . 

rterhouse JapheL.. 

S. Coates . 

soJidatcd Credits... 

•perative Bank .* 

mthian Securities... 

lit Lj'onnais. 

Cyprus PopuirjBk. 

ican Lawrie . m , 

i| Trust .. 

:li^h Tr,mscon f ... . 

.t l.ondon See. 

n Xai. Kin. Corpn. 
m Nat. Sees. Ltd. ... 
r.ny r.i'ih* . . .. 
j hound Guarjniy... 

ndlavs BsnF. t 

nnojui Mahnn.; 

nhros Bank . 


■ Hill Samuel . . .5 6J% 

C. Hoare & Co. 6*%- 

Julian S. Hodge .. 7**% 

Hongkong & Shanghai. 6f%' 
Industrial Bk- of Scot- . 64 l u 
Keyset Gllmann ......... 

Knowsley & Co. Ltd.... S» % 

Lloyds Bank . 

London & European ... 81% 

London Mercantile. 6 

Midland Bank... 64% 

■ Samuel Montagu. 64% 

.■Morgan Grenfell . 64% 

National Westminster 
Norwich General Trust 6^ 
P. S. Refsoo * Co. ... 6i% 
Rossminster 'Accept’ca 64% 
Royal Bk. Canada Trust 64% 
Scblesinger Limited ... 619o 

E. S- Schwab . Si 1 *, 

Security Trust Co. Ltd. 7}% 

Sbenley Trust.. 9*% 

Standard Chartered ... BJ% 
Trade Dev. Bank ...... BJ'V, 

Trustee Savings Bank 64% 
Twentieth Century Bk. 7i% 
United Bank of Kuwait 
W hi teaway Laidlaw ... 7 % 

Williams dr Glyn's. 6»°6 

Yorkshire Bank . 

■ Mt raJvrs ftf Cbr Acre pi ins Rdustc 

r«w!':' 

7-'laj 4MW5|K S'i. 1 mnmh d^poam 
:i -. 

7 7 d4y rf‘‘PIR1** on sum« nr lift 000 
• jiri »wltr s' nn u> i-j Mo 3J‘.» 

and fiTir 4, 

■ i'.sU PVi-r ii-iiM 1*:,. . 

r Ttemand . 

r R.,r» aUn appjns rn SrrrliW ’ IM 
5*’ 


FOREIGN EXCHANGES 

... _ OTHER MARKETS 

: Market KatM i vim, Rare* 

I bunk.-.-Arsenltm.l 16081112 Vnte&una USS0-18M 

Feh.7* 'R«te*| ObvV , AurtrmH«...I-703M.7202AiiMn*... 1 

. : % I “pvwrf 5 Cb»e urAtit.•' 31.4VH.4S '.Ueb^um . , eL-Wi 

— ' 1 - •- — 1 Kinieml... OSD 8.0360 rfnidi. 93-40 

■Nbw.Vnrfc.. ' BlBjl.bai0 1.ob50ll.raflVl.9JMi.rwe.H.I44 lUttivuik... 2.11 2.21 

Honl'fl*'. fi«‘2.Mrf-2.1786(8.160V2. ISWamujK«w 8.95i-8.SS .'I'enmark, li..-11..1 

AOMterrlnm ' 4*al 4.BI-4.2B 4.S3* 4.i«s limn.U2-IU 'Fnuire.... ’ : JVa.bO 

ilnmeikt . , Bla; 6t.08ol.4« , Bl.to-ftl.3u Kunnit.! 0.63V0.54S i.wnumi..; 3.-04.(6 

rfdpeufmvR a . 10.tt-M.l1 1ii.8fl.1U.8B Uuenii.rp' S1.1D-6JJ0 Dim .....I He la 

eVmklii.1...' S «.:£-9.:7 { 3.t4*-d.-*4 Mmi,v«u 1 _.4.56IO «.6r36'tulv.. -eSV*/ 60 

fibbon.! 13 i //.0^/*.0t I 77.J6.77.7ft .\. 4eVku>l|lJ8&7-1.004aJ b(mh ., 4tt-47b 

■tfaibfaf.' B !IM.. V156./W|6t.Ofl-lo8 »-^,Mi1 Amt 6.67-6.77 f.Vi-Uje-I nn <M-4aO 

MUnn.. 11*2. I.IMa-l.btt 1.I4V1.1S0 ftia£»LQra..'4.4916-4^040i.Nnronv .. i 10.50-.60 

Q*to.I ft | to.26-lO.3l j ttf.77.10.29 a me*.. I.fiB27-I.TWMWiiWi.. | /Vei 

Htrls ... a>*' 9.27-9JS I ft.sl-HJM L'.b..1 I-Smib .. .- 1tt>1€3 

ied(*6n*m..| • J «.:HJ7 IJ«4.Si <VuubM.... I bwlu'fcik IJ.W-3.M 

fijkyo. 41<l 480-470 . 410-4(5 CS1., U.Si.ll.eVl.sS 

Vienna. . 6*2, 28.7V2B.40 23.SS-2i.3b U.jj. 8P.5l-SS.S4 !ViWu*r«i i*, 3S, 3a 

Airich. I 1 ! 8.4V5.W I &.S4-«.tt- - - 

* T ‘ - " " - — -- — '■ Kale enea for Araeaona la a free rare. 

t Rai« civen are for or.nvcruble fr*nct. 

Fnuaclal franc 0l.ivn.ao. 


•ijpexihiwn 

•'Vtnbiint...' 

fibbon.. 

Mmlru. 

fillwi.. 

Oak..-...! 

*>Ha ... . 
>COckbnim..i 

tVikyo. 

Vienna... 

Airieh. * 


EXCHANGE CROSS-RATES 

rn.£4 f iMuiitiirt,Ae* A*irh i f*an> | uruicwla LoniJon jAiustiJ iii. V.uiiL'n ’ 

Kruikiiin .. - ! ’ainvoes "4220^~;ajlb-aia : ^fleVSSsTSi'fiWO (13.30-60 

\e* Vnrk 4i.7n.90 , - 1 .0,75 87 i. 133 138 Uy»6.9s3> 4&WM 

ttirtB. Ttil2-77321 - ;ta.li4 a« 3.Ca*3-olC: au.OI-ol 2hV.0S :i 

UriMM*.... U>i5-:9 ! 3l^5-W I Cjff-F0 • - 1 61.13-29 . 14.4&K! li.aV« 

UmOatt . AU*i !««S l.*a*J2 J 9.5M3 ! #l.li.» : - ' 4.c2i-Sto ■ rfjMifi 

AuntMam.K)7.37nAU:I 2-t«?.b4 4b.43&A8b I 6Ail2>7b ! 4J=2S7i I - l?|.l.Wl«i 
Zortrh. ■■■■■ #7 UW j37^(H64i >c^67Cb.393P3 .4>3 S471^ 82312 819 - 

l'.a. a rn Tnrnflin U.b. e = 111.48-90 Lnorullau -ebt*. 

Canarfian 8 In Se*» York = 8rf.63 6b en«*. t'.S. y in Milan 851 .SO-S^.20 
b tori Ing in 5blan 1650.00-166030. 


EURO-CURRENCY INTEREST RATES 

I ■ VUauMiiua "j"! j Uuirfi flww , T.bcraiin 

.teb. £4 i BwniiH j UniBV jU.xUoiiaiJ Uuihiert. .' Inuie i rn*r» 


'•••l.i Wii.i-.rm.. 

;a line nun e. . 

•-■'o-e ... iieo 100*1 

(iteiiin-. ... ■Ib3l , -3I; 
Vi unman s' ■ i 183 75 
'££4.282 
Aueni'n ilk’ii i IcO 71 
' U&2 99? 

• ■■■M Amu. 

■’ume»iieBii» 

Kmaerrun'. Sib?- (89 

C 6:-.-97»,, 

.Ncw^r'sii*. r-7lj 581? 

L293|-90a. 

IM sr.-'r«n» >□?:> 09l< 

IflM-l llllUt... 

illiienutt'll>i 
kmcermni. PltS-187 

.UsSL-nbl.i 
S'FeMT'flit.lal'i ft91-. 

'13( ’4-60 .'1. 

Old S^rr’jn. S57 Vj.=9i : 

exOii 3 

V w*. ■ <285 SbB 

FORWARD RATES 

> vnr-itumiu 


>»* YuT. 
Muni ri.-t 
.lat-i'-ton. 
Uni-'i'i- . 

i-.f.'iilji.'jj. 

Knn-.:*irt 

U 

Main I... 
UU*ti.... 

U-.1.-. 

H*rti> . 

r*l-l.hn'ii»i 
Vteim*.... 
Znrii-i.. 


..83 i'.|an Jf(-.,!l. 
l«r-0.1U -i.» 

•8 . J ">i -i . 

• . I’ln-ft , .lb 
91 1 aan-rfK 
i**—4 ;c.r«n 
ftj-lftj >.,iu 

3-12Ji.iI,, ■ 
7 13a:rr> d-.i 

4 b a"V all* 

S*»-41j . rim 
a*« 41 2 nrerfis 

.2-12 'initts 

eJ »-i*a -1"id 


>1823;. 1831; 
ilffi 1BU* 
Jl«2 6J 
CW BOO. 
8103.20 
fS4.0I6 


»*90!, 192 *» 
■1S7L 98*3 
>58*? 60 -2 
t.-O al 
»57'i 50*i 
(• ■9*5 50 *? 


*ltB 190 
Cub!* B7: s 
»7!i-?9!i 
i.^9k-.-a0i2 
>a7'* :9>i 
vVf*? rfOi; 
<795 '88 


0.15 Q.05-., n. 

0.10 . | ii. 

if'k-l!.--- *"•' 

1(1 i m. |air 

25 27 .‘tf .•»»■ 
Ild-J** |•*. |m. 

J J 4 La ■ .all 

ia0-26j.-..|- 

i7-3!i ii* all- 
10 j i2)afl».J!l 

1* 1- . aii- 

81;. IQj w rf' 

10-20 ;|n alia i 

bli. ■ >3 '-. J'lll. 


ffiX'Rinntfi fnnranj dollar u.«M3«Jc pm 
12-ninnih n.Trf-0 n&c pm. 


CURRENCY RATES 


'frfliurt lertll ...j -6-6la j 63«-7*« j 6S,-7 513-534 

(ilack naiiiv! 6*4 8*4 : 6*4-7*a . 67a-7i» l 5*2-5*4 

M*1ltla..1 6147 [ 6WIU 7»«-7*2 bls-b’-ft 

(liree ,,iaHii|i».; "fij 7** ( I 7l«-7iv | 5 ii,-S{« 

US Hinmlix. . 1 Bli BS* l 7H ?*» 7fta 7-8 : 5-8'4 
(in-v-Mi ... 8*4-0*;' 7,7-7,i !7*j8*g » 5‘jg.5te 


a-« ■■■«> I «4in-a4ia 1 ir 

OiB use l 77tei 7: S : 6A-0.4 * -• 

0 *4-0*.- 7.7 7I 7*j 3*4 ' Sdg.Ste ? I >4 


** 3*i Jr<-3-i 

, ** *a ■ 3 ft-a-. 4 

, *4-.Vl I S.r 3.- 

1 A-i* 1 Sii 3,. 

• -i- -n ' iir Ju 

! X*4 IJR '-iln-S*' 


Hura-PreReti rOspnai 1 raiev rww-rfa* 10«-:9I o-t ccni.: serea-riay 1*1(41 p*r rear r 
ufle mumh i!l 1:; ir.i O'-iii.: ihree moniti unrH per n*ni ; «i«-mnnUi iri-13 cvr 
ivm. via- yrur L-121 n^r rror 

Lena iftrm' EnroBnfiar .leiHKi'r two y:ir» S*ifc-Mi( P-r cen! ; rhrr* wars 
<*•>4 oi-r t»ai(. *««*■ i'Urs 51 s| per rrnl.; »>*>■ town M.sj p.-r <■>*>*. 

Thr iollo:»in« nnmiiiail ra'm, irrm qrffllert Inr Lunrfim rtn'Ur c-niBcaf»< nf 
rfeimuf. tft-niiH » a*; >1.1 ocr c**nt.. ftir-c-n”>ntb r.ij-7.J5 ror crir: *li..-ivwr* 
i.4S-"a-w p-r • cifiit: anp-i-'air I T,-*7A5 v* c»ni. 

■ Kat'ca »*v wunmai eailum pairs 

• Shnn-iertri r jir> ,rr rail fnr U 8. dollars and Canadian Injure, two 

An* fiffffw for umount tna 5Mi»a frarc*. 


Mermw. 

I'.\ aftallftr . . 

('.inB>1»ii . . . 
a 1> -a-||. 

l>a."l«n tmi|a-. 
Ihtm-ll l.r.al|| 

I ~a I|a*nl1l-ia 
IHal.-la 1*HI arH 

1 la-n.-Hi tram . ■ 

Ilft'iHIt lira... 

la|«n-:->i. ,»-*i. 

kr..|,p 

>,<iin | n-eu 

"■ ffeilW* tfinr 

j«ri fmn-- 


jSnatuu 

Drawin? 

r'Maii,iri i'l 

0.650986 

1.23137 

1.37396 

17.8733 

3B.6712 

b .87412 

2.48412 

2.56592 

587025 

1046.20 

293.066 

6.49917 

96.6951 

5 65260 

2 19615 


Kmrooeaa 
Um> o 

(“■nun 

>'rt,inr|' 2i 
NT6448I1 

1.25533 

1 39532 
la 29U2 
39.6623 
7 01711 

2 55 b 31 
2 73199 
6.01680 
IdbVJ. 16 
298.493 
6 . 6 S 804 
1U0.576 
5 76319 
2.95803 


INSURANCE COMPANIES and 
underwriters, by ibe very nature 
of their 'lu-iniisfi. have always 
been larcels for the dishonest 
proposer or claimant. Ihe arso¬ 
nist. ami ihe unashamedly 
criminal. 

This is partly why the law 
long a?o singled out the insur¬ 
ance control*! from a!J olhers. 
making 11 a connact cf utmost 
rood fa ! .ih. and partly why re¬ 
cent ly insurance contracts have 
been exempted from the Ur fair 
Contract Terms Art. 

Ir in the interests ni ihe 
vast. honv<i niaj«»niy ur policy 
holders thal insurance funds 
continue to be protected from ihe 
depredation:, of ihc few. If they 
arc nul. inevil;i.My and perhaps 
much tiuicker than jny of us 
would expect, premiums v.*ouId 
rise, jo contain the increased cost 
*jf dishr-ncs: and rrauduleni 
tljims acaiRst which insurers 
couid no lunuer defend ihern- 
selves. 

Insurer--, hke ihc re«{ of us. 
have al'.vr.;* relied on the police 
to cireuiavcn! so far as possible 
criminal uiiivines. and it has 
been a malter »*f increasing 
concern fur insurers t-uvering 
property against crime loss thal 
such losses have continued 10 
increase in res! terms because 
the i'h..nccs t-f detection and con¬ 
viction have coniinned 10 de- 
crea-e v.*it:i :. ; ic rindermanninj r/I 
the police forces. 

Now the police in Encland. 
Wales ;md Northern Ireland ibut 
not vet Scotland >. arc nu lonaer 
to respond in insurers or their 
loss-adjusiers when they quite 
properly ask any of ihe fulluwinu 

c|ue«i:ons* 

Has a particular loss or ihefl 
been reported •.« ihe police? 

Has ihe properly neen re 
coven 'dV 

Has the offender been 
arrested? 

Views ignored 

Has rcslituliun r*r comper.sa- 
tion heen ordered by a court? 

The decision 10 ignore request- 
for inis kind uf information was 
taken ai a recent council ineef- 
Inc uT ihe Akftucialion of Chief 
Police Officers after a report 
made to ihem by j special coin- 
mittec that thousands of police 
man hours were spent daily on 
correspondence nn insurance 
claims of all kinds. 

Ir is a J must derisory for (he 


Heinz buying 
Food wavs 

PITTSBURG. Feb. 27. 
AN AGREEMENT in principal io 
acquire Food ways National Inc. 
For about S30m. cash has been 
signed by H. J. Heinz. Heinz 
is 10 pay S31 a share for Food- 
ways, which has 1.626,000 shares 
outstanding. 

In 1977. Fondway.s had sales 
of SSSm. and net inconif' uf S3.9tn. 
Tin- acquisition of Food ways, 
which makes and markets diet 
frozen foods under Site ueight- 
■-.aJchers »is»erna?ional label, will 
allow Heinz ;ri enter the weight 
cunt ml and nutritional health 
Hold 

Heine rovrnl’j r**:wiried nei 
earnin-.' 5 fur us 1(177-7S first haif 
of ?42:tm un sale- fur the period 
of >l.iHi<r. Thi 1 rosuMs repre¬ 
sent ed _'d*e-i rif I’.’i r>er cenl and 
I'J per Lent. :c. ; pect:*.■<•!j. 


police In say that reports from 
insurers about possible fraudu¬ 
lent claims are to continue to bu 
dealt with under normal pro¬ 
cedures Tor allegations of crime, 
because by ihe positively planned 
non-co-operation of lheir siaff. 
the police chiefs will deny in¬ 
surer* much of the information 
necessary in ground such allega¬ 
tions. 

Insurers have had some dis¬ 
cussions. both with Metropolitan 
Police and with the Association 
id Chief Police Officers, in 
recent months, and had hoped 
that Iher views would have car¬ 
ried weight. 5 

The decision by the police 
chiefs to ignore those represen- 
■latmns can lead only to an 
increase in undiscovered crime 
and undetected fraud, in an ex¬ 
tent not easily calculable. 

From the police point nf view, 
wilh present undermanning, sav¬ 
ing of thousand 5 of man-hour* 


by abandoning what ihe ccneral 
secretary of the h**lice chiefs 
association hn» called "an un¬ 
productive jnr," ij: unargitably n 
desirable end. but only sn long 
as one accepts the premise that 
the jnh is in fact “unproductive.'’ 

It is here that insurers say 
the police have rot their values 
wrong, that be lheir very action 
ihc police will increase their 
policina problems in ihe future, 
and increase the already growing 
disregard for law and order. 

Insurers can have nn interest 
in expo-Mne in tin- public the 
way, in which insurance swindles 
can lie perpetrated, hul a detailed 
list of ihe oossihililies ran. and 
may well be. submitted io the 
police and the Home Office to 
convince them uf the nerd tn 
retract the present insiructions. 

Such retractions must be in thr 
interest nut only of insurers but 
of every h*»ne»t citizen, whether 
insurance noliry-hnldors or not. 


Wearra 

GROUP LIMITED 


Highlights from th c cirruTn f erf .s in tens •: n t of the 
Chairman. Mr. A.J. HARRIS:— 

| A sizuillcant increase in soles w;ip ucsiir-v-il .irA: l.e nxmvry in 
the (.’ompjmyV ionunes r.f \ he prccetlinu twelve montii.- 
centinued. resultins in a pre-tax pi"tit •>!’ L.:u i.*t." 2 . A total 
dividend uf 1 fiWp will be propi'Mif. ibv niuxiiiuun allmwil. 

| The dflcMnn was taken upgrade the sl.imlarus ■•four products. 
Ufi'ler ihe brand name "l>nv-ill .Scuti”. *•- in-t-l il*r ciem:iinf for 
iiitfh quality Io- it wear in the upuc-r pno- r.uigr. and le-n-n 
vulnerability to the competition ■■■I'imi'or.cd shoes without 
neglect in;;; our products in the medium Io««t price ran?e». 

The success of our new brand already =*.vin- assured. 

I Apart from onr branded fonj v.-rar. the i-i.nip.my lias heen 
successful in omdudinc ari-.inacments to mnnutucture ?hoc> for 
s*irue 'if the hiruesrmultipleretail nrc'iniration-whoac.-names 
art* household words synonymous wit h quality. 

( ThpsuMtintial increase in t he tlroup'.- export turnover i?. 

I believe, encouraging, although ilv- results m the various iwcaa 
differ widely. 

I Ourshiip* rompany's ennt ributi. -a to ihe profit.* nf the Group 
was considerably enhanced. Those• »fr lie shops that did not 
match up.toour srondard? uf {wohinbibiy h:i\ >.- been dispi.>-*.*d oL 
i >nc shop was acquired during the > ear .mil another has riitce 
been .'■•aiuii'eil. Wecununui- Vo seek funner opportunities for 
snvc.-tmect in retail mulct:-'. 

At present our order boc>k Is as lull a.* I 'Tin remember it at this 
Lime of year and rhis. allied r n our -imn-.-zi'r trading pcisit ion. 
leads me tu hope that. Webhall continue to progress during the 
current year. 

IRTHUNGBOROUGH, NORTHAMPTONSHIRE 


FINANCE FOR INDTSTRY TERM DEPOSITS 

Deposits of Z 1.0i)C-.*J5.ttnn accepted for fixed terms of S-10 
years. Interest paid cross, half-yearly. Hates for deposits 
received nm laier than r».d.7S. 

Terms I years! .1 4 5 6 7 s P10 

Interest n k 9i 9] 10: 10; 1»; H U* 11* 

Rales Tnr larger amnunu nn request Deposits to and further 
information front The- Chief Cashier. Finance for Industry 
Limited, ill W’aifrion Hoad. Lnj:ri*m S?El SXP 101-R2S 7FJ2. 
F\t. 177i. Cheques payable to “Bank r*f Enoland. a/c FF1.” 
FFI is the hold me company for D.’FC and FCI. 


* 



















26- 


CONTRACTS AND TENDERS 


SOCIETE NATIONALE INDUSTRIES ET MINIERE 
Mauritanian Islamic Republic 



Snim 



NOTICE OF PREQUALIFICATION—A 


The Soci£tc Nationals Industrielle et Miniere (SNIM) plans to let works and supply 
contracts for the exploitation of new iron are deposits to be mined in Mauritania 


The aim of the project, called the "Pro j et tiu elbs" is in produce and transport, in 

the initial phase. fi million tonnes annually, of iron ore concentrates produced from 
magnetite quartzites The " Prujcl fineIhx " will include.' mining equipment, grinding 
and magnetic separation plant, various ore handling s>stems, electric power stall.«n. 
railway equipment, huildings and housing. 

To finance ihe cost of the project, the SNIM has requested loans frum the following 
organisations: 

—ABU DHABI FUND FOB ARAB ECONOMIC DEVELOPMENT 
—ARAB FUND FOR ECONOMIC AND SOCIAL DEVELOPMENT 
—BAXijUE AKRIOAINE DE DKVELOPPMENT 
—BANQCE El'RUPEENNE D INVESTISSEMENTS 
—BANQLE INTERNATIONALE POUR LA RECONSTRUCTION ET LE 
DEVELOFPMENT 

—CALSSE CENTRALE DE COOPERATION ECONOM1QUE (FRANCE) 

—KUWAIT FUND FOR ARAB ECONOMIC DEVELOPMENT 
—ORGANIZATION OF PETROLEUM EXPORTIN'!., COUNTRIES 
—SAUDI FUND FOR DEVELOPMENT 

In addition to tiiese loans the SNIM will also dispose of funds from the following 
sources: 

—REPUBUQUE ISLAMIQUE DE 1LAUR1TAN1E 
—ARAB MINING COMPANY 
—ISLAMIC DEVELOPMENT BANK 

These organisations intend to apply the proceeds of these credits—which will be 
available in various currencies—tu eligible payments under the contracts for which 
this notice has been issued. Payment by these organisations will be made only at SNIM - !, 
request and upon approval by the same organisations in accordance with the terms and 
conditions of the loan agreements, and will be subject, in all respects, to the terms and 
conditions of these agreements. Except as the organisations may specifically otherwise 
agree nu parly other than oNIM shall derive any right from the loan agreements or have 
any claim to loan proceeds. 

The SociOte do Cooperation Miniere et Induftrielle tSOCOMINE). PARIS, has been 
entrusted by tiie SNIM with the management of the Project. In the initial phase, the 
curiyiug out uf the Project will entail in particular the following: 

(A)—Works and supply of equipment: 

A.l—-Ore treatment 


(a) a primary gyratory crusher, 2 500 T/h 
tbi a bail-null, 250 T/h 

tc) screening equipment—size 1 600 microns—capacity 5 0C0 T/h—0-12 5 mm 
(d> screening equipment—size 400-microns—capacity 500 T/h—0-1 600 microus 
Ce) 133 magnetic separators—permanent magnet type (0=0.90—L=2 ni) 

(f> 12 conveyor samplers: 

— I for sizes 0-300 mm 2 500 T/h 
—II sizes 0-1.6 nini 100 to 2200 T/h 
(g) 4 apron feeders type 0-300 mm—2 500 T/h 

ih) 63 vibrating feeders for fines (variable uutpul 25 to 2 200 T/h per unit) 
A.2—Supply of electric power station equipment 
ta • 4 Diesel generating sets, rapacity 14 MW 

(l*» all electromechanical auxiliary equipment for a 56 MW capacity power 

station 

A.3—Suppl>_of railway equipment 

tai 2 type BB electric Diesel shunting locomotives 2 000/2 100 HP—weight 100 
tonnes 'approximately! 
ti> i 4 250 tonnes of 54 kg U1C rail 
(n 29 points—54 kg track—MX crossing 
IU» fiOOOO metal sleepers UJU 28 kg—2.47 m 
(ci 40 000 impregnated woud sleepers—grade 5—VIC S63 
efi 265 000 sleeper clips 
igi 265 000 bolls 
t h I 265 spring washer* 

(i> 245 000 galvanized sleeper screws 

A.4—Earthworks—housing and miscellaneous 

(a■ general earthworks. 1 000 00H m3 iapproximately) 

tb) 520 accommodation units of various Ijpes (habitable area 2 600 m2) 

ici services to the above accommodation unit? 

td) 2 water supply pipelines each 30 km long (40 m3/h per uniti 

With a view to selecting companies which will take part in the final tenders invited by 
SNIM/SOUOMINE for the carrying out of this project, any firm interested by ihe nipnly 
of equipment and works mentioned in i.\i is invited to srnd in SUCOM1XE a prequwllfica- 
tion statement with supporting documents, clearly indicating the following 


1 Name, capita I. yearly repur l and balance *h«-i-i 

2 Information on manufactured materia! or work done of the same kind as that requested 
tcatalogues and references) 

3 Factories for the manufacture of the material and ihcir <i.:e? Present and estimated 
work-load in percentage of capacity on a three■ mun:hh 

4 After sales service and spare parts service 

5 Expected supply time after placing of order. Exnccleri supplv lime of working drawings 
and Technical data necessary for setting up equipment after placing of order. Time 
required for preparation of bid 

This scafemenr which will specify the number and details of the lot or lots for which the 

company is asking to be considered must reach the following address before March 10:h 

197S. 


Sociele de Cooperation Miniere et Industrielle tSOCOMINE), 
30. Ruo Cambronne 
73015 PARIS 


Under reference “ Projet Guelbs "—Not*ce of Prequalification A 
Statements shall be written in French or English language. 


SNIM/SOCOMINE reserve the right to verify the Companies' .statements in order to 
confirm fherr ability to carry out the work for which they arc asking to he considered 
SNIM/SOCOMINE reserve the right to reject any tender from a potential .supplier, no 
justification for the rejection of tender being necessary. 


Qualified companies will be notified by letter This Idler will also state the amount of the 
non-refundable sum to be paid by cheque by each company before obtaining (he fin -,1 
tender documents. The lender documents will became available in March. April. May. 
June and July 197S. 

Qualified suppliers must pay a deposit when presenting their offers Fnrthpr prequalifici- 
(ion nolle*? regarding supply of other equipment and ether works within Ihe fra mew irk 
of the "Projet Guelbs" will appear ui a later stage. 




LEGAL NOTICES 

CONFERENCES 


o(h*b of :?rs. 



In tbr. RICH CUL'PT O F JUSTICE. 
OUnl- Ui'.Kli)': 1 'rttlw-Ani-*' Unii-i in 
the M.IU--T of NASIDC PROPERTIES 
UVITED and m the Mailer of Thi: Com 
ppm- j v.-> ;H: 

;:otice is tsrREBV iUven ihu * 

fur ih- IV.udmg ns w ih- ilxii-' 
iidniv-1 Coiiipjiit i:,i H 15 J 1 • -uirt ,-r 
■I'l'U' - on -Jir Jjnd <!.•»!• of F«bni.ir- 
:*•: p.-'S-n: 4 :h- vmt court n- 

\T|«j.V.VL WfciSTMIN 5TER RANK 
UM'TtD 1 ho - '- r- vlv-'- t» 

.« *! I I'thb'lrj l.r-trivt' K-:;. 

B,nt ri ,n«f !h^> ; n -1 t' -ill rt-i ,j 

d n- - : -‘1 m i'- li -vwj tii-ior' tfi '.mm 
ci:-.i.. a- :n. Kn-.il -’nun. ^,t .tii.-i. - ' 
'S : r.inl 1 «hn »i'i'..*\ jli mi tn- :nni 
d<: Vjtii ;■>:» .m«l in; . r'it;-nr or 

,-wmhiiinrt ol «,irj Ointpim »■ urou, 
tn -Honor ■« nnuot. i,v- n, .Uns an 
O: It f>n iht <jd| t'.'T.im 
■>' ;h-“ tun-- «• tirjirinp in (yr-.nn o- (,« 
his ujur.j*:. [n; that pur 3 i»<. -»nd a -.yui' 


v> thi- P- til.on will b- fnrn:sh.d hv :a<- 
iitiicr/l^ti-.d 10 nns cri-rtnor or '•omnhu 
Of ih' - xattl Company raquinnu iti-h 
h.t}- un pji vni-'it: of lb-. - rvnuUi-'d '.har^-' 
lor Ut- ;,.i!i.. 


LIABILITY FOR PRODUCT 
SAFETY 

Imps-ran:—one- da/ -ronforenc-j *• tSc 
How 1 ffussetl Laitlon 7ui MarTh lorg. 


U'lLDC S.I f’Tl: - . 

f Of r„r;fief tfetaiPj 01 W rcicr»ii:tgfi; 

K 1 U 4 < *. ro>; Kivj*--. 

"Jsaie concoct. 

■-’iw prn;on-: , l-- Roj<!. 

Mus C. E. BgswcM. 

1 ftlijijn i )HI. 

'^onFc-cncc 5c:r:tary 

P-r<-,K% PM* 

E'Ciian: Dfiiwt. 1 9 O::i;on 

"•--..vuvri- tor «h“ f’-Miot,-.- 

H jh Wy;qmhc. Bu;)t 

. — \n.v t>-.T'Oii »li-> ir.v-n-*.' -o 
vn ih. h- ^r-n-i vl .-.i.-l P- 

T'.l. H.-'h V/f:arr.bc (• =3171 


ni'i 


• 1 !' 


j •••ii-ir»i-,.i 

I:,f - 1 , 1,01 -y til 

•U-- ,1 H„d 
:• a tirtu. -hi 
llrtn , ml inti 


nr -ini ?■».*> 


ui 


■ r:i 


n,M 


or h~ni 
inn-. 


*• ?:o-v -i 

of .vpn; 


ilg T;|. 

In- p* 

n»nv .-'nil . 11 -lr.- 

1 'j ,il 

•■r {'■■ ir jnln,i , **r 

h- or -f p-ifi 

fv in *,,fti 

.i.liK.t n o' 


APPOINTMENTS 


•r h 


tc<: M.r.aati 
Z-'CA' tan- 
f'-r ijj 1 


” ‘i,:i 


•h' 


hi- 




a''-crho-;i of ijis r,j, -J,. 


T ELEX M AIN I ENANC,' ' 

'.’1 300 * j* .«J, 

5,-Ji a-ao •* Mi: 

C-?:.-c.-t' nnvi n? 

"4- ;>rnjn3---. »'|rpr>n-9r rr.«-rij».,., 

-'in--'. An. jw. H.rienni .1 
■ r, LI- Tl-o V/r,*~ H-,rto 

tci-rtpn NWI Tfl tr TO} «zrr 
I T*ie» sza 1 jo Labi? Huanunt, Lcna 4 n 


FT GROCERY PRICES INDEX 

Cost of meat falls £3 this month 


BY DAVID CHURCHILL 


[THE COST of groceries which 
make up the Financial Times 
I shopping index dropped this 
month for the first time since 
last summer. 

The index fell by 1.69 points 
i to 266.64. a drop of 0.6 per cent. 
| This brings the index back to the 
level of last June. 

The drop in the index appears 
to reflect the growing intensity 
| of the price-war between the 
major supermarket chains rather 
than changes in rood prices on 
[the commodity market. 

The FT grocery index covers 
! some 11 supermarkets in the U.K. 

The FT shoppers found that 
the price of meat and bacon was 
cheaper than the previous month 
and this was a major reason for 
the overall fall in the index. 
{Compared with last month the 
total meat bill was down by 
I almost £3. 

There was also a continu¬ 
ing downward trend in coffee 
{prices following the price cuts 
announced by the major proces¬ 
sors last month. 

The price of a Tour ounce jar 
| of Nescafe was down to the 
£1.09 announced by the super¬ 
market cliains in most of the 
stores covered by the FT 
shoppers, although a few smaller 
supermarkets charged £1.16 a jar. 
The price of tea—presently the 
[subject of much debate between 
'the lea blenders ar,d the Depart- 
jmenl of Prices following last 
week's call from the Price Com- 
1 mission for the price to be cut- 
ranged from 94p a pound to 
|£1.14 a pound. 

There was also a slight drop 
| recorded in the price of bread, 
[lour and cereals. A 24 ounce 
box of Quaker Oats, fur example, 
was Tip cheaper in oce store 
compared with the previous 
month. 

Egg prices were also down in 
a number of stores — by as much 
ai 7p a dozen in one supermar¬ 
ket in the North East 

The major rise this month was 
[in the price of frozen foods, up 


bv over £2 in the whole basket. 

As the FT shoppers .ftonitor 
the same goods in the same 
shop*) each month, cheaper own 
brands in some stores are not 
reflected in the index. 

The eflTwt or the High Street 
supermarket price w-ar in the 
index cannot be igoored. as there 
is little pressure on the com¬ 


modity markets for a general 
cut in prices. However, the con 
aiming effects of competition bn 
prices is likely to keep rises 
down next month as well. 

The Financial Times Grocery 
Prices Index is copyright and 
should not be reproduced 
used in any way without con¬ 
sent. 


FINANCIAL TIMES SHOPPING BASKET 
FEBRUARY, 1?78 



February 

January 


£ 

£ - 

Dairy produce 

147.45 

148.92 

Sugar, tea, coffee, soft drink* 

84.07 

86.98 

Bread, flour, cereals 

iu* 

.93.42 

Preserves and dry groceries 

2836 

28.73 

Sauces and pickles 

15.14 

15.03 

Canned goods 

49.78 

. 4935 

Frozen foods 

43.07 

40.87 

Meat, bacon, etc. (fresh) 

180.47 

• 18337 

Fruit and vegetables 

86-36 

86J27 

Non-foods 

60.78 

59.61 

Total 

788.06 

793A5 


INDEX: 266.44 


1971: 


Feb. 100; Mar. 101-09: April 10172;'May. 105.75; June 108JH; 
July 107.24; Aug. 105.40; Sept. 10SJ6; Qc*. I04J5; Nov. 105v4S- 
Dec. 108.26. _ 


1972: Jan. 109.18; Feb. 109.10; Mar. 109J4; April 108.04: May 109J6 
June 115.97; July 111.97: Aug. 113.40; Sept 112.14: Qct. 113..S 
Nov. 11: 114.8: Nov. T8: 114.49; Nov. 25: 114.72; Dec. 2: 114.72 
Dec. 9: 114.75; Dec 16: 115.77. 


1973: 


Jan. 117.56; Feb. 719.25; Mar. 120.53; April 123.80; May 125.57 
June 128.81; July 127.64: Aug. 12639; Sept. 12939; Oct 133J3 
Nov. 13533; Dec 13826. 


1974: 

1975:" 


Jan. 141.41; Feb. 14132; Mar. 142.66; April 8: 143.23; April 29 
142.64; May 14S.17; June 147.97; July 146.22; Aug. 145J5; Sept. 
147.6; Oct. 1503; Nov. 156.39; Dec. 159.15. 


jan. 16234; Feb. 1*7.77; Mar. 17330; April 178.49; May 18331 
June 193.02: July 188.45; Aug. 18933; Sept. 186.64; Oct. 189.79 
Nov. 194.78; Dec 201.90. 


1976; Jan. 2D8J3; Feb. 21131; Mar. 21630; April 22233; May 22678 
June 22232; July 216.71; Aug. 221J4; Sept, 23034; Oct. 2373 
Nov. 24133; Dec 24432. 


1977; 


Jan. 25133: Feb. 253.96; March 25637; April 258.92; May 26334 
June 26638: July 258.48; Aug. 256.46; Sept. 25631; Oct. 257.98 
Nov. 2*2.10; Dec 266A2. _ 


1978: jan. 26833; Feb. 26634. 


! APPOINTMENTS 

Hawker 

Siddeley 

director 


.Mr. J. M. Durhvr has been 
appointed a director of HAWKER 
SIDDELEY GROUP from March 1 
At present deputy chairman and 
managing director of Brush Elec¬ 
trical Machines he becomes 
chairman and continues as 
managing director of that com 
pany. He also remains chairman 
of Electric Construction iWol 
ve champion). 

* 

Mr. C. K. R. Nunncley. a direc¬ 
tor of Robert Fleming Holdings 
and Mr. H. M. Priestley, a director 
oi Hender.-on Administration 
have been appointed directors of 
SUEZ FINANCE COMPANY 
t LONDON J. in replacement or 
Irfjrtl Wyfold and Mr. f*. F. B 
Grant, who have retired from 
the Board. 

* 

.Mr. F.. C Femta h«u been 
appointed to the Board 
CARRO.N.COMPANY and will be 
managing director of the plasties 
division. 


Mr. lain Thomson ha< been 
appointed a director of KNIGHT 
WLGEN.STF.IN. 

*■ 

Mr. P. J. Holloran. managing 
director of McCorquodale Books, 
ha? been appointed a director of 

McCorquodale and co. 

*■ 

Mr. A. R. Runsnr. Mr. M. J. 
Franzmaa .md Mr. P. Hem ins 
Johnson '.‘ill be joining the part¬ 
nership of ROWE AND PITMAN 
HURST BROWN. -lacfcbrok-rv at 
!he close of busmes? on April 10. 


I 


BANK UF SCOTLAND has 
made ihe following changes in its 
inlernaiion.il division under .Mr. 
Jainrs M. Young. ;oim general 
manager. Trum March 1. 

Mr. I. F. Brawn. ,m n.vijtani 
general manager. »s now divl- 
>iomJ general manager: Mr. A. T. 
Gibson. an a-.-is-fan l eencr.il 
manager. hs> b* en appointed io 
London wiih responsibiliiy for the 
developm-m of international 
operation.' there. Mr. R. T. 
Edwards, senior represent a live, 
oil and imernationai divisions. 
London, has been made an 
assistant 'jeivral manager (resi¬ 
dent in London i: Mr. G. A. Wylie, 
manager, medium term espori 
and shipping finance department, 
becomes ah assistant general 
manager incident in London): 
Mr. J. A. P. Cameron, a manager, 
international division, has been 
appointed an a-sistan, general 
manager. Mr. I. M. Robertson, 
manaeer. business development 
department and oil dnision. has 
been made an as*i«lam general 
manager: and Mr. I. D. Rae. over¬ 
seas manager, i-. now- chief over¬ 
seas manager with the status of 
an assistant general manager. 

★ 

KENNECOTT WkPPF.R COB- 
POR-\T!UN has created the posi¬ 
tion of chairman, elected a new 
president and thr*e executive 
vice pre-idents. and appointed a 
new pre-idem nf Carborundum. 

.Mr. |-. R. Miilikcn. president nf 
lv-nnecntt Tor the past 17 years, 
take- i-’.i'i the ncwly-estabii.-hcd 
post of chairman and will con- 

limic as chief exeatme ofTicer 
Mr. W. IJ. Mendel is Kenrceoti 
president, lie and Mr. Millilten 
cons finite (he i-xccuti-.v office of 
■he Corporation. Mr. II. f.. 
Ricltnrdv pronmu-il to executive 
jh-e preridem of K.-uticcoti. will 
b.- in chaise of Mie li nan rial 
department, vorporntr relation.- of 
lhar company and the stall divi¬ 
sion nf Corbnrumlum. Mr. F, J. 
En$ s has been named pre-xident 
of i. .irborundum. remaining 
rc-pon.-ibli* lor operations. Mr. M. 
Mcrn. -cnior lire president, pro- 
inuicd to executive \i.-e president 
with ruiwmnn-i re-oonsfbility for 
corporate exploration, research. 
Product development, ettainccr- 
mg and planning and a’-'qui-itions. 
Mr. P. IV. Joy. executive vice 
president. >i;s«ioay for Carborun- 
lium. will report to Mr ^tern. 

with rhr -ame rr.spnnstbiliiio he 
now Ij.i- Mr. II. II. Kramer, pre-^i- 
'Icm nf ih.' nu*lMi mt;tmg divi- 
-tnn. ha- h runic rxci'tilne viro 
prc-iiicnt of Konneeoti Ho will 
•■cmmite rn be rc-pnn<ible for the 
Tidal ini m i ij~ nprranons. Cha.-e 
Bra-i i..e ( ,pfr Qompan- Tnr . 
.imj rtu-hrr i f0 n ar.d Titanium 
uorporaiion. 


WEEK’S FINANCIAL DIARY 


The following is a record of the principal business and financial 
engagements during the week. The Board meetings are mainly 
for the purpose nf considering dividends and official incUcatipna 
are not always available whether dividends concerned are interims 
or finals. The sub-divisions shown below are based mainiy on last 
year’s timetable. 


TO-DAY 

BOARD MEETIN 
Finals 


Armour T»:. 

&avr<es 'Cnarlesj 
C-nyml. Union AU. 

■tiKjinn aims md JeCerles 
Inter .'nm: 

Cansiil 

Ooj?Io> M.3 


Diploma Inr 
Myddletoo Hotels 

DIVIDEND A INTEREST PAYMENTS— 
Allied Breweries 2.6828 b 
A max Inc. 43>« els. 

American Brands Inc. 87.5 cts. 

Anglo-Argentine Trams Dbs. 2U and Zoc 
Australia iCommonwealth oO 7pc Reg 
79-81 3< : dc 

Awton Saunders SpcPI. 1.7Sdc <. 
Calderdale 11 «pcBds. Red. 1/3(78 £6.1327 


DIVIDEND & INTEREST PAYMENTS— Cornererott B'uscPf. 2J75DC 
. K .„ Costa Rica Railway 2ndDhs. 3UPC 

d'Stnam £?Q*ncen 2 |VIp' Craw?” tVapeBm! RedI 8 1i3:7B £6.1327 

d.-jtnam Er.g.nccrs 9-1-5P Croydon irsncBss. Red. 1.3(78 £6.1327 

Dawson lull. Oro. and A 1..7 'Inc supp. Cul | e:(1 stDrel StcP1 . i.75pe 
distbn. ol 0.0305c oa yr. *0 3» 3.».i Dana Coro. 31 cts. 

D-xons Photogngpntc 0.9075 b - 

H.A.T. ip 

Hollis Bros, and E-5.A. l.lT97Sp 
-or.don and Northern O.Ba 


Raeburn invest. Tst. Z.6a 
T.rner Curion 0 3t5o 
Turner ManuSatturma 2-293P 


TO-MORROW 
COMPANY MEETING—- 
Bcrislord fS. ana W.l. Tower Motet. E.C.. 
12 

BOARD MEETINGS— 

Finals: 


11 -aPtBds. Red. 


Sram.e >t. F and J. H.i 
Sroacstcne ln». ut, 
titt> Scottish AmerCar Tst. 
rtcn9ka. g a.-o Shanghai B>a- 
Imp. M-.ia! Wj&. 

Mel air an 

Mnt Cnarlcttc |r.vs. 

Natl. Westmi.nier Bt. 

S-a a With .*-oroes 

A»!er*ira Glasj 

VCOiohCaC ai-B Rirscn 

In.erlir.s: 

Rare £ng. 


Dundee ll'tpcBds. Red. 1 3,'78 £6.1327 
East Surrey Water Z.8pc WrrXy. 4pc) PrePf. 
1-dnc. Dbs. 2 2 U 3:, (69-911:31} 
>90.92) S>» and 5pc 
Electric and General invest. Ob. 

Fife Il'ipcBds. Red. 13 78 £6.1327. 

l3Upc Rea. 83-84 6\pc 
Ford Motor 80 cts. 

Gallaher Ln. 3»c 
GedCng Il'meB s. Red. 1 3 78 £6.1317 
Greene oat Properties Db. 3UK 
Hamiriersmith 

Hay and Robinson 5pcPf. 3,Soc 
Herts mere 11 wpcBds. Red. 1/3 78 £6.1327 
IU Inti. Cors. 22.5 cts. 

Ingersoll-Rand Com. 75 Cts. 
isle of Man Govt. 3'--BC 1981 1*«pc 
Isle of Man Steam Packet lap 
Islington Il'ipcBdS. Ren. t r '3(7B £5 JO is 
Jamaica 7pc 7G-7B 3>-pc 
Klng*ton_upon Huil 11 apcBdS. Red. 1/3(78 
£6.1327 

Klcinwort Benson Invest. Tst. Db. 2 and 
2 'ape 

Lanarkihire 5ijoc 7T-79 2-'.pc 
Leeds IIiPcBds. Red. 1 3 78 £5.1327 
Lewisham 11 'tocSds. 'Red. 1 3.78 £6.1327 
LlaniK, ti ancBds. Red. 1.378 £6.1 SZ7 


^DIVIDEND £ INTEREST PAYMENTS- C ®"‘- 1920 »'**• 2: =« 


< vricaltural Mar-.gage Co-B. a :otDB. London Pn-oentlal ImreSL TSL Db. l: ; pc 
- - - Low and Benar 6 pcPf. (1st and 2nd) 

2.1 ec. S .-PcPf. 1.925PC 
Lucas ilnaustriesi 6 - 2 w.PI.- 2.275pc 
M ana G General Trust Inc. Units J.J37p 
MCCIeerv* L'Amic SpcPI. 1.75k 
M- rcantile InvesL Tst Ob. 1 Vpt 
Metrooolitan Water Spc (B) Hjpc 
Monkrands II aaciids. Red. - I 3;7B 


, 7-62 2 .sc 

All.co Letlaer 5ccP!. 1.75W 
All.co Plant 0.30 
s-iinart London Properties S >«ar 
Aunalgamitea D'Stiilrd Pradveis O.sP 
AsiO.ilLCO Biscuit Db. 3PC 
Ail .ns (Hosiery, S-;pcP>. 1.523pc 
Sinkers Invest. TsL Q.Sp 

aristo! bUpcBos‘ Red- 6 9 78 d:,»pc Monsanto Stig. Dollar Cnv. Gtd. Ln. 2i,pc 

British IMS Sa Gen. Invest. Tst. Db. Mvdoieton Hotels Si-pcPf. K925K - 


North^ East Derbyshire 11 «pc 8 dk. Red. 
'.3 78 £ 6.1 327 


6 9.78 


Northern Ireland Electricity Service 5>-pc 
Gtd. 77-79 2 ,x. 6 ':pc Gtd. 81-83 S-Jik. 


Norwich 11 'ypcBds. Red. 1 3 78 £6.1337 
NvMatand 4 : ; pc 71-7B 2 '.pc 
Peninsular and Oriental Steam Navigation 
Obs. fand I Uoc ( 2 nd) 
ji* ton <f° n Atilltonty 6 ' : gc 87.go 

t. Tst. Port at Tvne Author-tv Mtgs. (S'-:pc to 
a 2 nd, J/li*' 76-87 23. to 6 'ape 


3';;c 

Burmait Oil Ln. 4'.pc 
^.L.R P. MrcsL TsL Db 3 ;PC 
Cannock Chase 6 'apcS .s - Red 
a 1 ivdc 

Carter Harv ev Hil“ Stores cts 
Cettral London Gtd. Assd. lot 
Ccnlrewar u.OOlP 
C.tv ar.d loti. Tst. 5pcPr. 1 .. 5PC. 

SBC 

Clt. o( London Brew, ana invest. 

20 acPI 7 p-:. qbcPIs. (Is* and - „ e „_ - 

j Inc. DIB. 0.6 d P-r-D. O.Sp 

Comb ned Enal in ilcrei In. d .pc 552i.iJ ,en, * ,, w *"S- s ’* oc ^ 

rr-aa Inti. Ln 5 .cc 2!I * n ^ Rapier Db. 1 >*«: 

CrvjniLe 1.63750 "’■ f *nd 6 -;pcPI. 2.275 k 

DaC j'um 9 aocSds. Red. 23 B 7S 4 - i,Pc "'ehardson Mertell 22■- cts. 

Decca SD-.Pf. 1.75 k R hwr p, ate and General Invest. T- t 

Der.-, 1st. Inc sh». /.I5p 5Kpld. 1.75 k 

DcD.on Park Inos. 1.299p Sa'n'burv ij., Cn. 4pr 

□ uwtv Ln. 3'-uc 5dlord 5!:oc Red. 86-38 2 -'.pe 

Duncrt 5o:Pt. I.^Spc Sang-rs Ln. 3 k 

Edinburgh 6 -cKBds R?a. 6 9 78 4,|,pc Srhneiders (S.i 6 ccPf. 2.1 nc 

bqu.t* Inc. Tst. Dos. 2 * ar.o 3»oc Sthroders Ln. 3 ><k 

Foster Bros. Clothinn 5 ,-kPF 1 925k Scottish Agr cultural Secs. Coro slw 

Fast-. John* Ln. 4 :K _ .. ,Db. 79-8« 1 ’we. 5. : pcDb. 86-88 3 ^ 


General and Commercial invest. Tst. S ; :k Signode Corp. Ts" etA.' f "** #U ' D0 " 00 ^'*K 
G?ini' Ijfmcs. Db. J '.K *UA Bedfordshire MmBfls. Red.1 l3 i7 B 

G 2mJ tCr ^n1| r "3?a^2.3l'i77n ' **,bV| jf2 r6yihlre 1 ’ 'PcBds. Red. 1'J;7B 

Gu'hrle Coro. Ln. 3**aC SolTle.-^ o*,. 

H^sllnps B'sPcBds. RrO. 6 9 78 4 T .-rfJC 5traU-c(rde J 1 macBds oLm 
Hepworth ,J.t Dbs. 2 -’« 3:- and 3'aK £6.1 ta? w “■ Red - J-S-78 

Hillingdon B'tOcBds Red. 6 9,78 
Hughes Tool 17.5 cts. 

ICL Db. )pc 


4'»pc Thameside 11"»«Bds. Red. i;3(78 £ 8.1327 


Industrial and Commercia! Finance Corp. 5 k> .’■iP'- Mgc tftnlv, 

Dbs. 2'S 1% (91.94) ana 4 ;PC (K PI 1 I S J?- rfmly, 

)n»ereik 4.2oclstPI. 2.1pc. 4.2w2nd Pf. 2 7s« WC ‘- e'*”£*■ 6 *:p«; 

F> 2 1 nc Ord.-j 2 ^' 5 . 6 |i e ^ r /--"‘v. 8PO 

Ord. 3.8 k 

Tesco Stares O.7064n 

Tr eitu ry Ln i4tjoe 1 


r> ^ joe _ j-Mr _ irmiy flp0 6 ^ pt) 

Kaiser ^Aluminum ano Cnemical Corp. §ya! 5 - 6p * rt mly Bpc) Max. t4d 

Kakual 40 Cl*, ana 30 CIS. (Special) 

Kirt-iew BWPtBds. Red. 6 9 78 4>,«pc ' 1 Ln l^Uoe 1994 7Une. 

Kvnoch iG. and G.) 6 :KPf. 2.27Sac « 


BAik 


Le a tn.csL Tu. inc. ihi ' 1.782p “Si t/' lST's^'* 2 ^ 


Leeds B'.MBds. Red. 6;9 7B 4i|,DC 


Lc:c-Strrshir- Bi,KBds. Red. 6 9 78 4'u.n: ]j3fl 3 ^ rkshlre 1 1 iPCBds. Red. t.’4:78 


L'vcrppo) 13 dc J985 £5.54 
Lor don 6 k 76-79 3ne 
Lendan ana Holvroad Ob 


West 

E*ei_ 

£6.1327 




1,3i7B 


London and Scoit'sh Mar.rc OO Ln. 7ae W hllbrmait Da« »i. ai 
T ' u Sd^PI. 1.75k Whita fTimothy! Ln 

^ e ,ne S | h, 5S:n rt ?ry 6 ^ Pf 4-.i 562S " W '«" * ' 


and 3 Vipc 
3'ik 

and 4 k (Cnv.) 

a*.y*™ URS day. march = 

“'ften B'.KBds. Red. 6 9 78 4 H.bc. COMPANY MEETINGS— 

Metal Box Lm Spc 8 79 4! ' toBe Bnfllh G « OUD ' Chtscer - 12.15 

M-trgooi-tan Water 8a S ;oc 76-80 2 .pc Vw" iV 3 " Cor *-- H »6e Park Hotel. 

VJ 5 T- 552 “ "*>***■ ""***■ 

New Zealand 6nc 76-BO 3oc 


6-«KBds Red 6 9 73 
Norton S-mori me. 19 cts. 

Ocilvy and Mather |r.U. *nc. 4£ cm. 
Portsmouth ane s-indertmo Newspapers 
Umts 0 9J8I432P -Inc tups 
2 -, ot O.Q3972l7o oa 


R?<: Publ Sling do. igc. Lns 2 , j:. 1 ,, Ss*al Insurance 


*W- 2.30 

S t'a Erm,n * Hste '- Cj *H>n 
N “ p ' (J. F.) Securities. Birmirgham, 
BOARD MEETIffGS— 

_ Flnalsi 
!;'! B V r£ 


and 4..-K 


WallmS'.an 7 :bcPI. Z.6250C V, |iw„.- 
5t. Gcorjes Laundry iWorcesieri 0-28p tui™*' 
Saitcrd B'.ocBds. - ■ - 


Turner and Newall 


ri,.. c r r 2 elf 4 , 1 ' _ 6 9 " S 4'uK n. tcbell Cctts Transport 

Se'.uri.r Services 4. : «r' 1.57SK Surge) Krtm Rubber 

She?H*-i 5 f ' f (fi"i-.- BccP r!' J - walker (Thomas) 00 '^ 

S ?5 I JC Bu,n:er 6 “ c,,, i - I «- Utah. DIVIDEND dr INTEREST PAYMENT: 

S i u !.K L ' kc,an “ Rea - 0-970 irSpeB n. Red. aa/z.-rg ei aDC 

SSaTiq 9 k?*’ Rl ^”* 87 * 4,: -* R«f S i P 95i 6 ) iP c 

COMPANY 0 ^’ MAftCH 3 


tiRM . MEETINGS— 

u sr..fe* ? * s-toc « 

& 0 C 5 o^crv Db. 7 ,k “T M “ TfN «~ 

w«t Dorsf! RiincBds Rer, 6 9 7R ai « 

S'wrf ° I ' :BC J? 0J Reil 6 9 78 A'-ab: Allen Harvey and Rgjj 

SSfSJK.Xf.? 1 * 1 ''*' S 3 rs 2 ,-pc All»*hce 1 st. 

er and A'L.nson Ln 4 :* DIVIDEND A INTEREST PAYMENTS— 

G-liSV^s'^ P *' 

GordSn and Gatcn 2.64o 


WEDNESDAY. MARCH 1 

company Meeting— 

Bum ngham P^.| C , 

SOA?D MEETING5— 

Finals: 

G-n. Ac/.rient ‘Ire end L « Au 
r-t er G-:«rn;». 


12 S r ^r° e Iil - QrB Umis 1.3Jp 

* Hutton If. F.i 17 Cts. 


imrr Property o.jp 

Ravbetv 1.012Bo 
SsotT'sn and Universal liH**t. z.26p 


Dine*- Pac«f Mil! 
l< 5 D«h 


Interims- 
■Mi*rnri T«, 


'f-nlr So) Ora t.75dii 
Treasury 9^c 19S0 


Finidciai' Tii*®?- 



Dfls.-60,000,Q00;- 

61/4% bearer guaranteed Notes of 1973 ^ue- 
• 1977/1980 : 

• •. of . ' : ‘ s . 

ARBED FINANCE SA.; • • . 5 . 

established in The Grand-Duchy of Luxembourg. 


SECOND ANNUAL REDEMPTION 


3 ANN 
' 1NS1 


STALMENT 


(Redemption Group No.3v ‘ ' 

• having felien' due on April 1,1977) . . 

Notes belonging to Redemption Grou^No.I 
wilt be redeetoed on ; and after-, 

. APRIL 1,1978 •. 

in accordance with drawing:efiected oil' 
February 1‘4* 1978 pursuant to the Tejms 
and Conditions. ' 


Paying Agents: 

Amsterdam-Rottenlam Bank N.V■- 
Algemeae Bank NederlaiidN.y.-. 

Bank Mees& Hope.NV - 
. Pierson, Heldring & Kerson N.V^ 
in Amsterdam 

Banque Genersde dn Luxembourg S.A. 
in Luxembourg. 


February 27. 1978 


PLANT & M ACHINERY 
SALES 


Description 


1972 DECOIL, FLATTEN ahd ClJT-TO-l£NGTH 
line complete with Automatic sheet stacking 
unit and coil reservoir. Max capacity 1S2S mm 
. wide x 3.25 mm gauge x 15 tonne steel coil. 

8 BLOCK (400 mm J IN LINE.-NON5LIP WIRE . 
DRAWING MACHINE in excelleiu: condition 

.0/2000ft/inin variable speed TO hp per block -. 
(1968). - 

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

ROTARY SWAGING MACHINE 
by Farmer Norton (1972)'. 

SLITTING LINE 500 mm x 3 mr/i x J ton capacity.- 
TWO VARIABLE SPEED'FOUR HIGH ROLLING 
MILLS ExiiO" wide razor blade strip 
production. 

Modern used roiling mills, wire rad. 

and tube drawing plant—roll forming machitf 
slitcing-^-flartenioE and cut-to-length lines— 

. cold saws— presses—guillotines, etc.. 

1974 FULLY AUTOMATED COLD SAW 
. by Noble & Lund with batch control.' 

1970 CUT-TOAENGTH LINE max. capacity /.,,... 
1000 mm 2 mm x 7 tonne coil fully / 

overhauled and in excellent condition. ■’ 

.1965 TREBLE DRAFT GRAV/TY WIRE DRAWING 

machine by Farmer Npi^t*>n .?7"—-29"—3/' ’. 

diameter drawblocks. - 1 / 

STRIP FLATTEN AND CUT-TO-LENGTH LINE 
-. by A.R.M. Max capacity 750 mm x. 3 mra - 

9 BLOCK WIREDRAWING MACHINE and . 

1 1000 !b spooler—non slip cumulative type with' 

• double tiered 22" da. x 2S:hp dra*r blocks_1. 

2 15 DIE MS4 WIRE DRAWING MACHINES . 
SJJOOFt./Min. with spoolers by Marshall Richards. 

3.CWT MASSEY forging; hammer 

—pneumatic.sin^e:bIow • . 

9 ROLL FLATTENING MACHINE 

1.700 mm wide. . 

7 ROLL FLATTENING MACHINE 
965 mmi wide. . 

COLES MOBILE YARD-CRANE 

6- ton capacity lattice jib. - 

RWF TWO STAND. WIRE flattening and 
STRIP ROLLING JLlNE, 10" x 8" roHs x 75 HP 
per roll stand. Complete with edging roils, 
turks head Flaking and fixed reeoiler. air 
gauging etc Vstiable line speed 0/75Qft./min. 
and Q/1500ft./min. 

HARROW STRIP STRAIGHTENING AND - 
CUT-TO-LENGTH MACHINE (1973) by 
Thompson and Munroe 

YODER ROU FORMING MACHINE. 30" width. 

7- sand. Excellent. 

DRUMMOND MAXIMINOR MULTI TOOL LATHE. 

Auto cycle, 12" dia x 18". RECONDITIONED. 
(ORIZONTAL BORER 80 mm PEG ARD. 

Table 49" x 33". faring head 33". Optics. 
HERBERT 8 PRE-OPTTYE TURRET LATHE 

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

Table 68’ x 15" 16-1600 rpmi REBUILT. ; ' 
54" Dia. COLD SAW. NOBLE & LUND. 

Max. capaciry 40" x 18". EXCELLENT. 
AUTOMATED TURRET DRILL—HERBERT - 
6 station, 2MT. Plugboard control. Co-ordinate 
table. New 1974. Almost new. . • 

BUSCH AUTOMATIC KEYWAY MILLER , 
Automatic cycle. Hydraulic EXCELLENT. “ 
INTERNAL GRINDER—1UNG C8. 
RECONDITIONED. 

BLANCHARD No. IT GRINDER. Mag table . 

17" dia. REBUILT. Very accurate. 

1ACHINING CENTRE. Capacity 5ft, x 4ft. * ., . 

. 3ft. S Axes, continuous path. 5J automatic tool.' 
changes. 5 tons main able-Ida d. Mam motor u 
27 hp. Had less than one year's use and in- 
almost new condition. For sale at one third. .. 
of new price 

ACME GRIDLEY (BSA) 6 SPINDLE AUTOMATIC j 
2fc" rebuilt and not-used since. ;Wilf turn ^ 
and index to'-malcer's fiimcs. - - ’ ; 

WICKMAN 3\ SINGLE 5PINDLE AUTOMATIC. 

Extensive equipment EXCELLENT CONDmON 
WICKMAN 21" 6SP AUTOMATICS-1961 at»d1963. 

EXCP1LFNT CONDITION - - J ■ ‘ ’ .- ./ .. 

VICKERS 200 TON POWER PRESS. Bed '*KT x '' 

36" Stroke 8" NEW. COND. ■! ■ ' r ; - - ,-^j 
200 TON PRESS BRAKE S' x- 3*;bjiCSedgevrtdc.. 

Air brake, air.dutch, fiehr cause. ''' "V' ; J 
EXCELLENT CONDITION-.:'. 

HME 70 TONS PRESS DCP1 Bed 36" x'34S' -v-'-'' t 
stroke tT EXCELLENT;.. .r, 

COLD HEADERS BY, NATIONAL 
r md r dsso ejoieLlent; ; ■. 

LUM5DEN VERT. SPINDLE GRINDER. 

Mag chuck 60" x 48^;Model 7H.E.-Reconditioned 
LUM5DEN VERT. SHHDIJE GRINDER.’- 9JMLT. 

Rerracrable Table 36" dia EXCELLENT. 
DNC'NNATICENTRiq.PCCTRINDERS. 

Sizes 2 and 3. EXCELLENT.- Y' 

HEY No. 3 FACING ft;CENTREING^.. 

8etween centres 35" Teconcfilfoned. 

SCHULER 200 TON HIGH SPEED BLANKING - 
PRESS. Bed,4Tx'40* 200 spn-Double roil : 
feed stroke 35 mm esecrihent condition. . '•■/.• 
TAYLOR & CHALLEN-No. 6 DOUBLE ACTION 
DEEP DRAWING; PRBS. Condition as new. 

■LOOO TON HYDRAULIC PRESS. Upstroke " . • 
Between columns 92"- x 52" daylight 51'" 

' stroke 30".- 

INTERNAL GRINDER—BRYANT,Type 1460 601- 
swing, Excellent. •' •' 

ANKERWBUC 400jON iNJECTfON MOULDER;. 
ReCoodraoned. • • . . ... 

JIG BORR .( Lindner)'Table 43"‘x-23";0*2fl0D ^v 
rfiinr. 24 rotary table, Exc«Uent- : . J V; 

COPY LATHE, HEAVY DUTY. * 
centres, reconditioned^ -.>• 

°^ r< ^ank d6wn-stroke 7 pre& : 

Working Plate- 5' x 4 .. . | 


VTelephoiM 




0902 42541/2/3 
Telex 3364 H 


0902-42541/2/3 
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0902,42541/2/3 
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0902 .42541/2/; 
Telex 3364b 


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0902 42541/2/: 
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0902 42541/2/: 
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0902 42541/2/- 
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0902 42541/2/i 
0902 42541/2/J 
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090142541/1/; 
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0902 42541/2/i 
Telex 336414 
01-928 3131 
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. Telex 261771 
.. 0,1-928 3131 
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01-928.3til 
- Telex-261730 
-01-928 '31-31 
-. Telex 26)771 


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Telex 261771 
-.01-928-3131 
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' 01-928 3131 
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04-928 3131 
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01r928 313-1 
Telex 261771 


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-Telex'261771 
: 01-928 3T3I 
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- 01-928,3)3$ 
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-. 

:Tefec-2647^ 
,{Q27iy ?2idz$ 
' Tel®f 877279 

.vV 


WANTED 




MODERN USED ROLUNG MILLS. w(re red * . - a... 

and tube drawing pfanfr^rdtt fbrmlnjj-machfne^-L G502 42541 
slitting -flattening -"Af JEk 

,.. C °W saws—-Pressed—g^illprinjesi^etp,-'^ ' 


E73 






'} 



-int . 


' r? • ’ ••' , ' i 'rj :f -• T •• 
••• - <>.- u ■ & 






± 






IIMROSE INDUSTRIAL 
HOLDINGS tIMITED 


V 


- i 

.V! ! 


V^ ^ncprpoimefi in Ihe Republic of South Africa ) 

V eclors: D. A. Lurfe (ExecutiveChairman), p, J. Gevtsser (Deputy rfal minn ud 
Managing Direct or}, I, p. Bnttaun, D. H. BL Brugge man n, G. J. I. F. Stern. » 

- Alternates: L R. Fullerton, T. L Richards 

'; ,txr J di J°5, to 2 s hav ® .P*?"? 1 * 40 re P® rtin 8 the unaudited results for the six month- 
GlluCQ 01 Jj£CCL23lQ€r~ 1977- - • r 

■ ^Audited Unaudited 

- ?&£?■ .6 months 6 months 6 months 

f® 77 .to Dec. 76 to June 77 to Dec. 77 

- 'r „ -• *000 ‘ R’OOO R’000 

• v Group turnover; .......---; -- ; 18.357 15.858 14£62. 

■V ;•. Group profit before tax ... 1.910 185 . «oo 

. Tax associates .. 37 28 26 

i., .“ Deferred tax .__ 425 41 • -72 

Total Tax ......_..;. 462 69 . 98 

Group profit after tax .:. 1.448 116 502 

Ordinary shares In issue fully paid (000’s) 10.722 10.774 - 30428- 

Earnings per share (cents)... ' 13.44 1.08 4.64 

_v Earnings per share (UK equivalent—pence) • 8.00 .64 2.76 

^ Dividend-per share (cents) .... 8 0 25 3 5 

^ Dividend per share (UK equivalent—pence) • 4.76 1.49 2-08 

Dividend amount (R*000) ...- - 858 289 379 

y l c#?^iie above table shows the results for three consecutive six month periods, and 
; tes the information necessary for a correct assessment of the latest figures. 

half-year ended . December 1976. started withithree months of full production 
followed by deteriorating conditions In the next quarter. In the ensuing 
jjnthseaded June 1977. there was a progressive xnd substantial collapse of our 
pretaxrproflts'dropped to RiS5.000:. • Y 

g^st-this background, for the six .months to. December 1977 the increase in pretax. 
to R60fl.000.Dn a.IQ per .cenL-drop ixi tnmovetSdjow 6 a pleasing recovery which 
; from a continuing improvement in operating efficiencies, now geared to the' 
t level, of sales, coupled, with .the effective, temporary closure of certain plants to 
; ^production to geographic demand. .. - 

: a jd recurrent expenditure was significantly lower, hut in those plants where produc- 
> r - as 'sharply reduced profitability was inevitably affected by higher unit costs arisme 
.' -reduced production, as well as. by a conservative LIFO-based "method of stock 
'■ :lon. '■ • * 

.. ■ - ith reference to the interim statement issued last year for the six’months to 
*.*.:*, *. . ■Vjj.iher 1976. no deferred tax was provided, the full amount of R 466.000 having been 
"v ■...at to account Jn the final accounts for the 1976/1977 financial year. We have, in the 
^ tabulation, allocated this R 466.000 between, the two halves of that financial .year, 

.: ia] . to provide a fair comparison with the results now under review. 

' "'•i^ .jr drive to obtain maximum cash flow has bees successful, and net cash flow is 
.. - ''ntially ahead of profits. This was achieved through stock reductions and by a 

^ 'ely low level of capital expenditure. Our existing production capacity is in good 
' and only 40 per cent utilised. *. f ; . - - 

t: 'v°market demand continues at present levels, the-six months to June 1978 should 

• • ' : - . Vi profit greater than that reported! for.'the first nilfyear. This current period- which 

' ’es December;' is historically better, and. in' -addition a modest price increase. 
r; y> ve from February 1st has been granted by ihe^ftfee controller. Our reduced Cape 
V ions are now showing a.positive contrlbutibp-.apd the loss-making clay pioe 
' ion at Henley has been closed. Whilst,these are strong indicators that our profits’ 

, ~l improve; they must however be'weighed agafqst v a very uncertain market, fierce' 

Y rompetition in common, bricks, increases in administered cosls of electricity, coal 
, ” - VeneraJ purchases and against the likelihood of an Increased wage determination for 

.' T .1 ’ • " :- ick industry which js at present under negotiation 

is thus extremely difficult to forecast the near future. other than to say that we 
e that the group's ability tq prqduce any profit at all with production at 40 per cent, 
r .acity indicates that any recovery in brick demand will have a rapld : Gnd substantial’ 
— *■' ^ , -.-on our results^ ... .Y - 

.- -ince our last statement we have formed a*' majority-owned subsidiary. Brickor 

it (Ptyl Limited.' which we hone will spearhead s strong entry into cement and 
1 ‘ *■“-4te products for the .building industry. There have been no other major changes. 

• •’ • - >END: "... . 

• v » ■ > ' ur cash fiow in the six month period ended December 1977 was strongly positive. 

. ing in our overall debt beine reduced bv more ttnui RffiM.OOn. For the remainder of 
mancial year, and. for the foreseeable future,- capibd expenditure is expected to be 
r*- .vr > ,v;-lnd* well covered by depreciation. We do-not anticipate any increase in working 

, ' . . Ylreor.iremepts.; ^ ... .* - 

. r e'therefore believe {hat most of the profits eanu&in theT»ast six monfts can and • 
# ’ 4 - VT i he passed on to shareholders. Your Board has accordingly declared an interim 
. *nd of 3.5 cents per share. ■ > 

• ' - .-Go behalf of the Board. 

.tD. A. Lurie 

•j /D. J. Gevisser—Directors 

mesburg. . - ? . 

February. 1978. • ” . 4 

• . j " - • - 






. '■' r 




REPOBLIG NATIONAL BANK OF NEW YORK 

rATEMfefyTT* OF. GC>NDITJOH^ - Hr ; ^ 


December 31,1977 
' ASSETS^Y ^ 

CasK and decrvanci 


Precious metafe'; 
investmentsecunties:. ^ 


•Other <?M 
: : Total investmer^se 
Feaeral funds " * 


m. 

■ V -..iff 

, t; ; -s «- •’ 

" -yh' fit '■ • 

'-py - 



■ pu rchased ;dn 
;• -Loans; riet.oLune 
- - AHowanceToc^ 

.■ Y : ; 

Customers jiabiKtynjnder a< 

'; Ban^ prethi^s^nd equiprn 
Accaied’,irite^9st : rece'ivab{e' 

T vp the r 

A LI A Bi L1TI ES fT’-'Y _ ■.. W 
;T ; ;,Deposits . ^ r ;Y.. - 

■i'Y Federalfunds''pu.rOh ‘ 

' f; under agreement 
. . .-Other .liabilities' for b 
^ Acce p tan ces o ut st a 
r ^'AcCru ed: inter est pay 

; STOCKHOLDER 

r^.damrnorv:stock Y-. ■ 

U Surplus,. ,A- «T 

Surplus-representing convertible notes!' • 

?-„/?■ obligation assumed by parent corporation, ; - 
j . Undivided profits ./ ; •.. 

IY T.-Total stpckhdlderd equity 



<fp If f * 

< iff * i t fc i 1 i t f ; i i { -fi- 1 - i z 

ilfiiilllii 


SYl.95,-775,359^ 

)28B,618,168r 

70.817^8411 


il 



152f 48,016^ 

: 47,978,746^ 
90,774,7631 - 
^34,332 ; ‘ 

. ,,935.8571 | 

jpfpl 

165^00x000 ? 
t;255't50TSlT 
f'(21.5dg.1 H71>i 
1,233,544,964" 

- - 87,990.900 ■ 
-115,865.025 '.1 
44,681.461 
71.019.346 ; 
$2,572-346,921 T 


, 000,000 
capital base is 12.8% 
of deposits-one of the 
best ratios among the 

jV/LetterpffereditTutstandiDg.: f T; il l! .; .i^ l5|r i*tOP 100 banks. 




S2.047.646.981, 

; -s>^5S,422.0bbr 
T* 3;159,756 f 

'•'-v-eS-ff 


>/Hoo,ooo;oao; 

- 78,146,591 

vYj .‘Vr ‘ / • • •. , "J •’ •. - ’1 “T' 7', 

1-12.490,000?' 
:;T l ,319,636 \ 

• 261,956,427 

$2,572^348,921 * 

S .101,625,469 - 



What does such an unusually high capitaMo- 
deposit ratio mean? 

It means we have experienced, hard working 
people who have built a strong capital base in 
order to protect our customers’ deposits. 

Our people have always been able to provide 
excellent service to our customers and maintain a 
high level of liquidity. 


Our people’s efforts show up elsewhere on 
our balance sheet. For example, our assets are 
less than 10 times Republic’s $262 million capital 
base. And our return on average assets is one 
of the highest in the banking business. 

So, of all of our resources, we feel our people 
are most important. They make our performance 
possible. Get to know them better. 






A Safra Bank 

America’s 52nd largest bank, and growing. 

Republic National Bank of New York' Republic New York Corporation, Fifth Avenue st 40lh Street, New York, N.Y. 10018 
New York o London • Nassau • 19 offices in Manhattan, Brooklyn, Queens & Suffolk. 

Affiliates and Representatives in: Beirut. Buenos Aires, Caracas, Chiasso, Frankfurt/Main, Geneva, 
Luxembourg, Manila. Mexico City, Montevideo, Panama City. Paris, Rio de Janeiro, Sao Paulo, Tokyo 
Member Federal Reserve System/Member Federal Deposit Insurance Corporation 
An affiliate of Trade Development Bank Holding S.A. Luxembourg. 


$150,000,000 8.20% Notes Due February 15,1988 
$150,000,000 8.65% Debentures Due February 15, 2008 


Interest payable February 15 and August 15 


MORGAN STANLEY & CO,. 

InevrpmiwUS 


'ILLON, READ & CO. INC . THE FIRST BOSTON CORPORATION 

OLDMAN, SACHS & CO. LEHMAN BROTHERS KUHN LOEB 

tneorpormtett 

IERRILL LYNCH , PIERCE t FENNER & SMITH SALOMON BROTHERS 

Incprpomtrd ... 

lACHE HALSEY STUART SHIELDS ' BLYTH EASTMAN DILLON & CO. 

Imcarpetntat Inearporaitd 

IREXEL BURNHAM LAMBERT E.F. HUTTON & COMPANY INC. KIDDER, PEABODY & CO. 

Incorporated Incorporated 

jAZARD FRERES & CO. . LOEB RHOADES, HORN BLOWER & CO. 


’AWE, WEBBER, JACKSON & CURTIS 

Incorporated - • 

VARBURG PARIBAS BECKER 

Incorporated ... 

JIEAN WITTER REYNOLDS INC. 


SMITH BARNEY. HARRIS UPHAM & CO. 

Iticarpwalcd 


WERT HEIM & CO , INC. 


WHITE, WELD & CO. 

incorporated 

BEAR, STEARNS & CO. 


This announcement appears as a matter of record only. 

$50,000,000 

B.A.T. International Finance Limited 

Floating Rate Guaranteed Notes Due 1988 

unconditionally guaranteed by 

B. A. T Industries Limited 


These Notes have beenplaccd privately 
by theunder&igned. 


MORGAN STANLEY INTERNATIONAL 

SUMITOMO FINANCE INTERNATIONAL 

February 21st 1978 


February23,1978. 









































_ 1 
% 


Financial 


HOME NEWS 


Wilson Committee probes 
funding and investment 


THE THIRD volume of evidence Mr. Murray: Yes. a vehicle lo provide funds! 

from the Wilson Committee in- |\j r> William Has I am. Prudrn- directly to industry for now! 

dudes the transcript of the com- tj a j Assurance: Relatively few. development. Can you tel! me f 
mittee’s questioning of rep re- Mr jjoodv We have tended to what arc the main criteria for ■ 

s^nutives of the insurance in- keeo’io th*'areas we know some- that organisation? i .. . in<jn 

dustry and the pension Funds. th in- .^bout fo? example, invest- Mr. Hugh Jenkins, NCR Pen- • BUDGET tax cuts in the widely- rapid«" savs that the 

Iran trlIst *' " r »>«■■*« *»« a slot, Fund: That particular;expected «*■. ,«wse .would of the world 

. rips u excerpts trom tne Iran- verv ]. irsje s j, arc interest in a scheme was produced 3l a time] 
scnpts - financial cmnpanv. when evert h ing. looked extremely, ; 

They touch on the effect of We have not ^ far eune verv black, if you remember. T 

Institutional imestnient on the rar down the rnad nf a lor of companies had thc«rj 

stock marker, contact between m- .... ih„ kia,.k 


Big money supply 
expansion 6 would 
hit inflation hopes 5 


Business man's Plan 


U.K. TRADE FAIRS AND EXHIBITIONS 



Date Title _ . . 

Mar S—10 . Oceanological Equip. & Services Ex do. . 

Mar. 6—9 . National Carpet Fair . • . -... .; : 

Mar . 7 —April l... Daily Mail Ideal Home Exhibition 

Mar 12—15 . London Young Fashion Fair ■ /. 

Mar. 13—17 .International Electrical Eyio m° n 

Mar. 13—17 ..... International Pneumatics* Ej^uIics.J^biL 


Venue. ; 

Metropole Centre. BrigfclMr 
Blackpool '• : 

• Olympia'™'" T“: 

Earls Court •.■.*-• V ...... 

•••. *Kat 

.. Nat Exb5. ‘Centre, 'ftfham. 


BY DAVID FREUD 


Mar. lCl6 . Jnt. Public Address Equipment Exbn. _ -^ ... 

Mar 16—17’ . Vending Equipment RefreshmearSeryicW'ExlJtt. Cotnber!a^Hi^.-W^l • 

Apr 3 I 7 lnt Heating. Ventilating & Air.Conditioning Exbn.^at^hm an.t^B^,. 


OVERSEAS TRADE FAIRS AND 


si„r s : jf ^ *■■■ ^s^ir&j« Eibn - &c#D, v 

lar*. share interest in a _Pn-™d ... .in. e | ft" » » figS SB&WS? M «qV fit £* ..= K5S2XBEKT - ". 


financial company. 

We have not so far gone very 
far down the road of having 


tinns to provide special funding 
facilities for industry. 

Sir Harold Wilson: Could we 


pames. and there was the recurring ■ lQdav directly through their effect on 

Professor Bain: Jn your expert- theme, particularly in ihe media, I fiscal expansion, parlicu- other countries' exports, 

once do insurance companies that industry was being deprived, j ar j v . jf assuCia ied with a money The centre's forecast of 2.5 per 
often take action to strengthen nf finance for their development i SIin nlv tarppt from 197S-78 ' of cent growth in the U.K. gross 


Mar. S—12 
Mar. 12-14 
Mar. 12—19 


Xu™" .id™^fpSEr t ^“pt* ,,n asr,, t 1 rt. ,; n „. , S% ®s? i sfr™sssi tww. ee ns :::::: rs*'-mma*; & b, 

the thwarted efforts^ of institu- the P,Mrds oF industrial com- E\Chunge hdnw Ihiii par value. : it , 5 k f or lflTT-Sl .published are depressing world demand . lnt. Oil & Gas Heating E 

ions to nrSv.de special funding ,,an,es ' *" d ltere ,. w f s , the , K recurr J- n «i lo-dav. directly through their effect on *" JJL 14 . international Shoe-Fair 

facilities for industry Professor Bam: In your expert- theme, particularly ,n the medta I Crejll fiscaJ expansion. parlicu- other countries exports. ** 12 _10 . International Spring FaL 

Sir Harold Wilson-' Could we cnce rto insuranoe companies that industry was being deprived, ]ar!v if assoclxlt , d Wlih a m0 ney The centre s forecast of 2.5 per • 1S . inL Panting & Faper In 

romp to the °rowm"" dominame oflcn !ake action 10 strL ’ n ? then of *“ nce for the,r development, supply larKet fr0U1 ,975-79 of cent growth in the U K gro^ 13 _ 1R . International Building E 

- ^ f n ?he the »' a « a Sement of the small or activities. 'ntor e than 13 per cent., would domeanc produel-as 19.5 pnete g . international Trade & lc 

an? v-h-It it duotcct companies? So we launched a scheme v/hich, 1( , ad rapidly to a Fall in the ex- —is accompanied by a prediction 31 —Apr. 5... Tnt. Woodworking.Machi 

imlilies for the efficient f u n«- Mr - Moody: A certain amount P rov, de funds for land, ; change rate and dash hopes of that consumption will nse by jj ar . 3i_Apr. 5... Supplies & Materials for 


C r^nJm!!inn^i°rn l vi : -tnrI n in a ?h« the management of the small ur activities. more than 13 per cent., would domestic prouuct—a» — 

"f in.tjtutmnal investors in the quoted companies? So we launched 3 scheme which i , Pad rapid I v to a Fall in the ex- —is accompanied by a prediction 

Ses 7„r S; eScien^ fun Mr. Moody: A certain amount ^uld provide funds for land.! ^anee «!c and iSah hopes of that consumption will rise by 
Z „rThe mirkei of this is soing on all the time bu i d,n ?s- P !;,nt and equipment.!controlling the inflation rate. 4 per cent. 

Honing nr the market. but . { , he order o{ two or The thing was carefully cal -1 Gross national product is ex- Much or tms growth will uceur 

\nu are in no doubt at all— lhrep caseg a year culated to ensure that at the jpeeled to §rnw steadily to 1981. in the first nine months of tbe 

perhaps you said this before l Prof BaJu . p^rj.. srna u? ond of the day we were able in j at an average annual rate of 2.8 year as the benefits of tax cut'. 


European Fashlotf'Fair ‘ t . 

International. Agricultural! SxhibitioD 
British industrial Exhibition 
International Audio Exhibition _ 

Powder Technology & Bulk Solids Exbn. 

Int. Oil & Gas Heating Exhibition 

International Shoe-Fair 1 ■ . 

International Spring Fair , 

InL Printing & Paper Industiy.Fatr 
International Building Exhibition _ 

International Trade & Industry Fair’ 

Tnt. Woodworking Machinery. & Wood.InoL Exbn. . 


Basle;• :;--v. • &'~ 

^Geneva . * -^r 

.New York !.“v? £ ; 


-Paris : 
Kowloon j 
parik ‘.. 
Basle v 
Stuttgart 
UtrecW 
Leipzig .. r ! 
Zagreb 
Singapore 
Jeddah 
-.Paris - : ■ . 


; ------ 






ir ’ 31 _Apr! a”! Supplies &. Materials for the Furniture ind. Esba. .Paris • . 

BUSINESS AND M AN AG EM ENT CDNFERENCl 


end of the day we were able ini at ao average annual rate of 2.8 year as the benefits of tax cut'. _ . ot . 

lha InnnJoKM,_nnW I — I__— 1. _ ___ ... I WC_:_- Ki. in.ra-.UC hiphpr D.1V ‘ CU - 


Feb. 28 
Feb. 28 

Mar. 1 


Mar. 6 ■■ S 
Mar. 6—10 
Mar. 6—10 
Mar. 7 ... 

Mar. 7—S 
Mar. 8 

Mar. 9 ... 

Mar. 13 ... 


. institute of Directors Annual Convention: The - --- ■ ,, 

State & the Individual Royal Aftto HaH.S^KS.; 

. Executant: Weights & Measures /Kpssell^telr 

. Inbucon Groups National Policy and- . Pay.- ■>:'v” ^V 

Restructuring > Dorchester. Hotek 

. InL Assoc, for Students of Economics ir Manage-. -''. . '.i' 

jnent:. Business Education Seminar Birmingbilm ., T " 

. Investment Sc Property Studies; Design Liability * T 

in the Construction Industry -. - ■ Royal-Lancaster 

. McGraw-Hill;-Corporate Fraud , . Royal Garden Hotel;,WC8^*j 

European Study Conference: -Health & Safety — ' j v ..- 
in 1978 * Cotriberiand 

. World Re-cycling Conference- ' - ' Basle Y;- '-.- . v 

. Urwick: Project Management - v'S tough- 




Yes. ^ .i • risk which was involved. ami 1980 as world trade recovers, and mure rapid inflation. Output ■ . inent:.'Business Education. Seminar Birmnjgbam : ^ 

Sir Harold: Wltat does that ^OlflGIilUlg WOrSC We tramped round many com-' The centre is relatively opti- is likely to grow less rapidly ^_ 9 . Investment Sc Property Studies; Design -Liability .■.'.z'.-'r'*: w--. *- T 

mean for the market? >j r ,( n oj, Stephenson: Brier n ani «s over a period of IS:nii«tic about the world economy than domestic demand as imports * “ in the Construction Industry ‘ ; Royal-Lancaster 

Mr. tender: I think I made the mention was made of Equitv months offering this facility and; and sees the trough of the are sucked in to meet buoyant -,, ar 2 . McGraw-Hill;-Corporate Fraud , . Royal Garden'H£w&dKj^g 

point before you came hack that Capital for Industry, it i s a ln onl - v thrt * e l-ases did we yet! present international cycle being consumption and :he current Mar . 2 — 3 . European Study Conference: -Health & Safety ^ : - v 

it is not really practicable Mr slightlv •• Have you stopped heat- positive responses. j reached in the first half of ]»<9- account «.II deteriorate during in W78 - Cumberland 

larger pension funds to make ing vour wife?" question. 1 am Mr - >*u«den: f believe you with recovery being particularly the year and into 1979. Mar. 6—S . World Re-cycling Conference • -Basle 

substantial switches of their afraid, but after experience with ““nriM'd what was described as 1 ---Mar. 6—10 . Urwick: Project Management - . ' • ’...vSUmgh- '■ ; 

investments. Equity Capital for Industrv u manufacturing service industry ■ , —^ s u 1 P Mar. 6—10 . Department of Industry: Flow MeasurementGlasgow • 

We find it diffi.-ult lo accept which you have had so Tar. is un,l * p lnw%t in ,he < *“ uily of ! k £ ^rAUTh nATATA CllFTlIlK Mar - “ . British Institute, of Management-; -National -- 

the view that the growing pro- it fulfilling a need which j n - «noHcr companies whether they: VJI TT 111 UC1U1 V 3IH plUo Convention-.. - 

portion of shares held by in-^ti- siitutions cannot fulfil, nr is it * e S. e Q^°lcd or nuL j v-vt« • . « ff Mar. 7—S . LenoFern: Cost-Eff, Print in Marketing ;. ’ ' Inst ^Marine?, 

rutions has increased the vola- a sort of political stop to make B Mr - Jenkins: We established; o IIDIHTD rA WIlIrAtlllll Mar. 8 . Henley Centre fin: Forecasting: Forecast for the 

itlity of the market. BasicaHv certain that something worse five units—four external untts[ LilallCHUC 11/ TT Klll.CriICl.lX U.K. Leisure Markets to 1983 Carlton 1 TowerHWffeSaVar 

the'institutions are growing and does not hanpen from vour 3n d one iniernal unit. The object ^ Mar. 9 .. Confederation of British Industry; Nigeria 1973 - 2I, .TothHl. St, SWrl.o 

they are normally reluctant to point of view? ' of the exercise was to invest in; BY PETER RIDDELL. ECONOMICS CORRESPONDENT Mar. 13 .. College for thie Distributive Trades: Inflation' '.- ' 

dispnse or their existing hold- Mr. Haslam: Certainly the in- *m.iUer companies, companies' the GOVERNMENT should aim economists, now known as the Accounting. 30. LeiCiester_Sn^tt^rK£B‘ 

inqs. tenfion was not the latter. There «' l! » capital employed of any-, at ., sustained growth in Gruss CLARE group, whose views are Mar. 13—14 . State of the Art: Technical Marketing Conference.: .Royal .Garden-^te^ .W^.'j 

Dr. Jnan Mitchell: You do not was considerable speculation thing between Ilm. and i‘20ni. • r>oiaesric- Product of 5 per cent. Review. Mar. 13—17 . Kepner Tregoe:' Decision Making'.for''Senior /- • /—-?• 

think you are coming together when Ed was set up 'hat there JJr - Sugden: What has becn; a Ve3r unJ „ t ^ e early 19S0s, it is The authors say that the Bud- Management •; . * Hartley WisOjegf v 

and that the diversity is in wa* a u^p. yo iV expe,, * enc * ? ,! argued tn-dyy. even if this get should play a key role in Mar. 14 . Building Advisory-Service .(BAS): "Arbitration Of-- 5 ?. 

dancer of disappearing? We investigated this. We Mr. Jenkins: Over the 7®-meant that from next year on- the launching of a medium- Building Disputes • ..-Gavehdlsn 

Mr. K. G. Smiih, National found nr> concrete-evidence that months it has been a slow pro-! ward)> there was- little ur no sur- term expansion policy with a Mar. 14 . Anthony Skinner; The Detection and Prevention: -S’- v~; 'v/'; -- 

Association of Pension Funds: 1 ihere was such a gap, nor could cess in building up these port-;p|, ls on the current account net stimulus in the spring of of Fraud _ PicCatHny'HoteL'W.T 


. Deoartment of industry: Flow Measurement 

. British Institute, of Ma nagemen t--- >Na -..V- \ 

Convention-.;- - 

. Lenorent: Cost-Eff, Print in Marketing . *■ ' Inst 

. Henley Centre fin: Forecasting: Forecasts for the 

U.K. Leisure Markets to 1983 • Carlton Tower Hcd«teS3Va; 


Confederation of.'British Industry: Nigeria 1978'-'- 2L.Tothill. St,-&--,'r. 
College for the Distributive Trades: Inflation' '.- * 


Mr. K. G. Smith, National found nr> concrete-evidence that months it has been a slow pro-! wardf> there was little ur no sur- term expansion policy with a Mar. 14 . Anthony Skinner' The Detection and PreventionV ■/ 

Association of Pension Funds: 1 there was such a gap, nor could cess in building up these port-;ping on the current account net stimulus in the spring of of Fraud PicCadin^'HbteL^W.l 7 

do not think s o no Tberg are we prove conclusively that there Folios. 1 Th ph ,,|„ nap rhp p a ..tini« Ellbn. and £3 bn. Mar. 14—16 . Computer-Aided Design: Computers in Engineering *;. v 

always some who take a dif- was not j gap. » <* a competitive area u r : ‘ n *min-.iine within The bulk 0 r the boost should and Building Design .■- - KfetrBpote.Centre,-Brighto#;; 

ferent view from nthc-rs. and The industry took the view, activity Me signed up a ro'u-1 tihVi i ’,mp-inn nlri iHPin come from reduced taxation. Mar. 15 . Inst n u te nf Credit Management National Conf. Hi J ton’-Hotel ^W.!- V 

this is what the market is about. “This is a commonly held view, pany yesterday where jointly , »>nirenaii t.mw iu ,ui ai iilic iu p r j mar j|v nersonal income Mar. 15 . Centre for Interfirm ComparisonManagement^ 

Mr. Len Murray: On how raanv Let us al least set up a vehicle with another merchant bank we ! p r ,. r .;™ “d taxes, though'if there was to hi Ratios and Interfirm Comparison ... Management House,- 


always some who take a dif- was not j gap. J* « a competitive area « r !| |n ‘ n '„ 0 i „»dominatine Shin The bulk of the boost should 

ferent view from nthc-rs. and The industry took the view, activity. ^e signed up a corn-j 11 1 ■ -Jriicie in come from reduced taxation, 3 

this i*i what the market is about. “This is a commonly held view, pany yesterday where jointly,'*Ft* T «... primarily nersonal income 5 


Mar. 15 
Mar. 15 


thi-= is what the market is about. ‘This is a commonly held view, pany yesterday where jointly, ■vn f ii.,n d p!-, n k Review bv primarilv nersonal income Mar. 15 ... 

Mr. Len Murray: On how many Let us al least set up a vehicle with another merchant bank wej ‘ s„„ ‘X ’"a taxes, though if there was to hi 

.-omn-inies. say. i« the Pru repre- to make sure that if there is a have taken 30 per cent. oF the- ( - h . Feinstein of* Cam- a cul in indirect tax. the prefer- Mar. 15—17 
sented where you have invest-gap we can fill it.” That was equity, only to find another; “ " 5iein cnce should be for theabolitinn 

mcnis? the sole reason behind ECI. pension Tund was competing for: nr,UKtr ‘-""'trsuy. uf lhe ^- a ,i ona i insurance s U r- liar. 16 ... 

Mr. Peter Moody. Prudential: Mr. A. Sajrdcn: ln 1973 the finance for this particular com-1 ft reflects discussions among c h arue 
Having a director on the Board? Coal Board pension fund set up pany. - several uf Britain's leading The exchange rale should be Mar. 20 ... 


Keith Shipton. 
Management 


Developments: Marine 


Risk •... 

. Royal Garden Hdteviy^rlv 


All of these scciuilies have been sold. This announcement appears ns a meit- r of record orly. 


NEW ISSUE 


February 23,1978 


£20,000,000 

INA International Holdings, Ltd. 

10% Sterling Foreign Currency Notes Due March 1,1988 

Unconditionally Gaaranteed as to Payment of Principal, Premium, if any, and Interest by 

INA Corporation 


The exchange rale should be Mar. 20 .... 
reduced buinw the average level 
for ia-st month and. thereafter. Mar. 20—22 
continuously managed so as to 
keep it roughly at a level ee,U:il 
tu that prevailing in the fourth Mar. 21 .... 
quarter of last year, adjusted in 
accordance with movements in 
U.K. costs relative to those of Mar. 21 .... 
main competitors. 

The recession did not have 
much affect on price rises and a Mar. 22 .... 
well-directed expansionary policy 
could, if anything, assist the 


Government in its attack on Mar. 30 ..British Frozen Food Federation 


Resnurces Poliqi: The Economics; Politic?. . • -S.'.'..; - i- 2 - 

Social Implications of Re^itrce Use * '•. 

rinnservalinn "-' f . Oxford. 

British Council of Productivity-Associations: The - 

Legal Implications of Interviewings Selection .. >>•: ' 
and Promotion ■ * Metropole Hole 1 . W^ ' 

Gresham Management Services: .Employee . '. •< .v./ 

Participation in the '.Retail &. Distributive.' \v i L’- 

Industries ~- .Tfyde'Park Hbtfli; 7 S.W.r--^-."ii 

London Chamber of Commerce & Industry:. Prerr' ^ ’• 

Shipment Finance for Small A-.Medium-Sited;- ’. ;.i : - * • j 

Firms . -- '- .. - '. 69.vCaDT}Oii i ; v._: 





B1 ytli Eastman T)fQon & Co. 

lntmutional Lmriied 

Amsterdam-Hotterdam Bank NX 
Banqne Bruxelles Lambert SA. 
Credit SoisscTVTuteTVeld 

Limilcd 


Morsran RrenfcH & Co. 

Limited 

Bank of America International 

Limited 

Banone de l‘Indochine et de Suez 


inflation. 

Economic 

strategy 

criticised 

By Peter Riddell, 

Economics Correspondent 
A PESSIMISTIC analysis nf the 
prn-spucts for ihe U.K. economy, 
unless ihere is a major change 
in strategy, is presented this 
morning by Mr. Wynne God ley, 
the Cambridge economist. 

Mr. Godlev writes in stock¬ 
brokers’ Vickers da Costa’s regu¬ 
lar review that “ the Budget, 
taken outside the context of 
a comprehensive economic 
strategy, has more than ever 
become a source of distraction 


Mar. 31—Apr. 3... Institute of Personnel Management: 

of Government on/Company Pa; 
Industrial Relations 


This week 
in 

Parliament 

COMMONS—Debate on Opposi¬ 
tion motion on law and order. 
Motion on EEC documents on 
Jurisdiction and Judgments 
Convention. 

SELECT COMMITTEES—Expert 
diture, Education. Arts and 
Home Office Sub-committee. 
Subject; Prison system. Wit¬ 
nesses: Association of Prison 
Officers and Scottish Associa¬ 
tion of Prison Officers (4.15 
p.m.. Room 13). 

TO-MORROW 


Export Seminar. World Trade Centre, E.t .= ,v 
ment: The Impact . •; -:r '.- 

ly Pay . Policies ,-& " «-^-.r 

- Oxford 


from serious diagnosis and pres-1 COMMONS—Remaining stages of 


cription" with a “ fatuous 

auction ” about the size of tax , . . . 

Cl2l2i ing stages of Civil Aviation 

Assuming conventional policy Bill- 
responses. “ fiscal policy alone LORDS —. Refuse . Disposal 
can bring about only a very (Amenity) Bill, report, 
sleepy recovery of industrial 
activity at home. Unemployment 
will fall little, if at all. and the 
recovery of profits will be 
arrested." 

Mr. GodJey. director of the 
Dcparlment of Applied Econo¬ 
mics at Cambridge, says that the 
rest of the industrial world is In 
a recession that now looks like 
being endemic. 

Even if this was not the case. 

ihe U.K.’s competitive power had and near Whitehall, and pro- 

iiecnme so weak that “ we cannot posed new buildings on West- 

look to net expnrt demand In minster Hospital and other 
play an adequate role in the sites, 
expansion of demand." WEDNESDAY 

It was questionable whether COMMONS—Wales Bill, com- 
there was now "any fairly con- mittce stage, 
ventional national policy which LORDS—Debate on decline in 
will get us out oF the mess" and respect of rauthority and the 
a " positive strategy for the need to reassert primacy of 
medium lerm " was required. the law. 

The warnings of the Cain- SELECT COMMITTEES—Expen- 
bndee Economic Policy Group diture. Trade and Industry 


Housing (Financial Provi¬ 
sions) (Scotland) BjlL Remain¬ 
ing stages of Civil Aviation 


Deutsche Bank 

AtiliciiscnUuliaft 


Orion Bank 

Limited 


Ahe Dhabi Investment Company Alahii Bank of Ettirail (KJ3.C.) Algcmenc Bank Nederland "SX. 

Arab Finance Corporation s.aJ. The Arab and Morgan Grenfell Finance Company 


A. E. Ames & Co. Ames Bank 

Liwlnd Llulari 

Arnhold and S. Blcidiroeder, Inc. 


Arab Finance Corporation s^J. The Arab and Morgan Grenfell Finance Com pa nv Arnhold and S.Blcichroeder, Inc. 

Umll nI ’ 

Hache Halley Stuart Shields BancaConuncrciaJc Italians Banca del Got lard o BancaNazionaledclLavoro Banca della Sviscraltaliana 

YpivipaiBlri 

Bank Julius Baer Internationa] Bank GntzwiUer,Enns.Runsenex (Overseas) Bank Leu International Ltd. Bank Mees & Horn NY 

Ll»l:-d Lbmitod 

Bankers Trusty International Banqne Arabc et Internationale dTnvestissement (BAIL) Banqne Fran$aise dn Commerce Ext£rieur 


Bank Julius Baer International Bank GntzwnJer,Enns.Bunsenex (Overseas) Bank Leu International Ltd. Bank 3Tees & Horn NY 

Lluli-i United 

Bankers Trnvt lnlcrealional Banqne Arabc et Internationale dTnvestissement (T LA.T.T. ) Banqne Franpist dn Commerce Extdrieur 

Barque Fran raise de Depfits et de Titres Banqne Generate dn Luxembourg S.A. Banqne Internationale % Luxembourg SA. 

Banque Nat ionale departs Banqne de Nenflize, Schl timb erger, Mallet Banqne do Paris et dcs Pays-Bas Banqoe de TTTnlon Europeenn* 
Banque M'orms Barclays Bank International Baring Brothers & Co, BayerischeLandesbank Bayeriscbe Veremsbank 


Barclays Bank International 

Umlud 


Berliner Handels- nud Frankfurter Bank 
Caissc dcs Depots et Consignations 


Baring Brothers & Co- 

li—Umi 

CJB.T. (Underwriters) SA. 


Bayeriscbe Landesbank Bayeriscbe veremsbank 
Girozentrale 

Caisse Cen Irate des Baoques Poputalres 


Caxenove & Co. 


Commerrhank Continental TTIbuds Comity Bank 

ALbni;rrll- rhil I IJnrifed United 

Credit Indus! riel et Commercial Credit Lyonnais 

Den Danske Bank Den norske Creditbank 

•X 1371 Ahind'kih 

DG Bonk Dillon. Read Overseas Corporation 

DvuMu 1 l>f|«M«>vI)qfl«Vlip| 

EffeL-tcnlinnk-Warburg Enromobiliare S.pA. 

jMlMnwlkrb.rt Tonipaenix Knmpca IntenunbiTian 

Fin ter Bank Enrich First Boston (Europe) 

Hull'd 


Chase Manhattan Citic 

Unilcd 

Credit Commercial de France 


Citicorp Interna!ional Group 


Clariden Bank 


Credit Industrie! d’Atsace et de T^orraine 


Credit du Nord 


C redi tansta It-Bank verein 


Daiwa Europe N.Y. 


ORDS —. Refuse Disposal 
(Amenity) Bill, report. 
Second Readings of Cheshire 
County Council Bill; County 
of Merseyside Bill; West 
Midlands County Council Bill; 
West Yorkshire Bill. Resolu¬ 
tion on Crown Agents. Indus¬ 
trial and Provident Societies 
Bill, report. Domestic Proceed¬ 
ings and Magistrates' Court 
Bill, report. Short debate on 
restoration and modernisation 
of Goveromerrt buildings in 
and near Whitehall, and pro¬ 
posed new buildings on West¬ 
minster Hospital and other 
sites. 

WEDNESDAY 

)MMONS—Wales Bill, com- 


Deutsche Girozentrale Dewaa 

—Deutsche Koaummalhank— 

Dominion Securities DresdncrEanb 

JJsKftf AilterrzfMJljtlimll 

European-Banking Company Finneor 

LiaM 

First Chicago Robert Fleming & Co. 

L&allfd 


Dfwaay & -\ssocics IntcmationaT S.C5. 


Gefina International 

LMM 

Goldman Sachs Intentalional Corp. 


Antony Gibbs Holdings Ltd. 


DrcsdnerBanb Drrncel Burnham Lambert 

^tilnntvIliMI laomaralHi 

pany Finncor FinanriarialndosnwS-pJV. 

obert Fleming & Co. Fuji Internationa] Finance 

Ut'.tad I 

Girozentrale und Bank der n^terreichischcn Sparkasseit 

XMiniEttrJIi'kifi 


Hill Samuel & C-o. E. E1 

Limited 

EjnbenhaTns Handclshank 


national Carp. Grccnshields Groupcmcnt des Bn 

iHnrpAtj'H 

E. E Hutton & Co. N.fl Is tit a to Bancario San Paolo di Torino 


Groupcmcnt des Banquirrs Drives Gencvois He^ri^chc I.an dcs bank 

—Girozentrale— 

a Paolo di Torino Kidder. Peabody Interna I ional Kilcat & .A it ken 

Limited 

T. Kredlclbank S.A. Luverohourgroise Kuhn Loch Lehman Brothers 

lalcmatmnl 

Kuwait Tuternational Inveslmenl Co. s-t.k. Lazard Frcres et Cie 


EjnbenhavDS Handclshank Kleinavort. Benson Kredietl 

Malifil 

Kuwait Fnreign Trading Contracting & Investment Co. sjLk. 


Krediethank N.^ 


Lloyds Bank Tnlernational B fan of act are rs Hanover Blariitc^Edland Limited McLeod, Young. Weir Ittleranlinnal Merck, Finck £ Co. 

Uali'l United LW *1 

Merrill Lynch International & Co. Sam n el Montagu & Co. Morgan Stanley International NedcrlandM-he Middcnstand^bank N.V. 

Uvltri 

Nesbitt;Thomson NeucBant TheNikko Securities Gl, (EuropeJ Ltd. Nomura Europe y.V. N'orddeutsvhe Landesbank 

t*‘irt*zcnlralc 

Sal. Oppenhcim jr. & Cie. Orion Pacific Pelerbroeck van Campcnhout Securities S.A. riorum. Ilddring & Pierson N' V 

Pbhanken Po^tipankki Privalbanken Rothschild Bank AG Jf.M. Rothschild S Sons 

.M,L— ^ United 

Rowe & Pitman. Hurat-Bmini Salomon Brolher^Inlernational S.C. Studio Cnnsulenze S.A. J. Henry Schroder Wagg & Co. 


Pkb.mken 


Pitetipankbi 


i va than ken Rothschild Bank AG N. M. Rot hschild S Sons 

.U.L—tWV ^ Liailri 

s InLcrnaliohal S.C. Studio Cnnsulrnze S.A. J. Henry Schroder Wage & Co. 

H< ' Liteilrt 

hurg's Ba nk Smith Barney. Harris Upham & Co. Sociele Ge'ceralo 

lonraantef 

Sodetc Gwie'ralc de Banqne SJL Sofiaa S.p^A. Snarbankernas Bank 


Rowe & Pitman. Hurst-Emivn 


S.C. Studio Cnrsulenze S.A. 


Skandinaviskn Enskilda Bankcn 


Snciete General e Aka cie one de Banque S..V Sixiete 

Strauss, Tarabull & Co. Suez American Corporation 


N.K SIavenhurg's Bank 


Saciele Gecerale 


Sofias S.pA. 


Spa ibaukernas Bank 


Sven ska Handelsbaukeu Swiss Bank Corporation (Overseas) 

UultW 

Union Rank of Svilzerlad (Seeurities) Vereins- und Weatbank 

L««iW AbttemudliEiitfi 

S. G. Warburg & Co. Ltd. Wurdloy WesldenLsche Lanrteshank 

Girozentrale 


Tokai Eyowa Morgan Grenfell 

LialM 


Trinkaus & Eurkhardt 


J. Yontohel & Co. 
White.'Weld & Co. 

bmgBntr d 


^L^LWflrbarg-Brinckuuuiu.IN'irla A Co, 


Dean Witter Reynolds International. Inc. 


Wood Gundy 

Limited 


YamaichiInternational (Europe) 

Limited 


in thp past five years had hern 
borne nut by ihe deepening 
industrial depression. 


ZORICH 

REGENSDORF 
MOVENPiCK HOTEL 

HOLIDAY INN I 

■ The .Sow . 

I conference hotel I 

1 )»iir ideal partner fl 

_ for perfect organiralinn _ 

Our banquet specialists know z 
I exactly whai our pairuns ex- I 

■ pect. and dp it smoothly. You | 

■ .lust ualL in - it’s ail there. Plus * 
| flexible conference rooms. 5 | 

■ rcMaur.mis, dancing and in- ■ 
* d«Kir pool: plus Movcnpick’s * 
I lop-das') cuisine to go wiih iL I 
. Orpuiization u> all part ofser- ■ 



1 K rcscrxmion- 

London. let 722 7? 55,Telex 2 Tj 74 


Sub-committee. Subject; Public 
Expenditure White Paper 1978 

—Support for Industry. Wit¬ 
nesses: Officials of Department 
of Industry (10.15 a.m., Room 
16). Nationalised Industries, 
Sub-committee C. Subject: 
The Independent Broadcasting 
Authority. Witness: Indepen¬ 
dent Broadcasting Authority 
(4 p.m.. Room S). 

Expenditure. Social Services and 
Employment Sub-committee. 
Subject: Employment and 

Training Services. - Witness: 
Institute of Careers Officers 
(5 p.ra.,-Roont 15). 

THURSDAY 

COMMONS—Wales Bill. com. 
mittee stage. 

LORDS—Theft Bill, Third Read¬ 
ing. Suppression of Terrorism 
Bill, report Judicature (Nil 
Bill, report. 

COMMONS 

COMMONS — Private Members’ 
motions. 


Triplex chief 
dies at 85 

StR GRAHAM CUNNINGHAM, 
chairman of Triplex for 28 years, 
has died at the age of 85. 

. joined Triplex as managing 
director in 1929, when its affairs 
were in a difficult slate, and 
became chairman six years later. 
He retired In 1961, 
























































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200 separate articles. These surveys were published in the 
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doing, business with the Middle East. 

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This book will be a great.asset to anybody doing, or thinking of 


TurkeyG Tunisian BahrainD Abu Dhabrn KuwaitQ Qatar 
Saudi Arabia (parts 1 &2)G Arab Shipping and Ports 
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J 























30 


•OVI.RSI AS M ARKI. IS 


EUROBONDS 


BY MARY CAMPBELL 



crossed for a dollar rally 



UNTIL LATE on Friday after¬ 
noon it looked as though the 
flight into uoa-dollar bonds was 
if anything accelerating. The 
yield on D-mark bonds was con¬ 
tinuing downwards to the extent 
i.Uit the European Investment 
Bank is nrrw raising twelve-year 
D-mark funds a; a rate over half 
a puint lower than was paid by 
the World Bank on an issue of 
virtually identical maturity a 
month ago. 

However, as so often, it was 
in the Swiss franc sector that 
the most extreme evidence for 
the dollar's unpopularity was l>. 
be found: in first-day trading 
on Friday New Zealand's 
Sw.Frs.l20m. 3? per cent, issue, 
which had been priced at 99, 
traded -around 103J per cent. 
The coupon was 35 per cent. 
Older issues also showed sharp 
price rises on the week—Citi¬ 
corp. for example, ended the 
week at ICpJ. up from 1055 the 
previous Friday. 

Conversely, all three dollar- 
donnminated issues which 
srarted trading last week went 
»r significant discounts. In llie 
case or Jutland Funen. bid prices 
in the market sank to at least 
2 $ points below the iesue price, 
though the nihers were much 
less lnd. 

However, in the last hour nf 
trading on Friday, rhe whole 


picture was thrown into con¬ 
fusion by the turnround on the 
foreign exchange markets, trig¬ 
gered by the apparent ending of 
the U.S. coal strike and the 
measures in Switzerland to 
discourage Further inilows of 
funds. The Swiss moves became 
known only after Continental 
European centres were closed, 
but in London, the Swis*. franc 
closed at Sw.Frs.1.8550 in the 
dollar, up from a low of 
Sw.Frs.1.77 earlier in the day. 

While Friday's closing rate for 
the dollar is still well below the 
week earlier level of 
Sw.Frs.l.8S60. the speed of the 
rebound meant that Eurobond 
dealers were not ruling out the 
possibility that this might mark 
the turn in the foreign exchange 
markets and thus in the fortunes 
of dollar bonds. 

1 / once the dollar’* anii- 
favounte position were to he 
broken, there, seems little doubt 
hut that dollar hnnds look 
attractive for the international 
investor at present. This is not 
onlv a matter of the yield dif¬ 
ferentials between dolljr and 
“hard currency” bonds: the dif¬ 
ferences in inflation rales are 
also substantial, white the U.S. 
rate is now accelerating again. 

However, from the point of 
view of the potential bond 
investor i though not from the 


point of view of the foreign 
exchange rnarketl.the outlook 
for U.S. interest rates has per¬ 
ceptibly improved in recent 
weeks. In particular. U.S. money 
supply has been growing at well 
within the Fcd’6 presumed 
target range. Hence Henry Kauf¬ 
man of Salomon Brothers sug¬ 
gests in his latest weekly 
comment that the Federal Open 
Market Committee Meeting to¬ 
morrow is likely to ** maintain a 
stable monetary policyat least 
for the time- being. 

As against this, there is the 
ever growing body of evidence 
than international investors have 
decided once and for all to 
diversify their holdings. Given 
the importance of capital flows— 
as against trade ffows^-in swing¬ 
ing foreign exchange rates in 
to-day's conditions, this could 
mean continuing pressure on the 
dollar rate. The head of Saudi 
Arabia's General Petroleum and 
Mineral Organisation (Petromin) 
said a few weeks ago that Saudi 


Arabia would like to cut the 
dollar element of its reserve- 
holdings to 50 per cent. 

He also said that this is un¬ 
likely under present conditions 
since such large holdings cannot 
be accommodated in other cur¬ 
rencies. But if the majority of 
international investors are look¬ 
ing to diversify, once and for 
all. even a smaller proportion of 
their portfolios, there will be 
constant pressure on the dollar 
for some time to come. 

However events last Friday 
evening, certainly mean that 
to-days developments will be 
watched particularly closely. 

■ On the details of individual 
issues, Venezuela is likely to be 
increased to DM250tn. while the 
EfB's offering has had Its coupon 
cut from 5* per cent, as well as 
■being increased 1 from the 
DM200m. originally scheduled 
The terms were already 
markedly less generous than 
were offered only a month ago 
by the World Bank and last 


Medium trmt 
Lons term 


February 24 
*9.41 7.92 

93.24 S.44 


BONDTRADE INDEX AND YIELD 

1978 

High Low 

fe.Bl (13/2) 99.15 (16/2) 

93.84 (2/1) 93.03 (14/1) 


February 17 
99.76 7.83 

93.66 8.35 


Euroctaar 

Cede! 


EUROBOND TURNOVER 
(nominal value in Sm.) 

U.S. dollar bonds ’ Other bonds 

las> weeli previous week bn woek previous week 

773.5 948.0 456 a 373.5 

725.5 341.5 292.6 389.4 


week's changes increase the dif¬ 
ferential considerably. 

Moreover, although some in 
the market maintained that :t 
should be priced at 99. a pricing 
uf 99A to yield 5.31 per cent, is 
likely (the pricing announce¬ 
ment is due to-day). 

Also due for announcement 
to-day is a DMTOm. issue for 
Tauernautobaim with WestLB as 
lead manager. One may expect 
the coupon to bet set at 5? per 
cent, for the 15-year maturity. 
The average life will be 10 J 
years. 

The other issue due for 
announcement before the end of 
February is DMIOOm. for the 
Philippines with Dresdner Bank 
as lead manager. The maturity 
is Upped to be seven years and 
some dealers were on Friday 
guessing at a 63 per cent, coupon. 

The DJM1.31>n. figure for new 
issues scheduled for March 
(which excludes International 
financial institutions) will in¬ 
clude offerings by Mexico's 
Comision Federal de Eleclricidad 
and National Financiera. 

The Sumitomo Heavy Indus¬ 
tries issue is the first of what are 
expected to be a series of float¬ 
ing rate notes by Japanese non¬ 
banks. The same margin—a 
quarter of a point—is being 
offered as by banks, but the 
minimum rate is higher than a 
bank would pay. 


Borrowers 
US. DOLLARS 
ilutland Funen Elec. 
(ELS AM) 

I Nippon Credit Bank 

tSumitomo Heavy Ind. 


Panama 

ttElB 
ft bib 


Amoant 

:. m. 

Maturity 

Ar.life 

years 

Coe^on- 

25 

1985 

7 

9 

^ V 11 

20 

1983 

5 

; Si!! 

0 20 

1983 

5 

- m- 

1 25 

1983/8 

. :*■ 

9i ' 

100 

1985 

n+ 

iL 

100 

1998 

n*. . 

▼ 


100 
- + 



Biyth Eastman 
Dvwa 

Data*. . ........ 

Int, Warburg 
Merrill i^neft i 
Merrill Lynch 
Merrill Lyncfe 


> - . 

v -.TROw-iQ 
at 


riivr'-r 


D-MARKS 

|BNDE 

t**GE 


200 

40 


1986 

1983 


6S 

41 


6 


.100 


$**S.Af. Broadcasting 
E1B 

§Ni5jhTn Steel 
Venezuela 
Trinidad & Tobago 


25 

250 

50 

200 

75 


1981 

1989 

1986 

1988 

1983 


3 

9.9 


8 

Si 

4J 

6 

6 


100 


SWISS FRANCS 

fOest- Donaukraftwerke 
(g^eed Austria) 
Jlmatran Voima (g’teed 
Finland) 

New Brunswick Elec. 
Hydro Quebec 


f. ' 

Coramerritenfc^ 

Bayerfsche 

Bayeriscbe Vo^&wtonk^i- 
Dean Wftte<-'’- : 

* Deutsche 

100 Commerabai*f«V.'?«-.r; 

* .. WestLB ^ 

* ■' 

- ; 


STERLING 
Allied Breweries 
ffl 


100 

1993 

P-3- 

-4 - 

99i 

80 

1993 

nJL 

4 


TOO 

T993 

DA 

33 

100 

g* 

130 

. 1993 

nJL 


. V 

15 

1989 

9:9 

10i 

♦ 

inn 


Credit SuTsm. 

Credit Suisse 



tins*.."■ 

Sw.. Bank Corp. • 


12 


1989 


ICO 


.Samuel Montagu 
S. G. Warburg 


GUILDERS 
t Denmark 

{Bank Mees & Hope 


100 

75 


1993 

1983 


na. 

5 


73 

7 


100 

loe 


Afgemene Bank 
Mees & Hope. 


500 1988 na. 7} 99 Banqoe.Geri. dal&Ag** 


LUXEMBOURG FRANCS 

2 N« t ¥***£«- . -.-TO 

tt Registered wWi UJ. Securities and Exctange Cooamiilun 1 rtatSw.M . -3 

Note Yields ara raJcubted on AIBD task. .. ' M 





Indices 


X.Y.S.E- ALL COMMON 


Bias* and Falls 


NEW YORK -DOW J0NXS 


Kph. Feb. P(h. Feb. ' Feb. Feb. 
V 23 . 22 ' i’l ; If l** 


l^n-7€ SiDi-e •-<<iTt|i)lat'n 



Feb. I 
2i ; 

1 

feb. I 
22 | 

Feb. 

21 

[ 1977(78 


| Hi B h 

I Low 

43.19 

48.7S| 

46.69 

I 

48.69 

| 87.07 

1 ‘4/l/77i 

46.66 

j (21/3/78, 


| Feb. 24 

Feb. 23 

Feb. 2E 




Run.. 

1.012 

690 

713 

Falls. 

408 

645 

653 

I'nchartirert.. 

401 

486 

486 

New Binha. 


B 

16 

New Low,. 


81 

77 


High ; [jn I High . Lrtw 


MONTREAL 


Industrial .. 759.24 750.97 749.05', 74B.SH 752.SS 75a.29 32i.7b • 74S.05 I 1Ubl.V<JE 41.22 

• | 1 i3,l ii»IC(S,'2.78111 M/7Jw2/7«2i 

H'meR'nrt-* 83.51 89.ifi : 39.44' 83.59! 8a.o6{ 99.541 95.*7 • 99.55 i — ' — 

; j : I »7»! -CAil -ifcl/ 

Transport....! Z05.J5 205.79 205.34'201.011 :05.S4. 205.5IH 24G.E4 1 1*9.60 279.Hi 15.25 

, I : 1 i ; i.tPidi (2b/14> . (7/2/W|. (V.-7/&) 

Utilulee. 105.21 102.64. 102.54' I02.B4 105.521 105.651 118.07 ! 102.54 1 165.22 ' 10.60 

, i I J j I .XSli/il i' i22(2/7dt 'SOri/lSt) /2U/4/42) 

Trailing vol.r i I i i I • ! • 

000> i 22.510 16.720, 1B.450,21.850' lB.50ff 21.5 iBi — \ — — i — 

_ i ! i i !_ 1 _ 1 __ 


Feb. 

24 


Feb. J 
23 i 


Feb. 

22 


Feb. 

21 


1977-78 






Industrial 

C-imbine'1 


18«.44| 134.10 164.3&I 1&4_&2, 1B6.47 fl7/A| 

175.52| 173.19 175.58; 175.13 107.45 (19/177) 


158 M (26(10, 
165.80 72arlOi 


TORONTO Composite' 1015.3. 1009.4; 1010.& 1007.fi, 1087.4 (IBH) ■ 461.0 i2h/10) 


JOHANNESBURG 

Gold 

ln/li i-trials 


207.5 208J; 209.6 
202.fi) 202.4; 203A 


218-/ (1/2/78) j 139.4 (24/b/ 
214.4 ta/l/TC) I 189.1 (22/4, 


* Basis nr inaex chansetl from 4agnsi 74 


Feb. I Pru- II977-7S (1977-7 
24 vims I High Lww 


Ini. (llr. vieU % 


Feh. 17 i Feb. 10 


Feb. I I Year ago lapprnx.i 


6.13 


S.98 


4.a* 


I Feb. 
24 


Frev- -UTI- ie.la71-YB 


ions ! High . Low 


STANDARD AND POORS 


Aasiraliai'i 

Belgium <11' 


i Feh. , Feb. i Feh. ’ 
I 24 • 23 j Z2 1 

Feb.! 
21 1 

Feb. ! 
17 i 

Frt*. !■ 
\d 1 

I9V7-73 jS>mce L-imipitai n 

Denmark**, 

Bleb \ Low | Hi#b | L,iw 

France nti. 

; ludiiMrUik; 97 39 9E.46! 56.53 

96.43* 

96.EI; 

90.94! 

Ilv2 ! 96.su j 144.o4| 0.92 

Germanvilri 


JCornfotite 08.43j 87.64 87.: 


56- 87.59' 87.96; 98.Ob' 107.-J0 i 87.5b I 125.U& 1 4.40 Holland <til 


I ‘ ! (3/1/771 CZtZtmuHiiiUv 



1 Feb. 22 j 

Feb. lb 

Feb. e 

Year -ieu- (approx.) 

Ind. die. yield % 

5.47 

fi.33 

6.17 

4.16 

ln.L P/K Hario 

8.45 j 

8.S7 

8.77 

10.80 

Lon; f/nyt. Bund yield 1 

8.27 j 

8.26 

8.20 

7.77 


Hong Nnnp 
Italy (D!i 
Japan ‘at’ 
Singapore 


449.56 • 

33.24 

».69 

51.9 j 

806.6 | 

79.9; 

411.45} 

8L811 

I 

384^5: 

268.37 i 


455.10.478.45 1 41S.IJ5 
<3/1/78X16/2/77 
93A4 1 89.12 - 80.43 
(10/1,77(12/1/75 
96.28 107.82 I 94.00 
(f/6» .(OB, 7«t 

68J6' 5B.4 : 4ij> 
•,i7;l,7T) (10/6) 
806 3 el3.5 | 712i 
V17. Hi, (10/5) 
78.8 SiJi 1 7b.b 
1 4/6) ; 1 £3,9/ 
409.02 !4». 17 385.44 
. (11/6) (15,1,7k 
61.71 73.71 1 54JI0 
'(5/1/771 (£2.12) 
583.62 ‘ 390.A5 : 350.43 
i (SiW 10.4,11) 
269.25 | 271.66 | 242.28 
»l&.-2/7« (3 bi 


Spain id) 92.4} 
Sweden wj} 345.17 
Switzerl'di'i il«.« 


92.611 100.00 92.43 
I (50/12) (04(2/7' 
348^9 | 416.68 286.6c 
j (22:31 (24/11) 
315.7 ■ 523.7 | £30.6 
•14/2/78! (5 *5) 


Indices and base dales (all base values 
100 except NYSE All Common - 5u 
Standards and Poors —10 and Torofiiu 
31 W- 1 .OOO. (he last named based on 1975, 
t Excluding bonds. 1400 Industrials 
; 400 Inds.. 40 Utilities. 40 Finance ann 
29 Transport. (liSydnes All Ord 
1 1| ■ Belsian SB 3X12/63 1**1 Copenhagen 

SE 1/1/78. Ctt) Pans Bourse 1981 
(Hi Commerzbank Dec.. 1953. (fill Amster 
dam. Industrial 1970 (39) Rang Sens 

Bank 31,7/64 1 1J||» Milan 2/1/73. (a> Tokyo 
New SE 4/1/68. >bi Straits Times I960 
rc) Close. U> Madrid SE 30/12/77—High 
and low for 197S only. (O Stockholm 
Industrial 1 '1/58- </) Swiss Bank Corp 

(u ■ Unavailable. 


GERMANY • 


Feh. 24 


AEG. 1 

Allianz Vemicb—i 

b.M W . ! 

BASF_j 

Buyer...j 

Barer. Hypo.. 

bn.iei. Vereinabh; 

i.-li«iln(..Ne t.wrt^; 

i/ooimerziiank—: 

i.Vaili Oummi_, 

Daimler Beni..—■ 

Ueguvea .. 

Ueniu........—~‘ 

Deuiecbe Bank — 1 
Dresdner Hank....) 

Dvcsern'jff Zeml 

liuteboHnuHi.'.™., 
Li'jyd. ...... I 

bUH«ner—...- 

Uwifait .— I 

UoeM.-b-j 

Horton_—-1 

/van uod iiaie-• 

ivaisUMlL._• 

naufbc'i__■ 

DiUL-lmerUm IOL'.i 

KHU__I 

Erupp. .....— 1 

Lm>le .-. ; 

lam eobmu -DO- 

Umtwn^_ 4 

Jl AN..... _ 

MjumevniBnn 

ileia-gu. 

MuncheuerKuck. 

.Neraermanu. 

freuanBg Dm ICO. 
(themWe*i Elect, 
xdienng............ 

Siemens -- 

■>ui 1 iocker...„... 

lbyanen A.G._— 
Varta--—. 

VEUA..J 

VereinJtWwt Uk 
VolkanucOP . 


Price* ]+- w 

Div. |Yld. 

Dm. j — 

% ! % 


<18 

20 

17 

16 

20 

20 


89.8: +O.I 
491 1 + 2 
231 I.—_ 
140.3; + 0.5 
139.71+0.4 
290.5;+ 1.6 
322 1 — 0.5 
220 +9 

250.7-0.3 
80 1-0.5 
311.5—3.0 

270.5 —1.0 
165.5'—1 

310.5 —0.6 
250 —1 

148 ., 

205x1,-2.2 | 12 
114 —u.S I 12 

.9 


! 1.8 
! 4.4 
I 6.1 

1 a-" 7 

•'3.4 

I 3.1 


18 SJ9 


19 
l 17 

! 14 

20 

1 29 


*9 


3.1 
1 3.2 

; 4A 

5.2 
i 4.0 
1 1.5 

! 2.9 
[ 9-2 
3.5 


Rustenburg Platinum 1-60 

Si Helena .. 13 75 

South Vaal _&JR 

ijokl Fields SA _ 31 30 

L Union Corpora nun -4 90 

De Beers Deferred — 5.55 

Btyvoorulizlchi_5.75 

East Rand Ply. —-;_ 6.45 

Prestdem Brand - 16.05 


129.8+0.1 [ 

16 

6 J 2 

46.5 +0.1! 

4 

4.3 

120 :. . 

10 

4.2 

156.5—0.7; 

« 

2.9 

294.51-1.5 

20 

3.5 

205 i—1 [ 

20 

44J 

94 1—0.5; 

— 


179 , + 0.5', 

12 

5.3 

99.S- + 3 | 

— 

— 

245 ,-0.5 

16 

3.3 

1,550_ 1 

2U 

1.2 

111.8.1 

7 

3.2 

199.3'_! 

12 

3.1 

172.3 -0.4 | 

14 

4.1 

230.7,-2.3 i 
SfiuXr + O.S 

10 

2.2 

18 

l.*4 

112 1 + 0.5 1 


— 

113 1. 

7 

6.2 

202.2s! -9.8 : 

lb 

4.0 

257 [-3.2 i 

20 

3.9 

296.1-1.9 

lb 

2.7 

249 . 

17 

5.4 

127 ! + l.li 

11 

4.3 

184 1 + 0.5! 

14 

3X1 

117.8.-0.a| 

12 

5.2 

302 !-! 

20 

3.3 


213.8- 4 -0.3 I 10 I 2.3 


Inv. S Prem. al S2.60 to &-84% (81i%) 
Effective rale (at L9300 ) 362% (36i%) 


JOHANNESBURG 

MINES 

Feb 34 

Anglo American Corpn. — 

Cbarter Consolidaied - 

East Dnefonretn —— 

Elsburg --- 

B arm ony ---—. 

KJnrosB ———... 

Kloof ... 8.TO 


Rand 

4.88 

2.95 

11.80 

1.58 

6.65 

6.10 


+ OT- 

-a.Bi 


-OH) 


— 8 . 3 s 

1 - 0.10 


+0.05 
+ B.21 
-fi.10 
-OJr 


-8.0a 

+ 0 .K 1 

-fi.OS 


AUSTRALIA 


F« : 24 


ACM 1L (25 cent) ... 

V.-nm Australia --- 

DMed Moi-ridg. Indus 21 
imped Ex(dontkm...—... 
Ampo- Petroleum... — .■... 


3w. Minerals .. . 

A kc. 1‘u'p Paper Si..—~. 
Aasoc. Cain, loiiintrle—' 
Aiwi. Foundatioa Invert— 
A.y.1 __ 


Audimco., 


AulOi >1 Gas.. 


Prtsideni Steyn - 12.50 

Slilfonteln .— ■ 4,70 

Wetkom - 4.60 

West DnefiwtelD-33 30 

Western Holdings - - T2B 80 

Western Deep . 12.50 


+ 0 . 10 ' 

- 0.86 

+0.25 


—OJB 


INDUSTRIALS 


AECI ..... 

Auglo-Amer. Indnstrlal 
Barlow Rand 

CNA Investments - 

Carrie Finance 


inv. 


De Beers Industrial 
Edgars Consolidated 

Edgars Stores .—. 

Ever Ready SA . 

Federate VolkatWlegglfUB. 
Ureaiennans Stores 
r;uard 1 an Assurance (SA) 

Ruleits .... 

LTA -.. 

McCarthy Rodway.- 

>edBank .. 

OK Bazaars .. 

Preatnler milling — 

Fretona Cement ——. 

Protea Hokflngs . 

Rand Ulnes Properties «. 

R^m brand, Group .. 

Retco __ .. .——a, 

C G Smith Sugar_ 

Sortc ... 

SA Breweries 


215 

8-30 
3JU 
tl.10 
0.87 
8-80 
I BO 
21.00 
t-LM 
1 35 
!.65 
1 62 
T2.05 
1.70 
0 61 

2.15 

35 50 

18.15 
S3 05 

(».’ 

2.15 
3.05 
0.36 

tass 

0.50 
LU 
8 85 
1.04 


-Ella 

-852 


—0.93 


—O.Or 


—6.85 

-80f 


+0.0- 


+OOJ 

+0.07 


KEW YORK 


Burl, 


1077-75! 


Liw I 


St.vk 


Feh- 

24 


1977-78 
High Low 


56!; 
16U 
33ij 
347; 
435g 
29*i 
59'j 
565fl 
32 'j 
5C7 8 
23); 
33 .'4 
59's 
371 3 

145s i 
48 

47l a ; 
4114 i 
29 U i 
255 S | 
41b 3 • 
3114 1 
20 

5I 3 • 

47*4 , 

37 

36M . 
693s , 
35 1 

23 Ih 1 

3QA9 1 

iz>a 

5Zi< 
501: 
3£ii ! 

23 u I 
19-1 ! 
235« 
371s : 
61*4 ; 
30ic I 
12 *a 
191* I 
5114 [ 
397 6 
29 7 a I 
4i«4 ; 

38 sa • 
40*4 I 
2812 : 
40i 2 

26'j ■ 

47 

31; 
33'j 
201) 
32ti 
33*« , 
56lf I 
35Je I 
m.i 1 
141, I 
355p , 

16^4 ' 
3Bt a : 
17 ia j 
27 j 
347# ; 

814 
52)4 1 
90), ‘ 

3958 1 
181; ! 
12 lx , 

78i* | 
IS 

21*4 i 
501« 
62 

62i fl ; 
17 »4 . 


39 
101 * 
28** 
2U* 
26 >: 
22 
38-'8 
17 
187« 

34 i, 
I 8 S 4 
224 
31*4 
227a 

8i a 

391* 

34Sg 

35 )« 
23 * 
23 
317a 

251$ 
in* 
3 38 
39’, 
25ij 
27 :* 
571, 
27 
1558 
24 14 
7;; 
26 >4 
laig 
197b 
17i S 
8 


|VW-H Lst^.... 1 

Kii>ire»wjtr»pb ... 
JAetus Lilt-3 *.*»-; 

I III Pm-iu-.-u. 1 

Km-... : 

KlcanAlumininni 

lAk«M.| 

lAllvglivllv Lu.1l..! 

• \ Ileglieuv Pnweil 
!.\IUe>l i.beralral..! 

• Alltel St-reh.; 

•tilt* I.Iialnien,... 

,\MAX. 

'Antenula Hens.... 
Amtr. Airline..... 
■Amer. F.raaila....' 
Amur. Broadcast. 

Abler. Can.. 

Amer. Cyiummid 
Amer. Eiec. Pnw.i 
Amer. Ex press... 
Amer. HomeProd 1 
Amer. Mvlit-al ... 
Amer. Mnkm..,. 
Amer. Nat. Gas.. 
Amer. brandard.. 

Ainvi. Suites. 

Amer. Tel. 41 Iel.. 

Auiciek. 

AMF. 

AMP. 

A III pCS. 

•Anchor 

Aulieuser Bos-.-b.. 

Armci* Steel. 

A.I.A.. 

'.\aanieni Oil. 

'AwtW. 

Ashian-iOil. : 

| Ail. It,eh held. 

:Auto Data Pro..... 

A VC:. 1 

jAv.v.: 

' Avud Predueta....* 

1 Balt li«a Elect...., 

.Bank America.| 

Bankers Tr .K.Y. 

Barber Oil.• 

: Baxter Tmrenol.. 

'Bealnee Fi'»>1. 

I UectnnJ tick e dp-mi 

! Bell A Hotrcll. 

'Btut'iia .. 

Bentuel CuM*H. 
lieMilebem Breel .• 
uis.-O. L»e<:kei-...- 

Bi-einj:. 

Ww i/natarie.' 

Oentc-n. 

(it> 17 : Warner. 

BruiUT iut.. 

Bra,can -A’....._ 

'Bnstoi Ilyers. 

•Bnr. Per. ADK.. 

H rockimy Cila«a..| 

. Brunssiek. 1 

Bucctus Kne. 1 

bu.ti.! 

I Bulorn Watcli....; 
'Butdnpron Nchn; 

'Uumugbf. I 

[Camct-eH Sjup...' 
Cemutian Pnciflc.! 

'Canal KaD'i'jIjib.. 


521] 
161, 
35 
25)8 
38J* 
221s 
39 ^ 
IBM 
1&5b 
36Jj 
191s 
25:4 

32^4 

24 


131s 
274 
444 
2D* 

84 

13 
44 
247a 
207a 

34 
255b 
281* 

22 

25r c 

14 

35 

!■- 

i8!*a 

14i, 

191o 
225a 
28 V 
ZS4 
7Ja 
107 g 
28 J 4 

1354 
26 
lllR 
16)8 
184 
5 
37 
564 

Slid 

144 

a 

27 -Carnation. 

115a :Carrler± General! 
157a 'Carter Hawley—, 

4 BI 4 ICsterpIlierTniew 

436b i'-JBS. 

37Jg jUBlaneaeUorpn...: 
141* .Centnii A S. W...| 


28l B 

165ft 

L'ertaimwi. 

34 

257 b 

l'+i 'um Aircraft . 

34i, 

271; 

y.' bu>e Miu, hatta n 

47 

36 

(..hemi-ni Ub.NY 

261, 

30', 

.UhutAClir^h i'uud 
,1 'IitmIc Sy.-tum,. 

42L- 

315b 

63* 

42 

Cbkatfi Uriitxc... 

l7f; 

14aa 

'CLn'nialluv. 


11 

I'LrvMer ........... 

Z'H 

Hi 

•ClueraiTM. 

211ft 

10 

Llm-. M (lai-Ton — 

34 

IS', 

L'ltirmp. 

62 S, 

461, 

Clllea hers he.... 

I6's 

113ft 

.Lltv Iniestin/t... 

BO'., 

35 li 

luuu LtllH.. 

271; 

1950 

L>*ljB t*»lui. 

13 

10i« 

1 . 1 'Llii» Aikniau.. 

367* 

Z71, 

0>liintl‘ia Gkb.... 

201; 

75, 

.''utunil/in Pp-t... 

17 'e 

1358 

i.'nni.ln'C'i/M tn 

40/g 

267ft 

'•-■.mhn-.llr-n Kiu, 

30'1 

131, 

ll'Mlllilll<l|>.l,| El).. 

32 '0 

27* 

Cm’w’tli EHim.ii 

8)4 

258 

Ouii'w'ih «t|. If..i 


37 
9Ss 1 
25*4 
23's . 
2674 
47 

25't . 
STU 
34‘-a 
17^5 
, «as* 

* 494 , 


284 

6>i 

19!? 
£3 
22 
341- 
El u. 
2916 

26's 


fi'lli-u. Sate,III, 
i •itnpiiu>(-».-i..-ii'> 
C-.... 
Out. Fs, 1 . 11,1 >,y, 
'.'•nwr Kiuls.. .. 
-t^in>«.t .\h( . i.'.w- . 
i.,iu-,imnr Pi.-*, 1 
cVutineiitK. tl rj 
.C“flline>.U »1 t.i/l , 


1 4 ?? . C- mi mom a 1 Teh.. 
195« Control Data . ; 
SBjp Cooper imlua..., 


9sa 

44'a 

37*! 

361* 

245* 

23 
32 *d 
275a 
187a 

41 3 
401a 
34 Jo 
29 /b 
60 
30 
16)4 
241; 

12 li¬ 
re 7* 
185* 
265s 
20i- 

97j 

151; 

27ia 

45 

24 

9 >3 

18&S 

46 
231; 
21*8 
544 

25 5a 
33t; 
23Ta 

37 

1812 

34 
A 

214 

1&|« 

32i, 

235, 

30 

26i>a 

lU’-j 

13 i, 
297a 
14i; 

26 
147a 
17u 
32Tg 

5i« 

37i a 

615, 

321* 

l03g 

loja 

27i* 

USg 

165, 

497 fl 

445, 

374 

lain 

20lj 

311? 

28)* 

38 
214 
335, 
441* 
165a 
11 

21 * 

19!" 

20 

47 Sg 
125, 
36>b 

20 i b 

105fl 

28*a 
14. a 
151; 
325* 
151, 
274 
U»2 
14-‘b 
8 4 
»«Je 

22b, 

24', 

35 
2jn, 
29 V. 
2J4 

15 V 
aci v 
421* 


705ft 

, 46 

54 -.3 

1 42 U 

357 g 

, 24i, 

29 

1 227fl 

45 

29', 

58 J* 

! 5158 

1910 

1 136« 

29lg 

' 2U, 

387b 

. 301; 

331b 

231b 

291* 


71, 

1 41ft 

305* 

: 17 

177ft 

: isle 

38Sa 

' 261* 

13', 

1 10 

B2i, 

| 38i e 

47 

32 1r 

43J, 

35 

421, 

23 

33 

' 237s 

471, 1 

1 37 

134-', 

1005, 

14t B 

?Tft 

22 

lb'2 

9.V. 

5l e 

855ft 

431, 

455s 

SS 

2D, 1 

16 

197 P 

145, 

31S E 1 

22 70 

36 

99 >, 

43'* , 

33 

41 

201, 

4<j ' 

3 

36^4 

22J, 

55 

25ift 


■4r.».-k 


Feb. 

£4 


1977/78 

High Lew 


Sto>-k 


1977-75 

Hi/{h > Low 


*t«sk 


Fete 

2» 


CorniimG'H-—. 

CPC lot'o'tieDMi: 

;C rune. 

Cn»-ki-r\ni.• 

Crown/.eiltihn-li 

..in- Engine 

jc'urt'Wright.; 

llBDM. • 

:l*iri Inriurtnes.. 

| Deere.■ 

itiei Monte. 1 

lUeiT-tui. 1 

jUeniaiily Inter... 
!l'e(n>it Bitiann... 
Ilia Hi-mil Sharark 

iDictapboae. 

{LlLritai Equip. 

iLiisney (Walt!.... 

I Dover Coi-pD. 

.Dow Chemical... . 

^Drevo.... 

'Dreaaei ..a. 

Du Punt. 

' Djr mo luiiiiB tries. 

1 Earle Pi'-Ler. 

'Eftjt Airlines. 

'Easlmaii Koiak.. 
lEaioD. 


46 

441* 

27 

25 4 

295s 

334 

17 ij 

2l7g 

365* 

24 

&7 S 

171; 

164 

265, 

l,5g 

40 l a 

34 

40 

234 

274 

377 B 
10 Il¬ 
ls 

17 

7 

44 

34 


38)« 
774 ! 
30 49 • 
49 

401; ; 

395, , 

21 " 
3ifi 
30 ? 6 
735.1 . 
30 1 a ' 
48 . 

26 

507 e • 
2B*a 
315s 
367 t 


275, 

624a 

211; 

295, 

224a 

27:, 

44 

201 ; 

*«• 

I8>a 

404 

234 

371; 

20 

42 

23 

25 

354a 


4>ihn» Mam-ilte....- 
JoliDH.n JohOH'ii’ 
: )«lui-»n C“iun<i.I 
!-l“.\Xl‘inuia‘-liir's‘| 

ii.JIul Coi|-.; 

lia 1 -e-i A hi mi 11 ,'n i; 
Iksw.-i I it. in-me-' 

Steel. i 

■ IVhi. 1 

hen lie. <4t.• 

•iieri Met.ee. 

Ii\f,it»- Waiter . | 

.Kinibent c!ark..i 

iKopi-er-. 

:KiHit .| 

I hosier Oo.! 

;l«?n Snail"'-.I 

, LihUv D w. Food ... j 


4578 
444s 
703a 
264 
365? 
51 4 


364 "Iteviun. J 415a 

255, iKevnoida Mentis.' 264 

524 .Kevn.'lds K. J. 554 

lat* UicIi'mmi Mcrreli. 

277 fc K-vkwrii Inter... 

282b Ci-bin A Haas.. 


204 

304 

30 


61 

155* 


514b 1 ItnYfti Dutch 

94 ‘BTE.! 

il(u» Logs.! 


223, 

55 

40l, 

481? 

23 

30 

20i, 

23 

344 

43 


18 4 

45'; 

214s 

334 

135a 
237 a 
11 
171 B 
29 
50 >g 


;E. n. i. r. .' 

,KI Ph!-« Nat. fia«; 

,Eltni.' 

! tme/s in Ete-trlv! 
Kmery A irFr'tKlit' 
Emir rt. 

K.M.f.' 

hucleliarrl. 

'L»naib . I 

Etliv I.j 

|Exx>-u.. 

IFmIts-IiIM Cnnien, 
iF&1. Dept. r»t<ire«' 
t'inwnne Tire.... 
|F«t. Sal. Bvrt'.n 

Fle\i Van.... 

IPlintK-.te__ 

I Florida Pi irrer....; 
Fluor.i 


19'? 

154 

275, 

29'<: 

30 

34 

231; 

251? 

19 

45 

261s 

35 

137, 

261, 

18 

205(1 

aOan 

31 


351; , 
474 • 
155 B ! 
181; 
E35, 
20Js 
3H; 
37', 
165e 
157J 
ll‘a 
3Si, 
41 
47 
58h 
14)- . 
34: 6 1 


265s 

33 

UU 

9 

16 5, 
174 
205ft 
304 
13 
5 

314, 

29 5, 

33 

414s 

lOjft 

171, 


if.igceti Group....! 

.Lilly (Bit). 1 

Lni.in Indu-i.J 

r.-.-khee-J Aimr’ltl 

4‘fie Star I ml,....i 


jls*ng l-lmel Lid.' 
Lkui-iibuh Land...! 


Lubrl r>i. 1 

Uv.-ky.Str.re>-. 

l.'ke- VuDjS't'tru. 

MacMillan.; 

Mary I/. H.. 

tlir- Ham-ver.....' 

M.1pL-.• 

Mantl bon i 'll. 

'■Urine Midland.- 
.liar- ball Field_' 


2250 

47 

19 

36 

294 

307g 

311; 

125, 


205ft 

401* 

15 

2750 

74 

177r 

24.v 

7ii 


13Sa 
40 4 
124 
34 
144a 
6H? 
57i? 
355, 
345a 
77 
215, 
291- 
334 
297a 
61* 
375, 
21 Hz 


1 9* 

I 32'; 
I 9 
! 23ifl 
| 10 i 8 
! 37). 

•Ml* 

| 26ia 

264 
57is 
i8^ 
23i a 
, 2B4 

[ 22 la 

I 31- 
! 33J, 
l 148 


304 | 
331; . 
235, 
345« 
315a • 
145, , 
34t* ; 
1540 
18: e _ 
305e 
67 . 

541* 
234 
465ft 
36fi, ) 
421; , 


235s 
lB7 g 
16 >8 
26 
217 B 

75B 
19 5, 
121 , 
10'h 
241, 
545, 

3 at* 
15 
28 
28 (g 
22 


IF.M.C. : 

'F‘.nl Motor..! 

1 Foreinoat Mck.... 

FoxU.il"... 

'Franklin Mint....' 
Free|«irt Minernl 

Fruebmii. 

Faqiin ladr. 

G.v.P. 

'.ianavtt. 

Gen. Amer. Ini... 

•U.A.T.A. 

Oiii. Cable.• 

•i-.-o. iiyiiau.ii.-a .. 
't>eo. El..a.nn>.... 
(ienvinl K'««k... 

tienernl Mills.•_ 

General M.nors..' 

•■on. Pub. Cm. 

•Gen. Signal. 

c-ivnl Tel. E!«ut.... 

, iG'en. T i-re. 

|Genei--) . . 

!Ue>.rgin Pacific.. 
jf.iettj Oil. 

'Gillette-....; 

iGumirieh F.P-...J 

luaaJyenrTIre.[ 

GnuM.! 

'tiw-eW.K.. 

|Gt. Atlan PaeTea 1 
|Uri.>unh Iron...; 

.tirejbonuii.. 

:G 1 ,if * Wvatem..: 

■Gulf Oil. 

■ Rit lilmrl'-U. 

Hanna Miuiug... 

Haniirobieiier. 

Harris C'erpu. 

'Hein.; H J.. 

FJeutnem .. 


aor-g 
434 
17Sp 
30 U 
8 

181, 
265a 
10 ' 


31 7 -. 
44 
294 
274 
19:-, 
341; 
674 
25 
47 

2B5ft 

67 
70Sg 
88*0 
56 
554 
394 
53 -S 
34 5f 
16 »s 


207j 

315, 

Slli 

195ft 

1570 

24 

503ft 

135ft 

31 

16 

A5S* 

58>s 

46'a 

3950 

331, 

23 

46 

247, 

124 


'Mm Uepl.^tore-' 

■ MCA. 

Vi..-L>enti>iFt. 

1 tlcLeuiueil £i..ng 

M.-iiraw Hill. 

MenM.rc.ft.' 

, Jlt-rck. 

Merrill Lynch...., 
ile-vi Petroleum > 

si gm . : 

'MionMiiig&Mtg. 

•Mol-ii C»n>_ 1 

llunmnlo,.... 

Morgan J. P. 

. .U Ift.-rola___.' 

'Murphy OH. 

Xil'i-o'. 

'Ninon t'beinlcnl..' 
Naiir-aal Can. 


18 

1270 

-Ryder tfriiein._.l 

50ift 

36Sa 

{ralewav ^ireea..., 

43'r 

26 

rat. Ji* Mineralf- 

385b 

27'3 

|it. KckIs Pajier../ 

42 5? 

341, 

sania Fe Indn...., 

5 

3'; 

Sam lavebl. 

6 l 2 

35, 

eaxuri lads. 

10 

101 ; 

•> 9 ilit; Bren-mft. 

74 

565, 

:auhl uni beiyer.' 

25 

161a 

■ilSl. 

205s 

12 < e 

:^c«t Paper.i 

231, 

lSSfl 

■Sonvil Sir".i 

B 

6 

loi-tnir* Duor \ est[ 

29 fa- 

1250 

'Sea CVratulDera...' 

24 

19 U 


I35 3 

107ft 

'^rarle iG.D.).; 

34 

241, 

'Senr- K‘jef>uek....' 

41 

28 

'.-iKLH'l.i -. 

361 2 

28 

■>]ieli ULI. 

441ft 

SOI; 

vheliTran-pvrt_.. 

341, 

24 

M- 41 U .1 . 

40 

337; 

5lan‘ -tet'orp—... 

161; 

1UV 

11111.1 i--i,\ Fat...: 

25ie 

18ia 

Jsiti^et. 

50 i. 

S3 

n'fiu/li Kline. 

3', 

1»4 


241, 

131, 

foitilidi-v n.. 

27 

215a 

Si-iithern L'al. &l. 

IB 

I57 a 

Sftutliena L'<-..! 

34 

ZB 

rflhn. Nat. Keo...- 

30 : 

311, 

'^ourbern Tii' iii‘-. 

62 5, . 

461b 

^.ftut UvmUai ] way [ 


571s 

137, 

12 

141, 

365, 

265b 

274 

o45a 

5 

5 U 
121, 
67 
161* 
13lft 
21)0 
64 


22 ), 

207a 

12 

247a 

34 

395b 

385a 

29 

335, 

ll3e 

10 J 4 

4S( b 

ii, 

245, 

364 

16dfl 

3I5s 

317 8 

47 


1977-70 
High I Luw 


Stock 


2658 

24 ! 

575, | 
185, | 
36ta 
98.% 
86 

6.54%| 


175a 

3 « 

43)1 

XOlg 

lli« 

9250 


Feb. 

S4 


Wool worth.-. 

!Wvly-j 

Xerox.— i 

:/jii«ia . ; 

/eoirb lla.lio.> 


ns, 

OS, 

435a 

lhS, 

12)b 


L'.S.Treas4% 19‘it' t94 


4» 19-0' 

*815« -lS.TreBe4iV5.7t t81i, 


4.38i. L'.S. 90 Day bills.' 6.59; 


CANADA 


in* 1 
8 

305a ! 
191; j 
421; 1 
184 [ 
221 * 
10^8 ; 
561; 
244 , 


as, 

3.55 

2350 

137ft 

195. 

1350 

171* 

5 

433« 

llJB 


Abitibi Paper-...! 

■Agtiicn Eagle.j 

lAlcanA iuminiirm| 

|A (joma sieei -...1 
i .\sheuiA. 

‘Bank r.l Montreaij 
I Bank Nova - cotta; 
jUaaic Kesoorcef.. 

■ Belt Telephone—j 
'B-jw Vaney Ind»4 


1150 

5S0 

25 

174 

385, 

IB 

194 

61e 

543b 

225, 


IDS 1 
354 

9'# 

24 

125? 

39 

45^. 

274 

28 

58ig 

194 

253ft 

29 

234 

bin 

24); 

155 


25 4 
195ft 
164 

2&s, 

344 

84 

261, 

12f E 

ns, 

241; 

081? 

384, 

lot* 

43 

i&HA 

267 0 


254 

15*, 

451? 

444 

464 

2is, 

Z4, ? 

364 

171, 

13 

23 i n 

364 

484 

304 

304 

564 

214 

31 

41S, 

21t* 

22 


20 4 
12i? 
2v5.. 
311;. 
324 
124 
214 
3 IS, 
144 
94 

1540 

254 

54S0 
23 
19 1 * 

213ft 

17 

20 

31 

1850 

15*8 


.Nat. l,|attllera....( 
'Nat. Sroiiv Ind.. 
S' at l“Lia I Steel.... 
\al“initft. 

•NVU.. 

S'eirtune lni|i..... 
Set.' EiiglaU'i El. 
•New Kiiglam, Tel 
.Niagara Mxliauk 
Niagara >)»/*.... 
>'. I.. In-Iin.lne» . 
NorJollAWcftterc 
.NiTth .Nat. Gan...' 
,Ntbn States Pwr: 
J.NthrreeL Airline* 

1 M Invent Mamorp. 
'Xi'rton Sitni-D ....[ 
ij.-J.leou. Petrol 
•O/rilvy Mather 

iJiilu Udiaou..._I 

,Ulin. 


86 S 0 I 

16 

«40 1 
54S 0 
13.4 ' 
297a . 
354 ! 
174 ■ 
174 - 
271, ! 
473, • 
78 1 

52 ' 

164 : 


6350 

1150 

31 

427 B 

214 

214 

234 

10 

114 

213a 

351 , 

52 S, 
335ft 
123, 


;Hewlett Vai-kani 

.Holiday Inns. 

Hornet take., 

'Honeywell. 

lH«iv0r . 

HurpCyro Amer. 
|H‘Ml»(»rtl N«t. i.a- 
(l»li. \) Clin. 
jtLuU-iu (E.F.I.... 
,l.i!. in-in-tries... 
jlSA . 

j'lnKrrsiil Hand.... 

I lulaud Steel. 

.in-.il>-... 


65 

151* 

31 

454 

12 

24r e 
24 i; 
10S. 
12 
247. 
36S? 
634 
34t, 
13 


334 | 
734 ; 
294 1 
25*8 ' 
214 
24 , 
64 . 
281, 
277 3 
241; 
525* 
354 
114 
334 
28 u 


214 
58 4 
2018 
224 
181, 
204 
4 
21 
19), 
20i; 

224 
564 
74 
52 hi 

224 


jOveraeas Ship.....! 
Oweii»Coruinn—j 
, 1 .’wens IlltQUIB—.| 

i I’acitir lima.-.! 

!I'aelfic Li;ht[ns. ' 
-P»c. I'nr. A It....! 
! Ill n Am WitrM Air, 
iParkef HaanlMn. 

PeaJa-lr Inr. 

IVn.Pw.A LI.. 

Pcunr J.C.; 

I'onniuui.’ 

PiVpitf Dmc. 

People- liaft.: 

.Peieiiv.. ! 


ib'outiilan.l.—' 

IS'w't Banrhare*^ 

;S(«rTy Hutch_ . 

'5|.errj' Uand....—I 

;S>(uiti.j 

Stan-lant Brantlaj 
iSt«l.CiilCali(.Tmla; 
-Sul. Oil Imltaai.. 

.hid. Oil Ohio- 

^lauff Chemical J 

--(crime t/ru^. • 

»'tinteaiaer._.j 

18 un Co.. 

Stinrtairanri__...j 

sSynlev.—_. 

Iwli. 1 ic .lor,...... .1 

Tekimnix..' 

Tetelvne.. 

Telex.■ 

Heneco.. 


24 

34 

157ft 

337a 

234 

24 4 

384 

4b7ft 

67 

364 

134 

49S, 

374 

341, 

227ft 

bs, 

544 

754 

3S0 

294 


17S, j 
165ft 

; 5.0 1 

58 

174 

10 

14-*, 

257ft 

204 

195ft 

1SJ, 

594 

3.70 

9S, 


8S, 

114 

1.68 

314 

BS, 

7Sj 

6 

21S, 

174 

164 

16 (4 

39J, 

2.31 

63, 


IBP Canada........1 

Unman .. 

UnDM).—..i 

ICaii/tri P.iwer...l 

'iimll.. Aline-.j 

:Canaiia (Yemeni..I 
|Canai|ji NWLan-.J 
.Can ImpUnkCViDi. 
Cana.la In-iusl...[ 

;Can. Paeifl*-.| 

‘dm. Pai-ifii lot-,' 


ll’an. Super Oil — 
leaning O'Keefe. 
[Caaalar Aabeatos. 


154 

154 

t3.2b 

363, 

1540 

94 

114 

2b>8 

2010 

174 

164ft 

5170 

3.46 

9 


213, 

3B4 

294 

174 

84 

9 

614 j 

78 S, 
59 7| 
254 
154, 

16,ft 

394 

95 


84 lOhiefiain 
25 ..I 


194 lUreuHatbum— 
137g iL^naumer lia*.... 
4.15 (Joaeka Hesource*! 

f6 4 ic-uHatn Rich.! 

4540 jDenis&n Minee-.. 

424, IlkimelllDH.. 

Dome Petroleum! 
Dominion Uridfie) 

Domtac-- 

114, iliiipunt,,,_....... j 

165ft Faiiwn’ite Nickel. 
'Ford Motor Can..j 


3B 

17 

127g 


70 


19 4 
254 

2360 

164e 

S 7j 

84, 

384 

76 

b74o 

244 

14T B 

12 ,, 

17 

704 


,T erriro Petroleum: 

[Tcsaiv.{ 

iTexauulf.j 

jTcrav Inatm.— — I 

Team Oil A Gu.. 
Teaaa UtiKtiea ..-i 

jllnie lne_ 

T,n,ea Mirror_[ 

Timken.......—....] 

Trane___.1 

Fran? meri>.-a„..... j 

Transco..j 

lean* Union.I 

[Tran-way Int'rnl! 
.Trans Worlit AirJ 

^Traveller*.' 

iTri Uontinental..! 

T.K.lV.| 

;/0thCcnlurr Fox 

• i 

l-Allli O.• 

CGI.. i 

cc»H_ _ 

vDlicvcr.: 

Unilever N V”.' 

1 uli.r Ltancrp.... 
I'oiub Carl,ile....' 
■ l.", 11 . >n i.Viniinerro; 
1 nmn Un Calif., 
il'll.'ll P/m.- Die". 


94 

264b 

164 

644ft 

294, 

1378 

334ft 

223* 

414 

54f, 

154b 

163ft 

344 

24 

124 

■*9l, 

ltJift 


275, . 
14 

304 | 
6 an ■ 
33<, I 
473ft 
194 : 
19 ! 

484 1 
IBS, | 
31 | 

235, 
344 I 


22 4 
54 
235, 
4.50 
274 
264 

14 
144 
33Je 

15 
24 
184 
154 


.Gen star. 1 

iGiant VeLwkuife; 
Itiulf Cm Canada.J 
;Han-ker ;IH. On. 

jH -! 

'Hume UK ‘A 1 . 

j Hudson Bay \lnf( 

'Hudson Hay-. 1 

■Hudson Oil A Gas. 

I.A.C. 

Imarco __ 

lira penal Oil— 
linco.... 


26 

125, 

u64 

6 

31 

584 

lal, 

1730 

424 

18 

31 

19 

16 


3150 
237ft 
BuJft 
21 >8 
224 
15 
5b3, 
a&s, 
13 
3BJ, 
6*3 
495fl 
4 ni A 


104 . 
164 

1S7, ' 

156s | 
8 

4.15 
25 , 
244 [ 
394 
37 
337a 
18 t b I 
35 ] 
184 ! 
64 j 
3.10 I 


6lj ;lndai_...I 

9 Inland Nat.Gu.J 
18*a [Ins'pr'yPIpeLine! 
12S, 


64 

2.65 

154 


. . yPip, 
Kaiser Kesourees^ 
Uurtn', FlnGorpj 
[//blew Com. ‘b.’ 1 

. .Mc’ini'f'n Hfoedi.i' 
104 Massey Fermi son 

201* jMeintj-re..".. 

264 ^Muore C«rpn......: 

V.inuids Mines...| 
Nureen Energy.,.! 
Nibn. Teiecutn....; 

Xumac On a U'as] 
Oak wood Petr'a.l 
Kimtic Copper Mj 


IBSe 

104 

25 

104 

1.90 

0.95 


1LI 2 

105ft 

137a 

137 b 

7l« 

3.4j 

16 

llM, 

204 

334 

934 

1-4 

264 

184 

6.00 

1.90 


13', 

2854 
251; 
3 71, 
43^ 
23', 
34 
69-,, 
401; 
101 - 
36': 

2 V 
31 "- 
1«’- 
39i, 


7 

245), 
IBlfi 
26', 
36 
17,, 
144 
36.-a 
22i; 

5 

274 


SO 

! 1 

. 26 4 


-Ini ere .Hi Kncruv 

IBM. 

!(>li. F,»f..urs. , . 
I nil, lid. 1 t-l'.-r... 
lull. Mm i l-tii-n: 
Full, Mul«:tv--i'.. 

Ill'.T . 

lull. Cki.-f. 

1 pl . 

lilt Ho.1 iSdt. 

ini. Tel. A Tel.... 

Iu»,ui. 

I-|»H H,... 

!11. 1 1 il•;rn»i luuii , 

Jim Walter. 


is-.’, 

27 '■/> 

56 fa 

2U ; 

1 a 4 


214 

384 
2B4 
59 4 
21 
64 
684 
441* 
214 
36j, 
204 


J 6 ifl 

294 

24 

IB '4 

175e 

514 

27 

354 

154 

214 

104 


Perlrin Elmer.: 

Pel . 

I’fl/er. 

Pnefps DikIrI: . ! 

I'liilsileipiiu, Hie. 

Philip Murria_ 

Philip- Petn.i'iii 

l’ii->r«irv. 

Pitimv ik-weB. 

I'll(M«li .• 

I'li.—*;, ij,, 


274 
1V4 
27-• 
14 
29 m 
ll'i 
28 


SB,;. 
164 
394 
S3 
26 
55i n 
19) 
26 h 
84 
65'- 
52!» 


231* 

154 

234 
73 '* 

sis4 

24 

15!,. 

30'. 

4-7 

ae 

334 

214 


P..lsr..i.l ...' 

P--'..mai Klv- 
PI’l. Iri-lusTrie-, 
fV«- (ei fV.tmf.Iv.. 
f’ul. -T..|Ti K[l;.-1.. 

.f*mi 1 it.tn. 

'I'll.. 

ij,inker (‘nt-. 

Ifi|.|>* kno.-riran . 

..• 

Id" -S . 

.R-publu; oleeL.,.. 


lll 8 

7:» 

I'liit-riim. 

10 

6 ig 

l-'iUed llrands.,.. 

32>e 

35'; 

.1 *: llaiit'"^'.....^' 

26l, 

211 , 

1 . 

26?a 

18U 

L5. nine. 

495e 

25', 

(•'fi.filitl. 

41 

321; 

If. T,i-hn<ilr«ie*._- 

391, 

171, 

[IV Industrie*...,' 

15Je 

135, 

S'ltainui Kte-;.... • 

18 jft 

15 

•w,ijjrwn.: 

34 

525ft 

"uiitMimnti.. 

31 te 

24 

Wh rot, - Li, miiyrl.- 

19i; 

12 ', 

M •/>»,-. Slan’iiienl; 

®§‘« 

34i, 

_ 


25»ft 

ll v» 1 Crli Uanx-rp 

27'., 

14., 

It />■ (•■ri> N. Aniei 

20 *, 

16 

"w,w l niun... 

22‘8 . 

I 6 S 3 

tt ..-v, L'<xt[ 

335j ' 

237, 

Wc-invo *J. 1 

457ft 

21 ', 

'Wa\ei iiauu.er. 

2 tw 

20 'a 

h)Hp90l. 

28 

197; 


? 55, 

187ft 

It’ll 1 Inn, iip.,.j 

32', 

265, 

Wuy-Jlbin Elftct | 


71, 

7', 

28 s, 

22ij 

22 

Z67 8 

34S, 

19 

13-0 

171, 

351; 

2eift 

194 

25 

5U4 

231, 

lt"8 

17S, 


43s, • 
36 
20 
74 i 
1.43 < 

23Sg 

10S, ■ 
114 1 
1.60 . 
31 I 

10 ! 

38 j 
2810 j 
I8s a l 


241, 

22ip 

alia 

214 

18 

274 


I 104 [ 
' 244 
• 173, 1 
I 650 
1 3£i0 

5J, 

281ft | 

1 3.0 j 

i 415ft ' 

j I9-, i 

16 >a : 
124 • 
lJf, . 
IS 4 : 
8 >e ! 
31 


26J, j I‘a.-irii. Petroleum. 
18', ;'Pan. Can PftT'mJ 

M3 Fat I no. 

4.00 'People, CepL 6.j 
0.40 ,PlAt+La- a Oi J 
I7tft il’lftcerDerckjpaic 
75» : Pv.werCurTKirai'ai 

B3a jPili-e-..f 

0.62 iljuebec Sturgeon 
14l, -Hanger Oil...™™.' 

65, IlSeaiiShsw._..; 

225ft ;Kii. Alpatn._...^., 
23', .KoralBk. n( Can.! 
145, illijyai Trust_ 


374 

io 

tl5S, 
4.Id 
U.83 
US4 
I(j3, 
111; 
1.50 
27 
9 

255, 

2760 

17 


353b i 
154 | 


205, 
1320 
4.05 
13 >8 
4.20 
2250 

1.75 

241; 

16 

121 , 

84 

a? 4 

5 s , 

22 

264 

Ba„ 


.Sceptre H'wnn»j 

j -Bahrainj.r 

1 shell Laosila_' 

I Miorrirt G. Mluefc 

l^iebena O. <i _| 

jitrapann»_.. 

l-U+i at Canada..! 

'Steep Hui-fc Iron.! 

Texaco i-ansda...| 

roronlv Dam J3h .i 

II reosCnn PiinrLo, 
1 Trens MuunL Oi-bi 

j PriMv.. 

;Cuiuu Css. 

:Ct-i^lBL-« Mine- 
'Waiher Hiram....' 
[Wen Crest Trai-.i 
!'Ve«trm Geo. . ; 


84 

2319 

15 

4.55 

294 

4.55 

234 

2.31 

39 Sg 

nu 

14-Ta 

10 

104 

104 

74 

31 

32U 

154 


- A5&:m»d. t Bid. i Ashed. I Traded. 
5 New aiock. 


Tiger Oats and Nat Mlllg. 
llnlser . 

Securities Rand SU.S.0.8U 
(Discount of 29}%) 


.0= 


AMSTERDAM 


Fei.M 


Price 

Fla. 


4- or! Div. 


Uki... (F .Al)- 

Utu fF . SO)-! 

• emnnaiFi.'tXff 
AUEV ,r .10.„] 

Anin.tMnkiF .20)' 

-.ijeukiirt 
ujksWe-t’mfF .0 

■ uiirm leuemrei 

r.i-ei-te (F.^0)... 
Knnui.V V.lMatvr 
ouroC-iml IF . C 
ii-t 8njca.'e-tF<' 

Heinrkeu .F Jte). 

rLawOTenHFliU)' 
Huuiei L'.(F. OOi] 
I.H.U. Hui.an 

.vLM (K. IUU). 

iut Mu< et (HU).. 

Naar-ten (Fill))... 

XaiA’*iln».(/-..iO 

.Mm. Cre.itok(Fia: 

Ne-i.UhllUtfF -tC 
-HjC (F-.BU)-1 

van Urn merer, 

Fabnued (F -dt)„. 

Fhi.l|M (F .101—I 
.tijuBcfa VgrPi.-ft' 

.Mw iF Jp). 

■CulliiM. (F .30).... 
dureuto/F-^O).... 

duin Duieb (F'Pv 

i.aveniiuig. 

,teviDGr)>(K .a&j' 

|.j*y.)P« Unizt. 

t/niierei (Pi^U).. 

viklui-Kea.lat.Sl 

Wen land'ir. Uanh 


m 


B.0_ 

S.7PaJ5 

B.d_ 

7.5+1.1 


100.0+2.5 

22.W+0.B 

344 !_.. 

78.6-0.2 
72.2,'+0.4 
80.7 +2.2 
116.01+0.5 
68.21+1^ 

266.8_ 

136“' 

62 

37- .. 

104.01 + 1.4 

25.a^-0.B 

23.01 + 0.3 

13.S-- 

124.5+1.8 
36.S|+0.4 
57.2J+ 1.4 
105.8^+0.8 
54.3 +0J5 
103.UI-1.5 

156 I _ 

137 I_ 

59.2J + 0.7 
23.4 !+<±2 


| 24 1 4.8 

'A2fi.fr 6.8 
!Ae44| 5.6 


22J 
23 
70 
26 
121 
52.Ej 
94.fi) 
22 

i 14» 


6.6 

6.7 

6.0 

7.4 
l.e 
4.2 
9.6 
8^ 

3.4 


62.6| 

162.0 

113.9 

129.3 

123.2 

243.3 
143 
91.fi 

lZl.Js 

39.8 

404.0 


+0.1 
-1.5 
.—0.6 
1 — 0.2 
+ 0.1 
+ 1.3 
,+3 - 
f—0.6 
+0.8 
-0.4 
-2.8 


loJlffl 8.2 


18 

10 

46J! 

20 

20 

A34I 

18 

31 

21 

16 

A2-b6| 


14 
A 30 

19 
37 4 | 
SO 

A dl.fi 

20 

32 


10.9 

2.7 

4.4 

7.6 

5.X 

4.4 
5 Jti 

10.8 

6.4 


7.9 


5.4 

8.1 

7.6 

5.8 
0.6 

6.9 
l.A 
4.0 


COPENHAGEN * 


Fe*. St 


Price 

Kroner 


Aoiier'tnnkiui — 
ilum'rtrff.M.. 
Otoske ihriK^... 
Mil Asian C>>.. 
m-instvinken — 
/at. Bn Keener. 

P.d-.PrtpIr. 

l,n leM«uik_I 

• -N'th'nH.fKrv [ 

Nun Kat+1._.... 

fiiefalmk..; 

'nvili«nk —.... 

'rovinOnnk_... 

Ni)rfi. Berm-'sen 
•niffti*. 


+ 15 


+ 4 

+«a 


1401; 

443 
132l*[— 4 
230 ' 

117 
333 
74 lg 
1331* 

262l t 

2691* 

921* 
1381* 

1441,.;+1* 

1871*1_ 


+ or 


+ Hb 


+ 1 


Div. 

* 


11 

15 

12 

12 

13 

12 

8 

12 

12 

12 


¥13. 

Z 


7.9 

3.4 

9.1 

5.2 

ll.L 

3.6 

10 . 

8.3 
4.1 

4.6 


7.9 

7.6 

3.2 

6.4 


Blue Meta' Ind. ...— 
Bougainville Copper-. 
Broken Hin Proprietary ~ 

BH South— __—-I 

iXnue United Brewery -■ 

C. J. Co'ea-.—-- 

Cfc>H (SI). 


Ooui. GcmlHeid Aas„„.—] 
Oontainex <S1]_-_ 


Afflt. 8 


H- or 


mmine Kiotmto—_—. 

wOiiUin Ausinilia_...... 

Dunln|, Rubber <•!).«.. 
KSCOH _ 


Hidra Smith. 


.h.Z. Indualrfea. 


Uwi. Property Tn/rt... 

Hvmeraiet__— 

duiker . 

I.L.I. Aiutra.il*—..—, 


Inter-Copper _.... 

leniiinua Imlnatilea. 


Jtuie> fUnvrd)., 
Lennani uli. 


•icir'r Exploration.^ 
AllM Hnldlnga., 


Jl>t, lm(..rlura, 
.,rw>__ 


a icouia, 1 ntentationat, 

.NbrLh broken HMinae (6Uc| 

oagbndge... 

Oil search 


Otter Exploration „ 
Pwjoee, c'-oociete... 
KeckttL /L Coiman _ 
cL C. sleigh. 


southland Mintaa- 

A'ooth /arlj__ 

Walloon.. 


tO.68 
10.88 
12^0 
11.23 
10.67 
TO.72 

* tl.10 
tl.60 
11.06 
*1-43 
10.42 
10.35 
10.90 
11X12 
15.18 
tO.85 
tl.85 . 
11.80- 
12.65. 
12.40. 
12.00 
tl.93 
11.34 
11.25 
tlX)5 

• 11-88 

- 11.68/ 

tl.34 

12.17 

10.66 

12.02 

tO-283 

11.27 

tu.se 

40^3* 

10.15 

11.60 

1V.75 

' 12.30- 
10.96 
11.04. 
ta.65 
10.0ft- 

110.16 
11.53 


\-QM 

+BJJ2 

1—0.06 

.03 


PA^tS 




CarieJCTjr’ 


kOJM 


l-o.o? 


M.02 

4LD8 


(-0JU 


40.03 

-8.01 

-0.03 


-OJfe 
-8X14 
-0X11 
-0jB3 
-0.05 
-0.01 


HoL<*wFhenis.»t.. TVS’. 
. Ut-hefln^B"^ -iT'tnrt. 
| r itoet Bennenry, 

ILmntoex 
Martha — 

r-ftc-fairurt*—_ 

Peraoi>Ri«r>l+/J 


ML0-. 

Hi-® 


US 


-0X11 

-U1 

-Q3? 


12.60id 
10.72 
10.18. 
#1.70 : 


_ ; . taas 

Western Minim/ (feflceni*-. - -f LOG ■ 

rt ' nn(«r ort hg.. ——-- ‘.fLGG 


B.0Z 


1-0.65 


-oxn 

-4XH 

-0M 


TOKYO 1 




. 


r Prices 


Div, 

Yid. 

Per-. £8. 

Yen 


■ 


Aaahi 

. 318- 

-2'- .- 

14 

2.5 


+n4- 

+3.- 

> Iff 

K4 


:21 - 

+ B- ■ 


jWj 


-360 

—BQv. 

■•Til 

Un 


*-21 

+8 

18 

1.7 

rujt Fbra.i. 

'c42 t 

+4 

15 

1.4 

Hite hi_ 

2,6 ’• 

+ 3 

12 

2.t 

Hoo-ta Motora,-... 

. 562. 

+4 

an 

EO 

dutiaelaci..—. 

1,200 

+40 

ib 

1.0 


;a.iT 

+ 1 ' 

12 

2.8 


t!40 

+40 


L 

J*a»-- 

- 625.. 

+ 14 

to 

1. 

I.AX.__ 

4.7 ID - 

-30 

— 


Knntef BlecLKs. 

1.L30 

roBO 

rj 

- • 


32 a 

+6 

18 

is.B 

PQrnMBBH 1 

280' 

_ 

15 

2.8 


3,060 

+90 

■-T-1 

0.7 

MatBUBbltw Ind... 

608 

+ 17. 

20 

1.6 


279 


10 


htuubmbi Heavy 

133 

. 

12 

4.b 


410 





311 


rt 


Milsukculi,__ 

495 

+ 2 

fa 

2X1 

rj | r i 1 j (■ ■ ■ :. r , Ui&fy 

1-220 

+ 80 

15 

U-7 


c4Q 

+ 15 

K'1 

1-1 


eSS 

+ 11 

to 

1.2 


LB40 

+40 

48 I 1.4 

rauyu Kiearte.... 

^ 6 

—3- • 

Hjj 

5X1 

«Watn Prefab..... 

b35 

+ 14 

Ej 

m 

xray- 

1.640 

+40 


R3i 


259 

+ 13 

11 

a.i. 


012 


15 

2-4 

IUK_. 



V 71 


lejm.... 

113 

+ 1 

10= 

4.4 

*«hw Marine—... 

.611 


FI 

Fin 

■TTlro <v..'hm+ri:uw, 


Oil 

■m 

4.5 

iouyo oanyn— 

260 

+ 7 

12 

2-3 

mayo dhlhauni„. 

128 

+2- 

■10 

3.9 


130 

+4 - 

10 

3.a 

< •■vritn U“l‘V..... 

912 

+ 2 

2U 

4.3 


Anottatne_]. 

oIC. 


ute ti^nrrdire —. . .i 
Glob 

Credit Om® yr*«.' 
Linm#or£iw»L.J 

Ua: 


Ft.'H*role*«^3 
Gen. Occ/dflttca J 
mete 


*,885 


Jac^oee' Borel... 

iMiar+i. .. ----- 

L/Orea 



05.8J—Ofl 

88-: +4F-J 

149.5 

- r ---540 . rijs*. 


PimgeoirOitreen..r''272, 

Po/'-BriH—~', ' 
Xa.Ho'TocBnk(ne 
tfedoma 

uhede Poweac^: 
'U.Crtrbaltu„_„ 
UoM-ienot, 


... K-TS^i 

X.M0- 4 

’S50-4 
-440 ___ 



. 12811 

;3SL9 21-® 

'4 fta-: 

.'127A 
1.476 a +3 
.224Tn 


tmemeetaiQueli 
I ticmuun tscaai-it- 
U-lnor^iLXiL 



VIENNA- 


~ ga ^ 






i-rednanueic. 
rertmoo*er_ 
aei»-( 


sentpeeb 
sttyr Dafinlw,^ 
Vrit- Maapg*?tL~'. 


Price 


so 


188: 

; 231,-! 


n *J 




M 


m 

■% 






Feb. 21 


banco Brasil pp„ 

dwicolta'a PN— 

BelgoMlnelni OP 

Logo Amer. OP_ 

Petrobraa PP.._ 

Plrefd OP_ 

fionaCraiOP.J 

Unip PE.._ 

Vale Rln Done PP| 


Fri5"j 

• Crn* 



VoL Cr.mjm, -Shares 
Source: Rio de Janeiro .91 


OSLO 



^322 

m 


Kpl 

"53211 

n. 4 Jv.^! 


'ca 


SPAIN' 

Peh V» J .. 

AglJUM . -; 

Bence BOtao 


'•"Weeut.'v'^ 
... Mlv,^ 

Banco AUanbco (LOOdV 268 


Source Ntkkn 'Secvritlea. TgtOfd 

SWITZERLAND * 


Feb. 34 


STOCKHOLM 


Pen. 24 

Price 

Krone 

S3 

H 

m 

tQ A At- (Kr-OUV. 
\1 (b l*vaib(Kr«] 
AaEA(Kr.&0)_ 

U'B» UupccxKrSb 

180 

156 

03 

116 

72.5 

125 

X7Bxy 

203 

127 

136 

234 

82 

46 

29J 

-1 
+ 1 
— 1 
-3 

—3.5 
+ 1 
+4 

rj 

—3 
—3 . 
+1 
-l 

5.5 

6 

5 

6 

£6.8 

4 
10 
10 
5.5 

5 
8 
a 

14.d7 

3.1 

3.2 
ex) 

.5-2 

9.4 

5.2 

5.6 

4.2 

4.3 
4:6 

3.4 

9.2 

3.2 

6.2 
11.6 

2.6 
7.0 
6.2 

8.4 

8.6 

>WIore. u . — . 

.eiiuioaa. 
r.le, l* ua'B’iKjt 
bn. Been "U'tKrtC 
■waeJie -b”_ 

Hi 

130 

55.5 
215 

64.5 
130 

78 

4110 

69.5 

* 

6 

6.5 
O.03 

4.6 
■8 

' 6 

6 

—1.6 
-2 
+ 0.B 

Tl 

—IX) 

BRUSSELS/LUXEMBOURG 






Div. 


Fen. 24 

Price 

+«f 

Pra. 

Yld. 


Fra. 


Met 

% 


2,300 



_ 


1,430 

+ 18 

60 

4.2 

ueaart "H_ 

1.740 


112 


ti.HJi, Cement — 

1,126 


90' 

8.0 

UfCKeril' 

370 

+ 1 



_ M1 ia,305 

+ 10 

17? 

7.H. 

«>ectrobel —_ 

6.010 

+ 10 

430 

7.2 

rahrique 

2.360 

+ 10 

170 

7.2 

U.B. inntvBm._ 

1.880 

+ 5 

130 

6.9 

uenuirt-.-.. .. 

1.230 


BO 

6.b 

dotwken_ 

2.570b! 

-35 

170 

7.2 

iniiatMm-- 

1^30 

+ 10 

142 

7.7 


■i.eiielbuik_6.400 

La Krreme Uein.. 5.160 

Pau Hriiiiny_3,390 

Petrofina.. 3,B9o 

■*>> &en Uaociue.i8.895 " 

■w Gen Deujiqup L945 J —5 

ofins,_2.090 

jo. ray ——_2,490 


P20 

H10 

+ 100 ! 


-5 

U 10 

<+10 


traction Etet„. Z ,664 (—90 

ICh- 944 I 

lioJIllnxMQ- 710 }+B 


waiHe Montegne 1 1.520 


[265 

305 


3.8 

ouo . S.9 
»2JSf 3.4 
174 I 4.3 
189 6.5 
VW I 7 JS 
205 | 6,9 
A290[ 8X1 
162 j 6.3 

60 ft4 

100 ! 7.6 


Price 

Fra.' 


A uminium 

OBL -A’__ 

Jibe Ueuty(Fr.aX 
Do. PL Uerta_. 

Do. Kee- 

Credit aulme— 
(fHK^TOWaU ~_ 

FikL-ber (OeccgehJ 

tLtflman Pt-Certsi 
Do. (cmsu)_ 

(QUriOOdU 

le.mn(l(Fr.UXtf.J 

JJeatie (Pr.100)_| 

Da Beg 
Uer, I too. B.(P^5U 
Pitelrt BtPtFJOO) 
Mthln. (Pr^&Qs.j 
Da. KaitOerteJ 
juhindierOul .DC 
fiu rer Uta'(P.lOO) 
swwalr (PJ60)_. 
twin Bank 
?w1m (KoJ".<tO).. 
'Union 

Enrich ins..... 


1,34a: 

1,725 

1,330 

975 

.671 

8.485 

lvBOO 

745 


HlO 

(-2U. 


+a- 

f -55 


87,000f-ljflflp50 



5P 


1-75. 

+36 


+B . 
—7 
- 10 ' 
—30, 
—75 


Wv/YW. 


* 


;-6 

IQ 

22 

22 

22 

16- 

lO 

fit 


*'■ 


XyawJa JUnc - ^ 

"ExpJ. Rio ,13aTO 
Fecsa. iLODB).'. -ZZ-i 
. Fenasn 

LCal. Predades 


2- 3 

3- 9 

L6 


6.5 

6 JZ 

8JS 

3.4 

03S 


55 

20 

■ 30 1 




flG 

15 

2& 

14 


J&.&7 

10 

40 

jJO 

40 


0.8 

2 M 

LS 

2.^ 


15X1 

6.0 

1 . 6:1 

ss 

8.8 

3^ 

8.4 

2.0 

a&. 

;t7 


MILAN 


Feb. 24 


taMOKi. 


On. Priv, 
rlitetfer 


(micrment __ 
ttai«ldar._„_ 
M&diqbaDCH^ 
Uontedleaa 

Otvetu Priv_J 

Pirelli ACa.^. 
Pireiu 3p,—,J 

'taieV(Boa». u uJ 


Price 

Ure 


146 

649 

1.982 

£.695 


1-8,7 
+ 10 
t—18 


+QX® 
10^00^-I20l 


140^ 


173 

850 

2J23Q 

1,040 

631 


+ «r 


+0J5 




:+« 
+ 10 
+49 

ts. 


DtV. jYW. 


Ure 


r* 


150 

15& 


20 m is 


lid 


7.6 

9.4 


5.0 


so, 7 . 7 .: 


Banco Central __.'UM ?'.?■$ 

Banco Exteriorr p6_' \*1k 
Banco General ...-J3T, 3t& 

Banco Granada IUNMD- .MS: 
Banco. Htepano 

Banco tod Cat.- OJOB) ;5S'*^0 

B. rod MedttercaDBOC 

Banco Podulax „..u_..- -v.28S <, 

Banco Sawswiet tzati VSZfc.'rr*: 

Banco. OrodUo (L0(»i . -"-ZU 
Banco Vizcaya 307 

Banco ZarasofeaAo -iW't 

faofconton 

•Batn» Andafocla^w-. .; 



78 V., 

iso j 

r.SLB^ 

t 'i*/w 

Cal Predsdea 

Grano Vehtmoea 1400 ; U5 fetii 
Bjdrola ZZ*. ; . ttf, 
therduero 

Ohtrra ,SE' * t + 

Pape (eras 

ewoUtar* 

•ettntoox, aUZ-'-T'k 

-Sarrio Payate* SJ»'v- 

gi.i-w - - . r*» 


Telefonica 


Ifnton Etoe. 



TDtrea.HoWenarSU 

.ration '' ~ ' 


HONGKONG 


.. -Bone Song? 


aiovs.-Tnen 1048. 

AnMOflamatAd- UnWiyl 
Baninen. ~ 



Hoog-Kuaj tend 1 nu i 


Inter. Pacific SeointUflaJLI 

Xsidlneilathmou 

Jardine See* 

ttoWwe 



. v . 

-4 > - :’« Noottaafe^p 


rtttSS StST™* PM ™ 



♦ DMflO deootiL unless Mt mvu g Pt;»sa» : j}. nliiVif*-.:' 

staled.. 4 Kr .100 damn. . unless" Mumntii 

asm 


Otherwise "ittafetL (\m cn *ZZ£!L 


suspension, 

and/or scrip 

after scrip 

incLkUns 

payment 
taading. ’Asks* 

dividend. xcBx 



1 




















































































































































































































AUTHORISED UNIT TRUSTS 


nxwiee Co. Ltd. Guardian Royal Eg change • 
ntriLBCi. QI-2680U1 BwilButHHp,E.U 01-S8371BT 

£2 Property Bon - 0659 I7Z*f ..'.{■ — 

”• Hinbjo Ufe Aimnaee UfUed V 

..... — TOW Park Lane London, ffl 01-4X0031 

• — Fixed Int. I*®., .,11Z36 TRUf-i' — 








r>23 







AMe y Unit Trt. Mjn. UdL fa) ui 

71 83. Uurbouir ltd . Aytnbun OHI» 

AhbcyC.pIlol Hf Sltj-OS 41 

Abbey larear 0SS 37fi -fl 3 S3 

Ahboyiru Trt rd Ola ni -oil 44 

Abbey Ore-Trt |413 43*4 >0^ 41 

Allied Kiabre Group it) is) 
llombitu IIm. Hutlin. ImMal. Kun. 
■t am 3851 or Brentwood 1QT7?' 211450 

bilaira. mods 

Aiitodia - . . tJM ism- on 4i 

Bril Ind Fund. . . S7B 417-0 8 S3 

Grtb-fcluc --33 8 34.1 -03 Si 

Oort 4 ind Du- MB 3LI -0.3 SJ 

Allied Capitol . MS 484 -01 4* 

KamtnoFond.. 985 ZM.1 -11 Si 

HombroAcc Fd 307 Z 114«( -] 4! 


Gartmorr Fond Manacer-i V tang) 


i*iAoi«1i'anT-4 


uiFarRa.«.Tnir 
High Inwa^Tfl 


n ? ’aifg) PerprtMl I-nit Trnst Mogml? <al 

ni. 3C1 V.ll W1 iari A*. 1 l-n iro «■ Tnaaie • fHBi 2 fit 

24DJ .01, 0.93 I-pr:ann;pi*.lh (344 374; I 4> 


OFFSHORE AND i 
OVERSEAS FUNDS 


»• u: «u -i u.sj 

Sll -ail JOJ 
134 S -0.: 3 77 

27.3 -ii i\ l 83 
SBW-J.T 9.28 


.... .... _ „ . .Irbaihna SwnilUn 1 C.I .1 Limited 

Piccadilly Unit T. K*rs. Ltd.* laKbl pXMknSM.S? Hahn-Jmrv 05347217 
Warrfc teHt^.SPnLi>ndor,«s!lEr 2 6330331 Td'Jnvri HUB UB0! . ‘ Jti 


:ed Keyselrx Magi. Jersey Ltd. 

2177 PO Box 98, ft. Heller. Jersey (Enq01-«DflTn7!»i 

)45 Foaselea__ . FvljSS LOTS..,. 340 

. Keysalex lnlT.— BJ2 637] .. 4 71 

3 38 Kc^oelex Europe _ £3 84 *25! . 388 

Japan Gib. Fabd_ 521 IS 22.7S . .. - 

KcywinJapan ... U66 371 

Cent Assets Cap.-I 030.01 1+853 - . 

King & Shawn Mgn. 

— J Charing Crons. SL Heller. Jrrvry 


Growth 
Lme Hooee. Cnvdpa. 
Property Ftatf 1 


A tsar. Co. ULV 
CR91LU 01-880 new 

mo- i ..i - 


High Yield Fd... W5 
High Income . HO 3 
AH Eq Inc . . J349 

IdrsailcHl Finds 
International. C2 5 

SMSsfAnmu - (43 8 
Pacific 1 mud . pi a 

Specialist Fuads 
Smaller CnS Ft) . 312 

Ind Smlr Cm s Fd . 34.7 
Recovery Sils. . SL3 
UM Min fcCdiy 34 Z 
(X-ersau Earning* *8 4 
Exmpc. Smlr I'm _(19S 7 


faiA.G- Far Rarf* [20 J 2].« 

Dealing *Tue- tfV.ed. 

Covetl (John)*? 

77. London Well. tC2 


o m Practical Invest. Co. Iid.V fvKci 
«a.B)onjiul»in>SQ WCMSJU 01-0=3 R< 
Prettied Feb.IC . 1134 7 14241 1 4. 

„„ Actum foils . |lR7 5 144.2] ( 4 


. Sank of America International S.A. titKTni«,ift.M'!.'!luh40 U9M| 1 il 2 

35 Boulevard Royal. Loxembourg C t» iwslI5iS“ - nrse . 

1b »fflSl , rar= l ^^"aiaUT >K5?.I = 


225. Dlshop-cwc. KT C . ol-MTKSO! A-x 

Preliflr rails . K3 6 7351-051 3 . 77 ! 

inch Income .. Rj lBA*i -1.3i 8201 AleaaaderFMnd - Pi'SMI - 


Bnk. of Lndn. & S. America lid. Kleiawnii.B cbkw Limited 


QI-UU913 2 n -F'enCbi»rchM.Et3 


Net asset raj ae Feb 23. 


;»xq?± 

^FFa 


f ' <■ p. t' pi? b 


opccuuin. rnsos lAreum Untla,.. . S>74 21X51 4Jt 

SmallerCn sFa . 317 3331 -* 1 525 a im m’Feb53... 1*7 1 J79ffi 7TO 

fcnJSralr O.VFd .N.2 U M -0J 5 34 itfSw IMhT _ U7 4 XVi^ 7 70 

Recovery Si Is. . 813 844 -Da 518 Bndeav.Feb.21-. UC7 143 31 14? 

Mel Min 4 rdie 34 Z 38^-01 511 lActusi I'uUl. .. U51 173 S 143 

Overseas Bamuga *84 51R-0.4 3 41 Gmehttr Feb24-. ft 5 mo3 -0 2 3 25 

EsJnpt Smlr I'o'i -PIS 1 20421-15) 581 (Aeeutn. Ualtsi- .- »* 9 S2 7j-0 2 52S 

La JOBmIs.F eb 22.. H 1 72lj 241 

Anderson Unit Trust Managers Ltd. iAccudlUoMsi—1714 io.T, 299 

156FencbuiI’ll SI KC3M0AA 6259231 GlUDIlltB Royal Ex. Unit Mgn. jJd 

Anderson r 7 KS5 48 5( .. I 4.87 Roysl Exchsnxe. EC3P 3DN. 01-62883(1 


MS 54M 071 453 77 LcodonWslLRC2. a, N.*6 .hl«0 1»7? 

Hj 2 Zat STjldr Feb IT .. ID; 4 i»« i ?«s Provincial Life Inv. Co. LUL9 „ . , „ . m . rfr1 ... Kleinwsrt Benson Limited 

s»9 - 57 m[ -o 3i 717 Do AKion.U br P«b isd^ I gas » Bishor-cwe.r.i'c oi 247 «=o!™ t . ** R America lid. ^".uLiM 

N«l de*jiae dsv Marrh .1 Prolific tTits . -M6 ' 73 5)-0 5? 3.77 < , 01 Euriavi^Ln*. 1,018 

P 2 5 Z4M | 28 ! Grleveson Management Co. Ltd. mmincoine ..15*3 U44,-i.3i azo Aiessiuiecniiid- I ...| — Gu^rriseyiiic_56a^ M_4 

ffia 54 « "I 2 84 !Wr.rrMixrnst.EC 2 Fins mon 6 «A ->3 Piudl. Portfolio Mogrs. LhL¥ latfbKo wrSiSiw— W ~^fc»«Z 3t 

Hg25S2RSi? 2 §l .4 l Mi 5 l a « Holhn-i,Bars.EciN2.vH oidEics BanQne Braxellea Lambert * KBiaarumi—II sisio^fc 

raiihrnMBLV. S)S ins *n -uoo! - 1 « 4.71 1 a»r be 1 . ***»<« b iow wi. }& i P 2 l t 22 &x. S VS5? 1 

QrIWw Management Co. Ltd.9 Rc«aF«mdLr - H.w zmi; -51 *39 KAmSIm!!: scsam - 
MM?:'V. 173R 142 TbeftltE.etage.^NlHr 014M4177 Barclays Unicom InL iCh. la.) Ltd- 19M) 

12^2 If ^ ^ Uayds Bk. (CJ.) U/T Mgre. 

.. ;‘U »saawacjaa -u-n “dwwaslsajlal,- t^^tsssr^^ 

GnanUan Bo yal K x. Unit Mgrs. Ltd. opwwtimttyFd. -|5o6 42.71 j sn Barclays Unicom Int. (I. CX Man) Ltd. %>rt *‘«*kne date Uarrb 

Royal Exehan.e.EC3P3PN. 014=8801! SeSinieT. lAec.'_H3 41 Si -Oil 5S7 TlL™ IT „ _____ __ 


21151 «3l 

17Sffi 770 

195JH 7 70 

1633 14? 

173 § 143 

m3 -0 2 325 

82**42 32S 

721J 291 


Eurlaveat. Lux. F. LQ18 

Guernsey Ine._ 543 WL 

Do. Arcum.__M2 731 

KB Far Rut Fd... . St'S934 

KBlatLFund_5VSL024 

KB Japan nind_ . SVS2431 

KB.L'^.Gwth Fd. 51021 

Nlrnet Bermuda _ SC 54.2a 
'Cnifaada iDHl . _ 1845 19.4 

'KB act as Loo don payiua aj 


ojjeaayvj 
-31 1.15 
... 4J5 

... 435 

14* 
115 
04B 


SC5154 . _ j 14* 

SC5U24 . I 115 

•HW 1 

SL54.24 UfiDl) 1.81 
45 19.40f . 1 1U 

i paying agents only. 


Royal Exchange. ECSP3PN. 01-0=880] 1 SeWwtieT.iAee.''- 

(agi Gdsrtlli'Jl Tn. .177 7 BUM-0i| 431 SckfordeT Inc . _ 


Ansiwcber Unit ngmt. Co. Ltd. «a'«»™=- ™ 

■ Noblest- EC2V7JA 018=36=76. HostieTWm AdmlnlrtraliomaKr) 

Inc Monthly Fund 1162 *d 172 0d| . I 8 0 Premier IT, Admin. Rayleigh Roo d. 


g|;8ii 


J* C* Bov IB*. St. Holier. Jersey. - 0534271*1 

UoydsTst.O-sear.. MR0 MS | 2 71 
Next dealing date Uareh U. 


Artmtirnot Securities Ltd. lane) 

37. Queen St. lymdoo EC4R1RY 01 Si 


Brentwood. Eases, 
i glA Li st rai l an . -- 




W*™—»»■ 

rASr'W3 1 rj® 


r*ti 








k*~ ', \ 'TI r ‘ - *» 2-fl 

k. ■'lJ3C»»Wl 




P| 






Extn Income Fd.. 1088 1177 . 10 U 

High Inc FUed ..37 7 41 0 1M 

•(Arcum Units* .51.5 S6.1 .... 944 

(«9*> W4r»l.tils.i 51S 541 ... 9M 

PrvderenrrFond— 2S3 373 . . 12 B6 

ft Arcum. Uuitsi - 37.9 401 . 12.08 

capita] Fuad*-. —14.1 ' 171 . . - 

Com modi ty FnodTt 510 HO 511 

(Arciuu L'nltsiti 719 77.4 ... 511 

110H Wdrsd.l7.4i 46 0 49* 5.11 

F1n.AJTop.Fdn u* 180 322 

Giants Fund__ »J . 379 -0 5 371 

(Afcutn.Dirttsi- 466 438 -0.5 3 71 

Growth Fund . . 213 321 -0 4 358 

(Accum. Units* - 35 1 37.1 -0 4 3 58 

lonlen Gth.Fd-126 6 136 9 5 91 

-Eselem A lull Fd M* 22 5 238 

*10% Wdnvl L'Li.116 3 17* - LE6 

ForeiCD Kd 75.3 813 *9.3 2 05 

7 N Amer A lncFd.tZ35 25.31 -01 100 

Deal. *Mon -Tu«ss ntt'ed fTlrnn ftFn 
Next dlgs***Dec 22. ••Pec. 15 Daii> 

Archway Unit Tst. Mgs. LUL9 lajici 
317. High Hnlbom. WCIV 7NL i)l^3uK3n 

ArchttS)- Fund p*5 814) .1 6 0S 

Price* ai Feb. 13. .Next oo> Mar. 1. 


c’apGrowth Inc 
UI -3M5CS1 capCmMta Ace 


l g 'i$ZET„- 

? M igiFInan.UTL' 

,2*J IgiHigh Income. -. 
JJBg tg/Ine.4Assets.. . 
12-OS igllulernatlotisl 
- , igiNth. Amencse - 
51J N A Groei Feh24 . 
ill Oil a.Vat... . - 
5.U ?V Wkt Frb 24 ._. 


-DJL N C Inti Fd 

... L?S ST StnllrC 


r.V sS SdrteT Sn iiSo io 3-551 537 ! I Thomas st_ Douglas. io.M. 06244836 IJoyda International MgmnL R.A. 

oiAr.n^JA Wii..., .....H.r 1*4 ' £Jteore Apia. Exl.. 1399 «.« .... ZU 7 Rue du Rhode. P.O. Box 179. 1211 CTene*4 II 

Bidgeticia management uo. ,Do.Aim.Mm—._ Z3.B 25M ... 2 JD mum mm -i isrmm sum i la 

POBox41B.R*a:kK.ie.Manch.*tr 06;23fi85£l.Go Grtr - ■ KO *»-| - - - UoydiIhuBwome Sl3*l " " 6 40 

7Z SttH&ffiBS ^ :•:• I &l^BS3Sr II «ffl - ■ 8 « • « 

5| Biahopsgiie Commodity Ser! Ltd. 

193 N.C Equity Fund-11490 15£ffl -1M 2-2 : L !,*L U1 . «e«38ll (Sdd^FrtaT.Kliu UlS .. 

«03 NT EngF.Bes.mftl C 14.S-0 8 | 2 .M ARMAi- Feb b s, .fU*69 j — island _ _ 104.7 m3 -O.r 4346 

8.50 NC.lncnmeFnDd IU44 W2«-C1i 751 CA>^HO*Feh 6 | C1.030 |. — iA^SunUnits- _ . Il443 15571 —0.6 13.18 

664 XC.1XU FA >Inc.mt> 77« *02) IN -CtUTfT-Feb S -I OJJ4d J 1 ■- - . . 


-D.Si 3 71 
-Oil 3S* 


3 22 luCaljot 
3 71 Cabo) Ext 


*Fbr tax exempt funds cm I* 

Hill Samuel Unit T«. Mgcs.t iai 


fU 45 Beech Ft. EC2PSLX 
icf ib-Bniiih TrurX 

?« JSIKI’S!!.- 


ifcl FI nancisJ Trust, 
■bt Income Traxt. 
»3>i Security Trust 
ibiHigh Vieiti Tst 


01436 flOll 
1494-191 558 
J3«ri-0.l 325 

M4J >0 1 157 

2S4d -01 £84 

90fl-0i 4E2 

24U -02 812 

50-9-0 7} 550 

293 -02 361 


_ne 2 i 7 "■ hiiiiw»iiiu»- *-«-a *,Bridge Management Ltd. im.ouB roodst-sri. 

2 S3 Rothschild & Lowndes MgmL I hi pa ^ ^ , Jfan<i cayman. Camhui is j!S2Sf>/u 21 

-}* SLSwithjP6Une.Ldn.3X4 ft I-6264306. N~ba»hl Feb. _I 513.157 i. .1 _ i Feb “e 

"Si Newft Kiercpt . laaO UOflJ | 373 Ir.PO Box 580. Hons Kong 117JerseyFeb 8 MB 

.I? 4 413 Price on Feb IS Next dealing Mar. 15 [NIppwiFd.FebB. KlSlJW U2H . I 0 87 } 17J^5sFr^.'J5 69.77 

Rowan Unit Trust MngL Ltd- P ^ , Mn _ v Johnstone I 

• ity-<lai- Hse_ Fin*bnr>- Sq . E ».2 01-6061 Of*' Britannia Tst. MngmL iCII Ltd. ‘ _ 

Rowan .in Ft-b 23 159 0 61 3 23 .90 Bath St. SI Haller. Jersey 0W *’ 31U -HnnesTFA^^I ’slx 

Ro»«*See.Feb.=l 150 0 1530* 413 Gronth Invest -t29J 31.7^-111 4 B0 .Er^t pUnd1 

Bonn II* Teh S3 504 53 0 7.77 tncl Fd.. . .MS 6493-231 L 00 Murray FOBQ . -I »*■ 

Ateutn l-nlts. - . MZ 72.7 777 Jerter Enero T« 033 8 15013 *17) 150. NA\ Jsn 

Rtro Jtro Prb JO - 13 7 72.4 <H | Univtl. Dfr 1 st - -5t 76 5.01i-0 IH — Veg(( S_4 

.ACCUBV tails. 883} 61C ; LnlvTl STSL STf -|S2D3 ll^-OW U 0 

Roval Tst. Can. Fd. Mars. Lid. I Va!up Fcb 34 N “ l daal ' n « Fcb “ 


. .. Rnmn.Ui Fcb 3 590 62! 

sS Ro»«iSee.Feh.21.150 9 1530* 

Bnnanlt* Teh S3 504 531 

7 SI -Areua. I'nirsi - . M2 72 j 
R wnJJrn Peb JO . 48 7 72~ 


i Ac cun Units-_|1443 15571-0.6)93.98 

Samuel Montagu Ldn. Agts. 

114.Old Broad sa_ECi. 01-K864IM 

Apollo Fd Fab 21 SF422B 4588J . 4 88 

JapfestFcb. U.... JHK 1 M 988{ . . 138 

III Grp. F«b 6 R’SilH UJB 212 

1 IT Jenry Feb. 8 _£4 55 4W IN 

1 lTJr^yOsFeh. J5 S9.77 1D7H . - 

Murray. Johnstone (Inv. Advlacn 

183. Hope St. Glssgnv. C2 041-22! *3 

-FopeSLFd.-( SLSZ417 J | -. 

■Homy Fnad. .) ST59JI i. . 


i. lAceunLaUs- 


55? Royal Tst. Can. Fd. Mgrs. Lid. 


Price* at Feb. 


.Next nib day Mar. 1. 


Barclays Unicorn Ltd. laKgMri 

I'nicttm Hr. 2 S 2 nomfurd Rd. E7. #I S) 

Unicom America .128.4 M5] -0 lj 

no. Au«t Are 153 9 56.M -0 71 

no. Adsl Inc. . 46.S -OW 


lateLV (aHg) 

13. Chnttopher Street. F , - 2 ftl 247 7743 

lnteUni Fund „[814 S 8 4f-0K 7.06 
Key Fund Managers Ltd. lailg) 

25. WUk St. R<3V 9JE. D1-005 7070 


M.JennvaStreet.SWi. OI- 

Capital Fd (417 b5 lj 

01 ” 47 —’■O Income Fd — -. -1444 Tail 
■ * : „ Prices ni -. Vex: di-s)ir,£ - 


Do.Capiul -.58 8 6 32a 

Do.ExemptTW. ....100 9 IDS] 
Da. Extra lairome . 26 6 281 


Po.Finmnrlal .-544 58J-0 

Do. 500 . ... 646 69*fl -2 

Do General - ...28.2 30 3-0 

Do.Gromh Are . JL3 392 -0 

Do. Income Tsl . . 74 J 80 4i: -0 
•Do Prf A’ns. Tit (135 9 141 71 

Price* at Jan. 31 Vex I auh dxr F 
Do. Recover-. .. .BT.4 ao.7 -0 
Do Trust ro ^und 103 3 109 9-1 

Ilo. Wtrfolile Trub *31 46 3ri -ft 

B'ln In Fd.lnc... 56.7 HI -0 

Po Actum .. ..{63 6 661-0 


Baring Brothers & Co. UcW <au«i 
SR Isadenhall St. EC J. 01-500 2830 

MratlonTM — B6L£ !«M I 
no.Aceura . ?oe.fl Toasl | 3.94 
Next aub. day Marrh A 









H; 



—8 1 -- * 









.LMeA«i.Soc.Ud.» 

B-Tbamex.Series. T4L34284 jSStae^d 
.1 txm J .... J — AaMrfcaoFd 


— AewfeanFd 
— Fur East FiL _ 

. -• — dUEdgedFd 
— • • Con.DepodtFtt- 



JliBh , Ltj<c High ’ Lo» _ 

T9.8S * 60.40 . 1*7.9 ; 4U.1B 1 r.^Kdeert ’ 

*33.9/ I - »••]« ; 19-WSj ; it/).76f ] (ikliHfcJos. * ; 

B1.2T ! 60.98 ' 160.4 I 60.63 I SpeeniaUve— 

idiLiibi ' t»il> i2kj!L-4iS CirL'Vbi j Totnii ..■ 

649.2 i S37.6 64SJB ; 49.-3 ! 

iwni : USD , ii4*ny (aanAc,. xsSSJ:: 

174.6 96.1 ' 442.3 :-'6fl6 i ^ixiewailve : 

1 0-2) , i28di.i6j-46tKi.*l» ■ .fniu.. 


157.4 ! 192.9 
1SJ.9 - 373.7 

39.6 I 36.4 
117.7 ] 139.0 

160.5 ' 186.4 
164.3 | 157^ 

43.8 ! 42.7 
112.0 : 109-5 


AMCIAL TIMES STOCK INDICES 


f :jr " 


...ia9.4S 

190.59 

192.32 

194.1* 195:24 19R.T7 153.37 

•"'r :• ' 


. 239 78 

2I0.W 

212 44 

214 34 215.35 215.86 1BJ 01 



, 5.90 

9 96 

. £ Bl 

5.76 5.75 8 7? .587 

jl " • 


7 74 

7.78 

7 86 

7 92 7 96' 7.9B, 9 22 

-T' " 


(84 2* 

Id* 52 

197 ns 

14B 86 199:77 Z»70 15. 167 30 


1441 

«|"H 

873 -01 


Bisbopagatc Progressive Mg ml. C'o.ft •fAceum.i'niui.-. 


T**. 53JK1SJSP" “• “ISSmm fS^JECSSror*- 

Iot) 251 1«1 Sol-oS 5 27 oTs^mb™? raLsaeNssi 

*51 sff"' §7 4 lSil 465 -Save & Prosper Securities Lld.«f 

In t| ?J? KvygicoaefW. Si -0 7 8 50 i B tenmtloaal Fuads 

*11 2 Fbwd lttt> Fd.. U.3 4521 . 12.07 ^ 1117 ■uih _n 71 

:S| s” KsrSm8l1Co-aW.p2 *7^-01 6«7 ‘ _ -- jjS-Plj 

-221 4J3 Kiclnwon Benson l‘.tit Manager** Pair. Gromh ... $05 MBj-fjJ 
-2-3 at FenehurchSt_EG3 niJtnpnoo InereMioa Incozov Fund 

*70 KB.linHFd.l3f S32rS-3n 478 High-Yield <516 554,-051 

445 OK. a IWIKAr. f*st 1B3M -4 6 ) - Wfb locmoe Taad* 

I* A C Unit Trust Management Ltd-9 |«*W» 

-1M 531 The Stock Echange. EC2N IHP 01 «a 2W0 . 

-J*a 285 LAC Inc Fd. IU 6 J 1301^-3 9 779 £| 

-0.d 514 LAC Ind k Gen FU (B 6 5 « R-0 M 239 LK Equ iy. - ■" 9 4 ' c -l 

514 Lawson Secs. Lid. *aHc> eES£'. . -}»b n»*oa 

« faitti 63GeorgeSt,FdinhurgkEH22JG 031-2363911 |?5 an -- ^“5 

«•— iskm:. m si : M ?i & Z\ ! 

i» jssafa.- -.w sa m >zz*z. g> *>11 

tiGiIt and WarranL 127 34 d 2 02 Financial Sre* - 142 4 67 0|-0.71 

. „ iAmericnJi Fd . 1? 8 2151 . 027 Hlah-MInlmuBi Fund* 


(11-6206252' BatUirBeid Management Co. Ltd. 

I 401 j p.u Box JDS. H ami lira. Bermuda, 
i >® iBurtreaxEquity .12.83 Lgl I 2» 

— , Buttress lncocne -_fL99 Lw* 1 j.*. 

Pncn* at Feb 6 Next sub day March 13. 


4J3 Kiclnwort Besson Unit Manager*? Coif Crovj; 
IS Fenehurch SL EC3 (11^230000 IneraasIM I* 

JfS K.B. Unit Fd. lac 063 S32iS-3B 4 78 High-Yield 
4^5 OK. 8 VnllFdAe. f «8 lt3 9»<-4 6 / - High laemoe 

^ L4C Unit Trust Management Ltd.? ^^ n f )T u ’ T ’ 


JH'd -U 5 31 The Stock Echange. SCZN IHP 01 -ttB 2»0 - 

IM-JIS 205 LJiCInc Fd. 11262 130 ldl - 3 SI 779 ‘.* 

541]-oJ 514 LAC InU k Gen FU |B 6 5 HI M -0 M 239 ^ K£ 


i JC3P 3KP Capital Intcraationai S-L 

137 roe SKro-Dame. Luxembourg 
. . ;ri ‘ GapiUl Hit. Fund...! 3TS1521 i .. 1 - 

i ties Lid.? | „ . . . - 

Charterhouse Japhet 

34K-0 3 1 583 t l.PaiernntlerRtro EC4 ni-?483B 

233-011 418 Attiropa.. . DMM5J BW ... J *J 

wfl-Jj! 22 6 Ad)verba-- -. DJWa HW-0. J 5- 

r ooilok. - - . _ DUllN 5!3a*0 .S 5.1 

..... nr, Fondli . . .WOIU 28^-0 10 bl 

554,-051 699 Emperor Fund .. IVS2U 2W . 

KlipAiM jlLSOIl 69} 1. 

ooSlaH an CornhUi Ins. (Guenucy) Ud. 

P O Bor 157. St. Peter Port, Gnemv-y 
t;bd -0i| 583 latni Man. Fd . .. (143.0 177 5) . 1 — 

8581*021 273 Delta Group 

04 9f *01). 151 PO Box 30(2. Nassau. Raftams* 

484) vOfl 31« Delta In* Feb 21 15126 1-321 ■ — 


63 9s* - 0 61 

4343 -aif 


B, RlabopaBsto. t C 2 . 

B gatePr.-Feb 21.11441 .174.81 .1 

AeSria-Frt.21 .b»3« 20hS 
U'mte InL FA. 14 .n56 2 1662id ... .1 

iActum.)Feb. 14 . 11721 liSj} I 
Nosi sub day Feb. =8 • 


O1-AR802HO 
• I 345 


■HighYield. . 
•iAccent Units' 


726 Sector Fuoitj 
3 22 "ocimo^ifv .. rfA5 

322 Foergy 1=6 < 

2 02 Financial See* - [42 4 
427 Hlgh-MInlanim Faada 
.SeZ Select fntcrosL (213 5 
i® L“ SHret !nrnir.e . 6 


8581*0?) 273 

84 a *01|. 151 PO Rot 30(2. Nassau. Bahamas 
6l4)*0i| 314 Delia In* Feb 21 15126 1-321 

09x-sit 4.77 Dentscher Investment-Trust 


low Tao Xe * tt fLA - 

Fcb 27 10a Boolei-ard HcraJ. Lnxesnbourg 

NAVFeb. 10__ I 6U61022 | i — 

L ^ Neglt I*L 

I 2 09 Hank: or Bermuda Bldgs- Hoauttcr. Pnrda. 

) 7.49 NAVFeb. 17. „|£454 - [ *0.1i - 

March 11 Old Court Fund Mngrs. Ltd- 

P 0.53. Sl- lull mis Cl. Guernsey 0401 U331 
Ed Ft Jan. 31 _ . .1423 51.11 j 264 

.. I — Inc. Fd Feb. I.RS62 165M. 659 

Ind. Fd. Feb 15 ..1865 91M - l 

5atGoLF8.Jaa.31 —!mBl 4 ]49.3j .... J 32* 

M H83M0 OId C(mrt commodity Fd. Mgrs. Ltd. 
-O'O 533 PO. Box 96. Si Julian's Ct. Guernsey M81CT41 
^a is 5.17 Or.Cnmdt.rTK.' . flZU 1Z9.M . ... I 500 

-010 622 O CJMIrOn-TsL* |S34 M 244j| 1 _ . 

'Price* on Feb 14 Next dealing Feb. 38. 
197 tPricp on Feb. 21. Sen dealing data March T 

Id. Phoenix International 

mm- PO Box 77. St. Pet er Po ri, Guernsey 

. .[ — lnier.Dollar Fund..pCF221 13g 1 — 

Property Growth Overseas Ltd 

28 Irish 7ou-d. Gibraltar. ' iGib)0108 

. - VS. Dollar Fund... | 5UULZI « .. 1 - 

Sterling Fund —..| U28I0 I . I - 


Deal tMoa *Tun» r*;*>.1 JTbnrs ••Fn 


Bridge Fuad Managern?(aHri 

King William S>. EC4B BAR >11 

Fndgelnc.'.. ....M41 50( 

Bridge Cap. Infct.. 30 1 32.1 .. 

Bridge Cap. /vcr.t 335 35 7 . 

BndSc LxSnpt.T 1254 234 0 a . 
Bridge InU. Inc .t .135 144 .. 

Bridge Inti. Acc.f. 1145 15^1 

Prices Feb. 21-22. Dealioe 'Tue* 


non is... - _(S4“ 575 • I *2 

P , Aecum l.nit*i - 167 2 7L2j . | 5 09 

cl Neat sub da-. March If* 

m *23Administration Ltd. 

344 2. Duke St . Lnudon VT1.M flJT Ol-WdSWl 
• \ liCoDiat. — ■ . 1459 7041 -0 bl 5« 

- - J i*2 Leo Arcum . (712 74ij -Ojf 529 


SHfY* fncnjr.* m k So 
ScoiafU Sec oil tie* UULV 

» - ■-Si 3, M■ 

.Ji - I 15 SSit'.HS'-*. KP5 SB. 


U *a|:m ;n rn.n'CnfUM,.. Ud 

6701-0.51 334 ceneentra |I>M1148 2171) J - TO 

J »il -oil 7 W Dreyfus JntcreonUaenUl Inv. Fd- Prices at Fcb. 15. Next dealing March 15- 
I? j-O Bo-. vrni N^uvMru. Banama' Save ft Prosper lnternatloit8l 

*; v N'AVFeh.S_(KStif Uifl .. I — oealinc lo 

3 «H : °il 7 33 Enmn & Dudley Tat.MgUrsy.Lsd. 37Bromi si. slH eller. Jersey 0534-20301 
54 71 -0-51 424 r0 sox 73.SL Heller. Jerxer K342O501 L& Wlardroamte^ Fwkb 

I ?2* EDICT.. . -IU43 121.71 | - ^7!“« IW, I ' - 




Britannia Trust ManagementlaKg) 
3 London Wall Bui I dluse. London Wall 
London KCZMBQI. 01-5300478X1' 

Asaeu..1421 U7)-L0( 5 

Capital Ace . .. «S * 48 5 -0« 4 

Comm A Ind.493 51fta -0J 4. 

SraS°-:r-:|i - lH 3^ i 

BSter;.-8} 4U 

FarEatl_ .144 1764 -0 1 4 

FlnoodalSeca. . 516 641 -04 4 

gSSTg^SSi. IDi *03 2 

Growth....g2 763 -D2 4 

Inr. & Growth ..67.6 727 -Q fa 7 

Ipl-lOixroth-505 54J . 2 

Iiri-estTsLSharmi... »9 410n -03 4, 

Minerals-.*7.9 402 *0.1 3 

SSrEghlnc. ..- Mfc ,7y -07 S 

Ntirlma- *18 3534 -02 * 

North American. 25-7 27.7 5 

Professionnl - . 448 8 453 6 *5 1 4 

Property Share* 13 3 M3-DJ 2 

Shield ..<8.4 4JSn BM» 43 

StatuaCbangr . . .266 ta7a -02 5 

Lulv Energy.|210 3l2ri-0.U 2 


5 lsil " I 4 28 Lloyds Bk. Unit Tst. Mngrs. Ltd.? (a) 
Dealing 'Tuex. twed. xctidnr'a Depi. Goring by-Sen 
_ , , WorthlMLWestSataex. 01R2?l2» 

WanagementlaKg) ... ?84l-0.7[ 43 

lnos. London Wall Do.iAeeiun.» . . |6LB 4551-1 Oi 4.79 


•Prtccc at Feb 22 Next sib day Marrh 8 F. & C. Mgmt. Ltd. Inv. Advisers 
ScbleBluger Tirst Magnt. Ud. (aHz) i-2tauwicePiwiitneyRULa:4ROB.t. 
'iTlP^'^.r^™* lKW;B6U i Cent.Fd.Feb 35 1 S.:S432 I •! - 

.ArtEsemtx* . . MJ WP I 2J5 Fidelity Mgmt. * Res. iBda.l Ud. 

,a, ri'.Kxa 2 * tJ am PO Box 00). Hamilton, Bermuda 

g:SSial h L*;*SS ISH IB Fidelity Am A.**, | KS&2 |..J - 


Dir. Pbd lsL“}- .1 

Internal Gr.*7_I 

Far Esaterit*!- 

North Amcri can't. 
sor row . _ — 

StcrllngaSaaoednati 


O1-S30 <1478X1470 Second tOap I.. 
64 71-LOf 552 Do (Aecum).. 
ool -Q«l < 5 fi Thtrel(Income, 
tibi -oil 4 75 Do-tAenaa' 


5m pSirthiStaC.* 'teo' 5-S Prei i"c"ltTrim' .Sf 

4 J 7 Do.iAccuhii .- —455|-OH *05 Property Shares - .K 7 

Lloyd's life Unit T.t. Mngrs. ixd. 

4 lo 7200. Gatehouse Rd.. Avlesburv 02S6SM1 HtGrth Pin - !177 

445 EquityAceum- .. .(1379 M52|.. .1 440- -Next scb. 


«*»» esaafr- 

-0-d 52 InCwnoDisl 

"J?1 Inc. 10^Wdnvl 

55 latal. Gronth- - . 
J J7 in,- Tst l.'ttia . 

"S 3 K2 Market Lenders 
“33 Ss2 'Nil Yield ..... 
-3-S I-S5 Pre( 8, Gilt Trust - 


Swrllng-daaamlHted Vtouds 
ChannelCapiia]O_l2O40 2369x8 —J 3 1 fj 
Channel MandsO- ttJ7 9 143.2 -1 3 313 

Commodiiy^*—,,llll 9 11793 . ..| — 

SL Fad. Int—i—P20 J 32731 -. 1 3092 

Prices on ’Fcb 21. —Feb. 22 —•Fab. 23. 
^Weekly Dealtiuta. 

ScUenn|cr International Unit. Ltd. 

4L La MetreSL.SL Heirer, Jerxey 0935738S8L 

SAt&TTJ!! ——IS81 S3 Att 

Gilt Fd.-B44 ZJ.6J —.. UJg 


1 463 Fidriitr Am A«* H.^8^ 

-3J 1020 Fidelity Int. Fund . SL SIS J7 
-03 945 Fidelity Pac. Fd... 3HS39 71 

-02 - FidelUyWrldFd. - SCS122S 

. . 335 Fidelity®sr fd*- 

-0 1 505 Sene *a (lntnl'. . '£318 

-U 483 Sene*B(Pactsc. . E6J5 

-0 1 a 01 Scries D lAmAK.i) £1331 




445 Equity Aceum. .. .flJ79 1 
4 S M * G Group? tyncuxi 


744 Three Quay., TDier KilL F3R 8BM DitBS 4398 1 20, chexpyre, E r2 


• Next scb. Yxr-h 8 Fm. N'ik. Cm’TsL.. 

J. Henry Schroder Wajfg Bl Co. Ltd.? FwvitDbl op.Tw 


-oJ 2 J 4 First Viking Commodity Trusts • . ^{jdLi&nZ\9M 3 

4^ 8 Ldn SL 3^^^b^i Co Ud- Schroder Life Gimp 

-Oil 609 sa. Pall Mall. London SW17 5JR 01 B30TK7 EBierxmsnHouaa, portamonth. 

Cn lids FlLV 2 DB“op3iit“IS 0 «5| :.....| 0 80 <^«Mtasri FUada 


4tq -0 y 
4 ^:°o? 
652 S -0J. 
7021 -031 
19ft -If 


InriOrow^.—- 505 54J . 2 90 See also Slock ERchanrc Dealln 

lrneu.TB.Sham... »9 41ta -02 4.13 juaerteaq. . M7 4} -CJ 

Minerals-.*7.0 i 212 lAceum. lialw-.. *9* 4td-0.1 

Nai High Inc. Mfi -7y -07 •« Austral a* 1 an .. . »9 4yJ-0.1 

New Issue- 318 353a -02 4 7S , AecueL I’nllai ..393 4tW -0 1 

Nort h American • 75J _ 277 - 33 Commodity. - 507 U2rS -03 

Profea«)opal - - *488 «J -51 412 (Accum. L’nlti-.£ J 70S-0J 

Properly Share* 13 3 143 -0J 236 compound Grow b ^9 ^ft -0' 

Shield - ••• — M.fc 43ta COO t 43 W converriun urorrth 47 4 51W . 

StatusOiangr . Z6 6 2S^ -02 527 conrenion Inc ..8*7 M3) -0.1 

Unix Energy.[290 3l2ri -0.U Z84 Litvidend . .1072 11431 -11 

__ . 1 Accum.LnlL'.i-.— W3 0 .221J -O.t 

The British UJc Office Ltd.? iai Europe*, - . gs «5 

Reliance Hse.Tunbndge Well* KI U8B5 =271 Yirirt ‘ »6 S.| - Oj 

BLBndrtUfe I'S ■A^mVnlts.: .;S^ 2 ImJ -0 

S'Srtrt' E? m 3' 934 FarKartem. - .*78 «16* -g. 

BLDIridend*.jj. . J42-2 ,. 45-11 I 90* t.Lcrum. Unit*,_ 41-4 44.91-0.] 

'Prices Feb. 22. Neat dealiac day March 1. Ford p!Tnv.Tfa*i_ M2 5451 -0.) 


Capital Feb 21 PL5 
f. 9 f 1 'Accum. 1 ... .- J3W9 
0 99 Income Feb. 21 . -QgU 
241 lAcrcm I niui-.. C45.7 

see rSii?..-Bo 1 trig I 544 Butterfield Bldg. Hiunliioo. Bormnda J. Henry scorooer wane m VO. oasl. 

-oj] 589 EuropercbO- . (144 M J . 129 NAY Jan 31-| XU616419 i ... .1 — 12D. tieepride. ECO. Ol-SaaiOOQ 

-n » &, S G.T. a . w us.iw.sro.. gsSlR»-l 8BS Ud 15 

a« : SSSH^F5b? 1-772 leia , ' 536 Ma^TT^aSlCO^ L " ,1 “ Ari»F3L7ob »-»S^| fflj — 

_oS 8 40 'For exempt fund* oolv Tel 01-82S 8131. TLX. 808100 p«rl 1 ngFjvd. -. PAi ra 1«H - .. Mfl 

—n k 9 ro _.o ■ — . • * —_ m —— - ■ _ 1 M ^inMrxnit IbIcuiIriimI LUL Jipin Fd-Fob.25. .RUSSJl Hll ■ I W* 

-81 iS Sc^ltlah £qatt 2 ble Fad Afgrs. U4V c^oTTBcmdi Froct su Kitmitn. zund^ ^ t intmitianil ii>r 

-D2 175 20SL Andrewifio .Kdiohursh C31556B10I Anchor B'i'nits—HL^ Wd.J LJS Sentry Assurnneo International LUL 

-OJ 475 Income Unit* - p*9 47g I 5J0 Anchor InL Fd-Isl^LC 3.99 p.O. Box 324 HoaMlon 5, BennUda 

-0 J 3 29 Aeetim l mia.. . 152 9 JM .. I 530 C.7. Bern rod a lid. KoaagcdFluid-(K3I«! ID? - -I — 

'El Deoling .isy v.rotcsdas Bk. oi Bemuda. F™t Sl. Hamlm, BWnHIawAwr IAn_ A«mta 

-o.* ** CJ .„ ,u„^«- ru a I M Ben*-PacF... 538.74_— I ... I 3.8* Singer ft rn MUBOar U1B. AJ8BH 

-0 4 4.« Sebag Unit Trt. Marker* IAd/?W , ; T SFd ...SUS431 |. -1 0.79 ai.canmwSL.ECA. 01-2480448 

-?■ POBo»5IJ.Bekibry hse.ECo 01-230.9000 r♦ J Dekafoods_| mnxH HJfl-fUOt 63* 

In's «K Sibag Capital Fd . (349 . r ?3!-0 2I 334 G.T- MgL (Agial Ud. Tokyo TsL Fob. 1 _.|^^B38J)0|-.Zj IN 

3) t Sehaglneotne Fd. |2?4 29fl-0i| 029 Hmchisop Hse, K mcoe rt Kd- Houg Rone __. 

lS Security Selection Ltd. GT.,w.r. .. tOBM JM^ j »* StnnghnM Btanagcmnt Ltndtad 

-02 1.21 - 01X118830-0 CT BoudFund. -l SUS322B 1*00*1 530 P0 Bo.315.St.Helior.Joroey. 05S4-TI4* 

-it tu 14-10. uueore c fna Fileldr. «i_ nixiiowiM*- --. .. ——■ 01111 - 1 _ 

-14 4 62 UnoiOhTriAtt 13 7 M2 I 39J G-T. Management (Jersey) Ltd. CommoduyTrti«t_l»A5 93.iar --l 

*0.7 7.1S t'nviGth tw Ine. (IV9 Zl 21 I 397 Rflvai rw.Hue-L'olomberie,Si Heller. Jersey Surinvest (Jersey) Ltd. (x) 

215 Stewart Unit Til. Managers Ltd. la) GT Asia Sterling- gltt.76 U36J ... | L76 p.O. 08. St Heller. Jew). 053473073 

3.5 4 C9 45.Cb»r1nUeSq.Hdlr.6,:.-gh 031 22S3271 ■■jk ? » »■ ^ » 4a _lGaenWCf) jj* _ AmonCTOlad.Tsl.g4W 147 

-10 1st Acrosa'lnju'.' ^6 M5j -’ AncliwInJsr■fri--&4 2M| I 326 Snriavest Trust Masagen XAd. tx) 

f b «i ' ~ r.-rlmnre Invert, lid Ldn. Affta «- *tho> Sirert. Lo3£.0*M 33014 


The British UJc Office Ltd.? iai 


58 3] -o.y 
IwS -TJj 

m 3 -o-M 
*3 -5^J 


2*0304 Fleming Japan Fund S-A. 

In 37. roe NotreDame. Luxembourg 
7W Flag Feb. 22 - -. I SL-S4D.W ( . -4 

IS Fn* World Fond Ltd. 

544 Butterfield Bldg. Hnmilion. Boroinda 
HJ NAV Jan 31-1 SUSUA M l - - -I 


Schroder Ufe Group 

Enlexpn so Houae, Portsmouth. 870527733 

SMB. - 

S&Juitj___nL6 119-71 — — 

CFIxodInterest-IMS Pga ...... — 

SFlxad Intereai— UU 3MJ1 .... — 

“ 'Ofanacrd-— Mi 1IU|. — 

SStauagedi—,——(1077 33451 • •. — 

J. Henry Schroder Wagg ft Co. Ltd. 
- iail.tiertiride.EC2. (UJ88VWI 

.. aaiita-i as Uii is 


927 g.T. Management Ltd. Ldn. Agts. ■ c£Sp5FrtS5irsm4» |«421l 2-77 

* m <anaipo-| jW l Mr-I IS 

.J a M—— I IXIhxW ImI LML Japan Fd. Fob. 23. .pUSLTl 61ll . I tU6 


(Accum. I'nltsi. .. 
FarRostem. - . 


Brown Shipley ft Co. Ltd.? 
Mngrs: Founders C*. EC2 
BS Units Feb 21 B19.6 2312rt .. | 
Oo. CAccj Feb. 21. 1271.4 295 7J .. ..] 

Ocesmlc Tram Iai Jg> 

Growth Accum .W1 0 £331 


Groatb Income .. 
H : vh Income 

I.A 

Index — . 
rtreMOTO..- 
Vej flu roan ce ■' 

Recovery- . 
Exmpl Peb 10.. . 


J4 3rt -0 

173 -0 

J35 -0 
35 ll -0. 
33 3l *0. 
19 OJ 

24o4 -0 
162 
55.D] 

21 21 -0 
5951 . 


< Accum. Units' - — 151 
General ___ . _ j*74 
91400 0530 1 Aecu m. Lrtt ni.. . g53 
i a as High Incoae. —992 
- j *«5 t Accum. Upltsi —.1518 
"• 93 Japan Income ...103 

. _ ■ Accum. Units* .. 125 7 

‘ 9 48 Maanue-- . 1714 

-02 J31- ■ Accum. Units' ... 045 

-0 1 521* Midland -- 15L< 

-0J 521 'Accum. Units' .. M53 

-0.2 9.12 Recovery.. . 02 

'Atvam Unit*'.— 72 9 
~ 0J S fi Second Geo - bW7 
3 69 (Acrum.L'nltai-. . 2223 
5 20 Special... . 190J. 

-02 5 90 1 fccum Vtuiai -(174.2 

5 ” Specialised FUnd* 
c UriH Truslee _ .1131« 


Managed Fund-(K3»«n JO? -■ -J — 

J-84 singer ft Friedlander Ldn- Agent* 
ow 30.CTOnMSt.BC*- 01-34804* 


932 993-0* 905 

1518 141.71 -05 9.05 

1ZS5 13431 -07 121 

125 7 1345} -02 1.21 

1719 law. -11 442 
2143 229J) -16 442 

15L4 161 5 -0.7 7.1S 

2453 2413 -L7 7.18 

Ml 77tj -0.4 469 

72 9 78.4 -0.5 4CT 

1487 1613 -0 4 554 

2223 24ld -O E 554 

1483 X«irf -Ofi 446 
17A2 1876} -1W 9.4* 


SebaglaromeFd |23 4 
131 Security Selection Ltd. 

l-Zl 1,10 1_I--. F.aM. Wl 


5SK,?%zp! BH-ri 

Anchor InJfiTT 5 L- I 27.4 2451 - . | 


Canada Ufe Unit T*t. Mogrt. Ud.? , r JSSS» vno. /.SJ fia^ 

24 tHlghSt-.PnttftriBar.Henv P BvSIlS Shan brad Feb 21. Iri j 

(touch Dim . [»9 35 7ri -0^ 4 88 hriH.R. . U61 1396^ 

as-ds". .Si slid is ws» fes sa 

bo.Inc Accum- - Kl > *4«*o » 716 MgnuUfe Maiugeanenl Ud. 


a Sg gS E; II PI wm Stew 1 

Wnhora-jra: l.ni« *4*4 d77i(— a* 

Stewart Britiah Caprtai Fa«i Garlmore Invert. Ud. Ldn. Agta. J®- 

J 2 ‘Vandaril . J12S7 l.*» l »40 = si Mary Aac. London. EC3 01-2833331 ^ 

ia« Aeran rails C42 4 3»44j J - Gartmorr Ftted Msgt (Far Kaatl LU. Do 

1-0 San AUlanee Fund Must. U«L a ^ °° 

IS Son Alliance H.'C Hor'.'.am MBMMl Pd.__KtaUW HCT . -- TS 

ExpFriT I FeN 0 K19I.80 BfW . 457 N American Tat . ..BT7I4B HIM] J - _ 

VTb-FamilyFfi ICS 88«-0*1 3 91 Inti. Bond Fund. - BL'OLU IMMIvUE^ - ?5 


PO Boa315. St.Helier.J« 
Commodity Trim _JMrt5 


Anton can IndTal. 

, ,, Copper Trurt- 

,L3J Jap. Index Tx:- 


f. Q5M-TI40 

win-..1 - 


05MT3873 

ojB'HjSil — 


bo.Inc Accum .. HH8 *401-0.11 716 m^nnUfe Maiugeanenl lid. fit-FamilyM. IC8 asK-C* 

‘ssaaras^’asasr^w 1 -*srs 

SS^^S «a Tsa issasssa". K §1 li 


Richmond Bood 07. 1B77 
Da Platinum Bd — JJ15 
Do GoldBd.-(UL4 


1*7*1 *0.ri Ml 

104.M *i'l| - 


Capitol . (79 3 84Jj 1440 Mayflower Management Ca- iJ«- Targetumsaan ||te 

!«£*“. - - r -nJrh 7 , 15 14.18r.rorhamM- KCJV7AU BJftrtMBP ^u“ ^ Ss'd 

PnCCT o« F-b. IS .(ext XeallDC March 1. lnroIw . Fl , h ;i n»S3 JM6dl I 821 TarlciEV.Fel'= . l 20I5 

■ -. 11 j a laH^i General Fcb JI )64 2 b97ia. I 617 QCVi.Acr I'nilr a7 2 

Carltal Unit Fd. Mgr*. Lift? land , 1 ^ ii ii l TanMtGti: ftnd 5j76 

Uilburn Hnu*e. Neocartle-upnn l>ne 21HB Mercury Fun “_\*f“f* ers Target Gr mlh - (268 

Carllol . 162 8 4*W . .1 471 30 GreshamM .BC2P2K3. ul-ffl04SM TorK'Xlnti - }S^ 

Do Accum Units K.7 773 .1 4 72 Merc Gen Fcl. 22 . HWA 170 M . 4 79 Do taw Unite Ma. 

Da High VWd . - Ig5 4 J? -••• 5ro A cf l , ta ‘ levs 1 2 «1 ' T^rtP?Veb’~*“ W78 

Da Aecum UolU.rit.l 511*. .4 819 Merc ln». Frit 15-07 8 U» 1« TnrgctFT Feh — . w* 

Next dealing dale March 1.. AremUts. Feb 22 « 0 6t0> , 

Jlmr ExlFeh a 1117 7 J05 9i^-1« f 4 59 TclPro! • 

Charterhouse JapheC? Accwm Vu Feo 23 H35 * 245 T.-17 7 459 . mm* t.rowtb r*t LbB 

1,PiicmoateeRoe.SC4. Ol taO.HW Midland Ranh Group ' Target Trt. Mgrx. •! 

CJ imwnaCV ...IHI 2121 . 160 Unit Trust Managers Ltd.? <Bl :o. Albeit rescenr. eriia . 

.tcctun. tfnfCi .. »£ 2J6 —•■ JS I'ourtwood I'ourc. Silver Street, IlMrt TarcrfEMl.- - . [227 

rj.inrpw—. 53 4 356 .. . 7S9 sheflield. Ft ^IlD • Tel 07427n»42 Targe ihiwle .. u*7 

Aee^wlIniU »2 fll “ 371 •3i2iBnrtiv*Ben..l*6» «6j -0 1 602 F.«rftlncmae r d . .570 

Cj r wioV“;t;::'S.| ao :.:: ]« Sfa . 58 Tndn irnlnn un»s 

AccUW Unite. ■ 1274 , ,y 4, , Z 1 - 25 l^Arinun. I 34 6 J7 0l ' 354 10ft. Wood:'-''.reel ECS 

Price Feb. 21 Next dealing March I r*pjuf^ 236 253)-0 1 395 nTTFebl. - t<89 

Chieftain Trnrt Managers Ud.?faiiK> ..-1: "31 -U JS Tn»MI»Uc m a C 

30)31 Queen St. EC4B l&R. 01-348383 Dp Aecum . - Bl *5 W -D 8 66S pi W N» i/aidon M I 

American.krdll 20 Art -0.1| 10 Intcrnatioool ■■*** . 2)*| JJ* Hartiiean Feb =3 ,RJ 


83 K -C *1 3 91 Inti. Bond Fund.. CtSMU VH 
w.9 (ai/ai Caitens lavcttmcnt MagL Ltd. 

r.c.i.pgvo^^ {^StSrthrfg 1 ’ » 


DaAccuin lints (74.7 7731 ... 

Da High Vl«Jd . . l«5 JJW ... 
Da Aecum Volta. .R*.l 51M . 

Next dealing da'e March I. 

Charterhoose JapheC? 

I, rittmoMer Roe. KC4. 01 

CJ imerpaCV .. TWO 212 . 

.4ecuih. UttiCa .. &0 2*6 ... 

rj. income — . »4 551 

CJ Enro Fin.... gl 27J 

Arna.Uaiu.292 312 .. 

CJ. Fd lux Tst,.. K.4 26 0 ... 

Accum Unit*. . ..|2J.4 .744 

Price Feb. 2k Next dcallDX Mart 


74 a 

26 lj —Ml 
79 01-01' 


A 22 Rgmbro pacific Pttod Mgmt Ltd. 

2110. CoanmuKbt Centre; Hang Hmtg 
ICO FhrEBrtM.3B._IU0 U2j| ...J - 

tl 3 Japan Ftert- 6«}riUfl — 

lie Bambros (Gnrmaey) Ltd J ■ 

3M Bamhro Fund Mgn. (CXI Ltd. 


um . ...J - TSB Unit Trast Managers (C.IJ Ltd. 
HtoIjiM ~ Bagalftile Bd.. St Saviour, Jersey. 0SM734M 

JtTL,, teStedB 8BH» 

22.01 vrn •J” Fbh. 22 Next tab. day. March J. 

.553]SX Tokyo Pacific Holdings N.V. 

MemL Ltd. tatUole Manag em ent Co. N.V, Corot so. 

Kong NAV per share Feb. 20. JVS4M3 

io JN .. . . | — Tokyo Pacific Hldgn. tS ea bo anl ) W.V. 

6 47} 400(4 — lotimia Jfaortemeat Co. N.V. Cutstool 
j,y ■ NAV per share Feb. 20. SUS3L01 

LU Ltd. Tyndall Group 


spfeWv 7=pr« a ^ 

land) faNb) int.SseinB»*A*-PKS-*? - 1® 


0681-28521 P.O Box 1254 RamfUon S. nenaoda. 7 . 77*0 


Intmatioaal Ts» 
Buie Ream- Ti 


Mi) -fll 

ill:’ 1 

37 01 

25 j) -01 
~7X -01 
41 id -0.3 
559) -0 4 


shrill Ijs ^ronthrd ■ B; M -t'll *». »S d v ■: . H 

jy.i? 

TM42 tSrST htec; .. i§7 M-oj fc-g Bendenoa Baring Fund Mgn. Ltd. 

602 F.xtraIncome rd . .570 613rt-0J(M69 PO BosN4723.Nassau.Bahamu ■ Jerw*Fd.F«b.: 

‘2 Trades l aloo Unis Trt. Manager*? Japan Pd .. BM» i»«JI _-J 
JSJ tmtfMf' trtrt* rr' 1 oi-ffifiPDu Pnce* on Peb. ZL Swi dfl^Unc dil* March Be JJWFtojidrW^-- 


CoufederMion Fund. M*L UMM J mjSnUBOt Fob. 

SwthFimd!^.»J7.7 • 3961 ... I 4*5 Minster Fund Managers Lid. 

... _ . „_ , MiM>rrHse . Arthur Sit. BC A 0! 

CostnopoUtan Fund Managers. Minster Feb is ..{33 5 3531 

3aPoolStredUairJro SWJXBEJ 01 2»852S. K,raip!JM 11 -fiS* 894| 


Iniernaiioool - .g9« . 414. Xftl llfl rtiican Fcb 23 .*» 

Do 4^01 Ml* 450 3 03 .Accum Carta. -foc*2 

3M HiRh \ield (57 0 (3Zl“2S 2S Borti.Fure Feb = 1814 

095 Da. IrcTiei ,m »»' 04 15; Puckro Frf» £S... J«4 

Equity Firxpi' -. W34 109 L 1 56 .Accum I m!»' fej. 

lal Dp ten® * -fI034 }&h _ *7* ColciccoFei' 24. ;:i 34 

- Frees at Jon. 81 Sett dealing Fcb. 38 , Ac ran-. I'niw . . |l5«7 

Minster Fund Managers Ltd. JJ "*.^7 

MiM>rrHse .Arthur Jit. zc A 01-0 :<»« GlS Frt 21 . -}«97 

Minster Feb 13 .. (33 5 3551 I 5g itoewm 7 

txemp'Jsn 91 .-(85 4 894| 1 592 Marlborirrt 21. £50 


554 ioa a «ood: 4 mt.EC 2 Ol-csmil PncMoneoo.w.ronoreuBg—wTOHxuu. 

3 g nTTFebl. -148 9 52.H .. I 522 HHI-Sornpel i Co. (Guernsey) Ltd. 

h* Transatlantic and Gen. Secs. Co.? n LeFebvrr St. Prfcr Port Guernsey .,CJ 

6 65 Pi MIN'cnionitoar.d Chelnuforrl 0245M8T.1 GueroseyTis.-11396 144 4j -1.91 366 

lii •aSSnK r 3 - SiS .. j 50 nw Samnel Overseas Fund SA. 


3431 
75 « 
92? 

545 . 

52W . - 
66ri . 


5 ^ mu Samuel Overseas Fund &A. 

357 37. Rue Notre-Home. Laxemboarg 

*g prma uw -. J - 


i»m :::: 7u 

27461 — 

GUtFundFflrb.SSL-D1L0 113* »6Z 

(Aecum. Shares)—[1396 142.2J _... — 

VUTOrr BaemaPoHns. Isles* M —.I C 4as8flB 
Managed Feb. 16,_|186 132g —I — 

Utd. IntnL MagmaL (CJ.) Ltd.' 

M. Muleastar scoot, St HrDer. Jersey. 

r LR Fond-1 5USM0 I .I 8.2* 

United States Tst. tntL Adv. Co. 


590 [aCrnutiooal Pacific bf. Hfngt. Ltd. j*. nun AJdrinier, taortum 


IJi PO Box R237. 56. Pitt St, Sydney. Anri. 
6.78 Jmclln DaumrTjl.WJ* 1.9<fl-O.OTt — 

561 ICT TtSii.1 ■»■■■ f T .. t «< | I I.|J 


UA Tat lor. Fnd.„1 SCS953 .1-1 

Net aaset Feb. 23. - 


CMmopotaGtaFa 1267 u 3J -0-2} 560 MLA Unit Trust MfCemnC. Ltd vS^it^si pi - 

Crescent Unit Trt. Mgn. Ltd. (a)(gi «**5Z* M "g“*- „ 0| ftl '^k?ASSt: ? 

4 MriwlIIerreo, E4inburSh 3 (01-228 4831 MLA (. nits - 1352 77 0| . 4W Vin ^ , ^ r< . ref J 

CttWBdtGrowth. [25 4 2 » . I 4S1 Mutual Unit Trnrt Managers? faMg) yteeurtUatta'gi « 

-jnsrf&ftMli ? 

Discretionary Unit Fund Managers 5JJjJg|ggW'te“ wai -0?| a75 Tyndall Managers Ud.? 

160 11-^1^5 47 National and Commercial in.taiw-Rood smm. * 

31 Sl Andr.-w Square EdluburKh 0317469151 /KSlIm.tayT 147 2 17 

E. F. Wache*ter Fund MngL LI*. i nf amc F*-b is [j«a wxi | |«4 .-£^h ~ S . imo 11 

Old Jewry. EC= 01-800216? --Wfttm I iuu- lrt* 282W 596 .Accum fBiisi . 1582 « 

atsaesa« wa.. i sb a&swu. .J® -fi» i 

Fnwm ft Dudley Trt. MngmnL Ltd. '£TS£f&& |=fS S 

I JO. Arlington Nl'IClMsTH 144 4 47 b 375 <AcC4iU Uci!;.' . . 247 £ 5 

I Ems«m Dudley TU (67 6 7271.. | SU lAcrum Uaitie .©J S6d 1W 1 ap.6«-b 52 JTJJf Jj 

?CIT U sca« Trust [1088 1152m . . 3 20 •Arrnin ^nim '1536 15 

I Emitas Secs. Lid.?taKgl ,Accum. Uiuiv" 1x161 .122? .. .3 20 sear Inc Feb =2 !t5X. C 


IZ J.E.T. Managers {Jersey) Lid. S- fa. warourg «ut 

264 PO Box 104. Royal T*l Bst. JeneyOS34 27441 ^ ■ 

jpTserExtrrl TsL..Q68.0 UUL..I- 
33* At «t Jan. 3L Next sub. day Feb. 28. Sfi-iSSi m “I «>' 


S. G. Warburg ft Go. Ltd. 

30. Graham Steel EC2 014D04S5S 

CnvEd.Fd. Feb. 23. [ SUStA l*8M — 
Engy. Inr Fob. 33„l 51^1534 *£w — 


4 Melvillerrea, Edinbursb 3 031-2284831 

nracentGrowth. f»4 27?) • I ifj Mntual 

SS.&ai rB" o3 :.: j StS w 

Crna.RcSenro - - ».3 40*3 -1 *6* SXSBSSlIiS 

Discretionary Unit Fund Managers S' 

SSL IHumfirld M,nniAI. 

Disc Inromn.. -- .11508 1601|-4<j 5 47 VatiOBl 

E. F. Winchegter Fund MngL Ltd. Inrlime F< 
Old Jewry. EC2 0(.806J 16? ;*«««> 

SOM5UB9 SS3 I 5S3 

Emaon ft Dudley Trt. Mngmnt. I.td. 

JO. Arlington SJ .S.W I 01-480TSSI y pi.Glb 

Emsim Dudley TU (67 6 72 71 .. I 5U 1 Arcum. 1 


1“ Jardine Fleming ft On. 1X4. 

?“y 49th Floor. Connaught Centre. Hong Sang 
533 Jardine Esin. Trt.- j SH K2099 0? [ - ■• I JJ 

<rx Jardine J'pp-Fd*' S1IIUHM | .. --) X? 
899 JordiueSEA. SL'51L74, . [ 26 


3» A, at Jon. 3L Next sub dayVebl 28. J ” - 

a04 jardine Fleming ft Ca Ltd. MerAtr.Fl!.rW>X2l«3)IJl nil! ..... | - 

f? 7 ? - ■ §£7 4 flth Floor. Connaug ht Ce ntre. Hoajr Kong Warbtzzg Invest. MngL Jrsy. ZXd. 

573 ’ 531 J»rdireEMa.T 5 . -J SHK209JWU . .. 3*0 j.ChorineCSxwa. St- Relier. Jay.O 053473741 

Sfi-o. ^ JS SffiSHSS=ra? J ::::] " ■ 

tzS-ioI OF. d 1 

Nett sub. Feb. 28 TMTUd.FrtiB -.R.13 9J7 ....4 — 

‘ C ? a fn 1 K< ’ m P- Gw Management Jersey Ltd. w#rM vdde Gritwth Mrttagemestft 

j 771 I. rhanng Cross. 51 Ke7lcr. Jcr«ey.05347TJ41 jq,, Boulevird Royal Lcxembean:. 


bm Jardine KTemJnt.t.J 5Hfi8.9M 

NAV lu 31. ‘Eourtslent $1 
Nett sub. Feb. 28 


Equita* Secs. Ltd.MaKg) 

41 Biehspogal*. ECU 

Progress(»u. . 1588 62U-fl$( 4 58 


I 5 u lArrum Ueitie .153 3 
SI1U seas Trust jloa 8 
,.Arcum. L'mis'•* JX161 
(11 Sffiaei **Priee» ou Feb 23..Ne 


Keicp-GeeCepHSl (82 2 
Kemp-Geelccomr IM) 


8 80 Woridwlde Gth Fd! BJS12 75 | 


NOTES 


3 20 seir Inc Irt. 22 


nro on Feb .23. Next dgallng Maroh 30 ,_j_ * a j: r.nwp 
Prices Feb 15 Next dertTug March I M5SSS«**♦=& . 71 1 

11 _.1 WMt—I.rt .i Un) D» Arruxi . - >7-5 7 


Nalicma! WestmLarter?ial 


Eit&ity ft Law Un. Tr. M.? laubkcl j w oiejinidc BCtv 8tx oieo« 80m 


AomfesiD Rd. High Wycombe • roi capital >Ac t 
KquityAU*-.. ^159.0 6211-0 51 465 taftatag. 

Framlingtan Unit MgL Ltd. (ai Grawhim 


w ® 4 CwlU))Accum 1 


FlBOnciai . . 

Crmrihlm . ... 


I'll ArruXI . - ;r* 7 
F.slrainr ’"piain. Kt 
Dn Aecum 387 

$55 Fii»a.scla! Pr «>- 5 

JS Do Act I'm IB 7 

|f3 High Ire. monty {»«► 


524 Pnrc, An am 1 of lade 5< premium, ucm where indicated*■ udI “*1^*2“ 
s u indicated Yields % 'shown injart column) allow for all 23*5^,51^!. 

SB jorlude at! evpeavK. h Tb-dsyX pnceaTeVIflM based on offer mice d Estimated C TMw*. 
9.02 opening pricedDlstnbuUpn free of VK uae*. 9 ftwlodle ^?dMnln«iiwe i planJ iJ^^larta 
premium inmrarep x Uttered price includes all expense" ewf agnnt s coralartoe. 
643 yOiicred price Includes aU expanses il bought tfcrouga mroTOOra. aFTcrioirt gripdre. 
6«3 * Net of tat on realised capital galiu unless indicatodby 6. f Guetuacy gros*. 4 Saspended. 
1*22 4 Yield before Jersey tux. ♦ Ex-mbdl'rtraoc. 


SS“S?I 5K FUsanrio! Pr'M 
,*• 3 “8 a l S Do Act i'cn 

'2-1 If2 HigMrc rnm 
*5 3 '2'9 luternatlttil 

35 7] -01 l« Special Sill . 


20 i! -OJ 
6=tr -04 

153 -AJ 


Prlenda* Pmdl. Unit Tr. Mgrs.? 
Plxham End, Dorking rrsOBiOSS 

KneudeProw.Uu. 130.; 3151 “U-SJ 15 

Do. Arcum —(48 0 52l|-071 470 


NelSarHighInfcBhl -D.H 4 


specials,:, . -.1271 sj» 

3.M TSB Unit Trusts tyl 

1 SI.CTirotrv Way.Andorrr. Hanl*. 0284EI88 
.... Dee fir le 0364 

fbiTSB General. . .[« 1 lH 

6-22 iblDa Aceinn. -- 507 54^ -D.M 403 

? M ± }**!£!5* - !gs 22! :S3 ?-i 

7i3 -o3 
TlS-oe) 


G.T. Unit Managers Udf po. Box < N<t 

16 Flnohurr Citcua FC2M 7DIJ DUES HI .11 C.roupTu r6 

|S Pearl Tra* 

fi T lilt. W Uo 1»6 JM* -fj |J5 ffllllikhHulb 

•• W 7 l«al'o iS rearlUroath 

1 ,T.Japan6Gen.. J17 .UnaCriu 

♦O.refl* fi Fd .. 1298 UASid . . * 10 p«»rilnc 

'M- viTt-4 01 I ‘ 7 2 fml l."mt Tsf 

it.T. Hour ^ urd.,. aa p2 1 55.«l - ■A*'cum. Vnll* 


F«- New Cmti Fnd Ud rfe» tin. 

4 3 *« RrthochiW A«rt Maaag«=eat «"*£«&- r & % 

Norwich Union Insurance Group ih) * naler Bask? l»» 

PO. Box 4. Norwich, NR 13NG 0ftt3 22200 ... . r-. rrr . n.). - 

5^1 Group Trt- rd IDT 3 334«-4:| 53. JSSSSSiS^ll 

310 Pearl Trust Managers Ltd. faWgkzj it fw,,. Accoun 
112 2S2lllk1»Hu)byre.W.!lV7EB &.FC4PB 


re32 35=31 
$67id -6-3J S00 


■VUIs:er Growth 341 S67ifl-6-ll 5 0 
Unit Trast Account ft MgzaL Ltd. 


KingB'llliactSI FC4PBAR 
-63 60 FnanHsr Funrf 11360 
.a « 721 W;drt 6 rtt Fbd. Jzti 
I 538 l* 1 Areunv. •• 


?r,. ft A. Tnirt <ai igi 
b.Ravlctgh Rd. Brentwood 
-J»B . 


”■ 1 - 1 w lAreum Unit*.. 1*! 5 Ufci-D.J 3 35 wirier Growth Fund 

Pelican UaiU Admin. Ltd. igKxi KacWiU.s.taS: E''JH°Arl 
- 02TT.22?y>0 81 FrijulalnS:. Manrhe«er 441 rWVW Incur- Laili. — 12*6 
33.9j -0.4J 5-00 PajjcM Laits-1745 SO U -C.oJ 5.*) AflC-IT- J. — IS- * 


01-6334BSl| 
| 4.72 | 
342 
342 | 


man 4351 
m 1 . l 342 
342J .] J« 


CLIVE 1N\’EST51ENTS LIMITED 
1 Royal Exchange Ave., London EC3V 3LU. Tel.: 01-2S3 1101 
Index Guide as at 21st February, 1978 (Base 100 at 14.1,77.) 

Clive Fixed Interest Capital . 134-8_ 

Clive Fixed Interest Inco me . 32I.4o 

CORAL INDEX; Close 441-446 _ 

INSURANCE BASE RATES 

* t Properly Growth . 

Cannon Assurance . *J|Vi 

t Vanbrugh Guaranteed . ~S *?, 

- Address 5tiPu-n under Insura^c* and Preowy Fold Tabic 


l.Ci. Index Limited fli-331 3466. 

29 Lament Road, London SIVlf) flHS. 


May Coroa 1436-1449 


\ 





































































































































32 


' 1-A- 


. yirrarrwal T&HES 



Henry Boot Construction Limited 
Sheffield Tel: 0246-410111 


FT SHAKE INFORMATION SERVICE 

AMERICANS—Continued BUILDING INDUSTRY-Cont. DRAPERY AND STORES-Cont. ENGINEERING—Continu^ 


**BRITISH FUNDS 


Interest | 
Dor 


Slack 


Price 

£ 


last 

n 


I1J 

9M 
17M 
MM 
IM 
InM 
3M 
)4M 

i w 
i u 
MM 
IM 
1SF 
l.\ 

IM 
4F 
21F 
17M 
23 M 
1S1 
15F 
IBM 
I SI 
■V 

nn\l 

sTfsia 

5Ju 


14.1 u Treasury KHif"' , 

26S EJvCh. 5pp *7311 
tfSTreasu.-ytl'ifcTPft., 
ITS 

“in 
15.VI 
as! 

KX 
15C 

isn 

2P.V 
lSJa 
ISA 
10' 

12D 
4 A 
:i.\i 
1TN 
23N 
ISU' 

HA 
168 
liDl 

SJ utTreaflin tope TE. _ 

“ Escn.^pclPK._ 

i&chSacTC 


SJ 


ctrctipc 

... ichpciss- 

lElartnc^jpcTS-T?™ 
Treaiur Sir iSSttt - 
hYea?ji? !“:po fljjt.. 


&rti3pclS?I-_- 
[Tre*. Variable "Si} 


p to Five Years) 

101 * 

31Z 

10 32 

99 Art 

17 ; 

5 03 

lO-Ppri 

31.1 

11.02 

97ri 

s: 

3 09 

97-vd 

172 

4 35 

103 A 

;t? 

1014 

% 

1010 

3.63 

1017 B u| 

2?1 

883 

101 >4 

1010 

934 

94> 8 

ell 

3 72 

95* t 

S11 

5 59 

107-b 

1910 

12.C5 

1045, 

9.12 

10.99 

90^4 

11 

386 

lOlal 

3.3 

965 

%? s 


£54 

150 

2i U 

950 

' 87-V 

hi 

342 

%a 

lift 

6.69 

10 H 

17.10 

11.71 

97»4 

912 

6.74 

86 

9.1 

3 49 

1U>4H| 


1236 

% 

8U 

b 74 

951. 


864 

98M 

L\2 

9 39 


16.1 

362 

E96U 


9 07 


r*M 

In’, j PnL 


5 78 
622 
782 


5.03 R A 
5.76 
Bib 
5.9B 
797 
8.61 
6.28 
7 35 
9.6* 

9.61 
700 
939 
9.45 
950 
7 03 
7.4b 
9.83 
9.55 
711 
9.95 
757 
953 
96b 
7.14 
966 


17 M 
I S.1 

15.1 
»0J 
IK 
35J 

1.1 
I5A 
15J 
]M 
101 

j 

5Tf 

25F 


141 

•nig 

Tm 

n’r 

17M 

25.1 u 

IM 

?Ua 

ISM 

ISM 

RM 

ISM 

1A 

TF 

IM 

IM 

SOM 

1SJ 

14K 

14J 

5A 

PM 

261 


ITS 
iaiL 
ISJa 
laiL 
i? 
26Ji 
1.1 u 
1501 
15Ja 
15I'| 
lOJa 
50 
2ila 


Five to Fifteen Years 

3C 


Trea.-m.-y 12pc >38S±t - 

Treasury P*pc 83. 

Fn nd» ns! Sfjpe 'C-fM ii- 
TreastL-y ft ju 'BftKj: 
F undine (P-pc 'Svtfi'tJ- 
TreJJicyT&pc TE-SKS 
Transport JpcTMfi. - 

Treajun ape "8W9 — 


bcVt 

[Treasury I3p: 1??08.. 
(Tre.xrur to 97 SOtj... 
Treasury 11 bpt 1991 . 
jFuDdir.sMjK Si9li+.. 
-(Treasury 12 jk ‘92tt... 
2!.<.rrr?isnn lOpc 1092. ._ 
ISAI&ch.irjpp'R.'_ 


1071441 

98A. 
86U 
93 , 4 
343- 
85^4 
641, 
70 ? 4 
110*8 
85% 
101 \ 
70-’ 4 
107 
89A, 
1023b m 


1213 

3 

20 ia 

2531 

a® 

9.12 

Ell 

512 

19 

16i: 

161 

191 


1113 
9 51 
6 92 
9.18 
790 
9.11 
4.58 
7.26 
11.97 
786 
11.77 
B 40 
1206 
1X21 
11.97 


999 
9 92 
6 67 
9.S1 
9.43 
10.17 
8 21 
446 
11.64 
10 65 
1177 
1015 
11.39 
1158 
11.92 


Over Fifteen Years 


14Jc 

I5S 

231 

IS 

I 

?7> 

2 sJa 

ill 

21-1 

I5N 

1SS 

3N 
IHN 
10! 
SMa 
21A 
IS| 
IN 
SOS 
ISJa 
19N| 
14Ju 
50 

;osi 

Kla 


[Treasur, I2rj>e'93tj- 
Fund 
iTreasarv 
[Treasuiy I4!tfc'54tt_ 

E«th IIImxiSM_ 

Treasury fee THti- 

rrrea^uirl^c US_ 

GasopcaftH- — 
Exch. Ilfcpc 1895ft.. _ 
Tre Mur- lfftK'W# — 

Tre^uySrc Xl-firi- 
Treasure Itopc Ma .. 
t«he*;uer lS,f-: llBtt 
reiiapucp ty: . 

Treisuiy Itopc T7“. - 
v.ch«;uer itopc 19S7. 
Treasury 86pc 1997ft- 
TreanjyP^fW 
Treas lobjK B 
Trcasur- Sjpc l! 
Treasury lOLpc !S 
Funding 3>^)c'9£MM-„ 
TreiTiri&cUMlBtt... 
Trearury .%pc 0R-12tt. 
7T?asujy7Ypc'12-15tt. 


, MSJ| 
inefipflKUS.. 65*?4 

:ur: few: 11$ 

... ■ _... ™ 

10334 
35 7 a 
101 
4?Lj 
40 
109 

12^ 
212*5 
46^*3 


Tl\ 

7b*. 

51^*3 


81312 03 
fci 9.12 
1710ll2.34 


23J 
ItlJ 
1110 
19 12 
269 

1010 


12.41 
1207 
20 80 
11.92 
6.23 
11.44 
12.10 
6.2110 91 


16.121 

161] 

231 

26.91 

-i 


3) ] ll 


1255 
12.19 
b.'JO 
12.19 
3154 
10.95 
10.27 
1243 
11.14 
1159 

^ es7 
1.^10.91 


10.57 

2087 


11 54 
1C.52 
1210 
12.1C 

12 00 
1122 
1190 

8.9B 
1L66 
12.00 
12 29 
12.26 b 

12.05*° 

889 

1203 

1170 

1132 

1L02 

12.20 

11.35 

11.70 

10.11 

11.10 

1083 

10.95 


Undated 


1 AliTonvtlsJpc. _ 

lE ,l, V.arl4>an. , P’p^i _ 

lOtjont W;?cVIAfl_ 

5 SOlTreasury Tpc 88 Aft .... 

Ma A J u O i.'onwr!' ^-pc ___ 

1 A 10|TreA,uo2*J>c- 


IF 

1J 

1A 


35*4 

36«, 

36Pxri 

Z7 

22% 

213jrt 


2812(1144 
25M 5?2 
213 9.51 
Lflll.52 
11311.23 
23^1157 


Dividends 

Pain 

ApJuflTa 
JuApJv.o 
N‘. F S?. Au. 
lLJn.ST>. 
Ju rjcJ.A 

J a7.o 
FM vAuN. 
SDltrJu. 
HtJilS.D. 

Mr Je.S D 
MrJeSP*. 
AuNFMt 
V aJu Se Pe> 
Ffh II;. .Vi 
lunp Dec 
,p lv 0 

Mr Jo Ad 

Mr.Ju.S.D 
■la Ac inO 
MarinSph*: 
MrJeSP 
Max - Aug 
Mr Je S I) 
Ap.Jy 04 


ri.la.Ap Jy. 


Sttcfc 

■Manf. Ran. USS7 y) 
.MorcaniJP’USgJi 
.Ni'Hijn >:Oor In- - ii. 
[0*«is-m.SI I 2 S _ 
[Quaker OaK ISS5. 
Reliance 50^5„ „ 
Rep N V.Corp.55_ 

RenwrdS.... 

Bichdsn-Mnflir* 
SauJ'B F.-SI . „ 
Shell Oil Si. 

Sinse r nlO>. 

iSperry Rand *n *1 
hrtfflncSi:, . 
fTennecD 

II* |9*iIlL ftk ?!**= 
fTaMn'FUrSi'!?-. 

7e*arnS£.3i.. 

Tio^lw . . _ 
Tran«menca?l. 
ltd Tech SCSI ... 
VSSielSl 
P*‘«eeSO50 _ ... 
pToolinnllf S3';.. 
XcTO».Cerp.Sl.._ 

Xfrfiicflnc. I'fc_ 

Zapata Cwp 2>-. 


Last 

* 


2 V»id 

28* a 

12 

Mj 

14? 

13 

20*4 

lii-.m 

3I7p 

**tg 

li'x-A 

21?4‘d 

20*7 

15* 
t5lr 
ITS id 
2 ‘Vc<d 
97?p 
23 t £.1 
18: el 
14%.d 
12U.R 

30% 

467p 

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BANKS AND KIRS PURCHASE 


Diridends 

Paid 


1SF 


^INTERNATIONAL BANK 

1.iA.|?pc Stock 774C_| E7 | 6J| 575 | 8 55 


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AMERICANS 


Diridends 

Paid 

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September 
MaJuSe-Ge 
J.AJ.A. 
April 
December 
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MrJu. S. D 
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Eendixi'orp S5_ 

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Nov. Julil 
Nov. May 
J. 0 Ja 
Apr.Oct. 
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April Oct 
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Sept Mar 
June ?*'ov 
June Nov 
Feb. Aug 
June Dec. 
May- Nov. 
Aug Apr 
Jan. s-epl 
Sept 

Sept Apr. 
June 

June Dee', 
Jan. July 
June Der. 
Jan. July 
Aug. Mar. 
May Nov. 
Jan. July 
Nov. June 
Jan. Aug 
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Stock 


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Bank Amer SI 5f5 
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Mar. Sept 
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Jan. July 
Jan. July! 

July Feh 
July 

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Mar. Sept 
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Feh. Sept 
Jan. Ju lyj 
Jan July 
Ja?. June 
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Dev. June 
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Mar. SepL 
4 pr. Dec 
No-.. May 
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Jan. 
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Apr. 

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Feb. Aueg. 
Jan. July 
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June Pec. 
Jan Oct. 
Oct. May 
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Dec. July 
July Nov. 
Nov. May 
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No- - . 

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July 

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UBM Group. 

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May 

Ocl 

Ju lyplI-wConncJly 
wimpej-'Geo!.... 


Price 

Z3 

f* 

23 

12 

45 

28*: 

57 

25 

43 
52 

it 

34*j 

57 

23 
62 

140 

54 
£220 

71 

75 
67 
57 1 * 

24 

110 id 

130 

m«i 

55 

25 
174 
102 
326 

14 

37 

£ 211 * 

135 

115 

102 

76 
61 

77 
30 
63i 2 
79 
42 

135 

44 
92 

238 

76 

92xd 

67 

24 
40 

30 
95 
10 
54 
39 
82 

122 

145 

56 
220 

54 

110 

153 

BS 

13* 

109 

T22 

76 

98 

83 

31 

32 
67 

141 

32 

a 

* 

126 

352 

240 

133 

242 

67 

25 

1664 

3b 

42 
147 

31 

57 

43 

32 
24 cJ 

127 

65 


Last 

a 


nii 

Net 


K11W1W 
Mn t«U59 l.i 
t203 

111 = 


5^ d3.54 
2&Jl||l 5 


191 


3.771165 
E.L! 134 


13} 

16.1, 

27iJ 


1411 

Mill 

m 


121 a 

3U^ 
30 J, 
23i| 

30j 

Mill 

3101 

■ffl 


1.07 


t3. J 9 

5.28 

0.95, 

♦*2.54| 

* 2.01 

f?96 

754 
cl S’ 
Q7 

t3T2 

tl 89 

tl.89 

tl.56 

353 

15.58 

1629 

rnO.97 


17.W 
3C1 
16.1; 

310 ) 

199, 

31101 
28J1 

31.10 
1212 
9.841 

17.10 
5I.1Q 

31.10 

r 

320| 

13. 

1411 

277j tl.51 
19.91^60 


iO20c 
6 52 
092 
206 

t286 


E>rhh6 72 


65 

5.06 

3.3 


3LlWu2.5 


♦1.31 
t2.93 
j.ei 
J2.89 
18.12 
T2.54 
t2Jl 
3.4 
d249 
:.d5 24 
tZ.78 


302 178 

14.11 2J6 

31 t418 

32 14 8 
12* Tdl 17 

5.5 12.9 
110 tah24, 
32 th315 
TL30 t6.5 
95 ri4 47 
2621 t4 12 

16.1 1135 
5.9 1162 
59 5.44 
31 tA.sa 

1421 d4 61 

14.2 ( 1 63 
27JD C5.77 
28J1 +2.81 

199 IrM.l 
Mil 13 96 , 
12121dl23 

31.10 *131 
1710 2.07 
31211 ♦? 17 
228 5.25 
1710 1.48 
19.91115 

31201 dhl.Bl 
25.4 iO." 
312®1bL53 

3.10 6.91 
81 t6.9 
310 1814 
3Jfl 13.46 
11 12 19.9 
14 U 4.J6 

11 1.48 
13.21d9 511 
59 d2.64 

12.12 1 
19.9 {4.0 

12.1c $2.96 
13.6, }5 29 
301 2.57 
28J 0.49 
131 tl 55 
15.7 12.26 
95 0.62 


I I™, 

|OT|r,r«|PE 
L7I1Q5I 8.8 


1.7 


1L8 
8 510 J 


Lb 11 9 8.0] 
27 80 7 
30 8.2 6.2 

22 10 7 6 6 
3 5 65 6.6 

2.4 10.2 6. 

1.4 10.4 10 
3.1 8.6 45 
4.6 67 4 
L2 t 9.9 
35 5.7 4 

23 62 6 
4.0) 3.6101 

£3.2 - 


2444 

h63 

35 

3.3 

3.§{ 

35! 


28 

11-7 

1.9 

32 


61 

?! 

is\ 

4.6 

I 

♦ 

IS 

33 

33 

1.4 
2.8 
4.0 
0.4 
2.8 

3.5 
5.0 
L2 
L6 

2.6 
36 
5.4 
91 


65 3 8 
4.3 W6 
5.0 91 


J.2 

65 

8.6 

27 

+ 

7.5 


3.0 81 
0.4 2018 
SJ 10.0, 

9.3 3.i 
3.2102 
8 9 6.6 
9.7 7.6 

101 « 
85 4 
4 9 7 4 

6.6 9.4 
7.0 7. 
7.5 ♦ 

6.7 9.4 
8 7 53 
3.8122 
2.2 
5.0 
S.b 62 

6.3 45 
11.2 i252i 

9.4 58 
7.9 4r 

8.5 8.2 
71 


93l 65 
5.fl 71 


8 J 
47 

451 7 31 4.6 
3.4 8.0 4.4 
0.9j 7$ 

4.« 7.51 
13.21 3 8 


II 5 * 


8.0 

8l2 

6.11 

4.1! 


26 
25 
35 
U 

2.4 6.4 

4.6 6.7^ 

09 

4.8 7. 

2.2 10.7 
62 3.0 
12 115 
7 2 3.8 

2.8 5.? 

21 9.6 
2 5 9.0 

1.8 8.7 
4 121 f 
05 11.5 24.1 

3.7 4.1 
LI 

0.8 i 
4> 7.01 

2 ] 9 - i 

9.51 2.7, 
123| L4| 


123 


103 

80 

8.0 

37 

7.6| 

4.9 
8.6 
4 2 

6.4 

8.5 

5.9 

5.5 
86 

>141 

6.7 

97 


58 

i9.li 

* 

to 

5.8 

87 


CHEMICALS, PLASTICS 


|Feb Aug 
May 

.Aug J2n.| 
Feb. June 


C»ct. 

Jan. 


Mar. 

Nov 


April 


Hire Purchase, etc. 


pule'* H 
[cieBereFi Ml. 
Credit DaU ]0p. 
Uo'ilii^MOD 
LDd.Scct FinlOp 
HooryateVerc lOpj 
fTc*. nnar.r.-al..! 
IStrle credit 10p. 

Slurb'G •Wp. . 
"agon Finance.. 


32 

:1| h2 03 

17 

“>.6 

94 

£3*ij 

Bn 

96 

hij 012*. 

— 

42 


3 lj *3 °5 

19 

6.2 

129 

33 

?1M 1.7 

n 

V.H 

6.8 

10 

ml - 

_ 

_ 

181 

86 

R91 *4 *3 

2.1 

7.8 

y. B 

com 

16 

84 

13 Z] tl.82 

231 

s9 

< 79 . 

aej 413 

* 

7.7 

■> 


BEERS. WINES AND SPIRITS 


Jan. 

Oct 
July 
Jan. 

Apr. Se._ 
No* 

. Xov 
Oct Anr 
Nov. July 
Mar. Sept 
~ ' AUC. 
J ill; 
July. 
May 
Dec. June 


MsriAKZC 
MarfAlhnriii B'llwn. 

nee 1 - 

Jun 


ng^lidaFavkJOr . 
pt.l Jl'd*:nlk.|d]‘)p. 
i/\nchcrrhem.... 
Ba-er4G.DM.i0 
BDcdenNeakes. 
BrjntOieire Wp 
iBrit Semol Kid 
B ntTarPnl l«p 
Burrell Sp 
C*rie««'»p 
CaLilin. . 
CibaG'cvT*/- Ln 
rDor .envoi 
Rki8WwR£85 
Goet.-wChcm. _ 


JulyjGoaresBro'- 


JuM 


Jan. June 


Jan. 

May 

Auc. 

lunc 


Aue 

July 

July 

Ju]v 

Nov 

Feb. 

Tree. 


Dp.'.VNV._ 


Sept lunriCoiy* Horace) 5p. 


CToda bit 

Cnstalaie _ 

Enalcn Flastic?- 
Farm Feed . 
Federated Ch... 
Fisonstl. ._ 
Halstead 1.1 -10p. 
Htn t'tkh.’ypp 


Sept Mar. 
Feb. Sept 


Jan. .lulriBaisChar'dtoi^ 


Dec. June 


May 

Jan. 

Aug. 

Jan. 


Dec 

July 

Feb 

July 


April AnriRnlnrnHP 1 _ 


August 
Feb. Aug 
Apr. r>ct.| 
Feb Oct 
Oct. 
June Dec 


Oct 

Nov. 

AUg. 

Am. 

Aug 

Jari. 

an. 

Aug 


Dec, 

July 

Feh. 

Feh 

Fob 

July 

m 


April Nov 
June Jan 


Jan. 

May 

'Oct 

Mar. 

Jan. 

Jan. 

Dec. 


June | 
Aug. 
Apr. 
Aug. 
July 
June 
Jui. 


Allied Brews._ 

I Anal. Du* Pr.lOn . 


Bell .Arthur 50p.. 
BeUwrei Ere**:: 
Boddioctons— 

Border Brew's_ 

Brown • Matthew 
Buckle* > Brew.. 


Burtomrood_ 

i ily l.oc.Def _ 
ICiark 1 Matthew 1 . 
Distillers Wp. _ 
fflisiRMcAfe 

Glenliiet_ 

'iirdniuL'Ilp.. 
GoufihFros.»p 
v-nraliMhitlcc 
OrecneKing. _ 

I'ju.nness_ 

Hi?hJd riiaCOp 
in*erconkm — 

Insfi Distillers.. 
.Macallan Glen... 

Moriand£l_ 

Sandeman_ 

iScrtt&Ncwajp. 

fToraarir.. - 

t'am—... 

ftluibread'A' 

Mol* Dudley.. 

Yoons Bre« A 7?p| 14B 



lmp.Chem M._ 

r».v»p;.£i.. 

Ink Palm 
lapcrielfb .wp.. 

Nord H 
r h»u Iftf 
Ran‘-oiP>-m Dip 
nenloV;! !*ip 
F-'evcr.r . . 
Nov [Scot Ac in-1 £1. 
No- (Se^anPlas.r . 

'Jcf )FjrdJf iter .jop 

Mz>pAoL'»fac ,, i* T, e . 
OcttYorin Chert_ 


700 

5*75 


_ 



97 

221 

J.61 

q3l 

74 

61 

237 

14 1. 

tdl26f? 

?! 

6.1 

U.( 

88 

*; 

15.75 

2j 

9.9 

5 .: 

6; 

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Mhl V 

4/ 

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10 0 

62 

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2( 

9 2 

#4 

FC3 

VJI 

gQll'i 

u 

3.1 

215 

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16« 

112.0 

41 

8( 

62 

189 

311 

+2.36 

51 

1 S> 

13 R 

20 

45 


• 1 .: 

L64 

S.b 

29 

56 

iS 

12i; 

ft]] 

10 97 

31 

11? 

65 

34 

!/!. 

10 33 

42 

1,7 

98 

.43 

2.1 

12.72 

2 A 

36 

7.4 

£9H; 

286 


4* 

IK f 



J8J 

02% 

4> 

(3.6 

_ 

£96 

65 

2£? 

ii*l 

03'.", 

lZ78 

h 

18.9 

65 

67 

70 

ft 11 

1? 11 

4./ 

46 

71 

68 

Nil 

12.11 

47 

47 

69 

191- 

Cj 

1)60 

97 

47 

RB 

52i' 

ft]] 

tl 98 

3.7 

5.7 

71 

20v 


tO.66 

62 

S.C 

6.1 

48 

1212 

4.5 L 

12 

14 2 

8.7 

37 

233 

*3.62 

1] 

+ 

98 

73 

Z'-ll 

i+5 y 

3J 

h.< 

66 

350 

ft 11 

lil 6f 

?fi 

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SI 

16U 

Jilt 

0 32 

37 

50 

ft 2' 

502 

lb I 

10.58 

S 7 

31 


449 

1212 

015*o 

16 

47 

12.3 

£117 

J21. 

Oft*"' 


rn.7 


339 

45 

i;i? 

lb 52 
35 

ii 

7.6 
i) 0 

69 

65 

1HI2 

h:0b 

45 

43 

?7 

93 

i.ui 

4676 

2.8 

11.0 

46 

£2414 

<1 w 

oi;-i 

1.5 

40 

£ 

79 

i.l 

+d1.?6 

b 2 

24 

10 3 

16C*d 

12 2 

12 

75 


7»j 

49 

Jinl 

thl 43 

23 

45 

134 

S4 

19“ 

4.9? 

21 

8* 

56 

4 1 

200»d 


I/O 

4 

97 

314 

ion 

* i2 31 

56 

33 

72 

J?l; 

226 

JIV 

* 

102 

* 

166 

17 10] 

e7 39 

3.8 


62 

64 

P'J 

14 35 

34 

7.8 

5.8 


Kiideads 

Paid 

Nov. Junej 

Oct. Apr. 
Jan.- July 
May Not. 
May Nov 
Sept Apr. 
Nov. Apr, 


Stock j Price 


.YU, 

Cw Gr's|FfE 


Jag 

Feb. 

Jan. 

Feb.” 

Jan. 

July 

July 

June 

Jan. 


Jul 


HmceofLero^- 1 
Knott Mill IQ 
-Ladies Pride 
t^eCcccrer... 

Liberty-— 

Do yes VotmcOra 
UncroflK.10p — 
MflFnniitnrelDp 

(Maple Kto- 

IriMarirsASpenrer 


JuIx-iMartinNews-. 
JufnMenries-J >— 


Julv 

July 

Jan 

Feb 

Dec 

July 


Jan. Apr. 
Feb. Sept' 


Dec. JunejRamarTert ap.. 


Mar. Sept. 
Mar. Oct 
Dee. Julyj 
Apr. Dec 
Apr. Sept' 


Feb. 

Dec. 


July 

Julv 


Feb. 

May Xov 
Sept Apr. 
Oct Apr. 
Jan. 

Jan. 

Feb. 

Apr. 

Ocl 
F eb. 

Dec. 

May 
May 
June 


Julv 

Dec, 

Mari 


Nov 

Nov. 

■inn. 


Jan. Sept 
May Nov. 
Apr. Oct 


MrehaeliJiWp- 

iTid.Educat*'. 

MnnisBl3lcey._ 

MothefcarelOp- 

NSSMewiWp— 

ptcHiOiren- 

Paradise 'B* lOp. 
PamxmiffJ.i— 
Peters Stores Wp 

FOHrPecklOp-- 
Preetjy • Allred 


Rainers 10p 
Ftr-becklCp— 

Readictn^*- 

Reed Aostin 'A'_ 
Ririir fTDfeS 1 IPp.—j 
RAsoHjp- 

S4l Stores 13*a> 
Do.2?cPf.l2l3> 
Samuel'Hi'A'— 

!Sdincourt5fi_ 

Sherman iSlF 
JuJyiSmitijF H-'.V . 
aanle*VG.5p- 
Statns Disct lOp. 
Jsteinbax lOp. 
JalyKunirie%.- 
.Tuly|Tjnre Prods. Wp. 


LTC Group .. 
[Upton' - E'.'.4'. 

Vanfcma 20p_ 

JuMVerDanFastLlOp. 

M*y ffades-A"2Dp_. 

walker iJasj_ 

Da S V_ 

Wallis iOp- 

faring 6: Gillow. 


May. Nov. 

Jan. JunefWearoell vp _ 


Wharf MSI 10pf. 
Wilknso Warbm. 
Wootworxh_ 


55 

16 

49 

107 

£20 

£20 

54 

120 

141j 

136 

236 

313 

10 

88 

45 

146 

104 

72 

20 

ff* 

T 

12 

95 

64 

if* 

16*2 

1715 

248 

22 

ID 

138 

110 

324 

16x4 

25 

112 

82 

30 

118 

64 

36 

70 

67 

48 

76 

19 

21 

62 

61ia 


3lJQjtd3.92 
694 - 
22J 2.32 , 
17.10 thL65| 
17J0129.7 5 
17.10 129 75 

25.7 3.99 
UDtd3.96 

574 - 
3UI 3.8b- 

31 66 
1411 t4.26 
873 - 
3.1 14 24 
KU 4-17 
14Jlth2.66| 
31 2.12 
54 *2.6 
1312 ao7 
476 

an dioo 

175 - 

1211 t2_85 
17.10 053 , 
3Qlth058 
361 *3.03 

1411 1L44 
17JQ 12A 
12.4 L19 
875 - 
276 - 
276 - 
161 +7.61 
2811 bL22 

575 
12.12 hL98 
110 td53 

30J 4.06 
0.2 d0.87 
276 L27 

1212 tL52 
1212 487 
JUO 2J28 
<Z8 p4 68 
1411 +2.79 
UJJ 12X1 
193 d2J5 
19.9 d2.15 

31 231 

22.8 h3^3 
1275 - 
2611 1.44 
310 4.57 
221 4.01 


B.7[ 2-3 1 2} Apr. Sept Grah'mWowJSOp 

21 May Oct Greenhaflk 10p«. 
10 - 2 I Nov. June Own's Econ. 

, . May Jan.CSN.fU_, 

4-3il|.4 Aug. Jan. Habk Ptedsiim 5pj 
.5-® Nov. June Hadeo Carrier— 
131 Apr. Oct Hall Fry. Hip 
— Feb. July (MHanhw_ 
Mar. Sew. Hafltte 
Apr. Sept Hanma_. _ 

^■5 Jan. July HaitleMaehy. 

M - HrahrSd!. 

•4} Oct Apr. HiD 45toith. 
June Dee. HcptinsonsSOp. 
Nov. Mar. Howard Kaeftp— 
Oct Bowden Groups 
May Bunt &5oscTop5p 
OctliLL 


21 

4.8 

5.6 

15 

L0 

3.6 
51 

3.9 


1.3j 


Diridends 

Aid 


i0.8| 5^ Nov. junelCBitan 
—.I 2 '- 7 ]Jan. Aug 
j June Dec. . 

3 July Feb.NMD.JofassD.4-] 


4.2 

Ti 

14.D] 

2.7! 

i 




12J 
21 
11 
3.7 
0.8124]' 


La if 


Lf 

9.0 

UJ 

6.0 

6.6 

27 

4.7 

4.9 

7.9 

6.9 

1CL4 

1L2 

9.9 


ZBJMay 

.y. Jaa. 

May 

®s)iu 


83 


ELECTRICAL AND RADIO 


Jnne Dec 
Apr Oct! 

January 
Nov. May 
JuJy Jan.' 
Apr. Nov 
Oct Mart 
Jan. June]' 
Jun Vov. 
May Nov 
June 
July Dec 
July Dec 
April Nov. 
Apr. Oct' 


July 

Dec. 

Apr. 

Apr. 

Feb. 


Nov 

Dec., 

Dec 

July! 


Sept Apr. 
May Dec. 
Oct June 
Jan. July! 
July .Ian. 
\ur. Feb.: 
Feb. Oct 

Mar. Aug. 

August 
Jury Jan 
June Nov 
July Jan 
May Nov 
Mar. Oct 
January' 

Oct Apr. 


A3.Qecarmic- 
Allied Insulators 
A<ubo Fidelity I0p 
Antoted Sec IOp 
BICC50P- 


Jan 

Mar. 

Apr. 

Jan. 

Jan. 

Jan. 

Apr. 

July 


-tun 

Oct 

Oct 

i 

Oct 

Jan 


Mar. Sept' 
Jan. July] 


May- 

Dec. 

Apr 

Apr. 

July 

Apr. 

Apr. 

Fob. 

Jan. 

Jan. 

May 

July- 


Dee 

May 

Oct 

OcL 

JaD 

Nox. 

Oct! 

ft 

Oct., 

Nov. 

Feb. 


October 
Apr. Nov 
Apr. Nov 
Dec. June| 
Mar. Ocr. 
Apr. Dec. 
Apr. Oct 
Oct Apr, 
Feb. Oct! 
Jan. Aug. 
Mar. Oct 
December 
May Oct 
January 


BSRK 
Best! 

Bonkor, 

Frocks I< 
Bulgin'A Sp__ 
Car^>helJIstr»d. 
Chloride Grp.— 
Comet R. Sere 5p~ 
CraxEI treaic IOp. 

CrellonlOp_ 

Crnsslaad 5p_ 

Dale Elect lOp- 

Decca_ 

Da'A'_ 

Demlronl0p_ _ 
Dewbunt'A IOp 
DowdingfcM.5pL 
Dreamland 10p_ 
Dubiher5p.. 

EMI50p-1 

Do5*2 s JCoht.'BI| 
Sect comps 10] 
QecTDmc Mac! 
Elec Rentals IOp 
EnercvSen-s. lllp. 

Ever Ready_ 

Faroe 11 Elec 20p 
Fidditj Rad. Mip 
Foreanl Tecii JO? 

GE.C._ 

.Highland B. 20?. 
Llones Scrond — 

KodeJnt_ 

Laurecce Scotty 

DecRrtng. 

MX Electric_ 

Muir bead__ 

Newman Inds._ 
Newmari Louis _ 
NamnndaSOp. 
Perfcr Elreripc.. 
Petlw Hide lOp 
Philips Fin. 55i"-« 
FhibprLp.FLlO. 
PilcoHIoc 20p. 

Do.-A 2Tip_ 

PleE-ey'flp_._ 

Pressac IOp_ 

PycHldc_ 

Racainectncs... 
Rediffusion 
RaalexC.B. IOp 
Scboles-GH'— 

Sc^yGo 110_ 

Sound pifisn.5p. 
Telehtrion5p— 
Do'.VNA'5p_ 
T’le.Renals.— 

Thnro Elect_ 

Th rpe F W I0?r 

UnitecnlOp_ 

Ut4 Scientific— 

W&rd&Go!c_ 

W'ellccHld£5p_ 
Wessraghouse — 
WhitwrithE1.5p 
Whlesde it; 29p. 
mjfall-H*_ 




77 

102 


1 +jiol 


8 ? 



5.9^ *L17 
1U7 
+53 
Hb637 
L47 
*3.62 
M6.0 
l|fh4.07 
0.5 
[213 
10.66 
*4.79 
♦4X4 


£5.5 - 
7.2 9.0 
n05 - Apr. 
4X 13.0 iP- 
4.1 7.6 Nov 
4 2 7.4 Mar- 
8.7 73 D*e. 
53123 Apf- 
4.4 9.1 Jan - 


ENGINEERING 
MACHINE TOOLS 


Apr! 


"cL June^AP.V.aip... 


Apr. Sept 
Apr Sept 


CINE1VIAS, THEATRES AND TV 

: T «i4.i8 
50 1 b6.5 


ArdiaT* 1 “9 
V.-Tel? i' IlfiO 
iinsijiurt liTpl 33 
■‘•rccpl r .p I 65 
He rdit- dJOp 21 i 
r*-.:|i.r.\-.,.m 
! i.JT»*. 1 119 

Becsl Tl - ?re! i! o 
SvKtTV1 <Vi| 
iTndITV .VMp’.l 
1TSC.-71- V J 
top_J 


67 
50 >i 
56 
24 



I I 6 9 


21 
2.5, 
IS U 
5 5 
2 8 
2 .w 
1.7| 


23 8 7 7.6 
25| 6 5 9.3 
- 8.2 
9 0 8.1 
8.2 7.3 
12.5 
4.8 5.8 
Fi 6.2 
10A 55 
10.9 8.1 


DRAPERY AND STORES 


BUILDING INDUSTRY, TIMBER 


14* 

1011 

15? 

80c 

5S 


31 

f 

lune Nnv 

AND 

.Anerdrcn iV*n 1 

RO 

90 

ABS 

j Ifll |4 13 

36 

rn> £ n 

221 ; 

4 11 

$1.75 

— 

4 4 

July 

Ahenha**'. eir 

140 

ft V 





221 ; 

30.12 

SI 40 


3.5 

lune "ct 

.Allied FJanl idp. 

14id 


iho 7 




12 J. 

Li 

30c 

— 

i J 

Feh *>:t 

Armuaee >hnki 

65 






il'cxri 

I-, 

4Qc 

— 

2.0 

Oct Ma> 

AP Omen:Ei_ 

230 

i4 

1849 

2.4 

S *1 

n 4 

32- 1 4(d 

3L1 

64c 

— 

1.1 

Oct Ma; 

Br.ASOp. .. . 

120 

Vr 

ft 2.26 

2.2 

2.9 

24.5 

12 ^xd 

,23*5 

2 32 
612 

Wc 

52.26 

” 

4.1 

54 

Feb Auc 
February 

BPRIr.il; 3fe . _ 
RaacsndieBrk.. 

209 

53 

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104 

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231; 


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April 
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Jan. JuljH 
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October 
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Jan. JuhH 
April 

Jan. Aug 
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British Northrop 
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Jan. J u !v Darttn’rti Jnr 5p. 
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6- 3 Jan. JuneNewmanGr. 

12.9 May Nov. Newman Tooks-' 

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11 Nov. Max Spear k Jackson. 
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70 July Feb. Spooner Iitds— 

71 - Nov.Startiteajp— 

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10 Srt» Apr. Nov.rymckfW.AUO. 
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WalkinSto—c. 113 
Wagon IoWl 120 


June Vickers a_ 

Oct Victor Products. 
Aug. W.GJ 
June 

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July Ward 1 T.W .1 
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3 ni g o Sept Mar. Wmick. _ . 
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50 * Nov. May WeirGrw 
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6 8 62 Jan- 
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1/ 

2' 


22 119 53 
35 8H 53 
5.7 02 23.9 
32 63 24) 
62 45 52 
17 85108 
11 65129 
29 « 
3-0 6 
4.0 6 

42 • 

43 42 
3.9 4.7-83 
32 72 
19118, 

26 92 63 


_. 55)121 
35 7.7 bA 

HStfi 

4.4 04 04 

82 27 4.7 
16.7 12 7.0 

£ a« “ 

a vi« 

4.1 4.9 ao» 

u 13.81 A71v. 


6^135 
4JB 20j 45 
1710.27. 
3.9 12\A.Q 
33 52/83 
29 7^ as 

0.1 agmi 

14 42)17.4 
4.0 75) 15 
3.7} 4^205 

33 &5| 8.7 

25 271282 
32j 5 i 7.4 

19j 11116 

2H 72 7.4 
23022 ».n 
2p0 20 
2f 8 .4 63 
33m.6 42 
33 35 63 
23 55 72 
O 58 65 
21105 75 

y i! ?3 

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26 33143 
35 25 2*5 
24 5.7 UO 
3.9 55 52 
22 25 83 


1A 4.61119 

m 


421 IB 386 

BlnicM) 

0.4 



(Jan. JaWScaAffianced— 

ptase Dee. San Life Sp.__ 

1 April Tarsho Mar. PDA 
Not. Kay Trade fudenmitr 
UaJoie Pe. TravelersS2iZ2 

Dee. Jane WISisEtoe^ 


Not. Jane CramsPWeh. Ite 
Feb. Ans. E1HJ.CH14 ks.u_ 

, August FbdenstSCfH- 

Uone Feb. Peak InveaslOp 

JKay Jan Warrnw*;—.„ 

{inly OeLiYart Trailer lOp. 


Components 

Ljnly Jul (Abbey Pnets— 

IFeb, 3uly AirSo*Stream_ 

IMay Not. AnnsfnsBq- lOp 
[July Jan. Asm*.S afe— 

Sept«ul>er AntODUtin—_ 
lAne. Mar.BlMtartfera.~ 

JOct, June Brown Bres. lOp. 

* Dma QkTS——_ 

[Apr. Sept Do»ty60tu-- 

Jan. July DunlopS6p—- 
LTan. Jane FE^ta&rifcc- 
uan. June HmnLSsotblOp. 

[Star. Dec. EsA'diSHts 1%>_| 

(May Dec. Incastad*.D... 
pan. Jiily Sapra Grwplftp. 

puly Feb. rurnerWg.- 

uaa. July WSautSteniM 
iFeb. Aug. WooaieadtJJ— 

Mar ZenitlTA‘»— 


Ganges and Distrifantwrs 

{SepLAjvUlAdamsGikbrai— 

— ■ AletaodaiBo— 

Now. May ApjtfayardCrp _ 

Feb. Ang ArS^n Motor 

Jaa. July BSG-IaLlDp- 

lAng. Mar. Braid Cioep4p_ 

IMay Not. Brit Car AntlOp 

Mar. Job C.GS32DP- 

.□an. July CMfiauSto- 

Unly Mar.Swkff.iSp— 

/Jan. Ang. PavisCodtny — 

Man. June Dorada- 

Man. July Dunoa Fonha»- 
Augtut GateaffOi.— 

March awfleHlaw- 
Hay Hanger ton. 10p 
Jaa. June Harrison (TX)_ 

Jan. July Harirdl*—;_ 

Aug. Apr. HentrsJOp- 

Occ April BcroalBc Grp.. 

May Nov Da ItecCnv— 

Dec. Jtine HnrM(OHttei- 

pan. JutoJasopuHlp- 

(Apr. Oct KenniMlsr.— 

JOct Stay Lei SsmeeGTp 

tort. April lookers,- 

(May Oct Lwfl&Lyop — 
lAng. Apr. MnriiwUrlOp- 

- . Nebco Dwid ^p. 

- PaiRinekOtlOp 
.Dec. June Peny fEllftn. _ 

Kept Mar. Pride k Carte ~ 

— Itix|0lrRO5p— 

. May Tareul Leeds— 

[June Not. Wadkamfit IOpl 
D ee. JtdyiWesualCz- 


- ,lApr. Sept (Ecra Blotters _ 
45 jjely Oct®Kk(A*Cj_ 


iApr. Sept Bristol Pc«f- 

{Oct May CcflinsWiBianu. 

Oct May Do-“A"—— 

Feb. Au&Dubtta8VC50c.. 

Jan. July E. Wd. ABJed’A' 

Apr. Oct GordonArOotch. 

Oct May Home Counties _ 

Oct Feb. todepejident9_. 

Oct Apr. L'poolD.ftsiap. 

NOT. July MarahaHCarJCj) 

Not. Jane News tot- 

Not. July PnanlMgran. 179 

Jon. July PyranndlOp.— 

Star. Sept Bomtodga&KR. 

May Oct SharpewN) — 

Dec. .June Tbomson_ 

Not. Jane Utd-Neempeis 
Oct Feb. WriWasMJp 
| April SeptiwUsaaBrotSOp. 


45 


INSURANCE 


ne Bnwriflg(CT.i_ 
riy Brert^BdttpJ 
pt BrtoMcSp 


}ife»iaramn.O_J £30\ 


101 

42 

150 


toy Conan. L oon— 

nlj Essie Sar- 

r&tt4GeiIn»Jflji. 
tec, CrciiirS9%Ccv._ 
oer Equity & Law 5p. 

nly Geo. Accident_ 

.toriOuannacHoial-, — 
ice. HambroLde.—_ 263 
‘OiwHeailuCElSUp. J 260 
tor JHcct RnbiBsnn- 
Ujr. Harden (A Uflp- 
'une U-nal&Gec-a?- 
anc Tjbx&G&kb. tup 

\pr LaadDefaSps.^. 

5u4 J tt!accwWr.30p 
uno MmsKdctal? 
iSl Sirao Omi'ST^ 

■une 

'une FboaiK— 

Maj- PrwiAal'A''— 
aay lb.-E-- 

May Prjdertiaiap.— 

BP 81 ' 

Oct SeesFvbeawp. 

Apr, 


138 

132 

23 

£117 

165 

202 

220 


166x6 

152 

150 

13« ‘ 
205 
262 
62 
226 
240 
123 
128 - 
243 
125 
350 
3W* 



Dividends 

&a 


TNV« TRUSTS—Continued 


33 


Stok 


_ Laril 
Trice * 


Net 


! TBl 

)tTvr srslpre 


516 

93 

724 

165 

£20H 

265 


143111832! 
3U6 3.11 

iSiSS 4 - 

, 301 OUTS 
Difi t?51 


Zti 4.4' 


■5.4 
51 
0.7' 


13 6! 


MOTORS, AIRCRAFT TRADES 


— . BrftlflduNisop 

,MrleJSJ>. Geu-Mb-Uniiv. 

'Jan. July LotorOaelOp_ 

I August RriiimStr.Sp— 
Sept May SaDr-itofreJtos.- 
May VVoboSa 


Motors and Cycles 


22 

200 

39 

5»a 

64b 

aob 


1U1 18 
T75 

19.1 1 3.9 , 
245)012%' 


1-71 7.3) 


75l 


Commercial Vehicles 


99 

ui 

56 

10 

65s 

58 


17 JP 412.1B) 
1U MJ7 
25J *3.25 
95 03 
3J hl.25 
221 12JL1 


, . 7.9 

2J| 9.N 67 
04 7.1 240 


T-1 33 23.9 
64 3.0 5 S 
5.7 83(2*, 
29 7.7 6.9 
33 7.7 6.9 
.43 53 68 


46 

30.1 

d2.64 

38[ 

871 

46 

67 

1411 

14,47 


10.1 

43 

59 

£10 

204 

3 J] 

63 

97 

114 

33 

469 

3 c 

63 

67 

89 

2?f 

186 

81 


57 

68 

3.1 

367 

26 

87 

64 

23 

3JC 

HO* 


7.1 

12.9 

ga 

D2 

0d24c 

3.7 

37] 

46 

38 

7.8 

108 

81 

14.11 

45.3 

36 

9! 

42 

105 

3UC 

259 

4H 

37 

10,Z 

9 

14n 

025 

n 

4 Z 

409 

5012 

UK 

*0TJ 

3.5 

21 

163 

250 

1411 

822 

47 

br 

65 

37 

19! 

hfl 77 


37 

12.7 

103 

301 

399 

52 

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1?8 

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42 

92 

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thJ.41 

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56 

50 

106 

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40 

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9.9 


69 

88 

435 

6 

10.0 

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16*7 

TW 





73 

19« 

4.47 

26 

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64 

113 

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17 7S 

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31 ll 

198 

7 ,3 

72 

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13 i 

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89 

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88 

1411 

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(310%, 

<15.45 

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3 2 

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V),T> 

46 

37 

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155 

4.4 

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5.5 

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161 

425 

♦ 

84 

4 

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t‘J.41 

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76 

79 

19! 

460 

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96 

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— 

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156 8 

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t493 

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68 

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$L62 

45 

53 

63 

27 

3.U 

fi0.62 

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36 

104 

5 


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15.3 

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13.6 

7.1 

6.1 

34* 7 

I If 

177 

2! 

97 

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75 

8J 

2.0 

53 

4.1 

76 


May 


140 


CEI 

4.1 

5.7 

65 

188 

nr 

13 66 

64 

24 

8.1 

46 

17.11 

787 

7.4 

9.5 

51 

57 

221 

1713 

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5.1 

9.1 

73 

5! 

4.46 

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9.7 

104 

110 


tSB 

2.7 

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85 

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19! 

(4 64 

4.4 

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44 

5.6 

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785 

31 

mu 

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62 

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68 

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4.1 

4.5 

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19! 

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2.5 

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6 4 

117 

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84 

6.4 

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16.6 

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1396 

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115 

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252 

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5.44 

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84 

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316 

31! 

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51 

86 

301- 

IV 

8122 

24 

62 

10.5 

42 

11 

tL28 

3.4 

46 

8 2 


PAPER, PRINTING 
ADVERTISING 


Apr. 


JolyjAssoc. paper—_ 
Jaa. July DaftpcConv.- 
Mar. Oct Aoll*Wibotg— 

Dee. May Banrt»“—- 

June Jaa. Brit Prating— 
,Jan- Jaly BnBnincGfp,—1 
Jan. July Bo Rearicvifi_} 
NOT. Jane Boail Palp.— 
Dec. Juna Casseali5a__ 
Causton (SirJ.)—, 
Jan. Ang OapMn B*L 50p_I 
Sept BayCl»iMetod»_. 
Jane Nov. C^etttTnmlOp 
-r Culler Guard— 

April DebaSOp—_— 

NOT. July DEG- 

Sept Apr. East Lancs. Ppr_ 

Jut? Nov. Eoca/ypfai._ 

Apr. Not, Fen; Pick 10p_ 
Apr. Oct Fin/as Holdings. 
Jaa. Jane GeersGrosxUlp. 
Dec. May H«rri«ou A Sons. 

Mar. Sept ffGlOCU- 

Apr. Sepr brereOGcp. SVh 
iDec. JuneLfcP-PosterWp 
July Feb. McOwjBodJiefL. 

Sept Hdody Mills- 

November Kills t Alien 5Gp 
July Dec. Merc tTFerr-Mp 
FJSO. OrihyAJtST— 
Sept Apr. Wnsr.miBp 
— Ogdey Print Gut- 

paly. Mar. Saatehi lOp- 

Teb. Oct Sto'HKDriaaOp. 

Jan. July SannfitUrita-t 
[Jon. Jnly Transparent ftr. 
Feb. Aug. TridaatGroup—j 
Dec. Jane Usto-WfcerWJ-/ 
July WawGiwpHfr- 

Feb. Ang. WKtdw&QatJ.L. 

iNov. May. 9,'amoeths.- 

Jan. SepMBfTIjiriw^H 


49 
£97b 
29 

67 
41 
62 
60 

uz 

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16 
78 
60 
55 

19 

20 

118 

47 
61 
70 

loam 
40 

63 

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177 
228 
70 
145 
B1 

9 

52 
99 
78 
171 

68 
82 
52 

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12 fro/ 


30J 289 , 
12J2 Q9(>%) 
22.8 t183 
330 {3.77 
|3U0 3.23 
2811 f3-46 
28U 13.46 
1720 (488 
1720 3.74 
1274 - 
1212 3-98 
54 1267 
17J0 12.97 
27* Lfll 
275 - 
3.10 1637 
88 1297 
117 5.08 
301 h236 
15ib7.7 
JAU K3.0 
3LM 382 
14UIQSLBO 
81 (4 79 
U10 t8 81 
341 1421 

’ml tzo 

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2811 t247 
22i 4.13 
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28 8.5 6.2 
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3.4 85 52 
84 88 50 

4.4 72 45 
33 5.9 7£ 

4.0 
23 7.7 88' 
Ztt 73 7.7 

33 4j 

3.5 83| 4.8 


23 83 
0.7 9.6 222 
4.1126 21 
3.1 5.6 &B 
2610.8 75 
2111J 65 
OJ 9.2 <338ii 
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23 123 «Ji 
L7 75121 

21 95 Ui 
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IJ 4.7 t 

22 4.8145 
38 12.0 5.4 

24 82 63 
3.4 87 52 
33 6.5 7.0) 
44 83 7.6 
52 6.9 6.9 


PROPERTY 


(July DeclAlTdLondon Hp 
3an. SeptUitaanLondro- 


Frt). Sept r .. _ _ 

Apr. OctMpex.ftope.Wp. 
Mot. OeUAipib.Sees.5p_ 
August (AronwCl'saajp 
— BankAComlDp. 

SS 1 sStWj 

'Not. JnJyfBfltoBlFarcyi_ 

Dee. Aug. 


47 

1 

if” 

a 

298 

10b 

24T 

S3 J 

86 


BntbbLapd 

Apr. Oct DaUpeCiic&cJ 123 
UaJy Not. Brinon Eit Me .,) 93 
iMar. OctCap-iCoujide*- 

- Da Warrant _ . 

aaaiB*a B88g w 

— LrarcctaimJ 20p 
DaCap 3]B— 

Aug. Jan. Cbestofieki— 

_ CbOsmSecs—_ 

Dee. Jane Gsunhb'irEsL- 
Apr. Sept atyoeiees.-— 

Jan. July OarteKIcknllS- 

- Control Sees. lOp 
Lluly Apr. ComExdangellfp 

August CTanrStearift)-, 
February CbtyADiblfti. 

Slar. Sept Dayan (HMgc— 

~ Dares EnatnlDp... 

Ft*. Ahr. nomflgtoB Iflp- 
Jto. May Eng. Prop. 60p—. 

May Sept. Jio &>%&• _ 

Apn! Oct Da UpeCnr. 

July EUi*Afi«»_ 

Jaa. JaneEm.AGeB.30p, 

Apr. Nor. EmFropJnv— 

Jan. Aug. Evans Leeds—- 
Apr. Dec. FUrrinrEOTHipJ 
— GUg*l*lOp._i_? 
Arc. Dec: SanDrid Secs — 

Feb. Sept GL Portland SBpC, 

Man. Apr. Green ®tl0P~* 

Jan. Jub" Green wet 5p:—, 

Jane HammwMn’A’.. 
Noveanber Hjrf«!wiT*1!Bp 
Frb. July Hadeacrr ]Qp- 
Sept Mar. RKLinfl. HKS5_ 
December lofy Propem -- 
Apr- Sept iM we agg rera afr. 
August lerosyn Invest— 

July Oct Land Invest- 

Jan. July Land Secs 50p _ 

'Mar. Sept. Dj 5WOw- ». j 
Mar. Sept Da«?«:«* 15 -| 
'Mar. Sept DftKW«>v.S> 

July Nnv. Law Land 3to 
tort. Mar LradLeweSOc- 
Drt. JoncLooProrSliplDp 
Apr. Dot Lot Shop Prop . 

Apr Kept Lratt(|0‘lGt2Op 

Dec. JaarMEPC^-.. —. 

- XarlerE«»n_ 

- MdneiB«ylto_ 

Mar. OctSfcXsySccs.dlp., 
Apn not. JfeaastBnMb-i 
'April A US, UootririrwSp— 

[Jaa. July IfnckJoelA A JJ 

Aug. Oct Nottno- 

May NorJbeAey- 


47 

206 

& 

233 

g 

■3 


7411(61.85 
mill <U5fa 

22d«242 
295 3.5 
221 0.68 
27* IS 
1072 
112 M3,82 
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98 

172 

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£93 

s 

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7* 

265 

298 

33 

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545 

223 . 
101 
294 
29 
37 
225 
205 
£158 
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£134 
43 

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115 

S ,J 

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113 

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221 207 
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1274 - 
11212 1«2 

88 1.72 

973 — . 
U 2 2.0 
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3J 10.79 
132 12-96 
673 — 
1*11 1281 
HU 2.33 
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217 0.42 ~ 
31C 0.81 
3111 11.01 
2811 ItHlLlb 
13U0 558 
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3H 856 
2811 3.96 
1411 dU6 

1275 — 

9! 5.05 

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1212 12.97 
35 tQ37c 
301 bL6 
275 0.1 
11* L61 
111 201 
2BU 4^2 

S:iSS 

241 010%, 
AM §10 
142 025% 
!H1 074 
3110 HOD 
U? 12.23 
rf 17 
874 - 

674' - 

111 1141 
475 — 

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aon KZZZ 

112 2.0- 
224 0.99 


2A 6.0(286 

21 28 252 

89 55 313 
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ATzJl 

13) 74177 
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14 


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15\ 33! 


IS 3.71 


16 


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12.2 

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45 


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3.3) 


135 

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IB 
43 
16IM6 


2.6 
86 

16 
12 
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0.9 6H 
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6.5) 

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14 89 


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& 


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[ 22.0 

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78 


122 , 

116 


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17.7 

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1127 

1407 

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295 

35.9 

271 

388 

, 7j| 
260. 
461*1 


WMi 

tw 


Jan. 

Jnly 

Jan. 

Jan. 

Apr. 


JnlypbenHMfttlBa 


OctlPrp Iav.4FiB.U_) 
Aufl.JPron Pun'ship _ 
JuIriPropARev 'A'_ 
OcL|Pri9i5fr,Jin50p^ 
'Raglan Prop. 5p. 

Rrgalui!_ 

April. OcT.LRcfiiotuii Prop_ 

April Oct) Do w._ 

Jan. JcnejRr.-b & ToKpricsj 
Dec unibcriScmoel Props 


Aug. 

Mar. 

Oct 


Jan.jSrn. M«rop 20p 


Oct 


April Sept 


July 


Stock 


ISccunnriiylOp- 


May Uloagh fata._ 


June Dee. IXUCftsConv.gO 
Apr- Aur. block Coovenn_ 

ApriL CicL SxnJcyftolm-_ 

— Swire Properties 

December Town Centre_ 

Apr. Oct Town A City (Op. 

Apr- Nov. Trafiord Park_ 

— UK Fnpaly — 

Nov. April ltd.Real Prop_ 
Jan. Job- Warner Estate _ 
Apr- Oct Fsndordlnv 28p_ 


IWefabUe-Sp_ 

W"iai rater P.aOp 
Oct jWlnsun Efts._ 


Price 

320 ‘ 
87 
64 
303 
130 

75 

63i 2 

100 

78 

100 

37i a 

110 

£153 

ZSAd 

190 

58 

57 

32 

S3 

20 

252 

130 

288 

16 

16 

31b 


tori 

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3J gi.54 
HU T40 
25U 1159 
1112 d4.69 

3u rise 
374 - 
474 

88 cl.0 
M glO 
,1«1 12.61 
3L10 2J 
1710 cL94 
199 1.73 
H4 R2.26 
Mil yiO-s 
132 blO 
flJ 3.95 

2301 as* 

Si 0.01 
no 3.65 
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17JO 5.17 
30.1 2*6 , 

226 t4 86l 
asfdtofld 25 
3TS — 

19.9 L16 


Z3\ 


12 

X4 


13) 


SHIPBUILDERS, REPAIRERS 


June DecJHawltanLSOp- 
Dec. Jnne Swan Hunter£1_ 

May Sept Vosper- 

Jan. Hay VanowSJp_ 




SHIPPING 


Dec. Aug. Brit 4 Com SOP.. 252 
May Dec. Cosmw* Bnn 50p_ 160 

Oct May Fidi*riJ<_115 

Dee. May FnntM» Withy u 246 
Jan. July Jtoal««Giton.£I_ 175 
May Oct Jacobs (J. 1.120p. 40 

July lan.frSen Frttt- 30b 

Jan. July lyle Shipping— 132 
June On.iuB.'LinemOQp^ 230 
— Mersey Dfc. Frits 17tj 

July MUMrdl*wk>£). 76. 

Not. May Pma Transport 122 
Jan. July P. 40. HAL U_ 96 
Apr. Dct Reardon Sai50p 104 

Apr. Act Da'A'SOp _ 35 

Jan. JuJyjRanmaaa i"Wj _ . 98 


2811(18.42 
14.ll! 5.B1 


H.rilhLM 6.1 


1411 *7 43 
1710 20.89 

276 1.37 5 
17.10 14.46 
32-10 5J0 

3X1D 2.72 
S.9 17.44 
l<Jj 15.95 
rv a64 

277 a.64 
2811 1816 



SHOES AND LEATHER 


July Feb. Alleboneltef— 

Sept Peb. Booth (Into 1)_ 

April Dec. FbotwearIavs.__ 
Oct June GamtrSeatblur 
December Hradlin StoiiSp 

Not. May ILiuaaXp _ 

Mar. Sept K Shoes.- 

Apr- Ort- LmbertfliAainJ 
Apr. Oei. KewboIdtlum‘ii.J 

Oct April ObvmtGrA'_ 

Jan. May Pittard Grp. 

Feb. Aag. StradASim'A’.- 
Mar Not. Strong 6 Fisher. 

July Stylo Shoes-, 

Sept. Apr. TnrafrW*£lOp.- 

Sept h&KardWbite_ 

February (WearralOp_ 


18 

62 

63 

99 

32 

70 

52 

36 

46 
48 
61 
35 
67 

47 
31 

683. 

2Sb 


1222 12-01 
SuS *439 


0.9 M20.7 

„ . 43 10.7|i2 

3J0jld339) 24 95 


299 (4.5 
14 U kL 25 
17.20 1.42 
32 2.27 
22£ 292 
195 2.80 
29.! 1172 
14.U 1232 
2*2 thl92| 
3.1D4.24 
221 15* 
221 n58 
128 b 7 
11 131 


... ^ 6.7 

63 * 9 4 4 
45 5.9 6.4 
1* 9.* 8j6 

3.7 6.6 4.7 
25123 52 
6 U t 
19 54 24.4 

5.7 63 43 
16 8311.8 
41 9.6 3.9l 
23 55133 
29 7.9 6.6' 
53 60 4 8 
26 7.* 75 


SOUTH AFRICANS 


Apr- SeptlAbcrcaa R030_ 
Sent Mar. .lniioAra.In.Hl 
Feb. Aog. AniTr sIodSOe 

May Not. EdworksJDc_ 

S e ptember Gold Fldt P. 2tjC 
July Dec. Otoiaa'A'SBe— 
Feb. Aug. Hulctf&Cpo.RL. 
Dec. May OR Brawn 50c _ 
March Sept Pniorose 10ets._ 


Dec. 

May 

May 


IRn Tnwfero A5M 3*0 


July SABmre.20c_ 

Not. Tiger Oats Ri_ 

Not. Uniw 


88 

4*0 

92 

31 

80 

100 

114 

295 

48 


62b 

4«r 

60 


ai 

19! Q*3e 
27* Q19c 
3JC '■* 
233 
1*1 
lit 

a 



17 i 2.9 
24 8i 5.0 
36133 19, 
29 ao 43 
12 6.013.4 
0.6 t 71 
14 t 43 
19 t 45 
1413.1 55 
40 205 24 
2J 9.1 52 
3.4 5.0 5J 
13105 7J 


TEXTILES 


Sept Mar.[Allied Teittle— 

Jan. Aug. AtktssBns. _ 

Dec. July Beales(J.)20p_ 

May Not. Beelnura A lOp- 
June Dec. Blxktrocd Sort 
Apr. Sept. Bond Si Fab. )0p 
Dec. July Bright'Jobni— 
— BrigrayGipJp— 

Max BritEataka 
AprSept BritlUulr .—.. 
Feb. Aug. BotaetL'Hb.aJp^.| 
Jan.. JulyCairdfDundcei_ 
Dec. May CupeUlalSOp^ 
May Not. Carrion VlySE 

October Cawawlad- 

Dec. Jane Cnstofttuaj, 

Oct May Corah_ 

Jan. July CouiUaUs. - 

Mar. Sept Da«Deb8an 

July CrowthertJJ- 

Apr. Sept Dawson ImL— 

Apr. Sept Da‘A’- 

June Nov. DiionlDwifi— 
Nov. Jnly&rfr<04Kind 
Jan. July Foster Uofcni._ 

*t is teas: 

July HieMBms-Sp- 

jan. Aug. flighnm- 

Mar. Oct WotleGfpSp 

June Jan.Hotttfray._ 

Oct Mar. (ffprorth H. fflp 

Oct Mar. iW.A'Xp- 

Jan. Aug. fngraoi(amip_ 
Not. May Jerome iHldgtt. 
Jau. July LeedsDrcrs 
November Leigh Mil*. 


U£- 


Oaves 5p. 

Dec.lliHer- 

. _ JulyfLy/esiS., 

May. Dee. 

Apr. Oct Haekramw 
Jan. July Mima(A>20p_ 
Nov. Jntse IfllleriF.t lOp— 

Sept Apr. McmUort- 

July Dec. Setts. Macfe™ 
— Nora Jersey 20p 
Mar. Joly Psrtlaaft'.V— 
Jan. July PicklestWj*Co 
Jan. July Do.WXVJOp.. 

Apr. Sept R.K.T.10p- 

Apr. July Hadlee Fashions 

Aug. Dec. Reed iWrai- 

Apr. 'Ot ReUJoroSnrtaJpJ 
May Feb. Rj chants lOp ] 

Mar. OeLS.KET.31p - 

Dec. Mar. Scat Rofaertmn. 
SeptJsn. Seke»totJ^-i 
Feb. Aug. Stow Carpets wp^ 
Mar. Sept Si&nrlndsMp.. 

Jaa. May Sirdar—.-- 

Oct May Smell truths. 
Aag So.YlscosaLiailJ 
Aug. Do. Prh. L5200- 
Oct SpcacariGeo.i— 
Not. Stoddard'A' —, 
July SlroadRdey Err’d— 
May Tm-Omsabte. 


13M 

57 

55 

5 
it 

uu 

Sf 

24 

40 

38 

23 

4r 

Ml 

60 

1 

87 

6 
IS 

s 

32 

9 

% 

2 

22b 

73 

40 


Apr. 

Apr. 

Feb. 

Apr. 

Jan. 

J«u- — -- 

— Tcxt'rdJrsy.lOp. 
Febnuoy Torobmons.— 
Feb. July Tootal 

T Cray TO- 

April Oct Traftord Carpels 
Jan. July TricwiUc lOp— 
Apr. Noe. U.U.Tfesls.lOp.. 
Mar. Sept VitVTti20n.— 
July yort5.FmeW.aji 
Oct MayjYwsM 


Z7 

I 

49 

73 

39 

22 

51 

38 

S’ 

88 

51 
24 

52 

2- 

27M 

26 

24 

26 

57 

47 

37 
32 
52 

6 

42sd 

35 

38 


1321649 
3222 334 
1412 1262 
120 h4.49 
254 082 
33 26 
1411 246 
874 - 
T76 - 
19.9 25 
2811 g3-l 

Sap 
II* 

2811 fABl 
112 Q7%[29.9|elU( 

Hsogjr --\lM 


19.9 


31 

16J 
2J1* 

IlSI 6057 
222 16.48 
215 0.75 
1212 279' 
301 14.19 

31 43.12 
mi 134 
1212 234 

32 4282 
,1710 h277 
2222 hi 51 
377 «UL05 
174 - 
1212 0.1 
2812 45 

111 (1330 
a? 2 1.65 
MU *3.7 
2710 #2.45 
19.« 13.17 
310 3.24 
31 «5 , 
1212td288 
310 10.67 
3.10 1867 
25.7 434 
J4J1 fd3.94 ; 
28U 14.08 

- 289 

35.1 & 
2811 *186 
l 2SU 1132 
1312 ±0.88 
»1 60? 
2811 dfe82 
254 J20J 
177 - 
177 - , 
5! *th226) 

13.2 1132 
161 1101 

3110 10.63 
1 774 clO 
1212 375 
1411 1Z48, 

- Q1D%] 
81 12-06 

2BU LB3 
375 - 
132 3 25 
124 1.67 


8.9 5.0 3.4 
89 51 3.4 
2.6 6D 93 
17 91 8*i 
, IB 93 93 
1202 Ll 72 
l3|U.6) 98 


Ml 

ujioH lo 

A 

1414.1 5.0 
31 87 4.4 
19 4J180 
2.4 92(53) 


- 5.4 
23(1171 60 

!«w» I i 41 


02102 
36 9.0 67' 
U 1U {*8 
15 95 9.4 
32 7.5 58, 
31 7.8 86 
15133 75 

31 84 5.8 
5.1 5* 4.6 
2Hl0^ S3 

22jlS5 85 
1210.911.9 
5.412.2 29, 
34 7.7 58 
J1 5.5 9.0 
21 9.1 6.1 
♦ 4.9 C 

78 28 6.6 
66 71 30 
2.4 7.4 83 
2.4 22.41 5.4 
20 9.1 85 
3.1223 3.9 
84 83 73 
2.9123 3.4 

32 a* 67 
91 4.9 28 

33 7.4 6.4 
17 7.5 UB 

l5 20.4100 

33 84 3.7 
2.0 


17 73 ilUi 
4.0| 7.4 51 
73] 5.9 3 0 
64) 4.0 4.1 
_ 5.8 37.4 
o.riioa 17 o 
2JU 80 73 
ifl 3.0 33. 
ijho.l B3 
53 5.3 4 8 


Stm* | f tin 

June DerJCedarbr_ 

May jChMlKlncn. 
pa Cap-- 

Aug. Unr. CharterTmu__ 

Mar. Sept Off & Ten Ibc - 
Do.Cap i£i» 

CJffiFa* lo-._J 

May Dec. City * iBiwa": 1_ 

Not. June City cJOdird_1 

Mar. Sept naverh,»ise.Xip.| 

— niton 1 dv& W? . 

Jan. May Clydesdale In-. „ 

Da-fr__ 

Auk. May CelomaJS« [>jd 
Feb. Aug. Cantmenrili lad 
Dee. June Cooboentl Pmoe. 


,r Vi 


FINANCE, LAND—Con tinned 


|(7njGr'a 


>l4Ui 23 
i Jrigi23 


— Crei-ntJainiSJpJ U71; -I — — I — 

Mar. Aug. Crosstnars__ — -- 

January Curoolur inv_ 

Feb. Aug. Daaae liWMCSJp, 

— Da <Cap top_ 

Aug. Alar. VebaoTunCoto- 
Aug. Feb- Derby Tst Int £1 

— Da Cap 50p_ 

Dec. July Dcsdnioa * Geo. 

Feb. Aug. Drayton Co»>J_ 

May Dec. Da Cons_ 

Apr. Aug. Da Far East era 

Apr. Aug. Da Premier_ 

Not. Apr. Dnaluratine.50p 
— Da Capital C:_ 

Jan. July Dundeet Lon 
April EdrabarehAraTa.) 

Nov. Apr. Edw.lt Dundee- __ ___ 

Apr. Not. Edin.In., K £L_) 198 - )l71ff{ t*J 
Jan. July EJertra Inr.TdL. 

Feb. Auc. Elect * Gen. 


53 


TOBACCOS 


Apr. Sept [BAT lads.- 

- DaDefd.- 

... Jane DunhilHAglOp- 

Not s Mwt. t)nperiai-_. 

Jon. Sept. Rothmans 
Jan. JuiytStenisaaiic. J3p_] 


290M 

2Sfl 

335 

If 



3.7] 681 4.6 
- — 5.4 
65 -3.6 65 
10 III S.6 
9.4 6.4 25 
32 69 92 


TRUSTS, FINANCE, LAND 

Investment Trusts 


Dec. JmejAberimlvT _ 
Dec. June AberdeeaUnai- 

Jan. Sept. Alsalu*.. 

Dee. July AUiancelo*- 

Oct May AlbnerTrun— 
Not. July Alufundlor Mp. 
Not. Jnly Da capital SOp, 
Dec. July imbjpsetiiTlot_i 

— DftCap-__ 

Oct May American Trijtt. 

Ua-H-- 

Auc. Mar Anglo Am Srca- 
Sept Apr- AogiaintDrv. . 

— Do. Asset aft*.— 

Jnne Dec. .Aoftln-Scot lir.- _ 
Aug. Feb. A-rtuorries Inc.. 

- Da Cap SOp— 

Dec. June ArooJ&v.jSAJf— 
Aug. Mar. Arinkranlnv.— 
January AtlantaBablOp 
November AUaotteAssets- 


Dec. June Atlas Heel— 


October 
Not. July] 
December 


Not. June] 
May Dec 

June 
Jaa. Jnb,- 

Jan. 

Apr- Sept 

Ap Jy Qian 
Ft*. AUR. 
Dec. June) 
Oct Apr 
Apg Mar 
December 
June Pee 
Dec. -Aug. 
Feb. - 

[Jan. 

May 


,Ana.6hiL{5Bpi. 

iBaokerT Inv- 

Butt* Trial—— 
iBistopssatfftop. 
BtshopscateT* 
IBrrdfr&SttaaaOp 

rpacunv._ 

iFrazilFtmdCtSl 
(Bruii tnv.CrSl_ 

mrSwrTsl_ 

AuR-ffindgeeaicr lOp 
, BnL Am. 6Cen- 
(Frtas/r Usrfs— 
BnLlnd S«Vn_ 
Brit rmefl 
BroaJUmtr 3>pu 

'Hnnntr W. _ 

BruaunJUp - . 
In.H Hint .... 
ICElednnlafaT*.... 
Oct t’^rduniaB 7-1 - 
na-«“— - 
DecJCJarimwandCeti, 
(CaBdUuiBrs lup. 


Dec. JuodCsfl. k Fore/gn— 
Apr. Nov. CatnralSNsL—. 

Sept Mar.|tVrdinaI D&I ZL 
Aug.. AprjCgM[nr. ..- 


52 

123 

98 

78 

194 

119 

134 

58 

50 

S' 

85xd 

£“ 

it 

31 

114 

111 


5Zb 

74b 

50 

47 

6 

150 

248 

118 

S9S 

24 

7 

36 

243 

128 

804 

68 

57 
214 

60 

58 
82 

200 

93 

105* 

202 

94 

94b 


1411] 1206 
14.11 4.67 
31 14.12 
2811 249 
5.9 1635 
17.10 1731 

17.10 1036 
1411 14.06 

228 112 

IJ2 30 
228 32 

14.11 iu 
11 5.15 

315 £539 
301 AM 
ail 0.5 
310 0.41 
17M 1.62 
T27 12.7 
31 233 
1411 037 
31.13 - 

12.12 1533 
l«lll 7 5 


ay 

117 


676 QS0 44 
1531 QS5.2Z 
sail to 5 
41 032 
725 L6S 
ill 22 
14 U >4 

% 5^' 

132 5 55 
2BU 214 
ail 19 
2811 U67 

ninufl 

IJ8211 35 
B611M 
14Ul t3.35 
13i 4.0 


61123.9 
5,8 24.0 
. 64 221 

iOf 4.8 3U 
LQ 5129.B 
' 9315.9 


LO) 

111 

02 

| 

♦ 

-4 

ill 

11 

4> , 

10 

12 
73 1 


39 . 

4(3.75! 121 


10 6132 
48 29-1 

f- 5 * 

167 4 

67 22> 
U 0 23.7 

53 ♦ 
65 4 
14*01 
0.9 393 
4.7 299 
5.6 260 
71207 
ZB 523 


Jan. Sept BpnttZcnfiE',- 
Sept D&DefdnQp. - 
May Dec. Bjuiff J« Xp— 

Dec. Jnne Estate Dune,n. 

October F.toCEararos. 
May Nov. Fans ly Inv. Tn.. 
Sept Apr. Fiisisfoc Am. _ 
Nov. Apr. FnreigeSCol -- 
Jan. Jnly P.LjGiTiTiOJS. 
May Nov. Fnadin-.est Icr.. 

— Da Cap_ 

Oct Mar. G.T. Japan_ 

Not. Apr. CetLtoCammcl.. 
Aug. Apr. Gea-Coosaldtd.- 
5ept Mar. General Funds— 
— Da Com 1 10p_ 

Oct Apr. CeiLlnvesJOr! .— 
Dec. June Gee.SeofUih._. 
Jaa. Sept GeaS'nWrv 
Jan. Sept. ta^ouS'.'Wdra— 

Apr. Nov. Glewron Inv_ 

r — Do "B"_- 

June Feb. Glenmurrai Inv.. 

Da'BOd_ 

Sept Mar. Globe Inv_ 

Job - Govett Europe— 

Mar. Sept. GrasgeTnut— 
Sept Mar. ft. Nortt'a tov - 

March Greenfnsr Ini 

Mar. Sep. Grestei lev_ 

Mar. Sept. Croup investors. 
Dec. Joly Qumuffl iovTsL- 

July. Dec. ILcAros_ 

Jon. June Jtorros Inv. iflp. 

July Dee. HHUPhiiipi_ 

Apr. Oct Hume fflefs. "A*'. 

— Da*B"_ 

Jone fco&tultJl- 

June DaiO_ 

Dec. June fnrfa serial 4‘lea 
Lu.Pac.Sc HSSt.. 
Sept. Mar. Cntenutllav...- 
Oct Mar. bLlnv.Tn J«t:_ 
Sept. Apr. tov.lnSaccesf— 
June Not. Investors Cap- 
Dec. July tav«iinLTS.trp..| 

May J inline J span 

Mar. Sept Unii wSce KKE. 

— Jersey ExtFl lp 
Nov. June Jerse;On.fi — 
May OcL Jos Holdings—- 
May Nov. Jove Inv. tot 10? 

— Do.Cap.2p- 

July Feb. KeysflBetra.ajpj 
Apr. Oct Ringside lnv._ 
Nov. Jon.iLiie Vie* tnv _ 
March Lane. 4 Lon. Inv. 
Apr. Oct La»Debratura_ 
March UrariSUtfcilpJ 
Ang. Feh. Ledalnv.Incidp 
— Do.Cap.5p— 
January Lo Vaflone* hr-. 
Dec. July Loo* Ahdn Hd3p( 
Dec. July Urn. Atlantic— 
Mar. Sept LoaAnstlnvjSAI 
October Lon.4Gait.5iJp., 
Nw. July latb.4Hotyrood-I 
Jane Jan. Lon.4Lenna*— 
Feb. Oct LoafcLv. 10p_ 
Apr. Oct Lae.* Locictid- 
Uir.- Nov.Loc.6Stoolrose. 

Nov. JuneLon-iProv__ 

Dee. July Loo.Prudential 
May Dec. Loo.*Scffde— 
June Dec. Lcm-lri. Dfd._ 
June Dec. Lowland Inv—_ 
Sept Mar.M4GDulliic.igp 

~ Do Can '.On_ 

July JaiLlriad&tlfca? 

— Da.Cap.4p— 

Jau. June Mao.4Loa.50p, 
Mar. Sep. MeJdrnmInv„ 
Apr- Sep. kferiitiklDv_ 
Sept Hay KerthantsTat— 
Feb. July Monks Invests 
May Moat. Boston lOp 
— Do Tints £1. 

— Uooloyaifli— 
Jan. Sep. Momyaelnv^ 
Aug. Mar- MoorndeTrua- 

- ScgHSASTSl. 
FehJly.Oc. !ie« Thro*. Inc - 

— DaNwSrriT 

April .VY. * Garimore. 
Aut Dec. 1328 laves — 
May Dec. Nth. Atlantic See 
June Dec. Nthn. Amsncan. 
Dec. July Northern Secs 
Jaa. Aug. Oil* Assoi. Inv- 
4une Nov. Ontwch Inv 
Apr. Ang. Pen Land ini..... 
Dec. Aug. Pro. Scs. In*. 50?| 
Mar. Se pt Pro. iscial Cities 

Aug. Feb. Hnebori-— 

Feb. Sept toabrooklm 
Apr. Oct Riphts4isi.Cap 
Oct Mar.RiTer43lerc.-_. 
Sept Mar RiverPlair Del 
Apr. NovjRobceo < Br.: rlSO 
Apr. Nov. Do Sub.Sh'sFla 
ItolsneaSYFUO., 
DaftahSb'tFS-! 
Aug. Mar. Rom-.eyTrust _ 
Apr. Nov. Roseaunood Inc 

Sop. Dec. RoffisrhSdliLiOp. 
Dec. June Saletiardlnd— 
Oct April StAiidrewTB.. 
July Mar. Scot .ulIbv.S*? 
December ScoiiConLInv. 
Mar. Dec. Scot Citim'A'— 

Apr. Oct Scot East. Inv_ 

Dec. July Sert. Earopean 

July Jan. Scottrthinv- 

June Dec. Scot Mort*?«. 
June Dec. Sort. National— 

Mav Dec. Scot Vtcthem_ 

Jnly Dec. Scoufttorio_ 

Aug. Mar (Scot nd.Inv_ 

Apr. Aug Sect.Western. 

— Scot Wests.-B-. 
Apr. Dot See AlhmceTg— 
Jaa. Sept. Sec.rtnratMir.. 

- Da - B"_i_ 

Dec. Jane SeanitiesT Sc_ 

June »er?.ukIsrST'Sj 
Apr. Sept Sftircs Znv. 50p _ 

November Suevell'lOp_ 

Dee. Jane Ssfeerolov__ 

Dec. JoneSPUTIntlDp- 
•— spfjrrapMfp.. 
Stan hope G#n.— 
Strr.VogTst.- 

Socld».iml«v.4 

TrobroJoRy- 

TeapIeBar.- 

Ihrot C«wth._ 
Do ‘.'fip.£l—. 

Thro^saiftea._ 

Do.rirlktoan.. 
L]Tnr. bUMtijir.- 

Da Cap_ 

D<ns«waair_ 
TnbuOTlar.3)p.i 
rrpirt«.tot5up. 
Do Capital £1_ 

D«. June Trust I moo_ 

ItostOrtCorp — 

Tyneside Inv_] 

|Liprto»Tilav_ 

iLtd Bnt Secs.- 

L96 Capitals_ 

I'SDeh Cocp „ 
i'SAGcMra.Tfi.! 
rpTorttFencS!- 
Vibns town* 

* < <- iToa: ICp 
Werrowfov it . 
KimcrbattcBt 

'J'rran Inv_ 

Ro'P/-- 

VeecUn Mv. 

\ ork^ 4 ton.- 


. T 6! - j —: _ i — 
ial 2L5 
29.9 rlo 


31M4J17 | 13| 7.0l21.ll 
31 Ifl! 13J15} 0.9 7.3(222 


132) 33 


67 A - - 


Kill |L£7 

81 
1534 
♦2B9 


37b 114. n 

si 1 



JUfl 


tl.01 
14 92 
3 75 
47 


Q20c 

Q9.49 

tl.45 

013c 

t2.37 


U] 66<220[ 
10| 96 * | 


7.5)20.1 


4 21373 


6.9 19.4 
61 « 
63 b 
V.8 24.6, 

5.9 212 

7.4 27.2 

4.4 29.4 
_ 3.3 36.9, 
1.0 7 5 23 4 
2 3} 5.0 27 3 

4 4 


151 «3 
6.0 24 3 
i.qaj 
5.51 * 

53(36.1 
bil56 

33(«£o 


lUd 1.7 1.0 42)37.0 


M.SUJ4.0 

MJZ4S 


*34 


6 Ills * 

ij|ilb * 

72K7I 
4.919.7 
0.9 I£44| 
5.1293 

5.9 73. 8 
3.B 22.9 

53 29.6 

4.9 30.71 
5.6 27.4| 
6.0 25.4 

6.9 2131 
63 218 
9.4jl6.0 

3l| t5.0 I 1.0| MllW 1 


73133 

2.5 793! 


0.93 
. LBS 
2230.96 


SI 


14 ID Qfe*“i 
• (K56N, 


2.65 

t3.86 



Dec. June)’ 


Feb, 


13.07 

♦4.75 

Qlle 

FL54 


0.40 

1767 

285 

13.05 

£3 

4.05 

254 

11.35 

3.70 

tl.06 

012 

8-13 

6.2S 


5LIW3.0S 


1567 

1L79 


130 

13.99 


LO! 


6.0 241, 
84 * 
0.9 - 
12* 113 


1.7 IMS 
63 243 
5.1279, 
53283 

4.7 22G 
5.6 25.41 
3.9*28.6 
61 ♦ 


10 


5.0)30 4 


Sack 


Price 




m 

Net 


I I™ 

ICvrlGr a WE 


November 3la}fdrf!KiT0iL_ 54 
Apr OetUarjn«ltP,i5p- 61 
MrJn.SD.MassMr.fclT.iy 968 
October N ’AC.lnra. 13 jb 16 
— NiSPKrd Ss-Kri 220 
— PanmbelCn— 10 

Mac Dec. Park Ftase lav_ 28 

June Nov. Parra 5 *Sa_: 173 
May Wwai'S-S FrsSOj 
Nov. July)St. ilerose lOp — 

July Dfcc-iSva. L Jlcrv. A’- 
Nov. May Sv£.£4>inc Atm - 

March OcL StmtoBrra- 

— ^Slhn-Fuc-Hsaic 
Jarre Suez Fin ATJUJ. 


TnaiSGa.Ta.lpJ 925 


... _ rstn.SdM.2up 
Mar. OcL West of England. 
Apr, AnjtlYirieCaito lQp__ 


£49^« 

101- 

107 

£51 

56 

7*4 

£32*a 


254 

-41*2 

76 


14^038 
3JE 5.98 
7.12 Q5U6 
22* 13 

674 — 

17JO L0 
17.10 619 
1*5 Q9-4*6j 
Mil ril.44 
29J1 3.02 

199 Q4 25 
M 14.91 

8*J 022^ 

124 Q4?.<& 
132 2.1 
5.9 138 
25.7 1L24 



OHS 



Feb. Aug. 


— HlCCPNUr SeaDJ %3 
Dec. Joce Century lOp_I 5C*j 


July 


Century 5 Op_ 

Crarteibafl^j— 
Cieft flare) e»Bj 

(HClnfiOiin_ 

riCWePecom 
Eedea-.oar50c_ 
KCA 


December _ _ 

USM0_ 

Feb. AuciL4SSO:4*JS81« £10U a 
fetSSfi-c^-JOp. 320 
.VLsewKKililOr 19 

May (AtFipnOp_ 206 

.iWnder Cons. 5p 14 

[Ranger ihi-£17 A 

Rr-unlds Dit 1c. 1»2 

Oct Apr. F?i Dutch flat £40I 4 

— Sceptre Res._ 455 

Nor. Mar fiteUTraas Re S- 498 
Feb. Aug Do 7*il*f.£! .. 66 

— r£*ta».ri-B 258 

Apr. OctlTe^:o4VtCnt. £58 
Dec. JuJyITnfcnm>i_ — 236 

— ITcamar-200 

Jaa. July BoTprCfer_121 

Merits Nations 100 
Do ?!d vM Me— 100 
TVoodstdeASIc- 58 


112 

14Z 

754 

75 

49 

£57 


400 

124 

20*4 

30 

148 


11714-26 
14 ID 1633 , 
5$ £22.10 
1256% 
1074 — 

f 


1212)20-1 


16J 


31 


UU, 

m 


tz 43 


Q14-J- 


L92 


194 

194 *14 28, 


4.9% 


5MQ«4% 


127 

QJ5V 


mw zi J 


m 


H 0 5 


33^ 


4 7 
U46 


13 0 


4 4)i4U> 
65)15.1 


4.ri 


dirt — 


el4ri 


14 


251 6.1| 


12.5 


40 

57.8, 

64: 

SJ 


33.4 


ilJ 


105 

0.9} 175 


6.7 


OVERSEAS TRADERS 


— African Lakes. 

— AnstA0-x.5Oc_ 
Apr. Oct BeruiortiS.*1fJ-i 
Jaa. Joly BookerSfcC.50p. 
Jan. JuIywJralctiTtas.:5ep 
April Oct BouseadtlOpi— 
Ncr. June fuil&y iJas.)5Qp_ 
July Dee.-GtU fc Daffns— 

June ut Ntia.00_ 

Aug. Dec. ffnsns. Cros. £1. 

Apr. Sept HrttoungiS.._ 

Sep. Apr. Inrhcepeil_ 

January tockabm.- 

— (Jamaica Sugar— 

Oct Apr. Loarba- 

May Jan. MocbeL’ Ceds_ 

Apr. Nov. Nigeria) Oer — 
Dec. July Crerr.Wbas.SOp 
Apr. Dec. Pa: teaZoch lOp J 
Apr. Dec. Da ‘A N V 10p_. 
Jan. Sept Sar-R-iJ-EilOp. 

— Sena Sugar50p.., 
May Nov. iSjne Derby I0p| 
Jan. July SterlBros 50p_ 
Jan. JucefTorcrSena. 20p. 
Apr. Oeti Do.BpeCcv.’Bl. 
Oec. Apr. l r . City Mere. lOn 
Mar. Sept) DalOpcla.lBp 


300 

64 

1954 

196 

63 

273 

200 

£55 

350 

68id 

360 

23 

694 

42>z 

263 

72 

190 

180 

47 

7 

98 

352 

42 

£89 

44 

44 


377 h27S 
293 Q2J5e 
13.2 825 
14.11 57.08 
1212 62 
3110 132 
3 LIO b634 

3U0 ban 

U Q12%) 
3U0tl27: 
132 4.26 
30J 05.0 
1212 ZO 66 
T76 ~ 
132 £55 
1232 3.4 
17J9 1L37 
2811 hZ29 
3110 7.0 
3L10 7.0 
il 4.43 
674 B_ 
ITJ0Q3.5 
3L1Q 1UZ5 
1411 3.09 
ilQl Q8%) 


"A 


cao%l 


3031 L4] 2.4 1 


£4 
5S 
13.91(9.41 


4.7 
3.4 

ll 

3.2! 661 63 

n 

931 
63 


441 


6675 (ZLO) 2Q 


3LW 


7.71053) 
3# 50 


6 5! 


5.(4 


Oil43t 


I 


I4Ja 


93 

1^4(091: 
12.2 5.7 


hlH 


4.8) 60 


3.4 


5.9) 33 


8.4 

I1L8! 

53 

53! 

Ml 


RUBBERS AND SISALS 


Stock . ( Price 

glo-Indonert— 94 

Cons lOp— 76 

jfiirdiAfricai_ 14 

August [Braduall top-- 37^ 

July Feb. Dtstleteld IDa _ 178 

Not. JupdCtenoaeae IDp. 3^ 

May DecXauPtaiuslOp— 204 

May OcUGadelMalayWpl. . 49 

Jan. AaglGrandCetrBlWp- 2Z 

Apr. JulylGutbneCl __ 228 

- fiariansKIr.EttlBp- 63*2 

Dec. JulypCiCWandfiSEOc— 6SU 

Apr. N'OT-lKualfl EenoagiSfl- 4flj 

Jaa July rtKulim SBOe- 36 

October ILda. Sumatra lfip_ 127 

Dec.- JunelMalakoffMSL- 61 

— Ufzbyalani 10 p — 30^ 

NovemherKlnar River lOp— 34 

May NovJpianUMu HMgt Up . 68 

llamb ^Sangel KnanO— £23 


¥1 


Die 

Set 


UR 


257(234 
221 33 
T64 - 
23* hL27 
27* aZ8 
310 2.03 
1730 Q120 
276 0.71 
1212 035 
31 tl015 

i9.4«jpje| 
17 JO Ql3c 
1312 Q115c 
81 420 
2UHlQUc 


3JO h0.43 
3.10 {228 
377 50.77 


lS 7.0 


5J 


iaii3 
2X 
*J 7.6 
6.7 
6.7, 
3.9' 
64 
7.3! 
26 
3.9 
53 
L9 


tl 
16 
11 
0.4 
11 

tits 


TEAS 

India and Bangladesh 


DeceaberlAKu Dootrs £1 _ 
— Ass*n Frontier U_ 
September Assam luvsEl.— 
Mar. Sept Empue PUnts IDp. 

Ncvcrober Jotftil- 

January Long bourn e D_ 

November McLeod Russel £1. 

May Nov. Mcron £3--- 

Jaa. June FirHldp. 10p _ 
Apr. July R'ajren Plants.—_ 
September 81111011600 £1-- 


195 

290 

108 

a 

410 

22** 

isaaJ 

140 


3U0| 


♦931 
4h813| 
228| 7.0 
♦L9B 
120 
10.0 


1710 

14J1 

1L10 


I 


1710)10.0 
19.* 1508 


♦F1.72 

P13JJ 

9.0 


5.9) 7.4 

» 




33] 7.4 


6 * 


4.2 

9.8 

13.3 


611 


27] 73 


53| 

121 

103 

9.7 


Sri Lanka 


Apr. SepL|Lnpnra£L 


,| 135 | 377]3.63 | U\ 4J 


Jul.vJRlanyrctl. 
OCLjRtto Estates. 


Africa 

_| 425 

_ ISO 


]1710]2335 
{ jioliio 


201 83' 
4 (141 


3HINES 

CENTRAL RAND 


— |DarbmDeepRl._ 
Aug. Feb EcstKaodl«.Rl. 
Aug FebJRandfont'n Era S2. 
Aug. Feb.p»es Rand R1- 


360 

3© 

£33** 

147 



H 6.3 
53 


EASTERN RAND 


I May XoT.fBnckto R1- 

, Febniary EasiDajxaRl- 

4.9(27.9 — EJLGO.RD50 . _ 

4.3(32.2 Aug. F<-b. GroonleiSOc .. 

5.0)29 2 May Nov. Kinross R1_ 

Oct Mav Leslie tec- 

Aug. FeaManeralelbiSQ— 
Aug. Fefc4S.Afr.caaLd.35e^ 
Aug. Feb. VZaidocteln R* — 
May Nov. 9Tinl*lhaokTO_ 
miMgaUSe_ 


01 

19.9(Q25c 

15] 

184 

28 

13 K^- C 


__ 

302 


— 

4.9 

146 

3.1 Q24c 


98 

350 

19.4 Q34c 

la 

5.8 

45*s 

19.4 Q3c 

U 

3.9 

88 

3.1 Q46e 

is 

J1Z 

52 

6761Q2LC 

10 7 

+ 

54 

680 

31 ft25c 
19.4 Q86c 

17 

27J 

7.6 

60 

874] — 

— 

— 


275 


18 E 

10 4.0)39 ll 
10 4^352) 
Ll 7 517.8, 
0^123^3) 

7 

13)3381 


FAR WEST RAND 

Feb. Aug. |M;rflor35-) 


Feo. Aug.iBuffcKr.l- 

— jrieclkraa.’ 302!)— 

Feb. Aug. DooxnionteinRl — 

Aug. Pea SastDrieBI- 

— DfscsrandCldair-) 

Feb. Aug. EJssuigJU- 

Feb. Aug. KartcbeesBl- 

Feb. Aug. KLxJGnMBl- 

Feb. Aag. LibaoonRl- 

Febncm Soutbvaal50c- 

Aug. Fen SriL'eetetoSOe__ 

.tug. Fco. \*aa) R-.-etsWe — 
Fco. Aug VcniersgMtW.— 

reb. Aug 7i leiewl - __ 

Feb. Aug. Wtaen Areas R1. 
Feb. Aue * es err. Deep HO- 


| Sept FebJfVee State Dev. SOc 
Jun. D«JF SGeduld 50t— 


_ I _ 1_!_J — (Feb. Au&lZacdpanKl. 

«84j 12i 
14 06 
335 
1.75 
b4 03 
. 10.91 

13fc] 311 ’___ 

JCJJ5 94 LI 5 4)24 ? J«»- 
_ QlOc - 0.91 - , “ 

0 91 13 L7|66 5j 

0.75 * 12 

Iflfll 5.7} S , 

4.6 19 J.C!3? 2 

. fi.93 11 4 2;338| 

2?S00b - I - - 


320 

892 

9«*i 

297 

660 

219 

143 

£11** 

485 

535 

507 

262 

£12^ 

2691j 

£l»i 

227 

709 

196 


31 

3J' 

31 

1212 

3Jj 

33 

33 

33 

33 

33 

33 

33 

1212 

31 

31 


1Q4*e 

1Q130C 

1W5c 

Q7Bc 

MV? 

«5l»e 

030c 

«f*5c 

Q23c 

022c 

0U5c 


231 86, 
Ld E7 


Serving the world 
with 

financial expertise. 

SANWA 

BANK 

Tokyo, Japan 


MINES—Continued 


Mvidfods 

Paid 


.CENTRAL AFRICAN 

SUVA | Mce {.^j M 


Not. MayfFatcnn fthfOc_ 


May 

Dec. July| 
Jan. July• 
Nov. May 


RluxfnCwp.iFjfp 

Roanfims K4 _ 

laaearj-ika 50p_ 

I to Pret (Op _ 

WankieCoLRh.l_ 

lZ*raCBrJBD02i_ 


Price 

198 

21 

73 

128 

78 

38 

10*2 


»9| QS0c 
, 377 057 
1274 ~ 

17 JO Q1L0, 
1232 Q9& 
17 JO Q7^c1 
1174 - 1 



— (AcmexSSc. 


AUSTRALIAN 


Not. Apr.i 


Oct 
September 
Dec. Apr 


Jnne Not 


Bcofimivilte5QTott. 

iBHSonihrOc_ 

Moyf.'winnc Ruemto50c J 
JG.M. KolgooriroSl-1 

Hamntn Areas an _ 1 

Metals Ec50c_1 

iMlM-HWcs SOe . j 

Mount LyelT.Sc_! 

.VeemetsI tOc_ 

North 8 Hi0S4c_ 

.Vtft. EWturii. .. 

June Xuv.|i'>albridge 5Ai _ 

PaciOctopper ... 
Par coot'! 5?- . 

Pannca V.&JLrSp . 
iPeka-Walbend 50c 
MayM’eiia. UuuogSJc. 
fmamCiwkSOc_ 


Apr. 

Oct 


Oct 


11 

81 

67 

152 

69 

89 

13 

1294 

17 

2 

84 
10*2 

134 

33 

775 

12*2 

445 

85 
35 


1-3 


Q8e 


n - 

6 67 
25.71 


QlOc 

L45 

Q9r 


LSI 


43! 


171 4.3 




1-5] 


mc| cj&? 




<33Sc 


ML* Q6e 


1M 


62 


25 


59 

ll 


23. 

4.4 


Not. Apr 


lAnoLNlceria_ 


Apr. OrtUycrHitaaSMl_ 

ss W " 

Feb. .OcL 


July 


Mar. Sept 


iGold fc Base 13tp_ 

DettjGopeag Coos._ 

Hoogkong_ 


Jan. Joly): 


June Jap, 


TINS 


Idris IDp- 


iantarlSjp 
Kannmbnc TMftsn . 

EUliaghaU- 

January Sblay Dredging &£J 
ftPaftan 

July Jan-| 

Jun. Nov 
Mar. Oeti 
February 


lOp_ 

SMI_ 

[Sain Pi ran_ 

SouihCroftv lPp _ 
Jan. Ju!ylSouihKuaaSUo30 


itftn Malay aa SMI.. 
SumteSenSMl — 
SapreawCt»ni.51£l 

Mar. Ang. Taajonj: I5p- 

Sept Mar. Tongkah Hite. SMI 
Apr. futfrrmwihSui _ 


28 

275 

52 
220 
500 

9 

260 

150 

90 

11 

69 

450 

300 

49 

53 
170 

56 

56 

150 

250 

153 

64 

98 

60 

373 


1730! 


5fl0C67e 


SS) 
13, 
16 Ji 


3074 — 


301 


974) 
30 Jj 


251 


3.75 

W 


158 


"SS 75 

^ZQUJe 
12J2) 0125 

£j3g9S5c' 

3L 
3L 


gL99 

D4.12 

I0778i 

iQilUe 

ZQlOe 

45 

ZQ30e 


L6J13 6 
0.9|32.6 
10.9 


4a 


2.0 


5J 

67 

iiijb 

48 

278 

68 


05) SJ. 


166 

16 

5.4 


15) 10.4 


111 

113 


. 3-*. 

Uii 


3.7 


COPPER 


June Dec.]MesrinaB050_ 


72 fl2I2JiQ30c| L?) 


MISCELLANEOUS 


Aag. Feb. 
Jan. Jant 


Not. 


lEunna Mines 17cp. 

9 

575) - 


Cdhy Uiaeayri — 

67 


__ 

iau Mtrreli 10 c—. 

240 

ll Q30c 

* 

h’wthfiaieCa_ 

250 

37! _ 


RTi- -. _ 

171 

Jilt t86 

432 

Sabina In tfi CS1„ 

35 




raraExptn-51_ 

831 

— — 

— 

Tehnfe Mir«ral910p. 
Yukon Coas.C51~ 

45 

120 

U.lfl L21 
15.9| Q7e 

25 

« 


7.5 

75 

3 5 


NOTES 


lUcn aUmwtse lulcdri, prices sod at* 4>Wh 6 tot Ik 
peace and fennel satinet srr 25p. Estbeated Price/esrelsis 
rattea kb* ceven arc hasnl on Istesi uan] reports aadaceaoala 
lad. where poutble. are iptoud on half-mrty figures. P/E* *ro 
cslmlsted on the basis of act ■Bstribatlon; bracketed flgores 
ludicate 10 per etto. or more dtficresce If calc u lat e d on -air* 
fUatribatiOB. Cam are based on -martmnia" dtstribollea. 
Yields are based on adddlF prices, nr gross, adjusted ta ACT of 
34 per cent aod allow for rain* of deeland dlitrthntkms tad 
rights. SccuritiM with fenraafnatlaDS other (ban steritag an 
pasted lnchuiee af the iavrrtnirat dollar prealM. 

Sterling denorai noted aecnxiiiea which Inclnde Invsrtnarnt 
dollar premium. 

“Top" Stock. 

Highs and lows marked thus have hero adjusted to allow 
for Tights issues (or cash. 

Interim since Increased or resumed. 

Interim since reduced, passed or deferred, 
tf Tax-tree to non-roddeau an application. 

* Figures or report awaited. 

It Unlisted security, 
d Price at time of suspension. 

9 Indicated Dividend after ponding scrip andtor rights 
cover relates to previooa dividend Or forecast. 

I ** Five of Sump Duty. 

14 Merger bid or reorganisation' In progress. 

Not comparable. 

Same interim: irineed flunJ and/or rodnend earning* 
indicated. 

Forecast dividend: oarer ao earnings updated by latest 
interim aatentenL 

Cover allows for conversion of shares not now ranking for 
dividends or ranking only for restricted dividend. 

Cover does not allow for shara which may also rank for 
dividend at a future dote No P'S ratio nnt a 'l y provided. 
Excluding a Anal dividend declaration. 

Regional price. 

No par value. 

a Tax free, b Figures based on prospectus or other oCBeJal 
estimate, c Cents, d Dividend rate paid or payable On part 
of capita): rover based on dividend on foil capital, 
e Redemption yield, f Fid yield, fi Assumed dirt dead and 
yield, h Assumed dividend and yield after scrip issue. 
J Payment Irom capital sources, t Kenya, m Interim higher 
than previous total, a Rights Issue pending 9 Earning*' 
based go preliminary Ugiuw r Australian currency- 
a Dividend and yield exclude a special payment, t Indicated 
dividend' cover relates to previous diridend. FX ratio bated 
on latest annual earnings a Forecast dividend: rarer based 
on previous }Wrt earn/no. c Ta* tree up Ur Xp in (bo E. 
w Yield allows for currency clause, y Dividend and vtold 
based on merger terms t Dirt don d sad yield Include n 
special pameat: Cover does noe apply to special payment. 
A Net dividend and yield. 8 Preference dividend paused or 
deferred. V OnadLar. D Cover and P'E ratio exclude profits 
of I'.K. aerospace subsidiaries. E Issue price. F Dividend 
and rield based on prospectus or other official estimates for 
1977 78. C Assumed dividend and yield alter pending scrip 
sudor rights issue. H Dividend sod }1fM baaed on 
prospectus or other official estimates for 1B78.T7. K Figures 
based on prospectus or other official estimate* for lfil 
M Dividend and yield based on prospectus or other official 
estimates for 1978 \ Dividend and yield baaed 01* p»Pspoch» 
or other official estimates for IOTP. P Dividend and yield 
based on prospectus nr other official estimates'(or 1977. 

Q Gross. T Figures assumed f So significant Corporation 
Tax parable 7 Dividend total to date, if Yield based on 
assumption Treasury BUI Rate stays unchanged until maturity 
at stock. 

Abbreviations- *S « dlrtdend: c « scrip issue: won righw n am 
all; d t-x capita.' distribution. 


u Recent Issues ” and " Rights ” Page 25 


O.FJS. 


May 


Jun. 

Jun. 


Vcc. F5.Sai;pfoasJU- 

OcL Ha.-3onv50c_ 

Lonuiekl - 

Dec Pres, brand 50c... 

Dec. Pm. *ie>a30c_ 

Nov. Sl.KelroaR!_ 

I'aicel .. 

Doc. We. .... 

Dec .Htudiae^SOe—. 


90 nt 
£14*, 
89J. 
388 
129 
912 
70S' 
787 
380 
262 
U7 


QUc 

Q240c 



310 035c 
i(j280c, 


1.4) 7.4 
2.7 9.B 

47 7.7 

0.5 2.8 
25 85 
9.9 17 
25 87 


T? 35 I 1 Oj 72)20.7] 

Finance. Land, etc. 


FINANCE 


July AhrevriSintttm 
JrowerTra iop. 
Aothcricrlm.SBii. 
Bnutmis.irrow. 
CbsddraltT.. 

Ort. Mar t’halletUXiJipFi 
Mar. Aug. QurtecGnseCp 
September i'ocotm Mkr Ip 

July Not. Dll gets i’i_ 

December Dsanaj I*a«.. 
August Edm-Iiuft 13jp 
October Q'Jrothnnsift- 
Dec. July Eriiiie douse II 
Ort July Ex Land! Wp_ . 

October Evp-'oruiroCf, ap. 
Dec July F®‘"crafct>s.:p. 
July hrMctklvt .>jp 
— Firmr Ltver 
rinurtfuaeJOir 

For.. Aug FlaxbruTray j 
tbnp'or. Tfl *r 1 
June Haw Par h Si . 
Feh. Sept. Inres/WrtCp.. 
Feb. Kept. Kabi:iB-... . 

SKdjtTa-.Jo'icr 

September Knaho Hip_ 

4atrt«t UraHdffldttop* 
Dec. Julylljra^^rt^p 

Um. NOTJurt Mercbxrt _ 
fL&G. ffidcs.5j. i 


BB" 


4 7114.01 23 


5.4 285 
45 29.5 

45 3.7 
55180 
3.2 326 

6.4 302 
72 * 

5.6 253 
59 232 

4.6 52 9 
5 4 25 2 
67 t 
48216 
5124.1 

5.4 227 
3.6|34.4 

L4 39.4 
55263 
5 8 26 2 

64 ., 

6Gj2l0(jaiie Jas.li 


-J -j. ~ i - 


til 76 20] aC«-7*. 


1.0 


■; 8{ W.49 


r4el -• 
1231 f 0.94 

J75 - 

19.gL65 

217(0JO 


12121 tL25 
163 3.4b 


3 7 


Apr. SepLjAne. Ant Coal 50c.. 

Jan JunHAagfoAaer JOe_ 

r. Aug.{Ang. Am Gold HI.. 

a Aug.(.tn?.Voal3te.- 

i JBlylCbarterCor.s._ 

y Dee.(Cons <7o(d Fields. . 
y MaytEau Baud Lon. top 
3fsj-toea. Him irg R2 - . 
r .lar. SepLjfliLi FiL.dshAS5e _ 
Jaa. OctiJo burs Can B2 — 

Aag. Feb. MiddleV;tS9e- 

r. Ort NjcnrfpSFDJ */*— 

r. Sept Ne* WU SOr- 

— Para* N V Fla5 -_ 
vember Hand Lunson l5r_ 
i. Jaly Sejechrai Trust . 

(. Feb. Seatrus; 10c__ 

>. OcL Sll:enh:Dev3;P— 
v .lar. TvaaLCtw* laRl. 
3Ur. SepiiVC latrtiK. - . 
slat Ntw ::'men Trot S3," - 
Sept. Mar i'lt^els- 


455 

WT. 

OMIp 

* 

81 

270 


^Q33c 

ZO 

7.3 

£l6sl 

113 

qiw 

$ 

61 

680 

U 

Q105C 

u 

4? 

325 

7BU 

176 

11 

92 

188 

.17 U 

(9.05 


7 J 

22 

174 

K'S 

Lb 

70 

£2«k 

»« 

Cl21t)r 

70 

Sb 

•as 

13i 

u 

QUOc 

OlTOr 

2.2 

56 

86 

155 

33 



8 i 

336 

5! 

yi2c 

i q 

b.D 

1654 

»:■ 

ft 15c 

06 

85 

980 

1175 

© 

3.0 

56 

1710 

rQlOe 

.70 

10,7 

378 

an 

1672 

18 

68 

x a 

raja 

Kr 

W 

Ll 

70 

B.b 

150 

H2>a 

»u 

Q4Se 

34 

46 

222 


Q30c 

12 

F.O 

272 

144 

0%r 

14 

74 

424 

UJ 

ftrijc 

♦ 

10.7 


{iulu.il 

0.9r — 


DIAMOND AND PLATINUM 


May^ado-ArainrSle- 
Jan. Ea5op^if«PB »c J 

Not. DeBeCTft.Se- 

Aug IV> 40pd PL R5__ 
Mm’ ItdcnbuTS 73*je — 
Ma.-lRoLP^LtoC,- 


199) 

»U 


51 

1710 


Wide 

■QUc 


3Jffl1Q35c 


£324s 
79 
317 
£UH« 

90 i1Z4K&SC 


Q200 e. 
S/Zlc 


12 75 

14 66! 
2C4 ll* 
L0 26 
14 17 


Hus service is available to every Company dealt to on 
Stock Exchanges throughout the Cuffed Kingdom far a 
fee of £4GQ per annum for each security 


REGIONAL MARKETS 

The following is a selection of London quotations of shards 
previouslv listed only in regional markets. Prices of Irish 
issues, most of “turn are not officially listed in London, 
are as quoted on the Irish exchange 


.Ash Spinning _ 

Bcriam... .. 

Bds'snr. Era »p 
ClorcrCroli — 
Craig tc Hose £1, 
J>vcon>R-Ai- — 
EUisfcMcHdv. 
KrjuixFe'k.lOp. 

Everrd.. 

Fife Force. 
Finlay Pkg Sp - 
•jraigShip. 11- 
Higsanv Brow. 
I.OJJ. Stm £1.... 
Holt (Jos i2&p... 
Stem. (!old>niiih| 
Pearce-.C II.■. 

FcelMlUa. 

Sbelllcld Bnck 


23 


42 


15 

-1 

277 

-3 

22 


400 


40 


68 


58 


15»s 

-i" 

47 


ZO 


180 

-32 

80 

-3 

150 


245 


60 

-i" 

132 


17 


47 



Sbett Refrshmt. 
Shiloh Spina 
Sindall (tin) 


zl 3 lEl 


-IBB1H 


QnieSS80.«2., 
Alliance Goa—| 

ArrnH,_ 

Carroll iPJ.i_ 

Clondallcin__ 

Concrete Prods. 
Helton iHldgsJ 
Ins. C«vrp... .1 

Insh Ropes_ 

Jacob__ 

Sunbeam——- 

T.M.G.._, 

1‘nldarc.—— 


"an 

285 

.95 

86 

IIS 

49* 

140- 

150 

57 

32 

195 

re 


is 


-5 

-iS' 


OPTIONS 

3-month Call Rates 


Industrial* 

A. Brew —., 

A.P. Cement... 

ELS.R- ... 

Babcock.. .. 
Barclays Baa*. 

Beecbssa_ 

Boom Drug.... 

Ttowaiers._ 

&A.T _ 

British Oxygen 

Brown vJ. i- 

Burton ■ V__ 

Crihuhv — 
LOU rtau Iris 
Debenhantk... 
DiMlllers . . 
Dunlop. ■ 
EocleSur ... 
E JtJ. .... 

irfa Accident 
Gen. Ejrrtne.., 
Glaxo _ .. 
Grand Met,—, 

G.C5.-A-- 

Guanlian-j 

G.K.N. 

K&wker Sldri. 
House ri Fraser. 


.7.C.T.- 

"Tmp»"-- 

LC.L.. 

Inveroslc.... 

KCA_ 

Laribroke..—, 
Legal & Gen. 

Lex Serrace 
Uoids Bonk—| 

-lyric"-- 

London Brick., 

Loarho_. 

I.’icjsJndx — .j 25 
Lions-J •. . . | " 
"Mams".. . 
Mrkvfc Spnerl 
Midland Saak! 

X fc*./ . I 

X? 1 Vep Brash- 

Dp H joao/v 
PfcCDfd -.... 
Plessey..-^-.. 

R.U.M. .. 

Rank Otr. 'A'.. 
Reed Inti-i 

llerx.. —_ 


Spillors_ 

Tesro-— _! 

Thcro 
Trorf Rouses-i 


Tnbe Invest.— 30 I 

L'utfover <48 1 

Ltd. Drapery- 7Nl 

Vickers._ 1 f! 

Woolworth*_ 6 | 


Property 

BriL Land_ 

Cap. Counties 


w _ . 

Tntreuropeon , 

Land Secs__ 

SIKPC 


Peaehe*_ 

Samuel Props.. 
Towsi & aty.-J 


Oil* 

BriLpmoleum-} 35 
BunnohOil—| 
ChanerhoJl— 

Shell-_ 

LI trainer_ 

Mi nex 

Charter Coni.112 ( 
Cons Gold_ 20 1 

RioT.Zine— 16 I 


) 


\ 
































34 


RED1F0N 

GOmjTERS 


cut computing costs 


; Xfjyi.N way'ckaui£vscs$kx 

-vTrfc ; -"t. \ 


Mondav February 27 1978 


hovcPchannciL 

travel is better-faster 


British i 

Hovercraft —W- 
Corporation^ 


lax cuts urged on Healey 
by both sides of industry 


BY JOHN ELLfOTT AND CHRISTIAN TYLER 

THE SIZE of the budgetary partite forum, forms part of the was necessary if record post-war dard rate of income tax from 
stimulus to he given by the Government's attempt to have unemployment was to be brought 34 to 30 per cent. The Institute 
Cnancellor on April il. already the country':, economic prospects ir H„ r : nr , tv>~ re.* is to have another meeting with 

the subject of controversy within debated as publicly aS possihie sa „ S S It b2 Mr. Healey in June, 
the uininet. will be discussed before the Budget. SBeiSd foeTUCwou?d ln Edition to discussing the 

Sen?Jhve? n of H S *sL7"ni 11 **» b * Thurs- ?Sr further sUmulu 1*0*81 county's pre-Buipet .economic 

fndistrv at a F vfnnml^ ds,v h > a fo ™ a l meeting between years, u says "has put an end prospects Wednesday s meeting 

Cplnnmit CBI and Mr Healey when to the myth that a single °f lb e NEDC. will also consider 


of the NEDC will also consider 


Develonment rnnmwi *‘ ,r neaiey wnen to me my in mat a simile —-,T. . ^ 

wJH? C meeting on , hcy will outline their proposals annual Budget is a sufficiently a P“P er on the tutu re work to he 

wcanesday. in detail. flexible tool or economic manage- carried out within the industrial economics torresponacnt Street provides a spectacular the gilt-edged market than in financial markets. «ow. now- 

i re rst -ii"r- w,t u d £ t! ! ,U ‘ d demands Th TUC* submission is nient -"’ strategy. example of an equity market in equities when the inflows wer.e ever, many other important 

3™"* 'Tsoiv to«“ inw Nearly half the Injection ^JXVno.en.’ CEi TlT an5 T , H ? < ?\ ER 2 1 !! !i T S ’P'VH ‘ bear phaae. a“d there is pro- at their peak, but where gilts countries -are adopting more 
mean a £3Sbn reflation in th* Persistently high unemployment sought by the TUC is in direct representatives this ern- iv? mSminp v,v°ImH nouneed weakness, too, in most led equities could scarcely fail expansionary monetary policies, 

cornin'- financial vear and £4 7 hn which - 11 says - wil! not fall at all tax cuts—j reduced rate band nhasises the need to com muni- frn 6 d * of the European and Scandi- to follow. Meanwhile liquidity at a tune when the U.S. real 

hTa * fu 1 l^year U a " d £4 ' ,hn - ^Zr re °LZTr,Z ^ SHE stratus a .n, s down to '^be^r^r^Txp^osionary navian bourses. But at the was building up in the system, money supply is being sque^d 

Co " r ,! d r ati " n economy on to a 5"r 6 per cent SndaS rafe ' ind,v i d ““i _P*”* ev ^ n if th « »«» *tat same time three _ important although not at U.at stage on a ^' 


Economic 
experts 
at odds 
on Budget 
strategy 

By Peter Riddell, 

Economics Correspondent 


THE LEX COLUMN 

Contrasts in world 
stock markets 

Not so long ago the world’s official reserve figures for supply has been growing as part 
major stock markets were February couJM show a slight of its expansionist policies, its 
smoothly synchronised, almost fall—and share prices have large current account aencu 
all of them bitting peaks in come under pressure. reflects this lonely posture, ana 

1972-73 and lows in 1974. But The impact of foreign boy- serious imbalances whicn naye 
now they are in disarray. Wall mg was seen more directly in built up in the intematronai 
Street provides a spectacular the gilt-edged market than in financial markets. Now. now- 
example of an equity market in equities when the inflows wer.e ever, many other important 


coming financial year and £4.7hn. * ‘hout''Vof i ‘ of £1 OM to be taxed at V per phasL *? s ,he ne * d 1,1 rommum- In? academic economics.' of f urope 

in a full year. liV nr-iposais''aim P io lift the vent iiuteLd of the 34 Der cent cate ,he strategy s aims down to They call for an expansionary navian bourses 

By contrast, the Confederation econoin v !! lo a 5 or 6 ner cent kfondard'rai* ' " individual companies policy even if this means that same time, tl 

of British Industry. whose pro- « row th path against tbc 3 oer About EJoiini of the TUCs A paper from the construction f ron i next year onwards there is centres are still 

fh°e S dl T 11 fossil J h?X pubhc ex" overall fi.ur°e°"bou[d ^ Jaw^ed ^ J ilS.riSK Ii,tle pr 00 ^ius on the S ive strength. ' 

I?*?* , the ^EDC me-'i pendiiurc White Paper. Even back, it sav*-. hy abolishing mart- . e^'crnal current account. ket stood at a 


reHation g per cenL growth would leave xac 


to the tune of £2.5hn in the com- unemploy mem at 1m. by J9SI premi 


^r^^r-c=tun;: ifSe Europe*.- and Scandi- to follow. Meanwhile liquidity at a time wlten ft. 

cate the strategy's aims down to Tbev call for an expansionary navian bourses. But at the was building up in the system, ™ on *f fI ? uppl 1 ?, t , f 

individual companies police' even if this means that same time, three important although not at that stage on a °y rugnw interest rates ana 

A paper from the construction from'next year onwards there is centres are still showing impres- scale which caused the marker some pickup in inflation. . 

industry's national economic little or no surplus on the sive strength. The Swiss mar- to worry about excess monetary That, at least, is Abe reason- 

commmee on its eon in hut ion to external current account. ket stond at a four-year high growth (a problem which ing behind the relauvely.pptj- 

the country’s economic and indus- a commitment to sustained nnim this month, and om^rtrod somewhat laterL mistic view of world economic 


in? > ear and £3bn. in a full year, compared with 2.4m. to-day. the standard rate. anrt , a L r - F ? ,er *-nv,ron- duct of 5 per cent annually for ^ ppAnanv are n»«ifl7u 

Both organisations emphasise lt^ bndgetarv demands require The British Institute of mnM Secretary, will he preent. the next three or four years is and . G t e ™* n . J m preSi,ins ^ ,p 

the need for lax cuts. what the TUC economic review Management confimed over th»* The P a P e1- specially mentions urged bv Professor Brian Redda- against their peaks of last 

Wednesdays discussion, which describes as “ibe largest hoost week-end that it had asked the the construction indusirys con- way and Dr. Charles Feinstein autumn, 
will also take into account the Lhm a Chancellor would ever Chancellor for reflation of £2.5bn. tribution to tackling Britain s of Cambridge University, in an 

°chairman of the have given the economy, both w-hen its leaders met him earlier unemployment problems and a rticle in the Midland Bank StrOIlff CUETG11C16S 

industrial strategy s sector work- absohiicly and relatively tn this month. Of this total. £2hn boosting exports. Review based on discussions . ■ _ 

mg parties in the NEDCs tn- Gross Domestic Product.” That would so on reducing the stan- TUC seeks boost. Page 5 among a wider group of procoi- There is a consistent paneru 

—-:- : - : -t nent economists. to this: strong stock markets are 

They call for a £2.5bn. to £3bn. going hand in hand with strong 

T Tii-u.wj-i.mwj-. ^’""*1 11 • 1 11 ! b00st in ^ Budget. currencies. It is not what one 

unions Gandlu makes comebacki£H€,«:i™ ; s at-raa* ® 

iiciia Key «cj nnw riiirtv win^ noil ,n Th ew „ sas , tl , a ,SdNi™"!^ 

*T ^ T TT JUIJ.d net stimulus of £1.5hn. in the been forced to push up their 

I M. f m. Budget there will he no further u.S. prices five rimes since last 

AtfUi BY K - K - SHARMA NEW DELHI. Feh 26. f? oni fpr . aI ? y tax cuts year spr ing. The impact of currency 

* W11 i If c™™ 1 t0 ,je maintained pressures on the reported 

. _-_ ........ _ _ D ' er lhe money supply and the p 


age interest' and insurance A ^ omrai 5 ment s, , lsta, " ed point earlier this month, and emerged somewhat later). mistic view of world economic 

re mm m tax allowances above " ,al Environ- ZZf'nf Z equity indices in both Japan Although the U.K. has growth prospects put forward ?n 

b W?" d KS.J2.'*- .. m.nl’LJKSf. ““"b. nreSS. Sd G«m.ny are preeeins up returned more or lees to ft. .tataj. *»** 

nooinct thPir npabc nf last from the London Busme.ss 


cbaimian of the have given the economy, both w-hen its leaders met him earlier unemployment problems and a rticle 

industrial strategy's sector work- absolutely and relatively to this month. Of this total. £2hn boosting exports. Review 

mg parties tn the NEDCs tn- Gross Domestic Product.” That would go on reducing the stan- TUC seeks boost. Page 5 among 


Gandhi makes comeback. 

-the London Business School’s s< * the,r erport mar ** s ana I ->L_ HI _JI imnrovemenL 

Centre for Economic Forecast- 

livflil Cl C! TldTftB 8 '"The Review says that after a 

H»" Bill 1 T TT 111C/ llvFJLI net stimulus of £I.5hn. in the been forced to push up their J * [ .a mechanistic view, of the kind 

to V*0'■ I M. A. Budget there will he no further u.S. prices five rimes since last -iV I » i > i i » i i i i r i r [ which worked well enoiigh 

B dJ 9 I BY K. K. SHARMA NEW DELHI Feh “>6 r ? om for , aI ?-’ tax , t,uts ne,rt i' ea ^ spring. The impact of currency . ism ’bs ’w '78 '72 *w 'w la when the world economy Was 

' 1 P assures on the reported more stable than-it is to^ay.J«t 

A COMEBACK was made to-day Wednesday. Mrs. Gandhi has More important than her : rate of inflation is to be kept in P rc,fi Jf o£ Svtfiss m p liTia nMw h . nt L._ which may not be taking lull 

i by Mrs. Indira Gandhi when her done far better in Karnataka than victorv over the Janata, which single figures. bas heen severe. Even BMW, balance, other countries con- account of some of the problem 

I new Congress tli Party swept even she could have hoped, but is trying io establish itself as 1 The significance of the Budget which in the past appeared to tinue to be irresistible magnets areas. Major world industries 
1^ i easily to yictorv in the southern it is unlikely that her party will a national party by gaining however, is challenged in a be above such problems, has for international capital, like steel, shipping, oil refining. 

Bv NVk Gam m- Lah c. fr j state of Karna,aka - repeat its succes in the other control over at least part of the deeply pessimistic analysis from recently been confessing Switzerland's extreme measures fibres and pulp and paper are 

y ick amett. Labour staff i Karnataka was the only one southern states. south, is the crushing defeat she Mr. Wynne Godley, another anxiety about currencv move- on Friday night, which stepped all suffering from serious ov.er- 

, of six states which went to the Karnataka is the stronghold of has administered io the Con- leading Camhridge economist. ments' up the burden of negative capacity which it will take much 

PROSPECTS for a withdrawal polls or Saturday where votes ”r* ? e i7iuVhief Mimrtir^ht ST*' *' ho? 5 , £* der l""S lr - Y ’ P' th . at 4 fisc f l These strone stock markets, interest rates on non-resident more than a modest upturn in 

of the train drivers strike .were counted to-dav. and bv the m,KseQ 1,5 , - n,e * -Oinistei by uhavan and Mr. Brahmananda policy alone can bring about only ,, *u« +im „ Tbo wcit 

threat hinge to-day on execu- evening it became clear that the ^ *»«■ ceouil Government Re ddi-were shaken men to-day. a very sleepy recovery of indus- ' l apears ' a f re " butk pn “ dem3 " d an t ° . abs ^ n ™ ri 

tive meetings of ASLEF. the Congress tli would command an : ‘^j r defections from his parly FoUo-dn- is in lrial activ ' l > and doubts buoyancy of ,the corporate sec- cutting bank rate from 11 to 1 ing financial strains and pres- 

drivers’ union. and the absolute majority in the 224- * nd P&l'Ucal insiabtlity m „ VL e * r h Sj/ifca h whether the present problems tor. Last year more than 18.000 per cent,, highlight the prob- sures for protectionism make 

National Union of Rail wav. member State Legislature. December. nvlrvTnrA ih»rnn"i P ' h !n!- '- a n he solved hy an y fairly con- Japanese companies went bust, lems which arise from the con- the crystal ball much more 

men. j Th „ Concre*, <U Pnriv-.'ne „ s decw ' nn * 0 ror ™ to do better uon * iess nnpe ' ventiona! policies. and a recent survey indicated- tinuing disquiet of dollar cloudy than it used to be... 

ASLEF Will discuss a peace I - f stands for Indira—will form f n l hV support of^l^Ur^who Whatever the result* in the«e T * that one in ten Usted coocerns holders. While Switzerland If die LBS, interpretation is 

formula involving removal of the aovemment in Karnataka. cnmlption^ charges in bis sntes 1 Mrs Gandhi ha« shown ■ ^ r0W *h rate on various Japanese stock seeks ways to keep money our, right, however, one consequence 

the strike notice ui return Tor * The official Congress, from which 0 f the game as s h c e | ear |‘ v fhaV she is not the snent' This contrasting advice high- exchanges was virtually bank- there is talk of the U.S. resort- is that a tot of recent trends 

h,ok ' n° . nnnon f love” or” ',hi, ra.nv had houshf : ^5“ >*>« n,ain lines of Uie rept. iS t.he UA. In shirp con- ing to some form of capital m the international finance! 

SUW.T-Grsffi 22?.- , »2r*K«SS:^!: . Lr .J. " Zy. : 52S?« within the reast. companies have Jus. been controls to bolster its position, markets arc going to run on. of 


BY K. K. SHARMA 


NEW DELHI. Feh. 26. 


v W0BL0 «l 

5 ^- INDUSTRIAL H 

PRODUCTION II 

ID '. 'FEtCDmaa chaaub on If 1 

SAME QUARTER H W 

rnBVfOOH TEAK 

4** 1 I 1 I t l 1 l l I I r I 
. 1964 , 6fi *61 '71 !72 *W 
mnaa-uMoai auswas manat ' ■ . 


School, published to-day. World 
industrial production will con¬ 
tinue to be sluggish in the first 
half of 1S7S, it is -sugge^ed. 
showing year-on-year growth-of 
only about 2 per cent. But asife 
UJS. slackens, Europe and Jagan 
will push the rate ap to ae^tly 
4 per cent by the final quarter, 
and 1979 could bring a further 
improvement 

Overcapacity } 

The snag is that this is rather 
.a mechanistic view, of the kind 
which worked well enough 
when' the world economy Was 
more stable than it is to-day, hut 
which may not be taking full 


J A COMEBACK was made to-day Wednesday. Mrs. Gandhi has More important than her rate of inflation is to be kept in P rofi if o£ Svkiss m H!' iTiat n^ ha . ntha . '. which may not be taking lull 

i by Mrs. Indira Gandhi when her done far better in Karnataka than victorv over the Janata, which single figures. been severe. Even BMvV, balance, other countries con- account of some of the problem 

I new Congress cl> Party swept even she could have hoped, but is trying to establish itself as' The significance of the Budget which in the past appeared to tinue to be irresistible magnets areas. Major world industries 

; easily to yictorv in the southern ir. is unlikely that her party will a national party by gaining however, is challenged in a be above such problems, has for international capitaL like steel, shipping, oil refining, 
j state of Karnataka. repeat its succes in the other control over at least part of the deeply pessimistic analysis from recently been confessing Switzerland’s extreme measures fibres and pulp and paper are 

! Karnataka was the only one southern states. south, is the crushing defeat she Mr. Wynne Godley. another anxiety about currencv move- on Friday night, which stepped all suffering from serious ov.er- 

, of six stales which went to the Karnataka is the stronghold,nf has administered m the Con-, fading Cambridge economist. ments.' up the burden of negative capacity wbich it will take much 

polU or Saturday where votes | n J"« e d e a T aJ it« rhief Minister hv *" ho5 5 « ader J”? r ' ?' ... ^7 Godley says that fiscal These strong stock markets, interest rates on non-resident more than a modest upturn in 

.were counted to-dav. and bv the m,asea 1,5 ’-•met .iiimstei by uhavan and Mr. Brahmananda policy alone can bring about only •, _ „ " K „. u f u_ -u- liw ,. n,- -o,]* 

evening it became clear that the - ,anata cemral Government Reddl—were shaken men to-day. a very sleepy recovery of indus- ! l apears - a f r ® not butlt ? n c ^f “counts, at the aame time as demand to abs^b. The reswlt 
Congress Hi would command an af, * r defections from his party r 0 iio-vin" i< in lrial activity and he doubts buoyancy of the corporate sec- cutting bank rate from 14 to 1 ing financial strains and pres- 

absolute majority in the 224- * nd b&bucat -'nslabtlity m Ma} Ja^ shlr * and °n d hra hnw ' vhether th « present problems tor- Last year more than 18.000 per cent,, highlight the prob- sures for protectionism make 


ASLEF will discuss a peace 
formula involving removal of 
the strike notice in return for 
an Inquiry into whether rail¬ 
way procedure was properly 
carried out in a British Rail 
agreement to pay “ commis¬ 
sions ” to pay-train guards. 

The drivers’ union says the 
agreement for the guards. 


month, has been annihilated. The 


Janata Party, which forms the p r „chtno ripfonf 
centrul Government having A--n»ning ueieai 


Budget 


Her victory comes just a day Government 


defeated Mrs. Gandhi last March. 


before she is to appear 


Gandhi concentrated a Delhi magistrate 


o appear before. k reporting impressive eimings But even without some 1 kind steam during the remainder of 

ite on charges ofi^ver the rhancHlor rlr the " ains for ^ finaJ quarter of of official intervention, in 1978, and will possibly come ih 
:ufy before the | Ducbv ,,f Lancaster, as well as by 1977 • and official forecasts due course self-correcting for partial reversal. A reduction 
n. now inquiring| most of the Left-wing Ministers, suggest that the U.S. economy mechanisms are going to ,come In the pressure on Hhe U.S. 
abuse of power A cautious approach reflecting will remain relatively buoyant into play. It is significant for current account would, for 
If found guilty]concern about the external and this year. Yet this has coincided example, that the German instance, be matched by the 


r* the ; will be the official opposition, much of her campaigning in refusing to testify before the | Ducbv ,»f Lancaster as well as by 1977> and °® c tal 

.wards. • Counting of votes, in the two Karnataka and by winning the Shah Commission, now inquiring, most of the Left-win" Ministers suggest that the U.S. 

NUR memhers, broke a J974 • other southern states—Maharash- state she has demonstrated she into charges of .abuse of power a cautious approach reflecting will remain relatively 

undertaking that there would tra and Andhra — will begin is still a considerable political against her. ,r '- J 


be no-sectional" pay arrange- | l p^ 0 '^Mbc avJilaV^ chans mV itilMork^ ^ ^ fm * ix monlh * in ; financial implications of a with a rontirvuing dismal slide money supply i s being pushed bottoming out of the dollar and | 


ments. 

The union has planned a j 
24-hour strike on Wednesday I 
and a series or disruptive ] 
regional one-day stoppages. j 
Some British Rail officials ' 
are still optimistic that the : 
strike threat will hr removed. 1 
This assumes that both 
ASLEF and the NUR will ; 
agree to a tribunal, under Lord . 
McCarthy, chairman of the . 
Railway Staffs National | 
Council. 


Promise 

Mr. Sid Weishcil. NCR 
general secretary, so far has 
said that there can he no ques¬ 
tion of an inquiry unless the 
strike threat Is withdrawn and 
there is a firm promise to 
honour the pay-train agree¬ 
ment. 

There is no agreed date for 


picture fiwuia n c avaitame r- y charisma itm w or k s._jaik_:f lil ” u ' us of much above £1.5bo. b y share prices on Wall Street, to well above its target growth a recovery on Wall Street At 

I p?«nn - nmi J\ it p r 7 *nH anJS!!!! Tlhe conclusion is that rate, as Mr. Denis Healey took the same time, stock markets 

i -in^ 11 1 *11 to be ca it vin«> the da° appears these major slock markets are care to point out in Parliament in what are at present the 

! RlPTlPnPT'C Will ATiPi5 - l flP^W And there are doubts whether Rawing their strengths and last week. This has not yet had strong currency countries would 

K/VilVllVt O TT J.JL1 Hv it even the previous official 31 per weaknesses very largely from the same kind of effect oh the be vulnerable. 

cent growth objective can be the impact of capital flows German, capital markets as the There 4s mot much comfort 
■n « a A u • • attained. across the foreign exchanges, similar overshooting In the here for the UJC. stock market, 

fTfeHQi vUlOsl ■ AVPr H he analysis by Professor The easiest place to find sup- U.K- has had. Yet the conse- winch is already suffering. 

IJrl.Ai31dUfi|.lfX \Jr T V'l ol-V'V'JI V1131.13 Red da way and Dr. Feinstein porting evidence is the U.K., quences of such jl sharp rise, in Sterling has scarcely even 

^ i C k?. ,!If Parity where last September and the real money supply are matched the dollar In recent 

i BY ROY HODSON ! r |,p JL o^ n i- „ F S ?P n .J-Jf October s stock market pocks likely to make themselves felt weeks, and on a trade-weighted 

taining a current account surplus the P e ” 011 uf before long. index basis is almost 2 per cent 

BACK benchers of the two main have agreed the closure nf s^me Our Sheffield correspondem in order to repay and re-finance™^ rap!d currency inflows. Over the last year the-U.S. off its peak. The days are Ions 
. partie* will open a new attack of the old works, in particular, writes: British Steel officials in overseas debt. Since then the flows have has stood out among world gone when—as in 1967 and 19.88 

on the Government in the East Moors. Cardiff. Sheffield have put forward a The authors say that their turned neutral and perhaps economies as the one major—devaluattop was good for 

: Commons to-day over its hand- But the open row between rhe £4.5ni. development and niodcrm- growth target would lead to no modestly negative—.this week's country where . real money eqtrity prices. . . 

ling of the British Steel Corpora- select committee and Ministers sation programme designed tn more than a modest surplus —•• • — 1 ■ ■ . . ■ . — ■ ■ ■ - 7 ^ 

lion crisi*. may result in the Government's bring profitable •.•.■.-irking by 19S1 externally up to lfiSl. mainly . ' ' - \ 

Th- corporation's losses are concluding that it will he less in its River Don forge and corning this year, with possibly •• • 

approaching £2m. a day. Mr. Eric embarrassing in hold Lhe steel foundry complex a deficit in the later years. 

Varley. Industry Secretary, has debate, sought by the committee. The complex ha« been losing ** 

forecast th3t the loss for the than lp sec ’*' 10 avoid it money h'avily for many years 

current financial year will be If. after to-day s exchanges, the and faced closure in 1ST2. Since 

about £520m. and ministers committee feci- the Government, ihen. losses have been estimated 


BY ROY HODSON 


starting the commission pay- : ac-cepl privately ihar the 197S-79 is maintaining its critical attitude by some union official: ai about 

ments. hut the Nl'R wants .deficit is likely ot exceed £300 111 . towards its report, it is likely tn £10m. in spue of considerable 

them from at least April 24. • Th ,, p ,, t order Mr. \ arleylo appear before inv-stmer.f by British Steel, 

the annual pay settlement date, tion time r ‘ro' force Mr Varlevto T ° d,SCU5 * those £? inte TflP business plan will rrk; 

It is understood that that ihe Government i« f ,a i! 1,s .«re 'naccurate This could n U t more einpha,;? on foundry lcK c 


Ministerial pressure has 
larcelv heen switched from 
ASLEF to the NUR in an 
attempt to win agreement on 
thp Iribunal. 

A dcci'-inn to rebuff the 
Inquirv will annoy not only 
Mr. William Rndcers. Trans- 
nnrj Seprelary. and Mr. Len 
Murray. TUC general secretary, 
who were hnth involrerf in 


admit that the Government is |^ ad t0 
partly responsible for the record du _j n ^ 
losses because 11 delayed taking r 

action on British Steels’ lo$i- 
making operations in order to c , ^ 
save jobs. jhetni 

The attack will bp led bv 
members nf thp Commons select 1 c 


U.K. TO-DAY 

GHTER with showers, persis- 
over Southern England. 


Sheffield plan 


Europe. 


to strong. Max. 1IC (52F). 


The committee published tu-n examined by union leaders, will 


The future of the plan, being jflrttends.' East' and Northern 


committee on nationalised mdu«- rr, P°rr.s 


corporation depend on in'* co-oporanon r.f- 


England, tlaics. Lakes 
Cloudy with bright intervals 
d some .-hovers. Wind 


tries. simultaneously last month — one the nearly a.nno-drong work- ., nf j snme ..hovers. Wind 

Feelings are running high 'be outcome of IS months of in- force. The proposals call for moderate to fresh. Max. 9C 
among committee members vestigation and tne other com- closure r -i machine shop at , 4 gp-, 


that h f did not consider the 
week-end’s private talks, which 


dispute. in 1 nursaay. calling u in- ■ ..; " ■■ Max. .1. 

Mr Wpiehell said vesiprdav accurate, inconsistent and inven- *bal it was still snort of evidence does ncu .jr? m:o account a rc- N.w, 

that he did not consider the live. about what passed between Sir entry of the v-rks mm the Fog f 

week-end’s private talks, which . The Government wants to Charles Yidlers, chairman of srnaliter iorgmar market. interval 

also invoh**d Mr Petpr 1 avoid a full-scale debate in the British Steel, and Mr. Varley Iasi Th-' rlan calls for the vigorous.. iicht. .% 

P?rkrr British Rail e'hairman : Commons before Easter. year, and the two were recalled development <»f m.irkels. hacked riutliii 

Mr Mnrrar and Mr Rod-ers' 1 Mr. Varley would prefer to to give evidence in private ny suustanTial improvements in shl|WPn . 

j”.. " ' make a statement on the future The latest report was bared on flic:'* tie; and ord'-r performance.- 

..ihl' thmu n nut ihp ; of British Steel after the unions those hearings. Editorial comment. Pagp 12 B 


N.'V. Scotland. N. Ireland 
Fog paiches early and sunny 
intervals. Isolated showers. Wind 


Tb” rlan calls for the vigorous , 1=ht pc ; 4g ' F) 

ir. eloDinem of m.rrkeis. hacked riniinnL - rr n - n «»i 


nutinok: Unsettled. 


Mr. Mnrrar and Mr. Rodgers, 
as ** pressure.” 

“I haven't thrown out the 
proposal or picked it up. 
Well have a look at it” he said. 


Stock Exchange rejects idea 
of ‘two-tier market’ 


FINANCIAL TIMES REPORTER 


UI Cd oKn ; 

P.a.-<-»ion^ r 

Br-i rur * 

ivir.v.r R 
F-Isr^'l* <’ 
B-rliis r 
. r.irnuns'jin >' 
Pr. --t.'I o 

n.-ii'S..!, < 

P Air^s s 
■:.v-n - 

ViMilT ■' 

to remain imai; -. 1^115 in order m * 

stay manageable. Z 

M'.icn or ibe '^r.imniticu s con- nuhim 


BUSINESS CENTRES 

Ydar . 1-tfajr 

Mrd-da-. Mid-dav 

T F -r tp 1 

W<-rlnt S II .V r.ua-rrhrs F "a 

«.iren-. f ,.| Madrid F ?: 3-j 

Ojijram s :n lift U.nh.hovr 9 7 *5 

F-arroinna r ;« t,4 'li-lhmirni F n 7"; 

Rr-irui ? I« A4 Milan R 4 

t»fa--r F h 4 .: '.fnr.rr'-al r - ]il 14 
F-Ur^d* •' in h] Mosi-n-i C -s "I 

B-rlm r ;> \iunnl> r n ji 

"iruiinihin >' <1 is \‘vtrca*tl«' r 7 45 

o i« -..i \n Vorfr s i hi 


Difficult ! OlUVJRk JDAUmil^C Ul^a oKn 

Mr. Ray Burkton. ASLEF £KST“ s \t £ lit" 

general serrelary. would not. jp» C a J • _ _ 1 ^ ivir,,r r n v . \inr,rr-a 

: of two-tier market i ~ 

Mr. Parker appears to believe J pr 5 -.;.>» r i» -„i yo 

'ba' ;'SLE F vriU find >1 I RNANCtAL TIMES REPORTER 1 s -‘A pa“, 

difficult not to accept tne :: ... p, r , b 

peace initiatlie. ! c»Mir ■' i U r. >-via-. 

The arraneements for pay- THE STOCK EXCHANGE has the rules would encourage =mall to remain imai; -. 1^115 in order m ■- 0 ..^ p, n rt . : . 

train guard commission, aimed j rejected the idea of a •• two-tier companies to apply for listing stay manageable. rop- miarn v '] ” sii^ipor 

at tigbiening up tickeL issuing : market" nr a relaxation of list- The evidence is part of the Much of she _ Comm it icu's con-nuhim ■ ' « |i. Slocyiii.l; 

and collecting, were seen as a <ina requiremenLs in order to third volume nf evidence vernations uh the insurance ■’•sn'i-ursh - •> 4 * ssrasbra 

way of helping to combat ! encourage the trading of published by the Wilson Coin- company and pen.-son fond repre- ^ Tehran 

fraud. But Mr. Buckton {securities issued by small com- miltee. *en*.atues fn..Mre= upon their role f 7 ji tvi w, 

warned British Rail of drivers’ 'panics The volume contains she n ;*rtmar> ,.n«l secondary Ton« 

anger ir the pay-train guards’ , U says in supplementary written submissions from the in»rVc»- for rnv:s and upon V: 

demands were conceded. evidence to the Wilson Com- Export Credits Guarantee Depart- Jn< ? ,r rc;ation«r.in -.-uh U»p com- i.i.h-i r 1.1 r.tv.irs.i-,- 


1 F 

~t)p- rhorn " 


;r %r mto R 2 -w 

■“) Part< F \~. v, 

77 p. rrb F 77 .«l 

S IS F« }•» !»■. il- r - ■ 

-•» .-: Pm <!•: .I n s .HI ft* 

'.7 il Hnn. r 14 37 

4 ’S.SlILS.llMrr r 2»‘| 7g 

s 41. siocwi.um n : u 


*en*.aiive.i fni.M?p= uprin their role 
ihp -n the primary .m«l secondary 

inar'-:c ! - for -'.■<.•.irip.es and upon |,. m,;-!' 
art- their rt-;aiionsn.p '.-uh U»p com- i.,.h.«‘ 


British Rail believes 


Is using the pay-train issue as 
a lever against any general 


d, | evidence to the Wilson Com- Export Credit* Guarantee Depart- their rciationsnin ■-- 

ASLEF nutlee studying Britain's nient. the insurance Cuinpan> f'nie 4 'n which ;h<.-. 


S 4- Tehran 
7 Jj Tel Vvil- 
J-5 ToR • n 
.'<1 Ten'. In 

7 5 77 V i-.-nna 
in M 5 v. 1 r 5 . 1 w 
i« in guricn 


s .5 4J 

s -» il 


financial institutions. 


if Associations. 


The Iran sort r-t -ho-.v.* hr 


prefers to promote its memhers' Association of Pension Fund- H •' -' Jr fond* :o develop - 


HOLIDAY RESORTS 


approach on de-manning linked I existing ability to trade unlisted a nd the Stock Exchange 


to pay and productivity. securities undei 

De-manning would hit thp its own " ovi 
driiers’ union particularly market.” 
hard, and vpppiHe problems : The Excbang 
have already occurred on .the burden nf 
issues such as staff scheduling ; tion and disclo.' 
for the planned High Speed has almost rea 
Train east coast sen-ice and jof companies" 
manning for Class 66 loco- icomply. 


securities under rule 163 t2> as it also contain? transcrmt.s nf Indus’ 


, .neen..n.*.i;s ;o :.ije< t capitdl into 


its own "over the counter the Commit tec# questioning nf 
market." those hudiw. 

The Exchange concede * that The Committee ha* a iso pub. 
the burden of Exchange repula- fished ns first ** research report.” 
tion and disclo.sun? renuirement -which deals with the investment 
has almost reached [he - limit .ittnude* and financing of 
of companies" willingness to medium-sized companies- 
comply. Thai survey, which wa< enro- 


of invetting 
inuil'. rt then: i». 
•tfl<tir“ 

it rj!»- :>«--e- 


: he rclui'Lince 
iniritiinons to 
res in company 


»U".r« 
lii-i rrn/ 

ce ::i ■■ h(i.,-.i 

to Furt-jux 
,.. Knrlu.-i" - 


I;-.-.: ihe In-iiti;- •-'.■r'.i 


Vf li:.-in**ul F 

.■ii ■{* Jcrv-v R 

17 >:i I, it. Plmjt v 

'• 4! I.n^amu H 

• - ■>' Majnixa S 

F 

;<i n- -.I.IIIH ft 

;’> 77 ft 


motives- I But it says that it must main- unsMoned from the accountants 

Mr. Buehftm Tiiatnt!ttn< that • Lain “credibility in the probity Cnopers and Lyorand? snows m 


n r nonal She repo;dors Committee puhtw--; 

hrfft for «ed «>oi> «i\ " ease j b£!-i», 

m . committee-" in *ho ia<t four ;iiitvh.il 
1T - years. muni-, 

m Investment attitude. Page 9 ■XX/hni 


the dispute i* solely about a 
“ sectional ” pay agreemept. 


the market" and does not particular 


British Pension Funds e-.idence. Page 25 


.ihnfar 

:n»-rn r .i— 


feel that minor rektxations m medtum-3i«d companies prefer Vickers thi Costa, Page 4 


I-- rt ’ 14 ^ r 7 
3—S’insr. F—Fair 


: .v> 

-• .\v<i«.a 

1 7.- .it>ortft 

it m Rlmd-j 
: n 

s K Tan=i-r 
i is TfU'-Tb 
-> ti Tunis 
7 4? v^nii * 


ft 2U <4? 
ft :* >.-• 
f i-i 

r k 

S 17 1.1 

r u 

C lfi hi 
F TI V 
F tft «4 

r 1 7 -H 
f y is 


C—Cloudy R—Ra:a 


rr^i/, \ £T/\ i 
.SO-* ' >- ^ \j